plans to print bonds to cover all the gambling.
Frankfurt (German Central Bank) is complaining,
but Mario the Draghon is belittling them.
In mafia language, that means that Mario is
swinging the big stick.
Wait until after Merkel's re-election and you can
wallpaper your office with them bond-aids.
chuckle away: Mish
....Here is a better translation from
"EM".
"Thus, the willing investor saw with great
astonishment at the last ECB press conference Jens Weidmann was held up to
ridicule by Mario Draghi and the Portuguese Vitor Constancio, the vice
president of the ECB. An absolute rarity in the history of the ECB."
The point of the article was the increasing
isolation of Weidmann, up to the point of open ridicule by the president and
vice-president of the ECB.
With the help of Bran from Spain, Andrea from
Italy, and "EM" from Germany I can frequently provide much better
translations of foreign articles than I could otherwise. Of course, articles
from Tony and others from Australia and Canada are appreciated but require no
translation.
Official Denial
The key point of the Welt Online story is the
increasing isolation of Weidmann, including an official denial by the
Bundesbank.
Consider this quote from yesterday as reported
by Bloomberg. ...
“Nobody should try to create the impression that
the Bundesbank or its president are isolated,” German ECB Executive Board
member Joerg Asmussen told the Frankfurter Rundschau in today’s edition.
Mish Translation: "The Bundesbank and its president Jens Weidmann are without a doubt
isolated and essentially ignored. The printing press door is open and the
presses ready for operation."
---end
Call in the Grave Diggas
Karl Denninger has got the idea too. ALTHOUGH
HE’S PROBABLY BEEN EATING TURBO CHOCOPOPS, HE’S RIGHT (his grammar is screwed too)
c'est la guerre economique
check it: DENNINGER
Spain Demands
WAR Upon The Rest Of Europe
MADRID
(Reuters) - The European Central Bank must take forceful and unlimited steps to
buy sovereign debt to help Spain reduce its refinancing costs and eliminate
doubts over the euro zone's future, Spain's economy minister said in comments
published on Saturday.
"There
can be no limit set or at least (the ECB) can't say how much they will use or
for how long," when it buys bonds in the secondary markets, Luis de
Guindos told Spanish news agency EFE.
So let's
dissect this and see what this statement means.
Were the
ECB to do this then it would be a monetization of the government's profligacy
in Spain. But the cost would fall upon all European nations
and their people.
This is
theft of property at gunpoint by unelected, unapproved people (the ECB) at the
direction of a government beyond the victims' borders (Spain.) The
Spanish could not complain as they have the right to vote out of office the
Spanish ruling class involved.
But the
rest of Europe does not have any such right. This would be, literally,
the theft of their property (the value of their accumulated money denominated
in Euros) at the point of a gun.
The
people of Europe, other than in Spain, are thus as of today entirely
justified in both moral and legal terms to rise and depose the leadership in
Spain by any means necessary, and since they cannot vote in Spanish
elections this leaves them only two options: Depart the Euro or invade
Spain and depose its government by force.
