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This post was edited by abramicus at 2015-7-18 15:20|
emanreus Post time: 2015-7-17 23:43
I feel sorry for the German people, I truly do.
Will they never awaken from their Dornröschen sl ...
There is one thing that Germany cannot do now that it was able to do before it surrendered its monetary authority to the ECB, and that is, to issue at will any amount of its own currency, in cash, in digital format, or as credit. That is a power that the ECB could exercise against Germany in the not too distant future, should it fail to obey the dictates of the ECB and IMF. The ECB has the power to withhold cash in euros to German banks, and Germany would have to impose capital controls and bank holidays just as Greece has done. Immediately, its people will feel compelled to accept any austerity measure from the ECB or IMF, on pain of having no euros in their pockets to buy their daily necessities with.
Today it is the Greeks, tomorrow the Italians, and the next day the Portuguese, but in the end, it will be the Germans.