Financial crisis in Germany takes Weimar turn - Protests ahead
vikko brand | 02.02.2009 13:16
Unrest in Russia, France and Greece, a controversial strike spreading in Britain - AND THERE´S YET MORE TO COME:
As German unemployment figures soared dramatically to 3,7 Millions just within the past two weeks, as the German left quarrels over which demands to voice in a national day of protest ahead for Feb. 28th, the conservative daily Frankfurter Allgemeine Zeitung reports that allready this week the Merkel government is to turn a draft paper for nationalisation of banks into an emergency law.
The target being to save the German banking sector.
The Frankfurt Allgeemine comments that chancellor Merkel´s new law equals the Notverordnung of Kanzler Bruening, an emergency law by which Bruening, the last chancelleror before Hitler tried to save the collapsing Weimar Republic.
For the time being the law is directed against the collapsing Bavarian Landesbank.
But in detail this Ermächtigungsgesetz means the state can dispossess a bank within ONE DAY!
This means the German state can seize a bank´s all assets, funds and money, and freeze accounts WITHIN HOURS and transfer all deposits to state controll.
WITHOUT consulting the banks shareholders, without consulting experts, without hearing parliament!
As chancellor Merkel asks European leaders to meet withing the next two weeks to discuss emergency plans, governments in the United States and Britain are also debating how to best clean up the banks. US President Barack Obama is expected to roll out plans this week for cleaning up debt and recapitalizing banks and has also discussed the possibility of setting up a "bad bank."
As German unemployment figures soared dramatically to 3,7 Millions just within the past two weeks, as the German left quarrels over which demands to voice in a national day of protest ahead for Feb. 28th, the conservative daily Frankfurter Allgemeine Zeitung reports that allready this week the Merkel government is to turn a draft paper for nationalisation of banks into an emergency law.
The target being to save the German banking sector.
The Frankfurt Allgeemine comments that chancellor Merkel´s new law equals the Notverordnung of Kanzler Bruening, an emergency law by which Bruening, the last chancelleror before Hitler tried to save the collapsing Weimar Republic.
For the time being the law is directed against the collapsing Bavarian Landesbank.
But in detail this Ermächtigungsgesetz means the state can dispossess a bank within ONE DAY!
This means the German state can seize a bank´s all assets, funds and money, and freeze accounts WITHIN HOURS and transfer all deposits to state controll.
WITHOUT consulting the banks shareholders, without consulting experts, without hearing parliament!
As chancellor Merkel asks European leaders to meet withing the next two weeks to discuss emergency plans, governments in the United States and Britain are also debating how to best clean up the banks. US President Barack Obama is expected to roll out plans this week for cleaning up debt and recapitalizing banks and has also discussed the possibility of setting up a "bad bank."
vikko brand