Paymaster Germany and the Endgame

Saturday, September 17, 2011
By Paul Martin

by Gary North

I did a Google search for “paymaster Germany.” I got over 34,000 hits. They refer mostly to the Eurozone crisis over Greek government debt, and the German government’s willingness to tax Germans in order to keep bailing out the Greek government.

I got the phrase from a pro-gold standard German economist, Paul C. Martin. He wrote a book with this title in 1991. Its subtitle is as relevant today as it was two decades ago: “Thus they dissipate our money.” When he wrote “they,” he meant “German politicians.” The phrase has stuck. It is correctly being applied to the on-going program of the Merkel government to provide fresh injections of government money – taxpayers’ money – into the Greek government, so that the government can pay 70% per annum to investors.

We are told that German voters oppose these bailouts. But the voters have no clout. The big German and French banks that loaded up on Greek government bonds are at risk of huge losses, and the bankers have the upper hand with Angela Merkel. When publicly speaking about further Greek bailouts, “her lips say ‘no, no’ but her eyes say ‘yes, yes.'”


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