It's Baaack: FT Deutschland Pronounces Deutsche Mark's Return, Prices Itself At 4.11

[General of Darkness]

It's Baaack: FT Deutschland Pronounces Deutsche Mark's Return, Prices Itself At 4.11 DM

http://www.zerohedge.com/sites/default/files/pictures/picture-5.jpg (http://www.zerohedge.com/users/tyler-durden)
Submitted by Tyler Durden (http://www.zerohedge.com/users/tyler-durden) on 10/21/2011 09:21 -0400



Curious what the talking heads will be discussing all weekend parallel to the joke that is the European Summit #1 (http://search.twitter.com/search?q=%231), not to be confused with summit #666 (http://search.twitter.com/search?q=%23666)? Here is the answer, courtesy of the FT Deutschland, where not too subtly, right next to a lede saying "the Euro rescue has turned into a farce (http://www.ftd.de/politik/deutschland/:euro-krise-es-gibt-kein-zurueck-zur-d-mark/60118880.html)", the publication has for the first time, set its price not in zEURo.qq but in Paul Tudor Jones' favorite currency: the Deutsche Mark, or 4.11 DM to be precise. And courtesy of the FTD, we now know the When Issued exchange rate for the EURDEM is: 1.95, the same as was locked at the EUR inception. Said otherwise, stick a fork in the euro, it's done.


http://www.zerohedge.com/news/its-baaack-ft-deutschland-pronounces-deutsche-marks-return-sets-eurdem-exchange-rate-195

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/10/FT%20Deutschland.jpg

[General of Darkness]

http://www.youtube.com/watch?v=anLfoy2XsFw

[Spectrism]

And yet the Euro still climbed this morning. How has it been holding on? Smoke & mirrors.... lies & rumors.

[General of Darkness]

And yet the Euro still climbed this morning. How has it been holding on? Smoke & mirrors.... lies & rumors.

This. I think this is their last attempt at saving the Titanic.

Euro Leaders Begin ’Tough’ Six-Day Marathon on Greece, Banks

Q
By James G. Neuger and Stephanie Bodoni - Oct 21, 2011 6:24 AM PT





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Enlarge image http://www.bloomberg.com/image/ijb7Y9aLtI0M.jpg (http://www.bloomberg.com/photo/euro-leaders-begin-tough-six-day-marathon-on-greece-/114929.html)
Angela Merkel, Germany's chancellor, pauses during a debate in the lower-house of the German parliament in Berlin on Oct. 21, 2011.Photographer: Michele Tantussi/Bloomberg

http://www.bloomberg.com/image/i7p_FTNkXhcA.jpg
Play Video (http://www.bloomberg.com/video/78435000/)

Oct. 21 (Bloomberg) -- Christian Schulz, a senior economist at Joh Berenberg Gossler & Co., talks about the role of governments and the European Central Bank in resolving the sovereign-debt crisis. He speaks with Maryam Nemazee and Linda Yueh on Bloomberg Television's "The Pulse." (Source: Bloomberg)

http://www.bloomberg.com/image/ig4Laz8gX4pk.jpg
German Finance Minister Wolfgang Schaeuble, center, denied a Berlin-Paris rift, saying Germany called for the second summit to give the government time to consult lawmakers. Photographer: Jock Fistick/Bloomberg



European leaders braced for a six- day battle over how to save Greece (http://topics.bloomberg.com/greece/) from default, shield banks from the fallout, and build more powerful defenses against the debt crisis rocking the 17-nation euro economy.
With President Barack Obama (http://topics.bloomberg.com/barack-obama/) stressing the “urgency” of a fix, divisions between Germany and France festered as finance ministers arrived in Brussels for the start of the anti-crisis marathon. As a first step, they are set to approve releasing the next aid payment for Greece.
Europe’s international image is “disastrous,” Luxembourg Prime Minister Jean-Claude Juncker (http://topics.bloomberg.com/jean--claude-juncker/) told reporters before the meeting began. “We’re not really giving a great example of a high standing of state governance.”
Aid packages of 256 billion euros ($354 billion) for Greece, Ireland and Portugal (http://topics.bloomberg.com/portugal/) have failed to stabilize markets or prevent the turmoil spreading as far as France (http://topics.bloomberg.com/france/), co-anchor with Germany of the European economy.
Euro finance ministers meet today, followed by ministers from all 27 European Union countries tomorrow. EU and euro-area leaders gather on Oct. 23, to be capped by another euro summit on Oct. 26. Juncker, the chairman of today's meeting, doesn't plan a press conference afterward.
The talks “will be tough and the situation is serious,” Dutch Finance Minister Jan Kees de Jager (http://topics.bloomberg.com/jan-kees-de-jager/) said. “We really need to step up efforts, make extra reforms, extra cuts and strict agreements on budgets.”
French-German Split

A falling-out between Germany and France has snagged the crisis management (http://topics.bloomberg.com/crisis-management/). French President Nicolas Sarkozy (http://topics.bloomberg.com/nicolas-sarkozy/) is pushing for the use of a European Central Bank role in boosting the firepower of the 440 billion-euro rescue fund, a measure opposed by Germany (http://topics.bloomberg.com/germany/).
German Finance Minister Wolfgang Schaeuble (http://topics.bloomberg.com/wolfgang-schaeuble/) denied a Berlin- Paris rift, saying Germany called for the second summit to give the government time to consult lawmakers.
“France and Germany are not at all stuck in their positions,” Schaeuble said.
Seven options are on the table for leveraging the fund, known as the European Financial Stability Facility (http://www.efsf.europa.eu/). Germany and the ECB have ruled out granting it a banking license, the most potent option.

[Large Sarge]

Wow, if this is true, then the Euro currency is doomed, seriously...

[Olmstein]

I've long held the opinion that the Euro is going away, but every European tourist I talk to always says the Euro is here to stay.

I wonder if it's just that the European tourists I run into are in the upper-middle class. The working class can't afford to travel so much.

[Spectrism]

Wow, if this is true, then the Euro currency is doomed, seriously...

Many smart people have been saying this for a long time. Yet- we see it being pumped against the dollar. Why? Maybe the goal is to take down the dollar with the Euro.

Look at the charts- the Euro is in the top of the channel.... critical point. Resistance here looks strong.

13681369

[DMac]

Many smart people have been saying this for a long time. Yet- we see it being pumped against the dollar. Why? Maybe the goal is to take down the dollar with the Euro.

Look at the charts- the Euro is in the top of the channel.... critical point. Resistance here looks strong.

13681369

If/When the Euro goes kaput it will have a dramatic impact on the dollar.

USDX:

http://www.babypips.com/school/images/sophomore/usdx-components.png

[Spectrism]

I would not be long the Euro going into this weekend.... and the same for stocks. Come Monday, the volatility is sure to pick up.

[Joe King]

I've long held the opinion that the Euro is going away, but every European tourist I talk to always says the Euro is here to stay.Jilted lovers are always the last to know about it.

[mightymanx]

And now the right hand has been shown while we look at pictures of assinated heads of state on the TelumundVision.

[mightymanx]

The Euro will be propped up for now by the plundering of Lybia.

[JohnQPublic]

The article says "Es gibt kein Zurück zur D-Mark" There is NO (kein) going backto the D-Mark (http://translate.google.com/?hl=en&tab=wT#de%7Cen%7CEs%20gibt%20kein%20Zur%C3%BCck%20 zur%20D-Mark%21)

http://www.ftd.de/politik/deutschland/:euro-krise-es-gibt-kein-zurueck-zur-d-mark/60118880.html

[Neuro]

The article says "Es gibt kein Zurück zur D-Mark" There is NO (kein) going backto the D-Mark (http://translate.google.com/?hl=en&tab=wT#de%7Cen%7CEs%20gibt%20kein%20Zur%C3%BCck%20 zur%20D-Mark%21)

http://www.ftd.de/politik/deutschland/:euro-krise-es-gibt-kein-zurueck-zur-d-mark/60118880.html
That is how I read it too (though my german ain't that good, due to 30 years passing since learning it without not much practice...

However it probably means a re-introduction of the D-Mark is just around the corner!

[Horn]

Wow, if this is true, then the Euro currency is doomed, seriously...

Does it stop there?

I would think Britannia may even be under a domino. Nobody wants to see that kind of doom.

[Eyebone]

The European Union was a great idea; double ungood the lefties got hold of it.

[General of Darkness]

The European Union was a great idea; double ungood the lefties got hold of it.

The EU was a horrible idea, kinda like Communism.

[Joe King]

The EU was a horrible idea, kinda like Communism.I agree. It is a horrible idea.

So I was wondering what you think of Croatia wanting to join it? It's all but official, no?

Seems like a bad move to me.

[solid]

.. Deutsche Mark's Return, Prices Itself At 4.11 DM

They should have priced it at 4.20. We'll all probably need to start smoking something here soon...the way this is going.

[General of Darkness]

I agree. It is a horrible idea.

So I was wondering what you think of Croatia wanting to join it? It's all but official, no?

Seems like a bad move to me.

Well it's like everything else, it's a good idea for a few politicians who think they're going to make millions after signing it. The Croatian people are completely against it.

I guess the question is, why the fuck would you jump on the Titanic when it's sinking? Answer, money for a few backstabbers.

[Joe King]

Well it's like everything else, it's a good idea for a few politicians who think they're going to make millions after signing it. The Croatian people are completely against it.

I guess the question is, why the fuck would you jump on the Titanic when it's sinking? Answer, money for a few backstabbers.If you were on another boat sinking faster than the Titanic, you'd probably jump on board to avoid getting wet sooner.
...but other than that, no, I can't really think of a reason I would.

[Hatha Sunahara]

Is there a difference between a backstabber and a dick stabber?

The Euro was a stupid idea. One central bank gets to enslave a dozen countries with unpayable debt? Fiat usury. The FRN lasted 100 years. The poor Euro--a mere 10. If it was a good idea, it wouldn't be dragging all the Yourapeanz down the toilette. I doubt that the European bankers are any less corrupt than their American counterparts.

Hatha

[D sciple]

"receive the mark of the beast in their hand or head." Deutsche mark in hand, marxism in head?