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Cost Of Second Greek Bailout Raised To €145 Billion

Tyler Durden's picture


When the first revision of the second Greek bailout to the tidy round number of €130 billion was announced, we scoffed, mockingly. Because a country which then had a 7% budget deficit, and now has a deficit that will be well in the double digits, and not to mention a banking system that is now hollow following tens of billions in deposit withdrawals as month after month the Greek bank run gets worse, would obviously need much more liquidity (but banish the thought that it is a solvency crisis...) Sure enough, earlier today Der Spiegel broke the news that the second bailout, which has yet to be re-ratified, and absent Greece meeting demands to cede fiscal sovereignty, is likely a non-starter, would be increased to €145 billion "citing an unidentified
official from the so-called troika." So whether or not this is true is irrelevant: what matters is that Spiegel released the article in the same series of posts in which it explained just why Germany has full right to demand (via European enforcement mechanisms or however) virtually anything in exchange for the ongoing endless bailout (such as: Merkel macht Wahlkampf für Sarkozy and Griechenland sträubt sich gegen EU-Aufpasser). Which means one thing only: the great propaganda spin machine is now on, and its only purpose is to provide Germany a buffer of "having done everything in its power" to prevent the now inevitable Greek default. Which, incidentally, means that a Greek default is inevitable. Because at this point once the default floodgates open, the question will be not where the bonds will trade, but just how big the impairment on the European DIP (aka Troika bailout package) will be.

More from Spiegel:

The situation in Athens is more dramatic: the EU wants to take control of Greece's budget, the rescue package for the ailing state amounts to SPIEGEL information on 145 instead of 130 billion euros. In Berlin, formed a broad resistance to further aid.


It's like a bottomless pit: the planned emergency measures for Greece are not enough to lead the country out of crisis. According to the troika of the EU Commission, European Central Bank and the International Monetary Fund, the country still needs one additional 15 billion euros. Instead of 130 billion euros, as yet decided in late October last year, would be about 145 billion euros due, according to SPIEGEL information in the Troika, which started recently, her work in Athens again.


Reason for the gap is worsening the economic situation in Greece. "We do not believe that you can collect the missing money solely with the private creditors," it says in the Troika.


In the Berlin coalition is forming, however, resistance to further Griechlandhilfen , as it has brought, among other things, the EU Commission comes into play. "At our attitude has not changed," said CSU leader Horst Seehofer in Der Spiegel. "For reform standstill, there is no money." The CSU reject new aid for Greece over the programs adopted out, Seehofer said. "If the Greeks do not implement the reform programs, it can give no further assistance."


Also FDP parliamentary leader Rainer Bruederle calls for a relentless attitude towards Athens. "Solidarity is a two way street, so far as the European Community must stand firm and demand the necessary structural reforms," ??he says. "Only when the Greeks also provide evidence that they are serious, we can and must help the European Community."

German political support for a Greek bailout is next to zero:

The first coalition MPs have already announced that they plan to vote against a new Greece package. The Bavarian FDP members Erwin Lotter, who has previously approved all the euro rescue package would not do the same in the case of Greece. "I thought, the Greeks took their time," he says. "Now I am assuming that there is a bankruptcy, the problems can not be solved with more money."


The CDU -female politician Wolfgang Bosbach, announced that he will not vote for new tools Greece. "The Greeks do not lack the political will, but the economic strength to get back on its feet." Even in the European wing of the party is spreading now from discomfort. "It has become a big annoyance made ??broad," says the chairman of the EU Affairs Committee Gunther Krichbaum.


"All Greek parties must finally show the absolute will to change anything fundamentally." The deputy chairman of FDP Toncar Florian said, Greece is by far the most difficult decision for his party.

Last, and certainly least according to the Germans, is the Greek government, which until the news broke late last night, had no advance warning of German intentions:

The government in Athens according to the information officially know nothing of the plan.

At least Hank Paulson was kind enough to let congress and the population know when he came up with his three-page blank check term sheet to bailout his former employer. In Europe, Greece apparently was not even worthy the cost of a fax with the German one-pager before it was leaked to the press.


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Sat, 01/28/2012 - 23:34 | 2106550 toomanyfakecons...
toomanyfakeconservatives's picture

Meanwhile, Obama gets ready to open peace talks (surrender talks) with the Taliban...

Sat, 01/28/2012 - 23:44 | 2106576 fightthepower
fightthepower's picture

Good, why are we there? Bin Laden is dead.

Sat, 01/28/2012 - 23:49 | 2106587 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Growin' poppies mayne!

Sun, 01/29/2012 - 00:30 | 2106677 dlmaniac
dlmaniac's picture

I wonder when China will demand Obama to hand his budget over to Beijing.

Sun, 01/29/2012 - 02:09 | 2106817 The Big Ching-aso
The Big Ching-aso's picture



The Greek Drachma vs the Euro.   It'll be like a battle between two comatose inbreds.

Sun, 01/29/2012 - 03:06 | 2106854 KennyG09
KennyG09's picture

Dear ZH readers,

(Off topic)Who gives a fuck anymore? I've been reading this site for well over a two years now (active member for one year) and I have to say I honestly don't give two shits. I've seen every arguement possible whether it be for anarchy, gold standards, more government control, this candidate and that candidate. I've obessesed over all of it and I've come to the conclusion that I don't give a shit. Please provide one good arguement on why I should give a shit about any of this anymore. Honestly, hit me hard with the fight club shit. Yes, I know most of what ZH has predicted has come true and will soon come true, but what has it changed? I really want to know. Maybe I'm just an ass, I don't know. Of course, I'm also looking for answers from a fuckin blog so maybe I'm the douche. JD has that affect.

Good luck in all that you do,


Sun, 01/29/2012 - 03:09 | 2106855 markmotive
markmotive's picture

Well, if you have a family you should give a sh!t. If you want to protect your assets you should give a sh!t. If you want to maintain some sort of income you should give a sh!t.

You will fall behind if you don't understand the new world order:



Sun, 01/29/2012 - 05:10 | 2106890 Oh regional Indian
Oh regional Indian's picture

It's true that the shit seems to keep getting worse, worser, worsest, worsester,,,, but it still keeps going.

Well, when anyone is thusly inclined and has an hour to spare, check out a genuine alternative to OUR COLLECTIVE BETTERMENT... below.

Scoffers, at your own peril. ;-)

My Jolt for the Volt can triple it's miles....just like that.  As one pertinent example. 



Sun, 01/29/2012 - 08:58 | 2107014 Arius
Arius's picture


"may be I am an ass, I dont know" ....

I think you do - you hit it on the head - you are correct on what you are ... but, frankly none gives a damn of what you are or what you think you are ... get over it!


Sun, 01/29/2012 - 10:44 | 2107096 GetZeeGold
GetZeeGold's picture



Number of bailouts required = infinity.


Total cost = infinity.


Just give us the damn checkbook....and go away allready.



Sun, 01/29/2012 - 11:48 | 2107179 economics1996
economics1996's picture

Here is a blog I just did with current jobs numbers and some austrian economics mixed in.


Sun, 01/29/2012 - 06:22 | 2106913 zhandax
zhandax's picture

KG, just like a car wreck or an IRS audit, it's happening whether you give a shit or not.  It is not like any of our opinions of the facts will affect the outcome.  You seem to be confusing the articles with the comments.  The articles simply mark the occurrence of events (and in many instances, the only source to mark the occurrence of those events).  The comments are where we express opinions of these events, theorize, speculate, and grouse.

‡ The pursuit of blog commentary carries inherent risk due to unreasonable demands, unrealized expectations, and unstable commenter relations. Participants should understand these and additional risks before proceeding to the comments section.

Sun, 01/29/2012 - 12:59 | 2107284 KennyG09
KennyG09's picture

Trust me I've been saving most of my earnings in gold/land, despite the many "weird" looks I get for turning down the 401k. Thank you for some perspective.

Sun, 01/29/2012 - 13:00 | 2107285 KennyG09
KennyG09's picture


Sun, 01/29/2012 - 04:32 | 2106878 edotabin
edotabin's picture

Ruh-Roh!  Meltdown!

Sun, 01/29/2012 - 08:34 | 2107003 smlbizman
smlbizman's picture

speaking of meltdown....are we still on track for iran to cut the eu off of their oil today at 6 pm???


Sun, 01/29/2012 - 10:32 | 2107089 tiger7905
tiger7905's picture

It also seems the US is moving 100,000 troops onto 2 islands off coast of the horn of Africa and Oman.



Sun, 01/29/2012 - 11:42 | 2107171 Randall Cabot
Randall Cabot's picture

Purim: March 8

Sun, 01/29/2012 - 11:44 | 2107173 xela2200
xela2200's picture

I call the color of the new army fatiges Iran blue. Much better than Iraq beige. I hear Iran Blue will be all the rage in spring.

Sun, 01/29/2012 - 12:34 | 2107245 WmMcK
WmMcK's picture

Still holding out for the blue USD notes. 100 to 1 green to blue?  I can then trade for the "new" (still Lincoln?) $5.

Sun, 01/29/2012 - 10:09 | 2107069 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Did you actually understand this article? This cannot go on much longer.

I've spent close to 2000 hours (no kidding) on the subject the past 3 years. I'm fed up too that it takes so long, but I refuse to give up now the endgame has really started.

Hang in there.

Sun, 01/29/2012 - 11:06 | 2107124 roadhazard
roadhazard's picture

Way too late to, "give a shit". Now I just wait for the revolution. Bullets and beans boys and girls, bullets and beans.

I like reading ZH just to watch people with money not sleep at night knowing it's all an illusion. I can't wait for the Palm Beach/Boca suicide rate jump.

Sun, 01/29/2012 - 11:15 | 2107137 qmhedging
qmhedging's picture

Citizens of Beijing City bought 1.5 metric ton of gold in 7 days for holiday gift and so on

Sun, 01/29/2012 - 11:20 | 2107149 ToNYC
ToNYC's picture

Giving a sh%t, whether you care to or not, is essential to health. You are taking and making sh%t , so it's important to be able to give it or lack luster from constipation. Give it up like your curly-haired brother from another mother, Kenny G with the sax.

Or maybe pop a zit or two here at ZH, but don't forget to use neosporin! We like you to come clean.

Sun, 01/29/2012 - 17:40 | 2108002 He_Who Carried ...
He_Who Carried The Sun's picture

(Off topic)Who gives a fuck anymore? I've been reading this site for well over a two years now (active member for one year) and I have to say I honestly don't give two shits. I've seen every arguement possible whether it be for anarchy, gold standards, more government control, this candidate and that candidate. I've obessesed over all of it and I've come to the conclusion that I don't give a shit. Please provide one good arguement on why I should give a shit about any of this anymore. Honestly, hit me hard with the fight club shit. Yes, I know most of what ZH has predicted has come true and will soon come true, but what has it changed? I really want to know. Maybe I'm just an ass, I don't know. Of course, I'm also looking for answers from a fuckin blog so maybe I'm the douche. JD has that affect.Good luck in all that you do, KennyG09

Much depends on what you do with all that shitty information that you find here and elsewhere...

How much do you subject yourself to the OPINIONated guess of others is the question at hand. ZH does not get it right all the time, as a matter of fact I rely much on exclusive thinking and other places (my hairdresser for starters *lol*) - but at places like ZH one might find the occasional extra info that could be quite a gem (seldomly a 'nugget').

Usually I make money, if I do the exact opposite of what other people suggest...

Make up your mind and get ready to think for yourself... Good luck to you 2 !!

Sun, 01/29/2012 - 08:13 | 2106988 francis_sawyer
francis_sawyer's picture

I wonder when China will demand Obama to hand his budget over to Beijing

What budget?

Sun, 01/29/2012 - 09:44 | 2107051 DeadFred
DeadFred's picture


Sun, 01/29/2012 - 11:42 | 2107170 Sudden Debt
Sudden Debt's picture

If you would sell everything in America, you'd get about 16 trillion for it. A good salesman could even get 17 trillion for it.

So that won't cover it anymore.


HUMAN CAPITAL!!! And by Human capital I mean the amount of money one makes in their entire lifetime is estimated to be 260 TRILLION DOLLARS!!!!

So if he sells Americans to China, for about 750.000 per person (kids bring in more), he would only have to sell 2.7 million slaves to China to downpay the debt with china!

and about 15 million Americans to the banks!

Yes.... once you start hearing "Human Capital" in the press, you'll know what he's talking about....



Sun, 01/29/2012 - 12:09 | 2107207 flattrader
flattrader's picture

Foxconn pays about .70 per hour.  I think we are worth more than 750.00 over our "useful" life.  Do the math.

I don't want you on the negotiation team, that's for sure.

Sun, 01/29/2012 - 14:31 | 2107523 Kipper und Wipp...
Kipper und Wipperzeit's picture

I think he means $750,000

Sun, 01/29/2012 - 12:00 | 2107193 LiquidityandLunacy
LiquidityandLunacy's picture

That hOpium isnt going to grow itself now...

Sun, 01/29/2012 - 00:28 | 2106671's picture

I found out that bin Laden was dead when I played The White Album backwards.

Sun, 01/29/2012 - 06:52 | 2106941 The Alarmist
The Alarmist's picture

Al Quaeda is everywhere. Did you know that al Quaeda shot the Kennedys? They used box cutters to get a man on the moon. They used metal knives and forks in the Chili's restaurant in your local airport to take down the western world. They are everywhere and you might be one of them, so we have to double the national budget every 5 years to ensure the massive state apparatus is up to the task of protecting you ... from yourselves.

Sun, 01/29/2012 - 08:19 | 2106991 Oracle of Kypseli
Oracle of Kypseli's picture

It was lately proven that it was not Berlusconi's predessesors or the Israelites that crucified Christ. It had to be Al Quaeda or the Taliban. Yes! they are everywhere.

Sun, 01/29/2012 - 17:18 | 2107085 Stack Trace
Stack Trace's picture

Al Qaeda causes morning constipation too. They slip in during the night and hard little buggers to shit out. But if you let them hang around too long next thing you know you are on the list to visit Gitmo for some non-torture torture to cleanse your Colin Powell of Yellow Cake.

Really, who in ther right minds believes in these made up bogeyman?

The more time that passes and the more desperate TPTB act the more unreal they seem.

Who knows...maybe some dirty rag-heads in a filthy cave somewhere did want us all dead because of envy. That certainly legitimizes the abbrogation of all our liberties and treasure in the name of being able to have an uneventul bowel movement as our government takes one large dump all over ther world.

Sun, 01/29/2012 - 11:37 | 2107165 dwdollar
dwdollar's picture

If by Al Qaeda you mean the CIA, then yes, you are very close to the truth sir.

Sun, 01/29/2012 - 07:20 | 2106959 Non Passaran
Non Passaran's picture

Which MP3 player supports reverse playback?

Sun, 01/29/2012 - 08:14 | 2106989 francis_sawyer
francis_sawyer's picture


Sun, 01/29/2012 - 01:30 | 2106788 LongSoupLine
LongSoupLine's picture

Tactical presence in the region. (read: The middle ages crusades)

Sun, 01/29/2012 - 11:45 | 2107176 Sudden Debt
Sudden Debt's picture

You sure? For me all those muslims look the same.... and it's not like we got to see his corpse....

Maybe I should buy some more tuna cans and look if I find a "trace" of him in there....


Sun, 01/29/2012 - 12:28 | 2107235 WmMcK
WmMcK's picture

Especially the extra tall dead (Muslim) ones, look alike that is.

Sun, 01/29/2012 - 13:17 | 2107312 knukles
knukles's picture

We have always been at war with ourselves.

Sun, 01/29/2012 - 00:06 | 2106627 ilovefreedom
ilovefreedom's picture

i.e., negotiations to pay them not to fight.


Paying them off is much cheaper.

Like we saw in Iraq to juke the stats.



Sun, 01/29/2012 - 02:13 | 2106831 BorisTheBlade
BorisTheBlade's picture

Fighting, incidentally, is the only thing they can do, so if they are paid they'll be expected to fight somebody else.

Sun, 01/29/2012 - 02:22 | 2106837 He_Who Carried ...
He_Who Carried The Sun's picture

Ze Dshermans just went on strike. Let ze Bernank, ze French and ze English pay for all zat bullshit...!

And zen? Zen you will see zose as well come runnin' to Berlin asking for help? Economics?

Ze olde ENglishe talking about "eeconomics"? Zats a good joke, a razer lovely one...

Look at your debt levels, dear British and American friends, before u all come running to good ol' Berlin.... lol

Sun, 01/29/2012 - 07:52 | 2106978 StychoKiller
StychoKiller's picture

I vote we let LetThemEatRand "donate" all his property to helping out his fellow Socialist/Progressives in Greece.  It's the least a successful bidness man such as himself is obligated to do, after all, the Greeks "deserve" a Highway system too!

Sun, 01/29/2012 - 16:56 | 2107917 zerozulu
zerozulu's picture

What surrender? MOD and contractors got rid of old equipment and ammo. That's what they do after 10 to 15 years. Time to start over. Its a win win.

Sat, 01/28/2012 - 23:37 | 2106554 idea_hamster
idea_hamster's picture

Good night, a-ling-a-ling-ling!

This is now, officially, too silly.  

Sat, 01/28/2012 - 23:37 | 2106560 Everyman
Everyman's picture

These people are just fucking idiotic and completely corrupt liars!

Who in the world would take these clusterfuck clowns seriously?



Sat, 01/28/2012 - 23:46 | 2106570 Caviar Emptor
Caviar Emptor's picture

Good news:  (winning, since we're breaking old records from the 1930s)

youth unemployment in Spain reached 51.4% among those aged 16 to 24

 Its 51.4% youth unemployment level means that for the first time in a modern European country the majority of young people are out of work. In Greece the figure is 46.6% and in Portugal it is 30.7%.

In November youth unemployment in Britain passed 1 million for the first time in 15 years, equivalent to 22% 


On Saturday chancellor George Osborne and Labour leader Ed Miliband joined the leaders of the World Bank and the IMF in urging action to create jobs amid warnings that youth unemployment was a timebomb under the global economy.


Plans to commit €22bn to tackling the scourge of youth unemploymentacross Europe will be considered by EU leaders on Monday as international pressure mounts for action to help young people chart a way through the deepening economic crisis.

Sat, 01/28/2012 - 23:48 | 2106583 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Damn these kids are stupid.  Hooked on vids and sneaks, they can't even manage a decent protest.  I mean, 50%?!  You think they would understand it was due to the government and be pissed.

Sat, 01/28/2012 - 23:56 | 2106605 Caviar Emptor
Caviar Emptor's picture

Yup. It's a V-shaped recovery

Sun, 01/29/2012 - 00:30 | 2106678's picture

It's a V-2 on reentry shaped recovery.

Sun, 01/29/2012 - 00:35 | 2106690 Caviar Emptor
Caviar Emptor's picture

lol. I'm looking forward to buying pieces of Greece and Spain on eBay soon. Might be better than selling wholesale to Germany or vulture private equity firms

Sun, 01/29/2012 - 02:31 | 2106842 Hugo Moron
Hugo Moron's picture

I would advise strongly against it. You might pay a price that seems to be quite low, but in fact the deal requires you to pay a steadily incresing monthly fee ("temporary help"). And all you get in return is manjana, with Grease and Pain.

Sun, 01/29/2012 - 00:24 | 2106665 Bobportlandor
Bobportlandor's picture

Thats funny! Kid to stupid to protest.

Sun, 01/29/2012 - 01:23 | 2106769 UP Forester
UP Forester's picture

Yep!  Two stupid to protest.

Sun, 01/29/2012 - 07:55 | 2106979 StychoKiller
StychoKiller's picture

Hoo too?  U too?

Sun, 01/29/2012 - 15:44 | 2107768 smiler03
smiler03's picture

From May 2011 - 

Spanish youth rally in Madrid echoes Egypt protests

Maybe they are too law abiding or maybe they have just given up. Either way it's a dreadful state of affairs.

Sun, 01/29/2012 - 20:46 | 2108292 malek
malek's picture

Look at birth rates there, and you understand why not so much are protesting...

Sun, 01/29/2012 - 09:26 | 2107039 Ignorance is bliss
Ignorance is bliss's picture

We need a world war. that would take care of the pesky youth unemployment problem.

Sun, 01/29/2012 - 09:57 | 2107057 DeadFred
DeadFred's picture

The young can still play volleyball on the beach and such. As one who is youthfulness challenged I'm glad they haven't seen the wisdom in the idea of 'fire the old farts and hire someone with some energy'. Still have a few years left before I make my fortune off of Social Security. 

Sat, 01/28/2012 - 23:43 | 2106573 oogs66
oogs66's picture

Germany has waked away from being blamed for no QE quite adeptly - they blamed the ECB and ECB did LTRO so they off the hook for that.

Sat, 01/28/2012 - 23:45 | 2106579 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So while Greeks stuff euros under their mattresses, the EU says they need $, wait, $145b....and then more....and more....and more.  Week after week; this could go on forever, as long as Bernanke is dumping his dual mandate to focus on inflation.

Which reminds me, I have a question for ya'll.....

The Fed is targeting 2% (inflation) but aren't we officially at 3%? 

Sat, 01/28/2012 - 23:54 | 2106599 EyeQ
EyeQ's picture

My guess ... Housing prices will now be part of the inflation calculation - so inflation is only 0.1% now, we will exclude all items that have rising prices like food, heating oil and gas.  We will keep changing the mix to make sure we stay under 2%.

From your most reliable source - the media




Sun, 01/29/2012 - 09:59 | 2107059 DeadFred
DeadFred's picture

Pretty soon the mix is CPI= <Housing>

Sun, 01/29/2012 - 00:09 | 2106601 Hansel
Hansel's picture

Con man Bernank is using "Core PCE," as he said in his press conference last week.  Core PCE can't even be found in the Fed's own economic data

"Core PCE" or "PCE minus food and energy" can be found in table 8 of the GDP release

It's the only inflation metric left that the Fed could find under 2%

Sun, 01/29/2012 - 00:58 | 2106739 pmm009
pmm009's picture

Also, I cannot believe nobody has called him out on his response to the fixed income investors/savers are getting skrewed question.  He indicated that fixed income investors were getting fairly compensated for inflation.  I don't get it, how can he say that when you need to buy 10 year paper to make a positive return vs. 1 year CPE let alone real inflation.  Maybe if you are elderly and don't leave the house and have your prescriptions subsidised off the backs of the that what he means because this is the only group that doesn't see much inflation. 

Unless...he is taking a forward look and believes we are headed for another deflationary cycle?

Sun, 01/29/2012 - 01:38 | 2106801 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The elderly don't give a fuck.  They're all bitter that they have never had a winning hand with their investments and are fine getting zirped because (their words not mine) they "are going to die soon anyway."

Sun, 01/29/2012 - 01:48 | 2106810 bigkahuna
bigkahuna's picture

I believe he knows that there is currently a problem with price discovery because the money he put in circulation has gone into consumer debt. The banks got money at what a quarter percent? The used it to float consumer credit cards and car loans along with the occasional mortgage and very occasional refi---so what happened? Consumers tried to delever and got into more debt, the next deleveraging cycle is going to be a doozy. So we keep getting PRICE inflation in foods/necessities and currency deflation. What can these jokers do to solve the problem? The only thing they can do is air-drop cash money to people via tax cuts, via tax credits, or fly over them and drop hundreds of thousands of FRNs on them (helicoptoro!). So to sum it up, the whole damn market looks like it is gonna lock up tight.  When Greece slams the door on the credit via default, well there goes the whole credit neighborhood over there. Will that work it's way over here, I think so--then what do you do? Another TARP? LOL! Thats exactly what those fuckers will do! Just hold on to the seat of your pants because things are going to get very entertaining and then downright scary. Just get ready for our own banks to start pulling strange stuff and that old fashioned bank-run feeling that your grandparents or great-grandparents felt. 

I think you are right about currency deflation--I believe it has been coupling with price inflation. It is only a matter of time before the two reach critical mass (becuase we are at the end of a cycle that won't stop until the whole damn thing resets). This is not stagflation, I call it indiflation. It is the 2 by 4 that will whack these flatliners square in the face. Bernanke will claim he didn't see it coming.


Sat, 01/28/2012 - 23:59 | 2106615 Caviar Emptor
Caviar Emptor's picture

Good Q Mr Lennon. Inflation is relatively tame for those who don't eat or comsume energy. But in light of declining real wages and household net worth, isn't it rather more? The affordability of life is dropping fast as buying power of a buck plummets. 

Sun, 01/29/2012 - 00:27 | 2106670 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

This is awesome!  All we have to do is not eat or go anywhere and we can print forever!

Sun, 01/29/2012 - 00:41 | 2106698 Born Right the ...
Born Right the FIRST Time's picture
You beat me to the punchline that I have been using for 20 plus years.There is no inflation if you sit in the dark and starve to death.
Sun, 01/29/2012 - 08:21 | 2106993 francis_sawyer
francis_sawyer's picture

That's my business plan...

I plan to write a book...

Sun, 01/29/2012 - 07:58 | 2106981 StychoKiller
StychoKiller's picture

You got somethin' against fricasseed iPads?

Sun, 01/29/2012 - 02:32 | 2106843 bonin006
bonin006's picture

The CPI is about 2.9%, but don't worry, Ben is now using the CPCE as the target, and it is only 1.7% now, so no worries, print away!


See Bruce K article for details:


Sun, 01/29/2012 - 02:40 | 2106847 the 300000000th...
the 300000000th percent's picture

2%?? 3%?? no its officially more like 15%

Sun, 01/29/2012 - 20:44 | 2108288 malek
malek's picture

11% according to

Sun, 01/29/2012 - 13:57 | 2107438 Matt
Matt's picture

The Bank of Canada targets CPI growth at 2% by trying to keep it range-bound between 1% and 3%, since trying to keep it exactly at 2% is impossible. The Fed probably uses similar methodology.

If you go by PPI, its more like 9%.

Sat, 01/28/2012 - 23:49 | 2106586 Yen Cross
Yen Cross's picture

 Blah Blah

Sun, 01/29/2012 - 00:28 | 2106673 UP Forester
UP Forester's picture

Yep.  Except for this:

The CDU -female politician Wolfgang Bosbach, announced that he will not vote for new tools Greece.


That shit's funny!

Sun, 01/29/2012 - 00:44 | 2106702 Yen Cross
Yen Cross's picture

Excuse my " Nativity". 

Sun, 01/29/2012 - 01:25 | 2106777 UP Forester
UP Forester's picture

Don't worry.  I won't even touch the manger.


And you're right.  It is all blah, blah, blah until the shooting starts.

Sun, 01/29/2012 - 08:49 | 2106977 Element
Element's picture

As long as we all understand that the Greeks have never been bailed out of any of this one little bit, they are still deep in shit and it's getting deeper all the time.

A Greek might ask, "Before you open fire, what bailouts?"

The correct answer is that the Banks got their dough just fine up until now, and now that they may not get it any more ... oh dear ... well it's time to piss on the Greeks and pretend they are the crux of the problem.

Who gave the loans?

Who really got ALL of the bailout bucks?

The same critters who provided these unaffordable debts, via fractional (BS) reserve nothings!

What a fucking lark! 

Fucking wake up! ... the banks have lost NOTHING !!!

This 'Debt' is a pure in-your-face fake to begin with!

Making nothing look like something ... that is what bankers do!  That is almost ALL they do.

So they can construct a ludicrous web of fake and fraudulent claims on real public assets!

So why the 'eff does everyone keep conveniently forgetting about all this, every time one of these articles about Greek default progression comes out?


"It's dah bankster stupid!"


A commenter above asks, "why should I give a shit about any of this?"

We shouldn't, Greece shouldn't, Germany shouldn't, it has no more significance than a fucking mouse click!

Broke banks should close and never be re-opened!

German State police should arrest any banker still trying to pretend they're solvent, and their assets sold off to recoup the public's pointless loss.

Sat, 01/28/2012 - 23:51 | 2106592 holdbuysell
holdbuysell's picture

With all that's going on, how can the MSM keep up?

I can rest assured that they will cover all the important stuff.


Sat, 01/28/2012 - 23:53 | 2106597 Caviar Emptor
Caviar Emptor's picture

A report for the Kiel Institute for the World Economy said Portugal would have to run a primary budget surplus of over 11pc of GDP a year to prevent debt dynamics spiralling out of control, even in a benign scenario of 2pc annual growth.

"Portugal's debt is unsustainable. That is the only possible conclusion," said David Bencek, the co-author, warning that no country can achieve a primary budget surplus above 5pc for long.

"We won't know what the trigger will be but once there is a decision on Greece people are going to start looking closely and realise that Portugal is the same position as Greece was a year ago."

Sun, 01/29/2012 - 00:03 | 2106622 Yen Cross
Yen Cross's picture

 Thanks C/E. Like a house in the " Appalachians" .

Sun, 01/29/2012 - 00:41 | 2106699 JR
JR's picture

LOL. They’re all bad. There goes the neighborhood!

Sun, 01/29/2012 - 00:47 | 2106712 Yen Cross
Yen Cross's picture

 My best to Sue Ellen J.R.  That aud is looking a bit [ expensive]?

Sun, 01/29/2012 - 00:54 | 2106724 Caviar Emptor
Caviar Emptor's picture

Could do some frakin' 'neath those houses. Then ole Jed's a millionaire. Kin folk might say 'Jed, move away from there'. 

Sun, 01/29/2012 - 12:23 | 2107230 WmMcK
WmMcK's picture

Swimming pools, bitchez.

Sun, 01/29/2012 - 00:50 | 2106718 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think the economy has turned Japanese.

[Laughtrack for bad joke here]

Sun, 01/29/2012 - 01:30 | 2106789 Yen Cross
Yen Cross's picture

Perfection! C/E and L/H created white water.

Sun, 01/29/2012 - 01:35 | 2106797 Yen Cross
Yen Cross's picture

 Yuk Yuk Buck tooth, 145 to one sounds good. Yuk Yuk!

Sun, 01/29/2012 - 00:14 | 2106640 Schmuck Raker
Schmuck Raker's picture

There's another fun report due out soon...

Germany and the Netherlands are likely to quit the eurozone rather than swallow an indefinite number of ‘unrequited transfers’ to the union’s crisis-stricken nations, according to Charles Dumas, chief economist at Lombard Street Research.


Speaking at an event in central London, he said that before joining the single currency, German incomes had stayed level but their purchasing power had increased as the Deutschmark appreciated.

With the weaker euro, the economist said, they have seen ‘tremendous’ wage restraint, leading to huge growth in German firms’ market share but ‘no serious growth of the economy’ and a squeeze on disposable incomes. Meanwhile, consumption rose elsewhere in the eurozone, he said.


‘So what you’re actually dealing with here... is a German population which has had a rotten deal – and that’s why they’re all so angry’ noted Dumas, who is also chairman of the macroeconomic forecasting consultancy.


The Report That Will Blow Up The Eurozone via BI

Why Germans and Dutch will exit 'suicide pact' eurozone via

Sun, 01/29/2012 - 00:57 | 2106733 JR
JR's picture

Take away the U.S.A. and German economies as backing for the international banking cabal and they’d be helpless in their quest for world economic and political control. Socialism always fails.

The only way failed socialist economic systems have survived as long as they have is with the help of productive countries such as the U.S. and Germany, and that help is waning as both head farther down the road to socialist serfdom.

Alexander Solzhenitsyn defined it: “It is American trade that allows the Soviet economy to concentrate its resources on armaments and preparations for war.  Remove that trade, and the Soviet economy would be obliged to feed and clothe and house the Russian people, something it has never been able to do.  Let the socialists among you allow this socialist economy to prove the superiority that its ideology claims.  Stop sending them goods.  Let them stand on their own feet, and then see what happens.”

Americans should abolish the Fed while there is still time to recreate the American Dream. If America falters, there will be no United States to come to America’s aid and provide the banker oligarchy and its central planners and supporters the luxury of keeping their collectivist cake, while eating the fruits of capitalism.

Sun, 01/29/2012 - 01:13 | 2106758 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Remeber when the US Banking Cabal backed the Third Reich?  Maybe they will back the Fourth.

Sun, 01/29/2012 - 15:58 | 2107800 smiler03
smiler03's picture

@ JR -   Socialism always fails.

Can you name a single country in the EU that isn't socialist? Have ALL of them failed? NO. Has the USA succeeded without socialism? NO.

Your point is a fail.

Because the reader majority is American, I expect to be junked to hell and back.

Mon, 01/30/2012 - 08:15 | 2109004 Ghordius
Ghordius's picture

I start to suspect that for many the word "socialist" is now interchangeble with "liberal" and "democrat" anyway...

Sun, 01/29/2012 - 20:41 | 2108284 malek
malek's picture

While that's all true, Dumas misses an important point:
The wage restraint and trade surplus allowed the Germans to keep their unsustainable federal pension system (the only retirement income source for >90% of the population) afloat a little longer. Exiting the Eurozone will have tremendous consequences for it within a few years.

Sat, 01/28/2012 - 23:59 | 2106614 Use of Weapons
Use of Weapons's picture

This time you can't send them to the trenches, and they're all coming home.


Ah, the internet lets us down:

Mr. Newberry: "Well, it's a growth industry son".

Sun, 01/29/2012 - 00:06 | 2106630 Caviar Emptor
Caviar Emptor's picture

Police fired tear gas at hundreds of Occupy Oakland protesters on Saturday who tried to take over a shuttered convention center, arresting 19 people in the latest clash between anti-Wall Street activists and authorities in the Bay Area city.

Sun, 01/29/2012 - 00:31 | 2106680 UP Forester
UP Forester's picture

So, it's Corporate-Fascist Police State vs Communo-Fascist Anarchist State.


Anybody willing to give odds?

Sun, 01/29/2012 - 00:32 | 2106684's picture

My Sharona!

Sun, 01/29/2012 - 01:08 | 2106751 Caviar Emptor
Caviar Emptor's picture

Update: Oakland City Hall under siege

Sun, 01/29/2012 - 01:26 | 2106780 UP Forester
UP Forester's picture

Send in Steven Segal!

Sun, 01/29/2012 - 16:02 | 2106996 francis_sawyer
francis_sawyer's picture

Snake Plissken would be better

Sun, 01/29/2012 - 00:16 | 2106645 San Diego Gold Bug
San Diego Gold Bug's picture

Look at what gold has been telling us this month.....shit is going to happen soon so the smart money (ZH readers etc) are buying gold and silver.  there are a lot of things happening around the world and most of them are filter out the noise and see that some really bad (gov controlled times) are coming.  Prepare yourself and your family and try (if possible to warn some friends) of what is coming.  this is just a repeat of history and it will not be kind to the unprepared.  Get the best prices you can on all goods like long term storage food, ammo, water, silver (comparesilverpricesdotcom) gold and much more.  If you can, leave the big cities when it starts to go bad.

Good luck. A friend

Sun, 01/29/2012 - 00:19 | 2106651 disabledvet
disabledvet's picture

here comes the EU now!
looks very similar to our own Administration actually...

Sun, 01/29/2012 - 00:25 | 2106666 Caviar Emptor
Caviar Emptor's picture

Since the U.S. will eventually have to be sold off in little pieces, maybe Romney is the best guy. 

Sun, 01/29/2012 - 16:32 | 2107875 zerozulu
zerozulu's picture

Be prepared and get ready.

Hope does not seems to be the part of this equation.

Sun, 01/29/2012 - 00:28 | 2106675 dlmaniac
dlmaniac's picture

I wonder when China will demand Obama to hand his budget over to Beijing?

Sun, 01/29/2012 - 00:29 | 2106676 falun bong
falun bong's picture

my German is rusty, but "...resistance to further Greichlandhifen"

Let's see...would that be "Greek-Land-Heaving"?

Sun, 01/29/2012 - 00:32 | 2106682 UP Forester
UP Forester's picture

You forgot an "l" in the hilfen.  As in help.

Sun, 01/29/2012 - 00:34 | 2106688's picture

Gomez was always better with French.

Sun, 01/29/2012 - 12:20 | 2107222 WmMcK
WmMcK's picture

Morticia spoke French to get Gomez's stock ticker running.

Sun, 01/29/2012 - 07:14 | 2106954 The Alarmist
The Alarmist's picture

Your translation would work back to Griechenlandheben ... The original translates to "assistance to Greece."

Sun, 01/29/2012 - 00:40 | 2106693 Atomizer
Atomizer's picture

Gauged on our 2011 appetite of 10 billion/day [avg]. Greece would only last for another 15 days (+/- 2 days)


Show us the books. Stop with your fucking bullshit that you need money to cover another delinquent payment.


Sun, 01/29/2012 - 00:47 | 2106711 Caviar Emptor
Caviar Emptor's picture

Plan for Greece: Troika to print vouchers redeemable at McDonald's and Netflix-Greece. Distribute on weekly basis to unemployed. Fed and ECB cover the bill (by pretending not to print). There. that was easy! 

Sun, 01/29/2012 - 07:16 | 2106956 The Alarmist
The Alarmist's picture

Another reason for the Germans to be angry ... They don't have Netflix.

Sun, 01/29/2012 - 08:28 | 2106999 francis_sawyer
francis_sawyer's picture

That's cause every goddamned movie ever made in Hollywood was about the holocaust...

Sun, 01/29/2012 - 00:50 | 2106717 Peter Pan
Peter Pan's picture

What this all boils down to is that the size of the final size of the Greek write off will be closer to 130 per cent.

Apart from tourism showing a great uptick in 2011, every other metric is a disaster. Government tax collections fail to reach targets, expenditures exceed targets, large current account deficit, aging population, extremely large illegal immigrant population, still bloated and unproductive public service, scumbag politicians, underdeveloped state assets that will be sold for a pittance, a hypocritical Europe that is still happy to sell Greece billions of excess military armaments rather than guarantee its territorial sovereignty, a banking system that is being gutted by people spending their euros to supplement their standard of living or sending them to safer havens,non-existent pension claimants and finally an educated class that is fleeing the country.

So If Europe thinks it can handle this list it must be incredibly stupid or incredibly dishonest. I fear they are both.

Sun, 01/29/2012 - 00:58 | 2106735 Peter Pan
Peter Pan's picture

By the way, i forgot to add the minor issue of unemployment to the list.

Sun, 01/29/2012 - 00:58 | 2106738 Peter Pan
Peter Pan's picture

By the way, i forgot to add the minor issue of unemployment to the list.

Sun, 01/29/2012 - 08:04 | 2106984 StychoKiller
StychoKiller's picture

We'll put you down for two...

Sun, 01/29/2012 - 01:05 | 2106746 withnmeans
withnmeans's picture

 Yes, there are other problems, like the vast amount of people, not just here in the U.S. but in Europe as well, that massively over-spent and incurred a large debt. The inflation is and has been excessive for long periods of time, not that our government or corporate bosses would agree with me. Along with the customer base of super brainwashed "Me Generation", that has been taught to spend, though no fault of their own "supposedly". If an economy is over inflated, yes its a revved up engine and the companies are making good money for their Wall Street investors, however the general public has to pump out the money whether for survival on necessities or for their "me" items. Over an extended period of time it adds up, sure it makes the GDP look great. Now comes the time of restructuring debt, and with this, there will need to be a time of major deflation to reset the economy on a whole. This will not be by choice and the government will do what it may, but to no success. There will be corporations large and small go under, if they start soon enough to strengthen their balance sheets and lean their business model, they may make it through. I feel that the public will start to find that what they need and what they want will soon be defined. Extra curricular spending will soon cut at different intervals like tiers, the masses will try to save at first, unfortunately they will have a hard time trying to quit their spending addiction. Many still don't understand this period, its happened before, as an example it happened right after 1929. There was a short period of time that the public and Wall Street thought the worst was behind them "WRONG". This is precisely where we are now, the "Euphoric Period". Now we will go into the "oh, what the hell am I doing time". During this time people will start to cut some spending but not to an excess, this will cause a drop in GDP, Wall Street will start to drop, a few banks and businesses will close their doors. Then after a time of finger pointing and the hell is happening sinks in, we get to what I call the "BLACK PERIOD". During this period people try to hoard anything and everything, they start to lose all trust in the government and in all other people. The Stock Market goes into free fall as the contagion is now going full speed, businesses are dropping like fly's as people are not spending on non-essentials "These companies know who they are".  Well, we all kind of know this story don't we, but why does our psyche lets us not believe it. We are taught through centuries of evolution to be optimistic, to think things are going to be alright, also to some extent brainwashed to think things are great. There is still more tiers, yes, times will be difficult, but with winter , the cold, the dark, the hungry, then it happens. Spring, like a resurrection, the resetting begins, families are tighter, friends are closer, people start to spend a little more, but on since-able things. Banks will go back to loaning a little bit at a time, but this time they will do it knowing what happened. Jobs will pick up, wages will small, but with the "Great resetting" it brings lower cost for all classes. What once was the Elite class has now been eliminated to a select few. You may not think it now, but we need this resetting. It will be a very difficult period, but it has to be. Our governments are only prolonging the event, IT WILL HAPPEN.

Sun, 01/29/2012 - 01:25 | 2106778 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Welcome to Fight Club.  Good post.  May I offer some advice:  use paragraphs....but keep it up.

Sun, 01/29/2012 - 12:15 | 2107210 withnmeans
withnmeans's picture

Sorry to all that read that piece! The use of paragraphs would have been useful "I know". It was late and I was pissed, so I HIT SAVE. Then went to bed and started to drea - no, have a NIGHTMARE about what this world will soon be coming to. 

Like I have said before, We made our bed, now we have to sleep in it. We shouldn't have made it out of rocks, it's going to be uncomfortable.

Good Day, fellow American's

Sun, 01/29/2012 - 12:11 | 2107211 withnmeans
withnmeans's picture

Sorry to all that read that piece! The use of paragraphs would have been useful "I know". It was late and I was pissed, so I HIT SAVE. Then went to bed and started to drea - no, have a NIGHTMARE about what this world will soon be coming to. 

Like I have said before, We made our bed, now we have to sleep in it. We shouldn't have made it out of rocks, it's going to be uncomfortable.

Good Day, fellow American's

Sun, 01/29/2012 - 12:50 | 2107274 Hulk
Hulk's picture

My brain ran out of breath reading that ...

Sun, 01/29/2012 - 08:23 | 2106994 WillieNelsonListener
WillieNelsonListener's picture

tried to read this, all the time thinking - wish there was a paragraph break...

Sun, 01/29/2012 - 01:07 | 2106749 Caviar Emptor
Caviar Emptor's picture

Oakland City Hall Under Siege now:

Sun, 01/29/2012 - 01:16 | 2106763 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

cool.  oakland has been the only city to do it right so far.

Sun, 01/29/2012 - 01:23 | 2106771 Caviar Emptor
Caviar Emptor's picture

Rumor OWS NYC protest in sympathy

Sun, 01/29/2012 - 01:58 | 2106783 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It was a short winter.  Maybe people will be back o the streets again soon.  Hopefully they focus on taking action like shutting down more ports and occupying the Federal Reserve banks.

Sun, 01/29/2012 - 03:41 | 2106869 toomanyfakecons...
toomanyfakeconservatives's picture

300+ arrests reported so far and it isn't even midnight on the left coast... Occupy Oakland is the real deal...

Sun, 01/29/2012 - 08:09 | 2106986 StychoKiller
StychoKiller's picture

Sooner or later, the Mayor is gonna run out of overtime pay for the polizei, funds for jail guards, funds to feed all his new-found friends -- go ahead, squeeze harder (and watch more star-systems slip through your fingers!)

Sun, 01/29/2012 - 01:19 | 2106765 monopoly
monopoly's picture

This is Europe's worst far.

Sun, 01/29/2012 - 01:24 | 2106772 non_anon
non_anon's picture

ante up!

Sun, 01/29/2012 - 01:33 | 2106791 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yap that fool!  [Ante up!]

Kidnap that fool!

It's the perect timin'!  You see the man shinin'! 

Get up off your god damn diamonds!

Sun, 01/29/2012 - 01:40 | 2106802 Yen Cross
Yen Cross's picture

I normally listen to your posts. WTF?  Diamonds? Ok I See your point.    BUT DIAMONDS?

Sun, 01/29/2012 - 01:57 | 2106820 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Get up off your god damn Dimons?

Sun, 01/29/2012 - 01:27 | 2106782 Yen Cross
Yen Cross's picture

 A /Hop/Skip/ Jump/ into The Weekend.

Sun, 01/29/2012 - 02:01 | 2106824 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What yu think next week will bring?  I figure looking at the techs the VIX ramps, and the dollar gets a minor boost, eur/usd back to $1.265.  But I don't know now that Bernanke is all up in my grill.

Sun, 01/29/2012 - 02:00 | 2106823 chindit13
chindit13's picture

What growth rate does Europe require to meet the obligations of its sovereign debt?  Has Europe's growth rate ever been that high at any time in history, even in the rebuild period after WWII?

I think everybody knows the answer, even the Eurocrats.  It's the same answer for the US, Japan---even China.

Pretending things are different allows everyone to sleep at night, at least for a while.

Reality is an acquired taste.

Sun, 01/29/2012 - 07:31 | 2106964 Sandmann
Sandmann's picture

Forget backing global credit with gold - you could not even back it with coal. There are not enough resources on the planet to collateralise this Debt Explosion over the past 50 years - just look at that exponential curve since 1964. There are whole cities, even nations that have living standards based on a credit bubble. Maybe Detroit is the future for Sunbelt Cities ?  More people have entered the industrial era in China than in the history of the world hitherto but they are using a lot of copper, oil, coal and food that used to gorge American bellies - so just how thin will Americans have to be in future to balance income and expenditure ?

Sun, 01/29/2012 - 03:09 | 2106856 Die Weiße Rose
Die Weiße Rose's picture

The German Government of Angela Merkel seems to be the only People left,

with any credibility or knowledge about fiscal and economic responsibility.


There are two economic models right now:

Economic Model 1) the British colonialist economic model, this model was the very cause of the Global Financial Crisis from july 2007 to now,this model believes that by creating more Debt, the world can "stimulate" their economies out of Debt.However this creates a race to the bottom between trading-partners and that is what we are witnessing right now.the problem for Europe is, that even though the EU financial centre is in London, England does not consider itselfpart of the EU and is basically nothing more than the morally and financialy bankrupt 51st State of the bankrupt USA.

This British colonialist economic model shares the same common and dangerously mistaken believe: Pay down Debt by taking on ever more Debt, thereby devaluing Asset Values and the reserve Currency at the same time and hopefully "begger thy neighbour" without too much resistance and vilify or attack anyone who dares to object against this economic corruption and this abuse of the very universal and fundamental principals of economic responsibility.

Economic Model 2) this is the economic model that has been at the very fundamentals of any economic fiscal responsibility and every mum and dad who runs a household knows about this economic model. It is quite simple: Don't spent more than you can make in Income and don't take out more Loans and Debt, to pay down exsisting Debt unless you can Not Pay it Back, otherwise you will be BANKRUPT as well as insolvent, unless you can liquidate and sell All your Assets.

This economic model is advocated by Angela Merkel and the German Government, because it is the only one with any shred of credibility left and is not completely morally and financially corrupted, as the British economic model has proven to be.

As we all know:

The british economic model is bankrupt and was adopted by: Goldman Sachs, AIG, Lehman Bros, "Madoff Hedgefunds" and only recently; MF-Global, with their insane leveraged bets on Credit Default Swaps and Contracts for Difference Derivatives of Crap based on leveraged Crap each way...etc.

It is well known that the main stream media and corrupt Polititians the world over back the corrupt and now bankrupt british economic model, but I had expected a little more from ZH and Tyler and especially William Banzai,who is a brilliant illustrator. But to my surprise, they are all now advocating the same shit they themselves not so long ago, vehemently opposed.

However I have again been disappointed.

What did I expect ?

Integrity and sincerity on ZH ?

Don't waste your time, trying to find it here !

The Germans have all the money, so lets bring Hitler and the Nazi's back

and perhaps that way they pump another trillion or so of Debt into the bankrupt british financial system.

that should make the price of Gold come up, and also sell some more Greek CDS's from the GS Vampire Squid.

Contrarian my arse!

Reading through these ZH posts

I might as well read through one of mad Rupert Murdochs rags

that dictates the "News of the World" Garbage to the docile british public

and caters its sensationalist crap to the lowest common denominator and intellect -

to the ignorant and all-consuming unsuspecting comforting sheeple,

I suspect that would be you ?


Sun, 01/29/2012 - 05:12 | 2106891 zilverreiger
zilverreiger's picture

"The Germans have all the money, so lets bring Hitler and the Nazi's back"


I noticed this stupid rethoric too on many websites. It's the last defense of the broke UK and Suthern Europe and also some Wallstreeters.

Neuro region did their fair part they can pull the plug with a clean conscience if they do.

Sun, 01/29/2012 - 07:24 | 2106961 Sandmann
Sandmann's picture

The German Government of Angela Merkel seems to be the only People left,

with any credibility or knowledge about fiscal and economic responsibility


You are of course on drugs. When has Merkel cut spending or taxes domestically ? She has NO control over her own budgets and makes Gerhard Schroeder look like a hard-nosed businessman in contrast to her socialist policies.

Do NOT follow this link or you will be banned from the site!