COMMENT: As Germany cements its control over the European economy and the European Central Bank, the German power elite are openly and derisively calling for Britain to join the EMU.
(Note that the ECB could solve much of the eurozone debt crisis by lending money, but has been blocked by Germany from doing so. The only solution, according to the Germans, is political union–Deutschland Uber Alles.)
Note also, that belt-tightening is just what shouldn’t be done during times of recession, because it worsens the situation. Germany is insisting on just such a solution!
Of course, we should never forget that the European Monetary Union is the blueprint for German European and world domination, as formulated by Friedrich List and realized by the Third Reich and the Bormann capital network.
“Germany’s War on the Pound: You’ll Have to Join the Euro . . . and Sooner than You Think” by Jason Groves and Daniel Martin; Mail Online [UK]; 11/21/2011.
EXCERPT: Germany last night declared that Britain would be forced to scrap the pound and join the euro – as David Cameron returned home empty-handed from crisis talks in Berlin.
In a highly-provocative intervention, German finance minister Wolfgang Schauble suggested the UK’s struggling economy meant the pound was doomed, and urged the Prime Minister to back Europe’s ailing single currency.
Mr Schauble said the euro would emerge stronger from the current crisis – leaving Britain on the sidelines unless it signed up. He said Britain would be forced to join ‘faster than some people on the British island think’ – despite a pledge by Mr Cameron never to do so.
But Jean-Claude Juncker, head of the powerful Euro Group of eurozone finance ministers, said Britain was in no position to comment on the crisis as its deficit was twice the European average.
He said he was ‘not in favour of being dictated to by countries that are doing worse than us’.
Mr Schauble’s comments came as Mr Cameron arrived to a hostile reception in Berlin for talks on the eurozone crisis with German Chancellor Angela Merkel.
Senior members of Mrs Merkel’s ruling coalition voiced their irritation at London’s ‘lecturing’ over the crisis.
Leading German magazine Der Spiegel ran a prominent feature describing Britain as the ‘dis– eased empire’.
And Rainer Brüderle, head of Mrs Merkel’s coalition partners, said: ‘Britain can’t be freeloaders in the eurozone.’
The deputy leader of Mrs Merkel’s party, Michael Meister, criticised Britain for lecturing the eurozone on what steps it should take while not actively contributing towards a solution.
He also warned Mr Cameron against catering to nationalist sentiment on the euro, saying turmoil in the single currency area could have a devastating impact on countries outside the eurozone and on London’s financial industry.
Mrs Merkel flatly rejected Mr Cameron’s key demand to allow the European Central Bank to pump in hundreds of billions of euros to prop up the euro and prevent a new recession. . . .
EXCERPT: Berlin is demanding a predominating voting majority in the principal EU institutions. According to reports in the Spanish business press, the German government will insist at the next EU summit in early December on a redistribution of vote weighting in the European Central Bank (ECB): In the future, the votes should be weighted in accordance with the country’s Gross National Product (GNB). Thus, Germany would attain a predominating position in the most important European monetary institution — not only temporarily, but most likely on a long-term basis. The current principle of equality among sovereign countries would be cancelled. The demand, which has not yet been officially formulated by the German government, is a continuation of the reorganization of the Eurozone along the lines of German interests. Berlin’s leading politicians have commented on this reorganization, which has been taking place for quite some time saying Europe is facing “a new era.” Volker Kauder, chair of the CDU/CSU parliamentary group and a confidant of the German Chancellor, succinctly summarized this development saying, “now Europe will speak German.“‘
Rights of Intervention
Accompanied by openly chauvinist insults, the CDU party leadership persuaded the party congress delegates to adopt the government’s aggressive policy toward Europe. At the upcoming EU summit in early December, German conservatives are determined to reorganize comprehensively the European Union to satisfy German interests. In her European policy speech at her party’s congress early this week, Chancellor Angela Merkel declared, “So far we have not interfered in the situation of other family members.” But, it cannot continue like this: “We need the means for taking legal action against states,” currently being drawn into the maelstrom of the debt crisis. Once again, the Chancellor demanded that the EU bureaucracy be granted “rights of intervention” in indebted EU member countries. For Germany, there are no alternatives to a consolidation of the European Union, Merkel said, “We have to create a political union step by step.“
EU Austerity Commissioner
The CDU concretized its objectives in a keynote motion culminating in the demand to create the post of an “EU Austerity Commissioner.” Bypassing parliaments, this commissioner should have the power to intervene directly in the budgetary policy of Euro countries, as soon as they exceed a certain debt limit. “We must establish a fiscal union,” said German Finance Minister Wolfgang Schäuble. According to the CDU’s keynote motion, this fiscal union should include automatic sanctions on indebted countries. Under current regulatory provisions, this can only be imposed after being passed by EU bodies. In addition, the CDU would like to convert the EU’s so-called rescue umbrella, the European Financial Stability Facility (EFSF), into a sort of “European Monetary Fund,” which would be entrusted with the enforcement and monitoring of austerity programs in the periphery of the Eurozone. Finally, only those EU countries can join the monetary union in the future, which have inscribed “debt brakes” in their constitutions, along the lines of the German model. Rebuffing calls for European bonds, the chancellor again rejected Germany’s participation in bearing the costs of the crisis, which, after all, escalated because of the German exports industry’s excessive account surpluses vis-à-vis the southern Eurozone: “A communitarization of the debts cannot be permitted.“ . . . .