In an article entitled “Fix Your Own Mess” appearing in the Canadian Financial Post, Jim Flaherty, Canada’s Minister of Finance has spelled out some simple truths concerning the gross mishandling of the European crisis. I would add, in my own words, by arrogant and inept politicians.

I would single out three main points. Firstly that the European Union has ample resources to solve it’s problems, but would rather get others to pay. Secondly, that Europe is over represented at the IMF (34%), a point I myself also made recently, which skewers the vote in its favour. And thirdly that since the EU is seeking assistance from the IMF, then to remain fair, it is the IMF that should besetting the terms and not Europe itself with the troika of IMF/EU/ECB.

With regard to the first point, Mr Flaherty states that although it has adequate resources, the EU is unwilling to commit them to resolve the crisis. And he goes on to say: “…IMF loans are not an adequate substitute for a serious commitment by Eurozone countries to resolve the crisis…. “. Through unfair treatment, the Eurozone wishes to solve its crisis by spreading the risk to the rest of the world, while it alone benefits from high exports through price stability.

I would go even further than this. It is not the Eurozone countries benefiting from this scam, but the strong northern ones, primarily Germany itself, self ordained commissar who has cooked up this wizard scheme of “Heads I win, tails you lose”.

The analysis of how Germany benefited incredibly from the Euro by amassing surpluses from its exports to the south through the price stability produced by the Euro, which caused the deficits of these countries to grow immensely and unsustainably, is well known, so I will not go into it. However, taking the Greek so called “bail out” as the shining example of how Germany likes to deal with such matters, I would like to point out that it not only wants the lesser developed countries of the world to foot her bill, but also the weaker southern states of the Euro zone.

The billions of Euros being pumped through Greece in the bail out plan are not designed to help the Greek economy. Quite the contrary. From the first bail out package the vast majority of funds went directly to the foreign banks, primarily the German ones. From the second bail out package, not only is NOT ONE CENT destined for the Greek Economy but furthermore, all revenues from within the Greek state are to be held in an escrow fund to go to the banks as well! That is not only is the Greek economy not benefiting in any way from the bail out funds, but its own revenues are also being siphoned off to go to the northern European banks primarily. And adding insult to injury, the interest charged by the EU/ECB is far greater than that charged by the IMF.

Secondly, the great Helios scheme (or scam) whereby Greece will cover itself in solar energy panels and then export this energy to Germany and thereby solve its growth problem. Well, first of all, there is no way such energy can be exported at any sustainable cost. Secondly, this plan will not be funded by Germany but by the European Structural Funds Greece has not yet absorbed. And thirdly, but most importantly, Greece has been made to commit herself that she will only buy German solar panels for this hair brained investment, and not from any other country.

So another nice little earner for Germany. She will siphon off the structural funds earmarked for Greece, sell her panels and then not even buy the energy because it will be too expensive. And there are many other such commitments. Commitments for which our own politicians (and technocrat appointed PM) will have to answer for. The cries of treason being heard here in Greece, are not entirely populist bluster.

In short Germany does not want to fix her own mess. I say Germany, because, as the out going Jean Paul Junker also said, the European Commission is acting under German pressure. And as I have put it recently, Germany has hijacked the European Union and is bullying everyone into submission while it bleeds them dry through the brilliant blanket stringent austerity policy, in order to maintain her dominant position.

So obviously, going back to the EU’s expectations that the whole world should pay to fix the European mess (of German creation and the badly designed Euro for which she is also directly responsible), the rest of the world, Canada included, are perfectly right to say Nien! To The Frau’s expectation that she can get everyone else to pay while she alone benefits.

Enough!

And thank you Mr Flaherty for telling it like it is. I wish more heads of state would do so too.