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German Euro Founder Calls For 'catastrophic' Currency To Be Broken Up

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http://www.telegraph.co.uk/finance/financialcrisis/10039329/German-euro-founder-calls-for-catastrophic-currency-to-be-broken-up.html

"The economic situation is worsening from month to month, and unemployment has reached a level that puts democratic structures ever more in doubt," he said.

"The Germans have not yet realised that southern Europe, including France, will be forced by their current misery to fight back against German hegemony sooner or later," he said, blaming much of the crisis on Germany's wage squeeze to gain export share.

Mr Lafontaine said on the parliamentary website of Germany's Left Party that Chancellor Angela Merkel will "awake from her self-righteous slumber" once the countries in trouble unite to force a change in crisis policy at Germany's expense.

His prediction appeared confirmed as French finance minister Pierre Moscovici yesterday proclaimed the end of austerity and a triumph of French policy, risking further damage to the tattered relations between Paris and Berlin.

"Austerity is finished. This is a decisive turn in the history of the EU project since the euro," he told French TV. "We're seeing the end of austerity dogma. It's a victory of the French point of view."

Sounds like the Germans are figuring out the rest of Europe aren't going to be happen once they realise that the ECB was being run just for them.

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if austerity is NOT the correct medicine after the mother of all credit binges, then I suppose another credit binge of money printing is just the thing. ?! This is insanity.

They are going to extract every last drop of equity from every last saver/creditor and in effect do a leveraged buyout of Europe,UK and the USA, in order to save the feckless, wreckless , hopelessly indebted. Nominal Rates are going to zero.

This ends in hyperinflation.

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Oskar Lafontaine...now thats a BIG name from the past.

I remember a joke they told in Germany about Lafontaine in the run-up 1990 elections

Kohl and Lafontaine are forced to share a helicopter to fly into Berlin. Suddenly Lafontaine opens the window and takes a a large sack and starts throwing 50 DM notes out.

Kohl says "are you mad Oskar, what are you doing?"

Lafontaine replies "I'm just trying to make a few people happy, Helmut"

Kohl comments "well throw yourself out Oskar and make us all happy".

another big spending socialist who luckily never got elected to the top job.

As for France, taxing people to pay for an unreformed and inefficient civil service is another form of Austerity. If you haven't got money in your pocket because it is paying for one person to dig holes, another to fill them in, that is money not being spent in the real economy; well apart from on spades.

Edited by davidg

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Oskar Lafontaine...now thats a BIG name from the past. Even as a dis-interested teenager back around the turn of the century I can remember news reports with him on. One by one the cards are falling.

:lol: So long ago, surprised you can remember anything.

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  • 238 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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