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Emet m'Tsiyon

Sunday, July 29, 2012

High Eurozone Official Attacks German Policy of non-Solidarity with Euro Brethren -- Juncker Is First

Since last October, we have been criticizing the Eurozone's handling of its debt crisis, and more recently, especially the German role. The crisis started two years ago in Greece, and then spread to other eurozone countries because the Greek problem was not handled rightly. Some prominent Euros now recognize that German policy, which other Eurozone states have been acquiescing in, is the wrong way to a solution. Germany insists on austerity and rejects any debt-sharing [mutualization of debt]. Germany doesn't want to give up a single pfennig of its own money, forgetting that after all the destruction of WW2 --in Germany and the rest of Europe, in a war started by Germans-- Germany was enabled to rebuild and recover only thanks to the approx. $ 15 billion that America gave to Germany through the Marshall Plan [some of the money was given as loans but the loans were forgiven and all the money was kept in Germany]. The extreme austerity forced on Greece is ruining the Greek economy but Germany --with the acquiescence of its Eurozone partners-- insisted on more austerity, on a solution that doesn't work. The Euros are like a drunkard with a hangover who drinks more in order to relieve the discomfort of his hangover. The euro addiction to austerity is like a craving for the hair of the dog that bit ye. But most of the discomfort is being suffered in the countries with a high state debt, and is not yet felt in Germany.

Eurozone policy, dominated by Germany, that is by German finance minister, Wolfgang Schäuble, is leading the world into a worldwide recession, if not a deep depression. That may have motivated the new criticism of Germany that hasn't been publicly heard at high levels before. Now the chairman of the Eurozone, Jean-Claude Juncker of Luxembourg, states that "there is no more time to lose" [«non c'è più tempo da perdere»] to stabilize the monetary union and adds the accusation of Germany being at fault. Juncker may foresee the possible collapse of the Euro if no major steps are taken and views Germany as an obstacle to needed measures. Collapse of the euro currency and the Eurozone states would have major world wide repercussions greater than the incoming world recession. Here is Juncker:

JUNCKER ATTACKS BERLIN IN THE SZ [suddeutsche zeitung] -- A very harsh Jean-Claude Juncker accused Berlin, meanwhile, of bending EU interests to internal political motives: "Why does Germany allow itself the luxury of constantly doing internal politics on questions that have to do with Europe [= the whole EU]? Why does it treat the Eurozone like its subsidiary?, the chairman of the Eurogroup [eurozone countries] asked in an interview with Süddeutsche Zeitung. [qui]
JUNKER ATTACCA BERLINO SULLA SZ - Un durissimo Jean-Claude Juncker ha accusato intanto Berlino di piegare gli interessi dell'Ue a ragioni di politica interna: «Perchè la Germania si permette il lusso di fare continuamente politica interna su questioni che riguardano l'Europa? Perchè tratta l'eurozona come una sua filiale?», si è chiesto il presidente dell'Eurogruppo in un'intervista alla Süddeutsche Zeitung. [qui]
But maybe Juncker didn't wise up enough. In the same interview he proposes that German finance minister Wolfgang Schaeuble should be made finance minister for the whole Eurozone --or maybe the whole EU. "Schäuble has all the characteristics." [«Schäuble ha tutte le caratteristiche»]. But would other Euro states, other Eurozone members want their economies to be dominated even more closely than before by one the chief architects of the failures since the first mistaken Greek "rescue"? In any case, do they want to be more tightly controlled by German policy? On the other hand, maybe by proposing Schäuble as a super Eurozone finance minister, Juncker means just to throw a bone to the Germans in order to soften the blow of his criticism. Maybe. But it would be best to put Schäuble in retirement or let him criticize from a seat in the German parliament where he would not directly make policy.

Lastly, although there is little enough solidarity among Eurozone and EU member states, the EU continues to fund the PA/PLO as well as all sorts of lying, anti-Israel so-called "human rights" & "peace" NGOs, even as the EU's own funds run low, let's bear in mind that we must not allow the Euros to decide Israel's future. They are fools at best, if not consciously hostile.

[Altri servizi su Il Sole-24 Ore e Il Giornale]
[data on EU funding of fake "human rights" and "peace" NGOs can be found in abundance on the site of NGO Monitor --see link on our blog roll]
[If they're funded by the EU, can they really be considered "non-governmental organizations"?]

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