Germany defiant as Europe suffers

The Telegraph ^ | 12/17/2010 | Ambrose Evans-Pritchard

[Levante]

“Glad to see Graf and Hoenfels are still there.”

Graf has been HEAVILY built-up. Has a huge PX/Commissary mall. It is essentially 1 garrison with Vilseck (also heavily built up).

Was there last week, can you believe, I saw two old M880’s still being used by the Army!

[calex59]

As long as you didn’t see any M48A1s or M60s still frozen in the mud.:)

[April Lexington]

The European Central Bank (ECB) is to double its capital base to cope with "credit risk" stemming from the eurozone debt crisis, ...

And just where are they planning to get this new capital? The Federal Reserve?

[bruinbirdman]

"where are they planning to get this new capital? The Federal Reserve? "

Recall that when this crash first began, it was the USA Federal Reserve that opened the discount window first. At that time, it also agreed to make available almost unlimited currency swaps of greenbacks, outside the Forex, to other central banks.

Recently, Helicopter Ben has said QE would be available to EUrotopia.

yitbos

[SunkenCiv]

Merkel pledged that no euro member would be "left on their own", but dug in her heels against the creation of eurobonds and demands to boost the EU's €440bn (£372bn) bail-out fund. "We must not make the mistake of thinking that collectivising risk is the answer," she told a stormy session of the Bundestag.

I was glad when she led her party to (well, Pyrrhic) victory a few years ago, but didn't expect much out of her.

I like this girl! Pretty sure I don't want to give her a back rub though. Thanks bruinbirdman.

from the FRchives:

• Merkel Rejects Obama: "We Need Growth That Doesn't Rely on Debt But Is Based on Real Grounds"
• Europe Slams Obama's Stimulus Plan; History Shows Obama's Plan is Ass Backwards
• Merkel refutes Obama on G20 fiscal policy
• Europe to urge exit from stimulus schemes at G20: Merkel (Balance budgets instead)
• G20 summit: European demands threaten to wreck deal
• Sarkozy and Merkel Try to Shape European Unity
• G20 summit: blow for Gordon Brown as £1.4 trillion spending blueprint is leaked
• German Chancellor Blocks Global "New Deal"
• Brown, Merkel urge tighter global banking supervision
• EU leaders back sweeping financial regulations
• Sarkozy, Merkel, Blair call for new capitalism

bailout crises:

• Debt Aid Package for Europe Took Nudge From Washington
• Europe at a crossroads: we must prop up Greece, says Chancellor Merkel
• Is The Contagion Officially Spreading? Merkel Calls For "Orderly Insolvencies"
• Merkel: There Is "No Possibility" Of Bailing Out Greece
• Germans say euro zone may have to expel Greece: poll
• Germans Say Euro Zone May Have to Expel Greece: Poll
• Angela Merkel dashes Greek hopes of rescue bid
• Merkel for the Fed (a welcome rebuke for central bankers)
• Bailout Panic Hits Europe
• Germany guarantees savings to avert panic
• Germany takes hot seat as Europe falls into the Abyss

op-eds:

• Gulf widens between grouchy Merkel and gloating Sarkozy(EU crisis reaching to its core)
• Frau Germania: How Angela Merkel's selfishness is killing Europe.
• 'Mummy' Merkel battered as Germans lose faith in EU (Paymaster no more)
• Britain faces losing power over its own Budget...
• Meet The Last Conservative Left Standing

global warming scam:

• [German Chancellor Angela] Merkel: No Sacrificing Jobs to Global Warming Farce
• Merkel: G-8 agreement on climate change
• New election looms as Greens reject Merkel

Russian pretensions:

• Era of US financial dominance over: Medvedev
• Georgia 'will join NATO': Merkel
• Georgia to become NATO member: Merkel
• Germany offers support for Georgia's NATO bid
• Medvedev and Merkel spar in Sochi over Georgia

[April Lexington]

"where are they planning to get this new capital? The Federal Reserve? " Recall that when this crash first began, it was the USA Federal Reserve that opened the discount window first. At that time, it also agreed to make available almost unlimited currency swaps of greenbacks, outside the Forex, to other central banks. Recently, Helicopter Ben has said QE would be available to EUrotopia. yitbos

The problem is... the Federal Reserve just makes it up out of thin air. There is nothing behind this new money except the Fed's ability to hold issued bonds on its balance sheet forever. Under the "Greater Fool" Theory, the Fed is the ultimate fool!

[bruinbirdman]

"There is nothing behind this new money except the Fed's ability to hold issued bonds on its balance sheet forever. "

Alas, all politicians know that the ultimate answer to all socialist redistribution mandated by majorities is inflation, the ultimate tax that pays for all deficits.

yitbos