BuBa - Steal your citizen's money before asking for bailout

reuters.com/article/2014/01/27/us-eurozone-crisis-bundesbank-idUSBREA0Q0HV20140127

What a bizzare statement, given that the crisis is over. :angry:

Not sure where you are coming from with that comment.

The debt levels are unsustainable, so it’s a question of who pays. Saying ‘stealing’ citizen’s money doesn’t get you very far…the government debt is the citizen’s debt. The problem, as I see it, is that the trick of using negative real interest rates (of 2 to 3% pa) is not working out because inflation is too low, so the debt must be dealth with directly. The warning signs have been building ever since what happened in Cyprus.

Added a smiley just for you.

Surely this was a likely scenario all along…did people really expect Germans to dip their hands into their own pockets to bail out what they view as profligate states…

Good for the property market here XD

Heil, Kaiser - we who are about to go bankrupt salute you!

danke schoen :smiley:

The state’s debt is legally the responsibility of the state. There is no legal requirement to steal from citizens. It would be treasonous if a dying state performed a widespread theft of the citizens as its last act.

And the private banking debts… belong to their banks and shareholders, finally the deposit holders… except that didn’t happen either.

irishtimes.com/business/econ … -1.1669969

The key difference is that the bank guarantee (spit) was done to keep the state alive, under the premise of benefiting the common good. If the state declares bankruptcy then it makes no sense whatsoever to steal from the citizens.