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Draghi, “the wurst is now over”

Sausage making

Confirming what many of us already suspected…you don’t really want to know how sausage is made, especially in Europe.

Via The Slog:

“The worst is now over,” proclaimed Mario Draghi yesterday. An excellent comment thread here suggested that this was a misunderstanding, in that Signor Draghi is fond of German sausages, and as he swallowed the last of his snack, said “the wurst is now over”.

But The Slog’s Frankfurt Mole is of a different opinion.

“What we are now seeing,” he began, “is instability in the larger [EU] sovereigns. We always knew this was going to happen, and it is coming to pass. Spain has clearly decided to kick back, and there is an interdependence between Iberia and Italy that is not well understood. We are also going to see massive losses throughout all EU and US banks this time. Further obligations and so forth will then emerge, and for the eurozone it will be the end. Signor Dragi could try and print his way through further bailouts, but we hold all the cards now. Berlin simply will not allow it. It doesn’t matter any more that the [EU] Central Bank is legally beyond the law….it is not beyond reality. The eurozone will shatter once this impasse is reached. In my estimation the situation will be critical before the winter comes.”

Sausages, snausages…one way or the other, with all of the insolvent banks holding worthless assets and central banks pressing CTRL+P over and over, we’re all going to end up with indigestion.

If all else fails, hit CTRL+P

The Fed: In case of emergency hit CTRL+P

 

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