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"Draghi Loses The Majority" Blasts A Triumphant German Press

Tyler Durden's picture




 

Wondering why stocks suddenly found a soft patch in the last few minutes of trading? Here is the reason: according to a report in German Die Welt, the ECB's president and former Goldman Sachs employee, Mario Draghi, has just lost the majority on the ECB Executive Board:

Back row (left to right): Yves Mersch, Peter Praet, Benoît Cœuré
Front row (left to right): Sabine Lautenschläger, Mario Draghi (President), Vítor Constâncio (Vice-President)

From a just released report (google translated) in Germany's Die Welt:

The outlooks for growth and inflation are bleak. Mario Draghi will therefore open the gmoneyates - and is met with increasing resistance. And on the ECB's Executive Board, he has just lost the majority.

....

According to information obtained by "Die Welt", internal resistance to Draghi is now larger than previously thought. He can no longer count on a majority within the Board currently. In the vote on the official opinion of the Governing Council on monetary policy are for information of the "world" three of the six directors supported by the President to the original tune.

 

In addition to Sabine Lautenschlager and Yves Mersch, who had already previously expressed skepticism about bond purchases, one can now add the Frenchman Benoît Coeuré who is against Draghi's course.  ...There had been dissenting voices within the Board on several occasions, but there was always a majority behind the President.

Not this time. Then again, "Draghi is still able to enforce his position easily. Because ultimately decides the proportion of votes on the Board, but in the 24-member Governing Council, in addition to the directors and the governors of the national central banks are represented. Among them there were reportedly more votes against, among others, Bundesbank President Jens Weidmann."

So will Draghi follow Obama in pursuing QE by "executive decision" without a clear majority support? Recall that even Kuroda had a slim 5:4 majority when he decided to go full-Krugman. And if he does so, expect the cold war between South and North Italy to go ballistic and make the smoldering cold war 2.0 between Russia and the West seem like a dress rehearsal.

 

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Thu, 12/04/2014 - 16:41 | 5517910 SheepDog-One
SheepDog-One's picture

Inconceivable!!

Thu, 12/04/2014 - 16:46 | 5517932 kaiserhoff
kaiserhoff's picture

Gute Nacht sagen, Guido;)

Thu, 12/04/2014 - 16:50 | 5517948 freewolf7
freewolf7's picture

This photo reminds me of a police line up.

Thu, 12/04/2014 - 16:53 | 5517960 Bay of Pigs
Bay of Pigs's picture

The Usual Suspects?

Thu, 12/04/2014 - 16:55 | 5517971 knukles
knukles's picture

Mario... If I were you I wouldn't fuck with the guy behind you with the beard.  He's bigger than you.

Thu, 12/04/2014 - 18:00 | 5518172 Atlas_shrugging
Atlas_shrugging's picture

How many assholes we got on this ship anyhow?

 

https://www.youtube.com/watch?v=sen8Tn8CBA4

Thu, 12/04/2014 - 18:05 | 5518188 ilion
ilion's picture

I made money today buying this worthless Euro against US dollar.

Thu, 12/04/2014 - 20:40 | 5518603 Frolf
Frolf's picture

The PIIGS can keep spending Germany's money because the have the goddamn votes

Thu, 12/04/2014 - 17:15 | 5518056 10mm
10mm's picture

Fuckin ain't right. No PC, they got nothin. Fuck em. Fenster

Thu, 12/04/2014 - 16:54 | 5517955 SparticusUK
SparticusUK's picture

Why is he still smiling? Could it be he's not left-handed either?

Thu, 12/04/2014 - 16:57 | 5517982 NYPoke
NYPoke's picture

He's rubbing up against the big dude behind him, Peter Praet?.  He's looking forward to later.  THAT dude should be in charge.

Thu, 12/04/2014 - 17:38 | 5518120 Alea Iactaest
Alea Iactaest's picture

"I would sooner destroy a stained glass window as an artist like yourself. However, since I can't have you following me either..."

Thu, 12/04/2014 - 21:08 | 5518690 Frolf
Frolf's picture

stained glass

Thu, 12/04/2014 - 16:43 | 5517912 LawsofPhysics
LawsofPhysics's picture

Start putting bullets in these people's heads already.

Nothing changes otherwise.

Thu, 12/04/2014 - 16:44 | 5517916 max2205
max2205's picture

3 headfakes....I am tired

Thu, 12/04/2014 - 17:04 | 5518006 101 years and c...
101 years and counting's picture

S&P dropped 4 whole points on this, and, as always, the dip was bought right at the close.  because....if stocks ever correct, the world could end.

Thu, 12/04/2014 - 21:47 | 5518783 Wait What
Wait What's picture

"the world could end."

"the FINANCIAL world WILL end."

fixed it for ya.

leverage is a mutherfucker when prices start falling.

just ask all those shale producers and their lenders.

Thu, 12/04/2014 - 16:42 | 5517917 TruthInSunshine
TruthInSunshine's picture

Draghi will promise a pending LSAP program at each & every one of his
pressers.

Mario "The Jawbone" Draghi

Thu, 12/04/2014 - 16:45 | 5517922 Max Damage
Max Damage's picture

Goldmans need to get more stooges in the right places

Thu, 12/04/2014 - 16:56 | 5517978 knukles
knukles's picture

Hell, they just got one of their Hedge Fund Clients from Horizon Capital into the MoF in Ukraine.

So tell me sweetheart, where's the fucking gold?

Thu, 12/04/2014 - 16:58 | 5517984 Five8Charlie
Five8Charlie's picture

You mean there aren't enough right now?

Thu, 12/04/2014 - 16:47 | 5517933 Bell's 2 hearted
Bell's 2 hearted's picture

draghi need not worry ... just needs to find a few tall buildings with open windows ...

Thu, 12/04/2014 - 16:48 | 5517937 AccreditedEYE
AccreditedEYE's picture

Poor delusional bastards....

Thu, 12/04/2014 - 17:51 | 5518152 sampo
sampo's picture

We need another false flag shockery, rather soon, please!

Thu, 12/04/2014 - 16:50 | 5517944 Haager
Haager's picture

So, it's ... err... bullish? I've thought it would be good for some other 2000pts to the downside...

Thu, 12/04/2014 - 17:04 | 5517950 debtor of last ...
debtor of last resort's picture

When DB blows up, the BMW will go in reverse. Last man standing, no deathwish.

BTW, Russia will join Europe when Japan blows up. Dollar is next. There's a plan B. And C. And D. And a large chump of that German gold is repatriated already.

Small countries (Netherlands) are being used as recons, just like small country EU presidents. Like small island bail-ins. And Belgium treasury buyings.

Thu, 12/04/2014 - 16:50 | 5517951 NoDebt
NoDebt's picture

Wow, we are way down in the details here.  So, basically, the ECB has something sort of like the Fed hasd voting members and non-voting members.  And if you include the non-voting members, Draghi has (maybe) lost his majority support.  But if you only count those who count, he still has it.

Am I close?

Thu, 12/04/2014 - 16:54 | 5517962 LawsofPhysics
LawsofPhysics's picture

what are our known unknowns again, what about the unknown unknowns?  I am confused, what was the question again...

 

Squirrel!!!

Thu, 12/04/2014 - 17:02 | 5517986 knukles
knukles's picture

What were the unknowns supposedly posed and asked about amongst the knowns that thus there was no reason to know about asking as they were unknown to those in the know as we all know unless it's unknown and we don't now which one it is we're trying to point out that we don't know about when we're trying to know the unknown

(sort of a Quantum physics approach  ....  is Draghi alive or dead inside or outside the box and gotta guess right before you look or it's fuckola'd curtains time)

PS  We spoke about everything but gold and that's why I wanted to bring it up specifically because we didn't even think about it.....

Horseshit

Thu, 12/04/2014 - 17:08 | 5518024 Steroid
Steroid's picture

And what about the unknown known that these are just a politburo and Europe is fucked!

Thu, 12/04/2014 - 16:58 | 5517981 WTFUD
WTFUD's picture

Draghi, ' can i kick it? '
Weidmann, ' no you can't! '

Thu, 12/04/2014 - 16:59 | 5517987 Amish Hacker
Amish Hacker's picture

The decision will come from New York, the announcement will be made in Brussels.

Thu, 12/04/2014 - 17:04 | 5518010 knukles
knukles's picture

And was prearranged several thousand times over in the City
Would you like a piece of paper for that stuff? Of course we have it.  Why everybody's taking the paper stuff.  It's all the rage these days!

Thu, 12/04/2014 - 17:00 | 5517995 SheepDog-One
SheepDog-One's picture

Although the 'soft patch' was of course quickly paved over to provide a ramp back to green close.

Thu, 12/04/2014 - 17:03 | 5518008 WTFUD
WTFUD's picture

What's that song the Bee Gees sang for Mario Draghi?

Was it Jive talkin' or Jawboning?

Thu, 12/04/2014 - 17:04 | 5518011 alrightee_then
alrightee_then's picture

After Russian and Norwegian jets supposadly nearly collide Russia and Norway meet for oil talks

http://newworldorderg20.wordpress.com/2014/12/04/do-you-know-why-governemts-lie-about-nato-and-russian-jet-incursions/

Thu, 12/04/2014 - 17:06 | 5518018 knukles
knukles's picture

That video they showed looked to me like the NATO jet simply just flew up behind the MIG, FFS.

Thu, 12/04/2014 - 17:13 | 5518034 nope-1004
nope-1004's picture

 

 

Criminals.

Liars.

Thieves.

BANKRUPT.

Dry.

Boring.

Soulless.

 

Nice life, losers.  How about getting a real job and contributing to GDP instead of manipulating the fuck out of it?

 

Thu, 12/04/2014 - 17:13 | 5518045 gatorengineer
gatorengineer's picture

Lets see we are supposed to believe the Frog is now against buying frog debt.... HAhaahahahahahahahahahah

Thu, 12/04/2014 - 17:40 | 5518121 QQQBall
QQQBall's picture

Luckily Mario was elected by a strong majority, so the electorate is right behind him.

Thu, 12/04/2014 - 17:48 | 5518142 fibonacci's claus
fibonacci's claus's picture

goldman stock has really moved nicely.  i suspect 200 by new years

Thu, 12/04/2014 - 17:52 | 5518160 SharkBit
SharkBit's picture

The world is beginning to see through these criminals in masses for what they really are.  Puppets of the Corporatacracy and the Elites.  Obozo, the USSA, ECB, IMF, World Bank, Japan, the West have all lost their Mojo.  Nobody can be trusted.  Snowden and Manning were the watershed moments.  China and Russia are shitting themselves with laughter.  Fool me once, shame on me.  Fool me twice, I don't think so. 

Thu, 12/04/2014 - 18:50 | 5518326 skidsmango1
skidsmango1's picture

'the world'?  Over generalize much? 

Fri, 12/05/2014 - 00:15 | 5519264 Sandmann
Thu, 12/04/2014 - 18:00 | 5518178 WTFUD
WTFUD's picture

Not a lot of folks are aware that Super Mario is really a Hologram.

Thu, 12/04/2014 - 18:39 | 5518294 adr
adr's picture

How many points have global stock markets gone up on promises that never materialize?

 

 Answer, every single point.

Thu, 12/04/2014 - 18:49 | 5518318 skidsmango1
skidsmango1's picture

newspaper reported it, so it must be true.  move long...

Thu, 12/04/2014 - 19:42 | 5518458 GoldSilverBitcoinBug
GoldSilverBitcoinBug's picture

When I think that six guys can crush my buying power with CRTL+P or doing whatever they want with EUR, I start to think about criminal things...

Thu, 12/04/2014 - 20:23 | 5518562 sidiji
sidiji's picture

the frenchman is against draghi's money printing? yeah right....

Thu, 12/04/2014 - 23:42 | 5519179 Tic tock
Tic tock's picture

Europe will go up in flames if ECB buys Bonds and Loans at par.

Thu, 12/04/2014 - 23:45 | 5519189 AdvancingTime
AdvancingTime's picture

ECB President Mario Draghi's last move towards more QE is no more than stupidity on steroids, even words like misdirected and boneheaded do it a disservice. This is more proof that the Euro-zone is in big trouble, both the union and the flawed currency is again begging to crumble.

One is forced to wonder if Japan and the Yen will crash first considering how each day Japan slides closer to the economic abyss or whether the Euro will lead the way into the wastebasket. Draghi has helped the countries of Europe kick the can down the road but this only delays the failure on the Euro. More on how the Euro-zone has failed to make any real reforms in the article below.

http://brucewilds.blogspot.com/2014/09/euro-zone-and-draghi-both-mired-i...

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