“There had never been any innovation in German banking,” says Enderlein. “You gave money to some company, and the company paid you back. They went [virtually overnight] from this to being American. And they weren’t any good at it.” What Germans did with money between 2003 and 2008 would never have been possible within Germany, as there was no one to take the other side of the many deals they did which made no sense. They lost massive sums, in everything they touched. Indeed, one view of the European debt crisis—the Greek street view—is that it is an elaborate attempt by the German government on behalf of its banks to get their money back without calling attention to what they are up to. The German government gives money to the European Union rescue fund so that it can give money to the Irish government so that the Irish government can give money to Irish banks so the Irish banks can repay their loans to the German banks. “They are playing billiards,” says Enderlein. “The easier way to do it would be to give German money to the German banks and let the Irish banks fail.”Of course the Hun, being a terrific hoarder, has some 3,400 tonnes of Gold in the cellar of the national Bank, whereas the UK has, er 300 tonnes left after Gordon's manic depredations.
Thursday, 1 September 2011
Germans and poo
There's a quite interesting piece in September's Vanity Fair that attempts to link the German obsession with poo and their behaviour during the financial crisis, and a paragraph that's pure Joseph Heller;