Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your mortgage, loans, because interest rates set to rise

Get rid of your loans, guys and gals, because we are going into a high interest rate period. Very high. It will be the equivalent of going into the double digit interest rates we had in the 80s where many people threw their house keys at the bank and we had record numbers of ba

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E-cigarettes save lives, money

E-cigarettes save lives, money

"We know that cigarettes have thousands of chemicals in them and we know that they are killing us. They have been for over a hundred years. So now, the e-cig industry comes along with only one or two chemicals in their mixture and people are freaking out over these as well. Whe

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US inches closer to big bank charges

US inches closer to big bank charges

Federal prosecutors are nearing criminal charges against some of the world’s biggest banks, according to lawyers briefed on the matter, a development that could produce the first guilty plea from a major bank in more than two decades. In doing so, prosecutors are confronting

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Canada’s home sales top predictions; why a real estate crash is inevitable

Canada’s home sales top predictions; why a real estate crash is inevitable

“The assurance of relatively low borrowing costs has likely given home buyers confidence while rising home values have kept new listings at a healthy level. Stable employment has provided some assurance to owners and buyers alike.” Our website is back after many months of

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Comparing today’s recession/depression to the 1980 recession

Comparing today's recession/depression to the 1980 recession

"Much like today, Americans were concerned not only with high unemployment but increasing budget deficits in the early 1980s. A September 1983 Gallup poll found that three-fourths of the public agreed that the federal government's budget deficit was a great threat (42%) or some

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Why savers are getting screwed

Why savers are getting screwed

"Without the intervention of economic policymakers, interest rates would be naturally higher. That would increase the cost of borrowing for businesses and consumers, but there would be some offsetting economic benefits. Savers are getting screwed by the current monetary policy

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Geithner admits USA bankrupt to US Senate

Geithner admits USA bankrupt to US Senate

"Never in our history has Congress failed to increase the debt limit when necessary. Failure to raise the limit would precipitate a default by the United States. Default would effectively impose a significant and long-lasting tax on all Americans and all American businesses

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World economies on verge of currency revaluations to deal with debt

World economies on verge of currency revaluations to deal with debt

"It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning." -- Henry Ford Basically what the world central banks are doing is increasing their money by devaluin

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Is Obama the next Mugabe of Zimbabwe?

Is Obama the next Mugabe of Zimbabwe?

"America, Britain, Japan, Germany, France, Sweden, Holland, Norway, Canada and Australia make up the Fishmongers Group and their meeting on Tuesday will deliberate on the state of the inclusive government, debt relief, public finance administration and the controversial economi

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US raiding foreign countries with dollars, not soldiers

US raiding foreign countries with dollars, not soldiers

""The United States is going to China and saying: we want you to commit economic suicide, just like Japan did. We want you to follow the same thing: we want you to revalue your currency, we want you to squeeze your companies, we want you to go bankrupt,” says Michael Hudson,

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FDIC wants your retirement cash to save banks: Bloomberg

FDIC wants your retirement cash to save banks: Bloomberg

“The FDIC is constantly looking at structures where we can get the greatest opportunity to tap into capital that we have not had the success reaching through previous disposition methods,” FDIC spokeswoman Michele Heller said in an e-mailed statement. “We welcome and work

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Canadian government admits recovery never happened

Canadian government admits recovery never happened

“Not only did their stimulus fail to create the jobs of tomorrow, it also failed to protect the jobs of today,” Scott Brison, the opposition Liberal Party’s spokesman for finance issues, said by telephone. "Most of us were shaking our heads in disbelief early last year w

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Content By: The Coming Depression Editorial Staff (dates cited below)
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germany debt clock

“The US has heavily criticized German austerity measures in recent days. Now, Germany’s finance minister has fired back, warning against becoming addicted to deficit spending and noting that history has made the country extremely wary of national debt and inflation.”

In a culture whose economy is predicated on ‘consumption’, any ‘austerity’ measures can only further dampen that consumption and thus contribute to the continuing decline in the economy.

World-wide, the financial system has yet to deal with the trillions of dollars in ‘derivatives’ still out there as ‘toxic’ debt. The values and priorities of our leaders could not be more evident as they literally shovelled – and continue to shovel – trillions of public dollars to those otherwise failed financila institutions where ‘austerity never entered their lexicon.

And yet, in the next breath, and because of the public debt taken on to absolve those same financial institutions from their criminal behaviour, they solemnly speak about “how we must get this debt under control,” and how we must all be prepared to make sacrifices, and tighten our belts! And so the class war continues unabated with the wealthy, enabled and assisted by their political hirelings, taking ‘no prisoners’.

Germany Warns US Not to Become ‘Addicted to Borrowing’
Der Spiegel 06/25/2010

Conflict, it would seem, will be everywhere in Toronto this weekend as world leaders gather for the G-20 summit to discuss possible reforms to the global financial system. Already, new British Prime Minister David Cameron has said that he may end up trying to avoid sitting next to German Chancellor Angela Merkel on Sunday.

“I’m not sure if that will be safe. We might get a bit carried away,” he said.

Cameron’s comments were, of course, tongue in cheek. He was referring to Sunday’s World Cup battle between Germany and England in South Africa. Still, there is little doubt that sparks will fly this weekend, particularly when it comes to competing views on fiscal policy between Europe and the United States.

Indeed, German Finance Minister Wolfgang Schäuble poured more fuel on the fire in a contribution published Friday in the business daily Handelsblatt. Referring to US demands that Germany abandon austerity in favor of additional economic stimulus measures, Schäuble said that “governments should not become addicted to borrowing as a quick fix to stimulate demand. Deficit spending cannot become a permanent state of affairs.”

Five important points

The governments gave over every single cent of the “bailout” money without so much as sending one single forensic accountant on the premises of the auto companies and/or banks and/or financial institutions. Every single person who wants money from the gov’t has to provide an accounting to show why they need the money.

2. The only proof that there was a financial problem consisted of claims to the media by the global corporations and government.

3. The ‘cure’ is now that government take the money they gave away to the global corporations, from us citizens.

4. The requirments for the cure, as dictated by the G8 and the G20 are: a) voluntary; b) have nothing to do with preventing another “financial crisis.” c) are all to do with taking money from us in the form of a “tax” to cushion yet another “financial crisis.” d) their plan for us is to let the pension plans the banks let go to hell in a handbasket, work their own way out of the mess.

Related posts:

  1. Euro on verge of collapse: GermanyGeorge Papandreou, the Greek premier, said in Davos that his country had been singled out as the weak link in a “attack on the eurozone” by speculators and political foes....
  2. Germany Calls For End Of International Financial RegulationsPresident Barack Obama said more stringent financial regulations are needed globally to protect consumers, ensuring economic stability and prevent future crises. When leaders of the Group of 20 nations meet...
  3. Ron Paul warns: be prepared for the worstA false recovery is under way. I am reminded of the outlook in 1930, when the experts were certain that the worst of the Depression was over and that recovery...
  4. Australian Senator warns of U.S. debt default”The US dollar is almost becoming like junk bonds,” Australian Joyce said. A default by the U.S. government is a certainty in many analysts’ opinions because there is too much...
  5. IMF global bank tax would encourage risk“The International Monetary Fund (IMF) has proposed new taxes on financial institutions to cover the costs of future potential bailouts, leaked documents show.” According to the IMF proposals circulated to...
  6. King warns countries will take protectionist measures“If we end up 12 months from now with countries taking protectionist measures, everyone will suffer. I think the absolute imperative for this weekend [at the G20] is a clear...

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