GERMAN BANKS TO THE REST OF EUROPE: TAKE A HIKE

June 1, 2012 / Joseph P. Farrell /

Germany and German banks seem to be telling the rest of the European Union that they will not go along with a scheme that would basically make German deposits security the basis of bailing out the rest of Europe:

German banks reject EU deposit guarantee scheme

So...for those keeping score: (1) Greece is coming close to leaving the EU because it doesn't want to turn over its national treasures as collateral (and I have a blog about that folks); (2) Italy is taking similar quiet steps, and that meas Spain and Portugal will probably follow. In short, the so-called PIGS nations are saying no to Berlin and Frankfurt. Meanwhile, Germany is saying no to the first group, and to the Eurocrats in Brussels and their masters in the City of London.

Posted in Tidbits

Joseph P. Farrell

Joseph P. Farrell has a doctorate in patristics from the University of Oxford, and pursues research in physics, alternative history and science, and "strange stuff". His book The Giza DeathStar, for which the Giza Community is named, was published in the spring of 2002, and was his first venture into "alternative history and science".

8 Comments

LSM on June 3, 2012 at 2:09 pm

“Germany is saying no to the first group, and to the Eurocrats in Brussels and their masters in the City of London”

I’m still not convinced the “first group” is their own master nor am I yet convinced the masters are in the city of London- my own gut instincts tell me and the whole thing is a cover-story
- Robert Barricklow on June 3, 2012 at 3:15 pm
  
  Ditto.
Jay on June 2, 2012 at 5:41 am

Irony, given how much money German banks “made” on the Spanish real estate bubble.
- mike on June 3, 2012 at 5:12 am
  
  Spain’s real estate problem is in fact Germany’s… so for all I care.. Spanish banks shareholders can be wiped out, and the German bondholders (German Banks) can take over all the assets (loan books) and majority shareholding positions.
  
  The Spanish Goverment can guarantee all deposits under separate vehicles and impose a 100% reserve requirement to all bank credit transactions. A National Bank (vs. Central Bank) can do the rest.
  
  In the end…it all comes down to the same… all the junk assets/loan portfolio German Banks gather in Spain, will be consolidated at the German Banks balance sheet (including their deposit base), so German depositors will swallow all the trash they helped create in the first place.
Johnycomelately on June 1, 2012 at 8:31 pm

Problem is Germany will never get in bed with the Russians, too much water under the bridge.
- MattB on June 2, 2012 at 3:26 am
  
  They don’t have to get into bed with each other, just share the same bathroom 😉
  - legioXIV on June 3, 2012 at 3:39 pm
    
    A collective dump?
  - Robert Barricklow on June 3, 2012 at 3:58 pm
    
    It all comes down to timing.
    Which side of the bathroom door your on.