After – summet G7 – blues
Our chancellor Angela Merkel usually is like a high-quality teflon pan. You never see her angry, sad or passionate. Even terror attacs, substantial losses of votes or the European dept crises don’t touch her.
However this changed yesterday. Although there seems to be no anger about Donald Trump, you clearly feel that Angela Merkel is frustrated and depressed after the G7 summit in Canada (in german: Anne Will). What is depression? Right, it is suppressed anger. I guess there is a huge amount of anger. Remember the strengh of our car-lobby, remember Mercedes and BMW. Both are not pleased to live under the threat of tariffs on their products. Their voice is strong in our politics.
Mrs. Merkel is a diplomat and dares not to speak out openly against the US president. But her position after Trump’s quote “disappointing, sobering and depressing withdrawal from the final summit agreement via twitter” shows her anger.
Anne Will: “Would you say that the times are definitely over when we could rely on the USA under Donald Trump?”
Angela Merkel: “I would not say ‘definetely’ …”
Last year after a Nato summit she said it the first time and repeated it yesterday in the interview:
Europe must become a strong pole as strong as China, Russia and the USA. Europe must become a global actor. There should be no arrangement between single countries within the EU with the various big poles of the world, that would ground down the EU.
Conclusion: “We don’t want to be pulled over the barrel time and again. We act now.” (quote Merkel) – The EU will try to build a stronger economic and strategic unity. Relationships with China, Russia, Japan, Canada and India will intensify in order to compensate the loss of the USA.
Merkel will not stop her efforts to talk with Donald Trump and to try to find a common basis. But, she sais, if this doesn’t work, you have to go your own way.
There are always changes in history and we seem to be at a critical juncture.
See what will happen on thursday!
There is not only a supervolcano in Italy (english: Reuters) but there is also a financial volcano there. For years the European Central Bank is buying risky government bonds from Spain, Italy and other member states. Until now these papers add up to
2.710.000.000.000 USD) !
This procedure was and is highly controversial. What once was meant to save the Euro from the collapse became a problem itself. Countries became used to the cheap money. Some important people say that on thursday the European Central Bank could announce the end of the program. That would bring huge problems for the liquidity of the poorer EU countries. (german: General-Anzeiger and Der Spiegel)
Update Tuesday: Capital Flight
As the “Süddeutsche Zeitung” (in german) reports today, the Italiens transfer about 1.18 billion USD abroad EACH DAY since May.
Italiens don’t trust their new government and fear a severe bank crisis in the land. In 2013 we saw such a scenario in the Euro-country Cyprus with strict capital controls and bank closures (german: Der Spiegel). Italy is much bigger than Greece and her financial breakdown would be devestating. The italian leaders know this also and try to calm down the people.