Bavarian Finance Minister: Everyone Wants Our Money

Tyler Durden's picture


The European 'Union' continues to be the most amusingly misdefined oxymoron in existence. Today's Exhibit A confirming just that: Spiegel's interview with Bavarian finance minister Markus Söder which can be summarized in the following 4 words: Everyone Wants Our Money.

From Spiegel:

Germany's Constitutional Court cleared the way for the country to ratify the permanent euro rescue fund, the ESM, in a closely watched ruling last week. In a SPIEGEL interview, Bavarian Finance Minister Markus Söder expresses his concerns about the decision and calls for Germany's central bank to be given new supervisory powers.


SPIEGEL: Mr. Söder, in its ruling last week, the German Constitutional Court reaffirmed that German liability in the euro bailout fund, the European Stability Mechanism (ESM), will be limited to a maximum of €190 billion ($250 billion). Are you satisfied with that?

Söder: It has now been officially confirmed how high the German liability can be. But I fear that Spain, Italy or even Greece will not be able to afford their shares of the ESM. Then the pressure on Germany to make up the shortfall will increase again. So the key question is how the cap on Germany's contribution will be monitored.

SPIEGEL: What's your suggestion?

Söder: We need a further level of supervision. That could be a new function for the Bundesbank. It can oversee how Germany abides by its upper ceiling on liability and whether potential new obligations arise as a result of the ESM treaty or because of the actions of the European Central Bank.

SPIEGEL: So you are saying that an institution like the Bundesbank should be able to overturn decisions made by the German parliament.

Söder: The Bundesbank would at least be able to make its concerns known. What's important to me is that we have an independent supervisory body to address difficult questions of interpretations in the treaty. People trust the Bundesbank. It cannot be allowed to be overruled again in the ECB Governing Council. This is a way for it to get another chance to ensure price stability.

SPIEGEL: The Constitutional Court judges expressed reservations about the ECB's planned bond-buying program. What will be the result?

Söder: We have to make sure that we are not constantly overruled in Europe. After the crisis-hit countries failed with their calls for euro bonds, they're now trying to push through debt collectivization by other means. The will to carry out reforms is flagging.

SPIEGEL: But Germany has only one vote on the ECB Governing Council. It can hardly influence decisions.

Söder: The ECB is turning into a European super-authority. With its announcement that it would buy unlimited amounts of government bonds, it's showing that it no longer wants to be just a central bank, but also a financier of countries in crisis. It's starting to resemble the International Monetary Fund (IMF). But in that case, the same rules should apply. In contrast to the ECB, voting rights in the IMF are for good reason distributed according to the size of a country's capital contribution. That's how it should be for the ECB, too.

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Mon, 09/17/2012 - 11:15 | 2803489 LULZBank
LULZBank's picture

Das ist meine Geld Bitchezz!!!

Mon, 09/17/2012 - 11:21 | 2803525 Michael
Michael's picture

Learn from history Germany. Don't give them your money.

Mon, 09/17/2012 - 11:41 | 2803617 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Don't give anyone your money.

Mon, 09/17/2012 - 11:59 | 2803681 Whalley World
Whalley World's picture

Size Matters!

Mon, 09/17/2012 - 11:35 | 2803590 LongSoupLine
LongSoupLine's picture



what does any of this have to do with the real market...AAPL crossing the $700 mark?

Mon, 09/17/2012 - 11:40 | 2803613 samcontrol
samcontrol's picture

This must be someone i know from hte pbr board!?

Ishit is just as boring of a theme as boating accidents at this stage.

zzzzzzzzzz, can someone stimulate me please?

Mon, 09/17/2012 - 11:45 | 2803634 LongSoupLine
LongSoupLine's picture

new here, huh sammy?

advice...more reading, less typing.  Now drop and give us 20.

Mon, 09/17/2012 - 12:23 | 2803774 AmCockerSpaniel
AmCockerSpaniel's picture

It's been a very long time since I heard "drop and give me 30".

Mon, 09/17/2012 - 11:46 | 2803639 fishmonger
fishmonger's picture

"Something's fucky."

Mon, 09/17/2012 - 11:18 | 2803504 EvlTheCat
EvlTheCat's picture

All I want is your bullion.  I don't care what kind of crap you stamp on the front and back of it.

Mon, 09/17/2012 - 11:28 | 2803551 malikai
malikai's picture

IIRC, they don't even have much of their own bullion. Apart from private ownership, CB metals are stored in vaunted safe havens such as London and NYC, where it will be of tremendous value to the Germans during a time of monetary crisis. Heh..

Mon, 09/17/2012 - 11:29 | 2803568 EvlTheCat
EvlTheCat's picture

You are right but I can wish.

Mon, 09/17/2012 - 11:18 | 2803509 Theta_Burn
Theta_Burn's picture

...And what an Octoberfest it will be

Mon, 09/17/2012 - 11:18 | 2803510 Manthong
Manthong's picture

 Everyone Wants Our Money.

Dude.. you have no money until you bring back the mark and then you still have no money unless you bring back the gold mark.


Mon, 09/17/2012 - 11:19 | 2803515 Its_the_economy...
Its_the_economy_stupid's picture

No soup for you!

Mon, 09/17/2012 - 11:20 | 2803521 Oh regional Indian
Oh regional Indian's picture

Post WWII Germany and Japan perfected the art of Vendor Financing.

Anglo-Saxons and ME/Oil just took it to a whole other level.


Mon, 09/17/2012 - 11:21 | 2803526 gwar5
gwar5's picture

All your oomlauts is belong to us, Bitchez!

Mon, 09/17/2012 - 11:27 | 2803532 THE DORK OF CORK
THE DORK OF CORK's picture

Germany does not have any money..... and if it did I would not want it.

It has Target 2 Liabilites of some size I gather.

Germany is the most vulnerable of all Euro countries.

In a depression mercantile states dive..........................

The efforts of the PIigs these past few years as been to sustain German waste production....if the PIigs somehow decide to grow some balls Germany is dead.

They have created a system post 2007 where the Irelands and Spains of this world still has the money to buy a certain amount of German products but not enough money to buy Arabian oil - therefore transfering the spice to the core without destroying their waste production systems.

They have played a good game.....their continued existance as a "rich" economy depends on various Quisling like characters keeping their heads.

Mon, 09/17/2012 - 11:29 | 2803567 JamesBond
JamesBond's picture

I've been to 4 small german restaurants the past two weeks.  All only accepted cash (euros).  Avoiding taxes me thinks.

Can you say Greece?  The populace fights back.



Mon, 09/17/2012 - 12:12 | 2803724 Leopold B. Scotch
Leopold B. Scotch's picture

The Germans still produce stuff, which is more than the rest of Europe can say... Although the Germans are bloated and forced to offshore their manufacturing to other less costly nations...     In the end, though -- everyone's screwed.

Mon, 09/17/2012 - 12:37 | 2803768 THE DORK OF CORK
THE DORK OF CORK's picture

Much of what the Germans produce does not increase productive capacity - their car industry for example is a product of consumer bank credit  for the most part , its a depletion engine.

Ireland got on fine with 800,000 private cars in 1990.

We now have 1.8 million , we don't need no 1.8 million cars and certainly cannot afford their input costs.

However the Quislings withen Ireland will try to throw as many people off a monetary and life support cliff so that the remaining survivors can afford to buy 80,000 new cars a year rather  then the 10,000 a year we need.

One of the primary reasons Ireland is running a fiscal defecit is because the local branch of the ECB in Ireland cannot tax the non consumption of waste cars and Petrol (we bought 200,000 cars a year back in the good old days)

Less waste shows up as less tax on the books and is expressed as a fiscal defecit......

The EUs only role is /was a conduit for Financial and Industrial waste production.

The Euro is not a currency , its a yield device.

The Irish domestic economy (not the multinational sector) , the Greek etc functioned as a dumping ground for the cores products - there was no real effort to increase these countries core productive capacity as they would then become threats to the cores waste production enterprises.

The European & indeed entire Global economy functions as a conduit for multinationals - any national effort to increase national core wealth is a threat to their current bases of operations in Germany etc.

Its a deeply sick system of corporate control on all levels and the Euro market experiment is at the heart of it.

Mon, 09/17/2012 - 13:34 | 2804047 goldfish1
goldfish1's picture

Less waste shows up as less tax on the books and is expressed as a fiscal deficit......

Excellent comment.

Mon, 09/17/2012 - 15:28 | 2804569 Leopold B. Scotch
Leopold B. Scotch's picture

The Euro is not a currency , its a yield device.

Yep.  You can say this about a lot of "currencies".

Mon, 09/17/2012 - 12:31 | 2803814 AmCockerSpaniel
AmCockerSpaniel's picture

Do you have any idea of how few German restaurants there are in all the USA? Now Italian... to many to count. 

Mon, 09/17/2012 - 11:37 | 2803600 Schmuck Raker
Schmuck Raker's picture

The Dork said..."It has Target 2 Liabilites of some size I gather."

Yes, somewhere in the neighborhood of 600-700 billion Euros last I noticed.

Meanwhile Herr Söder says, "People trust the Bundesbank."

I don't see why, aren't Europeans supposed to be smarter than Americans?

Mon, 09/17/2012 - 13:40 | 2803647 GoinFawr
GoinFawr's picture

If the criteria for 'smarter' is which continent has countries with their national balance sheets in the black, the supposition holds...that said, I agree with the Dork.

Mon, 09/17/2012 - 11:59 | 2803679 flacorps
flacorps's picture

It's good to see Fleegle.
Germany needs to hang on to its money.

Mon, 09/17/2012 - 11:22 | 2803533 The trend is yo...
The trend is your friend's picture

This soap opera is getting boring

Mon, 09/17/2012 - 11:25 | 2803547 EvlTheCat
EvlTheCat's picture

Tune into channel 2 they are burning Burt and Ernie in effigy on Sesame Street for being Anti-American collaborators..

Mon, 09/17/2012 - 13:01 | 2803727 EvlTheCat
EvlTheCat's picture

Update for those without access to channel 2: 

Now it seems Bert has turned himself into the Sesame Streets HLS office, and has implicated Ernie in some kind of "bunga bunga" love triangle with Silvio Berlusconi.  A MSN news reporter, Jeanne Moos from CNN, was overheard by an open microphone, at the Michelle Obama press conference, "...also there was something about embezzling millions from the Italian taxpayers, but I think the much more stronger story is I didn't know Berlusconi was into puppets." 

It seems the mysterious third person in the love triangle was the late Col. Muammar Gaddafi, a close personal friend of Mr. Berlusconi.  Libya, trying to cover up the connection, has now orchestrated a second wave of Anti-American protests at the charred U.S. embassy, over some really sketchy on-line polaroids, posted over three years ago, of some guy dressed like a prophet pogo sticking across the room spanking a fish with a wet noodle.

More as it comes in.

Mon, 09/17/2012 - 12:10 | 2803556 NidStyles
NidStyles's picture

What do you mean getting?? I haven't read anything about the Euro for months now, I just glance at the title and assume some other dipshit is telling another dipshit that they need to submit. 


Although I find the images funny, I half expect to see one eventually with guy wearing a dark suit, black top hat, and twisting is long mustache with an evil grin soon. This drama is amost as good as a bad B-movie with obvious villians and diabolical plans of world domination, yet no one has the balls to just end the horrible thing by shooting the fucker and stopping his idiocy.  


Mon, 09/17/2012 - 11:35 | 2803593 insanelysane
insanelysane's picture

At some point the meal at the 3 Michelin star restaurant ends and then the diners stare at each other trying to figure out who is going to pay for the meal because even the wealthiest guy at the table doesn't have enough money.

Mon, 09/17/2012 - 11:37 | 2803601 icanhasbailout
icanhasbailout's picture

I'm all right Jacques, keep your hands off my stack

Mon, 09/17/2012 - 11:38 | 2803604 Emperor
Emperor's picture

Everyone Wants Our Money  or in german Alle wollen unser Geld  is stating the obvious i guess. But what is wrong with that, we all want the money of other people, even women choose their husband with that in mind. Germans are a bit more honest than the rest of us.

Mon, 09/17/2012 - 11:41 | 2803614 Ungaro
Ungaro's picture

<== ZH limit Garham Summers to 1 post/week

<== Leave the spammer alone

Mon, 09/17/2012 - 11:44 | 2803630 max2205
max2205's picture

Big ditto here

Mon, 09/17/2012 - 11:46 | 2803637 Inthemix96
Inthemix96's picture

Its all printed from thin air anyways.

At this point who gives a fuck?


Mon, 09/17/2012 - 11:49 | 2803649 101 years and c...
101 years and counting's picture

the contributions by Ita;y/Spain/Greece = 240B EUR.  the ESM requires 90% of the funding to be contributed prior to being activated. so, unless those 3 insolvent countries can round up 240B EUR at market rates of 6-20%, the ESM is already DOA.  Unless Germany makes up for that entire shortfall.

details, details.....



Mon, 09/17/2012 - 11:50 | 2803652 Darth Mul
Darth Mul's picture

Israel and elements of our government did 9/11 and the same people have laid the groundwork for a war the US is going to lose, and which stands a fighting chance of going low-yield nuclear.


But keep arguing about the Euro.  


That'll help.



Mon, 09/17/2012 - 11:54 | 2803661 buzzsaw99
buzzsaw99's picture

Everyone loves my Schweddy balls. [/bitchez]

Mon, 09/17/2012 - 12:33 | 2803824 earleflorida
earleflorida's picture

Germany shall carry the mothers' load with 'Real Hard Assets' ,whereas France, Italy... and others shall partake with 'a feigning inveigle facsimile'... a palliate du`jour!

Be forewarned... this insolently subtle`Mistress Dragis' Octopussy`has but one 'Testimonial Goal ' for the ECB [naught that,... of an impotent IMF placard?]! Indeed no... but that of morphing this fledgling 'Old World Hegemony[?]' into the 'Federated Federal Reserve Bank of Europe [EUC2B]'-- a zeitgeist Procrustean`operation dominated by the same ' NWO Politburo' that dictates America's hegemony from a foreign podium?  

Who runs this Fed?

Who owns this Fed?

What is their agenda, goals, and destructive manifesto that has captured america without even firing a shot ???


thankyou tyler



Mon, 09/17/2012 - 14:06 | 2804164 q99x2
q99x2's picture

Bulgaria doesn't want the EU. Secession for California and Texas bitchez.

Mon, 09/17/2012 - 15:16 | 2804512 NoWayJose
NoWayJose's picture

He's just telling it like it is.  The single bank supervisor comes with a single deposit insurance fund, which means German banks pay into it, and sourthern European banks take money out of it.  Merkel is going to have to start saying Nein a lot more if she wants to win the elections next year.

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