Angela Merkel secretly flew into Dublin two weeks ago to attend the huge demonstration against water charges: A spokesman from Berlin said the chancellor is perfectly entitled to do what she likes on her days off! Well done Angie!
Posts tagged ‘Angela Merkel’
By Jörg Bibow
It is no secret that Germany alone is calling the shots in Euroland these days. And Germany itself is stuck in a perfect state of delusion and denial about the eurozone crisis. Suffering in crisis countries is regrettable but unavoidable, the result of nothing but their own past profligate failings, as Germany sees it. Calm and confident German voters re-elected Chancellor Angela Merkel as their guardian of stability, which is presumably now spreading throughout the eurozone.
Finance minister Wolfgang Schäuble denounced critics who fail to see how well his policy prescriptions are working as living in some “parallel universe”. Just as there was absolutely nothing wrong with Germany running perpetual current account surpluses inside the currency union – even as these may have wrecked its euro partners. There is also nothing wrong with the eurozone at large now trying to replicate the German model at the global level – even as those profligate Americans may be complaining about it. Things are just fine in Mr Schäuble’s own parallel universe, in which having perpetual fiscal austerity at home offset by perpetual trade surpluses is evidence of competitiveness and the foundation of stability and prosperity………………..
full article at source: http://www.social-europe.eu/2014/01/euro-delusion/
As reported in today’s press, Ireland has secured a sort-of backstop to its exit from the bailout via an agreement with Germany‘s state- and local authorities-owned KFW Development Bank (see: http://www.irishtimes.com/news/politics/kfw-is-a-public-bank-providing-development-loans-at-lower-interest-than-commercial-rates-1.1595460 and http://www.irishexaminer.com/ireland/bailout-a-calculated-political-gamble-that-just-might-not-pay-off-249727.html). This was blessed by Germany (http://www.independent.ie/business/irish/merkel-backs-ireland-bailout-exit-without-overdraft-29754656.html). And it may or may not qualify as a backstop for the Exchequer (see speculative analysis here: http://www.irishexaminer.com/archives/2013/1115/ireland/bailout-exit-declaration-exaggerated-half-truth-249716.html).
One can only speculate as to the possible conditionalities imposed by Angela Merkel and her potential coalition partners on Ireland under the exit deal, but here’s an interesting parallel development that has been unfolding in recent weeks……
full article at source: http://trueeconomics.blogspot.ie/
By Gorge Soros
My objective in coming here today is to discuss the euro crisis. I think you will all agree that the crisis is far from resolved. It has already caused tremendous damage both financially and politically and taken an extensive human toll as well. It has transformed the European Union into something radically different from what was originally intended. The European Union was meant to be a voluntary association of equal states but the crisis has turned it into a creditor/debtor relationship from which there is no easy escape. The creditors stand to lose large sums of money should a member state exit the union, yet debtors are subjected to policies that deepen their depression, aggravate their debt burden and perpetuate their subordinate status.
This has created political tensions as demonstrated by the stalemate in Italy. A majority is now opposed to the euro and the trend is growing. There is a real danger that the euro will destroy the European Union. A disorderly disintegration would leave Europe worse off than it was when the bold experiment of creating a European Union was begun. That would be a tragedy of historic proportions. It can be prevented but it can be prevented only with Germany’s leadership. Germany didn’t seek to occupy a dominant position and has been reluctant to accept the responsibilities and liabilities that go with it. That’s one of the reasons for the crisis. But willingly or not, Germany is in the driver’s seat and that is what brings me here.
What caused the crisis?…………………………………………….
Dubbed an “anti-Merkel” result, the German chancellor has refrained from commenting publicly on the Italian elections’ outcome but two top-table officials stressed it was paramount for Rome to keep its reform course on
Merkel was, however, reported to have dismissed interpreting the Italian vote as a kickback against government austerity measures at a meeting of her conservative party on Tuesday, according to participants.
“The government does not adhere at all to such one-dimensional explanations,” her spokesman Steffen Seibert told a regular government news conference the following day.
Most outspoken among German politicians has been Merkel’s gaffe-prone challenger from the opposition centre-left in this year’s general elections, Peer Steinbrück.
He said that while former comedian turned anti-corruption firebrand Beppe Grillo was a “professional clown with nothing against being called that,” former premier Silvio Berlusconi was “a clown with a particular testosterone
full article: http://www.thelocal.de/politics/20130228-48241.html
- Italy upset at clown comments (smh.com.au)
- Clown swipe upsets Italians (smh.com.au)
- Democracy Has Become The Biggest Threat In The Eurozone (businessinsider.com)
- Grillo snubs deal with Italian Left (bbc.co.uk)
ByDr. Constantin Gurdgiev
“Ireland’s corporation tax rate was in the sights of the man most likely to succeed Angela Merkel as German chancellor when he met Tánaiste Eamon Gilmore in Berlin. Peer Steinbruck, the Socialists’ candidate to lead the party in next year’s election, also said he doesn’t personally believe in using EU funds to pay down bank debt.”
Now, here’s the problem: Steinbruck has been “deeply critical of Ireland’s generous corporation tax, blaming it for Germany losing income from German companies, when he was finance minister in the previous coalition government with Ms Merkel.” Per report, “the Tánaiste tried to reassure him that Ireland’s tax rate of 12.5% — the second lowest in the EU — posed no threat to Germany… …
full article at source: http://trueeconomics.blogspot.de/
- Eamon Gilmore admits fears about Merkel view on debt deal (independent.ie)
- Merkel praises Ireland as a “shining example” (independent.ie)
- Merkel: Up to Finance Ministers to help Irish debt (newstalk.ie)
Taoiseach Enda Kenny ruled out a decision today on the nation’s bank debt at a planned meeting with German chancellor Angela Merkel in Berlin.
“Our meeting today is not about making a decision on a deal for Irish bank debt,” Mr Kenny said in a video posted on the Government’s news website this morning.
“That matter will be discussed and negotiated by the Minister for Finance during the course of 2013.”
Ms Merkel and Mr Kenny issued a joint communiqué on October 21st saying Ireland was a “special case” in relation to its banking debt.
The leaders issued the statement to calm concern sparked by earlier comments by the German leader ruling out retroactive bank recapitalizations by the European rescue fund
see full article at source:
This Gombeen twit has again shown the nation what an absolute idiot he is .Merkel is kicking him around the school yard and he is telling everybody she is his best friend .What an idiot! We are never going to get anything from Berlin or anywhere else .Remember in the boom times anywhere in the world where Irish showed up to buy property we were given a different price as people knew we would pay the higher prices and so it is with this Gombeen from Ireland he is only the tea boy and with a clap on the back this fool comes back to the Dail with the latest dictates from Berlin and of course this twit will try and convince the nation he is getting things done . God help us from self serving political leaches like this one!
- Kenny to meet Merkel in Berlin (irishtimes.com)
- Taoiseach meets Merkel to discuss Irish finances & Presidency (newstalk.ie)
- To The People of Ireland : You are been lied to ,Bambeluzeled,and Hundwinked (thepressnet.com)
- Germans name Kenny as ‘European of the Year’ (independent.ie)
- State will not need a second bailout – Taoiseach (independent.ie)
- After Mrs. Merkel’s Irish Jig, Are Ireland’s Problems Solved? (forbes.com)
A US election too close to call causing uncertainty:
The charts below clearly show that the Dow Transport and the Dow Industrial indices continue to exhibit divergent modalities. Since November 2009 the charts indicate that the Industrials have reached higher highs but the Transports have failed this test and have been range bound for nearly all of 2012. The direction and the momentum with which the Trannies break from this range will be most significant. I believe the market is awaiting with trepidation the results of the November presidential election. As we speak the polls are indicating that either candidate can win and this is bringing a fair degree of uncertainty into price action.
The major concern is the position of Mr. Romney with regard to Iran given his predisposition to quickly consider war as a policy option. A new Middle Eastern conflagration is the last thing the world economy needs right now but unfortunately he has been boxed in by powerful interests. It is hard to see how he can march himself down the hill of imminent warfare, formal or covert, should the hand of destiny finally fall upon him.
The forward looking indications from Google, Microsoft, IBM, Intel, UPS and FedEx are negative. I think this is due to the contraction in world demand caused by European austerity. However the results from financials, banks, brokers and real estate are more positive. This is due to the low interest and quantitative easing policies being imposed by the FED. Short term earnings disappointments aside, should the issue of the war with Iran be taken off the table quickly and if American real estate and banks continue to gain strength then the scenario could be set for solid future American economic growth. Such a recovery would help Europe stabilise its sovereign debt problem and allow national economies to end austerity and invest again in expansion initiatives.
This action would save the Euro from a catastrophic demise and allow another uncertainty to be cancelled from market calculation. Such a situation would consolidate the grounds for a sustainable US recovery over the next decade.
Thus I reckon a lot will be decided in the next few months, not least of which what type of administration will be entrusted to attempt to finally end the greatest structural recession since the great depression. The stakes could not be higher.
European déjà vu:
Irish Times, Saturday 20th. October 2012:
“GERMAN CHANCELLOR Angela Merkel has upended a carefully crafted plan to resolve Europe’s banking crisis, delivering a sharp setback to Taoiseach (Irish Prime Minister) Enda Kenny as he battles for a debt relief deal.
Moments after Mr. Kenny declared in Brussels that he had achieved solid progress overnight at a tense EU summit, Dr Merkel moved abruptly to curtail the scope of the effort to break the link between bank and sovereign debt.
The chancellor’s intervention, which took high-level EU figures by surprise, has cast a new cloud of uncertainty over the feasibility of Mr. Kenny’s demands.
For the first time in public, she backed her finance minister Wolfgang Schäuble in his assertion that national bodies must remain responsible for most banking debts.
This is markedly at odds with the push from Mr. Kenny and the leaders of France, Italy and Spain for the European Stability Mechanism bailout fund to pay for historic banking losses”.
As the above quote clearly indicates the Euro crisis is far from over. In fact all I see is a political civil war breaking out. In addition to the problems being experienced by Mr. Kenny David Cameron, the British Prime Minister, announced at his recent party conference that he wished to totally renegotiate the terms of Britain’s membership of the European Union. Should he not get want he wants he has indicated that he may consider withdrawing Britain completely from Euroland. Such an outcome would be a disaster for Europe in general and Ireland in particular. Where England goes Ireland may be forced to follow given the close relationship between the Dublin Financial Services Centre and the City of London.
What is at stake here is the future of the “City” itself. Frankfurt wants to be the pre-eminent financial centre in Europe. However London refuses to give up its pole position. This is why Cameron is against the imposition of greater banking regulation based in Europe and is totally opposed to the financial transaction tax proposed by the European Commission. London quite rightly fears that if it starts applying this imposition business will flee from the “City” to more liberal destinations like New York and Hong Kong.
“No job no money, no money no life:”
This statement made by a youth in Greece last week sums up the general frustration of young European graduates living not only in Athens but in Dublin, Madrid, Lisbon and Rome. Nearly 50% of youths under the age of 25 are unemployed in these capitals. For this abandoned generation the European Stability Mechanism offers no solution. This is because the central issue is not banking recapitalization and sovereign debt support but jobs and growth and hope. To achieve real growth Europe needs to become more competitive. It requires debt write off. It demands investment not draconian austerity. It needs real leadership.
For many observers the 500 billion Euro ESM is a diversion that is mis-guided and conceptually flawed. It will not achieve the objectives of banking recapitalization and sovereign debt stabilization for two main reasons. Firstly it is being partly funded by those countries needing funding, which is going to play havoc with its S & P ratings down the road. Secondly it is too small for the task at hand. The task will require in the region of 4-5 trillion Euro to adequately do the job, yet the federal courts in Germany have put a limit on Germany’s contribution. This renders the fund’s potentiality suspect from the get-go. Even though the ESM is inadequate and problematic all political energy is currently going into its gestation.
There is no other political game in town even though national economies and concomitant institutions are collapsing due to rapidly falling money circulation. This situation cannot continue indefinitely without serious consequences. That which cannot continue, won’t.
Currently, as we speak, the main fascist party in Greece “Golden Dawn” is growing at an alarming rate. This development is due to the fact that people are desperate for solutions to their social and economic problems. However, solutions are not forthcoming from mainstream political parties. This is worrying. Peter Drucker in his 1939 classic: “The End of Economic Man the Origins of Totalitarianism” spelt out the consequences of such failure. The end result was the horror of the Second World War. Unfortunately Angela Merkel is ignoring the lessons of history and is making the same mistakes again. I think Dr. Merkel will go down in history as the worst chancellor of Germany since you know who.
To alter this perception she must strive to lead her nation in a new direction. She must help her people understand that Germany is the main beneficiary of the Euro currency in that it allows cheap German goods flood into France, Portugal Spain, Italy, England, Ireland, Poland, Russia and Turkey. Should the Euro fail, any new Deutschmark would be so over valued that German exports would quickly collapse, contracting its economy to the level of its austerity bound neighbours. Thus the type of political leadership desperately needed in Germany now is not the style that focuses on narrow national party politics but one that values a shared European vision for the future, a vision that is creative not destructive. What is sorely needed now more than ever is statesmanship not political cunning. Let us hope that Dr. Merkel will have such an epiphany soon, very soon.
(C) Christopher M. Quigley 21st. October 2012. Wealthbuilder.ie
Charts Courtesy of StockCharts.Comhttp:
- To The People of Ireland : You are been lied to ,Bambeluzeled,and Hundwinked (thepressnet.com)
- Germany revives possibility of Irish deal on bank debt (independent.ie)
- Germany seeks new power to intervene in member states’ budgets (independent.ie)
- Hollande fires warning shot at Merkel over austerity on eve of EU summit (guardian.co.uk)
- EU chiefs agree on single bank supervisor (news.smh.com.au)
- Europe advances towards single banking supervisor (news.yahoo.com)
- EU Leaders Agree On Bank Oversight Amid Merkel Questions (bloomberg.com)
- Europe advances towards single banking supervisor – Reuters UK (uk.reuters.com)
By Thomás O Cléirigh
To The People of Ireland: You are been lied to, Bamboozled and hoodwinked into paying back private banking debts and private gambling debts of the insider friends of the Irish political élite. I am living over here in Germany, whilst I continuously here of a Greek crises and a Spanish financial crises I have yet to hear in the German news of an Irish financial crises! The Germans do not see I Ireland as having been unjustly forced to take on private bondholders debts or for that matter Deutsche Bank’s reckless lending to Angelo Irish Bank and the other toxic banks in the state! To Them the Irish Government were responsible for the financial meltdown of the Irish financial system as they were presiding over a lax monetary regulation policy.
The Irish Government were in fact driving the insane credit bubble in favour of their insider pals in the elitist circles that rule our country! These same insiders were and are still benefiting, as the rest of us wallow in forced Austerity. This Austerity is been justified by the lies by Kenny and Noonan of an eventual German adjustment or “relief” on this “Irish Bank Debt” .These two must be going to China or some other planet when they go to these meetings! These two Gobshites are nothing more that tea boys when they appear at meetings here in Germany .Nobody takes them seriously and they wouldn’t be missed if they didn’t come for that matter.
Because of the mind boggling incompetence of these two Gombeens we are now forced to pay debts that rightly belong to Deutsche Bank and their subsidiaries and in turn their insider bondholder pals! The fact is our political stooges are no match for the shark infested waters of Berlin! Does any one of them speak German? Germans say one thing but mean something entirely different and you need to know the language that matters. Kenny and Noon have a good command of English and they are very well able to spin their way out of promises made to their own people, so why are they now so upset with the Germans?
They (The Germans) are only doing the same thing to Kenny and Noonan (lying of course!) Just to have something to say to the cameras for the six o clock news but everybody knows that the real deals are done when you have a real force behind you and these two puppets are just pissing in the wind!Telling more lies to the gullible Irish as they turn the austerity screw tighter each year as the imposed budget from Berlin is forced down our collective throats.
These two beauties, have totally misinterpreted the meeting in July and its consequences .These idiots allowed the Germans off the hook and places every Irish family in the meat grinder! We as a nation no longer exist! We are now financial slaves, debt servicing surfs and the Irish government is nothing more than an instrument in the service of the new Deutsche 4th Reich!
Kenny and Noonan are stringing us along with promises of eventual relief of these odious debts but of course this relief will never materialize and is never going to come about! The game plan is to slowly slash public spending and balance the Irish national budget no matter what the cost in order to please the new masters in Europe. The next step will be to further erode the independence of the Irish with a new treaty, effecitively bringing about a federal government in Europe along the lines of federal republic of Germany .We do not amount to a hill of beans and the Germans would sooner dump us as soon as they can .They have almost gotten everything they were looking for and our incompetent parish pump parasites in the Dail even bailed out their Deutsche Bank in the process!. Ireland didn’t get a bailout, Deutsche Bank and its insider pals got the bailout. If you don’t believe me why don’t you ask Noonan and Kenny where did the billions go we paid out to ???
To every Irish family wake up and smell the dung heap you are now sitting in. Kenny and Noonan are lying to you there is no relief on the way just more pain and more Austerity! .I am right here in Germany and I see how these chancres are viewed here by the Germans .Paddy can you go and make the tea? Remember you voted in these career parish pump, self enriching –self serving leaches! Stand up and get up off your knees and do something to day to get rid of these pests.
If you don’t, you deserve the next kick in the “proverbials” you are going to get from these two puppets of Angelika ! Take a look at the following article and have a nice day Machholz .
Following Article By DEREK SCALLY, in Berlin was sent in to us today
GERMAN OFFICIALS have said they are not responsible for “illusions” created in Ireland after last June’s summit that EU leaders would expedite the resolution of its banking debt issue.
Senior advisers to Chancellor Angela Merkel said yesterday that the two-day meeting of the European People’s Party congress, beginning today, was an “important lap” in discussing the eurozone crisis, but that no decisions were likely to be made.
Dr Merkel will push for a wide-ranging discussion on measures for further integration of economic and finance policy. Germany is pushing for far-reaching measures, even those that would require treaty change; many of Berlin’s neighbours would prefer to avoid this step.
One of Dr Merkel’s senior officials insisted yesterday it was “perfectly clear” what the European council of EU leaders agreed at their last summit in June, and insisted this did not involve a deadline for Irish debt relief or even the nature of any possible relief.
“If others interpret the [June statement] differently, that is not our problem,” said the official. “The text says that the [European] commission will make suggestions, which the council will discuss as a matter of urgency. Nowhere does it say that the council would agree anything by the end of the year.”
Germany’s interpretation of the June agreement is that progress on Ireland’s bank debt can only come after a European banking regulator is operating effectively, and after EU leaders have agreed rules for banking recapitalisation by the ESM bailout fund.
Germany has said it is unlikely the regulator will be operational in 2013. Leaders were unlikely to spend much time discussing this today, Berlin officials said, with technical talks still continuing at the level of finance ministers.
“With respect to Irish banks, the problems occurred in a time when they were overseen at national level and thus the responsibility is at national level,” said a senior German official in Berlin.
“It is simply not on that everyone tries to slip out of their responsibilities that they carried in the past.”
German officials said it was not their problem if Dublin had created expectations regarding the speed at which the banking problem could be resolved and they noted that the June agreement contained no deadline.
“There’s nothing in there about agreeing anything to the end of the year,” an official said of the June statement. If anyone feels the need to read this into the statement, they face the problem of explaining why they have created illusions not contained in the text they signed.”
full article at source:http://www.irishtimes.com/newspaper/world/2012/1018/1224325411577.html
- Common Sense / Right & Wrong! (thepressnet.com)
- Kenny dismisses bank debt statement (thepressnet.com)
- Germans to Ireland – Drop dead when it comes to debt relief (irishcentral.com)
- Kenny in debt talks with EU allies (independent.ie)
- Ireland Said to Favor Bonds Over ESM to Refinance Anglo Irish – Bloomberg (bloomberg.com)
- Germany seeks new power to intervene in member states’ budgets (independent.ie)
- Today Germany is celebrating its unification (thepressnet.com)
- Luck of the Irish-Gilmore confident to get ‘very good’ banking deal (forexlive.com)
- Irish debt negotiations “making progress” in Brussels (newstalk.ie)
Fitch has given the ESM, which reportedly became “operational” today, even though the Eurozone members will take years to full its coffers from today’s €200 billion to the desired €500-600 billion, an AAA rating. The European (hey, what happened to Emergency?) Stability Mechanism needs this rating in order to sell bonds. Since eurobonds are not deemed acceptable by too many parties involved, the new pride of Europe will start selling … right, eurobonds, just under another name.
With which, for starters, it can fund the 7000+ policemen needed to protect Angela Merkel as she oversees the troika induced damages in Athens, riding in on some modern version of the milk-white steed that scorched earth conquistadores rode throughout history to assess the loot. Bad move, Angela, if only because the battle is not yet won.
Did you notice that the Troika report is still not out yet? Wasn’t that supposed to be presented ages ago? Shouldn’t those guys have been moved to Madrid over the summer? True, Spain still insists it neither wants nor needs a bailout. But that’s just bull, which makes the efforts to conceal it bull fighting. Spain will need much more money than anyone has admitted to date, as will Greece, new kids on the chopping block Cyprus and Slovenia, and old hands Portugal and Ireland. By the time the magnitude of the required bailouts can no longer be hidden, Italy will join the fray, followed by France.
Europe’s on a road to nowhere but down, for no better reason than the safeguarding of political careers and a bankrupt banking system. The best we can hope for is that in Athens tomorrow, October 9, the headlines will not be what Merkel and the Greek political class have to say, but the mass demonstrations that will take place despite the crackdown that has been announced.
full article at source: http://www.marketoracle.co.uk/Article36925.html
Sure, Merkel is smart enough to have something nice to say tomorrow, to not come empty handed. But Europe is stuck in a downhill Groundhog Day experience where every new day comes with new – higher – demands, new rounds of worse numbers and new measures that take away more of what little the people at the bottom have left.