In its latest press release (Pressemitteilung), the DIW remains significantly unemotional when it says “wealth fee, a contribution towards Europe’s state finances“:
Private wealth is higher than the federal debt!
So what is new about that? Do we need an institution to tell us about it? Or do you know anybody who invests his money exclusively in state bonds?
Quite apart from the fact that the DIW keeps demolishing itself intellectually all the time, here is my comment:
The stamp collectors still possess them all. All those now worthless promises by Napoleon, the guarantees on war bonds, the VW savings certificates…
Granny died hoping for the day when the concept of burden sharing was to come true.
Before the court of history, we have a state debt crisis, not a currency crisis. During peace times, which we now have been enjoying in Europe for 67 years, we consumed too much. And now said peace must be paid for through cuts on both sides of the balance sheet: private wealth versus state debt.
It is a lot easier than telling people the truth: that our European societies have been living far beyond their means. “… because nobody is going to believe the truth, anyway” (Frisch, Biedermann und die Brandstifter). We live in a bubble of wealth that will burst. Europe is no longer capable of financing itself. Regling (the new ESM boss Klaus Regling) is in a hurry to visit China and the Third World Countries, because even Germany is not a “welcome debtor”. 2.1 billion Euros of debt tell their own story.
There is a sentence by the economic scientist List:
“So far, no country ever paid back its debt.”
As a consequence, you have to say:
Sign up for peace bonds!
And then deposit the piece of paper where the stamp collection is waiting for the next generation to be admired and studied.
And for you, dear children, I have some consolation – you will always have your education:
“Travaillez jeunes gens, il n’y a qu’une force, c’est le travail!” (Émil Zola)
wl
(Translated by EG)
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