Germany has more influence than you thought. More than I thought too.
World markets slid Wednesday while the euro hovered near four-year lows against the dollar after Germany announced new curbs on traders in a unilateral attempt to shore up the ailing single European currency and prevent the continent’s debt crisis from getting out of control.
Chart this. Bloomberg’s Chart of the Day (click on the graphic part) doesn’t put German households in a very good light – when compared to Greek ones.
The Greeks may kick butt when it comes to having the highest level of government debt as a percentage of gross domestic product, but its household debt is considerably less than that of Germany’s.
Thank goodness information like this gets published around here every once in a while is all I can say. I’m sure this’ll calm tempers back down again.
“Germany cannot become Europe’s paymaster.”
“Once the invisible glue that bound the Union…
German policy is now being dictated by less idealistic priorities rooted firmly by national interests.”
Actually, it’s their currency that has a cold at the moment.
Germany’s Finance Minister Wolfgang Schaeuble told the Bundestag on March 16 that the country may have to consider ordering “intelligence agencies to set up surveillance of who is getting together with whom for which kinds of speculative processes, and where” to protect the euro.
Pissed off about a Focus magazine cover depicting Venus de Milo (some old Greek actress or something) flipping off the rest of Europe (meaning Germany) and carrying the title “Crooks in the Euro Family”, the Greek Consumer Association has called for the boycott of German goods which nobody in Greece can afford to buy right now anyway.
The Greeks are a little touchy these days because their government/state/civilization is on the verge of bankruptcy or something (like join the club already). The Germans are a little touchy these days because the Germans are always a little touchy.
Die Verfälschung einer Statue der griechischen Geschichte, Schönheit und Zivilisation, die aus einer Zeit stammt, wo sie (die Deutschen) Bananen auf Bäumen gegessen haben, ist unverzeihlich und nicht hinnehmbar.”
Observing Hermann 