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EU or France/Germany?

  • 07-11-2011 1:08am
    #1
    Bergkamp 10
    Banned (with Prison Access) Posts: 189 ✭✭


    Why do France and Germany run the EU and boss the likes of Greece and us around the place. I thought there was some sort of equality in place, why is David Cameron so shy, and I want to hear what the Estonian PM has to say about stuff.


Comments

  • #2
    beeftotheheels
    Registered Users, Registered Users 2 Posts: 1,675 ✭✭✭beeftotheheels


    Bergkamp 10 wrote: »
    Why do France and Germany run the EU and boss the likes of Greece and us around the place. I thought there was some sort of equality in place, why is David Cameron so shy, and I want to hear what the Estonian PM has to say about stuff.

    Ehhm, how to explain this to someone who clearly has no knowledge of any relevant subject matter...

    First off, France and Germany are not in agreement at the moment, France wants Germany to take her foot off the throat of the ECB, Germany is unwilling to do so. France fears for her triple A, Germany does not.

    Secondly, the G20 (minus Germany) want Germany to take her foot off the throat of the ECB (best summarized in the tweet "People who can print euro amazed that the rest of the world will not lend them euro")

    Thirdly, as we've seen from MF Global and Jefferies this week, not to mention the rumors about MS, a Eurozone meltdown will hit the global economy yet per the G20 meeting referenced above everyone still thinks that they can play chicken with Germany.

    Finally, Germany's fear of Central Bank involvement is not the fear of a recession, that would be a common shared fear and the normal rules of chicken might apply. Germany's fear is WWII so the world is playing chicken with a jurisdiction which has a phobia when it comes to either inflation (Weimar anyone) or a Central bank back-stop (Volkswagen any one) because their experiences of both led to world war II.

    So it is going to take some time for Germany to realise that her fears need not necessarily come to pass, and her solution of one handed clapping (i.e. every eurozone economy running a balance of payments surplus) can not happen.

    But Germany is terrified because more than most of us Germany understands that economics and war are more related than we might think. They're just failing to grasp that their current policy has more in keeping with Versailles than the Marshall Plan.

    By the way, they're forcing on us measures we needed to take anyway, measures which are working at the moment, and might just work for us if they let the ECB off the leash. So don't compare us with Greece, for whom there is no visible solution any way that you look. That displays a level of ignorance that suggests you should be starting this thread in AH or CT.


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