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  1. #1
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    Germany tells Obama to mind his own business and get his own house in order first.

    Funny really, The U.S. giving financial advice.
    Germany slams 'stupid' US plans to boost EU rescue fund

    Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.




    German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its 440bn lending limit by deploying leverage to up to 2 trillion, perhaps by raising funds from the European Central Bank.

    "I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

    Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world".

    "It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government," he said.

    The comments risk irritating the White House. US Treasury Secretary Tim Geithner has been a key driver of plans to give the EFSF enough firepower to shore up Italy and Spain, fearing a drift into "cascading default, bank runs and catastrophic risk" without dramatic action.



    The danger for Germany is that America will lose patience, with unpredictable consequences. The US Federal Reserve is currently propping up the European banking system in a variety of ways, including dollar swaps.
    Markets across the world ignored the mixed signals about the true scope of EU rescue measures, convinced that EU leaders have a "grand plan" up their sleeves and will unveil the details after the Bundestag has voted on Thursday on the earlier July deal to revamp the fund.
    France's CAC-40 surged by 5.7pc, led by a 17pc rise for Societe Generale. Germany's Dax was up 5.3pc. The FTSE 100 jumped 4pc in London, the biggest one-day rise this year. Oil jumped almost $4 in New York to $88 a barrel.
    In Berlin, Chancellor Angela Merkel was fighting for her political life as the rump of lawmakers from her coalition vowed to reject the EFSF package, though the latest tally suggests she may squeeze by with her own majority. Angry dissidents suspect that secret plans are being withheld until after the vote.
    Greek premier George Papandreou told German business leaders that his country would honour its austerity pledges, but also issued a veiled warning. "The persistent criticisms levelled against Greece are deeply frustrating, not only at the political level, where a superhuman effort is being made to meet stringent targets in a deepening recession, but frustrating also for the Greeks, who are making these painful sacrifices."
    "Drastic measures have had a dramatic impact on the living standards of our citizens. Many Greeks feel they have little left to give. If people feel only punishment and scorn, this crisis will become a lost cause," he said.
    Mr Papandreou's Pasok party passed a crucial vote on Tuesday to raise property taxes, but at a high political price. The party's approval rating has fallen to 15pc in the latest Mega poll.
    However, Greece was confronted with a new threat as it emerged that several eurozone members are demanding the private sector absorb bigger losses than originally agreed as part of a second bail-out.
    A deal struck in July would see creditors taking 21pc losses on their Greek debt holdings, adding around 45bn to the 109bn proposed second rescue. However, more than a third of the 17-member single currency bloc are now said to be demanding bigger haircuts for the private sector. Talk of revisions to the second bail-out may renew default fears as the IMF has yet to re-engage with Greece over the latest 8bn tranche of its initial 110bn rescue. Greece is at risk of running out of money by October 8, though analysts say the payment is almost certain to be made whether or not Greece has complied fully with the terms.
    Greece has a trump card in rescue talks with the IMF-EU "Troika". If it opts for a "hard default", it could set off a chain reaction. Lorenzo Bini-Smaghi, an ECB board member, said those arguing that Europe's banks could withstand a Greek default are misguided. "Similar views were held before Lehman. Those who say this have no idea how contagion works," he said.
    Analysts say the Troika will have to approve the next 8bn tranche of aid for Athens in October whether or not Greece has complied fully with the terms. It cannot risk a showdown before Europe's banks have beefed up their capital base, or before the EFSF is fully equipped to defend the rest of the system.
    Like a forced marriage, Europe and Greece must kiss and pretend.

  2. #2
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    Obama should really shut the fuck up, he is starting to sound more and more like GW Bush

    did somebody snatch his body or replaced his brain ?

  3. #3
    Thailand Expat Boon Mee's Avatar
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    Obama is exponentially worse than Bush ever thought of being...


    Be careful what you wish for...

  4. #4
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    US politics became just some TV show during the last 30 years. Before in history they had real great debators and bright presidents. Really sad to see how arbitrary it became who is actually in charge and how stupid politics act there. Though they know better, they do the wrong thing because they are caught in their system. But Europe seems to become that way too, everybody going the wrong way though aware of it.

  5. #5
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    Quote Originally Posted by Boon Mee View Post
    Obama is exponentially worse than Bush ever thought of being...


    Be careful what you wish for...
    I remember the euphoria when he got voted in , mainly because it was a milestone for America to have its first black president. It will probably be a long long time before anyone black gets to be president again. Once bitten, twice shy.

    Maybe the next head honcho will be jewish. At least that would bring some continuity into the government and its foreign policies.

  6. #6
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    The head honcho in America is already Jewish name is Goldman-Sachs.....

  7. #7
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    [QUOTE="Koojo"]Germany tells Obama to mind his own business and get his own house in order first. [/QUOTE

    Might be an idea to hold some of the greedy C*NTS responsible for the mess in the first place accountable after which put an end to the so called "free market" free for all!

    Certainly fuck all's free for the majority of the rest of us.

  8. #8
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    I feel sorry for Obama. He inherited a royal fucking mess and an apparatus that has no will to claw back the stolen money.

  9. #9
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    Quote Originally Posted by Butterfly View Post
    Obama should really shut the fuck up, he is starting to sound more and more like GW Bush

    did somebody snatch his body or replaced his brain ?
    "W" or "President Gas" is better educated, IMHO>
    Last edited by spliff; 29-09-2011 at 01:13 PM.

  10. #10
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    Who gives a flying fig what Obuma says anyway. He's a joke, and after two Potus jokes in a row, so is the US Presidency.

  11. #11
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    Quote Originally Posted by sabang View Post
    Who gives a flying fig what Obuma says anyway. He's a joke, and after two Potus jokes in a row, so is the US Presidency.
    Don't forget Ronnie Raygun.

    As soon as this senile dipshit got put into power (and he hardly wielded any of it himself), the writing was on the wall.

    Remember that famous clip where Nancy was telling him what to say? He was like a ventriloquist's puppet.

  12. #12
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    Quote Originally Posted by harrybarracuda View Post
    Quote Originally Posted by sabang View Post
    Who gives a flying fig what Obuma says anyway. He's a joke, and after two Potus jokes in a row, so is the US Presidency.
    Don't forget Ronnie Raygun.

    As soon as this senile dipshit got put into power (and he hardly wielded any of it himself), the writing was on the wall.

    Remember that famous clip where Nancy was telling him what to say? He was like a ventriloquist's puppet.
    I like that bit where he was making a speech after being sworn in and the Goldman Sacs chairman leaned over and told him that was enough.
    Wall street really does run the American government for it's own benefit.

  13. #13
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    ^ The spoils are carved by more than one interested party, but the Great Unwashed are not at this table.

  14. #14
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    Can agree with that.

  15. #15
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    "Ronnie Raygun" is very much a lame statement of hate.
    Ronald Reagan while rebuilding US economy, with UK PM Thatcher with rebuilding UK economy, were a pair that actually ruled the world at that time

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    ^ two nutters that destroyed their great country, all supported by sociopath right wing lunatics

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    Quote Originally Posted by sabang
    and after two Potus jokes in a row, so is the US Presidency.
    Glad you just figured that out.

  18. #18
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    Quote Originally Posted by Butterfly View Post
    ^ two nutters that destroyed their great country, all supported by sociopath right wing lunatics
    They just love scripture is all.

  19. #19
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    Quote Originally Posted by nostromo View Post
    "Ronnie Raygun" is very much a lame statement of hate.
    Ronald Reagan while rebuilding US economy, with UK PM Thatcher with rebuilding UK economy, were a pair that actually ruled the world at that time
    Do what?

    They destroyed or sold off manufacturing industries, leaving their economies dependent on the service industries, which their successors have managed to fuck as well. Meanwhile encouraging a "boom" which, as it was only ever funded with unsustainable debt, was destined to crash, along with massive wealth transfer to the rich from everyone else.

    You're deluded.

  20. #20
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    Quote Originally Posted by harrybarracuda View Post
    Quote Originally Posted by nostromo View Post
    "Ronnie Raygun" is very much a lame statement of hate.
    Ronald Reagan while rebuilding US economy, with UK PM Thatcher with rebuilding UK economy, were a pair that actually ruled the world at that time
    Do what?

    They destroyed or sold off manufacturing industries, leaving their economies dependent on the service industries, which their successors have managed to fuck as well. Meanwhile encouraging a "boom" which, as it was only ever funded with unsustainable debt, was destined to crash, along with massive wealth transfer to the rich from everyone else.

    You're deluded.
    Do I really need to give economics 001 lesson?

  21. #21
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    Quote Originally Posted by nostromo
    Ronald Reagan while rebuilding US economy, with UK PM Thatcher with rebuilding UK economy, were a pair that actually ruled the world at that time
    It's only a matter of opinion of course...but Ronnie was a poor actor and Maggie was a fucking grocers daughter.

    The two of them might have "got together" who knows but they were hand in hand when they instigated this almighty financial FUCK UP!

    Incidentally a GIANT FUCK UP which might yet prove unsolvable!

  22. #22
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    Quote Originally Posted by sabang
    Who gives a flying fig what Obuma says anyway. He's a joke, and after two Potus jokes in a row, so is the US Presidency.
    Can we agree to differ?

    Potus x 5 or 6 = very bad sour joke!

  23. #23
    Member Albert Shagnasty's Avatar
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    Quote Originally Posted by Koojo View Post
    Funny really, The U.S. giving financial advice.
    Germany slams 'stupid' US plans to boost EU rescue fund

    Germany and America were on a collision course on Tuesday night over the handling of Europe's debt crisis after Berlin savaged plans to boost the EU rescue fund as a "stupid idea" and told the White House to sort out its own mess before giving gratuitous advice to others.




    German finance minister Wolfgang Schauble said it would be a folly to boost the EU's bail-out machinery (EFSF) beyond its 440bn lending limit by deploying leverage to up to 2 trillion, perhaps by raising funds from the European Central Bank.

    "I don't understand how anyone in the European Commission can have such a stupid idea. The result would be to endanger the AAA sovereign debt ratings of other member states. It makes no sense," he said.

    Mr Schauble told Washington to mind its own businesss after President Barack Obama rebuked EU leaders for failing to recapitalise banks and allowing the debt crisis to escalate to the point where it is "scaring the world".

    "It's always much easier to give advice to others than to decide for yourself. I am well prepared to give advice to the US government," he said.

    The comments risk irritating the White House. US Treasury Secretary Tim Geithner has been a key driver of plans to give the EFSF enough firepower to shore up Italy and Spain, fearing a drift into "cascading default, bank runs and catastrophic risk" without dramatic action.



    The danger for Germany is that America will lose patience, with unpredictable consequences. The US Federal Reserve is currently propping up the European banking system in a variety of ways, including dollar swaps.
    Markets across the world ignored the mixed signals about the true scope of EU rescue measures, convinced that EU leaders have a "grand plan" up their sleeves and will unveil the details after the Bundestag has voted on Thursday on the earlier July deal to revamp the fund.
    France's CAC-40 surged by 5.7pc, led by a 17pc rise for Societe Generale. Germany's Dax was up 5.3pc. The FTSE 100 jumped 4pc in London, the biggest one-day rise this year. Oil jumped almost $4 in New York to $88 a barrel.
    In Berlin, Chancellor Angela Merkel was fighting for her political life as the rump of lawmakers from her coalition vowed to reject the EFSF package, though the latest tally suggests she may squeeze by with her own majority. Angry dissidents suspect that secret plans are being withheld until after the vote.
    Greek premier George Papandreou told German business leaders that his country would honour its austerity pledges, but also issued a veiled warning. "The persistent criticisms levelled against Greece are deeply frustrating, not only at the political level, where a superhuman effort is being made to meet stringent targets in a deepening recession, but frustrating also for the Greeks, who are making these painful sacrifices."
    "Drastic measures have had a dramatic impact on the living standards of our citizens. Many Greeks feel they have little left to give. If people feel only punishment and scorn, this crisis will become a lost cause," he said.
    Mr Papandreou's Pasok party passed a crucial vote on Tuesday to raise property taxes, but at a high political price. The party's approval rating has fallen to 15pc in the latest Mega poll.
    However, Greece was confronted with a new threat as it emerged that several eurozone members are demanding the private sector absorb bigger losses than originally agreed as part of a second bail-out.
    A deal struck in July would see creditors taking 21pc losses on their Greek debt holdings, adding around 45bn to the 109bn proposed second rescue. However, more than a third of the 17-member single currency bloc are now said to be demanding bigger haircuts for the private sector. Talk of revisions to the second bail-out may renew default fears as the IMF has yet to re-engage with Greece over the latest 8bn tranche of its initial 110bn rescue. Greece is at risk of running out of money by October 8, though analysts say the payment is almost certain to be made whether or not Greece has complied fully with the terms.
    Greece has a trump card in rescue talks with the IMF-EU "Troika". If it opts for a "hard default", it could set off a chain reaction. Lorenzo Bini-Smaghi, an ECB board member, said those arguing that Europe's banks could withstand a Greek default are misguided. "Similar views were held before Lehman. Those who say this have no idea how contagion works," he said.
    Analysts say the Troika will have to approve the next 8bn tranche of aid for Athens in October whether or not Greece has complied fully with the terms. It cannot risk a showdown before Europe's banks have beefed up their capital base, or before the EFSF is fully equipped to defend the rest of the system.
    Like a forced marriage, Europe and Greece must kiss and pretend.
    bout fookin time.

    bullshitter geithners bullshit ain't being sniffed no more.

    batton down the hatches - here's where it gets lively.

    hopefully 3 weeks away from completion - i'm cashing my chips and re-investing

  24. #24
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    Quote Originally Posted by Albert Shagnasty
    hopefully 3 weeks away from completion - i'm cashing my chips and re-investing
    Cashing in "Peanuts" to invest in more "Peanuts" could still be a bad bet!

  25. #25
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    Quote Originally Posted by Albert Shagnasty
    The danger for Germany is that America will lose patience
    Take that as a threat.

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