• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

"Adolf Merkel": Presenting The Greek Gratitude For The 50% Debt Haircut

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Fri, 10/28/2011 - 13:57 | 1821660 Deadpool
Deadpool's picture

sick

Fri, 10/28/2011 - 13:59 | 1821666 trav7777
trav7777's picture

Greece should be shown the door and told to fuck off

Fri, 10/28/2011 - 14:00 | 1821671 redpill
redpill's picture

This should play GREAT on the streets of Berlin

Fri, 10/28/2011 - 14:03 | 1821690 Buckaroo Banzai
Buckaroo Banzai's picture

No good deed goes unpunished!

Fri, 10/28/2011 - 14:05 | 1821696 dlmaniac
dlmaniac's picture

See what happens when you keep giving in to socialists? They think they deserve every free lunch, and they go nuts at you if you dare take it away from them.

Fri, 10/28/2011 - 14:09 | 1821729 Manthong
Manthong's picture

Oo..

Women in uniform are so.. compelling.

Fri, 10/28/2011 - 14:13 | 1821759 Comay Mierda
Comay Mierda's picture

We need a Chairman Maobama picture

Fri, 10/28/2011 - 14:21 | 1821818 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I've been comparing her to Adolf for over a year now, so this is a proud moment for me.

Fri, 10/28/2011 - 14:24 | 1821829 reload
reload's picture

Whatever next, Senor Berlusconi dressed up as Mussolini?

And all just in time for the Christmas party season.

Fri, 10/28/2011 - 14:29 | 1821863 Ahmeexnal
Ahmeexnal's picture

http://www.dailymail.co.uk/news/article-2054405/EU-summit-del-Desperate-...

Europe is holding out the begging bowl to China in an effort to keep the rescue package for the single currency alive.

In a clear sign of how the balance of world power has tipped towards the East, EU leaders hope China can be persuaded to hand over huge sums to help bail out the eurozone.

In a further embarrassment, it emerged that the one trillion euro bailout fund announced in the early hours of yesterday does not really exist.

Fri, 10/28/2011 - 14:35 | 1821886 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So China will print more to buy the freshly printed from Europe, while printing more to buy the freshly printed from the US.....

Hmmmmm......something is wrong here.  But what?

Fri, 10/28/2011 - 14:44 | 1821967 redpill
redpill's picture

"Come on in China, the (nearly boiling) water is fine!" said the Frog.

Fri, 10/28/2011 - 14:57 | 1822052 nope-1004
nope-1004's picture

China.... LOL... the savior.

STOCKS rose like mad yesterday on news that the European sovereign debt crisis (read: "bank solvency crisis") had been solved by a Bucket (bail out fund) worth 250 bn. Euros that will be leveraged 4 or 5 times, producing an equivalent one trillion euros.

Did I just write that? Do this chuckleheads actually believe that they by leverage they will get OUT of the miry swamp that leverage got them INTO?

Ahhhh, it doesn't end there. Where will the money come from to fill up the bucket so the Bucket can buy the bad debts from the banks? Well, they'll have to BORROW it, which means they go into an already sluggish capital market and throw huge new demands on it and crowd out business borrowers and make credit tighter still. Great idea.

Maybe the Chinese will save them? Yeah, that's it, Europe will trick the Chinese into buying their rotten bonds backed by rotten sovereign debt, and the Chinese won't notice that at all, right? Yeah, right, those Chinese are notoriously bad with numbers and business.

This is fun, but I won't prolong it because it's too easy. It's like shooting holes in Swiss cheese -- no challenge. It's enough to make me stop calling myself a natural born fool. These European fools are giving fooldom a bad name.

End result of this deal will be LOTS more Euros born into circulation, which for gold and silver will be like pouring liquid manure on kudzu. Y'all know how to plant kudzu, right? Drop it and run.

This "deal" is nothing but a public relations scarecrow. If it didn't have Sarcophagus and Ferkel holding up its arms and kicking its legs along, it would flop dead on its face. And will, before too long.

- Franklin Saunders

Fri, 10/28/2011 - 14:58 | 1822055 DoChenRollingBearing
DoChenRollingBearing's picture

Great article Tyler.

Great comments to ALL above, who ALL got a green!

Fri, 10/28/2011 - 15:18 | 1822163 caconhma
caconhma's picture

One must understand the German mentality: Germans love to be loved regardless what.

Remember ALL major german political parties have voted to keep EU going and Greece getting their welfare checks forever.

IMHO, Greece deserved their bailout money and 50%-debt cut. After all, only Greece people went on general stricks and were fighting their police. It is vital to fight for your rights!

Fri, 10/28/2011 - 15:33 | 1822241 walküre
walküre's picture

Nobody loves Germans. And that's ok. We know that too.

Fri, 10/28/2011 - 18:06 | 1822895 prole
prole's picture

Ich lieb dich immer noch so sehr...

Fri, 10/28/2011 - 18:53 | 1823038 gnomon
gnomon's picture

It is better to be respected (and solvent) than loved any day.

Sat, 10/29/2011 - 02:15 | 1823841 TK7936
TK7936's picture

This German is OVER Love. Love is a Fiat Currency now.

Fri, 10/28/2011 - 16:36 | 1822517 Matt
Matt's picture

why would they need to print? couldn't they just use their $1 Trillion+ USD reserves to buy Euro bonds?

Sat, 10/29/2011 - 20:43 | 1825389 margaris
margaris's picture

well, with every USD they sell to buy EUR, they would lower the value of the remaining USD in their hands.

giant fx operations like that always create more imbalance... like when all passengers in a small ship move to the same side.

thats why every central bank likes to create its own ammunition.
they need some form of independence / counterweight

Fri, 10/28/2011 - 19:41 | 1823157 Element
Element's picture

  it emerged that the one trillion euro bailout fund announced in the early hours of yesterday does not really exist.

 

hahahas ... this is easily the funniest show on the internet ... no matter how silly is gets ...  can always get sillier ... it never disappoints ... just love it ... everyday it gets better.

Fri, 10/28/2011 - 15:03 | 1822086 SamAdams1234
SamAdams1234's picture

Didn't a young prince do this first?

Fri, 10/28/2011 - 14:45 | 1821973 derDeutsche
derDeutsche's picture

Verdammt sie wurde enttarnt !!!

Fri, 10/28/2011 - 19:35 | 1823139 Element
Element's picture

Merkle is quite tame compare to Hillary though.

Fri, 10/28/2011 - 20:05 | 1823208 GeezerGeek
GeezerGeek's picture

Both rank right up there with Janet Reno.

Janet Napolitano, however, takes first place in my opinion. If I had even one tenth the artistic ability of certain other denizens of ZH I would create an image of Janet, eye sockets darkened, with official emblems on the lapels. Both would mimic the old SS motif, looking a bit like lightning bolts. On one side would be "See Something" and on the other side would be "Say Something". Gotta go...I hear someone knocking on my door.

Fri, 10/28/2011 - 23:45 | 1823647 dogbreath
dogbreath's picture

they're all a buncha dykes

Fri, 10/28/2011 - 14:24 | 1821835 Cpl Hicks
Cpl Hicks's picture

Maybe Barney Frank can lend him a riding crop. The long-stemmed rose is way too effeminant for our virile Barry.

Fri, 10/28/2011 - 16:50 | 1822565 dizzyfingers
dizzyfingers's picture

Removed.

Fri, 10/28/2011 - 14:35 | 1821905 LeonardoFibonacci
LeonardoFibonacci's picture

Adolf Merkel?  Why are people constantly insulting my Fuhrer Hitler.  Hitler knew how to handle the finances of Germany and got straight to the root of the financial problem and eliminating it.

Fri, 10/28/2011 - 14:47 | 1821989 LasVegasDave
LasVegasDave's picture

Nice to see another liberty lover on ZH

Fri, 10/28/2011 - 14:54 | 1822033 Piranhanoia
Piranhanoia's picture

And quite mad too. Think it thinks like it's fellow man?

Fri, 10/28/2011 - 17:27 | 1822751 NotApplicable
NotApplicable's picture

Certainly acts like a typical Canadian, eh?

Fri, 10/28/2011 - 15:14 | 1822150 HeNateMe
HeNateMe's picture

Ah yes.  The good old mass murder strategy to jumpstart an economy.  Makes all your troubles go away.

Fri, 10/28/2011 - 15:32 | 1822233 NoClueSneaker
NoClueSneaker's picture

Pssst, you have to say Defence from E.T.s. Paul Krugman is polite, be nice and introduce politically correct "defence " - from Islamist, Chinese, Liberals and ZeroHedgers.

In the first place - defence from the Ayatollah Ron Paul ....

Fri, 10/28/2011 - 20:08 | 1823213 GeezerGeek
GeezerGeek's picture

Mass murder could potentially provide plenty of shovel ready jobs. That'd be good for the economy.

Fri, 10/28/2011 - 15:51 | 1822327 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Gold is not necessary.  I have no interest in gold.  We'll build a solid state, without an ounce of gold behind it.  Anyone who sells above the set prices, let them be marched off to a concentration camp.  That's the bastion of money.

-Adolf Hitler

Fri, 10/28/2011 - 16:25 | 1822466 Yardfarmer
Yardfarmer's picture

Adolf didn't need gold. He had Prescott Bush and Union National Bank.

Fri, 10/28/2011 - 16:08 | 1822399 Ponzi Unit
Ponzi Unit's picture

Wow.

Fri, 10/28/2011 - 17:03 | 1822625 mjk0259
mjk0259's picture

Knew how to handle Greece too. Took a couple days to conquer it and steal all their gold.

Fri, 10/28/2011 - 20:18 | 1823233 Kayman
Kayman's picture

Hitler knew how to handle the finances of Germany

In finance and economics Hitler was an idiot.  The German finance ministry, however, were keen at borrowing and printing.

And when Revenues were a little light, then stealing, plundering and invading were always available.

 

Fri, 10/28/2011 - 15:52 | 1822334 hunglow
hunglow's picture

Yes, but notice size of underware.

Sat, 10/29/2011 - 12:13 | 1824263 Winston Smith 2009
Winston Smith 2009's picture

"Oo.. Women in uniform are so.. compelling."

Har!  Yeah, I'll bet she's a real "nazi" girl in bed.

Fri, 10/28/2011 - 15:05 | 1822089 Bruin4
Bruin4's picture

The Greeks just realized that their pensions had to take the haircut not the banks. wait till this gets out they will be burning German tourists in the streets

Fri, 10/28/2011 - 16:55 | 1822590 Oracle of Kypseli
Oracle of Kypseli's picture

BTW: The direct translation of the poster is "Public Danger" not merely a nuisance. I guess google translate is biased.

Fri, 10/28/2011 - 17:03 | 1822622 Oracle of Kypseli
Oracle of Kypseli's picture

Greece got something on their independence day. Symbolism over substance all over again. The Greeks will be milking the cow (Merkel) until she runs out of hard working German people's milk.

Warning to Germans. Vote her out. Time to revolt and return to the deutschmark.

Fri, 10/28/2011 - 20:13 | 1823224 optimator
optimator's picture

Depends on what Porsch their driving, Cayenne or King Tiger -- sorry, meant Leopard.

Fri, 10/28/2011 - 15:44 | 1822231 GoinFawr
GoinFawr's picture

@dlmaniac et aliae

See what happens if you just keep green arrowing  the wind-up blowhards like duhlmaniac who spout stupid rote ?  They think they deserve the accolades, even though they don't actually know their assholes from a tea towel holder, and they'll go nutz if you present them with reality and try to take away their self delusions:

http://www.guardian.co.uk/news/datablog/2010/may/27/debt-deficit-oecd-countries-data

I want to know what it is going to take to trigger a credit event for CDS on US bonds

Greece should just pull an Iceland

 

Fri, 10/28/2011 - 16:12 | 1822416 Ponzi Unit
Ponzi Unit's picture

"I want to know what it is going to take to trigger a credit event for CDS on US bonds."

 

We have passed through the looking glass. Now there are no defaults, no triggers, no consequences. The rules of the game clearly state -- in invisible ink -- that the rules may change at any moment to suit the needs of the plutocratic cartel.

Onward through the fog!

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