Former Bundesbank President Weber Warns Germany Will Be On The European Bail Out Hook For Up To 314% Of Its GDP

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 11/04/2011 - 11:54 | 1845377 Sutton
Sutton's picture

Long Wehrmacht futures

Fri, 11/04/2011 - 11:56 | 1845384 chunga
chunga's picture

...and Leopard Battle Tanks.

Fri, 11/04/2011 - 12:00 | 1845402 Matevski
Matevski's picture

Don't worry folks, just return to the buffet. The iceberg in front of us is a part of the sightseeing-experience.

Fri, 11/04/2011 - 12:03 | 1845406 TruthInSunshine
TruthInSunshine's picture



Deutschen wird entweder wiederum ihre Politiker (und EU "Führer") in Leberwurst, oder sie werden die Leberwurst zu werden.

Das ist einfach eine Tatsache beweisbar durch einfache mathematische Berechnungen.

Es wurde gesagt, es wird der Durchschnitt der deutschen 8 Tausend USD Kosten für die EU zu verlassen und raus aus der Euro-Schäkel, und das ist ein verdammt gutes Schnäppchen, wenn es kostet sie 25 bis 100 mal, dass in der Ehe zu bleiben, und ertrinken durch die schlagenden, sinkende anderen EU-Schulden-a-holics.

Die Europäische Union wird aller Deutschen in Krapfen wenden, eher früher als später.

Bail sofort.

Fri, 11/04/2011 - 12:06 | 1845420 Matevski
Matevski's picture

5 years of classes in german and yet, I don't understand a god damn thing..

Fri, 11/04/2011 - 12:10 | 1845435 ArkansasAngie
ArkansasAngie's picture

me too

Of course in HS ... I had a Korean teaching me German.  Throw in my southern accent and I'm doomed.

Fri, 11/04/2011 - 13:22 | 1845767 Breaker
Breaker's picture

"Throw in my southern accent and I'm doomed."

So the northern Germans think you are from Bavaria?

Fri, 11/04/2011 - 21:55 | 1847391 Hard1
Hard1's picture

How do you say Minsky moment in German?

Fri, 11/04/2011 - 12:11 | 1845441 TruthInSunshine
TruthInSunshine's picture

It's from Google Translate.

It (attempts to) states that Germany is far better leaving the EU now than waiting for the inevitable implosion.

An analogy would be to leave Cherobyl sooner rather than later, ex post meltdown.

Fri, 11/04/2011 - 12:26 | 1845506 Oh regional Indian
Oh regional Indian's picture

Given the fact that Germany controls the west (pretty much by the Bawls, Saxe-Coburg Got(c)Ha etc...well, given that fact...nope, can't justify german people suffering. But they have lived very high on the hog for Decades now. Sins of omission sort of, like Citizen USA, whose shearing for NOT sharing time is coming soon.

Perhaps it's just time to pay the piper, nein?




Fri, 11/04/2011 - 12:59 | 1845659 Instant Wealth
Instant Wealth's picture

Easier said than done.

I'm afraid, your proposal would lead to this:

"Goodbye EU - Hello WWII reparation payments"

Fri, 11/04/2011 - 13:23 | 1845774 knukles
knukles's picture

Nah... stuff more money into it right now.  No delays, pronto, take a Big Number, raise it to the Big Number's Own Power.  Double to be conservative.  Mark up by 1000000%. 
Now Stuff.
Apply copious amounts of every drug known to man since 1453. 
Consume way the fuck too much alcohol.
Pretend all will be well tomorrow.

Come to.
Start over again.

Fri, 11/04/2011 - 14:04 | 1845961 Nigh Eve
Nigh Eve's picture

So.... Why not post the English version instead??

(For the record... Ich verstehen ein wenig Deutsch.) translates it as follows (obviously a slightly flawed translation):

"German will be either in turn their politicians (and EU "guide") in liver sausage, or you will be the leberwurst. That is just a fact proven by simple mathematical calculations.

It has been said, it is the average of the german 8 thousand USD cost for the EU to leave and get out of the Euro-Schakel , and that is a damn good deal, if it will cost you 25 to 100 times that in the marriage to remain, and drown by the beating, diminishing other EU-debt-a-Holics.

The European Union will contact all Germans in donuts"... {send all Germans throught the ringer ?},..."sooner rather than later.

Bail immediately"

Sat, 11/05/2011 - 01:16 | 1847892 TruthInSunshine
TruthInSunshine's picture

+1 jelly donut

Fri, 11/04/2011 - 12:41 | 1845580 Ahmeexnal
Ahmeexnal's picture

Let them eat melamine bratwurst.

Fri, 11/04/2011 - 15:27 | 1846320 the tower
the tower's picture

Trailer trash

Fri, 11/04/2011 - 13:23 | 1845772 Manipulism
Manipulism's picture

This is not German, this is ugly Google translation.

Dont use this shit.

Fri, 11/04/2011 - 17:48 | 1846686 eatthebanksters
eatthebanksters's picture

a hint...the last line basically says that sooner of later the EU is going to put Germany in the so many words...

Fri, 11/04/2011 - 12:06 | 1845424 Ghordius
Ghordius's picture

you definitely have to improve your German.

8'000 USD to leave the EU? The Germans don't want to leave the EU, they just want to have a hard currency.

Fri, 11/04/2011 - 12:17 | 1845465 TruthInSunshine
TruthInSunshine's picture

Your avatar is deeply disturbing.

It's the equivalent to me wearing a Federal Reserve IOU (aka rough hewn toilet paper or cigar lighting media).

Fri, 11/04/2011 - 12:45 | 1845554 Ghordius
Ghordius's picture

well, there is the difference (may I presume you are from the US?)

You think that CBs are inherently evil - perhaps Governments too?

I think that Governments and Central Banks are not inherently evil - the same way guns are not inherently evil

we might perhaps agree on the fact that CBs are the financial equivalent of an armoury and that monetary inflation is something like a regressive war tax

I hope we agree that the Financial Cartel (TBTF) is what is really rotten in this world, particularly the MegaBanks and their Instruments of Financial Destructions (this includes CDS and most derivatives).

Yes, your Central Bank, the FED, has been taken over by the MegaBanks (that actually founded it). And they have taken over your Treasury, too. And perhaps your Gov.

But this is not a reason for me to say that "only honest money is good" or that this call is going to change something.

In fact, I still have some hopes for the EUR, long term, and a glimmer for the GBP.

Please note that I have lived in several countries over the last decades and some of them had high inflation while a few even had hyperinflation, (if you follow the definition of over 50%).

Fri, 11/04/2011 - 12:53 | 1845599 TruthInSunshine
TruthInSunshine's picture

Yes, I am a US Citizen.

I believe that your trust in inherently worthless fiat, regardless of the color or face that graces it, is sad.

Sad is the best descriptor that I can think of, and it's not for me to judge you, but I can cast judgment upon the notion (maybe a pun in there) that any fractional reserve based economic system, using inherently and ultimately worthless fiat currency (the production and volume of which is not restrained by anything but the hollow words of ignorant or, worse yet, malicious men, beholden to special interests), is the very definition of ignorance and naivety.

There have been many pivotal, watershed moments in U.S. history where Americans were sold down the river by their "elected" leaders and unelected men working out of public view.

Four such events that stand out prominently in my mind were in 1910, on Jekyll Island, where the blueprint for The Federal Reserve Act of 1913 was essentially crafted, FDR taking the U.S. off the gold standard (de facto, significantly) in the 1930s, Nixon taking the U.S. off the gold standard (if even de jure rather than de facto, as that had already happened) in 1971, and the Plaza Accord in 1985.

Not coincidentally, all four events directly had to do with increasing the amount of money (fiat currency), by destroying any then-existing constraints, that could be churned out.

Fri, 11/04/2011 - 13:11 | 1845649 Ghordius
Ghordius's picture

well, you see, we agree on more then what you think

"fractional reserve" is another tool - you had in the US a gold-backed-and-convertible Dollar with fractional reserve

if I had to choose, I would ask for a fiat system with extremely high checks on the "fractional reserve" banking method

and more, I see the banking licence (that allowes fractional banking) in the same way as the licence to build a nuclear plant: You May, but You May NOT PLAY WITH IT - i.e. you have to behave like a responsible person with it

In my view, WE THE PEOPLE allowed the banks to play WITH OUR Sovereign FIRE (fiat and fractional banking)

In my view, banking is a facility - if you want to bank, forgo high salaries or bonuses - and no bloody trading, etc. etc. - go back to 1963

and no, I do not "trust" fiat, the same way I do not "trust" governments

but if you do business in a country like Argentina or Brazil, you learn that currency is best when you just know where it is going - it's a medium, really, nothing mystical

Fri, 11/04/2011 - 12:49 | 1845610 farmboy
farmboy's picture

Well Ghordius, If you read "the monster of Jekyll island" you might have know that the shareholders of the FED are the US banks, as they have created the FED and own the FED from the start and in Erupe it is a governmental body. So it is a logical course of the FED. 


Fri, 11/04/2011 - 13:01 | 1845675 Ghordius
Ghordius's picture

no, I have to read it, but yes, I know some about the FED

eventually logical, yes, Voltaire pointed this out too

my point is that there are (as you are hinting) other ways to have a CB

some are much better (like IMO the ECB)

some are insanely better (like the SNB)

Sat, 11/05/2011 - 01:30 | 1847913 TruthInSunshine
TruthInSunshine's picture

Every central "bank" that's ever existed in history has ultimately rigged the entire economic system, via the printing of toilet paper backed by nothing of inherent value, so as to turn citizens in debt serfs and the economy into a perpetually larger debt craving monstrosity, without exception.

Hell, even the Romans diluted the actual content of precious metals in their coins, and then began using scrap metal, as a literally trashing of their currency, because they needed to produce more coins, and ran short of PMs.

The Chinese, as someone said earlier, got around this problem years before the Roman Empire even existed by being the first known major civilization to use paper fiat.

This notion that some central banks are better or worse than others is pointless, because they all inevitably induce the failure of the economy by creating far too much debt, and by defaulting to a position of using that same debt as a necessary means of attempting to grow the economy, precisely because they use a fractional reserve banking methodology, otherwise known as Modern Money Mechanics, which is the literal title of the rule book that the Federal Reserve plays by.

It's not like they keep it a secret that they employ fractional reserve banking. It's just that they've always expected no more than 1 in 100,000 people (if that) to understand how utterly doomed to economic, financial and social failure employing such a methodology ultimately, inevitably leads to, whether within 10 years or 100 (we're coming up on 100 years in the USofA pretty soon).

Sun, 11/06/2011 - 08:25 | 1850225 Ghordius
Ghordius's picture

TruthInSunshine, yes, yes, yes, and yes, you are right.

But please note that you are exchanging one set of propaganda (MSM) with one other set of propaganda. Both are inaccurate and incomplete.

1. There is no way any Country can have a gold standard while the Global Reserve Currency is FIAT

2. The USD, EUR, GBP and others are not really pure fiat - they are hybrids. (see the gold in their reserves)

3. Fiat Currency and Fractional Reserve Banking are two separate tools, you can have one or two or both. MMM is a description of both in play. You do have to make the distinction since they are separate "evils" that need a different handling.

4. You might be right that someday we will all realize that both fiat and fract.banking have to go the way of the dinosaurs, but try to tell this to the living, breathing Tyrex that is looking you in the eye. You don't throw FRN out of the window, you know they have some value today, eh?

5. Meanwhile, the USD FRN is off gold conversion since the Thirthies and last time I hedged against a catastrophic collapse of the USD it was in the freaking early Eighties. My hedge is still here, so leave me the perspective I have, based on my experience, that they could pull it off again.

6. No US libertarian has yet explained what would exactly happen when the US would go back to a gold standard - because some aspects would scare quite a lot of US Citizens. If you want, I could give you some thoughts on it...

7. NOTHING you have written goes further then the US-Centric "FED is Evil - period" Counter-Propaganda-Template. Without any non-US informations you assume that therefore all other CBs are simply the same as the FED - this is a bit ignorant. Have a look how the 1904 Swiss National Bank has been set up and study who the real owner of it is and you will realize some of the real evils of the FED setup. Or just realize that the ECB is a CB of CBs, which are national and have a completely different charter from the FED. You don't need to oppose the FED because it's a Central Bank, there are plenty of other reasons!

"Go to the Spartans and tell, that according to law, no gold or silver is in the land..."


Fri, 11/04/2011 - 12:10 | 1845439 optimator
optimator's picture

"Sooner or later".

Fri, 11/04/2011 - 12:30 | 1845520 caconhma
caconhma's picture

It is about time for German people to rise and become free from the world Zionist oligarchy.

Once again,  Germany will use National Socialism. However, in the past, ideology took over a common sense with not too good ending. Hopefully, German people have learned their mistakes.

By the way, National Socialism is doing quite well in China.



Fri, 11/04/2011 - 15:26 | 1846309 the tower
the tower's picture

You know nothing about Germany and the Germans. They are a way more decent people then you think. I do agree that the German people need to be free, like all people on this planet.

Fri, 11/04/2011 - 15:23 | 1846300 the tower
the tower's picture

Leider ist das Problem nicht der Euro, sondern die Korrupte Banker... Es geht hier um Macht und Geld... ob Euro, DM, oder was denn auch... Wir werden alle gefickt...

Sat, 11/05/2011 - 00:50 | 1847860 eaglefalcon
eaglefalcon's picture

Haben Sie nur ein Uebersetzungsprogram benutzt?  Es gibt zu viele grammatische Fehler

Fri, 11/04/2011 - 13:05 | 1845693 GOSPLAN HERO
GOSPLAN HERO's picture

Long Bundeswehr futures

Fri, 11/04/2011 - 11:55 | 1845379 HelluvaEngineer
HelluvaEngineer's picture

I'd say they deserve it.

Fri, 11/04/2011 - 11:57 | 1845387 EasterBunny
EasterBunny's picture

why is that exactly?

Fri, 11/04/2011 - 12:21 | 1845482 HelluvaEngineer
HelluvaEngineer's picture

The German people have had plenty of chances to do something about this.  Before all you Euro weenies get your panties in a wad, Americans deserve what's coming too.

Fri, 11/04/2011 - 11:55 | 1845381 FoieGras
FoieGras's picture

Weber is happily out of the ECB. Now he has all the time in the world to gangbang prostitutes with his Frankfurt banking buddies and see Europe go down in flames. I am sure they're all having a blast.

Fri, 11/04/2011 - 12:05 | 1845417 jayman21
jayman21's picture

Near the Hauptbahnhoff?

Fri, 11/04/2011 - 12:14 | 1845453 Cpl Hicks
Cpl Hicks's picture

Well, sure. There's always action around any hauptbahnhof.

Fri, 11/04/2011 - 11:58 | 1845391 ArkansasAngie
ArkansasAngie's picture

I used to be rooting that the euro would fail so the banksters wouldn't be able to chalk up another "W".

Now I want the Euro to fail because of the complete lack of democratic checks and balances -- any government to be that thinks that people voting is bad can take their proposals and stuff in their arse.


Fri, 11/04/2011 - 12:47 | 1845602 Ghordius
Ghordius's picture

ArkansasAngie, the Germans have found out in their history that any "political currency" is destined to fail

hence the "BundesBank Principle", on which theoretically the Euro is based - we'll see if this holds or not

Fri, 11/04/2011 - 11:58 | 1845392 The Big Ching-aso
The Big Ching-aso's picture

Ach du lieber!   If Germany goes tits-up what's left for the Fat Lady to sing about? 

Fri, 11/04/2011 - 12:03 | 1845411 john39
john39's picture

but that has been the plan all along... economic devestation followed by greater centralization of power and economic control.   Time to fight German people... you were brutalized in WWII, and are now subjugated under the international banking system...  but its not too late to stand up and fight.

Fri, 11/04/2011 - 12:24 | 1845494 Cpl Hicks
Cpl Hicks's picture

Time to fight German people... you were brutalized in WWII

Hoo, boy, dis guy is craazzzy! Time to drag out old and disused history books and read! German peoples they went medieval on rest of Europe 1939 thru 1945, I tell you. Was not pretty. If any such impulse still burns somewhere in that fatherland please extinguish it. Let Greeks go, let Italians go. Keep panzerwagons in own country please.

Fri, 11/04/2011 - 11:59 | 1845393 CrashisOptimistic
CrashisOptimistic's picture


"What happens when an already mortally wounded in the polls Angela Merkel finds herself in the next general election and experiences an epic electoral loss? We will find out very, very shortly."


Tyler, the opposition parties are MORE willing to pour German money into the EU than Merkel.  She is the endpoint of German national (vs EU) commitment on their political spectrum of relevant players.

Her being mortally wounded electorally is a great deal different than Papandreou being so.  His opposition are conservatives.  He's a socialist.

Fri, 11/04/2011 - 15:11 | 1846273 NoClueSneaker
NoClueSneaker's picture

All bells & whistles full on for Peer Steinbrück, SPD ....

He kinda Hank Paulson... and SPD pretty much dems alike. No hope.


Fri, 11/04/2011 - 17:43 | 1846668 RiverRoad
RiverRoad's picture

Merkel Schmerkel, Sarkozy Schmozy.  It's time for little ol' Alice in Wonderland to turn around and say to the world bankster cabal, "Why, why you're just a pack of cards!"  And the sooner the better.

Fri, 11/04/2011 - 11:59 | 1845399 drivenZ
drivenZ's picture

there will be pain either way. If they leave there's pain and if they stay and it collapses there's even more pain... Their only chance for minimal pain is letting Greece go, taking over Italy's finances/govt and getting the full support of the rest of the world.   

Fri, 11/04/2011 - 12:01 | 1845400 Carlyle Groupie
Carlyle Groupie's picture

It won't matter. Inflate it away.

Own hard assets and use your groupons to offset what inflation you can.

Fri, 11/04/2011 - 12:01 | 1845404 UK debt marsh
UK debt marsh's picture

I'm Broke, Ein Yikes, Nein Future

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