Selling out Germany

Two articles, here and here. And my tribute to the Euro here.

Excerpt from the first one:

The Selling Out of Germany

I feel very bad for the German people.  Not only do I feel bad for them but I can empathize.  I too am being forced to sit back and watch this comedy of errors as a corrupt, inept and increasingly dangerous class of elitist political and financial oligarchs destroys my nation.  On Sunday night an ex-client that I have remained in contact with since my days at Bernstein sent me an email with a simple question:  “What do you think of the bailout.”  I didn’t have time to answer it during trading Monday but when I finally sat down I wrote the following.

Basically, it’s a total joke as is everything else the politicians have done.  No one and nothing is allowed to fail and this relates to the fact that the global monetary and financial system is a complete house of cards.  It’s insanely bullish for gold.  If Germans rioted they would be in the streets today.  They totally got sold out beyond belief.  But it doesn’t seem to be in their nature to riot so rather I think they will dump their Euros and buy gold.  That’s how Germans riot.  With every passing day and every new bailout of the global banks (which is all this is, all TARP was, and all everything has been) more and more people awaken to the fact it’s all a total scam.  This will just accelerate the process of dumping the paper currencies we use today in favor of hard assets as this system is obviously coming down.  A lot of people keep asking, is this the same as post Bear Stearns?  I mean here is the biggest difference in my mind.  Back then people believed in the system, the market and what we have going generally.  Not now.  Not anymore.   Thousands more people every day figure out it’s rigged and it’s a ponzi scheme.

Excerpt from the 2nd one:

Today’s 1,000,000% RDA of Vitamin H2 (Hypocrisy, not to be confused with H1 for Hopium) comes from soon to be criminally investigated according to market rumors Deutsche Bank CEO Josef Ackerman. From Reuters:

Deutsche Bank Chief Executive Josef Ackermann cast doubt on Greece’s ability to repay its debt and said a $1 trillion euro zone rescue package will help stabilise Italy and Spain, while matters are “difficult” with Portugal. Ackermann, one of Europe’s top bankers who has has helped to put together a private-sector bailout package for Greece, questioned the country’s ability to turn itself around according to a transcript of the Maybrit Illner talkshow, which is set to be broadcast on German television ZDF on Thursday evening. Whether Greece over this time period is really in a position, to bring up the strength, I have my doubts,” Ackermann said.

Compare this with Ackerman’s scrambling on May 3 to not only put together a rescue package which would prevent his bank from failing prematurely, but considering ways to (wink wink) convince the market of the destruction that would follow should Deutsche Bank, pardon, the euro not be saved:

IIF president and Deutsche Bank chief Josef Ackerman said the rescue package would “significantly enhance economic and financial prospects for Greece and should help to dispel uncertainties that have roiled global financial markets in recent months.

At the IIF Board of Directors meeting, representatives of major banks of more than 70 countries said they were “prepared to assist the determined efforts of the Greek authorities, the Greek people, and the international official community.”

Odd, maybe Josef could have brought up his concerns about the Greek debt repayment chances before he blew up the market… pardon, before he lobbied tooth and nail to get Europe bailed out post haste and throw away $1 trillion in European and US taxpayer money.

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