BERLIN (AP) — An influential German business organization is warning that proposals to allow the European Central Bank to buy up bonds of struggling euro countries could seriously damage the single currency.
The ZDH, which represents some 5 million skilled craftsmen, said Friday the "stabilization of the monetary union is no end, in and of itself, to be pursued with no thought to the associated economic, social and societal costs."
It warns that a big bond-purchase program by the ECB could "pose a massive threat to the functioning of the monetary union."
Markets have rallied on hopes the ECB will buy bonds of countries like Spain and Italy, to keep a lid on their borrowing costs.
The ZDH also says national parliaments need to retain control of deciding how taxpayer money is spent.
Last edited by AgH20 (2012-08-10 23:38:47)
How you do one thing in life is how you do everything (in life).
About time. However, this does not reflect percentage. One wonders how many are 'concerned'.
Sorry, scratch my post above.
5 million skilled craftsmen
Which is minimum 1/16th of the German population
Last edited by Water&Food (2012-08-11 02:05:59)
Hyperinflation is all about perception in the end.
I dont think that we will see hyperinflation, not for a long time anyway
I can't remember having heard of the "ZDH" before, but it seems to be a large umbrella organization. @Water&Food: It may represent 5 Million members, but this statement was done by some of the important guys at the top. There are always some people telling scary stries, so one such statement does not mean much. But certainly, there is a general concern. But I hinkt it's simply the concern that some day some "smart" people might possibly notice that ... nobody will ever be able to pay back the debts. So the concern is not about a hyperinflation in form of bank notes, but in form of "guarantees", "euro safety nets" and "bailout funds", which in doubt are also not worth the paper they are printed on.
Silber, absolutely buddy. I am all for skewed statistics extrapolated from a mere 980 willing bodies raising their hand to look like 5 million, which could also include German Nationals not residing in Germany.