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In Preview Of Inevitable Unhappy QEnding, Overeager German Safecrackers Blow Up Bank
It looks like someone took a page from the Bernanke open-ended playbook, who when tasked by Chuck Schumer to "get to work, Mr. Chairman", and realizing his job is on the line, literally bet the Fed's political ranch on the biggest liquidity tsunami ever conceived in Keynesian history with consequences which as Gary Kaminsky explained earlier, will be akin to a Kamikaze pilot, if one who has over 310 million passengers. That someone was one or more German safecrackers in the town of Nottuln-Darup, who were eagerly pursuing their New Normal patriotic duty to release some bank reserves into broad circulation by blasting through a safe on Sunday night, when they used some extra laced C-4, in the process blew up the entire bank, shattering windows across the street, and causing hundreds of thousands of euros worth of damage. Perhaps this, more than anything, is the best visual of just what Bernanke's attempt to unclog the "bank plumbing" will look like in the end, even better than Zimbabwe coordinated 1 million man flush. The silver lining: at least they added to German GDP: if today's Ifo number is any indication, Germany desperately needs it.
From Spiegel, which for once is not reporting about 4x Eurozone bailout leverage citing "sources":
Thieves in Germany would seem to have been a bit overeager in their attempt to crack open a cash machine using explosives on Sunday night. The resulting blast destroyed the entire bank branch, causing hundreds of thousands of euros in damage.
Thieves are, of course, well known for extreme creativity when it comes to getting their hands on money that doesn't belong to them. But if all else fails, one can always turn to explosives.
That, at least, seems to have been the preferred strategy of bank robbers in the tiny western German town of Nottuln-Darup. The miscreants, however, appear not to have had the training required to adequately estimate the size of the detonation necessary to crack open the cash machine they had chosen as a target. Instead, the explosion destroyed the entire bank branch with one massive blast.
"It is a spooky atmosphere here," a police spokesman told reporters on Monday morning. "The fire department has set up an emergency power supply. Damage to the building is likely to be worth several hundred thousands of euros." The spokesman said it was unclear whether the building sustained significant structural damage and that experts had been called in to inspect the structure.
Miraculously, nobody was injured in the blast, despite debris ending up some 80 meters (260 feet) away. Residents of the apartments in the upper floors of the three-story building were quickly evacuated.
Initially, police were unsure whether the thieves had actually been able to access the cash they were after -- it initially proved difficult to even find the cash machine amid the rubble. On Monday afternoon, however, police told SPIEGEL ONLINE that some cash had been removed, but it remained unclear how much.
Perhaps these thieves in addition to mimicking Bernanke, alto took some hints from America's own FOMC-City bank robbers from 2 weeks ago:
It was also unknown on Monday afternoon who might have been responsible for the outsized explosion. Police have, however, been able to locate the getaway car some 500 meters from the destroyed bank branch. The vehicle had been stolen earlier.
It is unclear if the getaway car was also a Volvo.
And here is what both a bungled robbery, and what the final phases of QE X+1 will look like.
And here is how others have historically prepared to unclog "stuck" liquidity:
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don't ruin the safe its worth more than whats inside it
cRaCk Up BOOM, bitchez !!!
I guess now they can test that economic theory about broken windows.
I am Chumbawamba.
just print another Euro Bank
Someone put out the word to these guys that the Eccles Building contains $1T in gold... ;)
Mmmm Grey Butter.
Nothing exceeds like excess!
... the police are searching for three guys with frizzy hair and bad hearing ...
"Think ya used enough dynamite there Butch?..."
http://www.youtube.com/watch?v=hHXK2t50S-8
Looks like a job done by Kelly's Heroes...
Edit: One upped you Tyler:
http://www.youtube.com/watch?v=Csv1wXOr5tY
(for those who haven't seen it...skip to last 10 secs...)
A small-town Sparkasse: that is pretty desperate.
It's a start.. ... :)
It's misdirected, target a TBTF, not an S&L
Lots of broken windows. Krugman is so proud.
It's a recovery when other people's windows are broken, it's a robbery when it's yours.
I'm an economist
you're a banker
they're thieves
Even better if aliens broke them.
A tragedy.
A dead bank and no dead banksters.
a man's got to know his limitations, and his C4
Dumbkopfs! Nothing in der damn bank worth stealing. Hit the liquor store and the Jagermeister, or better yet the goldschlager!
If I drink enough Goldschlager, I may in time shit gold.
tungsten
*brain essplodes*
Men, our alcohol has been breached. All sectors, switch to Patron Silver.
You must be Tywin Lannister.
You were sitting home watching your tv
While I was participating in some anarchy
First spot we hit it was my liquor store
I finally got all that alcohol I can't afford
With red lights flashing
Time to retire and we turned that liquor store into a structure fire
Sublime
Just the boom in Boom Bust Blog. Get some sleep.
Upon opening the safe the would be thieves found them to be empty..it was then they realized that all the "money" was just digits on the hard drive they blew up. Disappointed they yanked out the circuit boards to reclaim any silver they could.
Heck, that explosion would have blown the doors off the safe deeply tucked under the Marriner Eccles Building!
Looks like a residential apartment above. Feel sorry for them.
I vunder vhy dis vires runs upenze stares .... und dis is vehr dey placend dis vires upond de batdrey.
Fuckin Katzenjammer Kids...
Guess I'm not the only one here who is older than dirt;)
Looks likes Bulls need to wait for "Turnaround Tuesday" for Potter/BIS to really get things firing.
Is that excess liquidity flowing out on the sidewalk???? FUCK YOU Bernanke!
I used to think robbbing banks was bad until I learned how much they rape the public. Not my local mom and pop bank or credit union but the TBTFs.
Funny, must be in the northern part of Germany, Schleswig Holstein or so, usually those people are clumsy and not so aggressive, but...Don't know whether they lost a match in the Bundesliga...business as usual, move on.
Oops
Do you think you used enough dynamite there Butch
https://www.youtube.com/watch?v=hHXK2t50S-8
Beat me to it...one of my all time favorites.
Hey..it cheaper than using a wheelbarrow...
Fuck You Bernanke
The guy who blew up the bank was the same guy who played the German tank commander in The Dirty Dozen.
Umm I think you got your movies mixed up, could you be referring to Kelly's Heroes?
Yup, Kelly's Heroes. Love those WWII movies.
I think you mean Kelly's Heroes.. good movie. Don Rickles let it all hang out.
"Maybe the guy's a republican.."
"Sergeant, if you want an equal share of this money, all you have to do is crank that turret around and blow a hole in that door..."
14,000 gold bars were worth 16,000,000. If they were hundred ouncers, that's only $11.XX an ounce, the math never really worked out. Always bugs me when I see it.
edit: whoops, sorry, didn't see your comment, Rob.
Donald Sutherland
Dead Presidents.
The German translations of Draghi's tool in action were probably misunderstood.
In this Bizarro world we live in, maybe all this QE will actually "work."
Boom times a-coming to a place near you!
Probably done by some poor Greeks! There is no money in the Greek banks so they had to go to Germany.
These guys are next in line for Der Eisernes Kreuz.
Last words heard from these brave Keynesians:
"Oooopps!!!"
More likely: "This should be enough."
The Bernak when he made his "Qe-infinity" decision!
that was great. LOLOL.
Governments are, of course, well known for extreme creativity when it comes to getting their hands on money that doesn't belong to them.
Fixed that for ya.
Same thing happened to Butch Cassidy and the Sundance kid!
Corzine-4 blows up more than you think.
Vaporizes anything and everything(especially the stuff they keep in banks)...!
In the late 60s, in Syracuse, NY, there was a similar robbery--only more successful.
Robbers bought a war surplus light howitzer, 105mm I think--something like this: http://farm1.static.flickr.com/38/97969265_65b32ae28d.jpg . They rented a storefront across the street from a bank where the vault door was in line of site through the windows on the street. One night they fired an armor piercing round through the window and blew the vault. As far as I know they were never caught.
At least they didn't fly a passenger airplane into it then blow it with thermite for good measure.
Yeah, if you scale down the relative size of WTC 1 or 2 vs a 757 to this little bank building . . . seem like a medium sized radio controlled model airplane would have caused the buidling to collapse in its own footprint.
No fire though :U
According to NIST, setting a couple of trash cans on fire should easily collapse a building of that size.
I agree, flying a plane into the WTC was a gross misclculation and only succeeded in vaporizing all that gold. (sarc)
Q: Why do you blow up banks?
A: That's where the money was.
LOL
In the movie V for Vendetta I could see the answer:
Because that's where the bankers are.
"The miscreants, however, appear not to have had the training required to adequately estimate the size of the detonation necessary to crack open the cash machine"
Aren't they talking about Bernanke and QE3 here?
Of course they are!
It's the Keynesian "We're Gonna Need a Bigger Hammer Theory" in all its rampant glory, pounding a stake through the heart of capitalism.
Gotta watch out for those 'UNINTENDED CONSEQUENCES' - Eh, Ben???
Robbers, how come to? Blowing up banks is the sole privilege of the elites.
The news report says they were only trying to open the cash machine. I wonder how much they would have used if they had been trying to open the vault.
Also I wonder what the black market value of C4 is. They might have been better off just selling it.
It's suprisingly cheap, or at least it was back in the mid-90s when the ATF was trying to sell it at gun shows.
Wall St. already blew up the big German banks with MBS & CDS. This is much more fun to watch.
zeros to heroes ?
Soon it won't be worth stealing, so this is a problem that takes care of itself.
"Pull it."
I heard that it came down at freefall speeds, especially the bits on the top.
What odds these "miscreants" (what a great word!) spent more to get the C-4 than they got out of this, um, "heist"? It would double awesome if the getaway car was out of gas.
Anytime there's an explosive used, it's "C4", just like any rifle becoms an "AK47". There are lots and lots of relatively high-power explosives that can be plastic and dirt cheap to make. The media is just lazy and the public is too stupid to justify getting facts right. Probably PETN, PETN is cheap as all hell.
Letter to Editor.......
Last Saturday, September 22, I went to Annual Membership meeting in attended by Congressman X. Mr. X was kind enough to address me in a small group. I told him I have three questions: 1) the amount of interest U.S. government is projected to pay on our 2012 debt, 2) what is the effective interest rate on the 2012 federal debt, 3) what is the current average maturity on all the outstanding federal debt? Answers, he did not know the figure for any, except interest rates were low and we had a spending problem. I believe Mr. X is more knowledgeable on this topic than the average congressman, however their projected lack of knowledge and concern takes my breath away.
Congressman X was amicable and asked me to walk with him as he departed the park. He encouraged me to get more involved in the political process. I told him I do talk to people but most people’s eyes glaze over as numbers seem to bore people, so I told him I would try to simplify my analysis and try something.
Well, this is my effort to get more involved and explain the biggest threat to the American Dream, because a financially distressed country fails on its promises—just ask the Greek people. First, U.S. interest payment in 2012 fiscal year (Oct. – Sept) will be about $370 million or about $80 million less than 2011. (Note: I will bet you did not know this $80million accounts for over 50% of the federal deficit reduction from 2011 to 2012.) You might ask: “How can interest payments fall when debt increased more than $1 trillion?” The decrease is due to reduction in interest rate as the effective interest rate for 2012 is about 2.3% which is down from 3.07% in 2011. (Note: Simple interest rate calculation for example 2012 interest rate equals 2012 interest payment divided by estimated debt on 9/30/12.) Interest rates fell because of the financial chaos in Europe and the world, but also due to our federal treasury department reducing the average maturity of our debt outstanding. (Note: average debt maturity drops if you sell more 52 week bills versus 30 year bonds and most people believe treasury should expand average debt maturity in a low interest environment; however this would increase the federal deficit.) The average maturity of federal debt has fallen to about 5 years. This means in the next year roughly 20% of the debt or about $3.2 trillion must be refunded. To fund our federal government in 2013, the citizens of the U.S. must borrow or print about $4 trillion to fund our programs and rollover our debt.
To try to explain the depth of our interest payment risk, the fiscal cliff the U.S. faces in January 2013 represents a $1.2 trillion reduction in the deficit over next 10 years holding everything else constant. Remember the fighting between the parties to reduce the deficit $120 billion on average each year over a ten year period, well, If effective interest rates rise back to 2000 level of 6.38%, interest payments would be $1.1 trillion or an increase of $727 billion over 2012 as an annual recurring expense. (Note: Every 1% interest rate increase causes interest payments to rise $161 billion.) If the Federal Reserve creates an inflationary environment and we return to the interest rate environment of 1980, the financial foundation of the U.S. will crumble. (Note: Yes, I am overstating the near term risk, but not the threat, because the Federal Reserve will smother interest rates for a short period, but market forces will correct this low inflation and interest rate period.)
While working on this article, I have had a change of mind about the cost and benefits of the fiscal cliff. If Congress fails to implement the already passed law to reduce the deficit, the debt will surpass $17 trillion in 2013. Cutting the deficit and balancing our federal budget will always be painful, when do we ever start? Therefore, I am writing my congressman, senators and President to voice my opinion based on these facts. My letter will remind them in August 2011, Congress passed the Budget Control Act of 2011 that provided for the "Supercommittee" to produce bipartisan legislation by late November. If the Supercommittee failed to do so, another part of the Budget Control Act directs across-the-board cuts in defense and domestic spending, beginning January 2, 2013, and increases federal tax rates. Finally, my letter will let Congress know my concerns for the dangers of deficit spending have not changed since August 2011 and I would hope Congress’ desire to tackle this immense danger to the American Dream has also remained firm. I hope you engage the system too whether you agree with me or not.
(Note: I write this article to provide the spiritual truth for my grandmother’s understanding and for my yet to be born grandkids.)
.
Dear Trustwho,
You are absolutely right about your calculations but also about the attitude of politicians. The fact is that the problem cannot any longer be resolved mathematically or politically because it's just not possible. The solution unfortunately will be chaotic and fairly quick. And believe me, when the dust settles, the pain will hit all at once.
The worst of your calculations is not the inevitability of higher interest rates, but the mountain of unfunded liabilities which in the end cannot and will not be honoured. That means a great many epectations of the people will be reduced to rubble.
The extent the politicians hides the numbers is just plain evil. For example, politicians refer to public interest payments versus gross. In 2011, public interest payment was about $250 billion versus gross being $454 billion.
Also, we should force congress to implement zero-based budgeting and only refer to growth or cut relative to prior years' actual spends.
Congress does not know the numbers and they do not wabt the citizens to know. When I was asking the Congressman questions, he quickly went to a place of "Who the Hell are you?". He was forced to be amicable and controlled at the park, but you could see him seething.
Sign says "Sparkasse"...maybe someone just lit a fart.
Dang, I hate it when that happens.
- Ned
stupid krauts , always fucking it up before octoberfest
Into the future, we'll be seeing a lot of that image on ZH.
Relative of Bernanke. He make a happy.
How do we know it wasn't an inside job trying to cover up a theft by blowing the place up?
wow what kinda explosives and how'd they get em
Reminds me of Butch Cassidy and the Sundace Kid.
http://www.youtube.com/watch?v=hHXK2t50S-8
"Miraculously, nobody was injured in the blast, despite debris ending up some 80 meters (260 feet) away. Residents of the apartments in the upper floors of the three-story building were quickly evacuated."
I'll bet they did.
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The proposed purchase, ask the manufacturer of concrete used in the radiation fabric of what raw materials, cleaning radiation clothing and in accordance with product instructions.
Spark Ass...?
How fitting.
Now that is what you call a hole in the wall...