Oh my god -
http://www.spiegel.de/international/...582466,00.html
Germany preparing guarantees worth
1 trillion?
Das darf doch wohl nicht wahr sein. That is even more than the Americans' 700 billion.
Quote:
Banking expert Hans-Peter Burghof told Bayerischer Rundfunk radio that the government's move amounted to "the biggest guarantee in world history."
No one had ever guranteed such a high sum of money in two simple sentences, the professor of banking and financial services at Germany's Hohenheim University said.
The idea behind giving the guarantee, he said, was to ensure that it would never be needed. Guaranteeing deposits would preclude a run on the banks, he said.
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But when it is needed nevertheless...? Then it is a neck-breaker.
Have I just written that the german banking system is maybe the most stable in the world ? Well, I pray for it, else those who are currently still kids in this country will pay a dramatic price.
So far not a single german manager has been arrested. Strange. If I betray and do not pay my taxes, however small, for one or two months, I get sacked.