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It's Official: Stark Is Gone

Tyler Durden's picture




 

9 September 2011 - Jürgen Stark resigns from his position

Today, Jürgen Stark, Member of the Executive Board and Governing Council of the European Central Bank (ECB), informed President Jean-Claude Trichet that, for personal reasons, he will resign from his position prior to the end of his term of office on 31 May 2014. Mr Stark will stay on in his current position until a successor is appointed, which, according to the appointment procedure, will be by the end of this year. He has been a Member of the Executive Board and Governing Council since 1 June 2006.

Having been informed by Jürgen Stark of his decision to resign for personal reasons, President Jean-Claude Trichet thanks him wholeheartedly for his outstanding contribution to European unity over many years. Having worked with Jürgen Stark for almost 20 years, he expresses particular gratitude for his exceptional and unwavering dedication as a member of the Executive Board and Governing Council for more than five years.

 

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Fri, 09/09/2011 - 09:50 | 1650414 Earl of Chiswick
Earl of Chiswick's picture

What, no hotel maid?

Fri, 09/09/2011 - 09:56 | 1650423 redpill
redpill's picture

The Bloomberg anchors are rambling and trying to figure out what it means, rather amusing to watch.  This one fruitcake is wearing a baby blue dress shirt with a pink tie.  What a vag!

Fri, 09/09/2011 - 09:59 | 1650472 WonderDawg
WonderDawg's picture

Stark has his gonads in both hands, no time for a hotel maid. Besides, she might be hiding a pitchfork.

Fri, 09/09/2011 - 10:06 | 1650500 spiral_eyes
spiral_eyes's picture

Meanwhile, on the other side of the atlantic:

From Paul Krugman:

Before I get to the Obama plan, let me talk about the other important economic speech of the week, which was given by Charles Evans, the president of the Federal Reserve of Chicago. Mr. Evans said, forthrightly, what some of us have been hoping to hear from Fed officials for years now.

As Mr. Evans pointed out, the Fed, both as a matter of law and as a matter of social responsibility, should try to keep both inflation and unemployment low — and while inflation seems likely to stay near or below the Fed’s target of around 2 percent, unemployment remains extremely high.

So how should the Fed be reacting? Mr. Evans: “Imagine that inflation was running at 5 percent against our inflation objective of 2 percent. Is there a doubt that any central banker worth their salt would be reacting strongly to fight this high inflation rate? No, there isn’t any doubt. They would be acting as if their hair was on fire. We should be similarly energized about improving conditions in the labor market.”

Accomodation, bitchez! 

Fri, 09/09/2011 - 10:13 | 1650531 Long-John-Silver
Long-John-Silver's picture

Is he still hoping for an Alien Invasion from Space?

Fri, 09/09/2011 - 10:20 | 1650561 spiral_eyes
spiral_eyes's picture

Yeh he grew his hair long, started dropping acid and praying to his space brothers on Comet Elenin to come down to earth and resurrect John Maynard Keynes.

Fri, 09/09/2011 - 11:08 | 1650811 Libertarian777
Libertarian777's picture

Krugman must LOVE Fukushima. Nuclear meltdown that will continue for 40 years. 40 years of construction workers and cleanup crews bitchez. Each worker can spend maybe 1 hour of their life in the region then have to leave permanently. Or maybe if they stay and die, more people like undertakers will have jobs.

(P.S. not sure why Japan's GDP is down... uhmm..uhhnnn..duhhhh)

Fri, 09/09/2011 - 11:29 | 1650912 Thomas
Thomas's picture

He's hoping that there is somebody out there who doesn't realize he's a total idiot and menace to society.

Fri, 09/09/2011 - 10:37 | 1650669 Strike Back
Strike Back's picture

This is one asshole I will never forgive.  By the way, wasn't he saying there is "no inflation," and the price increases we are seeing are due to the BRICs consuming more?  Is this his underhanded way of admitting that central bank policy leads to inflation?

Fri, 09/09/2011 - 11:06 | 1650800 Libertarian777
Libertarian777's picture

interesting he says that, cos British inflation hit 4% and they aren't doing fuckall about it. so where's the 'hair on fire' economists at the bank of england?

Fri, 09/09/2011 - 18:25 | 1652706 Alpha Monkey
Alpha Monkey's picture

5% is the magic number, righ tnow it's just smoldering in their hair.

Fri, 09/09/2011 - 15:07 | 1652025 tj3
tj3's picture

According to the MIT CPI study isn't inflation running at four percent? SoooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooooIs there a doubt that any central banker worth their salt would be reacting strongly to fight this high inflation rate?

Fri, 09/09/2011 - 16:22 | 1652368 Goldtoothchimp09
Goldtoothchimp09's picture

inflation is running at 9% depending on how you measure it... deflation policy bitchez!

Fri, 09/09/2011 - 10:31 | 1650622 toady
toady's picture

A guy I worked with wore a bright pink tie with pastel colors all the time.

He said he was secure in his masculinity, but everybody else called him a fag.

I miss the days of the non-PC work environment.

Fri, 09/09/2011 - 12:41 | 1651319 A.W.E.S.O.M.-O 4000
A.W.E.S.O.M.-O 4000's picture

I think just about any Police Department in Texas would still run a non-PC environment. Check it out.

Fri, 09/09/2011 - 18:21 | 1652690 Alpha Monkey
Alpha Monkey's picture

You miss the days of being able to openly demean people and force them to accept it because you're in a different group that has a somewhat protected status because you're not one of them...?

Yeah, I bet you miss slavery too.

Sat, 09/10/2011 - 18:59 | 1655232 Ranger4564
Ranger4564's picture

Agreed.   Sad people really.

Fri, 09/09/2011 - 09:52 | 1650429 ihedgemyhedges
ihedgemyhedges's picture

He chose a more lucrative career since he knew what was coming.  He bought a printing company..................................

Fri, 09/09/2011 - 09:59 | 1650450 o_rly
o_rly's picture

Notice how the German Hawks are getting picked off one by one. First it was Axel Weber, now it's Stark.

The Jewish bankers getting their revenge with some blackmail? I wouldn't doubt it.

Fri, 09/09/2011 - 09:59 | 1650473 Earl of Chiswick
Earl of Chiswick's picture

Weidmann - some advice since you are still there, stay away from Sofitels.

Fri, 09/09/2011 - 10:02 | 1650481 Oh regional Indian
Oh regional Indian's picture

Is that Orly, only 0_rly? How come? Curious minds, etc!

And that cartoon is priceless. Or should that be shiptoon and bidless?

The titanic comes to mind. So does the hindengerg. (Both sabotaged by the way, just in case you were wondering).

And please, no Junckers, than you vewy much!

V

Tipping Points 

Fri, 09/09/2011 - 10:15 | 1650539 Vergeltung
Vergeltung's picture

you're such a tiresome idiot around here.

Fri, 09/09/2011 - 10:45 | 1650709 Oh regional Indian
Oh regional Indian's picture

Tch tch. What a pathetic asshole, say something constructive douchebag. 

Or is "retaliation" all you know? Are you german? I suggest you get that hot poker out of your ass, it's okay. Smile. It is all your fault, but that is okay too.

V

Fri, 09/09/2011 - 11:30 | 1650915 madbomber
madbomber's picture

specifically what do you find tiresome.  ?   

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fri, 09/09/2011 - 14:13 | 1651757 sullymandias
sullymandias's picture

junked for asking not to be junked

Fri, 09/09/2011 - 10:31 | 1650623 ww2vet
ww2vet's picture

fuck you - we know who, where you are. ready??

Fri, 09/09/2011 - 11:21 | 1650866 bankruptcylawyer
bankruptcylawyer's picture

its the jews!!!! the jews did it! 

Fri, 09/09/2011 - 12:19 | 1651199 Minimum Clearance
Minimum Clearance's picture

Actually, it's the secret machinations of the Icelanders.  They've called on Odin, who summoned Loki...a little later, we'll see Thor.

Fri, 09/09/2011 - 13:24 | 1651519 tamboo
Fri, 09/09/2011 - 10:48 | 1650724 HistorySquared
HistorySquared's picture

It's important because it means the Wolfgang Schauble faction will win and Germany will underwrite all of Europe. This will spread the debt grangne to the core as Germay's surplus erodes from a coming slowdown in demand for it's high end machinery and german cars from China. Meanwhile, I'll win the Niederhoffer contest on my call for 5 yr CDS on GER, FRA, ITA  and Chinese debt 2011.   

Fri, 09/09/2011 - 09:50 | 1650415 DefiantSurf
DefiantSurf's picture

Wow, from rumor to fact in under and hour...must be some serious arguing going on there!

Fri, 09/09/2011 - 10:12 | 1650526 Cognitive Dissonance
Cognitive Dissonance's picture

Oh to be a fly on the wall watching and listening to the cockroaches at the table.

Fri, 09/09/2011 - 09:50 | 1650416 Darth Silver
Darth Silver's picture

all the lies (non truths) must be killing him.

Fri, 09/09/2011 - 09:50 | 1650417 GiantWang
GiantWang's picture

Stark gone?  Who is going to be Iron Man?

Fri, 09/09/2011 - 09:52 | 1650424 Cash_is_Trash
Cash_is_Trash's picture

Don Cheadle?

Fri, 09/09/2011 - 09:56 | 1650447 spanish inquisition
spanish inquisition's picture

Someone Don Cheadle like who is less expensive.

Fri, 09/09/2011 - 10:23 | 1650581 LowProfile
LowProfile's picture

Ozzy

Fri, 09/09/2011 - 10:25 | 1650594 DefiantSurf
DefiantSurf's picture

War Piigs or Iron Man?

 

Fri, 09/09/2011 - 10:36 | 1650661 toady
toady's picture

Stark raving mad

Fri, 09/09/2011 - 09:59 | 1650468 Mitzibitzi
Mitzibitzi's picture

Nah, he's War Machine. Oddly appropriate, come to think of it...

Fri, 09/09/2011 - 09:54 | 1650441 CrimsonAvenger
CrimsonAvenger's picture

This has got to be my favorite comment of the year. Hilarious and in no way contributes to the discussion. And provided by someone calling himself Giant Wang. Thank you sir.

Fri, 09/09/2011 - 10:18 | 1650555 john39
john39's picture

"in no way contributes to the discussion"  kinda like obummer's "speech" and the republican sock puppet show, er debate

Fri, 09/09/2011 - 09:54 | 1650418 GeneMarchbanks
GeneMarchbanks's picture

He seems to want to keep his head attached to the rest of his anatomy. Can you blame him?

What follows is the realization that the ECB can, indeed, print and the Euro does that fiat dance where it gets real... low.

Fri, 09/09/2011 - 09:51 | 1650422 CreditcalMass
CreditcalMass's picture

First rat in first rat out bitchez.

Fri, 09/09/2011 - 11:43 | 1650966 Zero Govt
Zero Govt's picture

Yes but have you noticed the ZH cartoonists technical error? It's supposed to be rats leaving a sinking ship, not alongside dock. The ECB are defo fuking sinking that's for sure

When i suggested TD and his long sentance construction be replaced by a cartoonist (because TD said many of us had attention spans shorter than a Goldfish) i had no idea we'd get such a poor quality cartoonist! OK TD all is forgiven, you can stay mate, at least until we find a good cartoonist 

Fri, 09/09/2011 - 13:09 | 1651445 FeralSerf
FeralSerf's picture

Judenrats believe that it's safer to get out before she sinks.  There's precedent.

Fri, 09/09/2011 - 09:53 | 1650435 Atomizer
Atomizer's picture

Jürgen Stark needs to spend more time with his family.

Fri, 09/09/2011 - 09:55 | 1650438 DefiantSurf
DefiantSurf's picture

Before EU Armageddon?

His family probably has one way tickets to Brazil

Fri, 09/09/2011 - 09:58 | 1650459 o_rly
o_rly's picture

Germans like to escape to Argentina, not Brazil.

Fri, 09/09/2011 - 10:06 | 1650499 TJ00
TJ00's picture

I think the reference was to The Boys from Brazil

Fri, 09/09/2011 - 10:00 | 1650476 TJ00
TJ00's picture

Because of E.L.E.

Fri, 09/09/2011 - 09:57 | 1650451 ViewfromUnderth...
ViewfromUndertheBridge's picture

Trichet melts down in presser yesterday...Starck gone today...adds up. Greece tomoz?

Only the not-for-profits will be short gold this w/e.

Fri, 09/09/2011 - 09:57 | 1650452 unky
unky's picture

Did he oppose the bailout of PIGGS countries or what was the matter with him ?

Fri, 09/09/2011 - 09:57 | 1650456 Arthor Bearing
Arthor Bearing's picture

Stark ist schwach

Fri, 09/09/2011 - 09:58 | 1650460 TJ00
TJ00's picture

Winter is coming...

Fri, 09/09/2011 - 10:33 | 1650638 PY-129-20
PY-129-20's picture

Yap. Where is Khal Drogo when you need him? I'd love to see some Dothraki at the ECB building - NOW!

Fri, 09/09/2011 - 09:58 | 1650462 mickeyman
mickeyman's picture

ECB has the wrong Jean-Claude in charge. It should be Killy!

Fri, 09/09/2011 - 10:39 | 1650679 Hooey
Hooey's picture

Or this guy.

Fri, 09/09/2011 - 09:59 | 1650467 kito
kito's picture

dollar is up!!!!!!!!!!! dollar is up!!!!!!!!!!!!!!!! long live fiat!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Fri, 09/09/2011 - 11:11 | 1650820 Hephasteus
Hephasteus's picture

Paying it's rent one last time before being completely fucking EVICTED from the 70's. Welcome to 60's ghetto.

Fri, 09/09/2011 - 09:59 | 1650469 Robslob
Robslob's picture

And another wealthy banker leaves early to his private island for "personal reasons"

More like "survival reasons"...

Fri, 09/09/2011 - 10:03 | 1650474 buzzsaw99
buzzsaw99's picture

Resign, or be DSK'd

http://www.youtube.com/watch?v=i2WxM6DkQB4

any way you want it.

Fri, 09/09/2011 - 10:01 | 1650477 PulauHantu29
PulauHantu29's picture

He needs to preapre the next Nobel Peace Prize....for Sarkozy......but the French King needs to invade Syria first.

Fri, 09/09/2011 - 10:02 | 1650484 Josh Randall
Josh Randall's picture

Or did he get religion ?

Fri, 09/09/2011 - 10:05 | 1650496 NuYawkFrankie
NuYawkFrankie's picture

Any relation to Ringo Stark?

Fri, 09/09/2011 - 10:06 | 1650501 midtowng
midtowng's picture

I wouldn't worry about it. After all, when Greenspan left the Fed it wasn't as if the credit bubble he blew up was about to bust and bring down the whole financial system.

Fri, 09/09/2011 - 10:08 | 1650505 milanitaly
milanitaly's picture

HELP

Fri, 09/09/2011 - 10:49 | 1650730 Instant Wealth
Instant Wealth's picture

Sorry, no help. You are to big for a bailout, Italy.

Fri, 09/09/2011 - 10:10 | 1650508 gwar5
gwar5's picture

Stark leaving, and the IMF saying it's a 'dangerous' period, and 'global cooperation' will be needed. Sure signs of an Apocolypse.

 

 

Fri, 09/09/2011 - 10:32 | 1650626 Caught Stealing
Caught Stealing's picture

I asked this earlier on another article, but:

What credibility is there in this "huge intervention" that Catrini is talking about for this weekend?

http://video.foxbusiness.com/v/1149546801001/buy-stocks-that-benefit-fro...

 

Fri, 09/09/2011 - 10:46 | 1650715 Caught Stealing
Caught Stealing's picture

nevermind! Durden just answered on his latest article regarding G7

Fri, 09/09/2011 - 10:09 | 1650510 uno
uno's picture

Hillary on the floor, someone please ask her how many cigars went into her puss

Fri, 09/09/2011 - 10:12 | 1650529 DefiantSurf
DefiantSurf's picture

thanks, now I'm blind in my minds eye!

 

Fri, 09/09/2011 - 10:09 | 1650513 LarryKudlow
LarryKudlow's picture

Who cares ?

Fri, 09/09/2011 - 10:12 | 1650528 SheepDog-One
SheepDog-One's picture

Big deal, he's going to resign....in a couple years. Hell in this world that may as well be 1,000 years from now.

Fri, 09/09/2011 - 10:17 | 1650515 youngandhealthy
youngandhealthy's picture

What if he left because he is against starting the print press this very weekend?

What if ECB "buy" all greece debt due with 50% interest and f..k the CDS traders?

 

"...

Traders say that that the atteptance rate for the Greek private-sector involvement (PSI) is currently running at 70-75%. Traders familiar with the debt exchange deal say the Greek government is currently gathering 'non-binding' indications from bondholders on whether they want to participate in the debt exchange. "The info sessions will continue through the end of September and the actual offer will take place in October", Petros Christodoulou earlier told MNI. Traders say that a participation rate of 70% will be enough to get the debt exchange deal through, which is a key part of a second E109bln bailout package that was agreed on July 20.

..."

ECB/JCT buy the rest without "touching" the ESFS?

 

Fri, 09/09/2011 - 10:12 | 1650524 papaswamp
papaswamp's picture

Didn't want his Benz torched or the masses hunting him down. He can walk away and say 'I was against this' when the masses come.

Fri, 09/09/2011 - 10:14 | 1650533 DefiantSurf
DefiantSurf's picture

Plausible deniability

Fri, 09/09/2011 - 10:24 | 1650593 Instant Wealth
Instant Wealth's picture

Insiders talking of Jörg Asmussen (social democrat, a true printer and market manipulator) to follow Stark. Fuck him.

Fri, 09/09/2011 - 10:36 | 1650660 PY-129-20
PY-129-20's picture

Indeed. Fuck him. I mean what's next? Krugman the next chairman of the FED? Talking about endless nightmares...

Fri, 09/09/2011 - 10:27 | 1650603 THE DORK OF CORK
THE DORK OF CORK's picture

Thank you for helping to implode the entire European continent using false financial metrics as a psychological warfare weapon.

The 2% price stability meme was our death destroyer of nations.

Fri, 09/09/2011 - 10:30 | 1650615 tim73
tim73's picture

Germans will just send a real tough guy whose surname is either Steiner, Drechsler, Fleischer, Rothstein, Wechsler or Weissmuller. Stark is still quite a weak name... :)

Fri, 09/09/2011 - 10:38 | 1650674 PY-129-20
PY-129-20's picture

I'd prefer a Metzger, a butcher, for the PIIGS. Not some Pfotenhauer or Wurzelbacher.

Fri, 09/09/2011 - 10:31 | 1650621 LookingWithAmazement
LookingWithAmazement's picture

The rats don't leave the ship, but stay aboard.

Fri, 09/09/2011 - 11:47 | 1651011 Steroid
Steroid's picture

Even the rats are not that stupid!

The parasites stay as they are glued to the host.

Fri, 09/09/2011 - 10:32 | 1650631 Fish Gone Bad
Fish Gone Bad's picture

Why would Jürgen Stark leave a nice comfy job that pays a buttload of money?  It has to be something big, and it has to be something terrible.  Jürgen Stark must be leaving because Greece will default over the weekend.  Perhaps it was Jürgen Stark's idea to let Greece get unlimited money.

Fri, 09/09/2011 - 10:36 | 1650654 SamAdams1234
SamAdams1234's picture

... allright, who farted the ECB  Boardroom.

 

Fri, 09/09/2011 - 10:35 | 1650655 SamAdams1234
SamAdams1234's picture

... allright, who farted the ECB  Boardroom.

 

Fri, 09/09/2011 - 10:36 | 1650656 SamAdams1234
SamAdams1234's picture

... allright, who farted the ECB  Boardroom.

 

Fri, 09/09/2011 - 10:45 | 1650711 walküre
walküre's picture

He's 63 and leaving at the end of the year.

Nervous nellies are blowing this one out of proportion. Plenty of time to replace this hawk with another hawkish figure.

So what was the real catalyst for the sell off?

Fri, 09/09/2011 - 11:26 | 1650860 CPL
CPL's picture

He's not the only one that snuck out the door btw with a sudden change of heart and resignation.  Might want to look a little closer at where the architects of this mess are and where they are going and the most important reason.

 

Why?

 

The why, is all that worries me.

Fri, 09/09/2011 - 12:54 | 1651396 moneymutt
moneymutt's picture

I would imagine they need someone who already said they are gone, to do some dirty work in next few weeks, like doing something REALLY unpopular, like whatever the banks want...or they know its over and have to have someone ready to throw under bus

Fri, 09/09/2011 - 13:11 | 1651468 CPL
CPL's picture

Wait for it, it hasn't got anything to do with banking or investments or money directly.

 

You'll all find out in Monday if you aren't part of it on Sunday.

Fri, 09/09/2011 - 17:26 | 1652568 Random_Robert
Random_Robert's picture

This is just the first of many such resignation announcements over the next several months, methinks...

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