Germany’s Bundesbank Chief Pushes Communal Eurozone Treasury (Source thetrumpet.com) With a second European banking crisis all but certain, many analysts are adding their voices to those calling for the quick end of the eurozone. In that context, it is interesting to listen to what Germany’s banking authorities are saying because they have the power to pull the euro plug. On February 9, Germany’s all-important Deutsche Bank, the nation’s largest bank, saw its share price plummet to its lowest levels ever. As recent as February 2014, its shares traded for $48. But by February 2015, they were down to $32 per share. At the beginning of January 2016, they were only $22 per share. Then on February 1, Deutsche Bank shares sharply slid 7 percent—a new record low. The following day, they fell even further. More than a billion dollars worth of value was destroyed in hours. But Deutsche Bank wasn’t alone. Virtually all of Germany’s big banks were decimated. And all of Italy’s. And Spain’s. And—Europe’s. It is in this context of crisis and panic that Germany’s—and perhaps Europe’s—most important banker spoke. Eurozone nations need to transfer more “ HYPERLINK “http://www.ibtimes.com/german-french-central-bank-chiefs-call-closer-eurozone-ties-2297764” \t “_blank” sovereignty and powers to the European level,” wrote German Bundesbank President Jens Weidmann in a commentary coauthored with his French counterpart. Weakening confidence was threatening eurozone bonds, he said. “More integration,” he wrote, was the solution. Europe needs “comprehensive sharing of sovereignty.” According to Weidmann, Europe must create a “joint treasury” and a common Finance Ministry at the European level. In other words, Europe needs to work toward a communal debt market and a European government with the power of taxation. These are radical—national-sovereignty eroding—proposals. Solutions like these are expected from the French. BUT NOW THEY ARE COMING FROM GERMANY’S MOST IMPORTANT BANKER! Yet another banking crisis appears to be brewing. This one could be much worse than in 2008 because debt levels are so much higher. How will the crisis be exploited? The timetable could be sped up. What will European leaders do when they find themselves standing at the edge of the economic vortex, contemplating the total destruction of their banking sector, watching trillions in wealth disintegrate and unemployment skyrocket, leading to angry masses rioting in the streets of Paris and Amsterdam instead of only Athens? Then the idea of pooling resources with Germany might not look that bad after all—because only one nation has the financial gravity necessary to hold Europe’s monetary center together and prevent it from spiraling out of control. And that nation is Germany. Even the German public might be swayed, especially if leadership of the communal club was offered. Is loss of sovereignty a small price to pay for safety and stability?