this wake-up service is about successful people who have made it – and who suddenly have scratches on their paintwork. A little piece about crises that come suddenly.
Let’s start with the man whose job description in days gone by was “Leader of the Free World.” To celebrate the anniversary of his presidency, Joe Biden took the opportunity to hold a press conference. That should convince all the critics, who find fault with the flight from Afghanistan, inflation, and the spending programs blocked internally by members of his Democratic Party.
Biden spoke of “enormous progress” in his balance sheet, of high vaccination rates, six million new jobs, higher salaries. He didn’t talk about dwindling approval ratings, just “that there is a lot of frustration in the country”. He could also have said, like Bill Clinton did in his campaign slogan: “It’s the economy, stupid.” But even that would not have reduced the country’s frustration.
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In France, Emmanuel Macron no longer has three years, like colleague Joe, but only three months to turn moods. The former investment banker wants to create his re-election as President with a European furore. So he spoke at the start of the French EU Council Presidency in the European Parliament. But: The momentum of the Sorbonne speech of 2017 is gone, this Jupiter-like desire to completely reposition Europe. Now it’s about the triad of values of democracy, peace and progress: “The upheavals we are currently experiencing have shaken these values.”
Specifically, Macron proposes including environmental protection and the right to abortion in the European Charter of Fundamental Rights. However, the EU as the “power of the future” that Macron spoke of, a powerhouse for research and development, is currently a projection. First of all he has to beat his opponents from the right at home: Marine Le Pen and Valérie Pécresse.
When we look at Britain, at the most loyal Donald Trump adept that Europe has had, one wants to sing “God save the Queen” three times in a row to calm things down. Because in Westminster, Prime Minister Boris Johnson, even with anti-BBC campaigns, announcements of personnel changes and defiant “I’m staying” statements, is not able to unite the conservative party behind him.
The frustration about “Partygate”, about the many alcohol parties at the official headquarters in the lockdown, is simply too great. Twenty Conservative MPs are said to have been secretly discussing a no-confidence vote against Johnson. The first MP, Christian Wakeford, has already defected to the Labor opposition. And in yesterday’s turbulent debate in Parliament, Tory MP David Davis sought support from the very top: “In the name of God, go.” In plain German: “Go with God, but go!”
In Germany, too, the chapter Götterdämmerung almost writes itself. We see the green bosses Annalena Baerbock and Robert Habeck, currently in heavy government operations, but also under pressure from the Berlin public prosecutor’s office. She has initiated investigations against the leading duo and the four other members of the federal executive board of the Greens because of controversial special corona payments – after a few reports from private individuals. Reason: “initial suspicion of infidelity”.
As in an eco-banana republic, the 2020 committee had approved a “corona bonus” of 1,500 euros each from party assets. The green auditors then criticized the extra cash internally – according to their own rules, the board members should have received a maximum of 300 euros.
Conclusion: Habeck & Co. can’t expect too much consideration: “Some people just turn a blind eye so that they can aim better,” said director Billy Wilder.
Where Markus Söder is at the moment, for example in Corona policy or in the treatment of the CDU, is only known after his reliably updated press statement. As a Don Quixote against windmills in the Free State, he attracts attention. Apparently, however, the state of Bavaria finds its lurching course unattractive. According to Bayerischer Rundfunk’s latest “Bayerntrend”, only 55 percent are satisfied with their CSU prime minister – a drop of eight points compared to September 2021 and 17 points compared to the previous year.
Of the 1171 respondents, just 54 percent are satisfied or very satisfied with the state government – 16 percentage points less than in 2020. And the CSU, with a dramatic 45 percent, is even down 21 percentage points. According to these figures, only the SPD, FDP and AfD are on the up, and the Free Voters and the Greens are also falling.
(Photo: AP)
One last example of the fallen of the now: Novak Djokovic, 34, unvaccinated. The tennis star’s image is in accelerated decline following his expulsion from Australia and facing a possible ban for the major tournaments in Paris and Wimbledon. This worries his sponsors, who provide a large part of the non-sporting annual revenue of a total of 30 million euros.
When asked by my colleagues, many of the financiers distance themselves. “We are observing the current situation critically,” explains the Austrian bank Raiffeisen International. If the sponsor no longer sees the transfer of a positive image to their own brand as guaranteed, an extraordinary termination could be justified, explains the Düsseldorf sports expert Paul Lambertz on the situation.
The phenomenon of disenchantment also affects products such as the legendary Thermomix. The high-tech kitchen appliance for chopping, mixing, pureeing and cooking replaces housewives, househusbands and kitchen maids, which is why the latest model costs more than 1300 euros. The manufacturer Vorwerk accuses the discounter Lidl of stealing ideas, which successfully sells its all-round kitchen machine “Monsieur Cuisine” at a very low price.
A Spanish court of appeal has now ruled that the stealing is not true – and dismissed Vorwerk’s lawsuit for “theft of intellectual property”. The Monsieur Cuisine, which also generates sales in this country or in France, differs significantly from the Vorwerk product. According to the judgement, the Thermomix patent also does not contain sufficient “inventive activity” that is worthy of protection. A bludgeon. If all this is too much for you, you can stick with the actress Jeanne Moreau: “My favorite relaxation are cookbooks.”
And then, for edification at the end, there’s a long-awaited climber: interest. After 141 weeks, the yield on the ten-year federal bond broke the zero percent mark for the first time yesterday – it peaked at 0.02 percent. The era of negative interest rates is coming to an end. The state no longer gets something extra when it borrows money, but has to pay something for it – just like in earlier, “normal” times. “A small change with great symbolic power,” comments Ifo boss Clemens Fuest.
Like a beacon, the ten-year federal paper has a signaling effect for long-term capital market interest rates in the euro zone. Borrowers, savers and investors can also count on rising interest rates.
Conclusion: And so we end with Henri Matisse and optimism: “There are flowers everywhere for those who want to see them.”
I wish you a flowery day.
Best regards
Her
Hans Jürgen Jakobs
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