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Posted on May 21, 2010
Flickr / Council of Europe

Public support for German Chancellor Angela Merkel and her coalition has plummeted amid the European financial crisis.

The German Parliament has approved a series of measures allowing the country to provide up to $184 billion in loan guarantees in a package aimed at stabilizing the euro and helping support those European nations that are mired in debt.

Germany has been the historical barrier to European bailout fever, waging a political battle that has split the country as its neighbors and currency teeter on the brink of financial ruin. —JCL

The New York Times:

Germany’s two houses of Parliament approved a package of measures on Friday allowing the country to contribute to a nearly $1 trillion bailout package aimed at stabilizing the euro and propping up European nations that are swimming in debt.

By approving legislation that provides for loan guarantees of up to $184 billion, Germany offered a sign to jittery investors that Europe’s largest economy was committed to trying to solve the Continent’s debt crisis. Indeed, financial markets seemed to stabilize after the vote.

But divisions in the lower house of Parliament and days of acrimonious debate before the vote highlighted the unpopularity of the bailout among Germans. Germany has proposed financial sanctions against European nations that fail to put their budgets in order, a move that gained some support on Friday at a meeting of European Union finance officials. The lower house of the German Parliament, the Bundestag, approved the European bailout measure by a vote of 319 to 73, but 195 lawmakers abstained, signaling their displeasure with how Chancellor Angela Merkel has handled a crisis that has tested the credibility of the euro. Even though Mrs. Merkel’s coalition of conservatives and Free Democrats hold a majority in the Bundestag, she could not muster all the 332 votes from her own bloc, and the bill passed with a narrow majority.

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By GoyToy, May 22, 2010 at 5:34 am Link to this comment

Sorry for my post on the wrong article on this site….

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By GoyToy, May 22, 2010 at 5:32 am Link to this comment

Try the following for “freedom of speech,” which is taken from an article posted this weekend on Counterpunch.org:

[U.S] Ambassador Anne W. Patterson asked a large newspaper group to block a weekly column by a prominent academic and critic of U.S. policies. For a decade, Dr. Shireen Mazari had often used her column in The News International (one of Pakistan’s largest English-language dailies) to criticize U.S. policies. Her Pakistani readers were shocked by the act of censorship thanks to the U.S. ambassador’s “private’’ letter to the publication’s management. (Pakistan Daily, Sept 3, 2009)

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By Eugenio Costa, May 22, 2010 at 3:54 am Link to this comment

Erhard’s Intervention Capitalism has reached its inevitable dead end—not only economically, but more importantly, politically and socially and culturally.

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By Eugenio Costa, May 22, 2010 at 3:49 am Link to this comment

Merkel and her defense minister, both American and NATO puppets, have rejuvenated the East German Left almost single-handedly.

The growing nostalgia for the Communists by Germans who have lived under both Communists and Captialists is not romantic.

It is based on hard economic facts—that,just for example, the West German Capitalists utterly destroyed in the blink of an eye and by fiat East German industrial and agriculatural production for local markets.

To call the Defense Minister a NAZI is inaccurate—he is worse than a NAZI. He is part of the elite aristocrtic and industrial clique that financed and encouraged the NAZI’s to fend off the German Communists and Socialists.

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By Eugenio Costa, May 22, 2010 at 3:41 am Link to this comment

Finance Capitalism is meta-economic structure imposed over and above the real economy.

The Chinese Communists understand its inner and outer workings intimately and have manipulated it to their global advantage brilliantly.

Mina, mina, shekel,half shekel—the handwriting is on the wall.

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By Mike3, May 22, 2010 at 2:21 am Link to this comment

A very, very good post diamond, you put it better than I did. I would just like to add one thing regarding our dear friend George Soros, my point was that he has a political agenda, make a killing sure, he wants that, but his real reason is political, he has always hated the euro. He is a speculator but in with some very nice political thugs.

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By mrcontinental, May 22, 2010 at 12:48 am Link to this comment
(Unregistered commenter)

I totally agree with the above post. It’s nice to see not everyone is missing the big
picture and the true agenda being carried out. This is just the european version of
TARP which is a handout to the banksters.

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By diamond, May 21, 2010 at 4:31 pm Link to this comment

What Merkel is trying to do is what the entire global economy will have to do. What Soros and others are doing is buying put options on whether or not the Euro will go down in value. Only a masochist would stand there and take the punches and do nothing. The hedge funds have to be banned or the whole sorry mess will unfold again like a basket of dirty laundry spilling on to the floor. Glass Steagall was put in place for a good reason not just because some old men thought it was a good idea at the time. Speculating on debt is what caused the Great Depression and the hedge funds are just Ponzi schemes which should not exist and cannot contribute anything to a stable and equitable economy. As for Soros: there are things so ghastly language can’t describe them and he is one of them.

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By Eugenio Costa, May 21, 2010 at 3:48 pm Link to this comment

The basket case is debt credit Finance Captialism,led by the US and with Merkel cheering in the peanut gallery.

The Greeks are too smart to fall for working thirty years as debt-credit slaves to pay for the incompetence of the financial elite, US and European.

The revolution has begun.

Coming soon to a theater near you.

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By Mike3, May 21, 2010 at 11:13 am Link to this comment

It’s interesting that Soros, who was of course not personally responsible for the mess the Greeks have got themselves into but has used the crisis to attack the euro, does not: and please excuse my language: “shit in his own backyard”. And what pray is this particular individual’s “backyard”? Well; he lives in America! But he only attacks the pound sterling and the euro. He could for example attack California which is in as big a mess as Greece. This means that the attack on the euro had a political agenda to weaken it and take the pressure off the dollar and the pound which are “weak” currencies in comparison to the euro. The euro is a healthily currency, but Greece (its Achilles heel) should never have been allowed into the EU is a basket case, and was a basket case when it applied for membership. But our good old friends at Goldman Sachs rigged the books so that when they applied for membership everything looked good. Leaving to one side what Obama is currently attempting to do, i.e. control the speculators, what we now have is open warfare between the euro and the Anglo-American dollar pound empire. If you are not at least a little bit of a conspiracy theorist by now, you must be a complete moron. And here I go again; my apologies, the American press that supported Soros’s attack on the euro, must be one sticking heap of horse shit. Hats off to Germany; for defending decency, democracy, and hard honest work.

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