Monday, November 16, 2020

Markus Frohnmaier, November 5, 2020, State Insolvency Procedure

German Bundestag, Plenarprotokoll 19/189, pp. 23839-23840.

Herr President. Ladies and gentlemen.

218 billion euros of new indebtedness, 600,000 workplaces destroyed, three Moslem terror attacks in four weeks in Europe: It could be thought we have enough problems of our own on our doorstep. Yet what do the Greens again lay before us today? They want to relieve the debts of half the world.

A payments postponement was already in April decided on for 73 states. That is not enough for them. The Greens now want to let it really rip. They now wish to introduce an insolvency procedure for constrained states which are in debt to us. The Greens’ focus is once again antideutsch: Antideutsch because they do not concern themselves with our innkeepers and restaurateurs, antideutsch because they do not trouble themselves over the single mothers in part-time employment, and antideutsch because they dismiss our farmers.

Instead, the Greens now concentrate on extorting debt reductions for corrupt dictators and African family clans. They will even again revile the position of the AfD as social populism. Yet thereby is one thing clear: To trouble oneself for one’s own people is not social populism; that is our obligation, for which we were elected. There is therefore on our parliament “To the German People” and not “To the Global South”.

Germany itself has a national debt of over 2 trillion euros. The specter of bankruptcy circles over us and you seriously wish to relieve the debts of other countries.

            Uwe Kekeritz (Greens): He who has understood nothing at all!

That must be paid by our children. Even if you could do that, it would really not be purposeful.

Why then are many African states indebted? Clearly not because we have forced them to borrow money. The debt spiral in developing countries has structural origins: Dependence on raw material exports, no legal security, poor government leadership, corruption and violence. Under such conditions, certainly no creation of value can take place. 

Besides, in these countries there has been in the past relief of debts multiple times. First in the year 2005, there was a debt reduction in the sum of 55 billion U.S. dollars. And did that help? Naturally not. If a debtor knows that every ten years the bank relieves the debts, why should he then exert himself to bring his house into order? You cement irresponsibility and plainly not the often affirmed self-responsibility.

In the Greens’ motion, it is particularly perfidious that they wish to indemnify European creditors by means of the ESM [European Stability Mechanism]. If the Africans do not pay, it thus means that the green debt reduction will be financed with the money of the German taxpayer.

           Uwe Kekeritz (Greens): Nonsense!

Who actually profits from your antideutsch policy? China. I am glad that the Union is teachable; since not once have I heard this argument from the Union in committee; it only comes from us, you can look that up. China is one of the largest creditors of the global south. China will under no circumstances agree to a debt reduction.

Thus when the Greens pull on the spender pants, German and European creditors will make amends for their antideutsch policy. The Chinese on the other hand will smile and cash in. Why actually do the Greens learn nothing from China? Have the Greens not paid attention in their Maoist K-groups? China does not hate the Chinese. China does not squander the money of its own citizens. China advocates national interests. We can learn from that, ladies and gentlemen. 

 

 

[trans: tem]