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nanotimes Editor‘s Letter

10-10/11 :: October/November 2010

couldn‘t prevent Germany/Europe losing its former leading position in wind and solar technology to China and the US over the last ten years.

If you look at the lending by central banks to credit institutions as of August 2010, Greece is compared to Ireland the smaller problem (billions Euros as % of GDP: Greece: 40%; Ireland: 60%). All the talking about e.g. a single European bond, to be issued by a European Debt Agency (EDA), simply demonstrates how helpless they are facing such huge transfer payments. In addition, E-bonds would require significant changes to the European treaties. Furthermore, the introduction of E-bonds would strengthen the socialis- tic tendencies within the EU.

Sweden and Norway demonstrate that you can continue to exist quite well outside the Euro-zone. If Ms Merkel wants to play a reasonable role in German history she should covertly print a new German curren- cy [DM2] and back out of the Euro. We all know what would happen; but it would be the best prospect for Germany‘s and for Europe‘s political future in the long run. The Germans could invest in research using the likely saved transfer payments to Portugal and Spain in 2011 and 2012, creating new jobs.

Thomas Ilfrich

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