Germany got checkmated

[Skybird]

http://www.spiegel.de/international/...818966,00.html

Since the 2007 financial crisis, immense imbalances have formed within the otherwise harmless payment system that exists between the central banks of the 17 euro-zone member states. While Italy, Spain, Ireland, Portugal and Greece, all hit hard by the debt crisis, show deficits totaling over €600 billion, the claims owed the Bundesbank have climbed to €498 billion.
As long as the monetary union continues to exist, this isn't a catastrophe. The money is virtual, created by central banks, and its existence doesn't mean that an equivalent amount is lacking elsewhere. But as soon as a country leaves the euro zone, or the currency union collapses entirely, things get critical.
"We're caught in a trap," Sinn says. "If the euro breaks apart, we're left with an outstanding balance of nearly €500 billion, owed by a system that no longer exists." That figure, €500 billion, is more than one and a half times Germany's annual federal budget.
(...)
"This is dangerous," Sinn says, his eyes flashing. These outstanding balances owed by other central banks open Germany up to blackmail, he explains. "Now everyone knows we have to save the euro, at almost any cost."

Let the funeral feast begin. I see absolutely no possibility how Germany could manouver itself out of this self-imposed suicidal constellation.

We accepted this suicidal insanity becoming reality without anyone pointing a weapon at our head. We Germans are total and complete idiots, me thinks. And still our leaders boast with wide opened mouths and get away with their lies, and still the German people lets them do and does not hunt them down and hang them in the streets instead.

German public debts have exceeded 2 trillion Euros. Calculating all pensions and obligatiosn from current employees in poublic service, analysts estimate the real debt burden caused by the stazus quo and the curreently living people in the range of 6-8 trillion. Compare this to the US with 5 times as big a population - but only (roughly) two times as high a public debt currently. One could argue that Germany financially is worse off than the US. The difference is that markets and most people still have not won full awareness of it - that'S why we still get a better credibility score than America over our financial situation, and find it easier to lease money. But as I see it there is a very solid chance that we will fall from higher, and crash at the bottom with a much louder bang one day in the future. And then it is once again party time in Europe.

Its all madness. M-A-D-N-E-S-S.