Wednesday, May 5, 2010

Will Germany Ratify the Greek Bailout?

There is no question that international banksters are in high gear. They are pushing Greek legislators to ratify the agreed to Greek bailout. Will they buckle to the pressure? The bailout is hugely unpopular in Germany, but legislators of late appear to buckle when pushed by global banksters, even if it ultimately means the legislator losing office.

European Central Bank council member from Germany Axel Weber, who from time to time has displayed some ability to understand basic economics is clearly all in with the banksters, when it comes to the bailout. He said Greece’s fiscal crisis is threatening “grave contagion effects” in the euro area, justifying Germany’s contribution to a 110 billion-euro ($142 billion) aid package.

“There is a threat of grave contagion effects for other member states in the monetary union and increasing negative feedback loop effects on capital markets,” Weber said in a statement today as German lawmakers in Berlin debate the proposed rescue of Greece. “All in all, Germany’s contribution to the aid package for Greece is justifiable.”

The warnings of contagion are true enough, but why is it Germany's duty to bailout the PIIGS out? Defaults by these governments simply mean the banksters take the hit instead of the German people.

Another tool of the banksters, German Chancellor Angela Merkel appealed to parliament to approve Germany’s 22.4 billion-euro portion of the joint European Union- International Monetary Fund bailout amid public opposition.

“Weber is worried,” said Juergen Michels, chief European economist at Citigroup Inc. in London. “He knows that if Germany doesn’t ratify the Greek aid plan rapidly we’re facing more turbulence in the weeks ahead.”

1 comment:

  1. “He knows that if Germany doesn’t ratify the Greek aid plan rapidly we’re facing more turbulence in the weeks ahead.”

    How many times have we been at this spot in the last 6 months? We have a deal, then we don't. We have another deal, then we don't. Let me throw a few Yogi Berra quotes right back at him:

    "I always thought that record would stand until it was broken."

    "You should always go to other people's funerals, otherwise, they won't come to yours."

    "You've got to be very careful if you don't know where you are going because you might not get there."

    "We made too many wrong mistakes."

    "When you come to a fork in the road, take it."

    "A nickel ain't worth a dime anymore."

    and of course . . . "It's like deja vu all over again."