President Donald Trump and his advisors have taken on the EU and the Euro. Specifically, Peter Navarro, the head of Mr Trump’s National Trade Council, said euro was like an “implicit Deutsche Mark” and “grossly undervalued”.
German chancellor Angela Merkel responded Germany “will not influence the behaviour of the ECB”.
Let’s take a look at the claims and counter-claims to sort out the obvious lies.
Please consider Trump’s Top Trade Adviser Accuses Germany of Currency Exploitation.
Germany is using a “grossly undervalued” euro to “exploit” the US and its EU partners, Donald Trump’s top trade adviser has said in comments likely to trigger alarm in Europe’s largest economy.
At a meeting with pharmaceutical bosses on Tuesday, Mr Trump accused Japan and China of using monetary policy to pursue “devaluation” in the past to gain a trading advantage over the US.
“They play the money market, they play the devaluation market, while we sit here like a bunch of dummies,” Mr Trump said.
“A big obstacle to viewing TTIP as a bilateral deal is Germany, which continues to exploit other countries in the EU as well as the US with an ‘implicit Deutsche Mark’ that is grossly undervalued,” Mr Navarro said. “The German structural imbalance in trade with the rest of the EU and the US underscores the economic heterogeneity [diversity] within the EU — ergo, this is a multilateral deal in bilateral dress.”
Besides publicly supporting the British government in its negotiations with the EU over the terms of its exit, Mr Trump called the EU a vehicle for Germany, and Nato an obsolete alliance.
Mr Navarro, however, said he was not concerned about the possibility of a stronger dollar and its impact on US exports.
Merkel Rejects Navarro’s Claims
The BBC reports Merkel Rejects Trump Advisor Euro Claim.
Peter Navarro, the head of Mr Trump’s National Trade Council, told the Financial Times that the euro is a German currency in disguise.
But Mrs Merkel said Germany “has always called for the European Central Bank to pursue an independent policy”.
In response to Mr Navarro’s comments, Mrs Merkel said: “Germany is a country that has always called for the European Central Bank to pursue an independent policy, just as the Bundesbank did that before the euro existed.”
“Because of that we will not influence the behaviour of the ECB. And as a result, I cannot and do not want to change the situation as it is,” she added.
Merkel the Liar
Clearly Merkel is a liar. Her own finance Minister has on many occasions attempted to influence ECB policy.
For example, in September of 2016 Schaueble stated “Even before the European Central Bank decided its policies of unusual monetary policy, which also led to the euro exchange rate falling significantly, I said that we will increase German export surplus.”
Not only did Schaueble blame the ECB, he also blasted its “unusual policy”.
For details, please see Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct.
In the above case, Schaueble is actually concerned the Euro is falling. Nonetheless, it is a lie to claim that “Germany is a country that has always called for the European Central Bank to pursue an independent policy” when her own finance minister consistently tries to influence the ECB.
Germany Trade Surplus with US
On one hand, Navarro accuses Germany of weakening its currency to boos exports. On the other hand Navarro is not concerned about the effect a strong dollar will have on US exports. You cannot have this both ways.
Moreover, I would like to see Navarro’s explanation as to why Germany had a trade surplus with the US even when it took 1.5 dollars to buy a euro.
In 2011, the Dollar traded in a range of 1.26 to 1.49 per Euro, with results as shown above. One can pick any year or any currency level and discover that Germany has a trade surplus with the US, regardless of currency level.
The Euro was announced in 1995 and launched in 1999. In that entire timeframe, there is not a single month in which Germany did not have a trade surplus with the US, regardless of the level of the euro!
Going back all the way to 1985, there was only one month in which Germany did not have a trade surplus with the US. Congratulations are in order for April of 1991.
Clearly there is something more in play than the strength or weakness of currency pairs.
Pot Calls Kettle Black
Navarro blames China, the ECB, Japan, and everyone else for “currency manipulation”.
He forgot to look in the mirror. Manipulation of interest rates and central bank asset purchases also influence currencies.
The US is at least a big a manipulator as any of the countries Navarro accuses.
EU a Vehicle for Germany?
Trump called the EU a “vehicle for Germany”. That is an accurate statement. How can one deny it?
Peripheral Europe disintegrated under the Euro for benefit of Germany. Until recently, the ECB’s policy had been best described as “one size fits Germany”. And Germany still wants to dictate ECB policy.
To an extent, this is not Germany’s fault. The Euro was poorly designed and poorly implemented. Germany insisted all along it would not go into a transfer union.
Germany will pay a price, and a huge price, when this explodes sometime down the road.
Undervalued Yuan? Yen?
Trump and his team believe the Yen, the Euro, and the Yuan are all undervalued.
The irony in regards to yuan is that it might crash if China dared float the the currency. China is in fact desperately attempting to prop up the yuan to stop capital flight.
Is the Yen undervalued? Arguably it’s not given the inane policy of Japan over the years and the more recent policy of Abenomics.
Undervalued Euro?
Bloomberg reports Euro Is G-10’s Most Undervalued Currency by OECD Measure.
Really? What happens to Eurozone banks and the euro if the eurozone breaks up?
The euro might crash. That’s what. It all depends on how the eurozone breaks up and how governments respond.
If Italy decides to leave, and then pay back its target2 imbalance in lira, the entire European banking structure blows sky high. This is not an unlikely event.
And Trump is pushing the likelihood along nicely.
Origin of the Crisis
This all dates back to 1971 when Nixon closed the gold window, unleashing a torrent of speculative credit, while creating precisely the trade environment we are in today.
Governments could and did inflate at will, for the sole benefit of the banks, the politically connected, and the already wealthy.
Proponents of the “secular stagnation” thesis that blames a global saving glut are amazingly off base as to the cause of the stagnation and imbalances.
Conclusion
Part of the strength of the Dollar and weakness of the Euro reflects concerns mentioned above.
There is so much manipulation and interference by central banks everywhere, it is difficult to say precisely how this will all shake out.
However, I still expect a major currency crisis, and if so, gold stands to be the beneficiary.
Meanwhile, Trump’s trade policies are on the verge of starting a global trade war, exacerbating the currency problems he rails against.
Related Articles
- January 12, 2017: Secular Stagnation Theory: Challenge to DeLong, Summers, Bernanke, Krugman, Keen, Pettis, Edwards
- January 10, 2017: Steen Jakobsen on “The Nixon Doctrine”, Trump, Equities, Gold
- July 8, 2011: Hugo Salinas Price and Michael Pettis on the Trade Imbalance Dilemma; Gold’s Honest Discipline Revisited
- October 19, 2014: Challenge to Keynesians “Prove Rising Prices Provide an Overall Economic Benefit”
- September 9, 2016: Germany’s Finance Minister Blames ECB For German Trade Surplus; Why the Eurozone Will Destruct.
My challenges in links 1 and 4 have gone unanswered. DeLong, Summers, Bernanke, and Krugman won’t answer because they have no answer.
Mike “Mish” Shedlock
Hi Mish,
In this sentence,”If Italy decides to leave, and then pay back its target2 imbalance in drachmas, the entire European banking structure blows sky high. This is not an unlikely event.”
was that supposed to be Greece/Drachma or Italy/Lira or Italy/Drachma (even better.)
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Italy paying their target2 imbalance using the former Greek currency (the Drachma)… Now that would be cool!
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I doubt going back to the lira would make Italy great again. If that was the case the Balkan countries with their inflation prone currencies, would be industrial champions rather than the rear end of Europe. Could list a few metaphors why it is so.
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If Italy decides to leave, and then pay back its target2 imbalance in drachmas, the entire European banking structure blows sky high. This is not an unlikely event.
I think they would pay back in Lira. Greece should leave too, and I would expect them to use drachmas.
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Yes, I meant to say Lira
Thanks
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However much I would like to be wrong, given media control in Germany, this dispute will drive votes for that woman.
The euro is, of course, undervalued for two reasons: it is a currency of the basket of countries, and it is being purposefully undervalued by ECB. If Italian 10y bond yields less than equivalent US, you know something is wrong.
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“…this dispute will drive votes for that woman (Merkel).”
True, but the more she resists Trump/US, the more the EU deteriorates.
Merkel is in a lose-lose position… if she plays nice w/ Trump, she validates her own opposition in DE/EU. If she resists Trump/US, the EU market/banks continue to suffer (and ultimately fail).
Merkel/DE is smart enough to see/recognize their lose-lose position, so expect Merkel/DE to change their tactics & policies sooner rather than later, after which Merkel will step down in an attempt to defuse populist opposition.
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IOW, Merkel’s only viable play here is to nominally resist Trump/USA while actually moving towards Trump/USA per real actions/tactics.
Merkel has put herself/DE in a terrible position. They must now talk up their book, while actually running full gallop in the opposite direction.
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Yes…and the passengers aboard the TITANIC wanted to believe the captain as he told them all there was NOTHING to worry about. Sometime later, the announcement came that WOMEN AND CHILDREN would board the life boats. Nowadays, it will be EVERY MAN FOR HIMSELF.
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“My challenges in links 1 and 4 have gone unanswered. DeLong, Summers, Bernanke, and Krugman won’t answer because they have no answer.”
I thought you would have figured out by now that these sorts of people do NOT “answer” to chumps like YOU and ME. They ONLY answer to those stuffing their pockets full.
Comprende ?
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Of course I do
Am I supposed to stop taunting those clowns?
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Not at all. Just add Rogoff to the list.
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“Trump and his team believe the Yen, the Euro, and the Yuan are all undervalued.”
Perhaps they are saying this as an excuse, and in preparation, for a massive devaluation of the dollar – not so much for exports as to reduce the (real) burden of debt – both public and private. The entire world may have to go through some kind of currency reset.
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The last currency reset happened during Nixon. I am not surprised if the Trump team dreams up some new currency regime (to the benefit of the U.S. of course.)
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“Going back all the way to 1985, there was only one month in which Germany did not have a trade surplus with the US…Clearly there is something more in play than the strength or weakness of currency pairs.” Mish
You hit the nail on the head. Currency pairings are a red herring in this instance. Other underlying issues are being studiously shunted under the carpet and hidden from view. The truth is unpalatable. Hence, a currency war, in words for now, as a truth avoidance mechanism.
Currency pairings in this instance are the equivalent of fake news or propaganda. Perhaps trade rules and regulations or something else entirely is involved. I really do not know.
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How much is down to US corps being more willing to offshore operations than German corps are?
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It’s a good question. I read where German car manufacturer BMW was planning a big factory in Mexico, until threatened by Trump with a huge tariff, at which point they canceled. Volkswagen opened a Tennessee factory with a few thousand USA jobs in 2011. So, my guess is that German managers are like management everywhere, equally opportunistic or nationalistic. Must be other factors involved.
If every country adopted Trump’s stance of not exporting jobs, then basically the status quo would be frozen at this point in time. But the Japanese and Chinese are falling over each other in announcing plans that would create jobs in the USA and citing Trump. Of course, every time in the past this has happened there has been a USA backlash about the Japanese and Chinese buying up and owning too much of the USA. And most blog comments roast the Chinese as being incapable of quality control, while using computer equipment and phones mostly manufactured in China with excellent quality control to write their anti-Chinese sentiments. I might also mention that from the late 1800s through World War II, the USA and states like California actively had policies deporting Chinese people. USA never welcomed everyone, contrary to the media false history drumbeat.
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There’s no magic to it. The reasons for German trade surpluses with most of the West, is so simple a child ought too immediately see it.
Germans have largely produced stuff stuff foreigners are willing to pay for, in exchange for the salaries that enable them to consume.
While in the US, purchasing power has for the past 4 decades been created out of thin air by the Fed and handed to clowns who “own assets.” The Orange Haired One himself is as good an example as any. Produced nothing of particular value, consumes like the billionaire he is, off of being handed Fed loot by way of happening to own some towers next to the Bankster Center of the Universe.
How could the US not have a trade deficit with Germany? The Germans literally have had to sell something in order to obtain the funds to buy something. While Americans are either too destitute and debased to afford anything at all, or sit around in “money centers” while creating, literally, No.Value.At.All. As in, nothing for anyone to buy, since nothing is created. But despite this, these clowns are able to consume like drunken sailors. BMWs, Benzes and other honestly excessively priced goods, many of which are made in Germany.
If you look at recent German history, they have been largely spared the curse of “financial centers.” And asset bubbles, “home price appreciation” on anything resembling the scale of the Bankstertopias. Hence, there simply hasn’t been possible for Germans to sit around and produce nothing while still consuming. Hence, no real mechanism in place to import more than they export.
This is changing now, on account of ECB idiocy enriching German bankster classes to the point where they too are getting enough sway to promote childish nonsense like “ownership societies” and “pjotecting their poppeti vaijues,” instead of doing something useful themselves in exchange for being able to consume the output of others. But they still have a long way to go before degenerating to nearly the level of the US and Britain.
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What changes are proposed?
The Euro won’t suddenly strengthen much.
US consumers going on strike against German products is the only action to have an impact but the Euro might fall further thereafter.
US tariffs against EU products? Euro could fall by an equivalent amount so negating the impact unless the tariffs are very large.
I don’t see what the huffing and puffing will change? More on shoring to the US?
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The Euro floats freely against the US Dollar – blame the market for it LOL
BUT e.g. why would you drive a Cadillac if you can afford a BMW or Mercedes?
My dentist buys expensive German drills which run at much higher speed and last twice as long as US made products.
Bottomline – German workers are MUCH better than the one can find in the US – better educated, unionized LOL, enjoying 6 week paid vacation every year :), and willing to work with management which does not screw them on their pay (exclude VW management which was ‘americanized’ and it showed)
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you can go on believing that German workers are much better than US workers, and we’ll just see how that plays out for you.
we will be working while you are doing your 6 weeks paid vacation.
Keep that in mind.
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Well, now,,,if Germany is so productive and efficient, maybe it could provide for its own defense and we can bring all the American troops stationed there home, and shut down the bases?
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Germany is of course renowned for precision engineered goods, which is why EU Russia sanctions eliminated that export market to punish Russia. German precision engineered goods like dental drills are likely sold worldwide in relatively small numbers per country per year. Hence, no economic advantage to manufacture outside Germany, and spending decades training workers in something so specialized. Perhaps this helps account for German trade surpluses?
In other words, micro-economic factors, rather than macro-economic factors like currency ratios may be the explanation.
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“German workers are MUCH better than the one can find in the US – better educated, unionized LOL, enjoying 6 week paid vacation every year :), and willing to work with management which does not screw them on their pay (exclude VW management which was ‘americanized’ and it showed)”
Ok. But look at who creates the demand by being willing to become debt serfs (aided by the Fed and politicians) – Americans. So without the Americans, it matters little how much better they are.
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“German workers are MUCH better than the one can find in the US – better educated, unionized LOL, enjoying 6 week paid vacation every year :), and willing to work with management which does not screw them on their pay…”
What is their tax rate? How much do they get to keep, of what they earn?
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Yields on Italian 10 yr bonds spiked to 2.32% on Monday. In August 2016 they were in the 1.04% area. A big credit crisis has begun.
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Anything more on the coop in the State Department?
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Hmmmm. ..is this related.?
https://en.m.wikipedia.org/wiki/Chicken_tax
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Hummm, where does this fit into the equation?
http://www.zerohedge.com/news/2017-01-31/other-ban-was-quietly-announced-last-week
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What would German trade surpluses have been if there never was a euro and they were still using the dmark?
Trump has no control over his future nemesis – a rising dollar.
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Currency manipulation is the result of global over production,war is the ultimate competition.
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Germany..runs all kinds of Surpluses with many countries….because they still make A LOT of Stuff and a good portion is expensive…lolol
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When I win the Powerball Lottery Jackpot I will NOT buy One single piece of German crap. Ooops. They have good stuff…( BMW, Benzes, Porsches Klingspor,,,,Etc. But Get MRS MerKEL outta there and maybe I’ll reconsider. She is like Obozo…a blight on the future of….well at least USA and certainly EU…which is dead…..may it RIP.
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All europeans and americans should BOYCOTT all german made products until Merkel is shown the door by german voters.
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With her open-borders insanity where she demanded that all countries in EU must keep their borders open and with her promises to accept refugees with NO LIMIT in Germany and with her threats to make other countries in EU accept them being spread around Europe by either not closing borders or then by EU and Juncker burden-sharing them temporarily 160,000 at first during 2015 plan and insane permanent burden sharing hell machine EU-commission made plan in May 2016 that would attract 20-30 million new “refugees” to Europe if it would be accepted because it makes burden sharing mandatory and the automation starts after a country gets 150% of their refugee number decided by the EU-commission after which everyone coming is spread around.
Italy and Greece would reach 150% in a few months after which EVERYONE coming to them would be given a ride to welfare paying europe by EU and this would attract 20-30 million in a year.
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There should be NO apartments, NO free welfare money, NO permanent residences, NO family re-unifications.
Asylum seekers should be in DETENTION while their application is processed (like EU law allows until 18 months and like Donald Tusk has demanded) to stop the asylum seeker rape-epidemic gripping Europe with the situation being especially horrendous in Germany, Sweden, Austria and Finland.
Asylum seekers are GANG-raping young local girls and politicians just smile for the compliant press that does not ask them hard questions about their responsibility and their many failed POLITICAL DECISIONS.
The european media is spineless and the political elites in Europe are treated by european journalists like Pravda and Soviet Union journalists treated communist party leaders when Russia was still Soviet Union.
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There should be NO apartments, NO free welfare money, NO permanent residences, NO family re-unifications after asylum seekers are accepted as refugees and given residence permits.
The residence permits should be 1-year at a time and once situation back home is more peaceful then people should return home.
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The promise of permanent residence with 100% acceptance rates that Sweden and Germany made to syrians is totally irresponsible and insane politics.
The permanent residences given easily to other groups like iraqis, afganistanis and somalis and the rewarding of army deserting eritreans should be stopped.
There should be NO permanent residence. There should be only temporary residence permit 1-year at a time.
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The giving of FREE APARTMENTS once getting asylum application accepted should be stopped and the accepted asylum seekers should be housed in accommodation with 4-6 guys a room and family living in 1 room instead of the current model where single refugee men are given 2-bedroom apartments for FREE and families are given 4-5 bedroom apartments for FREE.
The latest gang-rapes in Sweden by refugees were committed in FREE apartments given by Swedens government and paid by local tax payers.
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Swedish government is giving and paying for apartments so refugees can gang-rape swedish women in them. Sweden is beyond hope and should be avoided by all tourists.
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The biggest draw to come to Europe is the free apartments given by incompetent politicians and this needs to be stopped.
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There should be NO welfare money, currently after acceptance of their asylum application refugees (which just told a story without any evidence but because the story ticked all the boxes in the EASO (European Asylum Support Office) modules (originally from Sweden) the incompetent bureaucrat gave asylum despite the stories being shared in facebook groups so asylum seekers know which kind of lies to tell to get asylum) get the free apartment and 500-1000 euros a month money to get drunk and buy food and party.
There should be NO money for just getting drunk.
There should be 0 euros and food should be given just in ingredients so every week get weekly rations delivered to them and cook food themselves and NO money for alcohol and NO money for drugs and NO money for partying like is currently given 500-1000 euros a month.
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There should be something to do for the accepted asylum seekers so there should be MANDATORY local language classes Mon-Fri starting at 8.00 AM and ending at mid-day and the afternoon should be spent doing something to help the host country like picking up trash from the side of the road or manufacturing something like crafts or cutting grass etc.
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Angela Merkel is responsible for every rape, gang-rape, murder, sexual assault and robbery committed by the millions of welfareseekers (they are NOT seeking safety or asylum because they were already SAFE in Turkey when it comes to Syrians and they were already SAFE in their home countries peaceful areas when it comes to iraqis, afganistanis and somalians and they were already SAFE in Eitrea if they had not decided to desert eritrean army after hearing that Europe gives free apartment, free welfare money and permanent residence for every Eritrean army deserting eritrean if they just reach western europe.)
that streamed to Europe in 2015 after Merkel repeatedly said there is NO LIMIT to how many Germany takes and Greeks leftist-communist government led by Tsipras stopped detention and border patrol and started pushing EVERYONE coming from Turkey towards welfare paying Europe that starts from Austria and Germany northwards and westwards.
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Greece is as quilty as Germany and Sweden are for LURING people to come and thereby they are RESPONSIBLE for every drowning because they LURED people to come.
Sweden and Germany were luring syrians to drown by promising 100% acceptance rates and free apartments and free welfare money for everyone so even people from safe areas of Syria were coming and even syrians who were already SAFE in Turkey were coming.
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When it comes to family re-unifications this family re-unification policy is ABUSED continually so people are in safe areas or in safe-countries but since the father got into western european country and claimed asylum and his story of persecution (NO PROOF needed) was accepted by a box ticking bureaucrats following asylum processing modules originally developed in Sweden then the family is flown for example from Turkey into western european welfare country instead of the father being flown to SAFE turkey.
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Other example is iraqi family being flown from safe area of Iraq into western europe because the father was originally from un-safe area in Iraq and got asylum because of this despite international treaties specifying that if internal flight inside the country is possible no asylum should be given.
There are hundreds of thousands of syrians, iraqis, somalis, afganistanis that have NO reason and NO justification to be in Europe but that were LURED here by incompetent politicians and box ticking bureaucrats and failed EU-directives that made the asylum processing quicker and family re-unification easier and acceptance rates higher and thereby LURED more to come.
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It is insanity to LURE millions to come with these naive and inept asylum processing systems and this stupid family re-unification automation.
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ALL movement after reaching first safe country is motivated by stupid european countries and incompetent politicians like in Germany and in Sweden and many others giving permanent residences, free apartments, free welfare money and family re-unifications straight to welfare with no requirement to work and provide for ones family.
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Euro has benefited ONLY Germany.
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Germany got captive client states that could consume german manufactured goods with euro-based debt that had a low interest rate thanks to Frankfurt based ECB DEMANDING that Greek and Italian and Spanish government debts were considered 100% money good on banks balance sheets no matter what and in every Euro using country consumers got way over their heads and debts exploded because Euro brought lower interest rates so there developed real estate bubbles and consumer bubbles everywhere.
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This low interest rate debt and bubbles everywhere masked the fact that manufacturing and competitiveness was completely slaughtered in Greece, Italy, Spain etc. and even northern european Euro countries like Netherlands and Finland had their manufacturing competitiveness and jobs destroyed.
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The destroyer was German manufacturing for high value add products and imports from China for low value add products and electronics.
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The current profits in german companies are a bubble enabled by Euro and totally clueless politicians in all other Euro countries including even Netherlands and Finland which repeat the delusion that “euro has been good for us”.
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The sooner Le Pen gets elected or Wilders gets elected and France and Netherlands leave Euro the better it will be for all europeans.
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Each country should have their own currency with FREELY FLOATING exchange rate decided by markets in order to slow mal-investment when economy is heating up and boost competitiveness when economy is slowing.
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Own freely floating currency is great because it strenghtens when the countrys economy is doing good and thereby stops politicians doing stupid things in euphoria of the good economy and it weakens when countrys economy is doing bad making manufacturing and services more competitive thereby keeping jobs and companies alive for another day.
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Sweden would have collapsed already under their insane immigration policies and asylum policies if Sweden did not have a freely floating krona as their currency that allowed Sweden to ride the 2008 crash out with krona weakening when compared to Euro..
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Merkel sponsored nightmares in Austria:
http://www.express.co.uk/news/world/761555/Afghan-teenage-migrants-jailed-gang-rape-female-Turkey-student-Vienna-toilet-Paterstern
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In Angela Merkel’s Germany german police tells underage victim sexually assaulted by Merkel’s “refugees” to NOT to file a police report:
http://www.express.co.uk/news/world/728166/Germany-police-pressure-refugee-migrant-crisis-sexual-assault-Rheinberg-asylum-crime
There is continuous and massive hiding of rapes, gang-rapes and sexual assaults committed by asylum seekers going on in several european countries with the worst hiders of the rape-epidemic caused by asylum seekers being Sweden and Germany.
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The leading politicians, bureaucrats, police and media in several european countries are in a situation where they no longer have any morals, any decency or any soul at all.
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Your anti-Germanism should be redirected to the Anglo-American domination of Germany and Europe. The EU was created by the ALL-LIES to shackle German coal and steel. This lead to the common market, which had comparative advantages, and made Europe economically powerful. The British wanted in to screw it up. The genocidal geopolitical wars of the British Empire in the Middle East, through its colony Israel, prepared the way for this mass rape invasion. Now that Europe is filled with rapists and terrorists, it wants to claim “nationalism.” Nationalism for England; any nationalist in Europe get called NAZI in British papers.
Everyone who falls for Brexit is a sucker. They were always going to get out of the EU, once they screwed Europe up, once again. The British government is simply a Satanic genocidal state to this day. It is an existential threat to the people of Europe. Centuries of history prove that beyond a doubt.
This “special relationship” is crap. America is just a mercenary army for the British central banking colonial empire (see the Cecial Rhodes and his Roundtable groups which aimed to put the whole habitable world under the boot of the British Empire, which they re-branded as a commonwealth.) WWI, WWII, Gulf War, and the Iraq wars were egged on by British Prime Ministers to serve British geopolitics. The American soldier is just toilet paper for British ass. How many British wars does it take to learn that lesson and teach it to your sons? Patriotism blinds you to reality.
The British invented the smear of Germans turning their OWN soldiers into soap in WWI. This was retooled into turning skinny Jews into soap (you need big fat Jews, like Henry Kissinger, to make soap because you need fat to make soap).
British intelligence concocted the gas chambers at Tavistock to create a post-war generation of guilt across Europe. Merkel is part of the ’68 generation. All of her policies are a product of genocidal British geopolitics, medial controls, and fake history.
WHITE GUILT is British psy-ops. If you want to boycott anyone, boycott the British Empire. WHITE GENOCIDE starts with the British.The British stole the food of the Irish and called it a POTATO FAMINE. They used famine as a war weapon against Dutch Boers and Germans. That is why Hitler wanted living space to avert British famine, which you are advocating by promoting a boycott. The British supported Stalin and mass murder communism and brought famine across the world into Ukraine, China, Korea. For every Englishman alive today, someone else was starved to death on his behalf. Germany is an occupied nation; her policies reflect the Anglo-American establishment, which now has isolated Germany once again.
Hitler would nott have allowed a non-white invasion of Europe and everyone knows it. The SS would have killed these people right away at the border. The Third Reich demanded FORTRESS EUROPE and a common market. The British want a mass rape invasion to weaken Europe and keep it in turmoil. Germany is just the latest victim of forced diversity to destroy Europe’s racial purity. It doesn’t make sense to blame Germans. That’s something psychopaths do. Don’t blame the victims of British genocide. Blame the fanboys of the genocidal British.
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Angela Merkel is an existential threat to Europe.
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Merkels insanity in REPEATEDLY saying Germany has NO LIMIT on how many refugees it will take LURED the millions to come and they could come because Merkel demanded that BORDERS MUST STAY OPEN which enabled Greek leftist-communist Tsipras and his Syriza-party government to push EVERYONE (who already had been SAFE in Turkey) from NO-welfare Greece towards welfare-paying Europe that starts from Austria and Germany northwards and westwards.
Of course millions came to get free apartments and free welfare money because the demand for free money and free apartments is UNLIMITED.
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Merkels final act of total insanity was saying that Dublin-treaty no longer applies meaning even “asylum seekers” (actually welfare seekers) which had registered in Greece and Italy and other NO-welfare countries could come to welfare paying Germany.
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Merkel is responsible for everyone who drowned between Turkey and Greece and between Libya and Italy because Merkel LURED them to come and Merkel is responsible for every rape, every gang-rape, every terrorist act, every murder, every child molestation, every sexual assault and every headkicking committed by “asylum seekers” and “refugees” because the asylum seekers would NOT be in Europe if Angela Merkel and stupid German government and stupid Swedish government had not LURED them to come with free apartments, free welfare money and free everything and large acceptance rates (Sweden and Germany made a political decision of 100% acceptance for syrians and immediate permanent residence for syrians and the acceptance rates went higher in most of europe for all asylum seekers after EASO modules and EASO training were used by asylum bureaucrats to decide asylum applications. EASO modules and training were originally developed in soft touch Sweden and were made the european standard by EU-commission).
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There should be NO WAY from Greece and Italy to welfare paying europe because NOBODY is coming to stay in Greece or Italy as their goal.
They all come to try to reach welfare paying Europe.
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Letting asylum seekers rape and gangrape is a POLITICAL DECISION because EU law allows DETENTION up to 18 months but german and swedish politicians have CHOSEN to not use DETENTION and they have chosen instead to accept hundreds of their own citizens to get raped and gang-raped by asylum seekers.
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In a functioning society Merkel and Swedish Prime minister Löfven would be blamed for everything they have CAUSED with their political decisions and the news media would attack the total incompetence of Merkel and Löfven EVERY DAY until sensible policies wuld be taken in use including DETENTION for 18 months to all asylum seekers and immediate DEPORTATION for all criminals and much stricter acceptance requirements instead the current incompetence where repeating a made up story of lies that is circulated in Facebook groups gets tens of thousands of welfareseekers asylums.
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The german CEO’s of 100 biggest German companies could have went to talk to Angela Merkel and told her that her insanity and incompetence stops NOW and demanded that:
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1.Borders are immediately closed to stop movement from SAFETY of Turkey and SAFETY of Greece to welfare paying europe.
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2.All current asylum seekers are placed in DETENTION for 18 months like EU law allows.
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3. To stop drownings in the mediterranean sea and to stop the rush towards europe it is made clear that Germany has reached it’s limit and NO more asylum seekers are let into Germany or other european countries and since people were ALREADY SAFE in Turkey and SAFe in Greece Germany will be paying refugee camps in these countries with just food,water,tents and schooling for kids.
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4.FREE apartments and FREE welfare money are STOPPED and asylum seekers currently in Germany will wait in detention and if they are given asylum it will NOT include FREE apartment and FREE welfare money and NO permanent residences.
In the future asylum are 1-year at a time until peace returns to their homeland and during this time communal living 4-6 guys a room r 1-family a room is all that is available and there will be NO FREE MONEY but instead accepted asylum seekers will get just cooking ingredients once a week to keep them fed and as activity they can cook for themselves.
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5. The incompetent EASO-criteria and stupid swedish designed EASO-modules and EASO-training are thrown into the trash and NO more basic facebook spread lie-fairytales are accepted and instead ACTUAL PROOF of persecution is demanded.
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6.One passthrough a SAFE country like Turkey or Greece makes it clear that the “asylum seeker” is not seeking asylum they are seeking welfare so asylum seekers who have passed through SAFE countries on their way to welfare paying europe are considered economic migrants and their asylum application are NOT accepted.
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The 100 top german companies CEO’s sat silent and let Angela Merkel turn Germany and whole of Europe into a nightmare.
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They should be all BOYCOTTED to the GROUND until they start taking some responsibility for their country and for Europe and demand Merkel steps down and borders are CLOSED for good from all kinds of FAKE asylum seekers who are only seeking a welfare paying and free apartment providing country with lax standards and high acceptance rates and incompetent asylum bureaucrats.
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Merkel still thinks Germany has NO LIMIT on how many asylum seekers it can take and Merkel speaks just political blablabla and has her government try to hide what Merkel has caused including German police telling sexually assaulted little girls to not make a police report so Merkel does NOT look bad so she could get re-elected and continue her insanity of LETTING asylum seekers rape and gang-rape german women with no consequences.
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If there is hell Angela Merkel will be burning there for all eternity.
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Lorenz, your anti-british and tinfoil-hatted conspiracy-mongering blabla about Great Britain is pathetic when UK press is telling truths that German and Swedish media are NOT reporting and when Brexit happened partly because of Angela Merkels total insanity and incompetence.
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How can german journalists look themselves in the mirror when they have let Angela Merkel do all of her craziness and insanity without any consequences and with German media acting like pathetic Pravda during Soviet Union and with German journalists treating Merkelism like communist-journalists treated communism?
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“Origin of the Crisis”
Guns and Butter.
Nixon may have closed the gold window in 1971, but it was what came before it, that resulted in it occurring.
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