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"Solidarity Has Its Limits" As German FinMin Snubs Geithner And Downplays Levered EFSF
In a speech given in Berlin, the ever-vocal German finance minister Wolfgang Schaeuble appeared less than vociferous about the new levered EFSF plan and further lambasted Geithner's 'plan' in as politically correct manner as he could. Bloomberg headlines include:
*SCHAEUBLE SAYS `WILL NOT SPEND OUR WAY' OUT OF CRISIS
*SCHAEUBLE SAYS `SOLIDARITY HAS LIMITS,' REQUIRES RETURN EFFORTS
*SCHAEUBLE SAYS `IMMEDIATE FISCAL REFORMS ARE OF THE ESSENCE'
And the kicker in response to questions on Geithner, the pithy response:
*SCHAEUBLE SAYS EASIER TO GIVE ADVICE THAN TAKE IT
He further seemed to back away from the idea of any levered EFSF strategy (though not explicitly) with the following comments:
*SCHAEUBLE SAYS INCREASING EFSF WOULD DAMAGE SOME AAA RATINGS
*SCHAEUBLE SAYS WILL ENHANCE EFSF IN MOST EFFICIENT WAY IF MUST
*SCHAEUBLE SAYS MONETARY POLICY `NOT THE WAY' TO SOLVE EURO WOES
*SCHAEUBLE SAYS `NO COMFORTABLE WAY OUT' OF CRISIS FOR EUROPE
*SCHAEUBLE SAYS EVERY STATE MUST PREPARE OWN BANK BACKSTOP PLANS
*SCHAEUBLE SAYS ASKED FOR BANK BACKSTOP PLANS FOR NEXT ECOFIN
And yet we keep squeezing higher on the hope that extending this crisis another few years will solve everything.
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oh nein he di'int
Oh noes. Timmy's going to get angwy.
Look at it in Timmy's way: overspending 1400000000000 of other people's money to save his friends, hoping that he will get a little bit of that back in return later. That will make Schaeuble look like a pauper. He is just immune to what these paupers say...
it wasn't OPM...it was debt. And it was created from thin air
the german economy is doing much better than what is generally known. we have the inside track.
http://expose2.wordpress.com
BUT, what does David Hasselhoff have to say about all of this? :)
david's had this feeling about it all along...
ooga ooga ooga cha cha
http://www.youtube.com/watch?v=PJQVlVHsFF8
Das Geithner ist eine grosse schweine und eine megadope.
Der Geither soll vor seiner eigenen Tür kehren... (=mind his own business)
recht has baby so isses!
"Der Geithner ist ein grosses Schwein und ein MegaDope" there fixed it for ya!
make it stop! Bored to death w/ this plot.
Default! Default! Default! NOW!!
You know - starting to like those Germans...they actually LEARN from history.
If Merkel had any backbone, maybe. But she doesn´t. She constantly retreats from her former point of view. This is all just rhetoric to get the best possible compromise for Germany. That´s what the EU is all about.
Shall I translate?
Thanks for the translation. I knew the details were hidden between the lines.
Einstein said, "Genius has its limits".
Well if you follow the logic of this mans argument credit deposits & bonds need to be defaulted on - as spending new money into the system keeps these malinvestments alive.
But I suspect Wolfgang will not follow that path - I would prefer to see a mass default on the shadow bank sector in Europe and thus reduce leverage but the average German in a position of power wants it all to just go away - Germans despite their exterior projection of reason are quite insane people.
The problem is not the amount of debt that has to be rolled, but the thinking, that this can going on forever. There are econmical structural changes needed to cure the debt problem. Without EU standards on retirement, healthcare and taxes there is no solution other then more debt. How big do see the chance, that Ireland is going to give up its tax advantage? There you go.
There you go what ?
I would be happy to see a grand deal to get rid of the corporate Tax in exchange for a massive reduction in bank debt - but you don't get it - Irelands executive is not in control of anything - they do what they are told , they always have - if they want us to pay this debt they must keep the Knights templer corporate colony system in place -otherwise the debt is destroyed as turnip fields cannot service this debt.
I have been to too many places in Europe where the Hospitallers & Templers create a church / fort system divorced from the general population and the wild mountain men so that they can continue their trading activities - I know how the system works at its most basic level - and Ireland is one of the most extreme examples of this old old practice.
www.youtube.com/watch?v=h2LOI0NMNy4
I think this is the ultimate delusion of the political leaders.
The debt crisis must be resolved within months not years.
They then must move on the the structural unemployment crisis in the EU and the USA.
Means nothing. All show. Wait and it shall come to pass one way or another. It has been proclaimed and sold to the markets. No turning back now.
Lets all keep talken till we all die, there problem fixed or just not our problem anymore.
Yep thats about it, another day of marveling at our captors ever more insane actions. I may as well just pack up now and move to Bora Bora and build a palm frond hut, what would be the difference?
SCHAEUBLE ??
For eff's sake -- Just another wheelhorse pol HACK.
The Germans will do as they are told -- or it'll be off to the sausage factory, liebelings.
(And don't try any of that "German Army" crap here either, the DE army is a bigger joke than the Italian one. Why, in Afgani, they HAVE to be posted to districts where there's no trouble.)
Let that stupid ass eat cake. He is probably the one of the top cronies in this. New crap out of his mouth every day.
Shut up! They should bring someone new to the stage for variety at least.
So when does this finance minister announce his resignation?
Of course this is impossible - spending only expands crisis. Germans can do elementary math.
You are all quite fucked.
He seems to be saying..'every man for himself' aaghhhhhhhhh
This is exactly his message. And this is a serious man. Believe me I observed him for many many years. He was Helmut Kohls closest and most influential adviser during Kohls whole career. Now he is in the same poition for Angela Merkel. A sharp mind and a tough fighter even he is in a wheel chair after he was shoot down 20 years ago.
All in the boats now hurry-up we are sinking. 9,8,7,6,5,4,3,2,1 zerohedge ignition
All the German politicians professing an unwilliness to bail everyone out sounds to me like Brer Rabbit "begging" Brer Fox not to throw him in the briar patch. They know they want it, but they have to play along for the crowd.
You have to print to kick the can, so we all print.
Yea well they now see if they make a wrong move, the people will now come and kill them.
There is NO way out. None at all that doesn't mean some sort of economic disaster.
It is indeed a inexorable growing cancer. And the only cure for cancer - cut it out then poison the body with chemotherapy. The need to do the economic equivalent of this.
The current cure seems more like: eat as much as you can, maybe youre gaining weight a a faster pace than the cancer grows and after a while the cancer wont matter anymore.
Actually... there is a way out. Just depends who we are talking about, what that way is. For the USA for example it's HI.
*SCHAEUBLE SAYS ( laughing under his garlic and bratwurst breath) SOME OF YOU WICHSERS ACTUALLY BELIEVE MY BS"
Timmy should be scared of him, the guy can do a drive-by shooting without a car
And he knows shooting! Just he was on the wrong end of the gun last time...
The goons on CNBC think it is funny that he said Geithner's plan in "silly" when Geithner is obviously God.
Hoe DARE they snub and mock The Jeethner??
Friday is BONUS DAY! Capisci?!
Hurry up.
I wanna watch Greece burn.
Socialism always fails when u run out of other people's money.
The world needs a good lesson every once in a while because people forget.
there seems to be two exit strategy at play: Germany vs. the rest. But Germany hasn't shared her exit goals , probably because there are internal divisions to be resolved.
What is clear is that Germany seems to adhere to a form of European exceptionalism, which is inconsistent with the ideal of a European project.
The daily Carrot and Stick puppet show.
this is the site of the trader from BBC ::--http://www.leadingtrader.com/about/
Error establishing a database connection
Trading high volumes do not necesseraly go hand in hand with high network volumes.
Yes, but what if someone actually enjoys living in an occupation where the laws of natural science are used to produce something. Trading is only about outsmarting the other guy without having to talk to him.
Germany breaking ranks
Thats got to be 'good news' somehow or other, judging by the mockery known as 'futures'.
mind your own fucking business geithner, you wouldn't give a shit if you didn't give so much money to european banks
He seems to be saying..'every man for himself' aaghhhhhhhhh
This is exactly his message. And this is a serious man. Believe me I observed him for many many years. He was Helmut Kohls closest and most influential adviser during Kohls whole career. Now he is in the same position for Angela Merkel. A sharp mind and a tough fighter even he is in a wheel chair after he was shoot down 20 years ago.
All in the boats now hurry-up we are sinking. 9,8,7,6,5,4,3,2,1 zerohedge ignition
he will soon be kicked out and relegated to posting on zh :(
And the Battle of the Banks continues!
AND IN THIS CORNERRRR, WE HAVE..
In this corner,,More positioning,,, as Central Banks vie for opportunity come out ahead, Ahead of other ruling Centrals, BIS systems and International Funds.
Iiiiiinnn the other Cornerrr,,,, Politicians, Heads of States and other puppets hoping to maintain power, position and delay the Inevitablllllle!
Todays event brought to you by ICE and partners, where you can sell opaque offsetting dirivitives and justify more loans from your Central Bank, All without the world ever knowing you hold illiquid paper on the asset accounting side and a buttload of debt on the exposure side!
Let "The Rumble in the Jungle" begin!!