Angela Merkel wants to reassert the supremacy of politics over the economy.
For all intents and purposes, politicians have abdicated their sovereignty to the banks the minute they accepted and imposed on society debt based fiat money. Ms. Merkel wishing to regain her independence from the banks shows that Ms. Merkely either does not understand fiat money and the the inherent implications or she is paying lip service to the electorate. What is certain is that it is much too late to reassert primacy over the banks because the only politicians that can act without official and abundant funding are generally considered rebels or terrorists. Failing that, main stream politicians need the banks more than the banks need them.
EU to curb big bonuses
Once again, a political dog & pony show. Bank bonuses would not be a problem in the first place if our “leaders” didn’t pump banks full of public money. Banks are full of public money because in a debt based fiat monetary system, banks are the last and only pillar that sustains the entire socio/economic/political construct. Till we don’t have the balls to tell the banks to shove it, politicians will forever be beholden to the banks.
I will add articles as I come across them.
Hot on the heels of their US counterparts, EU politicians are falling over each other to propose “ingenious” approaches to “solve” the crisis.
E-Bonds would end the crisis
The plan consists in asking all European countries to pitch into an emergency fund and underwriting it with an E-Bond that would be given AAA investment rating. By means of parsing this for you, here is how this is supposed to work. “All European countries” means all of them including those that are already officially bankrupt as well as those that are tottering on the edge of official bankruptcy (because though officially Italy or France may not be bankrupt for examaple, simple arithmetic compounded by the cross holdings of their national banks say they are). Thus, a country like Greece that already now has no money to fund any of its needs would have to stump up and throw some money into the pot even though, and this is the hilarious part, it will subsequently withdraw multiples of what it has contributed to the fund in the first place. And without mentioning that to contribute to the fund, Greece would have to increase its debt burden thus making it even more difficult to climb out of the hole Greek politicians have dug for the country. And without mentioning that by increasing the national debt, Greece would suffer a further credit rating downgrade thus not only increasing its borrowing costs but in one fell swoop finding itself as a low investment grade member of a rescue fund that has been rated as top notch investment grade. The notion of slapping lipstick on pigs comes to mind. AND by the way, this is exactly the strategy that has already proved to be lethal for the system when sundry mortgages where packaged into investment vehicles that were subsequently and arbitrarily awarded AAA investment grade rating and that are now causing the crisis that Mr Junker intends to solve by doing exactly the same thing that caused the crisis in the first place.
This is the best explanation ever of why there never has been nor ever will be scarcity of politicians anywhere in the world. Playing politics allows one to take utter and blissful leave of one’s senses. It’s got to be better than drugs as nobody would go into politics otherwise. The only thing I can think of that approaches this insanity is New York city’s pension fund borrowing money from the New York city’s pension fund to…. wait for it… contribute to the New York city pension fund (Robbing Peter to Pay… Peter).