If Merkel truly want to attack the markets and the rich, she should not allow ECB from doing any QE. QE makes the rich richer.
http://www.bloomberg.com/news/2012-0...-cut-debt.html
Merkel Attacks Markets in Call for Voter Support to Cut Debt
By Tony Czuczka - Sep 3, 2012 6:55 PM GMT+0800
German Chancellor
Angela Merkelrenewed her attack on markets for their role in stoking
Europe’s financial crisis, saying the challenge for policy makers is to woo voters to support cutting debt levels to escape the sights of investors.
Merkel, speaking at a party political event in the Bavarian town of Abensberg, said that in the last five years markets“haven’t served the people,” allowing a few to get rich at the expense of the many. Markets can’t be allowed to destroy the fruits of people’s labor and governments can’t be put at the mercy of markets through excess debt, she said.
“We need Europe, but we need a Europe that’s strong in the world,” Merkel told members of her CSU Bavarian sister party today.
Germany must lead the way in Europe to become more competitive globally and preserve the welfare state “without taking up more and more debt. The real question in Germany and in Europe is: can we win elections when we say we’re in favor of solid finances?”
Merkel’s comments are the most explicit yet on her campaign themes for federal elections in the fall of 2013, to be held at the same time as a Bavarian regional vote that will determine the CSU’s fate. Merkel, the leader of Europe’s biggest economy, has previously said the election will be fought on the debt crisis that emerged in Greece in late 2009.
In her speech, the chancellor reiterated that
Greece must fulfil the terms of its rescue program in return for“solidarity.”
In Europe “let’s put an end to the debt union, that has to be the motto we’re working for,” she said. “Germany has to set an example on that. That’s why we have to keep pressing for reforms, even if some say we’re taking a hard line.”
Europe has to reform to become strong, Merkel said.
“The rest of the world isn’t asleep,” she said. “We can’t sit still. We can’t take up so much debt that we’ll be at the mercy of the financial markets tomorrow.”
To contact the reporter on this story: Tony Czuczka in Bavaria via
[email protected]
Originally Posted by seletar
If Merkel truly want to attack the markets and the rich, she should not allow ECB from doing any QE. QE makes the rich richer.
Reply With Quote
