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HeadbombHopelessly lost

Mario Draghi (Head of the European Central Bank, ECB) speaks before the members of the German Bundestag. Even from the ranks of the conservatives he encounters resistance. The German parliamentarians, who agreed to the ESM/Fiscal Pact by a majority vote, now have problems with the ECB, which on 6th September 2012 agreed to the unlimited purchase of junk government bonds. This purchase violates the German Constitution, because in this way Germany must be held liable for the debts of other countries. This is unconstitutional and anti-democratic, because the ECB does not govern Europe. Unfortunately, the parliamentary leaders prevented a public debate, so that the struggle was fought behind closed doors – it must therefore be assumed that real criticism was once again undesired, so the Euro rescue course can be maintained, which the Federal Constitutional Court went along with by waving through the ESM/Fiscal Pact, although with certain limits. In this way the enormous debt levels which have been incurred so far during the Euro crisis are to be brought to a level which can be represented as comprehensible for the peoples of Europe. The great rescue of the Euro however is a betrayal.

The Alliance for Democracy will protest and proceed against this as long as it is based on credit-financed growth, and on further weakening of the purchasing power of the Euro, and also opens the door to speculators, who earn huge sums from the ailing Euro. All promises of being able to keep a stable Euro with strong purchasing power (G20 Summit), are downright lies, as was clearly evidenced in the discussion over Euro-bonds. The calls for such bonds, such as those made by Spain, Italy, USA, France, the IMF and the German Green Party and SPD, are merely a front for speculating on German bonds, and from whose misevaluation the world of high finance earns a fortune. But this would be associated with national bankruptcy for our country, such as that currently being experienced by Greece. The Germans would lose their pensions, social security payments and other benefits such as training allowances. All future governments of Germany would be bound to the sole task of staving off national bankruptcy. The German national debt would increase to immeasurable levels. In this way, prospects for growth would be zero; prospects for necessary national reforms and viable national budgets would be extinguished – violation and bending of the law would be the order of the day; the democratic rule of law and the Constitution would be at the mercy of a financial dictatorship.

Germany is bankrupt. This is no achievement of the current Federal Government alone, but the result of years of mismanagement, which was based on growth financed by credit, but which was driven to its utmost by Mrs. Merkel and Mr. Schäuble. No other Federal Government incurred more debt in such a short time, even if those for which they are responsible have so far been carefully expunged from the statistics.

Europe’s borders have been permeable since the Schengen Agreement; the European Union, as it was dreamt up by all Governments as an economic and financial union, exists – the Euro, as the single currency, did not need to be invented for this purpose. The Euro instead offered shelter for all the countries whose national budgets were out of the question even at the time of the introduction of the single currency. The Euro offered these countries the opportunity to borrow money more cheaply, thereby further supporting management of the economy on the basis of credit. This mismanagement, lies about actual national debt, circumventing the supreme law of the Euro countries, the Treaty of Maastricht, these were all steps which lead directly to the crisis, and which will prolong the crisis – until the crash.

All rescue packages, including the ESM/Fiscal Pact, whether limited or unlimited, simply help to ensure that this mismanagement continues. It is therefore incredible that democratic foundations, such as budgetary law, can be sold off at a loss, as if in a bazaar (Bundestag), simply by promises of the Government about grants for additional places at child day-care centres (Bundesrat). Commitments which the national coffers has long since been unable to meet, because Germany is in debt to the tune of € 15 trillion, and should long since have made its way to the insolvency courts. How can these additional places be funded, unless by borrowing more money? The madness and the aimlessness of the Federal Government, the Bundestag and the Bundesrat, over the supposed rescue of the Euro have assumed dimensions for which nobody can any longer bear responsibility. The illegal nature of the ESM/Fiscal Pact must be reviewed by the Constitutional Court, several parties and organisations have threatened to make corresponding complaints, and the Alliance for Democracy has already submitted such complaints.

The only escape from the chaos of the Euro is an exit and the reversal of political interests towards a stable currency that is real and not just feigned. And it is therefore of no help when Mr. Draghi makes his intentions clear, because they mean the total decline of the currency. Nor is it of any use when the German government duplicitly circumvents German laws, and ignores limitations, as imposed by the Constitutional Court, by decisions of the ECB, and introduces special funds which are in turn intended to stimulate growth. But that too is impossible. These moves only give the government a little more time, but they are nevertheless caught in the trap. This will provide neither growth, nor realistic national budgets.

In view of the above, it is frightening when the German ECB Board Member Jörg Asmussen confirms: “We have announced that we will do everything within our mandate in order to make the Euro irreversible”. The ECB would be allowed to buy and sell government bonds on secondary markets. “To this extent we are acting clearly within the bounds of our mandate.” The most important objective, Asmussen lies, remains to provide stable funds in the complete Euro zone – this could be regarded as applying to any purchasing power, as well as a pension which in essence is still ensured provided that some form of payment is made. We no longer wish to afford such hollow promises.

All this goes to show that the rescuers of the Euro apparently believe in the wrong path which they have taken. One thing however is certain: The Euro must first crash, before governments and their agents realise their mistakes – and adroitly exploit this in election struggles for the sake of their public image.

These are no good times. The Alliance for Democracy has there written another letter to the members of parliament , which calls on our representatives to critically review the statements of Mr. Draghi.