As they say down here in Devon - what has Frau Mutty done wrong that it causes so much controversy here - Germany did not cause the financial crisis and it is not the earthly representative of The Saint Vincent De Paul Society.
Whilst it is true that Germany is very influential where Europe's money is concerned, the Chancellor's first duty is to the German nation as a whole - who would jump in to bail Germany out ?- who could if it got into trouble ? There would be a lot of warm words from across the Atlantic and no doubt sympathy expressed by the City, but their words would be worthless because The City has never forgotten who bought Morgan Grenfell and why.
When you think what has been achieved since the fall of the Iron Curtain in Eastern Germany and the benefits which have made such a difference in Ireland to its road system and water and sewage treatment among other things. Frau Merkel can't take all the credit, but she is wise to be careful with Germany's pension wealth because deficits in funds like B H S and others would be very bad for the re-election prospects of the Christian Democrats for a very long time.
Mrs Merkel does not run Europe, that duty falls to The Commission with people appointed by other country's as Commisioners like the UK, France and Holland. Most appointments are made under a system of political patronage or to get them out of the country like Neil Kinnock and Woy Jenkins or Leon Brittain and Peter Mandelson.
It is well past time that this system was changed, country's should appoint commissioners who actually have relevant knowledge and experience along with the ability to drive the development of the Common Market as it used to be known. What I'm talking about is meritocracy because it is long overdue.
Cream should always rise to the top - under the present system Europe has stagnated when with Interest Rates so low it should have been growing however slowly. Germany has continued to grow its business in spite of the strong Mark in the past, this has continued in spite of the financial crisis more recently - who doesn't drive one of their cars.
Do not see Merkel making the second biggest mistake ,letting best bank go to wall whatever share price might say But she knows Italy watching and that's the problem Do not think this is how Europe was supposed to work Bank of Ireland seems to be involved in every crisis hope we don't have another rights G L A
I currently have 2/3 of my portfolio tied up in bkir averaging 21cents. My intention originally was to hold for 5 years and see where we were. We are now 3.5 years down the line with little progress in the grand scheme of things, if anthing more uncertainty if that's actually possible!! Where do you veterans of financial world see this dog in 18 months?
wow, if Deutsche Bank slips re payments and is let slip which appears to be Merkels stance , Commerzbank will not be far behind it. Lehmanns collapse will be a side show compared to this as the Euro will go into free fall. Very interesting times folks
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