BlackRock Board Member Seeks to Replace Merkel

The vast, shadowy power of BlackRock is on the front stage as board member Friedrich Merz, wants to succeed Merkel

Please consider Angela Merkel's rival Friedrich Merz and the vast, shadowy power of BlackRock.

Friedrich Merz, Angela Merkel's old political rival, has set his sights on replacing her as head of the Christian Democratic Union (CDU) and potentially the German government. If successful, he would be the first German leader to come directly out of the so-called shadow banking system, and the first leader to have previously been a highly paid lobbyist for a global financial institution.

Shadow banks are generally defined as financial institutions that work like banks but aren't subject to the same regulatory systems. Their growing power, which dwarfs the likes of Amazon, Facebook, and Google (all of which BlackRock invests money in) means that financial market speculation has become one of the biggest movers of money in the world.

Merz heads the supervisory board of the German branch of BlackRock, the biggest asset management corporation in the world, which controls some $6.3 trillion (€5.56 trillion) in assets — twice Germany's gross domestic product.

Two venerable German researchers, political scientist Peter Grottian and finance expert Werner Rügemer, appeared in Berlin on Wednesday to warn against letting Merz take control of the German government. Working independently of any university, the two men produced a dossier on BlackRock and Merz because they believe the shadow banking system is not being properly explained in the media even with Merz as a frontrunner to replace Merkel.

The 14-page dossier claims that BlackRock is the global leader in a number of financial operations that specifically aid the super-rich: organizing shell companies (it manages more letterbox firms than anyone else in the world), dealing in "dark pool" financial markets (unregulated markets where major financial institutions trade securities), and creating near monopolies (such as the takeover of Bayer by Monsanto, completed this year).

Battle Loyale for CDU

The battle for CDU is on. There are three candidates, only two of them have a chance. Politico labeled a three-way debate Battle Loyale.

Trump vs. Rubio it was not. Each candidate gave a 10-minute introductory speech and then all three stood on stage to take questions for two hours from the audience of more than 800, directed by a moderator. The most substantive difference between the three appeared to be their height, with Merz and Spahn, both nearly 2 meters tall, towering over Kramp-Karrenbauer, who stood between them on stage.

Merz has come under fire in recent days as Germany’s media has scrutinized his wealth (he’s become a millionaire corporate lawyer since leaving politics) and his affiliation with investment group BlackRock, where he serves as supervisory board chairman for Germany. He is also facing questions about statements he made as an active politician in the early 2000s, including a swipe at Berlin’s then mayor, who was gay. “As long as he doesn’t get too close to me I don’t care,” Merz told German weekly Stern at the time.

So far, Merz and Kramp-Karrenbauer have led the polls, with the younger Spahn a distant third. What influence popular opinion will have on the 1,001 delegates who will make the final decision at a party congress on December 7, isn’t clear.

CDU Leadership Polls

Poll from Wikipedia.

There is an enormous difference between the Nov 23 and the Nov 17 poll. One of them is severely wrong. In any case Spahn has no chance.

Annegret Kramp-Karrenbauer, frequentely shortened to AKK, is General Secretary of the CDU and Merkel's hand-picked replacement.

With Merkel's backing, It is probable that AKK wins, but two Emnid polls have Merz in the lead.

Mike "Mish" Shedlock

Comments (15)
No. 1-9
Ted R
Ted R

This is upsetting to say the least. I had no idea BlackRock was so big.

caradoc-again
caradoc-again

Blackrock massive in Madrid rental market, causing concern. The powerbrokers want this man in so capital is in control. Same people that wanted Macron imho.

Bam_Man
Bam_Man

Kakistocracy. Better get used to it. These are the scum that will eventually run all the governments in the so-called "democratic" West. Some commentators say we are headed into a new 'Dark Age'. I disagree. We are already in one.

JL1
JL1

Merz questioned the loose asylum policies of Germany by wanting to talk about the fact that the right to asylum is written into German constitution and saying that maybe it should be removed and he also wanted to clarification whether the Global Compact on Migration will create any new grounds for asylum seekers to claim asylum.

"For example, climate change should not be regarded as political persecution, he said, and thus as a reason for asylum."

On Global Compact for Migration: "The controversial pact, against which there is sometimes vehement opposition in several countries, is to be adopted in Morocco on December 10th and 11th."These are things that we in Germany cannot accept through the back door," continued Merz."

"Kramp-Karrenbauer was also critical of the non-binding principles that the asylum pact contains in dealing with migrants.

"In future we must have a better sense of what is questionable, and we must start discussing it much earlier," she said. "

The Global Compact on Migration has been REJECTED by Australia, USA, Austria, Italy, Poland, Czech, Hungary, Romania and a few other countries but apparently Merkel still has enough political power that Germany will go along with it.

The GCM has goals like easing family re-unification, giving illegal immigrants (like rejected asylum seekers) legal status aka residence permit and allowing immigration of uneducated and low wage immigrants easier.

It is to be approved in Morocco in early December 2018.

JL1
JL1

I just realized that Germany just LOOSENED their immigration policies further:

"According to a report, the grand coalition wants to relieve the Federal Office for Migration and Refugees (BAMF) by temporarily changing the asylum law.

Improving immigration procedures

According to a report presented Thursday by Burkhard Lischka, the spokesperson for internal affairs in the Bundestag, the deadline for the routine review of positive asylum decisions will probably be extended from three to five years at BAMF’s request.

At the least, this will apply for refugees who applied for asylum in 2015 and 2016, when a particularly large number of migrants came to Germany."

This review is postponed to be made after 5 years when the current law is 3 years. In the review BAMF is supposed to check whether the migrants who got asylum or subsidiary protection are still in danger in their home country from persecution or war or whether the situation has changed so that they could go home in which case their residence permit should be NOT renewed and they should be sent back home.

Those who came in 2015 should have their review in 2019 (since the 3 years is from the date they had their decision and most got it in 2016) but now this would be postponed to 2021.

Those who came in 2016 should have their review in 2020 (since the 3 years is from the date they had their decision and most got it in 2016) but now this would be postponed to 2022.

It is crazy that Germany is still LOOSENING their immigration and asylum policies and using BAMF incompetence as an excuse.

Most Syrians should be sent back home since most of Syria is now SAFE.

ALL of Afghans should be sent back home since Kabul is SAFE and they could live there under the principle of internal flight inside the home country must be first way to flee and not coming to Europe.

ALL of Iraqis should be sent back home since most of Iraq is SAFE.

ALL of Somalis should be sent back home since Mogadishu is SAFE and most of Somalia is SAFE.

JL1
JL1

German parliament seems to have voted to approve the Global Compact on Migration:

Here is the GCM:

It will make countries loosen family re-unification rules, give residence permits to illegal immigrants like failed asylum seekers and make them take in more not educated and low wage immigrants IF countries who sign this GCM follow the rules they are politically agreeing to.

To sell this bureaucratic UN Compact politicians in Europe are saying to voters that they do not need to worry since GCM is non-binding...

Why sign a huge agreement if your reason for saying we need to sign it is that it is non-binding?

UN started work on GCM in 2016 after the huge rush of migrants and asylum seekers to Europe in 2015 and early 2016 so Merkel's insane decisions in 2015 are responsible for this Global Compact on Migration...

Mike Mish Shedlock
Mike Mish Shedlock

Editor

"German parliament seems to have voted to approve the Global Compact on Migration"

One word: Crazy One sentence: It's crazy and the people know it

Mike Mish Shedlock
Mike Mish Shedlock

Editor

So here we are A questionable financier with a reasonable idea on Migration vs Merkel-sponsored candidate

Kinuachdrach
Kinuachdrach

In a rational world, Merkel's backing would be the kiss of death.

As a side comment, I am old enough to remember when the thesis was that the world would be a better place if women had a larger say in its running. Now that we have seen the track record of female CEOs and female politicians, it is clear that the thesis was wrong. To paraphrase a critique of actor Richard Roundtree's performance in the movie "Shaft in Africa" … the average female anything is like the average male anything -- average. Merkel would be making a contribution by hand-picking the best person as her replacement, and not limiting her choice to the best woman.