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Here Is Why Angela Merkel Has Not Responded To Draghi Just Yet

Tyler Durden's picture


Curious why Germany by way of Angela Merkel, has not yet responded officially to Mario's promises to break Article 123 if needed, in order to preserve the Goldman bonus pool, even if it means flooding Germany with inflation - something that historically has taken her at most a few hours? Better yet, curious why Mario Draghi picked exactly today to go ahead and defy Germany knowing full well there would be no official response for quite a while? Here's why.

From Deutsche Welle as of a few hours ago.

Merkel off on vacation after turbulent start to 2012


German Chancellor Angela Merkel kicked off her summer break with a visit to the Bayreuth festival on Wednesday. She heads off on holiday after a tough first half of 2012 and with 2013 elections looming around the corner.


There won't be a summer press conference this year. In recent years, Merkel had sat down with the media before taking off on holiday. This year though, she'll be skipping the event altogether, avoiding any uncomfortable questions. She's off to go hiking with her husband, finally enjoying a couple of days without cabinet meetings, EU summits or crisis talks.


The vacation will start with the Wagner opera festival in Bayreuth. This year, it'll be the Flying Dutchman – a story of a captain, roaming the seas on a ghost ship after having failed to make it around the Cape of Good Hope. Berlin, too, had its share of political storm and turmoil this year; the first six months of 2012 were anything but plain sailing.

And now we know: going forward the best time to go long the EUR for short but violent rallies is the hour, if not minute, when the German chancellor leaves for vacation. Guaranteed money maker. Now the only question is how long after that trade does one have until the EUR has to be shorted all in in anticipation of the inevitable German response...


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Thu, 07/26/2012 - 09:49 | 2652884 bigdumbnugly
bigdumbnugly's picture

the "when the cat's away" investing strategy?

Thu, 07/26/2012 - 09:52 | 2652904 flacon
flacon's picture

Merkel is livin' it up! 




Thu, 07/26/2012 - 09:59 | 2652950 williambanzai7
williambanzai7's picture


Thu, 07/26/2012 - 10:06 | 2652966 mcguire
mcguire's picture

note:  Merkel is not headed to London for the Olypmics..

Thu, 07/26/2012 - 10:15 | 2653003 BaBaBouy
BaBaBouy's picture

BUSY Getting Laid In the Black Forest ...

Thu, 07/26/2012 - 10:53 | 2653171 _ConanTheLibert...
_ConanTheLibertarian_'s picture


Thu, 07/26/2012 - 10:35 | 2653100 magpie
magpie's picture

Obviously she is not needed in person to blow up the rest of tptb and to steal the gold required for the Euro backing...

Thu, 07/26/2012 - 12:03 | 2653462 I dont belong here
I dont belong here's picture

but Romney is...

Thu, 07/26/2012 - 15:59 | 2654285 magpie
magpie's picture

Someone better warn him then

Thu, 07/26/2012 - 10:08 | 2652976 azzhatter
azzhatter's picture

Gawd, she's hot!!

Thu, 07/26/2012 - 10:13 | 2652989 piliage
piliage's picture

I'm into curvy women and all, but I don't want them to bend light and impact tides.

Thu, 07/26/2012 - 10:16 | 2653006 Randall Cabot
Randall Cabot's picture

"She's off to go hiking with her husband..."

She has a husband?

Thu, 07/26/2012 - 10:54 | 2653176 _ConanTheLibert...
_ConanTheLibertarian_'s picture

She's hiding with her husband...

Thu, 07/26/2012 - 10:32 | 2653088 sessinpo
sessinpo's picture

How can you tell if she bends light and impacts tides? Doesn't the universe rotate around her?

Thu, 07/26/2012 - 10:41 | 2653127 piliage
piliage's picture

At least that part of the Universe which uses the Euro...

Thu, 07/26/2012 - 10:15 | 2653002 Benjamin Glutton
Benjamin Glutton's picture

She may soon wield more power than any German leader since Hitler if these stories are accurate.


The German high court has declared Germany electoral law as invalid and unconstitutional.

“A new election law has been found to be illegal by the Constitutional Court. It says the law will have to be changed before the next election.

It’s a big blow to the German government: the Constitutional Court has found that its new election law is incompatible with the constitution and thus null and void. That means there is currently no legal basis for determining the distribution of seats in the German parliament, the Bundestag.

The next elections must take place by October next year – and the Bundestag will have to have passed a new election law by then.

The law that’s been thrown out was pushed through at the end of 2011 by the current governing coalition of Christian Democrats and liberal Free Democrats against the wishes of the opposition Social Democrats and Greens. Those two parties challenged the law in court, as did some 3,000 citizens.”,,16124275,00.html

Merkel’s election law reform declared unconstitutional

Berlin: Germany’s top court has ruled changes in the current election law, introduced last year by Chancellor Angela Merkel’s coalition, as unconstitutional.

The Wednesday’s ruling has left politicians with limited time to draw up a new law before the general election in 2013, Xinhua reported.

this is huge!
this means ANY GOVERNMENT decission done under this LAW is NULL and invalid and it means there is currently no legal basis for determining the distribution of seats in the German parliament, the Bundestag.

if the government was elected on basis of a invalid LAW the government itself is invalid and all laws which were changed or made in time of this government are also.


Thu, 07/26/2012 - 10:35 | 2653103 metastar
metastar's picture

In that case, any laws enacted by the illegal alien Barry Soetoro should be null and invalid.

Thu, 07/26/2012 - 13:43 | 2653819 RichardP
RichardP's picture

Barry is part of Merkel's government?

Thu, 07/26/2012 - 18:24 | 2654854 jimmytorpedo
jimmytorpedo's picture

But all Germans should take the lead from ex-Stasis/KGB agent.

Thu, 07/26/2012 - 10:58 | 2653193 _ConanTheLibert...
_ConanTheLibertarian_'s picture

so this also means bailouts of EU countries by Germany are illegal?

Thu, 07/26/2012 - 11:04 | 2653219 noses
noses's picture

I guess you just failed to understand: If they don't get their act cleaned up before next regular elections take place, Germany will turn into Greece. One unsatisfied citizen will suffice to render the elections (which then would not be based on any valid law) invalid and Germany will have to repeat the show until nobody is even showing up (so nobody would have a reason to complain). 

Thu, 07/26/2012 - 10:18 | 2653015 malikai
malikai's picture

And that, my dear friends are what we call "Tundra Thighs".

Thu, 07/26/2012 - 10:45 | 2653140 Uncle Remus
Uncle Remus's picture

Oh sieg heil baby. Rrrrrrrrrrrooowww.

Thu, 07/26/2012 - 10:48 | 2653152 WestVillageIdiot
WestVillageIdiot's picture

I wouldn't want to be the guy that has to march into that Sudetenland.

Thu, 07/26/2012 - 10:54 | 2653177 Uncle Remus
Uncle Remus's picture

Ja. No goose-shtupping.

Thu, 07/26/2012 - 11:22 | 2653288 mick_richfield
mick_richfield's picture

"Springtime for Merkel and Germany.

Winter for Euro and France."



Thu, 07/26/2012 - 11:45 | 2653382 canardo
canardo's picture

holy crap

Thu, 07/26/2012 - 10:15 | 2653004 Bartanist
Bartanist's picture

Ahhhh .. those crazy Germans. You don't know if they will roll through your country in tanks or streak through naked.

Thu, 07/26/2012 - 10:29 | 2653072 GERxit
GERxit's picture


Criticism of Germany's fine but comparing them to Nazis all the time is idiotic.
The majority of this country nowadays wasn't even born at that time!

Thu, 07/26/2012 - 10:44 | 2653133 piliage
piliage's picture

You know what else is idiotic? Taking offence to a joke on the internet.

Thu, 07/26/2012 - 10:49 | 2653157 Uncle Remus
Uncle Remus's picture

Just as idiotic is confusing a reference to a military tactic with nazis.

Thu, 07/26/2012 - 10:50 | 2653161 shovelhead
shovelhead's picture

I agree.

Today's Germans are not nearly as wildly free and fun loving as the Nazis of yesteryear.

Thu, 07/26/2012 - 13:12 | 2653719 robobbob
robobbob's picture

exploited, overplayed, cliched, often unfair, and not good for judging individuals, regardless of what the PC crowd delude themselves into believing, stereotypes can only exist over time if there is sufficient basis to sustain them. we all have them. UK, US, Fr, IT, black, white, brown, yellow

in the case of Guurrmens, they love order. they love following the rules. great at building complex contraptions. believe themselves superior. all thats missing is the strong (wo)man with the guts and right circumstances to step up and take advantage of those things.

Thu, 07/26/2012 - 11:04 | 2653226 noses
noses's picture


Thu, 07/26/2012 - 11:43 | 2653379 Nobody For President
Nobody For President's picture

And there went my breakfast...

Thu, 07/26/2012 - 09:52 | 2652908 BKbroiler
BKbroiler's picture

As a kid, whenever my folks left town I'd throw a house party. 

Thu, 07/26/2012 - 10:02 | 2652957 FeralSerf
FeralSerf's picture

A binge on drugs, booze and sex for all.  Eat, drink and be merry for tomorrow we die.

Thu, 07/26/2012 - 10:12 | 2652986 Stoploss
Stoploss's picture

DRAGHI!! You Fucking Pussy!!!

NO BALLS LOL!! Ha ha ha ha ha.!!

Thu, 07/26/2012 - 09:49 | 2652889 John Law Lives
John Law Lives's picture

Let's see Mario "Magic Man" Draghi and Angela "Moneybags" Merkel come up with a comprehensive plan to create millions of good new jobs in the EU.  Until this, this is much ado about nothing...

100% FUBAR.

Thu, 07/26/2012 - 10:52 | 2653165 NoClueSneaker
NoClueSneaker's picture

MAD is an comprehensive and obvious  "plan" since Jens Weidmann gagged and dildoed :-(


Angela at Wagner, Europe plays kinda Verdi ... with heroic tenors of SuperMarioPrinters .....

Thu, 07/26/2012 - 09:50 | 2652890 The Final Countdown
The Final Countdown's picture

Phew, no bikini pics :-)

Thu, 07/26/2012 - 10:01 | 2652901 SheepRevolution
SheepRevolution's picture

Merkel in dem Bikini's, that is tzo Germish und zoo zexy

Thu, 07/26/2012 - 10:07 | 2652969 Joe Davola
Joe Davola's picture

Never mind.

Thu, 07/26/2012 - 10:08 | 2652975 The Final Countdown
The Final Countdown's picture

I see it took williambanzai only 9 minutes to make me look like a fool with my bikini comment.

Thu, 07/26/2012 - 11:24 | 2653296 mick_richfield
mick_richfield's picture

he has a photoshop macro for that.

Thu, 07/26/2012 - 09:50 | 2652893 maxw3st
maxw3st's picture

Outstanding investigative journalism going on here. And that's not a facetious comment. Short, sweet, to the point, accurate, and very timely. Thanks!

Thu, 07/26/2012 - 09:50 | 2652895 slaughterer
slaughterer's picture

She will phone in her NEIN via her mobile phone, do not worry.  

Thu, 07/26/2012 - 16:03 | 2654297 fockewulf190
fockewulf190's picture

Not today. Mario blurted crap already known to all, and the markets shot a load. Perhaps this was pre-approved. Makes Mario look like he's a powerful guy, Merkel gets nice headlines about her trip to Bayreuth bracketed by stories of a big up day in the markets. Be interesting to see if there was anybody in Frankfurt who might have gotten whiff of Mario's statement. Somebody could have made a fortune with such information.

Thu, 07/26/2012 - 16:05 | 2654298 fockewulf190
fockewulf190's picture

Whiff beforehand that is.

Thu, 07/26/2012 - 09:51 | 2652896 ShortTheUS
ShortTheUS's picture

Summer break? What is she Greek now?!?

Thu, 07/26/2012 - 09:51 | 2652897 JamesBond
JamesBond's picture

financial stories are delayed until after the DOW closes, all the time.  time honored practice.



Thu, 07/26/2012 - 09:52 | 2652899 falak pema
falak pema's picture

red corner says to blue corner; where r u?

Oh, I'm listening to Wagnerrrr...Lorelei and Siegfried. Can't be bothered with Verdi.

Thu, 07/26/2012 - 10:56 | 2653185 NoClueSneaker
NoClueSneaker's picture

... or Draghi ...

Thu, 07/26/2012 - 09:52 | 2652903 Bones265
Bones265's picture

Sort of like the "Night of the Long Knives"

Thu, 07/26/2012 - 09:58 | 2652907 GMadScientist
GMadScientist's picture

You have to know that her response will overcompensate, given the delay.

I've got my pretzels! (and I'm pretty sure this shitshow is Lohengrin...what with all the swans)

Thu, 07/26/2012 - 10:18 | 2653010 piliage
piliage's picture

It's actually Flying Dutchman. Pity it isn't Die Walküre...

Thu, 07/26/2012 - 09:52 | 2652910 Neethgie
Neethgie's picture

Cant help but believe ronan keating was singing about eur/usd's relation ship with draghi


"the touch of your hand lets me know youll catch me whenever i fall, you say it best, when you say nothing at all"

Thu, 07/26/2012 - 09:52 | 2652911 Inthemix96
Inthemix96's picture

You lot read far too much into things, you all seem so paranoid even.

Merkel has not responded to Draghi because she asked him for a date first, before they get down to business mind.

And do you know what he said?  "I wouldnt fuck that fat ugly kraut bitch with a stolen dick, never mind me own"

And unfortunately, he left the speaker phone on.  Hope that cleared that up like, I hate nasty rumours starting.

Thu, 07/26/2012 - 09:53 | 2652913 emersonreturn
emersonreturn's picture

wagner can't help but help.

Thu, 07/26/2012 - 10:34 | 2653090 machineh
machineh's picture


'The vacation will start with the Wagner opera festival in Bayreuth.'

Obviously, the fat lady hasn't sung yet.

Thu, 07/26/2012 - 11:06 | 2653231 noses
noses's picture

This year they even fired a Russian Nazi for being an idiot and having it tattoed on his body. Wagner will never be the same again.

Thu, 07/26/2012 - 09:54 | 2652923 Ham of Love
Ham of Love's picture

Maybe she's to be found in Goldman's own private Stalag?

Thu, 07/26/2012 - 09:54 | 2652924 john_connor
john_connor's picture

so she comes back tomorrow or Monday?  this is hilarious.  Fade now.

Thu, 07/26/2012 - 09:55 | 2652927 Everybodys All ...
Everybodys All American's picture

technocrat crime

Thu, 07/26/2012 - 09:55 | 2652928 RobotTrader
RobotTrader's picture

Momentum is trying to turn back up, the market is desperate for any piece of good news.


And the good thing is that bonds are still not selling off, which means the "fear trade" is still on.

AAII Bears rose from 41% to 43% this week.

Thu, 07/26/2012 - 10:10 | 2652982 gjp
gjp's picture

Momentum is still alive and well.  Nasdaq leads all indexes year to date, and look at Whole Foods this morning.  Beats and raises by mayb a few %, is guiding for 15% growth in earnings (but really how can they have a year's visibility in a consumer business without forward orders) and the stock surges by 10%, trading at 35X forward?  Madness.

Thu, 07/26/2012 - 10:38 | 2653112 disabledvet
disabledvet's picture

"your guide to dividend reinvesting." prepare for Velvet Hammer.

Thu, 07/26/2012 - 10:11 | 2652983 Treeplanter
Treeplanter's picture

Time to buy more ultra shorts?

Thu, 07/26/2012 - 10:27 | 2653061 homersimpson
homersimpson's picture

The only momentum we all see is your paycheck dropping from all the clients who are leaving you in droves with your typical day-after predictions.

Thu, 07/26/2012 - 10:59 | 2653195 Uncle Remus
Uncle Remus's picture

Everything is faster nearer the center of the bowl when you flush.

Thu, 07/26/2012 - 09:56 | 2652931 JamesBond
JamesBond's picture

Weekend at Berhard's.

Thu, 07/26/2012 - 09:57 | 2652935 Snakeeyes
Snakeeyes's picture

Have fun hiking Angela! I wouldn't have responded to Mario either. EVERYTHING means Germany.

Thu, 07/26/2012 - 09:57 | 2652936 buzzsaw99
buzzsaw99's picture

i wonder if draghi gets phone calls directly from Lloyd or if they use intermediaries to deliver his marching orders?

Thu, 07/26/2012 - 10:05 | 2652965 GMadScientist
GMadScientist's picture

Giant gobo of a dildo "bat signal".

Thu, 07/26/2012 - 11:02 | 2653210 NoClueSneaker
NoClueSneaker's picture

... no need to ... every GS-Zombie conditioned. Case he doesn't get it, there is another GS-jerk at ECB ,( Goldman-am-Main ), to remind him how to flush EU - Jörg "da brain" Assmusen ....

Thu, 07/26/2012 - 09:57 | 2652937 Peter Pan
Peter Pan's picture

I think we are going to see a repeat of what the German Nazis did to the Italian Fascists when Angela responds.

Thu, 07/26/2012 - 09:58 | 2652942 RobotTrader
RobotTrader's picture

Now that Moody's has successfully downgraded all the junk debt in Europe, its out of the woods.


MCO is up 6% today, Mark Zandi will be heading out to The Hamptons this weekend to sample some exotic escorts being flown in from Kiev as we speak.

Thu, 07/26/2012 - 10:41 | 2653122 disabledvet
disabledvet's picture


Thu, 07/26/2012 - 09:58 | 2652943 Temporalist
Temporalist's picture
German Business Confidence Slides for 3rd Month

Thu, 07/26/2012 - 09:59 | 2652947 youngman
youngman's picture

Can´t she just Twitter.......I though that is how they were doing press releases now anyway????

Thu, 07/26/2012 - 10:31 | 2653082 magpie
magpie's picture

Post on FB, like that guy from Netflix...oh wait.

Thu, 07/26/2012 - 10:00 | 2652951 Yen Cross
Yen Cross's picture

I'll bet Merkels Black Berry, is hotter than Fukishima reactor sludge!

Thu, 07/26/2012 - 10:04 | 2652962 piliage
piliage's picture

"German Chancellor Angela Merkel kicked off her summer break with a visit to the Bayreuth festival on Wednesday"

If I was Draghi, I'd be a bit careful. Wagner to an East German is like crystal meth to a crackhead. She's likely to bust a cap in his ass whilst singing the Horst Wessle song. Heck, it's been 80 years since the German's rolled with a drive by into Belgium, he'd better watch his back.

Thu, 07/26/2012 - 10:04 | 2652963 GolfHatesMe
GolfHatesMe's picture

Is she hiking up the Debt Mountain?  I hope she brings oxygen!

Thu, 07/26/2012 - 10:05 | 2652964 MillionDollarBoner_
MillionDollarBoner_'s picture

Wars have started over less..

Thu, 07/26/2012 - 10:06 | 2652967 Neethgie
Neethgie's picture

the think is draghi can buoy the markets all he wants, we could even get a triple entente of him hilsenrath and gietner bulling the markets to dow 20 thou, but none of its gonna change shit, "whatever's necessary" might shoot eur usd 130 pips, might send the dow 200 points up, yet none of that does anything for the real economy, no ones out there saying "i wasnt gonna buy anything but now draghi has said that ill buy everything" but i guess draghis job isnt to make things better, its just to get his friends Goldman suchs a bigger bonus pool

Thu, 07/26/2012 - 10:06 | 2652968 Voltaire
Voltaire's picture don't think the german government has a spokesman? Or an acting chancellor?

Thu, 07/26/2012 - 10:06 | 2652970 Inthemix96
Inthemix96's picture

And to be quite honest,

Merkel has a face that looks like a bulldog licking piss off a nettle,

With a face that only her mother could love, seeing as said mother used to feed her baby food with a catapult at 50 yards.

No wonder super mario refuses her advances.  You could not bray sand into that shape could you?

Thu, 07/26/2012 - 10:17 | 2653009 Inthemix96
Inthemix96's picture

Touched a nerve my sourkraut eating, ledderhose wearing, bratworst producing, war starting friends?

Be honest, the ugly fat twat looks like a burst couch.  And you cannot argue that mind, ask any bloke posting on here if he would give her one, I would mind, with a baseball bat round the side of the head.


Thu, 07/26/2012 - 10:07 | 2652973 Piranha
Piranha's picture

Draghi was talking about the currency, not the countries in the EUROZONE

Thu, 07/26/2012 - 10:09 | 2652979 Christoph830
Christoph830's picture

Pretty sure David Faber steals Tyler's headlines and tries to pass it off as his own.  Just watched him glance down at his laptop and bring up Merkel's vacation like it's some incredible new insight.

Thu, 07/26/2012 - 10:09 | 2652980 Never One Roach
Never One Roach's picture

My banker needs that Fat Bonus!  He complains his Yacht needs a new hull and his Bermuda Mansion (adjacent to Mozillo and Corzine) needs refurbishing.

Thu, 07/26/2012 - 13:54 | 2653848 RichardP
RichardP's picture

My banker ... complains his Yacht needs a new hull...

Send him here:

Thu, 07/26/2012 - 10:11 | 2652984 JamesBond
JamesBond's picture

Mekel's response will be the new fast and furious.  She'll have something to say very soon.

This DOW rally will pop; no volume behind it.



Thu, 07/26/2012 - 10:14 | 2652994 RobotTrader
RobotTrader's picture

Dow is already up 250.  Wow.


And the 10-yr. is still smashed down at 1.42%

These are the good times.  Party On!

Thu, 07/26/2012 - 10:14 | 2652997 MillionDollarBoner_
MillionDollarBoner_'s picture

Goldman is the key to all of this.

They have their placemen in the FED, Treasury, ECB, Italy, soon BofE.

Watch for their placemen to start quietly leaving once their appointed tasks have been completed. This means everything is in place ready for the reset.

Monti has already pre-flagged his departure; Geithner has said he will not seek a second term; this action might be the beginning of Super-Mario's exit ("he was pushed, he didn't jump", "he cannot be to blame", "it might all have been okay if he had been allowed..." etc.). Watch for convergence to a specific date and plan accordingly.

Thu, 07/26/2012 - 10:18 | 2653014 TonyCoitus
TonyCoitus's picture

S & P will be red by days end.  

If I'm right, my newsletter starts next week!


Gold Bitchez

Thu, 07/26/2012 - 10:55 | 2653178 TonyCoitus
TonyCoitus's picture

I see a reverse fat tail spin out at 3:30PM EST.  My charts are acurate up to 99% of the time after eurotarded comments.  We use the coital alignment techique for proven results! 1-800-FOR-COIT

Thu, 07/26/2012 - 10:19 | 2653016 BudFox2012
BudFox2012's picture

What part of "inducing others to trade on information you know to be false" suddenly become legal?  If they can stand in front of us, day after day, lie in our face and we do nothing, I guess we deserve everything we have coming down the road...

Thu, 07/26/2012 - 11:07 | 2653236 viahj
viahj's picture

They're not inducing me to trade, it's mostly only the algos trading these rumors.  Joe Retail isn't falling for it.

How's that for a legal loophole?  Algos can't bring accusations of illegality.

Thu, 07/26/2012 - 10:23 | 2653041 Cangoroo
Cangoroo's picture

Merkel normally vacates on an Italian island. And the mobile phone network in Italy can be unrealiable. And who can predict industrial action by the ferry service staff? Even the Internet can break down on Ischia island.

Thu, 07/26/2012 - 10:23 | 2653042 Cangoroo
Cangoroo's picture

Merkel normally vacates on an Italian island. And the mobile phone network in Italy can be unrealiable. And who can predict industrial action by the ferry service staff? Even the Internet can break down on Ischia island.

Thu, 07/26/2012 - 10:27 | 2653060 milanitaly
milanitaly's picture

Greetings from Ischia island.

Thu, 07/26/2012 - 10:23 | 2653044 rottor
rottor's picture

Europe is collapsing and Angela went on vacation ... 0.o

Thu, 07/26/2012 - 10:25 | 2653051 milanitaly
milanitaly's picture

Merkel will say nothing as she knows that there is no other solution and with her silence leaves the responsability to draghi in order not to pay too much politically.

German lost, as usual.

The ball will come back at Usa field soon.

Thu, 07/26/2012 - 10:28 | 2653063 Neethgie
Neethgie's picture

Im just waiting for farage to pour some realism on this rally

Thu, 07/26/2012 - 10:31 | 2653078 gojam
gojam's picture

Are the mice playing while the cat is away ?

Or is the cat turning a blind eye for two weeks ?

If so, what is going to happen after two weeks ?

Those on the side of the mice will build up a great deal of confidence by then......................


Thu, 07/26/2012 - 10:32 | 2653085 Joe A
Joe A's picture

That is a low thing to do, spoiling someone's vacation. She will remember this.

Thu, 07/26/2012 - 10:39 | 2653114 Mr_Wonderful
Mr_Wonderful's picture

Half-life = Several Hours.

Thu, 07/26/2012 - 10:39 | 2653115 TPTB_r_TBTF
TPTB_r_TBTF's picture

In other "news", Ms. Merkel is waiting for the September 12th High-Court decision on ESM and the Fiskalpakt.


Europe is on vacation and when they come back, we still have to wait for the German High Court to rubber stamp the can kicking.

Thu, 07/26/2012 - 10:39 | 2653118 NEOSERF
NEOSERF's picture

So the ECB collateral for what will likely be another $200b worth of purchases is what? 

Thu, 07/26/2012 - 10:52 | 2653169 TPTB_r_TBTF
TPTB_r_TBTF's picture

another $200b worth of purchases is what?


Chump change?

0.20 Trillion?

I dunno...

Thu, 07/26/2012 - 10:44 | 2653134 disabledvet
disabledvet's picture

The plain and simple IGNORANCE of what a "euro wide institution" even is in these here parts is truly profound. The Mario Brothers are in AWESOME positions of power within the "euro apparatus" right now. And to quote Machiavelli "all you need to do is look to the result."

Thu, 07/26/2012 - 10:47 | 2653149 aztrader
aztrader's picture

Draghi just insulted Merkel knowing very well that she would not be able to reply to his comments.   The whole of Europe is on holiday and getting a hold of these folks can be very difficult.  Worse yet, interrupting their "HOLIDAY" is sacreligious and won't end well when she does respond.  

I am betting that she will respond with a pick ax to his nuts and todays short covering rally won't end well.  He is an ex GS scumbag again manipulating the markets for his masters.  

Thu, 07/26/2012 - 10:50 | 2653164 TWSceptic
TWSceptic's picture

I want them all to go on vacation, preferably for many years.

Thu, 07/26/2012 - 11:04 | 2653220 The Count
The Count's picture

Draghi sounds almost like Hitler during the final days in the bunker. " all costs..." etc etc

Thu, 07/26/2012 - 11:37 | 2653354 steelhead23
steelhead23's picture

Watch your six there Mssr. Draghi.  German women can get downright pissed off if you ruin their holiday.  Were I you, I'd be packin heat - cause I'm damned near certain Angie is.

Thu, 07/26/2012 - 13:12 | 2653720 devo
devo's picture

Now the only question is how long after that trade does one have until the EUR has to be shorted all in in anticipation of the inevitable German response...

When's her return flight?

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