Islam Times - 'EU splitting amid financial crisis'

Islam Times - A prominent financial analyst says that the European economy cannot recover from the deleterious effects of the financial crisis which is to split the Euro zone.

In an exclusive interview with Press TV, Max Keiser, financial journalist, tells us that Germany is to take control of the European economy and become the sole superpower in the European continent.

Press TV: What do you think is headed now for Greece. You were mentioning to us earlier when that bailout plan was approved to Greece that it's not going to help. It looks like Greece is certainly now headed for a default.

Keiser: Absolutely, and the European banking system is still very sick. The French bank is exposed to allow this debt. And the rumor here in Paris is that Société Générale and BNP Paribas, one or both will be nationalized to deal with their exposure to the Greek debt.

Press TV: Of course, that is the major concern now. And what this would mean for the Euro zone when we talk about which countries could be following the same path, the most important of which could be Spain, couldn't it?

Keiser: Spain looks very weak. Italy looks very, very weak. And Portugal is weak. Ireland is weak. France itself is weak. This is a game that is being orchestrated, to a large degree, by Germany because they stand to result as a big winner in all of this.

Press TV: And how so?

Keiser: Well, because what we're heading towards is a federalization of the Euro zone. All of the balance sheets and administration of the Euro zone will be administered out of Berlin. Germany, effectively, will control all of the European economy.

Press TV: Angela Merkel has been saying that the Euro zone members, at this point in time, should stick together to keep the zone intact. What are, however, the possibilities that the Euro falling and the Euro zone actually dividing?

Keiser: Well, the Euro zone is going to split, there's no question about that. It's just a matter of how it will split, whether there'll be a southern Euro or a Northern Euro, whether Germany will split itself off or remain in the Euro.

Remember, after World War II, Germany was separated and it was forbidden that East and West Germany would ever get back together again.

But now, because of this crisis, East and West Germany are back together again. And a new Deutschmark will be instituted and the Deutsche Bundesbank will be up and running, and Germany will be a global superpower competing with China and somebody else, maybe, but mostly between China and Germany. Those are the two superpowers going forward.