ECB Printing Press Door Is Open

Every day I get links from Spain, Italy, Germany, and Australia. The first three frequently cause problems. Translation from German is particularly difficult.

For example, a Google-translated headline on Welt Online reads ECB chief demonstrates German banker.

A cyberspace friend, "EM" writes Google has a tough time with much in this one - title boils down roughly to "Draghi holds Bundesbank President Weidmann Up To Ridicule".

Clearly that is an entirely different meaning.

Also from the same article, a Google-translated paragraph reads "Thus, the investor inclined saw with great astonishment, as at the last ECB press conference Jens Weidmann by Mario Draghi and the Portuguese Vitor Constancio, the vice president of the ECB, namely the ridiculousness was abandoned. An absolute rarity in the history of the ECB."

Here is a better translation from "EM".

"Thus, the willing investor saw with great astonishment at the last ECB press conference Jens Weidmann was held up to ridicule by Mario Draghi and the Portuguese Vitor Constancio, the vice president of the ECB. An absolute rarity in the history of the ECB."

The point of the article was the increasing isolation of Weidmann, up to the point of open ridicule by the president and vice-president of the ECB.

With the help of Bran from Spain, Andrea from Italy, and "EM" from Germany I can frequently provide much better translations of foreign articles than I could otherwise. Of course, articles from Tony and others from Australia and Canada are appreciated but require no translation.

Official Denial

The key point of the Welt Online story is the increasing isolation of Weidmann, including an official denial by the Bundesbank.

Consider this quote from yesterday as reported by Bloomberg. ...

“Nobody should try to create the impression that the Bundesbank or its president are isolated,” German ECB Executive Board member Joerg Asmussen told the Frankfurter Rundschau in today’s edition.

Mish Translation: "The Bundesbank and its president Jens Weidmann are without a doubt isolated and essentially ignored. The printing press door is open and the presses ready for operation."

However, there are a few open questions as follows.

Open Questions

1. When Draghi fires up the presses
2. Speed at which he prints
3. How much gold and silver rise in response

Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com
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