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China Formally Working With IMF To Avoid Eurozone Restructuring

Tyler Durden's picture




 

Step aside IMF, China is now in the driver's seat. Officially.

From Market News:

China doesn't want to see a eurozone debt restructuring and is making efforts with the International Monetary Fund and countries related to the sovereign crisis on avoiding it, a government researcher said Friday.

"China, the IMF and related countries are all making efforts...we don't want to see a debt restructuring," Qu Xing, director of the China Institute of International Studies, a Foreign Ministry think tank, told reporters at a briefing here Friday.

Will third time be the charm for the Chinese "white knight" approach to Europe, where it has so far sunk about $50 billion in bad money after good? Find out after the next imminent kneejerk spike in the EURUSD...

 

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Thu, 06/23/2011 - 23:48 | 1397475 LowProfile
LowProfile's picture

Glad to see they're as incompetent as the rest of the Ivy League idiots.

Fri, 06/24/2011 - 00:13 | 1397520 Element
Element's picture

Oh, they are far,  F A R worse than people give them credit, they make monumental centralist screw-ups seem prosaic most of the time. Rarely do we see a country as determined to sabotage itself as Beijing is able to muster.

Fri, 06/24/2011 - 00:31 | 1397552 Ahmeexnal
Ahmeexnal's picture

How many chinese does it take to bail out the pauper people's state of europe?

Fri, 06/24/2011 - 00:58 | 1397626 Fish Gone Bad
Fish Gone Bad's picture

I am thinking, "Just one, but he has to be quite determined."

Fri, 06/24/2011 - 05:39 | 1397835 BlackholeDivestment
BlackholeDivestment's picture

...obviously that ''one'' is not the second born.

Fri, 06/24/2011 - 09:11 | 1398149 Terminus C
Terminus C's picture

could be if the first born was a girl.

Fri, 06/24/2011 - 11:49 | 1398666 citta vritti
citta vritti's picture

edit: first pregnancy

Fri, 06/24/2011 - 01:13 | 1397646 wisefool
wisefool's picture

Probably 1 chinaman has the work ethic combined with intelligence of 10 Classically educated Europeans.

http://www.washingtonpost.com/world/nato-runs-short-on-some-munitions-in-libya/2011/04/15/AF3O7ElD_story.html

I hate to use relative military aptitude as a gauge, but case in point: (European) NATO forces running out of munitions while fighting a 3rd world dictator in Lybia. Europe could not run a succesful mission against the civilian population of a typical flyover county in the USA. (urban or rural)

The chinese would have no such issues. Again, I abhor violence, but If I was sending one of my countrymen into battle, I would work 42 hours per week insted of 32 hours per week to make sure she/he had a full clip and canteen.

Fri, 06/24/2011 - 03:20 | 1397758 Whalley World
Whalley World's picture

With respect to Libya, according to Gibbon inThe History of the Decline and Fall of the Roman Empire:

"Till the arrival of the Phoenician colonies, that fertile country was inhabited by the Libyans, the most savage of mankind".

Fri, 06/24/2011 - 03:40 | 1397775 equity_momo
equity_momo's picture

The Afghans arent far behind.  Family grudges are passed on for generations , literally 100s of years will one tribe feud with another for something a great great great grandaddy said about some other great great granddaddy one day in the opium fields.

When fighting is a way of life you become quite good at it. The Russians had no chance in that country and neither will the US. And when China try later this century to muscle in on that part of the World , they too will find out the hard way.

Oh and dont forget the Chechens.  Theyd even outlive cockroaches in a war.

Allah sure has a knack of creating hard bastards.

Fri, 06/24/2011 - 08:36 | 1398070 Mesquite
Mesquite's picture

Invading any country is a fool's game..

If the man doesn't getcha, the woman will, or the son, or the daughter, or the uncles, or even the family dog..

Shades of Vietnam...

Fri, 06/24/2011 - 09:04 | 1398141 hamurobby
hamurobby's picture

True, a successful invasion must include a complete systematic eradication of the existing population. We only allow that if it is done from within.

Fri, 06/24/2011 - 08:44 | 1398093 LeBalance
LeBalance's picture

The Afghan people, when apprised of the impending invasions: first by the Soviets and then by the Americans, the most powerful nations on Earth; fell to their knees toward the East raised their hands and as One praised Allah that their deepest wishes had been granted.

Because they knew they would break both of the *Great Powers*...and they have.

/lol/

Fri, 06/24/2011 - 05:27 | 1397823 falak pema
falak pema's picture

Only because they beat the shit out of invaders.... "savage" was possibly an expression  of a patriotic trait, incompatible with "empire" and "civilization"... Gibbon was writing as a Enlightenment historian, who felt that a new age of european civilization was in the making; with England's colonial age. "Savage" is a label that transmits a value system anchored in beliefs that "we" are "civilization". Dangerous territory...Rome was more savage than the savages. Ask the Italians; they refused to reunite for 14 centuries after its fall. Such was the recurrent trauma created by its iron fist that subjugated its neighboring Italian states.

Fri, 06/24/2011 - 05:41 | 1397834 MountainLotus
MountainLotus's picture

Oh.. my. Right now, I'm working 50 hours+ per week just for the living.

Fri, 06/24/2011 - 09:10 | 1398147 knowless
knowless's picture

had the same thought, my last full time job was 6 days a week 10 hours at least a day.. no overtime, but whatever,  that's what you get for being a poor bastard.

Fri, 06/24/2011 - 06:35 | 1397878 onthesquare
onthesquare's picture

The typical strategy, when removing the infrastructure and the population of a country which is at war with itself, is to gauge your efforts. Nato helps the freedom fighters and gives them a leg up then moves out to let Gaddafi's people regain ground. Both sides leave bodies on the street and infrastructure destroyed. Yugoslavia was played this way.

The prize is in the ground...oh sweet crude how I love thee.

Anyway NATO and its goons are doing OUR dirty work. Some speak out against it but they know, or should know, that this is to keep oil in our tanks, fertilizer on our crops and plastic stuff flowing.

Fri, 06/24/2011 - 07:12 | 1397914 Zero Govt
Zero Govt's picture

OntheSquare

if you want oil and fertilizer for your crops why don't you just dig? The US has larger oil reserves than Saudi, just the most corrupt Govt in the world, Washington, won't let you exploit it. There's always a peaceable means to doing business, your cretins just can't see it

Fri, 06/24/2011 - 08:39 | 1398080 ibjamming
ibjamming's picture

When something as valuable and ESSENTIAL as oil...is KNOWN to be in limited supply...it's wiser to use up someone else's supply first!

Fri, 06/24/2011 - 16:15 | 1399561 Zero Govt
Zero Govt's picture

ibjamming  -  Oil is not in "limited supply" ...it is of infinite supply (for mans purposes/needs) about 1,000 years. Nor is Oil worth killng people for, there's other more peaceful means of business, for example buying it in the international markets.

Neither is it legal for murderous cowboys like the US loonatic elite (politicians and oil executives) to invade any other sovereign nation unless they are defending their own country. Vietnam, Iraq and Afghanistan have never threatened the US therefore successive US Govts should been tried in international court for war crimes including murder and the deaths of 100's of thousands of innocent civilians 

Even if Oil was in limited supply it never justifies murder and mahem (international anarchy), there are other much more civil ways of conducting business

Fri, 06/24/2011 - 10:33 | 1398356 ian807
ian807's picture

"... The US has larger oil reserves than Saudi"

Apparently, you are either unable to use Google, or unable to do arithmetic, or both.

http://en.wikipedia.org/wiki/Oil_reserves_in_the_United_States

In the unlikely event that you would want to understand exactly what the oil depletion problem is about, a numeric description is here:

http://en.wikipedia.org/wiki/Cubic_mile_of_oil

 

 

Fri, 06/24/2011 - 14:27 | 1399263 LowProfile
LowProfile's picture

Using Wikipedia as a primary source.  Lol.

Fri, 06/24/2011 - 16:20 | 1399645 Zero Govt
Zero Govt's picture

Ian807

if you like your information dumbed down Wiki is a great source. As for Google, maybe. I did a long list for Trav777 about 2 months ago of the US's oil reserves, they are simply massive. I've given you the reason the US does not exploit them, the US Govt strangling exploitation. This is the usual fascism/Marxism no dobt to aid and abet your huge global oil monopolists and prevent smaller competitors from competing on home ground and exposing these fatuous inept dinosaurs    

Fri, 06/24/2011 - 07:13 | 1397918 Baptiste Say
Baptiste Say's picture

Nato doing our dirty work and keeping oil flowing?

 

If by that you mean halting Libyan exports, destroying export infrastructure, killing civilians, forcing prices up and stealing a higher stake of oil revenue  for the sake of Exxon, BP, Shell, Total, Chevron etc then I agree.

Fri, 06/24/2011 - 08:34 | 1398061 ibjamming
ibjamming's picture

More fool than wise I'm afraid you are...wisefool.

It's merely a ruse...make yourself LOOK weak and foolish...then when your enemy underestimates you...you wallop them!

Fri, 06/24/2011 - 01:47 | 1397696 turbomango
turbomango's picture

One Chinaman to count the yuan, and one to watch the counter, a third to watch the watcher, and then a fourth to watch the fourth watcher... and on and on... exponentially. 

Fri, 06/24/2011 - 04:33 | 1397804 Id fight Gandhi
Id fight Gandhi's picture

One chinaman surely works way harder than any Englishman, Frenchman or Greek that's for sure.

And if one ain't enough they got billion and half more.

But then there's Mao and the whole quasi communist big brother system going on. They'll fuck it up somehow. Forget to censor the Internet for a day and the shtf.

Fri, 06/24/2011 - 06:36 | 1397879 sethstorm
sethstorm's picture

Sure about that, or how much Chinese tea did you gulp down to agree with that?

That claim of "hard work" is borne out of slavery, the Chinese way.   Not a model you want to emulate, but a model you want to eradicate.

The only hard work the government has to do is to make sure nobody who isn't of a proper background has any freedom, versus giving it to every citizen in Western Europe and the United States.

 

 

Fri, 06/24/2011 - 00:55 | 1397615 sunny
sunny's picture

Let's see now, they have $1+T of US paper and they trade a big chunk of it to euroland for bonds on German, Dutch, French bonds and more good will than you can shake a stick at and leave the US with the serious risk.  Doesn't sound too dumb to me.

sunny

Fri, 06/24/2011 - 01:33 | 1397677 zaknick
zaknick's picture

China and Russia are actively wooing Europe away from London and DC. Europe's future is eastward with massive exports from Europe to Asia as well as Russian energy westwards already part of the economic fabric. Most of the SCO and some of the CST countries have bright futures in need of European technology. I predict that this will be the new economic and scientific center of mankind (Shanghai PUBLIC schools had the best scores in the world with the US a distant has been) if the banksters fail in launching nukes.

Tyler bitched out a long time ago, that's the why of this recent emphasis on euro doom. Your day is coming.

Fri, 06/24/2011 - 01:57 | 1397705 doomandbloom
doomandbloom's picture

Ben Fulford has been saying for the past month that China has agreed to a new 'financial system'....and as usual i discarded it as his overactive imagination.

 

now this...very intersting...

Fri, 06/24/2011 - 06:34 | 1397876 jeffgroove102
jeffgroove102's picture

Lots of busy bodies issuing worthless paper is all I see.

Great test scores in school are great, but rote memorization does not necessarily make a creative genius.

I look forward to the day, when people start judging others by their character, and thus begin to actively exclude people whom are committed to doing the wrong thing. This is one thing that the amish get right. The community looks down on you, and you are actively excluded from doing business, this is how it should be, as it seems that TPTB are not the least bit concerned about playing by the rules especially when it applies to them. This will only mean long term havoc for society as a whole.

Fri, 06/24/2011 - 06:34 | 1397880 sethstorm
sethstorm's picture

Junked for your use of bad education statistics.

Those kids were hand-picked to make the test look good.  Control for that, and the US jumps up while China goes way down.

Hopefully the nukes get launched on China to send it back for a few more centuries.

Fri, 06/24/2011 - 08:39 | 1398079 trav7777
trav7777's picture

US schools and students are among the best in the world if you subtract blacks and hispanics.

Fri, 06/24/2011 - 01:05 | 1397638 QuantumCat
QuantumCat's picture

Ultimately, China will hold the world's IOUs... and when the rest

Fri, 06/24/2011 - 01:07 | 1397639 snowball777
snowball777's picture

Quantum cat is not coherent.

Fri, 06/24/2011 - 01:55 | 1397701 carbonmutant
carbonmutant's picture

Entanglement indeed...

Fri, 06/24/2011 - 02:17 | 1397722 XPolemic
XPolemic's picture

Really? I thought it was the spin ...

Fri, 06/24/2011 - 01:16 | 1397645 QuantumCat
QuantumCat's picture

Ultimately, China will hold the world's IOUs... and when the rest of the world defaults, China will have a legal and logical claim to demand restitution that can only be paid by some form of slavery. When the world refuses to pay... the battle for the New World Order will commence.

Fri, 06/24/2011 - 06:43 | 1397886 onthesquare
onthesquare's picture

Then the worlds population will go down just like the NWO wants.  So the question is not if this scenario will play out but WHEN?

Fri, 06/24/2011 - 01:19 | 1397650 QuantumCat
QuantumCat's picture

Strange glitches... can't even edit my own comments.

Fri, 06/24/2011 - 01:21 | 1397658 snowball777
snowball777's picture

Well now I know your position, but your momentum remains a mystery.

Fri, 06/24/2011 - 01:42 | 1397687 QuantumCat
QuantumCat's picture

I can be in two places at one time... perhaps that's my problem.

Fri, 06/24/2011 - 02:59 | 1397749 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

And dead AND alive simultaneously...

you've got LOTS of problems to choose from.

Fri, 06/24/2011 - 07:19 | 1397926 Zero Govt
Zero Govt's picture

don't see them as "problems" but as opportunities...

...i think that's how Obumma-Biden-Timmays strategy works, "never let a good crisis go to waste"... this is why these clowns are making so many presumably?!!

Fri, 06/24/2011 - 03:35 | 1397772 Dugald
Dugald's picture

And most of the arable land in Australia.........

Fri, 06/24/2011 - 06:40 | 1397882 sethstorm
sethstorm's picture

Repudiate the debt and seize any Chinese assets.  Screw them doubly.

Why give China the benefit of the doubt?

Fri, 06/24/2011 - 08:13 | 1398024 falak pema
falak pema's picture

The USA couldn't take Vietnam. They are shit deep in Afg/Pak...with no progress...When they really leave Iraq it will implode out of US sphere. But you want them to obliterate China...what bean counting and history reading are you ingurgitating?

Fri, 06/24/2011 - 05:43 | 1397836 ISEEIT
ISEEIT's picture

Found a great video. Segues to the topic when considering the ponzi factor of this B.S.

http://www.youtube.com/watch?v=QiKh9Ko3mw4&feature=related.

Bonus...Involves a HOT Libertarian chick.

Fri, 06/24/2011 - 09:20 | 1398171 chinaguy
chinaguy's picture

False flag - straight out of Sun Tzu

Thu, 06/23/2011 - 23:49 | 1397477 Newsboy
Newsboy's picture

China swallowed poison too, just like ECB, shaky and trembling with contagion.

Thu, 06/23/2011 - 23:54 | 1397482 NotApplicable
NotApplicable's picture

How many barrels of oil did that cost, again?

Thu, 06/23/2011 - 23:58 | 1397494 agrotera
agrotera's picture

Bingo!!! 

NotApplicable is the winner!!!

Thu, 06/23/2011 - 23:56 | 1397485 faustian bargain
faustian bargain's picture

China: "Here guys, take a pile of these US Treasurys...What? Sure, they're good for it."

Thu, 06/23/2011 - 23:56 | 1397486 williambanzai7
williambanzai7's picture

All your debts are belong to me...

Fri, 06/24/2011 - 00:02 | 1397500 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

We will pay you, Mr Wen, we promise.  And if we don't, I heard paper rice is easier to digest than plastic.

Fri, 06/24/2011 - 00:14 | 1397526 Element
Element's picture

But plastic rice can be recycled and eaten again!

Perpetual-motion engine bitchez!

Fri, 06/24/2011 - 01:08 | 1397640 StychoKiller
StychoKiller's picture

"Mr. Bill, Dr. Sluggo says you are crazy and you need a lobotomy!" -- Best Mr. Bill episode EVER! :>D

Thu, 06/23/2011 - 23:52 | 1397487 alien-IQ
alien-IQ's picture

this just gets more absurd every day.

they can ignore reality all they want...but they can't ignore the consequences of ignoring reality.

this too, will end badly.

Thu, 06/23/2011 - 23:52 | 1397488 Re-Discovery
Re-Discovery's picture

China going down with everyone else.

Fri, 06/24/2011 - 07:39 | 1397933 Zero Govt
Zero Govt's picture

Yep   . . . never under-estimate the stupidity of any Govt on the planet, they're all single digit IQ institutions without any exceptions  

...and China has 'only' $2.5 Trillion in reserves but Europes problems could swallow the lot... so looks like the Chinese Govt is taking over where the ECB left off, and trying to become insolvent for the lost cause that is 'European integration' 

...they should learn from their very own Confuscious who said, "You don't solve a debt problem by digging the hole deeper you fuking moron"

(my Mandarin translation may not be word-for-word perfect)

Thu, 06/23/2011 - 23:53 | 1397491 Manthong
Manthong's picture

Maybe they want to keep the whole system together long enough for Obama to sell the rest of the strategic petroleum reserves off to them.

Thu, 06/23/2011 - 23:57 | 1397497 chump666
chump666's picture

Cry Wolf this time as China officially is crowned the market clown. 

No one cares...While they are at it they might want to start buying soon-to-be decaying Australian RMBS

Fri, 06/24/2011 - 00:01 | 1397510 chump666
chump666's picture

...or China about to sell off EUR via the CIC?

95% of foreign investors have dumped China anyways check the Shanghai B

Fri, 06/24/2011 - 00:24 | 1397536 Element
Element's picture

Australia is the last to wake up ... now you know why Rupert Murdock came from here ... he did his job of sewing ignorance and apathy, dressed up as shallow concern and absurdist humanism almost too well ... I despise what it has become.

Thu, 06/23/2011 - 23:58 | 1397499 Korg
Korg's picture

How about what the Greeks want?

This is it for Greece. Either they revolt and throw off the shackels of the Banksters and imitate Iceland or they will be in perpetual servatude to them. Its time to man up and do what needs to be done no matter what, If they don't then history will be their judge. The USA's turn is coming shortly but i have no hope for us.....

Fri, 06/24/2011 - 00:04 | 1397518 alien-IQ
alien-IQ's picture

I think it's pretty obvious that, if left in the hands of the people to decide, the Greeks would go the way of Iceland. But, what the government does is in no way supposed to reflect the will of the people in the "new normal" that TPTB want us to get used to on the way to serfdom.

Remember: a servile citizen is a good citizen.

Fri, 06/24/2011 - 02:37 | 1397730 thepsilocircus
thepsilocircus's picture

You know, I've spent time looking for some sound-money/anti-state Greece blogs, news sites, etc. but with no luck. Although I am struggling through with Google translate- so I could not be understanding themes correctly. It seems if they get their bloody revolution they will be left in the same pit except instead of shit being dumped from above it will just be piss (for a while).

Have you found any currents of quality movements from that country? It worries me...

I'd say a servile citizen could actually be considered a good citizen- nothing wrong with wanting to please others =). What bothers me is when people refuse "to hang a question mark on the things [they] have long taken for granted." Thanks for the words Bertrand, a powerful quote.

Fri, 06/24/2011 - 04:02 | 1397793 Mussolim
Mussolim's picture

Maybe http://www.debtocracy.gr/indexen.html can enlight you.

The Greece has a way to sort it out, even if it could potentially spell doom on the whole world order.....

Ever heard about "Odius debt"?

PS: the intresting part starts around min 32.

Fri, 06/24/2011 - 02:47 | 1397741 el Gallinazo
el Gallinazo's picture

One should not forget that Iceland throwing off the stranglehold of the bankstas was a quirk of their constitution. Their parliament and Prime Minister were as corrupt and bought as Ireland, Portugal, and Greece, but the president, a titular office (no - nothing to do with implants) was able to throw it into a plebiscite. The rest is history.

Thu, 06/23/2011 - 23:58 | 1397501 mr.5280
mr.5280's picture

Oh shit! They're starting their world take over!

Fri, 06/24/2011 - 00:06 | 1397521 Rusty Shorts
Rusty Shorts's picture

You're late...way late, so late you missed the whole fucking party.

http://www.youtube.com/watch?v=nKD2Zz8x7_k

Fri, 06/24/2011 - 00:47 | 1397601 CHARLIE.DONT.SERF
CHARLIE.DONT.SERF's picture

good one shorts...  just what I needed to wind down...  makes me feel like everything is going to be ok...  

Fri, 06/24/2011 - 00:49 | 1397607 CHARLIE.DONT.SERF
CHARLIE.DONT.SERF's picture

good one shorts...  just what I needed to wind down...  makes me feel like everything is going to be ok...  

Fri, 06/24/2011 - 01:48 | 1397690 Yen Cross
Yen Cross's picture

 +1 Rusty. Thanks.

Fri, 06/24/2011 - 00:05 | 1397504 Aristarchan
Aristarchan's picture

Deleted post. I just realized that my opinion is meaningless.

Fri, 06/24/2011 - 00:12 | 1397531 alien-IQ
alien-IQ's picture

'The only absolute knowledge attainable by man is that life is meaningless.'

Leo Tolstoy

Fri, 06/24/2011 - 00:23 | 1397542 Aristarchan
Aristarchan's picture

True. And by posting anything I think on a blog, is just further proof of that. My opinion - like my asshole, is irrelevant in the overall scheme of things. Blogs are basically a new forum for people to publicize their ignorance, since nobody knows the real truth. I guess it is just a  fun way to talk your own book of stupidity. No harm, as long as nobody takes its seriously.

Fri, 06/24/2011 - 00:48 | 1397594 thefatasswilly
thefatasswilly's picture

+

Fri, 06/24/2011 - 00:32 | 1397560 scratch_and_sniff
scratch_and_sniff's picture

Good for you, it only took you 35 weeks.

Fri, 06/24/2011 - 01:07 | 1397633 Aristarchan
Aristarchan's picture

I have always known that. Luckily, I have not ran across any of your opinions.

Fri, 06/24/2011 - 01:27 | 1397663 Element
Element's picture

OT: You sound a bit disappointed about the human condition today Ari. The observed existence of actual randomness (as per virtual particle's behaviour) implies infinity is what you're in else randonmness could not actually be random, as it would be limited and must come to an end, or else repeat in an ultimately 100% predictable cyclic pattern. Hardly random.

Randomness means you're in an infinite state, and that includes your mind. So cheer up, as you're a bit hard to please if you're disappointed with infinity, and actual infinite possibilites. ;)

Fri, 06/24/2011 - 01:44 | 1397685 scratch_and_sniff
scratch_and_sniff's picture

Thats it Element, put him on the right track with the randomness gig, err. Why not give it to him straight; life is going to take him to the edge of his experience, then ask him if he has found true happiness, to which he replies "yes life, im happy" to which life responds "do you feel you are fit to live?" to which he says "YES LIFE, YOU'RE GLORIOUS AND I AM NOW FIT TO LIVE!" to which life replies "good my friend, here's cancer, now fuck and die". Moral of story - stay miserable, and keep life happy, because if he finds out you are enjoying yourself, its curtains.

Only joking...

Fri, 06/24/2011 - 02:53 | 1397745 Mec-sick-o
Mec-sick-o's picture

Perhaps you are addicted to instant gratification.

 

INSTANT: in-stant, noun: The space of time that passes between a street light turning green and the idiot behind you honks their horn.

Fri, 06/24/2011 - 07:00 | 1397898 Going Loco
Going Loco's picture

I think I prefer Aristarchan 's opinions. They are less definite and give more scope for creative interpretation.

Fri, 06/24/2011 - 07:36 | 1397948 scratch_and_sniff
scratch_and_sniff's picture

fabulous darling.

Fri, 06/24/2011 - 03:46 | 1397776 Dugald
Dugald's picture

s'all right bubba, your in good company.....

Fri, 06/24/2011 - 00:05 | 1397511 FischerBlack
FischerBlack's picture

Is there a single piece of bad news out there right now that is not priced in? Is there a single piece of bad news to come that is not also already priced in?

That's it. Tomorrow I'm releasing a few million contracts from my strategic ES reserve. We're gonna burn those speculative longs.

Fri, 06/24/2011 - 00:21 | 1397540 dick cheneys ghost
dick cheneys ghost's picture

check the wires......2 big quakes near alaska.......7.2/7.4.......getting closer to the left coast

Fri, 06/24/2011 - 12:14 | 1398748 citta vritti
citta vritti's picture

wouldn’t that be in the unpriced good news category?

Fri, 06/24/2011 - 00:02 | 1397513 Honest_Money
Honest_Money's picture

They are kicking the can down the road while acquiring real assets like gold, silver and oil on the cheap.

Fri, 06/24/2011 - 02:00 | 1397715 oldman
oldman's picture

No, Honest, they are kicking the can down the coast until it gets here

 

Fri, 06/24/2011 - 08:37 | 1398074 tiger7905
tiger7905's picture

Speaking of silver, the CRIMEX inventory has taken another nice decrease in the last 5-6 days.

http://goldandsilverlinings.com/?p=1300

Fri, 06/24/2011 - 00:17 | 1397532 golfrattt
golfrattt's picture

Now the US knows who's gonna bail THEM out..

Fri, 06/24/2011 - 00:16 | 1397535 zorba THE GREEK
zorba THE GREEK's picture

 Why is China so worried about the problems in Europe? Don't they have 

 enough problems in China to deal with? They are bailing out their banks,

 and their housing bubble dwarfs ours. Why would they use their cash

 reserves to bail out Europe? Must be more to this than meets the eye.

Fri, 06/24/2011 - 00:28 | 1397545 buzzsaw99
buzzsaw99's picture

China knows that the world economy is coming apart at the seams. They don't want that because they already have a bunch of unhappy peasants. Chop, chop, back to work everyone!

Fri, 06/24/2011 - 04:36 | 1397805 Urban Redneck
Urban Redneck's picture

China wants a veto at the IMF, just like the US.

China wants a bigger seat at the BIS, which is dominated by very central bankers they are currently bailing out.

China does not like not being able to control the the USD when it accounts for so much of the balance sheet, and is utilized in such a high percentage of Chinese trade settlement (both for the import of energy and raw materials and the export of manufactured goods).

Since the global fiat ponzi is built on a three legged stool (dollar, euro, yen), if the euro breaks now - it takes China in exactly the opposite direction it seeks.  So the Euro is a useful idiot, for now. 

Fri, 06/24/2011 - 00:30 | 1397546 CrashisOptimistic
CrashisOptimistic's picture

"They are kicking the can down the road while acquiring real assets like gold, silver and oil on the cheap."

Only one of those three matter.

Fri, 06/24/2011 - 00:35 | 1397557 Aristarchan
Aristarchan's picture

Actually, none of those three matter. Anything acquired in mass is destined for a fall. Just like Tulips and houses.

Fri, 06/24/2011 - 00:35 | 1397570 faustian bargain
faustian bargain's picture

Because both of those have also been used as money for thousands of years...

Fri, 06/24/2011 - 00:46 | 1397597 Aristarchan
Aristarchan's picture

Historical stupidity is no guide for future viability.

Fri, 06/24/2011 - 14:17 | 1399188 faustian bargain
faustian bargain's picture

Your opinion means nothing.

Fri, 06/24/2011 - 00:51 | 1397600 Aristarchan
Aristarchan's picture

That....does not mean shit.

Fri, 06/24/2011 - 03:50 | 1397782 equity_momo
equity_momo's picture

Oil doesn't matter huh?

Ok.

I guess you could argue nothing matters but i've not much time for Nihilism. You might aswell go and play in the traffic Ari.

Fri, 06/24/2011 - 00:53 | 1397608 Aristarchan
Aristarchan's picture

dbl

Fri, 06/24/2011 - 00:50 | 1397599 thefatasswilly
thefatasswilly's picture

. . . You're actually comparing tulips to oil?

Fri, 06/24/2011 - 00:52 | 1397606 thefatasswilly
thefatasswilly's picture

. . . You're actually comparing tulips to oil?

Fri, 06/24/2011 - 00:59 | 1397627 Aristarchan
Aristarchan's picture

Why not? If the US really wants oil, they can develop and produce their own. Plus, after 9-11, we should have invaded Saudi Arabia...since most of the hijackers came from there (the action of one citizen caused WW1). You are right in that tulips were something desired, not needed, but the way the world treats oil - allowing mindless speculation on its value, and allowing countries who want their religion to control the world...and who fund terrorists to kill us have a means to set the value of it....it seems a lot like tulips to me.

Fri, 06/24/2011 - 04:53 | 1397810 Urban Redneck
Urban Redneck's picture

If the US can't militarily WIN in absolute and unquestionable terms simultaneously in Iraq and Afghanistan, then military invasion of Saudi Arabia isn't even an option.  No US installed regime would be viewed as a remotely acceptable custodian for the two holy mosques, and the ensuing crusade to rescue the holy land would be the end of the global military dominance of the US.  There is also the minor problem of the US oil addiction by both the military and consumers, an embargo by Muslim states and OPEC would leave the US with just domestic production, Canada, Mexico, and the SPR.   The loss of Venezuelan, Equatorial Guinean, and Nigerian crude would be crippling, even before the astronomical oil price increase redefined the balance of payments and wealth within NAFTA.

Fri, 06/24/2011 - 08:49 | 1398105 trav7777
trav7777's picture

oil doesn't matter??  WTF

Fri, 06/24/2011 - 00:34 | 1397554 ThirdCoastSurfer
ThirdCoastSurfer's picture

Communist exceptionalism!

For all the promises that the lives and limbs lost by Americans in Afghanistan and Iraq will never be forgotten, those lost in Korea, Vietnam and Cambodia are now routinely overlooked as the political leaders of the free world genuflex to the terms of the a new cold war. 

Fri, 06/24/2011 - 00:41 | 1397585 Aristarchan
Aristarchan's picture

Dead bodies and wrecked minds don't count in the overall scheme of things....as long as they are plebeian cake-eater's. Wars are fought by young fools, directed by old fools. And, they are set in motion by a political class of total fucking idiots who see their own power and re-election to office as the most important thing for the country. Thousands of people have died, gone broke and been incarcerated in this country to provide sustenace to the whims of a class of people who in a just world, ought to to be cast out to the fires of hell.

Fri, 06/24/2011 - 01:31 | 1397667 Element
Element's picture

By Jove! You've got it!

Fri, 06/24/2011 - 02:12 | 1397721 oldman
oldman's picture

Thanks, Aristarchan!

Yours is the most accurate post I have ever read on this best of all blogs

thanks Tyler!

Fri, 06/24/2011 - 05:07 | 1397818 rufusbird
rufusbird's picture

I knew I would finally be rewarded for getting up in the middle of the night and catching up on the posts in hopes of catching some well articulated point of view...

Fri, 06/24/2011 - 00:59 | 1397561 Cleanclog
Cleanclog's picture

The future looks ever more bleak while all countries go "all in" to pretend and extend.

It will be a very crazy reset if all the structures in place have to redo.  Fiat will actually be worthless.  This is incredibly difficult to believe in the "developed" world but it is going to happen. Timing impossible to predict, but if you're like me, with young adult children, it is time to buy tangibles.

It would have been so much better for Greece to have restructured, Ireland let the banks die, etc etc etc.  Including some serious USA companies bk.  What we're into will actually put us back into fiefdoms, non stop wars, and the worst prognosis of the MNC (multi national corporation) world actually come into play.  

Fri, 06/24/2011 - 00:35 | 1397569 PulauHantu29
PulauHantu29's picture

Good to see China pissing its money away following the Western GS advisers....maybe they want to buy some Lehman MiniBonds...he he he.

Fri, 06/24/2011 - 00:46 | 1397588 baby_BLYTHE
baby_BLYTHE's picture

China has many tricks up its sleeve, believe you me.
China has had many an Empire both rise and fall throughout history.

The United States may have the strongest military but we have very weak nationalism compared to the Chinese. Which would put us at disadvantage off the bat should World War come to fruition due to future conflicts.

I am on the side of the Founders and what America was founded upon, it is just impossible to prodict future events due to the fact the USA is a baby realitive to the other nation states throughout the world. 

Fri, 06/24/2011 - 00:48 | 1397596 buzzsaw99
buzzsaw99's picture

the founders, lulz

Fri, 06/24/2011 - 00:52 | 1397617 thefatasswilly
thefatasswilly's picture

A baby? The American government is one of the oldest in the world. Even the Chinese communist government is younger.

The founders' ideals are flawed, as evidenced by the degeneration of said government.

Just as the ideals of the Chinese state are flawed. Fuck conservatism. Something new must be formulated; something which withstands the test of time.

Fri, 06/24/2011 - 03:32 | 1397767 dolly madison
dolly madison's picture

"Something new must be formulated; something which withstands the test of time."

You're right that something new must be created.  Our system is broken.

When it comes time to set up a new system, I am partial to adding more pure democracy to the system.  Switzerland has the most pure democracy in their system of all the countries, and they look like they are doing pretty good compared to many others.  It's much tougher to buy a majority of the people than to buy a few representatives.  Our founders were very against pure democracy, and in their aversion to it I think they set us up for what has happened. 

 

Fri, 06/24/2011 - 04:01 | 1397790 slewie the pi-rat
slewie the pi-rat's picture

well, i would tend to agree w/ b_B, in general.

the values of the Founders can still inform us.  they are not "flawed" in the sense that some blogger can declare them irrelevant.

even if another calling herself "dolly madison" chimes in, later,  with, "You're right...,"  that does not make it so. 

 

Fri, 06/24/2011 - 05:39 | 1397830 Yen Cross
Yen Cross's picture

  Nice post Slewie! Have a good weekend!  Yen.

Fri, 06/24/2011 - 08:52 | 1398111 trav7777
trav7777's picture

switzerland is also effective apartheid.  They are not burdened with having to extend democracy to mexicans.

You guys sure place a lot of weight on artificial lines on a map instead of on the people in those lines.  Until you wake up, we'll get nowhere because you cannot even identify the problem.

Fri, 06/24/2011 - 03:55 | 1397784 Itsalie
Itsalie's picture

Yeah, nothing gets the chest beating american joe proud of its system of corruption and evil the moment you mention the "bogeyman"; it's the same with saddam, the same with trhe russians, the same with vietnam, the same with castro, etc. That's why america is proud to have never stopped waging war against the world, spent $1trillion in the last 10 years chasing turban-clad mdeieval tribesmen in Afgahnistan and an enemy long dead. A manipulated and dumb rabble deserves baffoons and pupets as leaders, deserve to be all serfs of the red shield. Here's a question for willy : which country have the jews never been able to establish a foothold as bankers and manipulators of politics? Its ok you don;t know the answer, but a little less chest beating will increase your brain cells quickly.

 

Fri, 06/24/2011 - 00:47 | 1397593 buzzsaw99
buzzsaw99's picture

it's just recycled fraudcap clownbux they got from j. p. hedgehog.

Fri, 06/24/2011 - 05:40 | 1397833 Yen Cross
Yen Cross's picture

  +1 Buzz actually PLUS 10.         Yen

Fri, 06/24/2011 - 00:43 | 1397580 camoes
camoes's picture

Bow down to your new masters Europe...

Fri, 06/24/2011 - 00:46 | 1397598 Destinapp
Destinapp's picture

Greece is like an underwater homeowner that owes money to Bank of America. If they walk the EU and the IMF eat it. If I was Greece I would use the Otter defense like in the movie "Animal House"

"You F'd up, you trusted us!"

Fri, 06/24/2011 - 00:53 | 1397619 buzzsaw99
buzzsaw99's picture

greece had help from fraud street getting into the eu

Fri, 06/24/2011 - 00:51 | 1397602 Destinapp
Destinapp's picture

Greece is like an underwater homeowner that owes money to Bank of America. If they walk the EU and the IMF eat it. If I was Greece I would use the Otter defense like in the movie "Animal House"

"You F'd up, you trusted us!"

Fri, 06/24/2011 - 00:47 | 1397603 chump666
chump666's picture

earth quake 7.somthing off Alaska...anyone?

Fri, 06/24/2011 - 01:00 | 1397623 blindman
blindman's picture

if you go to a bad movie are you happy or sad to see
it has ended? and some movies hang on the last scene
that determines whether you wasted the last hour and a half
or not.
but then there are shows, shit shows, that are just so
awful that there is no last scene in the universe that
could save them. this is what we have here.
we should all just walk out.
is that possible? of course it is.
.
bonnie falkkner interviews max
http://www.kpfa.org/archive/id/70900
.
ori
http://vimeo.com/24125825

Fri, 06/24/2011 - 01:03 | 1397632 snowball777
snowball777's picture

I feel we have an obligation to deal with the projectionist, the people who made the film, and the ones who financed and insured its production, if you get my drift.

Call it a modern analog to the bodhisattva vow.

Fri, 06/24/2011 - 01:04 | 1397635 mt paul
mt paul's picture

hardly strong enough 

to shake the dust off 

a mooses back ....

Fri, 06/24/2011 - 01:25 | 1397665 snowball777
snowball777's picture

Once you've seen a 10, a 7.2 seems...meh?

Fri, 06/24/2011 - 01:16 | 1397644 jeff montanye
jeff montanye's picture

china doesn't want a debt default, canute a rising tide. you can't please everyone.

Fri, 06/24/2011 - 01:13 | 1397647 QQQBall
QQQBall's picture

Lets see the terms before everyone jumps to conclusions. Does G-Pap need approvals to pledge med ports as collateral?

Fri, 06/24/2011 - 01:22 | 1397654 bakken
bakken's picture

Greece???? This is all about China. China absolutely needs a second large reserve currency, they are justifiably avoiding putting the Yuan in that status.

This is a super deal for them. They get their back-up reserve currency and FOR FREE get the chump Fed to support it, SECRETLY, all the while trying to take down the US with poison heparin, poison cough syrup etc.[SinoForest hahahaha]

The whores in DC and the Fed are PAYING to get us f**ked over!

Fri, 06/24/2011 - 01:29 | 1397673 chump666
chump666's picture

earth quake 7.somthing off Alaska...anyone?

Fri, 06/24/2011 - 01:32 | 1397675 squexx
squexx's picture

China gains clout and a foothold in Europe and dumps worthless FRN savings at the same time. Good strategy on their part.

Fri, 06/24/2011 - 01:36 | 1397676 chump666
chump666's picture

we are in the doomsday wash out trade.

No wonder Faber looks high re: Bloomberg interview

Everything is about to cave in...

Fri, 06/24/2011 - 01:46 | 1397688 alexwest
alexwest's picture

excuse me, but what 'bout USA, 800 lbs gorrila in the room..
will China too buy 2.4 trln of debt just to get by into 2012?

just curious
alx

Fri, 06/24/2011 - 01:56 | 1397692 chindit13
chindit13's picture

I have renewed hope in the universal foolishness of the human species. Or maybe the species is not so foolish. With each passing bailout, it is becoming clear to me, and it should be becoming increasingly clear to anyone with his eyes wide open, that extend and pretend has legs. Cyd Charisse would be jealous.

Greece will be saved from itself. Their debts will be extended and pretended. They’ll also be distended. Greek lifestyles will be defended; Greece’s people not offended. The world surrendered.

Under the good graces of Uncle Wen, Greece will be supplied with whatever it needs to be what it must be, which is a Greek tragedy, and in return all the Chinese will ask is being allowed the great honor of preventing a once proud people from having to face the facts of their own dissoluteness.

Greece is to be the Priceline of Nations. Choose your own working hours! Choose your own pension! That paternalism is a small price to pay for once again making the world made safe for melamine-enriched baby formula and toothpaste, lead painted toys and the ubiquitous t-shirts and carnival prizes that define the Chinese Miracle Export Employment Machine and Traveling Circus.

Everybody‘s a winner.

Confidence is a funny little wench. It floats around like pixie dust, landing where and when needed, and never wavering from its task of encouraging people to hold tightly their fantasies. When one Great Power is no longer able to shoulder the full faith and credit of the international collective, another paper tiger takes the baton and rushes forward, carrying all in its wake. Tinkers to Evers to Chance. Britain to America to the PRC.

Come East young man. That other Kingdom might have a selective door policy, but rich or poor men alike can pass through the eye of this needle and enter the Middle Kingdom. Believe, and thou shalt be saved. As Tsames Taylor sang, “You’ve Got a Wen”.

“Heck, we invented both paper and fiat, so we ought to know something about them, right? That pudgy little man with bad breath and a severely limited wardrobe who adorns our fiat stands behind the value just as resolutely and unfailingly as he stood behind the exposed buttocks of a thousand young boys during his tenure as the most equal amongst equals. And he’s waiting to stand behind the rest of you. The Greeks inherently understand stuff like that. Y’all should, too.”

Come hither, Portugal! Calling all Spaniards! Make them eyes smile, Eire! All your debts are belong to us. Debt is just another word for everything left to lose.

And so it goes. And goes. And goes.

A thousand years from now, should Tyler propagate his gene pool, another Durden will be there feeding the few holdouts who refuse to sip the insanity otherwise known as the human condition, warning them that whatever “is” is also not sustainable, that any day now everything is going to collapse much faster than anyone thinks, that it’s too corrupt to continue, that the math doesn’t work, that one day the sheeple are going to wake up and tear the whole thing down, that the elite will finally pay a price for their avarice, and the roving hordes will storm through the Hamptons laying waste like a million General Shermans on the march to the sea.

Tomorrow, however, is an asymptote, and there are an infinite number of todays. That seems to be the reality, passed down generation to generation. Only the names change to protect the indolent. Make hay while the sun shines? The sun also---and always---rises.

[/metaphors]

Fri, 06/24/2011 - 02:31 | 1397729 Trial of the Pyx
Trial of the Pyx's picture

for fuck's sake Chindit!!

 

I have watched quite a few of your posts go by...that was really impressive

 

bravo

Fri, 06/24/2011 - 03:16 | 1397759 Libertarians fo...
Libertarians for Prosperity's picture

fantastic post.

Fri, 06/24/2011 - 03:39 | 1397773 dolly madison
dolly madison's picture

I have renewed hope in the universal foolishness of the human species. Or maybe the species is not so foolish. With each passing bailout, it is becoming clear to me, and it should be becoming increasingly clear to anyone with his eyes wide open, that extend and pretend has legs. Cyd Charisse would be jealous."

After many decades of searching, scientists have now discovered the missing link between the ape ancestors and the intelligent human beings.  It is us.


Fri, 06/24/2011 - 03:40 | 1397774 theopco
theopco's picture

Thank you, T.S. Eliot.

Fri, 06/24/2011 - 01:53 | 1397699 Wags
Wags's picture

Maybe those Mayans were right? It is just getting too crazy.

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