New German President Friedrich Merz Is A Former BlackRock Executive, Immediately Backtracks On Key Campaign Promises After Being Elected
“He made clear that support for Ukraine will have to continue, even if a ceasefire deal is reached,” a rep. for the Council on Foreign Relations noted.
After many years of liberal and progressive leaders in Germany, tens of millions of Germans have taken to the polls to elect new leadership after Olaf Schultz’s administration dissolved last year after a vote of no confidence, paving the way for early elections this month. Schultz knew that the public was not in his favor and the vote of no confidence was ultimately a strategy that he and his Social Democratic Party (SPD) thought they could use to reshuffle the German parliament (Bundestag).
Ultimately, the plan failed miserably. SPD had the worst polling results in the party’s history since World War II, GBN noted. Schultz admitted his defeat and his party’s failure in a post-election speech. “Last time the election result was better and I had responsibility for that,” he said. “This time the election result is bad, and so I also bear responsibility for this result. I would like to say that at this point.”
German voters decided to lean much more right this time around, favoring traditional conservative groups and other strong nationalistic movements. In the end, German outlet DW reports the conservative Christian Democratic Union (CDU) led by chancellor candidate Friedrich Merz and its sister Christian Social Union (CSU) won the election with 28.6% of the vote. The so-called “far-right” Alternative for Germany (AfD) - a party that legacy media and detractors have besmirched as being pro-Nazi - came in second with 20.8%. The election results will officially be ratified on March 14th.
DW further explained the results:
The big winner of the election in terms of voter gains was the right-wing populist AfD, which nearly doubled its voter share over the previous federal election in 2021. The party, whose chancellor candidate Alice Weidel received praise from Elon Musk for her hard stance on migration, was particularly strong in the East.
The surprise winner of the election was the Left Party. After years of declining membership and poor returns at the polls, the party managed to pull off a comeback. The Left Party, which has its roots in East Germany's communist party, launched a highly popular social media campaign and succeeded at appealing to young voters, many of whom were concerned by the rise of the far right and disillusioned with the SPD and Greens.
The center-left SPD, Germany's oldest party, recorded not only its worst result in a federal election in over a century but also its largest loss of votes compared to previous elections. Former Chancellor Olaf Scholz has announced he will not serve in the next government.
The Green Party, which soared to popularity in the 2021 election, took a 3% loss. Whether it was high energy prices, frustration at the slow pace of adopting renewable energy policies or the focus on migration, the Greens failed to hold on to their votes. The Left Party in particular profited from the Greens' losses, picking up 700,000 votes (see voter migration chart below).
The FDP, whose withdrawal from the coalition triggered the snap election, suffered heavy losses. The party won't enter the Bundestag after missing the 5% threshold. Since 2013, it is the second time in its history that the FDP has failed to pass the mark. Party head Christian Lindner announced that he would retire from politics.
Though it is clear many Germans were tired of leftist policies and voted more conservative, Chancellor-elect Merz has already backtracked on some key policies that got him and his party elected in the first place. In his post-election speech, Merz backpedaled on his party’s promise to tighten immigration laws.
“None of us are talking about border closures. No one. Although this claimed at times during the election campaign. None of us [will] close the border.”
On top of this, Merz used to be a former BlackRock executive. BlackRock is the largest asset manager in the world ($11.5 trillion). Merz formally served as chairman of the supervisory board of BlackRock’s German branch beginning in 2016, but resigned in 2021, German paper Wirtschaftswoche notes.
Süddeutsche Zeitung, a German paper based in Munich, once wrote that his role went far beyond “the usual range of tasks,” with BlackRock adding that the firm values “his address book, his contacts in politics and in the executive offices of German companies. Merz’s role is to act as a door opener for one of the most powerful financial groups that has ever existed. They are happy in those circles today.”
World Socialist Web Site also noted in 2018: Even before joining BlackRock, Merz served on the supervisory boards of numerous corporations and banks. For nine years he has also been Chairman of the Atlantic Bridge, a European-American network of some 500 influential personalities from the banking, finance, business, politics, media and tech sectors, as well as a member of the Trilateral Commission.
Moreover, The Nordic Times points out Merz has been richly rewarded for his work with the financial elite and is currently estimated to have a private fortune of between €11-12 million – making him the country’s second richest politician after former chancellor and SPD politician Gerhard Schröder.
In recent days, Merz has rebuked President Donald Trump and the United States for apparently abandoning Europe, but will work to strengthen Germany and the European Union.
“I would never have thought that I would have to say something like this in a TV show. But after Donald Trump's remarks last week, it is clear that the Americans — or in any case, the Americans in this administration — do not care much about the fate of Europe
“My absolute priority will be to strengthen Europe as quickly as possible so that step by step, we can really achieve independence from the USA.”
He said the NATO summit in June could be a defining moment, claiming it is unknown whether allies “would still be talking about NATO in its current form or whether we will have to establish an independent European defense capability much more quickly.”
Merz, like most of the EU, is still on board with funding Ukraine in a losing war with Russia, even as Germany’s and Europe’s economies continue to tumble.
Liana Fix of the Washington-based Council on Foreign Relations (CFR) told VOA: “Friedrich Merz has spoken in favor of Ukraine's victory. In general, he has adopted a more hawkish position than [outgoing Chancellor] Olaf Scholz had. He advocated for German long-range missile deliveries to Ukraine, the Taurus. He made clear that support for Ukraine will have to continue, even if a ceasefire deal is reached.”
Nevertheless, Trump still congratulated Merz victory on Truth Social. “Looks like the conservative party in Germany has won the very big and highly anticipated election. Much like the USA, the people of Germany got tired of the no common sense agenda, especially on energy and immigration that has prevailed for so many years,” Trump wrote, using all capital letters.”
Russia was a little more timid. “Each time we want to hope for a more sober approach to reality, for a more sober approach to what could be issues of mutual interest [between Russia and Germany] and mutual benefits. But let's see how it will be in reality,” Kremlin spokesperson Dmitry Peskov told reporters on Monday.
CFR board member Liana Fix added that Germany, which is the largest supplier of military aid, second only to the U.S., suggested Europe could utilize roughly $200 billion worth of frozen (stolen) Russian assets to fund Ukraine’s operations. Merz “can agree to seizing Russian frozen assets, which has not been done so far but should be done soon before Hungary vetoes. He has talked about the U.K. and France having to extend the nuclear umbrella to Germany as a possible pathway,” Fix added.
VOA also noted:
In the election campaign, Merz supported maintaining Germany’s so-called "debt brake," which limits annual government borrowing to only 0.35% of the country’s gross domestic product.
Germany’s budget deficit is among the lowest in the G7 group of nations, although critics say the policy blocks critical investment. Merz has hinted that the debt brake may be eased to boost defense spending.
“Given the challenges at hand, we're looking at the reform of the so-called debt brake, and that requires constitutional amendments, for which there is not a majority of the centrist parties in parliament,” analyst Mattia Nelles, founder of the German-Ukrainian Bureau, a policy consultancy based in Dusseldorf explained.
AUTHOR COMMENTARY
Proverbs 29:2 When the righteous are in authority, the people rejoice: but when the wicked beareth rule, the people mourn. [4] The king by judgment establisheth the land: but he that receiveth gifts overthroweth it.
Exit stage left one clown, enter stage right another jokester.
I hate to say it, but I think it is time we etch Germany’s name on its tombstone, and you might as well throw the whole of the European Union on there as well. I honestly don’t see how the E.U. can last much longer at this current pace; and even if they magically got their act together tomorrow, the damage done is too much to overcome without having to go through some serious pain and suffering for years to come, even if populist parties took charge.
has been covering the slow burn of the German economy (the largest in Europe and third in the world). Their industry has been crushed and I don’t see how this is going to be resolved anytime soon; especially when this BlackRock scrooge is another establishment executive who wants the warring to continue, while lying his way into office (and paid for by his comrades). But German defense contractors have been making record profits, so that tells you all you need to know right there. SEE: Top 15 World Defense Contractors Set To Earn Record Profits, More Than They Know What To Do With, Banking On More War
[7] Who goeth a warfare any time at his own charges? who planteth a vineyard, and eateth not of the fruit thereof? or who feedeth a flock, and eateth not of the milk of the flock? [8] Say I these things as a man? or saith not the law the same also? [9] For it is written in the law of Moses, Thou shalt not muzzle the mouth of the ox that treadeth out the corn. Doth God take care for oxen? [10] Or saith he it altogether for our sakes? For our sakes, no doubt, this is written: that he that ploweth should plow in hope; and that he that thresheth in hope should be partaker of his hope. (1 Corinthians 9:7-10).
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