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Self-Righteous Germany Must Accept A Euro-Debt Union Or Leave Emu

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

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The Euro is finished :)

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

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Totally agree. They will do it in the end. Que much German whining, but its their own fault.

EDIT: I'm agreeing with Ambrose Evans-Pritchard. I need a beer.

Edited by Peter Hun

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An internal adjustment could be done overnight, if necessary with temporary capital controls. The residual euro states would undergo a relatively seamless devaluation to levels that reflect the reality of current account deficits and labour productivity, yet their existing contracts in euros would be upheld.

Now this is a first I've heard of this in respect of the Eurozone. Capital controls.

Spicy.

Iceland has them, its removing them thats the problem.

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

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:lol:

you dont understand the euro or germany do you?

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Now this is a first I've heard of this in respect of the Eurozone. Capital controls.

Spicy.

Iceland has them, its removing them thats the problem.

It'll be the only way to stop citizens in the periphery from transferring their savings to Germany, and creating bank runs.

As soon as their is a common realisation that Germany's going to leave then everyone will want get their capital there so it's converted to DM2s and revalued 50% overnight.

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

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:lol:

"Self-Righteous"?! For being sensible? Having some financial discipline? Investing in education and infrastructure?!

Ambrose Evans-Pritchard is just fishing for clicks on his column.

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"We rent for £1350 a month. The landlord needs ~£3350to get a 7% net return on current asset value."

:lol:

- bit out of date now, wrote that in 2007! Rent is still £1350 and the flat is down about 70k from the peak I'd guess.

Anything that gives you more than 2% is good now :unsure:

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It'll be the only way to stop citizens in the periphery from transferring their savings to Germany, and creating bank runs.

As soon as their is a common realisation that Germany's going to leave then everyone will want get their capital there so it's converted to DM2s and revalued 50% overnight.

Interesting article about that here:

http://www.economist.com/node/17629661?story_id=17629661

Don't do it

20101204_ldp001.jpg

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:lol:

"Self-Righteous"?! For being sensible? Having some financial discipline? Investing in education and infrastructure?!

Ambrose Evans-Pritchard is just fishing for clicks on his column.

No, they opted for monetary union with the PIIGS. The set themselves up but were happy to reap the rewards while it lasted.

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why do you think that germany were so keen to extend credit to countries like greece?

Are you implying it's all some sort of cunning teutonic plan to wreak havoc?

Don't forget a German bank tansfered 300 million Euros to Lehman Brothers the day it went bust. I'd guess the answer to your question is incompetence.

Edited by EvilEdna

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If Germany and its hard-money allies genuinely wish to save the euro – which is open to doubt – they should stop posturing, face up to the grim imperative of a Transferunion, and desist immediately from imposing their ruinous and reactionary policies of debt deflation on southern Europe and Ireland.

My link

So self-righteous in your mind is working hard and saving and investing and living withing their means.

Not to mention giving billions in handouts every year through the EU to Greece, Ireland, Spain etc.

The layabout PIIGS have brought this on themselves.

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Isn't the third option to just let the ECB print and devalue the euro by what .... 30% .... like err ..... we did?

I mean you know, they must have printed all those €500 notes for a reason.

Ambrose is behind the curve on this.

There can be a debt union, fiscal union, whatever the hell kind of union anyone wants none of it deals with the structural imbalance of a soft money south and a hard money north.

The easiest and best way to deal with this is for the north to let go their puritan hang ups, which are deeply flawed, false and hypocritical anyway, as I'm sure Ambrose has explained (yet again), and for the north to go all ciao bella, dolce vita, soft money and relaxed.

The Hun signed themselves up for the duration, so they may as well get with the programme.

It's all a giggle really. The Hun think they're the biggest kid on the block and they can boss everyone around. That's a mistake. They are bigger than anyone else, but not everyone else.

Didn't someone say it would be illegal for Ireland to withdraw from the currency union? Isn't there a majority voting thing in place.

Once the Hun stops paying, it will be the majority that chooses the tune and at that point, it will be the Hun that's dancing.

Edited by indirectapproach

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If Germany were to leave, then so would the other solvent nations. Without Germany to pay, they would see that they were next in line to pay, and they would have to pay more to cover the loss of German funds. There citizens would not tolerate tax rises so that the money can be given to foreigners. The Euro club would be left with a rump of spendthrifts. Nobody would lend them money because they know they will either default or inflate the debt away.

Just as the PIIGS wanted to group with Germany before, to get lower interest rates, so they will again. The Germans will combine with the other Northern countries to create Euro 2. It will be run along German lines. If someone objects, they do not have to join. The Germans know this. If the parasites will not leave, you simply reform and don't invite them. I would be perfectly happy to scrap the pound for the prudent policies of the Germans.

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It'll be the only way to stop citizens in the periphery from transferring their savings to Germany, and creating bank runs.

As soon as their is a common realisation that Germany's going to leave then everyone will want get their capital there so it's converted to DM2s and revalued 50% overnight.

Yep if Germany does leave it will certainly be interesting as everyone will try to profit and Germany will likely get a huge inflow of Euro's to be converted. Perhaps the Germans will announce the new currency will only be issued to German citizens and German registered companies.

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The Sweeping Generalisation Award 2010 goes to (cue drumroll) ......

SILVER PAAAANDA!!!!

Sweeping generalisation it may be but its still essentially true.

Still its not surprising that someone who believes individuals should have the right to live off those more hardworking should extend the principle to the national level.

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What a big pile of poo

The implication being that Germany relies solely on a weak euro for its international competitiveness

Germany doesn't even sell price elastic products.

The other false assumption is that devaluation cures a country's international competitiveness problems.

Devaluation doesn't cure anything - in fact it makes matters worse in the longer term by creating inflation.

The painful medicine that is being resisted: wage cuts; changes in working practices that boost productivity; higher levels of saving and investment (at the expense of consumption); and balanced budgets - Is what is needed to boost international competitiveness

Changing the exchange rate does not magic away a competitiveness problem in the long term.

However, the banksters prefer devaluation and inflation to falling asset prices and bank failures, hence the propoganda

Edited by Arbitrage

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why do you think that germany were so keen to extend credit to countries like greece?

land grab?

would seem like a cunning plan wouldn't it?

very cunning in fact.

create a hitlerian media constant repetition for debt speculation(ie housing bubble),aided and abetted by sooges within target governments...to sell their own gold reserves off to IMF in exchange for fiat...and then hoover up the physical.

when the time is right,implode the paper(by cyber means or other),blaming it on a useful idiot proxy(ie bin laden),who is also to be destroyed.

formenting conflict between the two factions to drive them more and more into debt through military action and sporadic acts of domestic malice to destabilise any remnants of their respective economies into the dust.

..in fact,quite a lot like albert pikes scenario was envisaged.

Edited by oracle

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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