What is really
happening in Germany?
There is sure
something rotten up Merkel's Land.
To begin with the
so-called miracle of Germany was never a miracle and was rather the result of shenanigans
tolerated by, or imposed by the Americans on the other European states. Germany
is the champion lawbreaker of the European Union.
As a favorite child of
the Americans during the cold war, Germany's prewar debt
was pardoned and any payments to Greece for the devastation of the country in
WWII were postponed to the Roman Calends.
On top of that for forty five
years, i.e. until the reunification, despite explicit prohibitions by the European Economic Community, Germany
was allowed to subsidize all its industries that were
located in the frontier zone with East Germany and sure enough the Germans saw
to it that all new major factories were located there. At the same
time all during the Cold War an American dictate prohibited Greece, because of the “misbehavior”
of its people in the early post-war period, from claiming the due reparations
for the war damages of the Germans.
Following the
reunification of Germany new illicit schemes were set in operation. The
Landesbanks, a sort of local state banks, were recruited to subsidize industry
through the simple device of granting loans that the industries never paid
back. However in recent years some ominous clouds have been gathering over
Germany. For one thing, after so many years of using this covert subsidization
the Landesbanks today are effectively bankrupt and the German government fearing
due sanctions fends off all attempts of inspection by the European Union and
the European Central Bank with the feeble excuse that these banks do not have a
federal charter and thus cannot operate outside Germany.
At the same time the
German banks are being harassed by the equally serious problem that they now
face as a result of Germany’s extensive involvement in shipping. In a renewed
attempt to become a dominant force in international shipping, the Germans in a
period of about fifteen years had built and financed the world’s largest
container ship fleet, only to find out that what old Xenophon had said about
twenty four centuries ago still holds true, i.e. that the art of fleet
management is an art acquired through the experience of many generations. Right
now all operators are being affected by the current slump in international
trade, but the German container ships have another greater problem and that is
the merciless competition from Cosco, their Chinese competitor. The net result being that Germany’s major
banks, such as Deutsche Bank, have suffered huge losses from bad loans and are
in urgent need of recapitalization.
This problem and the
miserable state of the Landesbanks are at the root of the recent concerted
actions of the Germans to plunder the bank deposits in Cyprus, Greece and other
Euro zone countries.
