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"First Schäuble came for Greece, and I said nothing, because the ECB still accepted my government bonds as collateral..."

claud_alexander's picture

From Frances Coppola post on Forbes, commenting on German news story.

I'm as far an admirer of Schäuble as one can get, but my jaw still resting lightly on the floor after reading this. Where does this stop? Not Spain certainly. Italy? The Right Bank of the Rhine?

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jo6pac's picture
Submitted by jo6pac on

were it ends as long the elite can lower cost and remove any safety nets in the eu or what's left of it.

If Greece leaves and it will did the liberal-neo-conns over play their hand? Greece leaves the eu, then throws out nato, and then joins the BRICS. That would make my day.

Then again what do I know;)

Cujo359's picture
Submitted by Cujo359 on

It continually amazes me that no one in a position to change things in Germany seems to understand that if you make your customers poor, they can't buy things from you. Sooner or later, any country that isn't a net exporter in the Eurozone will find itself unable to grow its economy the way it needs to.

I guess the Germans think they can sell to the Chinese ...

claud_alexander's picture
Submitted by claud_alexander on

http://t.co/WryRVQgYix

What I can't see is a way around the IT/payments system stranglehold the ECB has.

http://www.nakedcapitalism.com/2015/07/convert-to-the-drachma-piece-of-c...

That said, perhaps the "centrist" position is becoming rhetorically untenable, or at least not as TINA as it's been before. See the Telegraph's Ambrose Evans Pritchard (http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/117426...) citing aprovingly

Guardian's Owen Jones
http://www.theguardian.com/commentisfree/2015/jul/14/left-reject-eu-gree...

Cujo359's picture
Submitted by Cujo359 on

Interesting links. Thanks.

The Garver/FT piece seems to contradict what Evans-Pritchard was writing about Podermos. Perhaps the former is going by more recent events. My guess is that E-P and Jones are right regarding a UK exit from the EU - it would make the case for other countries to leave a little easier to contemplate politically. I doubt even the UK leaving would make Germany reconsider its positions, though. Only some countervailing force they can't ignore or bulldoze will do that.

Submitted by lambert on

Let's remember that no matter how corrupt the EU was and is, in conception and execution, that nevertheless one reason for it, one hope for it, was to prevent oceans of blood from being spilt on European soil, as they were in the 20th C.

So now we see a resurgence of nationalism -- strangled, or not, by the payments system controlled by Big Finance. Ugly, ugly.

The first thing Tsipras did was lay a wreath on a Greek WWII memorial. But's not Germany that's the enemy! It's the German banks, and the 1% who own them! Tsipras, the radical Marxist --- BWA-HA-HA-HA-HA-HA!!!!! --- didn't even know who his enemy was.

One despairs.

Cujo359's picture
Submitted by Cujo359 on

Yes, and I used to think the EU was a marvellous idea for precisely that reason. Turns out they got a few details wrong, though, like leaving the financing to greedy German bankers (with some help from a shady American financial firm or two, of course).

In some ways, ugly nationalist attitudes are what's causing this crisis. Certainly, if Germans didn't believe that they were being unfairly expected to pay for those lazy, spendthrift Greeks and PIIGS, then selling the German government's policies would be more difficult. And Podermos' statements, as quoted in that first (Yahoo) link, sound a bit jingoistic - hey we don't have the problems those silly Greeks do. We're Spain, after all.

In fact, they sound depressingly like American politicians these days....

claud_alexander's picture
Submitted by claud_alexander on

Herr Dr Schäuble addresses the remaining nations in the EUs Mediterranean bloc: