He knows, the euro is done.

www.bild.de/BILD/politik/2011/02/10/bund...ich-fuer-merkel.html

google translator:

How dangerous is Weber's departure for Merkel?
... And for our €?
02/09/2011 - 21:33 CLOCK
By NICHOLAS BLOME

The Federal Bank chief does not want to! And in the midst of the crisis-€!

Total surprise when Chancellor Angela Merkel, of shock at the Federal Government, the Bundesbank and the financial markets.
current
Cancellation rumor: Giant vortex around "Mr. Euro" - Axel Weber does not seem to stay at the Bundesbank

The European Central Bank (ECB) is the central bank of the euro zone. ECB President Jean-Claude Trichet is the guardian of strength and stability of the euro. Its main task is to ensure price stability in the euro zone.
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Bundesbank chief Axel Weber (53) does not stand for a second term available will probably leave before the summer of his office.

Why?

"I will not be the plaything of politics." Thus, Weber cited in federal banking circles. "I want to stay independent." He is now 53 and could also be something else ...

Background: Weber was considered a favorite for the executive chair of the European Central Bank (ECB). The next Mr. € was supposed to be a German, and the decision will be taken in March.

The self-confident Federal Bank chief would therefore provide a few weeks ago for clear conditions to get the official backing for his candidacy for Governing Finance Minister Schäuble and Chancellor Merkel. But his alleged advances were left without a clear answer.

Although the Chancellor Weber estimates of advice ever leaves him. did they ever publicly covered. And even officially denied in mid-January that it would recruit behind the scenes for Weber.

The stalemate seems like it was the Federal Bank is now too much. Possible seems to be a highly lucrative exchange at the head of Deutsche Bank.

"He has the ECB not a door slammed shut," says among his confidants. But he did not want a "supplicant for politicians" to be. And certainly not part of a "horse-trading".

€ crisis during the Weber went several times to reverse course to Chancellor and ECB President Trichet. As the central bank (at the request of €) States with the purchase of 76.5 billion euro government bonds, among others, Greece broke Stability taboo that Weber attacked several times in public - the independence of central banks is he about everything.

Yesterday morning he was Chancellor Merkel on the phone just to move, first to stay on in office to settle the succession.

But the problem is twofold.

For Weber's successor at the Federal Bank is Merkel's top economic policy advisor Jens Weidmann (42) as a favorite. He is a proven money-policy expert - and Weber-foster son. He would begin the overdue generational change in the Bundesbank. Weber is, it is the rejuvenation at the top would that favor as the new Federal Bank vice the 44-year-old Joachim Nagel. The first occurred a few months ago to replace Thilo Sarrazin to the board of the Bundesbank.

More difficult it would build for Merkel, within a few months a new German candidate for the ECB's top job. If Germany is not already in the candidacy from the race.

Perhaps the only remaining German with appropriate rank and reputation, Klaus Regling, currently head of the Euro-rescue fund. From the monetary policy expert and connoisseur € there was no comment yesterday ...

Thanks for this. This is a big story. I had to laugh though about "old man Weber" age 53, as needing to pass the baton to a younger generation. The still "wet behind the ears" folks at age 42 still have a lot of tricks left to learn. Obviously the reporter had a young skewed bias.

On another note, I wonder how much his resignation coincides with the announcement of the German Bourse taking over the NYMEX. Maybe a new uberalles superpower is flexing it's muscle.

Yes Redpill, definitely big news.

Little more than a year ago, this announcement, plus the rumor that Weber will take-over the ECB would have been seen as "evidence" that Europe was moving toward a more "hawkish" position on money-printing, debts/deficits, and inflation.

NOW, after watching Merkel and the rest caving-in to bond-holders at every turn, and back-tracking on previous commitments to fiscal responsibility, it's impossible to say if this announcement "means anything"...

Dave, at this point I think there's a better chance of the U.S. "Americanizing" Germany than Germany "Americanizing" the U.S.

In the past Mr. Steinbrück has lyed about the financial crisis - so we will see:

www.bernerzeitung.ch/ausland/europa/Stei...erden/story/22915188

google translator:

Steinbrueck does not want to be President of the ECB


Former Finance Minister Peer Steinbrück (SPD) has rejected a nomination for the top job at the European Central Bank (ECB).
"International reported figure of fiscal policy": Peer Steinbrück.

"International reported figure of fiscal policy": Peer Steinbrück.
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"I am for this item is not available," said the SPD politician of the Süddeutsche Zeitung on Monday. He thought it wrong for a former finance minister in a supervisory active exchange as the ECB, led to the creation of Steinbrück.

In addition, he represented in similar positions as the substantive issues divorced from the race Bundesbank President Axel Weber. With that, I automatically would be in a minority, "said Steinbrück. Weber himself had called in an interview, lack of support for its strict stability-oriented monetary policy as one of the reasons for its withdrawal.

Anger at the behavior of his own party

Steinbrueck was also angered by the way, as his name was brought into public debate. "I am distressed by this procedure. It's not my idea of how this very important personal issues can "be solved, said the" SZ ".

SPD party chief Frank-Walter Steinmeier had suggested his party colleague Steinbrueck in an interview. The report by the Süddeutsche "According to Steinmeier put it over the express wish to withhold Steinbrück.

Maybe you're seeing this in the GERMAN media, but what I've been waiting (and hoping) for are some signs of REAL dissent from the German "hawks" regarding how Merkel has ultimately caved-in to bond-holders.

German officials have backed-off a LONG ways from when they originally labeled Bernanke's latest money-printing as crazy.

From my perspective, it looks like they have all either been INTIMIDATED by U.S./UK bankers, and/or they are simply "running away" rather than getting involved in a "fight" over their one-time principles.

People are jumping ship all over the place. Fed, ECB, government officials .. They all know what is coming and don't want to be on record as heading these agencies when it comes. That means we are getting closer ..

redrob25 wrote:
People are jumping ship all over the place. Fed, ECB, government officials .. They all know what is coming and don't want to be on record as heading these agencies when it comes. That means we are getting closer ..

It looks like your analysis is right:

info.kopp-verlag.de/hintergruende/enthue...02AB4D376142526B372E

google translator:

European Central Bank fears of bank runs in 2011 - Why Axel Weber, the ECB will not
Udo Ulfkotte

Now also Bundesbank chief Axel Weber. One by one, leaving the financial experts a sinking ship. In light of the revolutions in North Africa have obviously noticed many people still not understand what must be our top financial chiefs prepare behind closed doors: The European Central Bank fears namely claims to in this year of bank runs. The highest-ranking representatives have indicated their network.

The outgoing Bundesbank President Axel Weber will not be head of the European Central Bank. All this was apparently a complete surprise. But if you know some of the internals of the potential trends, then its only logical step. When shaken the end of January 2011, the Revolution Egypt, as did President Mubarak close the first thing the stock market and banks. Watched with great interest the European Central Bank (ECB) the situation. She helped the reigning dictator there to fly in fresh printed cash, so it would not come at the reopening of banks in a mass panic. The ECB bankers were eager to prevent a possible stampede published would spread the Egyptian savers from North Africa to Europe. For a few days earlier, Lorenzo Bini Smaghi, a senior member of the Governing Board on 28 January 2011 in an interview for the first time publicly spoken very clearly on the risk of bank runs in Europe.

In a bank runs (translated as: "rush to the bank"), many investors try a bank promptly to withdraw their savings. Since each bank only a fraction of their assets in cash and has in the main part is more long term, this quickly leads to bankruptcy of a bank. ECB board member Lorenzo Bini Smaghi said as soon as it will for the foreseeable restructuring of an EU country like Ireland (ie the State of bankruptcy) are the depositors lose confidence in their deposited funds in banks. Then there would be a bank runs. Mohammed el-Erian, head of the largest fund company in the world (Pimco), had already predicted in November 2010 - and was ridiculed for it. Also one of the largest American foreign policy study centers, the Council on Foreign Relations (CFR), can now know that we must expect in respect of Ireland and Spain in the months of bank runs ("bank runs can be expected.") All this comes as no surprise: The U.S. television channel CNN and the American business magazine Fortune brought on 3 January 2011 along the headline "2011: Year of the bank run? - Is a bank run about to bring Europe to its knees? "(" 2011: Year of bank runs - one of bank runs forces Europe to its knees "?). The reports stated that investors pull out of fear for their savings in 2011, still larger sums from European banks. It is purely a question of time before even the simplest savers lose confidence. And now the ECB board member Lorenzo Bini Smaghi agrees.

Of Ireland, the Emerald Isle with the many red numbers come in recent weeks as well as disturbing news from Greece: the banking system are the vital contributions of the customers lost. Both countries are struggling with massive money deductions. An example: Irish savers have in the past three months, 23.7 percent of their deposits withdrawn from the banks and taken to other countries. The Irish Central Bank has to borrow billions more every month with the ECB to be solvent at all. The rating agency Moody's rated Irish government bonds Jezter like garbage (junk). In countries such as Greece, Portugal and Spain the situation is no different. The outgoing Bundesbank President Axel Weber have no need of prophetic gifts in order to see how long the system to function more - until it pops. Since then, he will not sit well in a leading position and must take responsibility.

www.mmnews.de/index.php/wirtschaft/7315-...treut-300-milliarden

google translator:

Federal Bank embezzled 300 000 000 000 | Print |
18.02.2011

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The German Federal Bank provided € secretly crisis assistance to hundreds of billions. "If those countries whose banks the loans were given, become insolvent, be liable Germany. " - reason for Weber's departure?


The debts of the Deutsche Bundesbank within the euro system has increased 2006-2010 of 18 billion to 338 billion euros. Of this total about 326 billion euros in net claims on other central banks in the euro area. "If those countries whose banks the loans were given, become insolvent, be liable Germany, " writes the President of the Ifo Institute for Economic Research, Hans-Werner Sinn, in a contribution to the economic week.

Upon request, informed the German Federal Bank said: "The decisive factor for this increase was a crisis-induced shift in the cash flows and lending behavior of banks in the euro area."

By comparison, the euro rescue fund, which was agreed by EU countries in May 2010, more than 250 billion can forgive € to states in the euro zone in order to help them with escalating public debt. Of which were previously granted only 17.5 billion euros for Ireland.

Just another example of the bankers' "model" for our economies: the PUBLIC gets all the "risk" and "debt" and "losses" on our collective balance sheets - while the BANKSTERS get all the PROFITS.