Nothing New And Nothing Improved

That tired old SPD.

With three tired old SPD guys trying to decide which one of them will have to be the one tired old SPD guy who will have to be the contender in next year’s election against the ridiculously popular Angela Merkel.

So like one of them, former Finance Minister Peer Steinbrück, threw his hat into the ring yesterday, sort of.

His angle? Eat the banks. Split their investment and retail units and have them create their own rescue fund and make them be good and nice again like they used to be in the past (I guess) als die Welt noch in Ordnung war (when the world was still in order).

Been there, done that. Yawn already. Bring out the next stooge and let’s get him over with, too.

“Banks are service providers and not betting shops.”

I Know, I’ll Blame The Banks!

In a brilliant and risky move never yet attempted by a left-wing politician ever before, SPD boss Sigmar Gabriel has boldly proposed to improve his parties chances at next year’s federal election by “blaming the banks” for everything that has gone wrong in the financial sector and elsewhere.

“Mind-blowing,” one German political commentator said. “No one has been able to put these complex puzzle pieces together like this up until now. But by calling the banks extortionists, accomplices to tax evasion, hustlers and manipulators, Gabriel develops a subtle analysis of a highly complicated theme, thus making it easily accessible to the man on the street.”

“Die versammelte Linke in Deutschland betrügt sich selbst und betrügt die Bürger, wenn sie einerseits die Krise mit immer neuen Schulden bekämpfen will – und dadurch die Abhängigkeit von den Banken und Finanzinstituten erhöht, die man andererseits blindwütig an den Pranger stellt.”

“The entire left tricks itself and the citizens when, on the one hand, it calls to fight the crisis with ever more debt – thus making us even more dependent upon the banks and financial institutions – and then, on the other, mindlessly blaming them for everything.”

It’s Good To Be The German

In case you didn’t know it, Germans are sitting on a big honking tremendous pile of money.

The Bundesbank thinks that German private households are in posession of ein paar tausend Milliarden or “a few thousand billion” euros (stick with that, believe me: Billion is Milliarde in German, trillion is Billion). They’ve got more set aside now then ever before, in other words; some 4.7 trillion euros.

And the punch line is that they seem to have invested most of it at those awful horrible dreadful banks they like to despise so much (they make big banks even bigger, you might say). Investments in real estate haven’t even been calculated here, by the way. Rereading this is starting to make my stomach hurt.

Privatleute vertrauen Vermögen den Banken an.

Geld ist doch für alle da

There’s money here for everybody. Remember the financial crisis? Long, long ago (in Germany)?

It seems that the Federal Reserve’s emergency loan programs really helped out a lot after all–German banks, that is. Hey, what’s a few trillion among friends?

Deutsche Banken haben das Förderprogramm der US-Notenbank inmitten der Finanzkrise kräftig genutzt.

Saving ain’t what it used to be

In Germany, I mean. About 16 percent of the German population doesn’t have anything left over to save anymore.

But the rest who do are still pretty good at it–and they are just as conservative about their saving strategies as they have ever been. Some 49 percent of savers save using the good old-fashioned savings account, 35 percent still like the old Bausparvertrag technique (a savings contract with a home building society), 31 percent save using insurance policies and only about 22 percent go for stocks and bonds.

And that all of these numbers added up together give you a number like way higher than 100 percent only goes to show you just how good at saving these Germans really are. Damn. I wish we could do that.

“Lediglich fünf Prozent aller Sparer legen besonderen Wert darauf, dass sie die Finanzprodukte, in die sie investieren, auch vollständig verstehen.”