{"data":{},"content":[{"data":{},"content":[{"data":{},"marks":[],"value":"When it comes to major economic issues, it becomes painfully clear that","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" many politicians do not know ","nodeType":"text"},{"data":{},"marks":[],"value":"what they are doing.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"This is not true of ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"Friedrich Merz","nodeType":"text"},{"data":{},"marks":[],"value":". The former corporate lawyer, who spent a significant part of his career at","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":" BlackRock","nodeType":"text"},{"data":{},"marks":[],"value":", is a knowledgeable figure. This makes his attempt to intervene in the global financial system in order to finance the continuation of the war in Ukraine through the de facto expropriation of Russian assets all the more serious.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[{"type":"bold"}],"value":"The pattern is clear:","nodeType":"text"},{"data":{},"marks":[],"value":" just as Merz moved to using loans to fund his domestic government spending, he now wants to have Ukraine's support financed by others. He does not want to burden citizens with the honest alternative – ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"war bonds","nodeType":"text"},{"data":{},"marks":[],"value":" or ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"tax increases","nodeType":"text"},{"data":{},"marks":[],"value":". So he resorts to the instrument of de facto expropriation.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{},"content":[{"data":{},"marks":[],"value":"On the surface, this is about Russia and the assets of the Moscow Central Bank parked in Europe. The majority of the frozen Russian state assets are held by Euroclear in Brussels. In reality, it is about much more: the global financial constitution and its stability.","nodeType":"text"}],"nodeType":"paragraph"},{"data":{"target":{"metadata":{"tags":[],"concepts":[]},"sys":{"id":"V0EVue82kOyqcWXQtnlFq","type":"Entry","createdAt":"2025-12-17T21:27:57.632Z","updatedAt":"2025-12-17T23:07:41.338Z","publishedVersion":6,"revision":2,"contentType":{"sys":{"type":"Link","linkType":"ContentType","id":"imageWithMeta"}},"locale":"de"},"fields":{"id":"SW1hZ2VXaXRoTWV0YS1WMEVWdWU4MmtPeXFjV1hRdG5sRnFfX18zMjMyMTdmNjQzYzNlM2YxZmU3NTMyZTcyYWMwMWJiMDc0OGM5N2Jl","url":"//image-service.thepioneer.de/show/mj324dykhxwi/3mLcbqpU4qSbtVqUFfMnIA/246e9619459888814503598ffb4a9126/imago835324436.jpg","preview":"","width":5641,"height":3960,"assetId":"3mLcbqpU4qSbtVqUFfMnIA","link":null,"copyright":"Imago","title":"Headquarters of Euroclear in Brussels","caption":"Headquarters of Euroclear in Brussels, 25.09.2025 ","description":"","alt":"Headquarters of Euroclear in Brussels, 25.09.2025 ","fileSize":2926981,"contentType":"image/jpeg"}}},"content":[],"nodeType":"embedded-entry-block"},{"data":{},"content":[{"data":{},"marks":[],"value":"Merz now wants to convince the EU Council of Ministers of a three-stage model that has all the hallmarks of ","nodeType":"text"},{"data":{},"marks":[{"type":"bold"}],"value":"smoke-and-mirrors tactics","nodeType":"text"},{"data":{},"marks":[],"value":":","nodeType":"text"}],"nodeType":"paragraph"}],"nodeType":"document"}

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