When thinking about what to expect at another EU summit meeting, I can only think of this famous movie scene, Those countries in need of help will go hat in hand in a disguised way by trying to convince Germany to be the euro zone insurance company and those not in need will be looking for more central oversight of the debt/growth sinners. Also discussed will be bond buying by either the EFSF or ESM. The WSJ is reporting that the Germany Fin Min ‘urges members to use the EFSF to buy bonds.’ If the case, their purchases would be pari passu with other holders, a better outcome than feared if the ESM was the mechanism. He also said ‘the EFSF could co-invest in primary market auctions,’ a possible big concession on the part of the Germans. And in possibly the biggest give by the Germans, Schaeuble is calling for ‘European budget czar as precondition for euro bonds.’ The S&P futures are off their lows in response as is the euro. German unemployment in June rose a touch more than expected. Euro zone economic confidence in June fell to the lowest since Oct ’09. In Asia, the Shanghai index fell to a 6 month low but the Nikkei rose to a 6 week high.

The S&P futures are weakening again on these quotes from Reuters: GERMAN FINANCE MINISTER SPOKESMAN SAYS REPORT THAT GERMANY HAS CHANGED ITS POSITION ON EURO BONDS IS NOT TRUE, GERMAN FINANCE MINISTRY SPOKESMAN SAYS SCHAEUBLE DID NOT SAY GERMANY WILL MOVE SOONER THAN EXPECTED TOWARDS SHARED LIABILITY FOR DEBT. Newswire analysis is tough to do when newswires misquote their subjects.

Category: MacroNotes

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2 Responses to “Was it over when the Germans bombed Pearl harbor?”

  1. flocktard says:

    Old joke that only works when you’re drunk:

    A Chinese guy and a Jewish guy are at a bar knocking back shots.

    The Jewish guy looks at the Chinese guy and yells: PEARL HARBOR!!!

    The Chinese guy says “Hey, I’m Chinese, I had nothing to do with that.”

    They knock back a few more shots and the Chinese guy yells: TITANIC!!!

    The Jewish guy asks, “WTF did the Jews have to do with the Titanic?”

    “Iceberg, Goldberg, I don’t give a f*ck.”

  2. Chief Tomahawk says:

    Peter, how about Jamie Dimon saying this? http://www.youtube.com/watch?v=zOXtWxhlsUg