Thomas Blunt,



For starters let me say that George Soros, as the speculator who bet and won against the European Exchange rate Mechanism back in 1992, understands the current crisis probably better than most and you should read him carefully has he makes a lot of sense unlike Angela Merkel.



Now comments like yours never cease to amaze me.

Lets look at the facts..



We have Germans producing all kinds of deceitful stereotypes, from...



- Merkel claiming that Germans work more than southern Europeans (lie).



- Implying that Germany was more financially disciplined than southern Europe for the past decade when in fact Spain's debt is still lower than German, whereas Portuguese was lower until not long ago (so another lie).



- Implying that Germany is bearing the burden of the so called bailouts when their stake on the so called bailouts is only about 15% of the total sum (more lies)



- Not to mention that citizens of Finland, Luxembourg, Finland etc contribute much more than the German tax payer... (implied lies)



- An of course they never mentioning that these bailouts are so far returning a profit for the subscribing countries like Germany... how shameless right?



- And what to say of screaming silence on their role in the subprime crisis which contributed significantly to the piling of sovereign debt?



- Also what to say about the silence on the mother of all bailouts given to irresponsible German banks who helped to destroy the world's economy in 2008 including those of southern Europe?



- Lastly how dare Germany , specially the arrogantly ignorant Bundesbank president, talk about socialisation of debt when the ECB took all sorts of toxic collateral from German banks against cheap credit?



But that is not the tale that Germans have been telling the world is it? Nothing like the above right?



So coming back to the beginning, yes.. it never ceases to amaze me how Germans can be so insistently deceptive still having the nerve to tell that those who disagree are "skewed" not providing any evidence to substantiate such claims.. really?



So coming to your statements.. you say:



"Of course German banks were part of the subprime problems as well as major lenders to the South. "



I'm sorry to say but this is nothing short of lie.



Do show me me one single Portuguese or Greek bank who irresponsibly speculated any significant amount of money on U.S. subprime, and if you are not able to produce such evidence I expect you to take the dignified approach and withdraw your statement.



And even from Spain and Italy I'm only aware of Santander and Unicredit having significant MBS assets.. but nothing close or as systematic as what happened in Germany.



I've provided evidence that the Fed alone subsidized the German financial with hundreds of billions of euros to all kinds of large and small banks in Germany.

I expect you to do the same to back your statements.



These values dwarf any so called bailout with draconian conditions provided to southern European countries.



If you are still not satisfied with the reputable sources I provided, then go and consult those of the Fed website showing all the loans in detail.



Just imagine if the German financial system had not been bailed out which would be the situation now..

Ironic right?



But it's Ok like the Bundesbank president stated, Germany is more important than other countries.



Then you say:



"While other nations only only took advantage of the Euro by borrowing more at Germanys low rates - either to fuel a property bubble or to hire a lot of civil servants."



Before you churn out falsehoods, go and check the numbers.

Compare the number of civil servants in Germany with that of other southern European countries, also do compare the hiring trend... you will be surprised when the facts don't match your believes.



As for the so called property bubble, once and for all it's time to stop this idiocy, Spanish population has grown for about 20% in 10 years, of course without an expendable territory the price goes up, its not a bubble, its sustained demand driving the prices.



Who invested in asst bubbles were the German banks of which the subprime speculation is the greatest example.



You say:



"Germany, just like Austria, The Netherlands or Finland, took advantage of the Euro to increase their competitiveness."



Again, I have provided to you the evidence (do consult the links please) of where did Germany do well.

Here is is again:



http://www.nytimes.com/imagepages/2011/07/18/business/20110719_GERMANY_graphic.html?ref=global



As shown, it was due to one single reason which even the Volkswagen head has admitted.. the China market and in particular the China financial stimulus of 2008 to help bring back the world from the abyss to which banks like Deutsche pushed it to.



And in the end comes the fuehrer stating that the EU relations with China are to be framed under her terms in order to serve German interests even though China's blatant WTO violations hurt the southern European countries in a disproportionate manner.



Until 2009 there was no differentiating factor between the performance of the German economy and that of most southern European countries as shwon in the charts provided earlier.



Why do you refuse to look at the facts?



The real GDP per capita of Germany didn't grow above European average or even above southern Europe average until 2010 when the Merkel led recession was imposed on southern Europe.



Do check the charts I provided to you, they don't lie.



Finally..



George Soros is right, Germany's isolation is more obvious than ever, Germany must decide whether it wants to be part of a democratic Europe, if not it's time for Germany to leave and go back to its overvalued currency, lets see how do Germans cope then.

