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German
Bundesbank executive Thilo Sarrazin digs his heels in deeper as calls for his
resignation mounted on all sides on Monday. Presenting his new book
“Germany Eliminates Itself” the controversial central banker said
his ideas were scientifically founded and claims he was Anti-Semitic were
"absurd".
The Bundesbank picked up the ball with a
statement that certainly won't earn him a
promotion there any longer:
The
Executive Board of the Deutsche Bundesbank distances itself categorically
from discriminatory remarks made by its member, Dr Thilo Sarrazin. Dr
Sarrazin, a former member of the Berlin Senate, has repeatedly and
persistently made provocative statements, especially on issues relating to
immigration. These statements have no connection the tasks to the Deutsche
Bundesbank. In making such remarks, Dr Sarrazin is not expressing the
opinions and views of the Deutsche Bundesbank...
In his
statements, Dr Sarrazin has been breaching this obligation repeatedly and to
an increasingly serious extent.
The
rest of the release deals with technical matters that delay an immediate
booting.
It is an urgent matter, though. Central banks at the heart of the financial
crisis are likely to be reviewed by parliaments when the current crisis will
finally have unwound in an unorderly manner as in all other crises before.
The
Bundesbank, stability watchdog for the now-famed Deutsche Mark was able to do
so because it never mingled in the government's business and built an
independence rarely seen among central banks. It must not be gambled away by
offering the right side without protection. This is all the more important as
the Bundesbank has only last week grounded any ideas that it
would sell anything from its 3,600 ton hoard for
budgetary purposes, a regularly upcoming demand that has so far never been
satisfied. Germany has signed the Central Bank Sales Agreement, but never
took part in gold sales, only spewing out a few bars for minting per year.
It has
to be noted that Sarrazin has it not found worthy to take back anything he
said against Africans, Middle Easterners, Spain's Basques and Turks. Turks
are the largest foreign community in Germany where unprecedented multi-ethnic
frictions stack up to the country's biggest political problem.
German's best-selling daily "Bild"fired a big-letter "Last Warning Shot for Sarrazin"
with other media busy reporting the sharp rebuttals from official Germany and
background pages on scientific facts that tore up Sarrazin's thesis in
mid-air. 2000+ German media reports have
been rarely unified in asking for the political self-hygiene that has worked
so well since 1945 in Germany.
In short for markets: He will go after stirring up Germany's darkest chapter.
Bundesbank
remains independent.
Toni Straka
Editor, the Prudent Investor
Toni Straka is an
INDEPENDENT Certified Financial Analyst (OeVFA, EFFAS) who worked as a
financial journalist for 15+ years and now evaluates global market trends.
Analyzing financial and political news permanently he wants to share his
insight with those who understand that we are in an era of global
redistribution of wealth. The US-European centric approach does not work
anymore. Five billion people in the developing countries now demand their
fair share of the world's resources.
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