And history repeats itself.
Germany’s parliament today passed a bill that will mean that about 66 per cent of the country’s income tax revenue each year will go to banks in the form of interest payments on souvereign dent bonds held by Greece, Portugal and other eurozone nations.
Chancellor Angela Merkel’s centre-right coalition government voted to give 123 billion as Germany’s portion of a 750-billion euro loan guarantee package prepared by the European Union and the International Monetary Fund to enable governments to keep up interest payments to banks on souvereign debt.
The bill was passed by the Bundestag with with 319 "yes" votes, 73 "no" votes and 195 abstentions.
The abstentions came from the center-left opposition Greens and Social Democrats (SPD) and a handful of CDU/CSU and FDP backbenchers.
The 123 billion euro bank package comes on top of the 22.4 billon that Germany’s parliament voted to give Greece two weeks ago.
German taxpayers will, therefore, have to give 145 billion euros or 77% of the country’s annual income tax revenue to the banks in the highly likely event of Greece, Portugal and other countries not being able to meet their souvereign debt interest payments.
A German accountancy website allowing people to calculate what portion of their income tax will go to fund the banks reveals that a man earning 30,000 euros a year, and paying income tax of 5,625 euros, will be giving 3,709 euros to banks as part of the 123 billion eurozone “rescue” package.
He will be giving another 675 euros as part of the 22 billion euro Greek “rescue” package.
Germany spends another 40 billion a year paying interest on its national debts, which were created by the bank bailout and stimulus in the first place.
This means that another 1,200 euros of the 5,625 euros collected in income tax from a man earning 30,000 euros a years goes on interest payments on the national debt.
In this case, a total of 5584 euros or 99% in income tax is being paid directly to banks such as Deutsche Bank and Goldman Sachs by the German government in the form of interest payments on national and international eurozone debts.
As a result of this bill, only 41 euros of the total annual income tax of 5,625 could soon be available for the government to spend on education, pensions, hospitals and welfare and such like.
41 euros is 0.72% of the total income tax paid by a man earning 30,000 euros each year.
The Merkel government has just announced a raft of deep cuts and tax hikes, which will increase the proportion of the country’s income flowing to the banks and accelerate an economic collapse that could be much more severe than the Great Depression of the 1930s.
The transfer of almost the country’s entire tax revenues to the banks shows that the politicians in Germany are working hand in glove with banks to loot the people on an unprecedented scale under the smokescreen created by the mainstream media.
Though sold by the controlled media as “aid for Greece”, none of the money will go to the people of Greece...
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