Tag Archives: merkel

Merkel is seeking to make it easier for the German arms industry to export weapons

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Merkel Seeks to Ease German Arms Exports

November 8 (Spiegel) — Chancellor Angela Merkel is seeking to make it easier for the German arms industry to export weapons. In a position paper sent to Brussels recently, Berlin asked that “economic interests” be “adequately considered” when it comes to export controls on arms shipments.

On a similar theme, ThyssenKrupp looking to distance itself from its joint venture with Ferrostaal – the Munich public prosecutor’s office has accused Ferrostaal of paying millions of euros in bribes to Greece related to the purchase of 214-class submarines.

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President Obama entering the fray

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More of the blind leading the blind. The one thing they all agree on, at great expense to global well being, is the budget deficits are all too large and the need for shared sacrifice and all that.

No chance for anything constructive to come out of any of this.

And these masters of their money machines don’t even know how to inflate, as they all desperately try to inflate with their versions of quantitative easing, which, functionally, is just another demand draining tax.

*DJ Merkel, Obama Discussed How To Boost EFSF Firepower Without ECB
*DJ Obama To Merkel: We Are Totally Invested In Your Success – Source
*DJ Geithner, Schaeuble May Meet To Discuss IMF Role In Euro Crisis -Source

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backsliding on Greece

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Merkel says aid for Greece not issue at EU summit

March. 21 (CNBC) —German Chancellor Angela Merkel says Greece does not need any financial help and that EU leaders should not make aid for the indebted country an issue at their summit in Brussels next week

Doesn’t get any clearer than that.

The moral hazard test is on.

If the eurozone uses uses its banks to buy each other’s debt behind the scenes or makes some other arrangements where financing ceases to be an issue, it may trigger a race to the bottom with regards to deficits and the euro, as the game will be ‘the national govt with the largest deficit wins.’ This is not a desired outcome.

But if they don’t move to ease financing imbalances, defaults will have the opposite, deflationary effects, and probably cause a freeze in the entire payments system.

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