By David Marsh, MarketWatch FRANFURT, Germany (MarketWatch) — as nerves and tempers fray in Berlin and Frankfurt over conditions applied by the German Parliament for new loans to Greece, both the German government and the European Central Bank realize that the big loser from the skirmishing will be overall public trust in the European monetary project .

Former Bundesbank president takes helm at UBS

There was no question that Axel Weber, the outspoken former president of Germany’s Bundesbank and a speaker at The Buttonwood Gathering this October, would land on his feet after leaving his post as central banker to Europe’s largest economy. 

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Europe really needs to back off of Germany’s ass. It makes complete sense to take care of your own economy instead of dipping into other countries’ financial woes. They were forced to keep a balanced budget constitutionally, it’s your own irresponsibility for not keeping one yourselves. Seriously, how can you be mad at them? Just because everyone is over spending and fucking up, dont be mad at them for refraining from your lead of stupidity and refusing to fall along with you. Go ahead Germany, I’m not mad at you whatsoever.

Renten- und Sozialbetrug durch Politiker geht weiter

Es reicht ja nicht, dass die Deutsche Bundeswehr von den Rücklagen der Sozialversicherung aufgebaut wurde, was gekaufte Verfassungsrichter absegneten.

Seit Jahrzehnten werden dem Bürger die höchsten Sozialabgaben unterschlagen. Unterschlagen, weil praktisch zum Ziel erklärt ist, dass er möglichst nie Rente erhält. Das marode Gesundheitssystem in Deutschland passt 1:1 zu dieser Vorgehensweise.

Nur bei Politikern sieht das anders aus. Wer ein paar Jährchen einen der vermutlich korruptesten Berufe ausübt, hat ausgesorgt. Volle Rente lebenslang. Und zusätzlich lukrative Nebenjobs in der Wirtschaft.

Und der deutsche Wahl-Depp meint, er könne bei der Wahl darauf Einfluss nehmen.

“Beteiligung der Bürger an Politik” heißt: Bezahlen für die Verbrechen der Politik.

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Germany Reveals The European Annexation Blueprints

By Tyler Durden


We were wondering how long it would be before Germany, following in the footsteps of such luminaries as Hank Paulson and Tim Geithner, would formally announce to the world that with it now openly calling the shots in Europe, it would be its way or the mutual assured destruction way. We just got our answer courtesy of the just released August Outlook from the Bundesbank in which the German national bank lays out the framework of the upcoming European anschluss play by play, as Germany prepares to roll out the Fourth Reich welcome mat without ever spilling a drop of blood.


After all: why injure the soon to be millions of debt slaves? To wit from the report: “Unless and until a fundamental change of regime occurs “involving an extensive surrender of national fiscal sovereignty”, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.” Translation: “we will gladly help everyone out… in exchange for a little of that vastly overrated fiscal sovereignty… Did we say a little? We meant all of it…”

Here are the salient points from the just released Bundesbank manifesto of Mutual Assured Anschluss or else:

“Overall, there is a risk that the originally agreed institutional framework of the monetary union will increasingly become eroded.”

As noted, there is but one proposed solution:

“Unless and until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.”

You want your stupid brilliant monetary union? Fine.

You want us to pay for it? Sure.

The cost? Your “extensive” national independence.

Full passage:

The recent resolutions transfer sizeable additional risks to the countries providing assistance and their taxpayers, and go a long way towards communitising risks caused by unsound public finances and misguided macroeconomic policies in individual euro-area countries. This weakens the foundations of monetary union, which is based on the principles of national fiscal responsibility and the disciplining effect of capital markets, without noticeably increasing the influence and control over individual national fiscal policies as a quid pro quo. *Overall, there is a risk that the originally agreed institutional framework of the monetary union will increasingly become eroded*. While fiscal policy will continue to be determined by democratically elected parliaments at national level, the resultant risks and burdens will increasingly be borne by the Community in general and the financially sound countries in particular, without this being offset by any concrete powers to intervene in the sovereignty of national fiscal policies. No comprehensive change in the European treaties is currently envisaged that would democratically empower a central entity to
exert some control over national budgetary policies. This means there is a danger that the euro-area countries’ propensity to incur debt may increase even further, and the euro area’s single monetary policy will be increasingly susceptible to the temptation to adopt an accommodating stance.

Unless and “until a fundamental change of regime occurs involving an extensive surrender of national fiscal sovereignty”, it is imperative that the no bail-out rule that is still enshrined in the treaties and the associated disciplining function of the capital markets be strengthened, and not fatally weakened.

h/t Geoffrey Batt


Counterfeit bills and coins on the rise

The Bundesbank registered around 60,000 counterfeit Euro bills in 2010, a 14% increase over 2009.  The most frequently falsified bills are the EUR 20 and EUR 50, along with the EUR 2 coin. 

(FYI did you know that the number one counterfeiter of US dollar bills is North Korea?)

Gold outperforming equity markets very quietly and handsomely

Several weeks ago it came to light that there has been a very significant uptick of gold bullion being repatriated from the largest Central Bank gold vault in the world - the New York Federal Reserve - to its lawful owner. Initially, the question was which Central Bank?

In fact in 2014, 166 tons of gold were quietly moved from the New York Federal Reserve to central banks elsewhere around the world in 2014. A large part of those transfers were to the Netherlands as was well telegraphed to markets and accounted for in Federal Reserve data. But that did not explain all of the repatriation.  

We now know it was the German Central Bank by their own communiqué. Though the Bundesbank repatriated a meager 5 tons of gold from the New York Fed in all of 2013, it repatriated 85 tons of gold in 2014. In what has policy for the Bundesbank, it has initiated a rather aggressive move around the world to repatriate a portion of its gold bullion from Banque de Paris, The Bank of London and the U.S. Federal Reserve in New York.

Factually speaking it is not only good practice on the part of Central Banks to identify and authenticate gold reserves throughout the world it is required. There is nothing unusual in that - in and of itself. Further, the Bundesbank will still have significant gold reserves in New York, Paris and London after this program of repatriation comes to a close.

Gold bullion moves in coordination with Central Banks for a variety of reason – security, safety being primary on that list. But why now? Why did the Netherlands repatriate such a large percentage of its gold bullion recently? Why such an aggressive campaign by the Bundesbank? With the back drop of the Swiss National Bank move to de-peg from the Euro last week, it makes you think. Additionally, couple those curious moves with the likely announcement of a dramatic and unprecedented move to stimulate the European economy through aggressive monetary intervention this week and the narrative becomes downright curious.

The old Regan adage “Trust but Verify” comes to mind in hearing the level of security checks and validation steps that were employed by Deutsche Bundesbank employees to confirm the German gold’s purity once it arrived in Frankfort from overseas.

We live in interesting times.  

The price of spot gold in US dollars (XAU-USD) has gone from $1181.98/oz. on 1/1 2015 to $1295.32/oz. at yesterday’s close - less than three weeks

Very Interesting indeed. YTD = + 9.5889%

A Euro Scam That Unfolded at a Snail's Pace By JACK EWING

Recyclers in China were supposed to have melted down the old coins, which had been taken out of circulation, broken and sold as scrap. Instead, the band and its apparent accomplices painstakingly reassembled the coins, then brought them back and fooled the Bundesbank, the German central bank, into redeeming them for real money.

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La economía como prejuicio cultural

Si no tenemos simpatías por Robin Hood, el hecho de quitar a los ricos para dar a los pobres nos parece inequívocamente un delito, disfrazado además de engaño. Sin embargo quitar a los pobres para dárselo a los ricos, como en el caso de las estafas reales en la colocación de preferentes por algunas cajas de ahorro españolas y la autoconcesión por sus directivos y administradores de espectaculares pensiones de retiro o de tarjetas de crédito opacas es visto por el pensamiento dominante de manera más tolerante, un defecto moral como mucho, algo execrable como lo definió el propio ministro de Hacienda.

Tenemos paraísos fiscales en el corazón de una Europa que no consiente ni un segundo de descuido fiscal en su periferia y una política dominante dirigida por el gobierno alemán y el Bundesbank que parecen sufrir una aversión enfermiza por la inflación pero a los que no parece molestarle que en esa misma Europa que capitanean, existan tasas de desempleo o de miseria muy por encima de lo aceptable y que la crisis de austeridad haya profundizado una década de creciente miseria.

Es también sin duda un prejuicio priorizar determinadas condiciones políticas y legales respecto a la economía y al mismo tiempo poner a la cola de esas prioridades el bienestar de las personas y sus condiciones de vida, que son en definitiva la única razón por la que deberían existir esas condiciones políticas y legales, al menos en una supuesta democracia.

Las mismas creencias que hacen del derecho al secreto bancario suizo una barrera más alta que la de los Alpes, mientras que, al mismo tiempo, los gobiernos europeos no dudan en declarar que habrá que sacrificar derechos fundamentales en materia de libertad para obtener algo de seguridad relativa, en alguna parte y algún momento. Como la que obtienen las ovejas respecto a los lobos, para beneficio exclusivo de los pastores.

Los prejuicios que rigen el pensamiento económico y nuestra sociedad no son necesariamente los que consiguen un óptimo, ni económico ni de ninguna clase. Son la resultante de una evolución cultural más un choque de intereses entre individuos y grupos sociales, mejor o peor resueltos. En economía solo existe el óptimo en la teoría. En cada modelo teórico, para decirlo con más exactitud. Y las teorías están más allá de la realidad, contenidas por muros hechos de consistentes e interesados prejuicios.

Escribía recientemente Joseph Stiglitz, premio Nobel de economía: “El caos actual (referido a la crisis económica europea) proviene en parte de la adhesión a una creencia que ha sido desacreditada desde hace ya mucho tiempo: que los mercados funcionan bien y que no tienen fallos de información y competencia.” 

En efecto, una cosa es la teoría y otra la realidad. Podríamos decir que la teoría económica es a la economía realmente existente lo mismo que una partida de ajedrez a una batalla: no es habitual disparar en una partida de ajedrez, donde tampoco suelen hacer acto de aparición ni la muerte ni el horror, de modo que la similitud queda reducida a un plano abstracto y simbólico. Igual que la economía.

Por eso seguramente los economistas clásicos, interesados por los problemas reales, hablaban de economía política, pues querían unir ambas cosas, análisis y acción, ya que no las entendían separadas. Algo que el tiempo y la evolución de los términos llevó a reducir a una sola palabra.

Y claro nos debe quedar a todos, siempre, que la economía (política) como síntesis de teoría y realidad no es otra cosa que una cuestión de elección entre prejuicios. Prejuicios no neutrales que benefician a algunos y perjudican a otros, generalmente la mayoría. Y luego, y en función de ellos y a su servicio, ya vendrán el álgebra y la econometría.

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Καμπανάκι από Βάιντμαν: "Δεν μπορεί συνεχώς η ΕΚΤ να προχωρά σε αύξηση του ELA"

Καμπανάκι από Βάιντμαν: “Δεν μπορεί συνεχώς η ΕΚΤ να προχωρά σε αύξηση του ELA”

Απόλυτα αντίθετος στην όποια «χρήση» της ΕΚΤ ως τελικού σωτήρα της ελληνικής οικονομίας, εμφανίστηκε ο πρόεδρος της Bundesbank, Γιένς Βάιντμαν, σε συνέντευξή του στην Handelsblatt. (more…)

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Nell'asta primaria di collocamento dei titoli di stato tedeschi, i famosi bund, che erano rimasti invenduti per il 35% del totale, sono stati comprati dalla Bundesbank, la banca centrale tedesca.

Si tratta di un vero e proprio scandalo.

L'intervento improprio e irregolare della Bundesbank ha consentito alla Germania di mantenere basso il rendimento dei bund decennali (1,98%), perchè ha impedito che l'asta procedesse al rialzo dell'interesse per rendere più appetibili i titoli agli investitori internazionali e alle banche private.