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German High Court Capitulates to Bankers

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St. Louis Fed president James Bullard said he's worried about central banking's future. His hoped for light at the end of the tunnel hasn't arrived.

Summers says central bankers are fast losing their grip on things. They'll never admit publicly what's discussed privately. They're scared stiff. Economic fundamentals are deteriorating. Consumer and business confidence are down. 

Revenue and profit growth are disappearing. Earnings revisions show declines. Peak margins rolled over. Negative reads outnumber positive ones. Momentum is heading south.

George Soros believes Germany's heading for Depression within six months. "The policy of fiscal retrenchment in the midst of rising unemployment is pro-cyclical and pushing Europe into a deeper and longer depression," he said.

"This is no longer a forecast. It's an observation. The German public doesn't yet feel it and doesn't quite believe it. But it is all too real in the periphery and it will reach Germany in the next six months or so."

He added that Germany should develop a growth strategy, relax its austerity insistence, or leave the Eurozone by "an amicable arrangement." 

Current policies are pushing Europe into depression, he said. He expects five to 10 tough years. China's heading for a hard landing. Doing so will reinforce depression conditions. The euro and EU are at risk. Soros spoke publicly on "The Tragedy of the European Union."

Since 2000, America and other Western economies declined. Instead of policies promoting growth and job creation, draconian austerity was imposed.

Corporate interests are prioritized. Popular needs go unmet. Economist Jack Rasmus notes a growing corporatization of politics and government in America. Democracy ends up the loser. 

Most Americans don't understand how grievously they've been harmed. Imagine what may happen when they awaken. Bad as things are now, expect much worse ahead.

Stephen Lendman lives in Chicago and can be reached at Email address removed

His new book is titled "How Wall Street Fleeces America: Privatized Banking, Government Collusion and Class War"

Visit his blog site at and listen to cutting-edge discussions with distinguished guests on the Progressive Radio News Hour on the Progressive Radio Network Thursdays at 10AM US Central time and Saturdays and Sundays at noon. All programs are archived for easy listening.

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I was born in 1934, am a retired, progressive small businessman concerned about all the major national and world issues, committed to speak out and write about them.

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