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starbucks4ever (97.89)

Achtung! German democracy is in danger!

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June 04, 2009 – Comments (8)

Clearly, Germany is no longer a democracy after this speach by the Chancellor. We don't understand it yet, but soon NY Times will explain it to us, and then we'll see why it's the case. 

 

"June 2 (Bloomberg) -- German Chancellor Angela Merkel said she’s skeptical about the monetary policy tools the U.S. Federal Reserve and the Bank of England have introduced to fight recessions in their economies.

“I view with great skepticism what authority the Fed has and the leeway the Bank of England has created for itself,” Merkel said in a speech in Berlin. “We have to return jointly to more independent central bank policies.”

The chancellor said the European Central Bank “already bowed somewhat to international pressure” when its governing council last month authorized direct purchases of covered bonds. ECB President Jean-Claude Trichet on May 7 said the ECB will buy 60 billion euros ($85.5 billion) of covered bonds, or Pfandbrief.

Merkel is stepping up rhetoric against policies she says have contributed to the financial crisis that’s thrown Germany into its deepest recession since World War II. Economy Minister Karl-Theodor zu Guttenberg today said the time was over when former Federal Reserve Chairman Alan Greenspan’s era “was celebrated as the new paradigm.”

Central banks must return to a “policy of reason,” Merkel said. “Otherwise we’ll be back in the same spot in 10 years time.”

 

8 Comments – Post Your Own

#1) On June 04, 2009 at 7:20 AM, Gemini846 (46.06) wrote:

What does that have to do with democracy?

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#2) On June 04, 2009 at 9:00 AM, russiangambit (29.40) wrote:

Intrestingly, I don''t think Merkel's position was even reported in the US. I read about it in FT.

May be the title should be "US democracy is in danger". US media doesn't report news that they don't like. They like the population ignorant and easy to control.

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#3) On June 04, 2009 at 9:12 AM, jatt22 (40.83) wrote:

yes  totally agreed wth gambit . in US  they manipulate  news throw some artifical make up an fool the pplz .

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#4) On June 04, 2009 at 12:15 PM, starbucks4ever (97.89) wrote:

"What does that have to do with democracy?"

What, Gemini846, haven't you realized it yet? Democarcy means freedom of the press (printing), and she's trying to undermine that :) 

 

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#5) On June 04, 2009 at 1:40 PM, portefeuille (99.66) wrote:

The economic consequences of Herr Steinbrueck

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#6) On June 04, 2009 at 1:54 PM, Upanddown83 (< 20) wrote:

"Democarcy means freedom of the press (printing), and she's trying to undermine that :)" 

 So how is Merkel undermining democracy? The only one undermining democracy as always is the incompetant US media. Complete censorship if one considers that only news is shown that benefits the US government. If one person Murdock owns 95% of the media, then that sure is similar as the Gestapo took control during WW2. Merkel's point is that the FED and BOE print money for bailouts, which will cause fundamental problems in the long run.

There is no more free market, only up is allowed similar to the US media, once companies should go bankrupt the US bails them out. Let's talk about moral hazard here, if you were a CEO of AIG or Citi what is your incentive to do it differently second time around? None!

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#7) On June 04, 2009 at 2:26 PM, starbucks4ever (97.89) wrote:

"So how is Merkel undermining democracy? The only one undermining democracy as always is" 

Sometimes I wonder if Americans have no sense of irony at all. Russiangambit, are your Texans also like that? :)

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#8) On June 04, 2009 at 4:12 PM, portefeuille (99.66) wrote:

Sometimes I wonder if Americans have no sense of irony at all.

So do I.

 

Merkel

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