It's been announced through a Thursday edition of the German newspaper that Wolfgang Schauble, Germany's finance minister is taking a page out of Hank Paulson's playbook, one in which then NY F_E_D head, Timmy G. was present, and being he started his advice tour yesterday, it is ironic that Germany is about to do the exact same thing that Hank Paulson did, stuff German banks full of liquidity whether they want it or not. The irony here cannot be emphasized enough and given Timmy G's presence in Europe as of yesterday, the timing makes it that much more ironic.
Which now leads to the question of just what in the heck is really going on in Germany. Commerzbank is a known wounded institution, but this is all German banks apparently and it sounds like (from the bad google translation) that there will be an element of nationalization of these banks which is not surprising in Commerzbank's case as they are already 25% the way there.
The second question is what is Germany really preparing for as the summit draws near and lastly, how worthy is Germany of that triple A rating?
Everyday it's something, I wish I still had my news buzz/count indicator, you'd see how off the scale we really are with nearly a month's worth of news coming out in a single day now.
5 years ago
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