… and frequently overlooked

After saying yesterday Easily Condemned, it may be time to think about what is easily overlooked, especially while sliding apparently elegantly on the surface.

The title in the Huffington Post says

Deutsche Bank è maggior fonte di rischi sistemici al mondo

and A FT-briefing tells us

Deutsche Bank hit by IMF hazard warning A report has branded the German lender as the riskiest globally significant bank on the back of its failure to pass another US Federal Reserve stress test.

Sure, there are good reasons to distrust these rankings and stress tests. But on the other hand, what comes to mind is the obvious failure of German (misled EU-) policy of externalisation. The exsanguination especially of Greece (though we should not forget Ireland, Portugal,  Spain) is not a limited strategy against one (or a few countries), but it is part of a systematic bloc-building: strengthening the centre in order to  establish and tighten a fortress that finally culminates in a complex network of systematically fostered “unequal development” (in line with TISA etc.). Andre Gunder Frank’s thesis of the “Development of Underdevelopment” finds a new confirmation, now on the changed global scale.

What Britain actually did is not so different from the EU- and German strategy: a strategy of externalisation, aiming on limiting the cost (which had been very small when considering the increasing strangulation of arms of social EUrope), while redistributing the resources as it already started, considering (so the FT-briefing) that

companies with overseas earnings or in haven sectors have benefited most, while others have announced job cuts and profit warnings

and the chancellor announcing a new easing, while Cameron now pleads for “looking beyond”, aiming on big business for big business: China, India, US and Commonwealth as fields for new harvest.

– And it still is the old story: never tidy up your own places as long as there are fields that can be devastated, i.e. fields that allow you to dump your waste. Will it work? Well, coming back to the article in the Huffington Post it is remarkable to see that

Secondo l’istituto di Washington, inoltre, il sistema bancario tedesco pone il maggior grado di rischi di contagio esterni in proporzione ai rischi interni (seguono Francia, Regno Unito e Usa).

In other words, the supposedly strong economies are not only the culprits in terms of being a danger to solidarity, but they are also the real hazard when it comes to global economic disintegration. An interesting measure that is different, seemingly of national scope only, can be found in India:

India’s 10m civil servants The government has approved a 23 per cent rise in salaries, allowances and pensions for current and former civil servants. The once-in-a-decade increase will cost about $15bn and is aimed at boosting private consumption.

Such step is likely to be globally more responsible than the European and British and American fortress building.

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