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Germany today

Christopher Jones comments on Germany from Germany: "George Sassoon has only touched the tip of the iceberg. Yesterday, rumors that have circulated for months were confirmed when HVB, Hypo Vereinsbank one of the largest in the country admitted severe difficulties arising from unperforming loans from the long suffering mittelstand. The company has been forced to issue a "Zwangsanleihe" or convertible bond to raise capital to continue in business. The stock lost 10% in one day. The Mittlestand or smaller companies which were the backbone of the Wirtschaftswunder are collapsing day by day. (Note: the Great Depression arrived in Europe when the Austrian Credit Anstalt collapsed.) All this is the result of the refusal by German political parties of every persuasion to confront the various problems facing the country: as George noted, the labour laws (unchanged since the Nazis) guaranty that today, nobody will risk employing anybody, a collapsed state pension system (more and more people receive state benefits in one form or another), the collapsed health care system, the collapse of public education, exploding crime, the bankruptcy of local government because of the Maastricht debt criteria and the introduction of the Euro and the wave after wave of low skilled, unqualified foreigners who don't speak a word of German arriving in the country in the name of brotherly love.

Sounds like 1932 doesn't it? Wer sind die Schuldige?"

RH: Who is to blame? The Germans will blame the Americans, who else?

Ronald Hilton - 2/28/03