Archive for May 18th, 2010

Deutschland uber alles!

Tuesday, May 18th, 2010

It’s all Germany today. They haven’t looked this good since this.

Germany to ban short selling at midnight, only naked shorts to be affected:

http://www.zerohedge.com/article/germany-ban-short-selling-midnight

=========================

German Finance Minister says likely to ban EUR derivatives that don’t hedge versus FX risk:

http://www.zerohedge.com/article/german-reform-about-whack-fx-market-finmin-says-likely-ban-eur-derivatives-dont-hedge-fx-ris

================

Naked CDS ban

http://www.zerohedge.com/article/so-whole-naked-sovereign-cds-ban

===============

Down goes the Euro

http://www.marketoracle.co.uk/Article19576.html

Ex-Bundesbank Chief says Greece will never repay debt

Tuesday, May 18th, 2010

Full story here from ZeroHedge. And he says that the bailout is all about rescuing banks and rich Greeks. Well, duh! Welcome to Planet Kleptocracy.

Finally someone speaks the truth. In an interview with Spiegel Magazine, former Bundesbank chief Karl Otto Pohl, says it how it is: “Without a “haircut,” a partial debt waiver, [Greece] cannot and will not ever [repay its debt]. So why not immediately? That would have been one alternative. The European Union should have declared half a year ago — or even earlier — that Greek debt needed restructuring.” As for the reason for the bailout, Pohl’s observation will not be a surprise to our readers “It was about protecting German banks, but especially the French banks, from debt write offs.” Is there any hope for Europe now? It appears no, as the right decision was to let Greece go bankrupt: “Investors would quickly have seen that Greece could get a handle on its debt problems. And for that reason, trust would quickly have been restored. But that moment has passed. Now we have this mess.” Amusingly, when asked if banks used “speculators” as a straw man to break all EU Rules and especially the Lisbon treaty:”Of course that’s possible. In fact, it’s even plausible.” We can’t wait until the German population realizes just how massively it has been scammed. Last week’s Nordrhein-Westphalia Merkel loss will seem like a walk in the park once the mobilized German society decides to fix things on its own.  Oh, and look for the EU and the euro to be a thing of the past. (more…)