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The German Government Has Had Enough

The German Government Has Had Enough

German Chancellor Merkel answers questions as she leaves the European Council after a Euro Zone leaders summit in Brussels

Courtesy of Karl Denninger at The Market Ticker

If you thought the German government was going to be a lapdog for Sarcozy, or worse, was going to fellate Brussels and the ECB, you got a rude shock today.

It appears that the German Government has just plain had enough of the crap that the banksters have tried to pull, and has decided to do what Barack Obama should have done in early 2009.

That is:

  • No more naked credit crap, especially against sovereigns but not only against sovereigns.  No insurable interest, no CDS – period.
  • Naked shorting will now be actually stopped in 10 leading financial institutions.
  • Germany has had it with naked shorting of Gold, and specifically noted bank manipulation of gold prices via naked shorts beyond intent or ability to deliver.
  • Germany has also said that they’re not going to permit Euro derivatives that are not a "bonafide" FX hedge.  That is, no more naked bets on Euro movements either.
  • Hedge funds are going to be regulated, position size limits mandated and enforced, reporting enhanced and a transaction tax is coming.
  • It’s about damn time.
Handcuffed businessman holding credit cards

Oh, and it appears that instead of telling all the banksters what they were going to do and "getting permission" first, or even discussing it with other governments, the German Government did what all governments should do - make up your mind and then do it without giving a good damn whether the banksters or other governments like it – and without giving them input into the decision or notice that it’s coming.

The bid rigging, the game-playing and the rest are all a bunch of crap.  I’ve been hollering about this now for more than three years and yet our government spends it’s time fellating the bankers and their dogs instead of enforcing the law.

It is illegal to defraud people.

It is illegal to rig markets, including the massive bid-rigging that I wrote about this morning, the Jefferson County Alabama scam and dozens if not hundreds more – all committed, it is alleged (and in some cases proved) by the major banks.

It is illegal to short stocks with no intention or ability to deliver.

And it is illegal to bribe government officials, no matter how you accomplish it.

These are not "isolated incidents" or even a pattern of conduct – as the bid-rigging report this morning makes clear ripping people off has become an institutionalized practice and policy throughout the entire banking system.

Many said that the Germans were not "really" arm-twisted by Sarcozy and the French Banking interests a week or so back.  I think we can put that to rest here and now, as it’s pretty clear that the truth is something else entirely.

Now Barack, about your willingness to get up off your knees and kick these banksters in the nuts?

Better late than never. 

 


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  1. One has to admire the German nation for being willing to look truth in the eye and say – I see you and acknowledge you.  Obama gave the impression he could do the same; Can he?  Can he tell the likes of Goldman Sachs to fuck off?  It remains to be seen – but we better see it soon.


  2. How can he?  He is the handpicked maiden of the financial elite. All his jawboning comes down to the fact that he has Jamie Dimon as #1 on his speed dial, he has NO experience worth a damn, and Lord Blankfein has his back.  He is owned outright by thesev shysters.
    He’ll do what Merkel has done, follow the Masters of the Universe orders, as one suspects HER move has also been dictated by the Man behind the Curtain, too.  The best way to earn trading profits is by creating VOLATILITY, which this is sure to do.  Who EVER made bonuses by buying IBM or AAPL once, and sitting on it?
     


  3.  Thanks for the comments!  I don’t see Obama turning against the financial masters to do the right thing, except perhaps in mini-show form, he hasn’t yet – and it would include going back and looking for the frauds and illegal activities that brought us here, and changing the whole system.  Instead we see people responsible for the worst of it still in powerful positions.  We’ll see, but I’m not hopeful.