ECB Printing Press Door Is Open

Courtesy of Mish.

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.



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