Germany’s patience wears thin

Liam Halligan in the Telegraph says that Germans, including Angela Merkel, are losing their patience with all the bailouts:

Angela Merkel is having a tough enough time keeping her electorate onside as it is. Germany’s hard-working voters don’t take kindly to foolish banks and their even more foolish creditors (generally other banks) escaping scot-free while Europe’s biggest economy shoulders the bulk of the bail-out bill…

“Have politicians got the courage to make those who earn money share in the risk as well?” Merkel boomed in Berlin on Wednesday…Bondholders and almost all other Western governments don’t want to hear it. But Merkel is completely right.

The most galling aspect of this entire sub-prime debacle is the disgraceful extent to which those who bankrolled the banks — as they took on ever more debt, “levering-up” their balance sheets 20-, 30- and 40-fold — have been protected from their consequences of their actions. Powerful vested interests have so far ensured…that such losses have been shoved on to taxpayers instead.

Irresistible force, immovable object. This cannot end well. HT: BC

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