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Merkel Just Says "Nein"

Tyler Durden's picture


Any hopes that Germany may bend and allow Greece a little leeway in its bailout negotiations, buying at least a little goodwill with its people have just been dashed. Not only that, but readers may recall last week's Die Zeit article that a third Greek bailout may be in the workd. Well, forget it. From Reuters:


Good luck with that, and good luck to everyone whose entire investing strategy is based on the assumption that Germany will blink when it comes to Greece.

EURUSD slides to the day's lows in the aftermath of reality once again offsetting speculation of unicorns and magic money growing trees.


To summarize:

Q: "Merkel: What is best in life?"

A: "To crush the Greeks, see them driven before you, and to hear the lamentation of their women"


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Mon, 06/18/2012 - 11:14 | 2536260 Fips_OnTheSpot
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Mon, 06/18/2012 - 11:16 | 2536270 maxmad
maxmad's picture

Check mate!  Bitchez!!

Mon, 06/18/2012 - 11:17 | 2536276 camaro68ss
camaro68ss's picture

Awww man, I really love unicorns too.  :-(

Mon, 06/18/2012 - 11:25 | 2536294 maxmad
maxmad's picture

Urkel's basically saying "look Bitchez, you voted the wrong way, now you are forcing our hand!"

Mon, 06/18/2012 - 11:32 | 2536323 Abraxas
Abraxas's picture

Ja, Herr Stumbafurer! Ze Greeks haf to be punished fur their disobedience.

Mon, 06/18/2012 - 11:52 | 2536391 Manthong
Manthong's picture

So do the Greeks say “Nuts!” or do they turn into peanut butter?

My money’s on peanut butter.

Mon, 06/18/2012 - 11:56 | 2536404 Abraxas
Abraxas's picture

They will be made to vote until they do it properly. That's democracy for you.

Mon, 06/18/2012 - 13:58 | 2536826 Lednbrass
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The Greeks can do as they please, but if they expect Germany to fork over massive amounts of cash due to continual Hellenic incompetence the Germans quite rightly and rationally expect conditions to be met.

Pouring continual money into the black hole of Athens is not an option.


Mon, 06/18/2012 - 21:12 | 2537998 Buck Johnson
Buck Johnson's picture

Yep, your dead on about it.  Germany was hoping the vote would go the other way and so Greece can be blamed for the calamity instead of them when they leave the Euro and EU.  Now Germany's hand is forced and they aren't giving them one red dime and not more time.

Mon, 06/18/2012 - 11:25 | 2536295 bdc63
bdc63's picture

unicorns ... the other white meat ...

Mon, 06/18/2012 - 11:34 | 2536327 Dr. Engali
Dr. Engali's picture

Racist basturd

Mon, 06/18/2012 - 14:19 | 2536894 bdc63
bdc63's picture

... it's particularly yummy with some fava beans and a nice chianti ...

Mon, 06/18/2012 - 11:26 | 2536299 Atlas_shrugging
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Mon, 06/18/2012 - 11:30 | 2536315 Gully Foyle
Gully Foyle's picture


Crom is a grim and gloomy and unforgiving god, ever watching from atop his mountain in dark clouds and obscuring mists, ready to pass a disapproving judgment on any and all.

Mon, 06/18/2012 - 11:57 | 2536416 100pcDredge
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Crom Cruach or Cromm Crúaich (Classical Irish/Gaelic pronunciation /?k???m? ?k??u?ç/), also known as Cenn Cruach /?k??n?: ?k??u?x?/ or Cenncroithi /?k??n?: ?k??o???/, was a deity in pre-Christian Ireland, reputedly propitiated with human sacrifice, whose worship is said to have been ended by St. Patrick.


In the old Irish tale from the Book of Lismore, "The Siege of Druim Damhgaire or KNOCKLONG" (Forbhais Droma Dámhgháire), Crom is associated with Moloch.


OR ehm...


Crom (pronounced /?kr?m/) is a deity created by American author Robert E. Howard. He is mainly mentioned in swearing by his character Conan the Cimmerian, and "worshipped," it is presumed, by the bulk of the Cimmerian people. His name is probably derived from the ancient Celtic deity Crom Cruach, with the Cimmerians functioning as proto-Celts in Howard's pre-historic Hyboria.



Mon, 06/18/2012 - 12:42 | 2536562 cavanman2
cavanman2's picture

sacifrice the first born

Mon, 06/18/2012 - 20:44 | 2537950 StychoKiller
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Mmm, unicorn chops in skittle sauce...Good Eats! :>D

Mon, 06/18/2012 - 11:35 | 2536331 InsurgoCasca
InsurgoCasca's picture

Checkmate is right. They just got screwed. I think this could kill coalition talks. Should have released this after they formed a government.

Mon, 06/18/2012 - 11:17 | 2536272 SHEEPFUKKER

You like your game of chicken fried or baked? 

Mon, 06/18/2012 - 11:22 | 2536285 LeisureSmith
LeisureSmith's picture

Stop plagiarizing Herman Cain.

Mon, 06/18/2012 - 11:41 | 2536347 slaughterer
slaughterer's picture

Somehow I think it might start to get real ugly before and during the Greece -vs- Germany European Cup game this week. 

Mon, 06/18/2012 - 12:45 | 2536569 slewie the pi-rat
slewie the pi-rat's picture


Mon, 06/18/2012 - 12:12 | 2536460 Jack Sheet
Jack Sheet's picture

"fick mich" would be more appropriate

Mon, 06/18/2012 - 11:14 | 2536261 mayhem_korner
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Mon, 06/18/2012 - 11:15 | 2536264 NooooB
NooooB's picture

So, Ms Fox, How are things going in the Hen house?

Mon, 06/18/2012 - 11:30 | 2536316 GMadScientist
GMadScientist's picture

Almost finished.

Mon, 06/18/2012 - 11:57 | 2536411 valley chick
valley chick's picture

still got to get the Leghorn... (Livorno)

Mon, 06/18/2012 - 11:15 | 2536266 bmusic
bmusic's picture

Just that means the door is open for Ireland and Portugal to re-negotiate, right? Right?

Mon, 06/18/2012 - 11:15 | 2536267 disabledvet
disabledvet's picture

Really? That's not what I hear. Supposedly if you "bring up her days back on the communal farm with Hans" she get's all sorts of chatty.

Mon, 06/18/2012 - 11:16 | 2536268 mayhem_korner
mayhem_korner's picture



All I can say is...ROTFL

Mon, 06/18/2012 - 11:17 | 2536271 MassDecep
MassDecep's picture

That is, until the TPTB instruct her otherwise. Puppets, just Puppets.......

Mon, 06/18/2012 - 11:17 | 2536275 Stuart
Stuart's picture

when the iron bitch's own economy and banks start reeling, lets see her reaction then.   

Mon, 06/18/2012 - 11:23 | 2536290 Village Smithy
Village Smithy's picture

No doubt that she will feel the pain but allowing someone who hasn't paid their bill in 5 years to keep borrowing isn't going to make that pain go away. The game is up. Time to face the real facts with real solutions. Time to turn on the lights assess the damage and start re-building.

Mon, 06/18/2012 - 11:31 | 2536320 schatzi
schatzi's picture

What would her reaction be? Agree on more bailouts without any reform concessions? She's highly popular in Germany because she's balking. Way more popular than Obama or any other prominent western leader. If you have a look at the massive trade deficits expanding to new records especially in the UK, thanks to debt fuelled private and public consumption, the Germans have nothing to worry about. Their products are easily finding markets - now that the € is depressed even more so. The only ones that have time on their side are the Germans. I'll concede that they have lost quite a sizable export market chunk in €-Europe but have surprisingly more that made that up in non-European markets. Of all the large western economies, they are by far the healthiest. They will win this game of chicken if need be.

Mon, 06/18/2012 - 11:45 | 2536365 Abraxas
Abraxas's picture

They might win, but only if Greeks, Spaniards, Irish etc. do not lift their heads from the sand and follow the Iceland's example. The Germans are betting that the lesser nations will not have the balls.

Mon, 06/18/2012 - 12:27 | 2536498 OttoMBMP
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Schatzi, this game cannot be won anymore. Kicking the can down the road, accumulating even more Target 2 or ESM volumes will not do it forever. At some point the whole thing will blow up and bankrupt Germany. It is too late.

Merkel highly popular = high degree of uninformed/ naïve/ dumb people in Germany.

Merkel may be balking. More important is that she is paying and ruining her country.

Mon, 06/18/2012 - 12:51 | 2536600 schatzi
schatzi's picture

I can't disagree. I'm here in Austria - quasi an economic satellite of Germany, net € and EU contributors, working into the late sixties, paying 50% income tax and watching Hollande make campaign promises his country cannot afford, but expects others i.e. Germany and other northern Europeans to pick up the tab. It makes me sick. Target2 exemplifies how broken the system is. A trillion € if I'm not mistaken. Absolutely crazy numbers. I still believe we can extricate ourselves from this mess. Start anew, maybe a small northern € based on Germany's economy with some small currency satellites like Luxembourg, Baltics, Netherlands and Austria or revert back to our original currencies. Tying in the periphery into the northern core was a massive mistake. Even France is not ready for a currency union. They're completely deluded and have just crossed the 100% debt/GDP threshold. I'd rather this mess end now in massive pain, then dragging this fiasco on till the point we are bled dry. At least Merkel is putting up some resistance, but it won't help anyway. European and US governments will keep insisting you need to make debt to grow out of debt. The grave is just getting dug deeper.

Mon, 06/18/2012 - 14:06 | 2536860 Lednbrass
Lednbrass's picture

As you and Otto are on the ground over there, do either of you think it likely that your countries will finally get tired of this and go your own way, or will your governments cave after being hammered with intergenerational inherited guilt (bad, bad Teutons- you are all big meanies!)?

While some in the US may yell for never ending bailouts with funny money, I think the northern Europeans would also get significant support for saying no and it will probably break down along party lines over here.  Whatever nonsense is in the average American head about Germans and Austrians from watching too much Hollywood propaganda, nobody questions their work ethic.

Mon, 06/18/2012 - 16:24 | 2537302 schatzi
schatzi's picture

It's all very difficult to predict. Generally party lines are very pro €, as it's seen as the pro Europe line which coincides with the post-war new European approach of growing closer all for the benefit of mutual peace and reconciliation. The last war may be 80 years back, but politicians still tread lightly. It carries stigma to renounce the pro European idea. This isn't a United Sates of Europe and there is little solidarity with Greece nor the willingness to financially carry other countries for the greater good. When the own € is being taken from your pocket then that usually means the end of any feelings of solidarity. I think there is a tendency shift towards a more egotistical standpoint within the populace. If the politicians read that correctly and latch on to this new undercurrent, we may see a much more hard-line approach in politics.

Mon, 06/18/2012 - 20:50 | 2537962 StychoKiller
StychoKiller's picture

The USA will not annex Mexico for pretty much the same reason(s) that Greece should not have been permitted to enter the Euro.

Mon, 06/18/2012 - 11:19 | 2536279 the not so migh...
the not so mighty maximiza's picture

Merkel running naked at you wearing a strap on,,, yikes!!!!

Mon, 06/18/2012 - 11:24 | 2536293 mayhem_korner
mayhem_korner's picture



Frankly, until someone gets a verifiable shot "under the hood," I'm not sure a strap on wouldn't be redundant.

Mon, 06/18/2012 - 11:53 | 2536396 Itch
Itch's picture

She carries a bowling ball in her knickers...when the going gets tough, the tough batter you with a bowling ball.

Mon, 06/18/2012 - 11:20 | 2536283 Dr. Engali
Dr. Engali's picture

Merkel says nein....until tomorrow

Mon, 06/18/2012 - 11:22 | 2536286 icanhasbailout
icanhasbailout's picture

wake me when they figure out that electing a new government does exactly nothing to change the cash flow problem

Mon, 06/18/2012 - 11:23 | 2536291 Conman
Conman's picture

Ok, so how about those relaxed terms for ireland? Also i guess the rumor rolodex is now back to pusing eurobonds again.

Mon, 06/18/2012 - 11:24 | 2536292 evolutionx
evolutionx's picture

No Relief:

PIGS rate exploding again,

Spain 10j 7,25%!!

ECB fearindicator up

Mon, 06/18/2012 - 11:29 | 2536314 disabledvet
disabledvet's picture

We HAVE liftoff!

Mon, 06/18/2012 - 11:25 | 2536296 the 300000000th...
the 300000000th percent's picture

Erkel says yes or their will be a new leader in Germany. The cartels wont have any crazy talk

Mon, 06/18/2012 - 11:26 | 2536298 fonzannoon
fonzannoon's picture

dow down 3 points on the news. 

Mon, 06/18/2012 - 11:28 | 2536308 Conman
Conman's picture

by 3 did you mean about 40?

Mon, 06/18/2012 - 11:35 | 2536332 fonzannoon
fonzannoon's picture

sorry my bad i meant up ten since they posted the quotes

Mon, 06/18/2012 - 11:48 | 2536368 bdc63
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That's 'cause everyone is expecting the Bernak to harvest the money tree on WED.  US markets are going to be just plain silly until we hear from the FED.  Of course, after the FED anouncement things are going to be really, REALLY silly.

Mon, 06/18/2012 - 11:52 | 2536392 Conman
Conman's picture

You know the dow was up 20 points before this was leaked right. not that it matters its all a rigged game anyway.

Mon, 06/18/2012 - 12:23 | 2536495 fonzannoon
fonzannoon's picture

good point

Mon, 06/18/2012 - 11:26 | 2536303 Abraxas
Abraxas's picture

We've seen this movie so many times it's becoming to wear down on us. It feels like I'm watching 158th episode of a Spanish soap-opera.  

Mon, 06/18/2012 - 11:29 | 2536310 eclectic syncretist
eclectic syncretist's picture

Why should the Germans backstop loans to Greece?  Just because the banks say they won't lend the money unless a government (read taxpayers) guarantee it?  That's between the banks and the Greeks, the banks lies to the contrary notwithstanding.

Mon, 06/18/2012 - 11:29 | 2536311 GMadScientist
GMadScientist's picture

"I Call." - Angie

Mon, 06/18/2012 - 11:31 | 2536318 strongband
strongband's picture

Bullish, no, seriously.

Mon, 06/18/2012 - 11:31 | 2536321 The.Oracle
The.Oracle's picture

Well, we all know political figures are just figureheads and really control very little. My expertise is not on Europe, but if anyone can enlighten me--who is pulling Merkel's strings? The CFR is too American I would imagine... Has anyone figured this out yet?

Mon, 06/18/2012 - 11:37 | 2536333 Abraxas
Abraxas's picture

We can only speculate. There's so much misinformation out there it's not even funny any more.

Mon, 06/18/2012 - 11:43 | 2536344 aleph0
aleph0's picture


My WAG :

# oil rights
# mining rights
# strategic rights .. NATO+EU etc.

Most other assets are not interesting to the Elites.

+ AFAIK... Russia  currently  offering 3.5 Bio EUR  to bailout Cyprus -  no strings except  Navy Deep Water Ports


PS: Straight out of John Perkins "Economic Hitman" book of course ... drown them in Debt first, then foreclose !

Mon, 06/18/2012 - 11:43 | 2536355 el-greco
el-greco's picture

Her parliament is pulling her it should do.

Mon, 06/18/2012 - 12:47 | 2536582 ThirdWorldDude
ThirdWorldDude's picture

Distraction, Der Bundestag has as much influence on Merkel as Congress has on the Choom-boy.


Look into a person's past and you'll see their present motives. When it comes to IM Erika (Angie's codename in Stasi) one must have in mind that she comes from a respected family in East Germany, which by itself is contradiction because her father was a priest (Commies don't like religion). 

I'd say you should look no further than the Zionist landlords of The Square Mile. 

Mon, 06/18/2012 - 11:44 | 2536362 Zaydac
Zaydac's picture

"who is pulling Merkel's strings?


Mon, 06/18/2012 - 12:01 | 2536423 Jack Sheet
Jack Sheet's picture

Absolutely not . Deutsche Bank. follow the money, in this case CDS s on Greek government debt.

Mon, 06/18/2012 - 11:33 | 2536325 Itch
Itch's picture

SNB must be shitting themselves, im sure they would have preferred a Grexit, even just to get things moving, now they will have to buy Euro until the bitter end. Back on the rack they go.

Mon, 06/18/2012 - 11:41 | 2536348 insanelysane
insanelysane's picture

The msm thought on this is that Germany was successful because the fleeced all of southern Europe and thus should give back all of their winnings to keep the game going. 

The thought in Germany is why would we give up our winnings if the whole thing is going to hell regardless.

As it has been stated so many times before, eventually you run out of other peoples' money and the Germans seemed to not want to play ponzi putzs.

Mon, 06/18/2012 - 11:42 | 2536351 HAhyperion
HAhyperion's picture

Two years of protests, riots and national strikes, pensioners setting themsleves ablaze and the results of the Greek elections show they are no match for the global bank cartel.  Why do I find myself looking to Mother Nature to unleash climate catastrophes, or a pestilence that infects the banking class?  When will the Merry Go Round of Insanity End? 


Mon, 06/18/2012 - 11:45 | 2536367 Zaydac
Zaydac's picture

What is it about you or your post that justifies shouting boldly?

Mon, 06/18/2012 - 12:12 | 2536461 skepticCarl
skepticCarl's picture

HA, let your words and ideas do the talking, not the fonts.

Mon, 06/18/2012 - 13:42 | 2536762 j0nx
j0nx's picture

Diebold. Makes vote rigging a LOT easier these days. You no longer have to bribe the vote counters to look the other way. Voting is a waste of fucking time as long as those machines are enabled.

Mon, 06/18/2012 - 11:46 | 2536352 walküre
walküre's picture

Merkel just gave Syriza the ticket to build a minority government and prepare GREXIT.

The EU cannot announce any details on Spain until Greece is out of the EU.

Spain will get other conditions than Greece because Spain is already home to hundreds of thousands Germans, British, Dutch and so on.

VW is building cars in Spain. There is something tangible in Spain and it's a bridge to the important North African market.

Spain will get what Spain needs because Spain can afford it. Greece is clearly the ugly step child.

Germany is playing Greece in the next EM round. That will be interesting to watch.

Mon, 06/18/2012 - 11:43 | 2536354 junkyardjack
junkyardjack's picture

Only thing bringing this market down is if Bernak says no to print

Mon, 06/18/2012 - 11:56 | 2536405 Element
Element's picture

No, no, no, the full recipe is;






Mon, 06/18/2012 - 11:43 | 2536356 walcott
walcott's picture

oh shit! lmao..

Mon, 06/18/2012 - 11:43 | 2536358 yogibear
yogibear's picture

PIIGS just lie. Promise and do nothing. Just keep threatening to blow up the Euro. Central banksters are afraid of the Euro nuke option.

Bailouts forever! Send the bill to Germany, the US (IMF)  and Brussels.

Free money PIIGS!!!



Mon, 06/18/2012 - 11:45 | 2536360 Element
Element's picture

Holy crap ... here we go ... she's admiting the experiment's over? ... ok, plan 'B', or plan 'C'?

Mon, 06/18/2012 - 11:52 | 2536394 bdc63
bdc63's picture

Greeks:  now is the time to gather up your belongings and leave the country.  Capital controls will be incrementally rolled out until leaving becomes impossible.

Mon, 06/18/2012 - 11:44 | 2536363 sbenard
sbenard's picture

Good for her! If Greece thinks they are going to be able to resume their profligate ways, there is soon a very big brick wall approaching!

Mon, 06/18/2012 - 12:09 | 2536370 Duke of Con Dao
Duke of Con Dao's picture

here's a classic: (popular when I last rolled it out!)

Angela Merkel channeling an 'old school' German wisehead about what to do in the Euro-Crisis today.    + the picture of Merkel in a Nazi uniform is worth the time (thanks Mel Brooks for dance number)

Mon, 06/18/2012 - 11:49 | 2536379 LeisureSmith
LeisureSmith's picture

I'm not one to quote exprez G.W.B. but this one seems fitting: "This looks like a rerun of a bad movie and i'm not interested in watching it"

What we need urgently is Corexit, Grexit isn't nearly poisonous enough to bring this euromonster down.

Mon, 06/18/2012 - 11:57 | 2536399 HAhyperion
HAhyperion's picture

Germany, the 22 worst country as far as debt levels, only has a high productivity/worker efficiency ratio working for it.  With an economy 50% dependent on exports killing the other EU partners simultaneously while slow downs in all the BRICs are occuring and the US will come back to haunt them and deliever their own form of pain they so defiantly want to inflict on others perched from the currently looking high seat of fiscal superiority.

Karma is a Mother Fcker. 

Mon, 06/18/2012 - 12:02 | 2536424 Element
Element's picture

Or alternatively, Germany has a way superior and more productive culture, and an industrial base, via making real investments, that no one else made, and so now can not compete with, at their level.

Any way you slice it they are going to do better.

Mon, 06/18/2012 - 11:57 | 2536413 superbroker1
superbroker1's picture

Conan was such a great movie!

Mon, 06/18/2012 - 12:03 | 2536430 Jack Sheet
Jack Sheet's picture

Barbarian or destroyer? I'd take the destroyer.

Mon, 06/18/2012 - 11:57 | 2536414 Cunnial
Cunnial's picture

Dra(c)ma on the horizon!

Mon, 06/18/2012 - 12:01 | 2536422 CatoRenasci
CatoRenasci's picture

Merkle to Greece's plea for changes in the deal: Es geht nichts!

Nostalgic Song about the Euro:  "Es geht alles vorueber, es geht alles vorbei"


Mon, 06/18/2012 - 12:05 | 2536432 skepticCarl
skepticCarl's picture

Merkel, and the German electorate may not blink, but the German and European bankers will get the final say, regardless.  So far, the Euro banksters seem to prefer extend and pretend, work-around, public balitouts, etc, so that is what I expect to continue.

Mon, 06/18/2012 - 12:12 | 2536459 Conman
Conman's picture

Why not extend and pretend? The bonuses and paychecks keep coming while the can gets kicked.

Mon, 06/18/2012 - 12:11 | 2536454 Mark123
Mark123's picture

Greece will be is important both to act as a prop to funnel support to big Euro banks, and it is a long term important military base.  Also, Europeans love their beaches.


The question is, do they support outside the Euro (like Britain) or within?  My guess is they just prop up long enough to prepare for orderly withdrawal such that the Euro banks survive.


Who will pay?  The usual....the upper middle class of Europe and USA.  This will continue until there is no real middle class left or there is a world war that results in a changing of the guard.

Mon, 06/18/2012 - 13:30 | 2536726 Abraxas
Abraxas's picture

Only the upper middle class will pay? No middle middle, or lower middle will pay?

If history is any guide, the poor will always be hit first, no matter what, and then it'll work it's way up.

Mon, 06/18/2012 - 12:13 | 2536463 LeisureSmith
LeisureSmith's picture

Fear not, Seabass will pick up the tab...but there might be some unpleasant consequences.

Mon, 06/18/2012 - 12:18 | 2536480 Duke of Con Dao
Duke of Con Dao's picture

this is a work in progress ... be kind...  (needs editing... something about car wrecks that is inherently funny)
YouTube - EuroZone's Death Race 2012
the filmic equivalent of Greece is seen at the 53 second mark...

Mon, 06/18/2012 - 12:56 | 2536614 Boilermaker
Boilermaker's picture

Like every other female, a NO means YES or at least a strong maybe.

Mon, 06/18/2012 - 13:00 | 2536625 elwu
elwu's picture

"Q: "Merkel: What is best in life?"

A: "To crush the Greeks, see them driven before you, and to hear the lamentation of their women"

Do you actually believe such BS? I mean, you sound more and more like one of the many Greeks who lament like they were professional victims and think up ridiculous conspicrazy theories about Germany.


Mon, 06/18/2012 - 13:42 | 2536761 robertocarlos
robertocarlos's picture

This is good for the markets. When money is worthless you need to have a portfolio of buildings and stuff. On the other hand it's nbad for markets because if money is worthless then the economy almost stops. So it's a stalemate.

Mon, 06/18/2012 - 16:59 | 2537405 loveyajimbo
loveyajimbo's picture

Didn't she win a frankfurter eating contest prior to becoming Dictator?

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