Almost 70-years after the end of WWII does Germany hold the economic fate of the world in its hands?
In WWII Germany, led by a maniacal leader, sought world domination in every sense of the word. At great human cost that fate was thankfully averted.
Now, a generation later, Germany may hold the economic fate of the world in its hands through decisions that will soon be made and advanced by Chancellor Angela Merkel, the de facto head of the EU.
With the EU now poised on the proverbial economic cliff and with few viable options at its disposal to avoid a disaster that would likely take it down and the rest of the world economies down along with it, the looming question is will the Eurozone survive?
And in that same vein what is Germany prepared to do to insure that survival happens?
According to the so-called Puppet Master George Soros, Germany has about 3-months to approve of the steps he says are necessary to save the Eurozone!
And says Soros, if and when that takes place, the EU could become...gulp...the "German Empire."
“…We need to do whatever we can to convince Germany to show leadership and preserve the European Union as the fantastic object that it used to be,” he said during remarks at the Festival of Economics in Trento, Italy. “The future of Europe depends on it.”
As Europe’s largest creditor, Germany is in the “driver’s seat” when it comes to steering the continent out of its deepening crisis. Convincing the German public to shoulder an even greater role in managing the euro-zone crisis won’t be an easy sell, Mr. Soros said.
But German Chancellor Angela Merkel’s task would grow even more daunting if she can’t push through a new batch of remedies by the end of the summer.
The measures advocated by Mr. Soros include creating a European deposit insurance scheme for banks to stem capital flight; offering direct financing for banks by the euro-zone’s permanent rescue fund, the European Stability Mechanism; offering relief on financing costs for heavily indebted countries; and creating supervision and regulation throughout the euro-zone.
Mr. Soros said he understands European leaders plan to propose these measures. The key, he said, remains whether they push for more than the minimum measures needed to reach an accord.
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