Germany: Eurozone debtor nations should plunder its banks to pay debt

First Greece, then Cyprus. Who is next? Credit:
First Greece, then Cyprus. Who is next? Credit:

It’s difficult to see how the Eurozone can continue to exist when its most powerful nation, Germany, thinks Eurozone debtor nations should simply loot uninsured depositor bank accounts to keep loan payments coming to the banksters. But why should those with no responsibility for the debt have their money stolen from them to pay for it?

However the real problem here is not so much nations as it is class. The 1% and the banksters insist that bonds they bought and loans they made be repaid, even if doing so destroys countries, even if their greed and recklessness in buying and selling this junk directly contributed to the problem.

From Zero Hedge, quoting Spiegel

“It would be more sensible — and fairer — for the crisis-ridden countries to exercise their own power to reduce their debts, namely by reaching for the assets of their citizens more than they have so far. As the most recent ECB study shows, there is certainly enough money available to do this.” And that is the crux of the wealth-disparity demand of the European Disunion.

Such an argument completely ignores social and political ramifications. The recent plunder of Cyprus has left their economy in shambles. Sooner or later there will be blowback and political rage. Cyprus is small and geographically isolated. If Germany tries this against, say, Portugal, Spain, or Ireland (all of which are in various degrees of trouble) the resultant explosions could shake Europe.

And maybe Germany sees the breakup of the euro coming and wants to “Bring Back the (Greater) Deutsch Mark.”