Schauble Makes It Clear: Beggars Can't Be Choosers

Tyler Durden's picture

Merkel may still be on vacation, but Germany decided to make it all too clear just who is in charge after last week's idiotic headfake by Draghi et cie:


Translating Schrodinger Schauble: the quantum state of Begging and Choosing can not co-exist in tensor superposition. Just in case the previous headline from the Bundesbank was not clear enough.

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spanish inquisition's picture

Herr Schaublel, maybe you are not invited to the secret meetings?

TIMBEEER's picture

But it's clearly Germany's faul that the others had such a long, hot party - why shouldn't everyone be entitled to party on at Germany's (and FI, NL) cost ?!?

Biggvs's picture

So Germany rains on the parade. Plus didn't Hilsenrath just give the Fed additional breathing room to do NOTHING tomorrow?

From WSJ (emphasis mine): "Markets have risen on hopes that two of the world's most influential central banks will make additional moves to spur growth if their economies don't perk up—if not this week, then in the weeks ahead."

The Monkey's picture

This is part of the monkey business the German political machine has to go through in order to make the final decision more palatable to it's people.

Note Shauble's words are choosen carefully, and consider Merkle's language leading up to the last summit.

Gavrikon's picture

I've planned to keep some Euros marked with the German code stuffed under my mattress, just in case.  But, the more time goes by, the more sense it makes to keep my emergency money as gold.

malikai's picture

If the end state of all this is a completion of this crooked end of the cycle, those German notes may make for some excellent collector's items.

Try to make sets of high quality differing vintage. Might just be more valuable than gold some day.

Linus2011's picture

it is.

"When things get serious - you have to lie"

That is the basic motto of the Eurozone as frankly spoken from its top official Juncker.

It is all you need to know about any statement released by these officials.

Some of them might escape, some of them will be shot, some of them will be hung. That is what i am saying.

Bob's picture

And it's clearly the German citizens' fault that private banks lent money they shouldn't have to the banks of the periphery that now all have to be bailed out with pubic funds on both ends

Pitting the actual people against one another between nations is just cover for the continued looting . . . by banksters forced to share the take with hedge funds taking advantage of the charade that must be played in capital markets to keep it all looking legit. 

BandGap's picture

There is a finite possibility that Germany will do exactly the opposite of what they are stating - Quantum Mechanical Financial Tunneling.

Sir Edge's picture

Merkel and Draghi's Back and Forth Remind Me of the Search For Schrodinger's Cat... :o)

EZT's picture

Finally some clarity!

adr's picture

So that means there will be another rumor of the ESM getting a banking license and buying more bonds today?

OttoMBMP's picture

Yep. It is much more efficient to recycle this rumour as many times as it works than to actually give this banking license right away.

All actors stick to their roles in this theatre.


bank guy in Brussels's picture

Quite right

Germans can't seem to give in too easy, even though the German banking system could explode if they don't agree in the end

It took the EU leaders a while to figure out to play this 'two party system' game, like Dems and Repubs in the USA, but now they have learned how to do it on an EU level, they are really enjoying it ... they are following ZH and laughing along

Latins vs Germanics ... a football match for the fans, but the team owners already know how the game ends

Linus2011's picture

Latin v. Germans: so where does Belgium opt for? Well, forgot - it is basically a Non-Country, completely useless and with no opinion and no business model besides running already f+++ed up banking entities and hosting+benefiting from furthermore useless and corrupted eurocrats.

GolfHatesMe's picture

Can't you just put a quarter into the Banking license vending machine at 33 Liberty Street?

gjp's picture

Yeah, but do you think the market will give back its fake gains from last week.  Nah, iPhone 5 is coming!

thewhigs's picture

I'm glad some entity is "standing their ground". I'm really sick and tired of this silly nonsense.

bugs_'s picture

this is a dog license with the word dog crossed out and Bank written in crayon

EL INDIO's picture

It looks like Tyler has a Physics background!


DeadFred's picture

The wave function need not collapse as long as there is there is no observer interference. If we all look away the euro can stay afloat. Everyone, heads in the sand!

Or not.

EL INDIO's picture

no observer interference = no loss of confidence

Overflow-admin's picture

Are you suggesting a Schrödinger economy model?

IToldYouSo's picture

TD...... what a quant! :)

Lohn Jocke's picture

What goes up must come down.

Cursive's picture

From the looks of SPX futures, some people/algos have still not gotten the word.  Or maybe they are waiting for Wednesday FOMC.

The Axe's picture

Steve L says germans do not know shit!!!!  ha ha    this circle jerk is nuts


fbachan's picture

When an Europen official publicly asserts something, isn't it actually just the mater of time untill he declares the opposite? 

adr's picture

If the market shoots up 600 points because of a rumor, does it drop 600 points when the rumor is refuted?

Sadly, most of the time the answer is no. Nowyou have your answer as to why the rumors keep hitting the tape.

ThunderingTurd's picture

You are spot on.  I don't see why talking heads wouldn't keep their mouths open 24/7.  Who cares if there is any substance to a strategy if equities go higher.

markar's picture

Because rumors are like QE. Their continuous effects yield diminishing returns.

ThunderingTurd's picture

Really?  I think the equity market would disagree with you.  Germany just totally shot down the rumor that ramped the SPX by 500 points and we are UNCH on the day.  I am not agreeing with the strategy and find it unbelievably frustrating; but at the end of the day, it is obviously working if the goal of central criminals is elevate equity prices.

IToldYouSo's picture

TT Didnt you mean "talking arseholes"?

Think I may have fixed that for ya :)

GERxit's picture

In the end the beggars might really be the choosers... or more appropriately blackmailers! (900bn Target II - growing daily!) That's the real foul here!

DavidC's picture

Draghi and Hollande are like embarrassing people who keep saying the wrong things in front of other people, you just want them to shut up and leave.


Lohn Jocke's picture

Finally! an ETF for cynics and libertarians.

falak pema's picture

without the ESm license, without eurobonding, without increasing the size of ESM funding, Monti, Rajoy and Hollande will be reduced to playing three card monte amongst themselves! Beggar thy neighbor-friend. Pull the plug on euro contagion sink...

What is Timmy doing in Europe if he can't get Schauble to budge on this?

The Draghi/Merkel stand-off is reaching critical point deadline. 

Que passa?...If it blows we don't know how to close! 

Linus2011's picture

Tyler seems to have majored in physics just like me.

However since he does not live in Germany just like me he completely misoverestimates Germany and German politicians especially Schäuble.

They are neither smart or tough nor do the have a grand plan that saves Germany from the parasite states of Europe and guide our escape to financial solitude.

Not at all. They are just plain stupid politicians.


GERxit's picture


ENDLICH MAL EINER, DER DIE WAHRHEIT SAGT und nicht mit diesen beschissenen Hitler Thesen hier ankommt! (s.u.)


Treason Season's picture

If anyone's curious google translation;

LAST TIME ONE THAT TELLS THE TRUTH, not these shitty theses Hitler gets here!


Haager's picture

Ich wäre an dieser Stelle doch gerne etwas vorsichtiger, immerhin kann man davon ausgehen dass im Hintergrund noch Leute mit Verstand arbeiten. Aber in Bezug auf "einen Plan haben" stimme ich soweit zu.

Ghordius's picture

I mostly agree with the sentiments, here and above. But the whole EUR construct has - as a friend liked to say 15 years ago - an "autopilot".

The situation we have is of a quite classic currency war. Everybody would like to devalue. We all knew that after 1971 this moment would come, and many feared it would come before the introduction of the EUR. Now relax and watch the Frankenstein vs Dracula match.

oh, and buy phyz, slowly, every month a bit. call it saving.