Paul Jorion's Blog

Tag: Germany

  • Let us explain to Germany what we expect of it TODAY

    Published here in French.

    For ten years now, we have been hearing the same refrain from other European leaders to justify their procrastination towards the German authorities: “After the elections, things will be clearer”! However, from German election to German election, things are not clearer once the vote has been completed, but more turbulent and, from this point of view, we’ve hit the jackpot today. Let us draw the right conclusions: let us explain to Germany what we expect of it TODAY. That would be impossible because there is no government? nor a coalition? nor maybe even a chancellor? Let … Read the rest

  • DO YOU KNOW WHAT SCHMILBLICK IS ?, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell

    We recently touched on the quartet engaged in drawing up a composite motion, in order to faire avancer le schmilblick (= to move the schmilblick forward, or in other words to make a limited contribution to solve a complex problem). Before describing their efforts it may be helpful to recall the definition (*) given to it by its creator, Pierre Dac.

    Mario Draghi, Jean-Claude Juncker, Herman Van Rompuy and José Manuel Barroso (in no particular order) may not be aware of the schmilblick. Nonetheless, this has not stopped them from searching … Read the rest

  • A BIG BANG, OR NOTHING , by François Leclerc

    Guest post. Translated from the French by Tim Gupwell

    With the G20 meeting being held in Mexico at the start of the week, our perspective will find itself altered, falsely accustomed as we are to only seeing the debt crisis from a European angle. On the 18th and 19th June, the greats of this world are going to gather in Los Cabos, a tourist resort in Southern Lower California, under the double auspices of debt and global recovery.

    To avoid standing idly by whilst confronted by a disaster of its own making, the British Government has just announced a plan … Read the rest

  • DIFFERING DELUSIONS, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell.

    Worried by the sight of the Europeans entrenched in their respective positions, Barack Obama reached for his telephone. The day after the G7 videoconference between the Finance ministers and the central bankers, of which nothing came, he successively called David Cameron, Angela Merkel and Mario Monti. With this latter, the strengthening of the discussions centered on the Euro zone and growth. With David Cameron, who is going to meet Angela Merkel in Berlin, it was about the need for an “immediate plan”. Of the conversation with Angela Merkel no details have … Read the rest

  • A WAIT DESTINED TO LAST, by François Leclerc

    Guest post. Translated from the French by Tim Gupwell.

    The European Commission in Brussels is getting ready to unveil a project aiming to prevent and cure the banking crises, destined to enter into service in 2014, certain procedures being foreseen for 2018. There is a certain sense of timing, but certainly not a sense of urgency.

    The Spanish are now appealing for help, admitting that they have been cut off from the markets, ready to sell off whole swathes of their banking system to save it, calling for direct aid so as not to fall into the clutches of the … Read the rest