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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SilverTree's picture

"fixed" meaning neutered?

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.

redpill's picture

What does Blythe Masters have to do with this?

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.

redpill's picture

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

lostintheflood's picture

at least you can live in a vanagon...

cognus's picture

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

redpill's picture

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


Harlequin001's picture

See, it's fixed!

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

trebuchet's picture

nothing to fade here, move on....... 

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 .... 

5880's picture

Is she showing her vag?

If not I'm out

TheFourthStooge-ing's picture

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


CPL's picture

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

LongSoupLine's picture

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

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.

StychoKiller's picture

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

It was not me's picture

So Jim Grant was right after all in this video:

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.


Nussi34's picture

Let´s bomb the fucking PIFGIBS!

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. 



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.

AmazingLarry's picture

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

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

trebuchet's picture

now that is a link worth watching ! nice one

Troll Magnet's picture

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

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.


BigJim's picture

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

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

SMG's picture

Parasitic Luciferian Illuminati not Jewish People.

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..

trav7777's picture

only someone like jewhen could write that

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

ziggy59's picture

The FED is Hydra...

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!

TradingJoe's picture

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

sunaJ's picture

Hitler finds out about the coming German inflation...

blindman's picture

that was brilliant, imho.

BigJim's picture

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

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.


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.

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.