Dear Germans: Bring Out Ze Checkbooks

Tyler Durden's picture


Something funny happened on the road to a "fixed" Europe.

A week ago we presented the €2.5 trillion closed liquidity loop at the heart of Europe's (solvency and mercantilist) problems: the cumulative capital account deficits of Europe's import countries (virtually all of them except for Germany and Holland), and the under the table funding mechanism, in the form of Germany's subsidizing of said countries via the ECB TARGET2 cash settlement process. In simple terms, in order for the PIIGS to import German "stuff", Germany had to fund their economies in a very roundabout, yet unmistakable fashion (see chart). Well, as the latest update from TARGET2 shows (courtesy of Sean Corrigan of Diapason), the fact that this now accepted enabling mode of existence continues, as nothing has changed in Europe except for Greece going bankrupt, and all the PIIGS still pretending they have fixed their economies when in reality all that has happened is a $1.3 trillion cash injection providing some very brief dry powder to drive bonds to lower yields temporarily, Spain and Greece have just posted their biggest draw on TARGET2 bringing the total to just under €400 billion! Congratulations Germany - This is the amount that Jens Weidmann and the German Bundesbank will have to fund to keep the ponzi going. But at least BTPs and Bonos will be at 0.00% as the ECB floods the market with a quadrillion in paper at a point in the very near future to pretend that the system is solvent judging by bond yields.

To all our German readers: sorry. Yes, extend and pretend actually has a price.

To summarize: the bond market, courtesy of the ECB, has signalled the all clear, if only for a brief amount of time (remember what happened with the first LTRO back in 2009). In the meantime, the PIIGS economies are getting worse and worse. But for the time being Germany can keep them afloat. However, Germany, unlike the ECB can not print money. And in fact, largely does not want to.

And here's the Bundesbank. How does one say exponential in Germano-Grecian?

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Wed, 03/14/2012 - 15:00 | 2255312 trav7777
trav7777's picture

NSF bitchez

Wed, 03/14/2012 - 15:07 | 2255349 nope-1004
nope-1004's picture

More like SNFU.


Wed, 03/14/2012 - 15:16 | 2255390 SilverTree
SilverTree's picture

"fixed" meaning neutered?

Wed, 03/14/2012 - 16:18 | 2255634 JLee2027
JLee2027's picture

10 year T-bills are getting interesting.  I wonder if the FED is helping Europe and has run out of fingers to put into the dyke.

Wed, 03/14/2012 - 16:22 | 2255648 redpill
redpill's picture

What does Blythe Masters have to do with this?

Wed, 03/14/2012 - 16:29 | 2255676 The Big Ching-aso
The Big Ching-aso's picture



These bailouts could've put a new 2012 Porsche 911 in the hands of every driving German instead of a 1988 Vanagon.

Wed, 03/14/2012 - 16:38 | 2255703 redpill
redpill's picture

If gas prices keep rising we might all wind up buying '88 Vanagons

Wed, 03/14/2012 - 17:11 | 2255821 lostintheflood
lostintheflood's picture

at least you can live in a vanagon...

Wed, 03/14/2012 - 17:22 | 2255857 cognus
cognus's picture

not just LIVE< you can grow reefer in that bad boy

Wed, 03/14/2012 - 18:15 | 2255896 redpill
redpill's picture

AND then you can use that reefer to build more vans!  Amazing!


Wed, 03/14/2012 - 21:50 | 2256515 Harlequin001
Harlequin001's picture

See, it's fixed!

Literally EVERYTHING's on the up and up...

Wed, 03/14/2012 - 18:51 | 2256117 trebuchet
trebuchet's picture

nothing to fade here, move on....... 

Wed, 03/14/2012 - 16:55 | 2255755 VanceEva1
VanceEva1's picture

my classmate's sister makes $82 hourly on the internet. She has been out of work for 10 months but last month her income was $17192 just working on the internet for a few hours. Read more on this site .... 

Wed, 03/14/2012 - 18:01 | 2255947 5880
5880's picture

Is she showing her vag?

If not I'm out

Wed, 03/14/2012 - 20:18 | 2256338 TheFourthStooge-ing
TheFourthStooge-ing's picture

Yes, she's naked, but when she's fellating the goat, the webcam is focused on her face.


Wed, 03/14/2012 - 18:46 | 2256098 CPL
CPL's picture

Shoe on head, sharpie in pooper.  You know the rules.

Wed, 03/14/2012 - 17:16 | 2255843 max2205
max2205's picture


Wed, 03/14/2012 - 15:29 | 2255457 LongSoupLine
LongSoupLine's picture

I don't think there's a mountain face in the German Alps as steep a climb as in that chart!

Wed, 03/14/2012 - 16:52 | 2255727 The Big Ching-aso
The Big Ching-aso's picture



Ya, in Berlin they'll want to see your bank balance first before you can enter Germany through Checkbook Charlie.

Wed, 03/14/2012 - 21:43 | 2256500 StychoKiller
StychoKiller's picture

Weimar V2.0!  A lot like Weimar V1.0, except a lot slower (for now...)

Wed, 03/14/2012 - 15:50 | 2255521 It was not me
It was not me's picture

So Jim Grant was right after all in this video:

Wed, 03/14/2012 - 20:27 | 2256347 TheFourthStooge-ing
TheFourthStooge-ing's picture

The naked woman in that video isn't Jim Grant. The real shocker wasn't the goat, but the credits at the end:

Goat Rental Service provided by Armada Markets Talent Agency.


Wed, 03/14/2012 - 16:49 | 2255732 Nussi34
Nussi34's picture

Let´s bomb the fucking PIFGIBS!

Wed, 03/14/2012 - 22:14 | 2256545 Alexandros
Alexandros's picture



...the barbarians, who forced beautiful Europe to get down Zeus’ “back” and made her a prostitute.

...the unworthy Europeans, who in 1945 “took Europe down” from “Mount Olympus” and in 2012 relinquished “enslaved” Europe to the Phoenician loan sharks.


…Germany betrayed Europe once again. Germany handed all the European countries over to the Jewish loan sharks, by naively believing that this way they would let Germany free. Germany put the European family at the “target” of the “markets” and it is collecting profits every time one of its members gets “executed”. The loan sharks who pretend to be the “hunters” are shooting safely in the European “hen house” because Germany has managed to “raise walls around” Europe. One after the other, Europeans are destroyed so that Merkel can pay the stupid and artificial German debts to the loan sharks. 



Wed, 03/14/2012 - 15:02 | 2255313 Cognitive Dissonance
Cognitive Dissonance's picture

"Something funny happened on the road to a "fixed" Europe."

May I suggest they try this to "fix" the Fed?

In fact, let's just cut off the head entirely and be done with it.

Wed, 03/14/2012 - 15:04 | 2255341 AmazingLarry
AmazingLarry's picture

Nah, just sclap'em Aldo Raines style. I want souvenirs. 

Wed, 03/14/2012 - 15:21 | 2255422 Cognitive Dissonance
Cognitive Dissonance's picture

Aldo Raines

Wed, 03/14/2012 - 15:56 | 2255511 Zero Govt
Zero Govt's picture

scalping indeed's where all this funny money goes (hat tip jim Sinclairs website today) where (Irish) taxpayers are put on the hook by politicians for financiers that bring them no material return or benefit enforced by ECB demand (ie. money/debt-slavery for nothng)

Note the chirpy ECB tosser (just out of Uni wet behind the ears living in a LaLa Land ivory tower up in Brussels) being brought down to reality with a bump and left speechless.. welcome to your briefest of visits to the real world academic arsewipe

Wed, 03/14/2012 - 16:56 | 2255763 trebuchet
trebuchet's picture

now that is a link worth watching ! nice one

Wed, 03/14/2012 - 17:38 | 2255903 Troll Magnet
Troll Magnet's picture

can you imagine one of our own "journalists" confronting a bankster like that?  damn...

Wed, 03/14/2012 - 20:38 | 2256369 TheFourthStooge-ing
TheFourthStooge-ing's picture

Damn, that guy didn't take bullshit for an answer! I thought all TV reporters had been castrated, but in Ireland one has clearly slipped through unscathed.


Wed, 03/14/2012 - 19:34 | 2256231 BigJim
BigJim's picture

Excellent... now I wonder why THAT wasn't widely shown on TV?

Wed, 03/14/2012 - 15:51 | 2255529 roadhazard
roadhazard's picture

"Never fight in a basement."

Wed, 03/14/2012 - 16:09 | 2255578 Azannoth
Azannoth's picture

Parasitic jews scalping Germans, where did we see this movie again? Ah it was running on the streets of Germany for centuries past (with interludes)

The Parasitic Jew and the Hardworking German the perfect parasitic symbiosis

The Dilemmas of Jewish Power

Wed, 03/14/2012 - 16:28 | 2255670 SMG
SMG's picture

Parasitic Luciferian Illuminati not Jewish People.

Wed, 03/14/2012 - 19:03 | 2256142 Max Hunter
Max Hunter's picture

SMG.. kinda.. problem is, when you do that, you give them the cloak they seek and all the PC they need..

Wed, 03/14/2012 - 19:10 | 2256177 trav7777
trav7777's picture

only someone like jewhen could write that

jews boil down to right = good for jews, wrong = bad for jews

Wed, 03/14/2012 - 16:20 | 2255641 Greyhat
Wed, 03/14/2012 - 15:02 | 2255324 bugs_
bugs_'s picture


Wed, 03/14/2012 - 15:03 | 2255329 ziggy59
ziggy59's picture

The FED is Hydra...

Wed, 03/14/2012 - 16:34 | 2255337 TruthInSunshine
TruthInSunshine's picture

Zee price stabeeelity.


Wed, 03/14/2012 - 15:04 | 2255340 PontifexMaximus
PontifexMaximus's picture

Ze tschörmens do not know about that, taking into consideration a population of 80 mio., who cares. Bundesliga, Weiss- and Currywurst are important. They know full well their destiny: the wallet ready to open for GR, E, I and......As long as Mario is doing his job (agreed with BB) Angela is only staffage!

Wed, 03/14/2012 - 15:05 | 2255343 TradingJoe
TradingJoe's picture

Meine Fresse, woher so viel Geld?!?! :))

Wed, 03/14/2012 - 16:09 | 2255610 sunaJ
sunaJ's picture

Hitler finds out about the coming German inflation...

Wed, 03/14/2012 - 18:23 | 2256018 fuu
fuu's picture

<golf clap>

Wed, 03/14/2012 - 18:23 | 2256022 blindman
blindman's picture

that was brilliant, imho.

Wed, 03/14/2012 - 19:34 | 2256242 BigJim
BigJim's picture

Haha, the look on the Generals' faces when Hitler says at least they've still got their gold! Priceless.

Wed, 03/14/2012 - 20:52 | 2256401 TheFourthStooge-ing
TheFourthStooge-ing's picture

Of all the "Hitler finds out about..." videos that I've seen, this has to be one of the best. From start to finish, it's firing on all cylinders, and the unexpected ending was perfectly timed.


Wed, 03/14/2012 - 15:07 | 2255350 yogibear
yogibear's picture

Endless bailouts for Greece and the rest of the PIIGS. Raise the retirement age for the ze Deutschland. While the PIIGS/Club Med gets early retirement.

Wed, 03/14/2012 - 17:06 | 2255798 Rynak
Rynak's picture

Is it time again to play the national and class warfare card again, so that those actually benefiting can laugh they asses off, while the suckers duke it out with each other?

And retirement? Fucking retirement? Hellooo, there are way too few jobs, partially thanks to the stupid system in place... who care at what age people retire: If they retire early, they get paid without working, and if they retire late, the youngsters get paid without working..... welcome to the world of non-infinite ressources, wichskopf.


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