Germany’s Shadow Budgets: Bundesbank Warns Of Fiscal Collapse Submitted by Thomas Kolbe With the creation of “special funds” and shadow budgets, the German government is evading fiscal transparency and undermining parliamentary control – a practice now sharply criticized by both the Bundesbank and the Federal Audit Office. France, meanwhile, offers a warning of where this path leads. Political chaos in Paris culminated in fiscal humiliation last week when Fitch Ratings downgraded French sovereign debt from AA– to A+. France has maneuvered itself into a debt spiral, fueled by unchecked government spending and a misguided attempt to paper over social fractures… — Continue at ZeroHedge News : Read More
