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Das Kapitulation
The biggest market-moving event so far this year is undeniably the positive (so far) aftershock from Germany's capitulation on monetary expansion and as Michael Cembalest of JPMorgan goes on to note that the ECB, directly and indirectly, is giving its governments and its banks the money that the rest of the world has been taking away. Between the ECB's LTRO largesse and its 'crisis management' initiatives (for example: collateral standards, watered down Basel III, lower bank reserve requirements), it seems clear that the resignation of the German contingency (Stark and Weber) from the ECB last year was a signal of the laying-down-of-arms by the Germans relative to the Periphery (perhaps for fear of the 'powerful backlash' that Monti among other has warned about). While the JPMorgan CIO understands the market's positive reaction (as Armageddon risk is reduced/delayed) he remains a skeptic broadly given the structural reforms and any expectations of growth among most euro-zone economies this year. He reminds investors that it should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you want to win and we wonder just how aware the German press and public are that this is happening under their watchful (if not frustrated) gaze.
Topics: Germany capitulates, kicks can well into 21st century…or at least into 2013
Michael Cembalest, JPMorgan
There has been good news in the US (manufacturing, small business optimism, bank lending to businesses, some housing indicators), and in China (no hard landing yet, with strength in production and retail sales offsetting weakness in exports and capital spending). But the biggest market-moving event so far this year is undeniably the positive aftershock from Germany’s capitulation on monetary expansion. The mechanism: the long-term refinancing operations (LTRO) of the ECB, shown in the first chart. I did not foresee this kind of radical policy being put into place so aggressively and so quickly. The ECB is printing money, and lending it to just about any European bank against practically any asset it owns, for three years.
This has positive near-term implications for sovereign and bank financing pressures, the speed of deleveraging, and the EU recession. On the first point, as shown below, the front ends of Spanish and Italian yield curves have collapsed. With demand from national champion banks, and assuming continued ECB purchases of government debt, 2012 Spanish and Italian financing needs do not look as onerous as they did 3 months ago. On the second point, there has been a partial re-opening of core and peripheral bank debt markets. More importantly, a recent Morgan Stanley report estimates that some European banks used the LTROs to prefund 50% to 150% of their 2012 bond maturities assuming markets don’t reopen. And on the third point, based on this morning’s preliminary manufacturing and service sector surveys for January, the ECB’s actions may have slowed the severity of the EU recession as well. The bottom line is that the ECB, directly and indirectly, is giving its governments and its banks the money that the rest of the world has been taking away.
Combine the ECB largesse with the initiatives in Table 1, and you’ve got a region that appears determined to banish concerns about itself from financial markets this year.
It should not be lost on anyone that first prize in the Central Bank balance sheet expansion race is not necessarily one you want to win. After all, Europe is poised to surpass Japan, whose (admittedly belated) Central Bank expansion did not prevent bouts of low growth, asset price deflation and perhaps the world’s least attractive equity market returns over the last 10 and 20 years. Germany was reluctant to go down this road in 2011, a view I thought would prevail.
However, it’s clearer now that German resignations from the ECB in 2011 (Stark, Weber) were not, as I saw them, a reflection of a battle being waged between Germany and the Periphery. They were instead a reflection of a battle that Germany had already lost; the resignations were merely signs of the capitulation that followed. Italian Prime Minister Mario Monti actually went so far last week as to warn about a “powerful backlash” in the periphery against Germany, should Germany not do more to lower credit spreads in Italy. A chi dai il dito si prende il braccio…What kind of action is Monti demanding here?
Since Germany already surrendered on its insistence for ECB balance sheet control, perhaps he is referring to fiscal transfers through joint and severally guaranteed Eurobonds. Will Germany cave in on this as well? Who knows. I spoke last fall to a former Bundesbank member and professor of economics at Bonn University who organized the petition of 150 German economists in 1998 arguing for a postponement of the Euro, since conditions for monetary union were “most unsuitable” for it. He thought the idea of Eurobonds was absurd, but also thought the same thing about radical ECB balance sheet expansion.
The positive market reaction is understandable, given the reduction in Armageddon risk, and how cheap (and under-owned) European equities had become. The latest steps give Europe more time to try and sort through all of its structural problems (e.g., why is the level of German manufacturers reporting labor shortages close to the highest on record while unemployment in Spain is 23%?). I am still a considerable skeptic on this front, for reasons we have written about often, and I would be surprised if Italy or Spain grew at all over the next couple of years. I’m also not sure how many obligations Germany and France can really take on, given sovereign debt ratios above 80%. And of course, if the current strategy doesn’t work, the EU will simply have made the problem bigger for the ECB and EU banks.
Southern Europe needs capital to finance both budget deficits and trade deficits. Private sector capital is going to need a reason to come back, and absent a much weaker Euro, downward pressure on wages and prices may be the only way to do it. For a project designed to reduce regional credit risk, growth and unemployment differences, the European Economic and Monetary Union sure has elevated them. As Marx noted in Das Kapital, the road to hell is paved with good intentions.
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Awesome reporting again TD! Thanks for your input.
It would be nice to see if they would publish their model for the EU "recovery" with the oil prices in 200s....particularly in italy or anywhere for that matter.
The banking system simply can’t handle a default of a country the size of Spain or Italy. In other words, a Spain or Italy default would cause worldwide currency collapse. The banks own the debt of the sovereigns and the banks own other banks and countries buy other country’s debt, so all of the banks and all of the countries are intertwined. The managing IMF director, Christine Lagarde, put it succinctly by saying, “It is not about saving any one country or any one region. It is about saving the world from a downward economic spiral.” What she really means is that the world’s monetary system is one giant fiat ponzi of which the malinvestments must be kept from being exposed or else the fiat ponzi collapses.
In one form or another, Europe will have to print many more Euros in order to backstop Italian and Spanish debt. Whether it’s through a vehicle called Eurobonds, or through something else (perhaps a multitude of vehicles), the result will be the same..printing money to buy European debt. Surprisingly, when the EU fully commits to backstopping debt and a ton of Euros are printed, the Euro will likely rise. The reason being that the main scare for the Euro is a breakup of the currency bloc, not the amount of Euros being printed. A committed backstop of Italy and Spain will take the spotlight off of Europe and shine it fully on the US, which is in much worse shape the Europe.
TheSilverJournal.com
And..., the reason I BTFDs!
Maybe they could print but give the German treasury a suitably offsetting amount. Devaluation with happy Germans.
Hey, sovereignty is overrated anyway, right?
Until pop goes der veasel;)
unt za vorld goez boom
Is that supposed to be german?
und ja ja mein fuhrer Obama
Ich bin jetzt ein Copper Member! :)
Wife says more like titanium than copper
Quoting Marx will only scare the shit out of our American readers especially when it comes from such a home grown entity as JPM. Michael, are you a closeted Marxist?
I think any well educated Capitalist understands that Marx was completly correct on his critic but failed on the solution side.
I'll go out on a limb and say that you get more red than green with that gem.
"Solution" is a funny word. Certainly I can point to many places in history where it worked just fine, likewise where it morphed into a nightmarish hellscape. Better yet, literature can provide better examples than I but from what I've heard book stores are on their way out in the good old US of A. I'm confident the latest blockbuster will make up for that though.
failed on the solution side.
especially the part about not getting co opted by a bunch of thugs.....oh are we talking about communism, sorry my bad
Ah and now we see...Soros put his puppet in the White House. A man that can organize the mob to scare the secure. Then today he predicts, and almost even calls for riots in the streets.
I am wondering if this slime has shorted the dollar? He also claims to own little gold, but I would be willing to bet he is a secret buyer. I have know men of his ilk, and this is what I have learned: Don't listen to what he is saying, watch what he is doing.
+ 100
Oh yes..., and +1 for you too, Silly.
"Don't listen to what he is saying, watch what he is doing."
+ an extra 100
funny how both gigs start with good intentions and end with corruption, beatings and a police state. Those annoying little humans
Speaking of beatings..., I see where John Kerry tried to mix it up with some hockey goalie, or something.
@ TK 7936
I view free market capitalism, in its pure form, as a Natural Selection of economics; call me crazy. and democracy, in its ideal form is the Natural Selection of governance. and intellectual history is the natural selction of ideas. call me crazy. Natural selection is the root of all natural (and human) processes. the farther we stray from them in our own self organization the further we stray from what is right and most efficient for our own sakes... Just my 2 cents.
Astute observation.
Should be, Das Kaputulation.
no, it should not.
capt it's a play on the word kaput
unt ya!
Oh, LOL, sorry. I can be dense, especially when I'm in a shitty mood..
apologies, Ching
Die Kapitulation
Der Untergang
Das Unausweichliche
but I admit the German definite articles are quite confusing for the Anglo-Saxons
If AngloSaxons are not German, what are they?
German Seperatists ?
Germanic tribes ... beware Roman legions!
Um, David Beckham?
Jesus was that serious or are my hallucinogens that potent?
Hallucinogenic obfuscation is very contagious.
As is cultural bias.
The Anglos don't give a shit at this point. How you like this douche calling your homeland a bunch of quiters? It seems anybody who doesn't like the S&P's advice gets downgraded then discredited via banking 'reports' doesn't it? Poor Americans, this dude is as close as they'll get to clergy in their "country".
I think the author was under the hypnotic spell of the Marx volume he quotes: "Das Kapital." He just transfer Marx's "Das" to "Kapitulation" unaware of the solecism.
More likely a play on words from the movie Das Boot;
The claustrophobic world of a WWII German U-boat; boredom, filth, and sheer terror.
Volk ans gewehr!
take this:
the girl = DAS Mädchen.
I can hear your vows to never ever endeavor to learn German.
The European banks constitute a separate sovereign power from the individual EU governments...
I agree they will try to print their way out of it..it saves face....but the rest of the world knows this too..and will start to decouple from the Euro and the US Dollar.....they will start trading among themselves with their own curriencies or gold and silver......but I also think China will come in with a new world currency..backed by gold...Probably Russia will be with them....
Yep, that will happen when US, Europe and Japan have finished consuming those countries'resources through free funny money.
At this point, they will be allowed to decouple and trade anything left among themselves.
They already decoupled a few years ago. The process will just accelerate. there will be a war before that, I'd say even this year( late spring/summer?). The US and EU will become irrelevant shadow bankrupt economies confronted and then abandoned by its creditors. Japan won't make far without iranian or russian oil.
And that can work. China is a net exporter so a gold standard benefits them. If the US or EU were to adopt a gold standard the vaults would be empty in mere months. Our trading partners would deliver plastic dog shit made in hong kong or their oil pumped from the sands of the ME, then load their ships with our gold and disapear over the horizon.
Then when our vaults were empty, no more plastic dog shit or oil. Of course they would still want to buy grain so we would survive.
Once China is the reserve, if it evers happens, the preasure will be all on them. The corporate raiders, union bosses, trail attorneys, human rights activist, and Baptist will swarm their shores. We'll see how long that last.
So we'll keep sending them paper for the plastic dog shit and oil until they will no longer accept it, then America will be ready for rebirth.
Yes, and EUR is skyrocketing, must be Goldman gang insider in ECB again.
Based on that chart it looks like Ben has a lot of room for balance sheet expansion. by 2020 the fed can own the whole U.S.A
Besides buying MBSs, the Fed should buy up foreclosed real estate (both residential and commercial), and perhaps also buy up arable farm land with water supplies.
Reduced Armageddon Risk? What is the ticker for that index? FEOTWX?
Of course, the FT's almost daily dose of 3pm "all is going to be wonderful" rumors have done quite a bit to help sustain the upward groove of this market (if we can still call it that).
It's a brilliant strategy really:
if buy on the rumor sell on the news is true
then why not simply provide rumors and no news?
results: No selling, just buying. And the market can climb for ever and ever and ever...
Yes, well at least until supply lines are cut and no-one shows up work...
Oh...something tells me that Skynet is quite ready to run this market without the participation of carbon based life forms. (it's damn near there already)
Now let's see if they manage to close SPY green today. That'll make it 13 of 15 green closings for 2012. What a great start huh? While we were enjoying the holidays...the fixed the economy.
Wouldn't it be interesting if the market tanks after Obama's speech tonight?
Hold that thought and go one step further.
If Germany capitulates (and the ECB runs amok) doesn't that give the Germans license to exit the euro?
The first country out the door of 'Bernie Madoff 2.0' was the UK. Hungary wanted to exit (it has its own currency, why not?) but the E non-U and IMF threatened fire and brimstone (to cut off Hungary's credit). If LiTRO to come is a trillion euros what is to keep Germany 'in'?
LiTRO won't save the Greeks or the Portuguese, it's good for French banks. At what point does the German government give the finger to the French banks?
Right here it says when Greece defaults and exits the euro. If all hell breaks loose all the other E non-U countries will be in the water drowning. If all hell fails to break loose all the other PIIGS will 'Do the Greece' and default. The outcome of that will be all hell breaking loose.
There really isn't any scenario that has the Germans in the E non-U and the euro. For Frankfurt, who cares now what the ECB does?
(There is one solution but I'm not going to talk about it any more b/c nobody pays attention so who cares? The Europeans can all fuck themselves and die.)
Who is going to supply real "capital" to finance "deficits" of Southern Europe?
Kicking the can is a serious virus; seemingly incurable. But the problems in Europe almost pale in comparison to those of Japan. Forgetting the lost 2 decades, demographic issues and a ginormous debt/GDP ratio, I'm waiting to see when the first mentions will appear in the media that will suggest that Tokyo will have to be relocated due to the fallout from Fukushima. The implosion of the world's 3rd largest economy might just be the ultimate Black Swan. The rise in infant mortality in the NW US and Canada is already alarming; just imagine what it could be within a 500 mile radius of Fukushima.
Infant mortality in the US has got zilch to do with any kind of fallout. It is simply due to the quality and affordability of health care. The US has ranked moderately low for infant mortality in the world for quite some time now. A lot of 'westrern civlized' countries do better. Find it on place 34 here for example
http://en.wikipedia.org/wiki/List_of_countries_by_infant_mortality_rate
Germany has put an article into its constitution that the level of new debt per year has to be reduced and finally has to reach zero (Schuldenbremse, a debt limit). Should we be forced to pay too much to rescue pretty much all the rest of Europe than this will violate our constitution. The consequences will be interesting.
Well, just think about Artikel 115 Grundgesetz - this was part of your constitution for quite a while and no one cared about it. Violating it didnt cause any consequences.
Bingo! Wir haben einen Gewinner!
Oh but booking debt on a non german EFSF Account wont add to German deficit. One Word: Schattenhaushalt
Hey, while reading this article, the market is about to go GREEN.
Oh good, the afternoon ramp in financials is here
3pm baby. Today is tuesday so I think we are due for the tuesday/thursday 100 point rally as opposed to the Mon/Wed/Fri 60 point rally.
In the long-term we will all be dead. The short term effect of the ECB printing have been remarkable. Let the printing resume.
Wait till aapl crushes it after the bell. Throw in some positive QE comments tomorrow....it goes on.
Priced in.
of course.
And if AAPL misses and guides down and no QE 3 announcement..market will rally because it's already...yeah, you got it..priced in.
This market would be far more comical if it wasn't so repetitive.
Fonzanoon, the likelihood of AAPl crushing a Wall Street consensus that is more than 25% higher than its own guidance needs to be considered.
It's pretty simple:
-Goodbye, Armageddon...and........-Hello, Biflation!
In every way, shape and form ECB will go down the same path as the Fed and end up amplifying the already powerful biflationary forces reverberating through the global economy. Result? Slow to contracting growth with rising costs everywhere for everyone (and of course, fewer jobs, falling real median incomes and household net worth, plus no significant debt reduction)
Today's Petroplus bankruptcy should serve as yet another beautiful, picture perfect example of what happens in an economy where biflation is running away with it: even energy giants can't win (!) as margins get squeezed so hard and in every which way that they become insolvent.
So in summary, the medicine is worse than the illness.
sorry to interrupt.
Petroplus was NEVER an energy giant, rather the smallest of them all.
It however was the LAST independent energy refinery in Europe!
Guess who will buy the bread crums for cents on the dollar?
The big banks and oil companies that control politics and hence our living standard.
I guess when the German people figure this out it will be too late.
Can you say stagflation?
I hate that part of the story when Germans make a leadership mistake
quantitative lockerung
Kapitulation foobar ! care paket gut!
BILLY JOEL 1983 "ALLENTOWN"http://www.youtube.com/watch?v=yQVC2Ja3GUI&feature=related
(best time Germany had during the last 30 years i.e. 1,60 € /$)
"So the graduations hang on the wall but they never really helped us at all
No they never taught us what was real
Iron and coke, chromium steel
And we're waiting here in Allentown"
Basel III is the sleeping giant. The Fed has already come out and said that it will specially monitor (that is code for "protect") ANY "US" company with $50 billion in assets. Ever heard of an elected official at Basel? Nope. Fast forward to 2016 and presto you have a Well-point and UnitedHealth a la Obama-care being a de-facto private tax collector - sucking up 16% of everyone's monthly paycheck in mandated insurance premiums and guess what? They will be operating within an extra-legal fold under Basel III, along with the biggest of banks. All this hemming and hawing about weaker Basel accords - it's a false cry. Its about shutting the door on non-transnational companies which will all subsist on the crumbs and isolating giant firms for any legal recourse.
What does the future hold under this regime? Exactly what happened with Vioxx and Acandia. Early clinical studies showed a 40% increase in heart attacks, yet the drugs still hit the market. Years later it can be shown that Merck and GSK may have willfully known they killed 50,000 people. Are those companies being dissolved for crimes? Nope. Their products are even more protected - even mandated. That is your future under this emerging corporatocracy.
Everyone is going to default eventually. The future is linked to the mechanisms to pick up the pieces of this MANUFACTURED CRISIS.
You can peal away all the political parties, money, banks, non-banks, financial products and affected states. Its all about super-human corporate power verses the individual human spirit.
Good luck to everyone.
Record low volume today? Wow.
It is "die Kapitulation", but as gay as the Eurocrats and th ECB Banskters are "das Kapitulation" is spot on!
It's not over till it's over
Eurozone might just bounce the problems back in the City/Walllst court.
But if either crashes they all will.
<quote>why is the level of German manufacturers reporting labor shortages close to the highest on record while unemployment in Spain is 23%?</quote>
babyboomer retirement related i guess, that 's heating up in the netherlands aswell. A lot of people with specialised jobs who are not easily replaced by anyone without education/experience. And there is the language-issue > 1 large economic block with at least 20 different languages..maybe some sort of tower would help ;-)
"some sort of tower" - Hmm, I was thinking of a fish...
"TWO TEARS IN A BUCKET...MUTHER FUCK IT"...German Proverb
From Financial Times:
3:43 PM Standing in the way of a debt deal in Athens is the ECB’s refusal to take a hit on its stash of Greek paper. Should the ECB not take a loss, it could set a precedent that private bondholders have to stand in line behind the central bank for repayment on sovereign bonds. Such subordination could be a bigger threat to government bond markets than the default.
Makes sense, of all the hedge funds in there 'negotiating' why should the ECB take the hit?
Nice catch, and I thought bondholders already had to wait behind central banks anyway. I sense lots of big money "lawyering up".
Did they even bother to credit ZH on that? Tyler made the exact point in his amazing article. Link:
http://www.zerohedge.com/news/subordination-101-walkthru-sovereign-bond-...
At the same time the chief economist of Deutsche Bank warns of a collapse of the whole monetary system due to loss of trust with hyperinflation as the outcome.
Link in German:
http://www.handelsblatt.com/politik/oekonomie/nachrichten/eurokrise-deut...
Did someone there run the numbers and conclude that the whole financial system is beyond repair?
Then what would be the plan for survival?
Possibly, try to help the “pigs”as little as possible while preparing secretly and waiting for something else to trigger the collapse.
By any means necessary? That's food for thought.
We have that much to look forward to, I guess.
Fuck.
Just for fun, I'm thinking about selling heavy rope as art. Nooses and such. Might be nice to cast them in gold, I'm thinkin'.
System Reset
One Idea, one paragraph. I know that is what many want. I’m getting there as fast as I can. Unfortunately, the only people that will understand physics in one paragraph are the people who already understand physics, and physics drives the economy, not the Fed.
The Fed and the empire are very far down the stack of History, from the perspective of the universe. Institutions are popped off the stack, modernized, and placed back on the stack as required, in a decision tree of decision trees.
The work process is root, trunk, branches, twigs, and leaf, with seed/fruit. Not only do most naturally want seeds, but they also have a particular seed in mind, so 7 billion seeds would be required under the request assumption. That’s the problem for the traveling salesman under empire conditions, and the President is very, very far downstream.
Empire economics provides a handful of genetically modified seeds, which will not grow without empire fertilizer, energy distribution certification, and expects each preconceived class to become experts on one seed. Each class, therefore, stands on the assembly line doing make-work, waiting for product, which is eventually replaced with agency make-work all together, leading to tyranny.
Now that we have reached geographic saturation and its result, global communication, the intelligent kids are simply not going to tolerate that kind of stupidity. Democratic communication gives everyone that strives for it a free ticket to the top of the watch tower. The kids have no filter so they see the glorious sh**-show for what it is, BEFORE they enter the casino.
For lack of ponzi participation levels, the empire’s NPV window has shut, which is shutting down the credit system. There is no confidence that this generation of children will repay the debts of former generations. Previous generations naturally assume that this generation must obey the empire as they do, which is a really, really bad assumption.
So, then, there are 5 things that you must understand to participate in modernization benefits:
The social subconscious is a historical system that produces a distribution of individual behaviors, rooting each into the past with anxiety as required to ensure the outcome. Kids are pre-conditioned to empire habituation, but they do not have the habits themselves at birth; their conscious, their imaginary friend, is constructive. Most adults give that up and accept the inelastic empire voice over time, until they no longer hear the voice and simply respond to its impulses.
Kids, with elastic minds, and adults, with inelastic minds, learn differently. Kids enjoy the process, the adventure, so you can saturate their minds with material until the light bulb goes off. Adults have a preconceived objective anchored in mind, consistent with their empire placement, associated tolerance for anxiety, and Pavlov prize expectation.
The universe is elastically recursive, as is the new-born mind. When the elastic mind is presented with material, it will automatically do the algebraic reduction, pattern matching, to place it in perspective over time, based upon individual need. The empire reward and punishment system replaces it with an inelastic/efficient, top-down model, which, of necessity, is full of false assumptions to implement the misdirection. The latter replaces parental example with the empire do-as-I-say-not-as-I-do example.
So, when the empire reaches the end of its useful life, kids must replace it. Study any historical figure you like; the last person standing between the empire and the intelligent kids is the Shepherd, and the kids grow up to replace the empire recursively. They undermine false assumptions from the outside-in, line them up, and let the empire pull the trigger on itself, which is why many Germans want to run from US monetary policy as fast as possible(pulled in all the harder).
Recursion is naturally multi-tasking. If you have four processes, first identify which sub-processes all have in common, then in any three, and then in any 2, before you begin to think about doing any work, which is why the empire pursues increasing complexity. From the opposite perspective, look for processes in the environment that have the same or similar sub-processes. The empire enforces false assumptions to misdirect the pattern matching, as the means to its control.
The black/white market is always the fastest growing market. The empire functions to grow it by creating a centrifuge counterbalance, hiding it. The best and the brightest operate in the eye of the hurricane, where others either will not or cannot operate, preparing for the next iteration, which, in this case, because virtual memory will be fully deployed, will allow much greater participation across all time event horizons.
You need an elastic mind, with which the intelligent kids are prepared to help you, but you must accept the change in system polarity. System reset is a bottom-up process.
Virtual in what sense? And likewise for time?
on the road again...
should be in next article
Err..
zhee German Press !?
C L U E L E S S
or
M U T E D
They seem just about as clueless as our politicians , Politiker, politicien..
Today's FTD, Handelsblatt etc hardly mentioned the 'Greek Talks' - which should actually have provided some fodder for the FinMin meeting.
Oh - was there something !? Result .. uh .. err - we're still at it.
FinMin instead comes up with a revamped ESM - no details known !?
Press talks about 'Progess' - what progess ?
500 bn EUR out of thin air ?
700bn ESM (thin air again !?) with 80bn sort of real core.
Now what is this ?
What kind of f***in comedy are these MoFos pulling off ?
Hopium anyone !?
Great Article, thank you!
One thing is for sure, Merkel and Schäuble are people on remote control. Merkel came out of Nowhere and became Chancellor in a few years?!
Her only aim is to destroy the autonomy of Grmany.
She was the one who fought against Weber, very successful. She is better than Kohl in destroying opposition, and Kohl was a Black Belt 5th Dan Champion in Mobbing.
Little remark related to the title: it is die Kapitulation (Feminin) and not das Kapitulation (Neutrum).
On the other hand, "das Kapitulation" gives a special touch to it, feels like "the total desperation".
For anyone who might be interested. Here are the actual numbers including shares and capita per Country for the ESM:
Königreich Belgien 243 397 24 339 700 000
Bundesrepublik Deutschland 1 900 248 190 024 800 000
Republik Estland 13 020 1 302 000 000
Republik Irland 111 454 11 145 400 000
Hellenische Republik 197 169 19 716 900 000
Königreich Spanien 833 259 83 325 900 000
Französische Republik 1 427 013 142 701 300 000
Italienische Republik 1 253 959 125 395 900 000
Republik Zypern 13 734 1 373 400 000
Großherzogtum Luxemburg 17 528 1 752 800 000
Republik Malta 5 117 511 700 000
Königreich der Niederlande 400 190 40 019 000 000
Republik Österreich 194 838 19 483 800 000
Portugiesische Republik 175 644 17 564 400 000
Republik Slowenien 29 932 2 993 200 000
Slowakische Republik 57 680 5 768 000 000
Republik Finnland 125 818 12 581 800 000
Gesamt 7 000 000 700 000 000 000
I
Great Article, thank you!
One thing is for sure, Merkel and Schäuble are people on remote control. Merkel came out of Nowhere and became Chancellor in a few years?!
Her only aim is to destroy the autonomy of Grmany.
She was the one who fought against Weber, very successful. She is better than Kohl in destroying opposition, and Kohl was a Black Belt 5th Dan Champion in Mobbing.
Little remark related to the title: it is die Kapitulation (Feminin) and not das Kapitulation (Neutrum).
On the other hand, "das Kapitulation" gives a special touch to it, feels like "the total desperation".
For anyone who might be interested. Here are the actual numbers including shares and capita per Country for the ESM:
Königreich Belgien 243 397 24 339 700 000
Bundesrepublik Deutschland 1 900 248 190 024 800 000
Republik Estland 13 020 1 302 000 000
Republik Irland 111 454 11 145 400 000
Hellenische Republik 197 169 19 716 900 000
Königreich Spanien 833 259 83 325 900 000
Französische Republik 1 427 013 142 701 300 000
Italienische Republik 1 253 959 125 395 900 000
Republik Zypern 13 734 1 373 400 000
Großherzogtum Luxemburg 17 528 1 752 800 000
Republik Malta 5 117 511 700 000
Königreich der Niederlande 400 190 40 019 000 000
Republik Österreich 194 838 19 483 800 000
Portugiesische Republik 175 644 17 564 400 000
Republik Slowenien 29 932 2 993 200 000
Slowakische Republik 57 680 5 768 000 000
Republik Finnland 125 818 12 581 800 000
Gesamt 7 000 000 700 000 000 000
I