Comments on: Germany Shows Leadership (?)

By: RealTime Economic Issues Watch

RealTime Economic Issues Watch — Tue, 24 Feb 2009 17:02:05 +0000

[...] Minister of Finance Peer Steinbrueck this week suggested that financial support within Western Europe is on the cards for the first—presumably, his mind [...]

By: The Choice: Save Europe Now Or Later? « The Baseline Scenario

The Choice: Save Europe Now Or Later? « The Baseline Scenario — Sun, 22 Feb 2009 20:55:17 +0000

[...] German Minister of Finance this week suggested that financial support within Western Europe is on the cards for the first – presumably, his mind [...]

By: furiouscalves

furiouscalves — Wed, 18 Feb 2009 20:27:48 +0000

hi! german irish american here.
so when do economists and TPTB start to talk seriously of voiding all cds contracts. Force Majeure or whatever. its game over time.

By: Nemo

Nemo — Wed, 18 Feb 2009 17:05:53 +0000

Just having a little fun with stereotypes, Joe. (My own ancestry includes some Irish. Although I would make the same sort of joke regardless because I have a sense of humor, thanks.)

By: May

May — Wed, 18 Feb 2009 16:20:15 +0000

You might find what Michael Hudson has to say about Europe and EE, not to mention the US of interest…

http://www.counterpunch.org/hudson02172009.html
Finance Capitalism Hits a Wall
The Oligarchs’ Escape Plan

By: Econo Metric

Econo Metric — Wed, 18 Feb 2009 13:21:15 +0000

You say that “over the past two years, this same CDS market has given us an accurate read on the dangers ahead.” Is that really the case? Or has the CDS market simply allowed speculative bets to become self-fulfilling prophecies?

By: Swedish Lex

Swedish Lex — Wed, 18 Feb 2009 12:41:30 +0000

A European perspective:
The German coalition Government has been behind the curve for the past year. Steinbrueck’s sudden change of religion suggests to me that AG Deutschland is finally beginning to understand that the EU/EMU will survive or fail together.

In my view, there is no coincident that his comments come right after G7. G7 was by most commentators viewed as a failure (the communiqué is taste- and toothless). I would not be surprised if the most important outcomes of the G7 were kept out of the press release. In any event, Steinbrueck’s comments will mean that the EU bureaucracy can proceed with creating blue-prints, legal and economic, for a common EU fiscal resource.

By: Joe

Joe — Wed, 18 Feb 2009 05:36:49 +0000

A little racist aren’t we Nemo?

By: US economy in worst condition since World War 2 - Us Finance News

US economy in worst condition since World War 2 - Us Finance News — Wed, 18 Feb 2009 01:01:31 +0000

[...] Germany Shows Leadership (?) « The Baseline Scenario [...]

By: polit2k

polit2k — Wed, 18 Feb 2009 00:01:59 +0000

WestLB, the German lender, is embroiled in a dispute with Anglo Irish Bank over alleged misrepresentation in the sale of $55m (£38.3m) worth of credit derivatives, in one of the first claims of its kind to come before the UK courts.

http://www.ft.com/cms/s/0/c0f4a5a0-fa11-11dd-9daa-000077b07658.html

By: Germany Shows Leadership (?) - Smart Taxes Network

Germany Shows Leadership (?) - Smart Taxes Network — Tue, 17 Feb 2009 22:41:38 +0000

[...] Link to article [...]

By: bmeisen

bmeisen — Tue, 17 Feb 2009 22:14:24 +0000

The German Treasury is apparently not in the hands of the financial oligarchy. My favorite Steinbrueck sentiment: bank managers still lack a sense of social responsibility. His ministry’s “bailout”, now at least 2 months old, is an offer. Banks that accept the offer and receive taxpayer support, e.g. Commerzbank, must agree to limits on management compensation and other interventions. The government’s attempt to stimulate new-car sales – people who trade-in an old car and buy a new one get about 2500 Euros – is working. Citroen and Puegeot have been the big winners so far. There’s no “Buy German” clause in the legislation. ECB monetary policy will probably benefit Germany and France before it benefits Ireland and Iceland – worries that the Germans secretly want the DM back are hairbrained – but maybe there’s a good reason for that.

By: Peter

Peter — Tue, 17 Feb 2009 21:21:41 +0000

At a guess it sounds like Peer Steinbrueck wants a breathing space but expects bailout reality to be the opposite,

By: Peter Principle

Peter Principle — Tue, 17 Feb 2009 20:10:12 +0000

When German officials talk this way, I’m never sure whether they’re trying to head off a EMS/euro crisis or start one — in hopes of shaking out the riff raff (Ireland, Greece, etc.)

Maybe it’s because I always have the suspicion that most of them secretly still want the old DM back.

In other words, is this 1992 all over again?

By: Manshu

Manshu — Tue, 17 Feb 2009 19:28:08 +0000

What interests me is why the Mr. Steinbruch made such a statement in the first place. Is he worried that Ireland will trigger a great European fall?