Posts Tagged ‘Germany’

Bacalao!

Monday, April 8th, 2013

The Portuguese begin a further long march into death and misery on behalf of Angela Merkel’s fully contagious “Reelect The Fourth Reich” campaign:

Gorilla says: “Babalu was vastly more entertaining, but Europeans love their self-inflicted and unnecessary suffering even more than we do!”

Share

The Bloem Is Off The Banks

Tuesday, March 26th, 2013

Dutch finance minister commits gaffe, says Cyprus is a template for future Euroland crises!!!

And of course, he spoke the truth: banks should be allowed to fail, their shareholders and depositors should be made to pay, and there also must be political accountability.

And of course, that’s not actually what’s happening in Euroland beyond Cyprus, because the Germans are having an election this year and Angela Merkel doesn’t actually want to be held accountable for anything.

So the muddle continues, because there’s no continent wide banking regulation, or deposit insurance, or a central bank willing to make monetary policy for someone living outside the Fourth Reich, or politicians who are anything other than incompetent, craven, and stupid liars.

Gorilla says: “See how the banks run bank runs!!!”

Share

The Irony Of Being Stupid

Wednesday, February 27th, 2013

Cameron and Merkel are certainly among the worst leaders in Europe, if not the world, and thanks to their stupid austerity fetish both the pound and the euro are tanking.

Of course that will only help the German and British economies to grow.

Gorilla says: “And then they’ll say they knew it all along!”

Share

The Stupid Will Continue

Tuesday, January 22nd, 2013

One of the world’s stupidest men, who alas also occupies one of the great offices of the British state, says that contractionary policies that cause contraction will be continued for at least another 2 years!

How many political parties can win reelection on the slogan “we’re screwing you and we will continue screwing you!”? We’re about to find out in both Germany and the UK.

Throughout the developed world, literally millions are watching their lives be ruined by the evil, amoral and stupid leaders they’ve elected.

Gorilla says: “If you want a future, stop voting for the past”

Share

The Last Beggar

Tuesday, January 15th, 2013

Having destroyed the economies of Spain and Greece, Germany now finds itself in the same boat: contractionary policy is contractionary!

Beggaring thy neighbor no longer works as German policy, because Germany needs customers and her customers are broke!

Plenty of tut tutting in Berlin, as Angela Merkel, certainly the worst Chancellor since WWII, continues down the utterly unnecessary and amoral path of insisting on suffering as the price one must pay for lying and stupidity.

Gorilla says: “It’s a broken record of unbroken failure, and it’s still playing Deutschland Uber Alles!”

Share

Beggar Thy Neighbor: Still Works For Germany

Tuesday, August 14th, 2012

Low exchange rate, regional competitors being destroyed by austerity, economic growth for me but not thee, what’s not to like?

Gorilla says: “Amoral liars profit, everyone else is screwed, pretty much the history of Euroland for the past 100 years!”

Share

Quote Of The Day

Friday, July 13th, 2012

Steffen Seibert, spokesman for German Chancellor Angela Merkel: “Circumcision carried out in a responsible manner must be possible without punishment.”

Gorilla translates: “Castration carried out in a responsible manner is a privilege reserved for German paymasters when devising punishing austerity programs for Euroland”.

Share

Can Kicking Ad Nauseum

Friday, June 29th, 2012

Another EU summit, another chance to kick the can down the road…

Nothing of substance was accomplished here, because there remains a refusal to understand that the problem is one of competitive balances, not sovereign debt.

Taking Spain off the hook for the debts of its banks may seem like progress, but Spain’s economy is uncompetitive and unemployment is 25%. Yet the beatings of austerity must continue!

Once again, the ECB must become the lender of last resort, cut interest rates to zero, pursue an inflation target of 5% until unemployment comes down, and encourage the Germans and other northern European countries to undertake significant stimulus (a couple of trillion, not a continent wide peanuts jobs program of 100 billion): all of this is necessary and none of it is being done.

Gorilla says: “3-2-1… yep sometime today markets will discover that this summit has failed like the previous 17!”

Share

It’s Over For Both Greece And Germany

Monday, May 14th, 2012

And now the Germans will have to decide which kicked can they finally want to pick up from the road!

At this point, there are essentially three choices:

The Germans must send a clear signal that the ECB will become the lender of last resort, that more stimulus will be undertaken in Northern Euroland, and that a higher inflation rate of 5%/year will be tolerated until competitive balances within Euroland are restored.

Alternatively, the Germans could decide that they and their richer counterparts will depart the Euro, which would allow for the necessary currency devaluation to correct the competitive balance, but will not change the need to shore up what is becoming a non-functioning financial system.

The final possibility is allowing Greece to leave the Euro, but it’s very likely that this will force, Ireland, Portugal, Spain, Italy, and possibly France to also consider leaving. The danger of this contagion is that it will prompt massive capital flight to Northern Europe and make the austerity undertaken so far seem very benign as the banking systems in those countries collapse and a continent-wide depression ensues.

What’s absolutely essential at this point is for the Germans to understand that they have no more than a month to make up their minds.

The Greeks are screwed regardless, they simply don’t have the resources or the capability to keep going without at least a 50% change in the competitive balance.

Anyone in Berlin who thinks that austerity remains a viable solution is living in the fantasy world created by Angela Merkel and the Bundesbank.

Gorilla says: “For the third time in a century, the Germans must crawl out of the devastation they’ve created!”

Share

German Banks Won’t Win

Monday, January 30th, 2012

The Greeks have a decision to make: get out of Euroland or forever become a wholly owned subsidiary of the IMF, the EU, and German banks.

The only leverage Athens has is to default and go back to the drachma.

There’s no possibility that Greece will be able to meet its debt obligations with an economy being bled dry by the Germans and a lack of competitiveness.

A currency devaluation of 75% will give some hope to Greek workers: see Argentina and Iceland.

Short-term (not decades long) pain will bring with it long-term gain.

And the Germans at long last will be forced to abandon from their utterly amoral, stupid and unnecessary austerity morality fetish.

Gorilla says: “In the name of Socrates, GO!”

Share