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2012-04-20

Who is running Germany? A remakable article by a remarkable journalist

Who is running Germany?

Is the Federal Chancellor in charge of the country’s foreign policy and strategic destiny, answering to the Bundestag?
 

Or is the Bundesbank answering to what it believes to be a higher master – the German constitution and the Basic Law – invoking the rulings of the Verfassungsgericht against the encroachments of EU treaty law ?
 

Who here is the legitimate defender of the German sovereign nation, built on the Grundgesetz?
 

Jens Weidmann, the current Buba chief, gave an ultra-hawkish interview to Reuters on Wednesday that borders on caricature. He seems to suggest that the fast-escalating crisis in Spain and Italy is not his responsibility in any way, that it has nothing to do with the Bundesbank or the European Central Bank.
 

It is a remarkable spectacle. You can certainly argue that Mr Weidmann is acting as the final defender of the German nation state, that he is in effect upholding the post-war dispensation that has been the anchor of German freedom and democracy for half a century. 

He is entirely right to fear that the mechanisms of EMU are subverting Germany’s system of government.
Yet, it is also clear that his attitude threatens to detonate a nuclear bomb.
Can Chancellor Merkel let the Bundesbank do this to monetary union?
 

Or is she the one overstepping constitutional bounds, betraying Germany democracy?
 

I suspect that the realities of the eurozone have reached a point where only two options exist:
 

1) The folding together of the eurozone states, with a debt pool, shared budgets, joint taxation, and fiscal union.
In other words, the nation states must abolish themselves (leaving only the shell), and Germany must cease to exist in any meaningful form. This was always the inherent logic of EMU. We are coming close to the moment when it must be decided.
 

2) The system blows apart. From a German point of view, Target2 means if the deed were done "twere better it were done quickly". Perhaps very quickly.
 

All else is Quatsch and wishful thinking.
 

Full text of a remakable article by a remarkable journalist.
"George Soros and the Bundesbank’s Patriotic Putsch", by  Ambrose Evans-Pritchard,
 

Daily Telegraph, April 19th, 2012

Tyskland



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