The Glass-Steagall tsunami has reached the European continent and some clearly know they have to react and position themselves. Today, Nikolaus von Bomhard, CEO of No. 1 reinsurance firm worldwide, Munich Re, came out for banking separation — and for abolishing sovereignty and more EU control, according to Spiegelonline.
Under the headline "Insurance Boss Demands To Chop Up Banks," Bomhard references Glass-Steagall as an example and says he is a "fan of banking separation," which was in force in the United States until the '90s. "We need fundamental changes in the financial markets." Banks must be allowed to fail, and there can no longer be any "too big to fail" banks. Investors have to pay more for the failures of banks. At the same time, in order to "solve the euro crisis," he demands the ceding of more sovereignty rights to the EU and creation of "more automatisms." Whistling in the dark, he says, the euro would survive, but one does not know "in what form."
Munich Re is a gravitation center of old Continental oligarchical financial interests. Bomhard himself joined the board in 2000; he built up the São Paulo affiliate of Munich Re. Since 2009 he has also been serving on the supervisory board of Commerzbank. In 2007, WWF Germany and Magazine Capital elected him eco-manager of the year. Munich Re leads the investors' group of DESERTEC (a project of the WWF) and belongs to the circles supporting the European Climate Foundation.
More such statements can be expected, trying to defend the supranational, anti-industrial EU system. It is, however, crystal clear that this cannot work — the transcontinental, bankrupt financial system is completely interwoven, and thus, the mess on the Continent has to be cleared up for good, if anything is to be achieved. The EU superstructure was created from the outset to serve the financial predators. Thus, the BüSo intervention with our credit and development program, and the defeat of the ESM is more crucial than ever.