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The beginning of the end of Frau Merkel.
bye bye Angela.
Buy Buy Buy
Looks like another Red/Green coalition. I don't see this ending well for the ordinary German. Merkel promised a lot for the Greek bailouts but wouldn't deliver. The SPD will deliver since they believe their own Keynesian delusions.
At least US GDP will increase 5% next quarter from large shipments of Hopium to the EU.
Surprisingly I don't feel Schadenfreude... rather just disappointed.
Well frakking swell, looks like the Fed will have to step in and handle the whole thing now. Someone get AIG on the phone.
No this is a job for Skank of America. They will take the ritual shit in the billion dollar kamode and it will be healed.
I find no mention of this in the German media, nor at Reuters. Where did you get this?
bloomberg running that story now also....
Here, front page
erm, that's breaking news on all TV channels and it's breaking news on handelsblatt,ftd and spiegel.de
Fuck Angela Merkel. Merkel's polishing the brass on the Titanic; it's all going down, man.
i say lets evolve.
and let the chips fall where they may
It was a bright cold day in April (ish) and the clocks were striking thirteen.
Time for a trip to Room 101...
How much of this loss was due to domestic opposition to the bailouts?
Because that will determine whether she can still get parliamentary majorities to get the bailouts approved.
If she can't and it becomes clear that German will no longer pay for bailouts due to domestic political pressures, then goodbye Euro, goodbye PIIGS.
A couple of trillion of dollars in sovereign debt simultaneously entering "voluntary" restructuring should be an interesting sight
A lot. SPD was steadily gaining in the polls during the bailout talks and once it went to the Bundestag on Friday, the SPD abstained from the vote (which gave them a big weekend boost in the polls), Die Linke voted no, and the Greens - well the Greens voted yes and the SPD in NRW will almost certainly have to form a state coalition with the Greens and probably Die Linke for a Red-Green coalition.
Doesn't change much in the Bundestag (lower house) but changes the Bundesrat (upper house) at the federal level.
But, it is clear this was the electorate speaking on how they felt about the bailouts
Thanks for that.
So presumably politicians will all start becoming anti-bailout to save their own political careers, making bailouts less likely, and certainly less generous than the markets had been predicting?
Also seems like the German people may have reached the limits to how much they're willing to subsidise the rest of Europe due to war guilt. The Greek mention of Nazi thefts in the past would have shut up the Germans and had them pay. Seemed to have no effect this time.
We'll see about the politicians. I've been here for six years now and there certainly seems to be some conflicting motivations in the German perspective. 1. Is the innate fear of hyper-inflation, for good reason, which accounts for the German fiscal discipline. 2. Is the innate fear of another european war engulfing the continent, which is why the Germans drove the European Union project for so many years, with the EMU as the glue that holds it together.
Now those two very strong traits are in direct conflict with each other and if one prevails then the other is destroyed, from what it seems like at the moment.
I am of the opinion that fiscal discipline will eventually prevail. Lot's of German acquaintances consider themselves European rather than German and nationalism is still a dirty word. But that began to subtly change with the 2002 World Cup and suddenly it was ok to be German again. It was ok to fly German flags (at the World Cup, any other time and patriotism is still considered distasteful). Before that, they might have gone with the EU proposition and supported bailouts, but today it is a little different. Which is why the low blow Greek accusations, which may have before worked as you said, now just serves to piss people off and bite the hand that feeds.
+1 Patagonian. Good insight.
Don't forget the zionist agenda! That's never enough!
And Ferkel-Merkel is their best friend, not the German people.
As weird as it might seem but what Merkl did was a kamikaze like move. She decided to go on with the Greek bailout and thus insure competitiveness for Germany's exports. She knew she was going to lose the election if she goes forth with with issue, but the did it anyways. I say kudos to her.
Export to whom - we have no more money for German gadgets.
Cars, industrial machinery, software, building equipment, building machinery. Remember China is still buying, but not from the US. And non EU members have a pretty viable economies [well some do cant say for others]. Im not afraid for Germany, not the least.
The German economy is a mirror image of the Pigs and others - it needs unsustainable consumption outside its borders to sustain its savings rate.
There has been massive expenditure on plants designed to service those fat pigs - also its local banks are not recognizing their huge loses . When or if interest income from the peripherie drys up it will bring to a end the noughties Teutonic monster surplus.
That´s all nice and well, but EU buys 63% of german export and Europe 75%.
Exports that are never paid for, except with worthless paper? That keeps the Germans wealthy?
Can I buy your car, give you a note for the balance, and make you rich when I default. Beemer Please.
Sorry sold my cars months ago.
Also never have i driven a BMW and never will. Only AMG.
Kudos to you, Cheeky.
Although some 70% of German exports go to other EU member states, Germany in fact has trade relations with 145 nations - and the dimunition of the Euro will only improve their competitiveness.
If the other Euro economies deteriorate, the drop in the Euro will more than recompensate Deutschland
BRIC countries being the new wave? I think not. Watch germany - carefully.
I agree with you CB, it was a ballsy move on her part, I guess we'll have to believe that her motive was the same.
The one part of this that I have trouble digesting is that even if she sacrificed herself in the name of exports she has to know that the ship is going down.
Never suppose that knowing what is right equals with seeing the future. Germany is a fortress much like America and it will survive anything you throw at her. As for Merkl, well she is the part of the system and thinks like the system, but that does not mean that she does not know what is good for the country in the next 2-3 years.
Konigsberg no longer exists.
Shame, that was a nice beer.
Oh please. Merkel bailed out the German banks and ignored her voters.
I say bollocks to her.
We say shit to her, our Monster-Ferkel (pig)!
I watch no TV - too busy with ZH - but now I hear radio. ALL LIES!!!!
They don't mention even Schäuble!
What was she going to do - reverse herself at the last minute & start contradicting her policies? She was pot comitted a long time ago...Trying to paint Merkel as a martyr is st00pid.
Ach du meine Gute! Dass ist schlect. Deutschers möchten nicht scheiss zu essen.
Your Deutsch is a bit broken [well alot] but funny as hell.
HA HA HA HA
I can imagine Her Flick from Alo Alo saying that line.
Thursday was a two cow rodeo compared to what is going to happen this week.
Brian Williams on Letterman - dirty secret the world has no money - what do proles do when they recognize this ugly fact?
What a shill!
Trying to make himself look relevant in a world that now contains Zero Hedge. Hey Brian, here's a news flash, it takes more than fifteen minutes on the Dave Letterman Show and a lifetime of sucking up to management to accomplish that.
From the video its apparent that he knows how to read a basic stock chart and can at least count up to a thousand.
But, will he or his masters over at GE or NBC News be starting and broadcasting any in depth reports on the financial chicanery of the Wall Street kleptocrats? Or provide in depth coverage as to why we need to audit the Federal Reserve and the roles played by Greenspan in the lead up to the great meltdown, much less cover the machinations behind the political iron curtain when it comes to the current set of corrupt public servants at Treasury/Federal Reserve and in the Obama White House Cabinet?
Will Brian Williams or NBC News even remember this two weeks from now?
About the only thing he accomplished was that he gave the apperance that he understood what was happening in front of the NYC ultra left-wing liberal morons that haunt the Dave Letterman show and hang on his every word as if he were Jesus Christ.
I suspect a few of the clowns in the audience will migrate to and watch NBC News with Brian Williams in the hopes that the great elucidator will enlighten them on exactly what happend Thursday May 6, 2010 over the next few weeks.
My guess is they will be severly disappointed.
The world is out of money, hogwash!
Why else did the market bounce back when the PPT stepped in and provided the necessary liquidity. If the world was out of money (fiat), then the market should have tanked and not stopped until a singularity was created and sucked all of creation in with it.
More disinformation for the peons to bounce around inside their little pea brains until it becomes accepted fact.
She is by far the smartest and most capable western world high ranking politician, period. (Exempt her Cali counterpart governator ______ kidding.)
Alles hat ein ende, nur die wurst hat zwei!!
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