Perhaps Hitler should have thought up the ESFS?
“So finally Germany did what everyone thought they would have to do at the end of the day, they stepped up and they have created this new facility (European Financial Security Facility or ESFS). But they have given it (the facility) vast new powers...In Europe for over ten years you’ve had the European Central Bank, which is the equivalent of the Fed, but they did not have the equivalent of a Euro Treasury.
So the best way to understand the ESFS, for the first time we have a European-wide Ministry of Finance. They don’t call it that, but that’s what it is, and it’s run by the Germans. So in effect Germany will be dictating fiscal policy to all of the Euro system from here on out. I think that’s what the Greeks haven’t realized at this point.
The bad news at least if you’re Greece or Italy or Spain or Portugal is that from now on your fiscal policy is going to be dictated by Germany. So this is what I call the financial ‘Fourth Reich’. Germany has accomplished financially what it has never been able to do militarily since the days of the Holy Roman Empire, which is to basically gain control over Europe.”Click here for more from Jim Rickards: