a blinked eyelid, is so full of holes, there's no basis for
beginning to unravel the Euro's problems.
The gist of the story is that Germans are congratulating
themselves for trying to screw the PIIGs, or better PICIGS,
with the addition of Cyprus and soon Slovenia, or their
upper classes by squeezing their governments through the
Troika.
I've got news for those numbnuts. The upper classes are
doing quite well, thank you very much. They're politically
connected and have their money stashed offshore, like
German oligarchs do. D-uuh
Now Germans've just discovered that peripheral country people
almost all have made good investments and have savings,
cars and houses, when Germans do little more than
work, fist their girlfriends, and then die.
The truth is that peripheral plenty is caused by careful investing,
sensible living, moonlighting, cooperation between relatives,&
yes a bit of tax evasion.
So, the periphery has :
Poor countries with
relatively rich citizens
The Troika was actually designed to murder these family
-oriented people who love nothing better than to provide
for their kids' futures.
That's not like northerners who, when they reach adulthood,
forget that they were ever born, chucking their folks
in the human garbage can, some corner-cutting Institution
of elder decline.
What that means is periphery people invest in their kids,
while northerners blow their money and make their kids
give their best years of income to a mortgage loan.
Garbage in: garbage out
And this shadenfreude is so stoopid because it's not going
to make Germans any richer. They're getting poorer by
the day. hahaAHHAhahAhahahaHAAHahahahah
Their banks, on the other hand, are getting the money
that German savers would have got. so, nyah!
I have to say that I side with these common people of the
periphery especially now that it seems the "poor" are
set to pay for the mistakes of the oligarchy, and pay
forever, all over the world. Sometimes even foreign
oligarchs. e.g.:
Bankrupt German banks are being protected
and their victims, the PIIGs are being robbed.
I'm glad the PIIGs citizens stole from their governments,
because their governments are traitors and they are
giving away everything to foreigners at firesale prices.
I'll try to cut this massive story up and comment on it.
It's very important because it is oh so wrong.
checkit: ZeroHedge
Germany's
Perspective: "How Europe's Crisis Countries Hide their Wealth"
Submitted
by Tyler Durden on 04/28/2013 09:38 -0400
Much
has been said about the relative disparity of wealth between Germany and the
rest of Europe, with the conventional wisdom being that Germans are rich and
everyone else poor. This assumption has been challenged to the core recently,
with some studies even suggesting that median household wealth in places like
Cyprus is far, far greater than that of Germany, contrary to previous
assumptions. In turn, this helps to explain the lack of "eagerness"
of the Germans to constantly "assist" with the bailouts of peripheral
countries by directly funding or assuming debt guarantees, or otherwise be
loaded with the primary burden of future inflation if and when the ECB's
creeping monetization of European debt, both directly and indirectly via PIIG
bank collateral, unleashes the Weimar flashback tsunami. In this context, it is
easy why it was the Germans who were
intent on demolishing not only Russian billionaire savings (which as the
Spiegel article below demonstrates, Germans are convinced are largely
ill-gotten and hidden), but also why the punishment should stretch to uninsured
depositors.
After
reading the Spiegel article below, which reveals so much about German thinking,
it becomes very clear that not only is Cyprus the "benchmark", but
that the second some other PIIG country runs into trouble again, and its
soaring non-performing loans inevitably demand a liability
"resolution" a la Cyprus, it will be Germany once again at the helm,
demanding more of the same equity, unsecured debt and ultimately depositor
impairment. As the following punchline from Spiegel summarizes, "It would
be more sensible -- and fairer -- for the crisis-ridden countries to exercise
their own power to reduce their debts, namely by reaching for the assets of
their citizens more than they have so far. As the most recent ECB study shows,
there is certainly enough money available to do this." And that is the
crux of the wealth-disparity demand of the European Disunion.
From Spiegel, by its staff
The
Poverty Lie: How Europe's Crisis Countries Hide their Wealth
[to be continued]
