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Crisis In Romania: Constitutional Court Votes Pension Cuts Unconstitutional, IMF Loan In Jeopardy, Presidential Palace Stormed, CDS Blows Out

Tyler Durden's picture


Several days after the Romanian parliament passed a law to cut pensions by 15% in order to qualify for a critical $20 billion IMF loan, the Romanian Supreme Court found this law was not only unconstitutional, but unappealable (along the lines of what our own SCOTUS will do once the Fed's transparency appeal gets to the very top, resulting in confirmation once and for all that American laws are only made for the benefit of the Federal Reserve). The decision was reached hours after dozens of Romanian citizens stormed the presidential palace "to get an audience with President Traian Basescu." As a result of the Constitutional Court's decision, the IMF loan "may now be delayed, and this will be a big blow to the government
of Prime Minister Emil Boc, the BBC's Nick Thorpe reports." Also as a result, Romanian (and by association, neighboring Bulgaria) CDS blew up today and closed +30 to 410 for Dracula's host country, and +20 to 360 bps for the country that served as the reverse engineering center of the former Communist Bloc.

From BBC:

A top court in Romania has ruled out a pension cut demanded by the country's government as part of a deficit-cutting financial austerity measure.

The government wanted to cut state pensions by 15%, as well as slashing wages and welfare allowances.

But the Constitutional Court said the pension cut was unconstitutional, a ruling which cannot be appealed.

Romania wants to cut spending to qualify for a $20bn loan from the International Monetary Fund.

That may now be delayed, and this will be a big blow to the government of Prime Minister Emil Boc, the BBC's Nick Thorpe reports.

The court decision came after dozens of people tried to force their way into the presidential palace to get an audience with President Traian Basescu.

Riot police repelled them from the palace.

The court did not publish its reasoning behind the ruling, but unions say pensions partly funded by worker contributions to are protected by the constitution.

Just wait until Greeks get wind of this ruling, and ask the logical question why their own constitution allows their pensions to be cut by as much as 30%. So much for the smooth and glitch-free passage of austerity across all of Europe. Oh, and it is about time, as we have long been claiming, that investors take a long hard look at Eastern European CDS. It is still not too late.


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Fri, 06/25/2010 - 17:08 | 434336 DoChenRollingBearing
DoChenRollingBearing's picture

News keeps getting worse every week.

Time to run and hide!

Fri, 06/25/2010 - 17:10 | 434342 Pamela Anderson
Pamela Anderson's picture

No... time to stay and short!

Fri, 06/25/2010 - 21:47 | 434628 Perseid.Rocks
Perseid.Rocks's picture

> Romania wants to cut spending to qualify for a $20bn loan from the International Monetary Fund.

What happens when people realize the countries providing the IMF with their funds are essentially bankrupt. I suppose that'll never happen right ? After all we make our money by electronic entries in a ledger, and also by hiding the truth from the public, while the rest of the world has to borrow their money, or actually earn it.

Sat, 06/26/2010 - 06:07 | 435080 MADinMelbourne
MADinMelbourne's picture

"we make our money by electronic entries in a ledger"??? THAT'S the problem... we look at a plastic screen, see digits and THINK IT'S MONEY!

Fri, 06/25/2010 - 17:09 | 434340 AccreditedEYE
AccreditedEYE's picture

Risk off, risk off!! The storm moves West..

Fri, 06/25/2010 - 17:12 | 434343 Dr. No
Dr. No's picture

They are so lucky, they actually have pension rights written into their constitution!!  Makes pursuit of happiness seem kind of ho-hum. (yeah, I know its our declaration that wrote it.. but still).

Fri, 06/25/2010 - 17:13 | 434349 Ragnarok
Ragnarok's picture

Legislated Happiness! Hooray!

Fri, 06/25/2010 - 21:17 | 434563 Zina
Zina's picture

Poor humanity. It's able to go to the Moon. Able to build CERN and the LHC. Able to build the Hubble telescope. Able to build the "Deep Blue" computer. Able to build robotized factories wich produces hundreds of vehicles by day with a staff of only 20 or 30 workers. But unable to guarantee decent pensions for all it's seniors... Poor humanity... I hope we reach 2012 soon...

Fri, 06/25/2010 - 21:42 | 434617 Duncan
Duncan's picture

But of that list, only the pension is a mathematically guaranteed to fail Ponzi scheme.

Sat, 06/26/2010 - 08:44 | 435164 Zina
Zina's picture


We, the young people, can produce thousands of cars by day in a robotized factory with a staff of only 20 workers. We have the tecnology to build Hubble, LHC and go to the Moon. But we can't pay decent pensions to the elders who hard worked the whole life... I see...

Poor, poor humanity...

Sat, 06/26/2010 - 12:47 | 435416 Ragnarok
Ragnarok's picture

Why don't "we, the young people" just take care of our own parents.  If the parents did a good job raising their children they should be able to provide.  Babyboomers can go fuck themselves.

Sat, 06/26/2010 - 08:47 | 435167 michaelduff
michaelduff's picture

Beat me to it. I was going to say flying to the Moon is mathematically possible.

Sat, 06/26/2010 - 11:11 | 435291 7bit
7bit's picture

It is also mathematically possible with our technology to produce enough for all people without all people needing to work for it. Thats why we invented these robots and all the technology in the first place.

Fri, 06/25/2010 - 22:13 | 434655 DosZap
DosZap's picture


 "But unable to guarantee decent pensions for all it's seniors"

They could have, if they were not thieves(stole the paid in dues)..............the day of reckoning approaches..............the pounds of flesh will be extracted,from those who thought themselves TBTF.

Fri, 06/25/2010 - 22:51 | 434705 Vendetta
Vendetta's picture

Its like legislating patriotism with patriot acts!  Hooray!

Fri, 06/25/2010 - 18:17 | 434446 DosZap
DosZap's picture


No, there not lucky, when the merry go round stops, and there's no MONEY for their pensions.............WHO will have won?.

Not them.


Also, "the Pursuit of happiness"- was not in the original Constitution, it "READ PURSUIT OF "PROPERTY".

Fri, 06/25/2010 - 21:43 | 434619 Rusty_Shackleford
Rusty_Shackleford's picture

I know.


Why not include the right to be free from all human want in your Constitution?


Go for broke.

Fri, 06/25/2010 - 22:17 | 434664 DosZap
DosZap's picture


You must not be American, as you sorely lack understanding of the interpretaion.

It guarantees a PURSUIT of, not a RIGHT to have.

Meaning you , YOU.............must suceed,no freebies....just a shot, a chance, and it's up to you to either MAKE it, or NOT.

Fri, 06/25/2010 - 23:22 | 434746 Rusty_Shackleford
Rusty_Shackleford's picture

It was sarcasm dos.  A reductio ad absurdum gag.   I forgot the </sarcasm> tag.

I understand the Constitution just fine.

Sat, 06/26/2010 - 10:58 | 435272 New_Meat
New_Meat's picture

Rusty (it is in the Declaration of Independence):


-  Ned

Sat, 06/26/2010 - 02:53 | 434954 kurt_cagle
kurt_cagle's picture

No, the pursuit of happiness was not in the Constitution - it was in the Declaration of Independence:

We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights,that among these are Life, Liberty and the pursuit of Happiness. That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness.


This was truly incendiary at the time - and even today government goes out of its way to deny the true import of this particular paragraph.

Sat, 06/26/2010 - 03:08 | 434964 AnAnonymous
AnAnonymous's picture

They are so lucky, they actually have pension rights written into their constitution!! 


They may or may have not pension rights written in their constitution.

More likely, they have stuff related to contract respect (as it is one of the two hallmarks of another stuff that many people boast about, therefore quite easy to remember)

A unilateral decision over pension funds contract might be therefore unconstitutional as it contravenes the contract respect stuff.

The most interesting in this biz is of course people reacting to this and failing to see the possible contract breach.

Once again, it tells on what people truly expect.

Fri, 06/25/2010 - 17:12 | 434347 Ragnarok
Ragnarok's picture

Deflation isn't an option when you are litterally forced to print (at least they still can) by your own people.  Sadly, the people will be the ones to suffer as they soon realize yu can't squeez blood from a stone.

Fri, 06/25/2010 - 18:22 | 434400 Mako
Mako's picture

"Deflation isn't an option"

Who said you have an option?  It's like saying death isn't an option. 

You have choices but the ultimate results has already been determine from the choices already made.

Let me see, everyone picks a system that eventually forms a black hole by it's nature, then someone claims going into the black hole after you enter the event horizon is not an option.  Good luck with all that, I assure you the black hole will suck you down.

A good portion of the population is going to have to go.   I know how this going to play out, how do I know, is it because I am smart, heck no, it's the same thing that has been happening for 1000s of years.

"The matrix is older than you know. I prefer counting from the emergence of one integral anomaly to the emergence of the next, in which case this is the sixth version." - The Architect

"Denial is the most predictable of all human responses. But, rest assured, this will be the sixth time we have destroyed it, and we have become exceedingly efficient at it." -The Architect

The Lemmings are in "denial", how do I know, well the system would collapse this second if they were not.  Eventually the Truth is going to smack the denial right out the Lemmings skulls whether they think it's an option or not.

Sat, 06/26/2010 - 09:23 | 435191 Dr. No
Dr. No's picture

I respect the possibility of deflation. However, when the fed gets backed into a corner, what assest does the FED not have the ability to monitize?  They already monitized mortgages.  Next if could be car loans, credit card debt, you name it.  In this light, I see deflation as a low risk (here in the US at least).

Fri, 06/25/2010 - 18:00 | 434406 A Man without Q...
A Man without Qualities's picture

This is exactly the sort of ruling that leads to hyperinflation.  I expect something similar will be the trigger that tips the US down this road... 

Fri, 06/25/2010 - 17:20 | 434363 Cheeky Bastard
Cheeky Bastard's picture

Americans are such goddamn pussies its incredible. Italy, France, Romania, Greece, Germany and soon to be followed by all other European nations are rioting, burning and fighting for their "rights"; and what do Americans do; they bitch and moan and buy iPads. Europe. For.The.Win.

Fri, 06/25/2010 - 17:27 | 434379 Bolweevil
Bolweevil's picture

Grumpy, grumpy. Please consider changing your comment by inserting "most" before Americans.

Fri, 06/25/2010 - 17:33 | 434388 Cheeky Bastard
Cheeky Bastard's picture

No, what I said is correct. I dont see anyone storming Congress or NY-FED or any other federal buildings. All I see is AAPL going to 300, Twillight fans camping infront of multiplexes and idiots camping outside AAPL stores. Nuff said. If you wanna junk me, junk me; its not like I give a shit; what I said is true.

Fri, 06/25/2010 - 18:00 | 434394 Ragnarok
Ragnarok's picture

Out of curiosity, what kind of domestic security forces are there in Europe (like the National Guard) that the gov't could use to impose its will on the citizens?  Insurection with an insecure President with a lot of force at hand could be very dangerous.


BTW, any one looking for ammo or gun accessories check this site out, it is the traelocity/expedia/craig's list of ammo deals.


Fri, 06/25/2010 - 18:06 | 434420 FourWude
FourWude's picture

Ragnarok is kind of right.

Do you really think the past decades build up of a security/police state was just to keep a few terrorists (without any real means to enter) out??

The whole system was designed to be internalised.

Fri, 06/25/2010 - 18:07 | 434422 Cheeky Bastard
Cheeky Bastard's picture

Europe is not a country, so I really cant answer is there a heavy "security" state mechanism in place for the entire continent. Individual countries do have "special" forces to combat any social unrest [mostly intervention and special police] but nothing even as close as the US does. The US "domestic security" apparatus would put USSR [during Stalin years] to shame. Governments try to "tame" the populace down, but not a year went by in the last, oh, 2000 years or so, that there has not been a revolt, revolution or war in Europe. Americas self perceived "exceptionality" is anything but; its a moronic imperial belief fed to Americans.

This is the last I'm going to say on this topic; we have debated this many times over in the past year and a half, and  most know where I stand on this [not that it really matters]. Im not going to lose my nerves and my IQ points debating with someone [not you Ragnarok; you're cool, but idiots are in majority] who only read G. Washington, D. MacArthur and FDR biographies and thinks of himself knowledgeable. Fuck that; its been a hard day today plus its a Friday; I have better things to do than to debate America vs. Rest of The World.

Fri, 06/25/2010 - 18:22 | 434456 hamurobby
hamurobby's picture

Let the government stop handing out checks and then you will see some riots.

Fri, 06/25/2010 - 20:34 | 434482 Careless Whisper
Careless Whisper's picture

@ cheeky

does this count for anything?

union workers let loose rats in city council chambers to protest layoffs - yonkers, ny



Fri, 06/25/2010 - 20:50 | 434508 RichardENixon
RichardENixon's picture

I saw with my own eyes Washington D.C. torched in 1968, Los Angeles torched in 1992, and New Orleans in the process of being torched in 2005. In each case it took a massive military response to restore order. And I mean MASSIVE. Americans are like a big amiable tiger who's been raised by humans to be nice and passive and civilized and then one day decides he doesn't like the way the trainer looked at him and rips him to pieces.

Fri, 06/25/2010 - 21:04 | 434527 Cheeky Bastard
Cheeky Bastard's picture

Agree; 68 was more correlated with Vietnam and it got a boost from European occurences in [browse the Internet for a bit and search 1968; one of the most significant years for Europe in 20th Century]. The sad thing is; when Americans do revolt [which is rare] they revolt ex post facto; when the damage has already been done and nothing can be changed. 

Fri, 06/25/2010 - 21:39 | 434612 Nihilarian
Nihilarian's picture

Listen, you Bastard, you are correct on all counts. Americanism, as you describe it, is a state of mind that enslaves the very people who believe in it. Breaking the state of mind of Americans is is like taking trying to explain to someone why their religious beliefs are absurd. Now, Mr. Bastard, I go stream Netflix to my iPhone 4.0

Fri, 06/25/2010 - 17:55 | 434397 I need more asshats
I need more asshats's picture

We can't help it Cheeky. So many people are on anti-depressants here in the US. They have fowled the water supply with their urine which is full of anti-depressants. Every water based consumption activity medicates each and every American to the point of being so peaceful and calm.

Have a beautiful day dude.

Fri, 06/25/2010 - 22:54 | 434711 Vendetta
Vendetta's picture

True.  However, the medication is barely keeping them from killing someone despite the megadoses.

Fri, 06/25/2010 - 18:08 | 434417 neophyte
neophyte's picture

CB, you are right. The truth always hurts. Just see what is happening around us, perhaps that is why AAPL is @300, Twilight fans camping in front of multiplexes  and no one is storming the Congress. WHatever happened to that creed of Americans who stood against tyranny, stood for freedom, liberty and justice and had the balls to walk up to washington to end the Vietnam war. It brings to mind this Poem by an Indian Poet.

Rabindranath Tagore

User Rating:

9.1 /10
(24 votes)

- vote - 1 2 3 4 5 6 7 8 9 10

  Print friendly version   E-mail this poem to e friend   Send this poem as eCard   Add this poem to MyPoemList   Where the mind is without fear and the head is held high
Where knowledge is free
Where the world has not been broken up into fragments
By narrow domestic walls
Where words come out from the depth of truth
Where tireless striving stretches its arms towards perfection
Where the clear stream of reason has not lost its way
Into the dreary desert sand of dead habit
Where the mind is led forward by thee
Into ever-widening thought and action
Into that heaven of freedom, my Father, let my country awake


Fri, 06/25/2010 - 18:07 | 434423 spinone
spinone's picture

The protests and riots in America just arent televised, Cheeky.  The media is state/corporate controlled here.  Believe me, we have them.

Fri, 06/25/2010 - 18:07 | 434424 Bolweevil
Bolweevil's picture

Junking is for pussies and trolls. (t-shirt?)

I'm not sure what its going to take to get people out of apple stores maybe its the TV's, medicated water, too comfy, weed, a sense that voting works, Hopey McChange, our collective cattle-ness? Bread and gladiators works like a motherfucker. But, I fear we will find out. I am interested to see how Americans respond when the first rock gets thrown. I don't disagree with you, I also don't think absolutes pertain well to this subject. I hope you are well.  

Fri, 06/25/2010 - 18:21 | 434455 rmsnickers
rmsnickers's picture

Junking is for pussies and trolls. (t-shirt?)

+1 Awesome!

Fri, 06/25/2010 - 20:59 | 434523 The Mighty Monarch
The Mighty Monarch's picture

Big difference between Europe and the U.S., at least for now:

We give our kids an abundance of false hope in this country. It won't last much longer. My parents believe that they actually own their property as opposed to renting it from the government via property taxes. They don't quite grasp that their generation will be the last to benefit from the Ponzi scheme of SS/Medicare. They don't understand that their generous government pensions and worry-free medical care are gotten at my expense as well as their grandchildren's. Any financial windfall is greeted with "What can we buy with this?" as opposed to "Thank God, we can put this into savings in case trouble strikes." They hold out hope that the illusion will continue for my family.

I will not be making these same mistakes with my children. They will inherit from me a distrust of centralized government. They will learn the lessons of survival, of self-reliance, and frugal, simple living. They will learn the old adage of "Use it up, wear it out, make it do, do without." And they will certainly learn how to operate and maintain my firearms.

Fri, 06/25/2010 - 22:24 | 434673 FrankIvy
FrankIvy's picture

I bow to you.  You write what I've thought many times.  My parents are, sadyly, perfect representatives of their generation - clueless, brainwashed, close minded.  They did receive a 6 figure inheritance at one point after my father lost half their retirement savings in the tech crash.  So what did they do with it?  Not sure, other than I noticed the trips to the great Loser Magnet in Nevada became more frequent.

It took me almost 4 decades to extricate myself from the consumption culture into which I was born.  Thank God I was able to see where I was.

When did I start disliking the culture of my youth?

I'm not sure.  I'll think on it.

Sat, 06/26/2010 - 03:59 | 434993 The Mighty Monarch
The Mighty Monarch's picture

Admittedly I'm still extracting myself from the consumption culture. Not an easy's so wired into our brains that it's almost like an involuntary muscle reaction. We're certainly more frugal these days seeing as both myself and the wife are out of work, but it's going to take some willpower not to immediately begin the vacation plans the moment I'm employed.

I'm just worried about my folks. Although they have a nice piece of land, they're still significantly mortgaged and in their mid-sixties. The idea that they should be debt-free in retirement just seems alien to them. In a similar situation my first instinct would be to get the hell out of debt in case the pension goes away (and they're retired California state employees so it's certainly a possibility).

Don't blame you about the culture of our generation. We're talking about a generation raised by a generation that never had to deal with real hardship or an all-consuming world war. What defines "necessity" now is asinine. We churn out thousands from mostly useless colleges that teach no viable skills but engender a misplaced sense of accomplishment and entitlement.

Personally, I feel weakened by three and a half decades of soft suburban living, where I never learned how to grow or hunt for food, or build much of anything. I'm slowly correcting this but I feel like I have years of catch-up learning to do. God help anyone else of my generation that doesn't start preparing now.



Fri, 06/25/2010 - 22:56 | 434713 Vendetta
Vendetta's picture

What's a pension?

Sat, 06/26/2010 - 00:49 | 434847 DoChenRollingBearing
DoChenRollingBearing's picture

I have already told my new worker-bee kid that the future looks grim.

If/when she gets married soonish, that couple is going to get a LOT of interesting, useful and valuable gifts.

She already is the best shot in the family...

Fri, 06/25/2010 - 18:09 | 434432 Bolweevil
Bolweevil's picture

# sorry

Fri, 06/25/2010 - 18:22 | 434457 Cathartes Aura
Cathartes Aura's picture

far be it for me to defend amrka, but sounds like you're just watching network TV for your news. . .

weird that you don't mention two things that DO consume most amrkn's time - ESPN & porn.



Fri, 06/25/2010 - 18:22 | 434458 ColonelCooper
ColonelCooper's picture

I wish I could disagree with you Cheeky, but I can't.  Keep in mind however, that our police/SWAT/military is much more willing to blow us up than most Euros.  Our day in the sun is coming my friend.  I think there are more people here willing to sacrifice everything than you think.  The match just hasn't been thrown yet.

Fri, 06/25/2010 - 20:25 | 434467 Cheeky Bastard
Cheeky Bastard's picture

Europe has learned [due to the reasons which lead towards 1933. Chancellorship] it would not be wise to strangle the populace too much; thus the domestic security apparatus never really took hold in most of the Europe. It actually is reduced when compared to the period between 800-1914. Population revolts are considered to be as valid as is the political opposition in the parliament. Thus you see much more riots, wars, beheading and revolutions in Europe than in, say, USA or Canada or England. Europe has that shit down to a science; and its nothing un-usual or particularly alarming about that. We expect a war, a riot and maybe some geo-political disintegration once in a decade [thats a minimum]. 

Fri, 06/25/2010 - 21:19 | 434571 Bolweevil
Bolweevil's picture

Maybe a timeframe thing? Europe been around longer, seen more, tolerates less as they know how its gonna go down/been there before? We're drunken teenagers (as a country) pissing away our rich parents money on wrecked European sport luxury sedans and high quality narcotics/lawyers fees.

Famous last words: "Never in my backyard."

Sat, 06/26/2010 - 09:39 | 435203 Mesquite
Mesquite's picture


1st..Be well, with a little serenity thrown in..

2nd..Maybe 'the European sensitivity' might be because TSHF many times on their turf, not just evening news..

3rd..Of course mass tv, water, food, public education, dis-information, etc/ surely has it's effect..

We all share a personal responsibility to stay informed (and respect others who do likewise..)

I, for one, am not disturbed by one's harbouring a different opinion..However holding on to my right to think for myself..

Thank you, and others, for speaking out..

Be safe ZHrs..

Fri, 06/25/2010 - 22:20 | 434665 DosZap
DosZap's picture

Cheeky B,

Bro, the final act hasn't played out yet...............wait for the final act.

Trust me, there will be one................unless things drastically change and soon.


Fri, 06/25/2010 - 22:25 | 434676 SuperDollaR
SuperDollaR's picture

You are 100% correct.  Europe has less high fructose corn syrup, fibre-less fruit juices, aspertame (formaldehyde), and fluoride.  Plus, the illegal drugs are not as good as the CIA's.  Therefore the US S.O.M.A. project can be considered a success!

Fri, 06/25/2010 - 23:29 | 434763 Hephasteus
Hephasteus's picture

"No, what I said is correct. I dont see anyone storming Congress or NY-FED or any other federal buildings. All I see is AAPL going to 300, Twillight fans camping infront of multiplexes and idiots camping outside AAPL stores. Nuff said. If you wanna junk me, junk me; its not like I give a shit; what I said is true."

Cheeky you fucking moron. LOL

You think 3 million ipads and a couple million iphones is not being blown out of all porportion. Come the fuck on. Foxcon employs 850,000 people. I thought you were smarter than that.

Me chinese

Me play trick

Me not girl

Suck my dick.

Fri, 06/25/2010 - 17:32 | 434383 Dr. No
Dr. No's picture

"after dozens of Romanian citizens"  

We dont take our fingers of the remote unless it's hundreds...


Besides, you really want us to go fight for you guys again?!  sheez.

Fri, 06/25/2010 - 17:32 | 434385 Ragnarok
Ragnarok's picture

Cancel American Idol and Glee, then maybe you might start getting some results. :)


I would say lazy and oblivious, life has been too good for too long.  Even the poor in the US have a house and 2 cars, having that in Europe would make you upper middle class.  Patience.


Sat, 06/26/2010 - 05:53 | 435077 kaiten
kaiten's picture

"...poor in the US have a house..."

Indeed, and we already know how this happened. MBS anyone?

Fri, 06/25/2010 - 17:34 | 434389 brian0918
brian0918's picture

Actually, most of the people rioting are doing so because they were promised something by the government, at the expense of someone else, and the government is now unable to follow through on that promise.

Fri, 06/25/2010 - 17:57 | 434401 Cheeky Bastard
Cheeky Bastard's picture

Ayn Rand is an Idiot; your argument[s] is[are] invalid.

Fri, 06/25/2010 - 18:05 | 434414 Burnbright
Burnbright's picture

So what is your position then Cheeky? Everyone has the right to medical coverage, an education, and a job?

Fri, 06/25/2010 - 18:10 | 434437 Cheeky Bastard
Cheeky Bastard's picture

Medical coverage and an education yes; a job; no. 

See; I'm a humanist; not an "individualist". Randian "philosophy" is psychopathy and I have written against it much more than I needed to; and I will not do it again.

Fri, 06/25/2010 - 20:22 | 434464 Burnbright
Burnbright's picture

Well there is no such thing as a free lunch. That's all I am going to say.

Fri, 06/25/2010 - 22:24 | 434674 DosZap
DosZap's picture


Well, that's where you lose Americans logic......we are Individualists.......we are long suffering, but.

You do not want to be around when the long suffering wears off.

Fri, 06/25/2010 - 23:35 | 434773 Cathartes Aura
Cathartes Aura's picture

so many "individualists" in amrka, here too, and yet sooo much groupspeak when it comes to "fags 'n' fannies". . .


Sat, 06/26/2010 - 01:03 | 434864 RighteousRampage
RighteousRampage's picture

"Randian 'philosophy' is psychopathy"

Amen, though I would have used the term "sociopathy."  I consider myself a humanist as well, though I would gladly trade up for a more intelligent species.




Sat, 06/26/2010 - 16:24 | 435612 Chris88
Chris88's picture

Let's analyze what you're really saying.  You want an extortion racket with a monopoly on legal violence that is already funded with stolen money to threaten other human beings with violence or use violence against them to steal from them so the stolen property can then be allocated to where you arbitrarily believe it should be.  Wow, what a "humanist".  This is not in support of Rand either; she didn't go nearly far enough to actually defend individual freedom at all. 

Fri, 06/25/2010 - 21:03 | 434530 RichardENixon
RichardENixon's picture

I've been operating under the delusion that Ayn Rand is dead for quite some time now.

Sat, 06/26/2010 - 07:34 | 435122 reckoning
reckoning's picture

she just changed her name to "alan greenspan" and hid out for a while...

Fri, 06/25/2010 - 18:01 | 434410 Muir
Muir's picture

For heaven's sake will you stop with the Rand's?!

Get laid or just watch Turner Classic movies.

You'll feel better.

Fri, 06/25/2010 - 18:14 | 434442 Cheeky Bastard
Cheeky Bastard's picture

You're definitely one of my favorite people here.

Keep up the good work son.

Fri, 06/25/2010 - 20:28 | 434472 Muir
Muir's picture

Thank you. I enjoy reading your posts.

I'll try.

Sat, 06/26/2010 - 01:06 | 434869 Fenrisulfr
Fenrisulfr's picture

I so happen to be very fond of Ayn Rand, and do not appreciate your derisions, good sir or madam.

Sat, 06/26/2010 - 13:05 | 435435 Cheeky Bastard
Cheeky Bastard's picture

I happen to be fond of many things, but I do not push them down peoples throats thinking that me and only me is who is right. Do you see me constantly pimping Marx or Foucault, Kant, Schopenhauer or any of the other much more influential and current thinkers [not that Rand was actually a thinker; maybe a 4th rate one] on other people; no; but people with very limited views and knowledge will always impose their one-dimensional line of thought on others; its all they have.

Fri, 06/25/2010 - 21:06 | 434539 RichardENixon
RichardENixon's picture

Would you kindly stop muddying the waters with facts and realistic analysis?

Fri, 06/25/2010 - 17:34 | 434390 AccreditedEYE
AccreditedEYE's picture

It can't be helped Cheeky. We are used to decades of conditioning. We can't even say what we are feeling to each other without thinking we might cause hurt feelings. Useful thinking has been replaced by looking at techno-gadgets that monopolize thought and force the mind to look only at the second-to-second...turning us into bird brains. Perhaps when the pension and municipal crisis hits we might get a shock to the "system". I won't hold my breath.

Fri, 06/25/2010 - 17:35 | 434392 kaiten
kaiten's picture

Sheeps dont riot. ;)

Fri, 06/25/2010 - 23:54 | 434791 russki standart
russki standart's picture

Yes kaiten, they do... especially when the herders get that certain gleam in their eye...


Fri, 06/25/2010 - 18:06 | 434421 Eternal Student
Eternal Student's picture

Bad news, Cheeks. There has never, ever, been a successful uprising in American History after the original revolution. Ever. And this even goes back to the first one in George Washingtons' time. It's not just that people are complacent. It's because the Feds have become very good at handling this.

What gets me is that people talk about rioting after the Welfare Checks stop flowing, as if it will change TPTB. I am very dubious. The Feds have learned very well since the 60's how to handle local riots. They simply let the riots continue for 3-4 days, and then move in and regain control. By that time, the locals are so sick of what's going on that they're happy to see the Troops.

Now if they ever stop paying the National Guard or Federal Troops, then all bets are off. But that's unlikely to happen.

Fri, 06/25/2010 - 18:13 | 434441 Cheeky Bastard
Cheeky Bastard's picture

America has become too big to move; be that internally or externally; too deversified, too PC, too "compromising". Its not TBTF; but it is TBTC [too big to change]

Fri, 06/25/2010 - 18:15 | 434445 cougar_w
cougar_w's picture

American's are afraid of their government.

We won't riot until we are fairly certain to die regardless. Of course then we'll burn the entire country down. Thus the fate of any command/control state.

Fri, 06/25/2010 - 18:21 | 434453 dryam
dryam's picture

I'm american & you are exactly right.  Americans are the biggest pussies on the planet.  I hate this fucking place (except for the national parks :-) ).  I will be packing my bags soon.

Fri, 06/25/2010 - 21:13 | 434554 Bringin It
Bringin It's picture

CB - there was this guy

and then there was this guy.

And before that, there was this guy who was not really well received in his time either.

Free the slaves!  Somebody?

Fri, 06/25/2010 - 21:21 | 434575 Cigarette Smoki...
Cigarette Smoking Man's picture

You are exactly right Cheeky! America better wake up and learn something from watching the EU or it's heading here next.


I read a pretty good work of fiction that lays it all out.

I just hope the writer shows what happens to the USA in the end.


Fri, 06/25/2010 - 22:56 | 434714 russki standart
russki standart's picture

Agreed! Americans are a bunch of F@cking wankers, and deserve the criminals they have elected. 

Fri, 06/25/2010 - 22:58 | 434717 arnoldsimage
arnoldsimage's picture

and don't forget... they spend too much time blogging on zh.

Fri, 06/25/2010 - 23:26 | 434750 Pegasus Muse
Pegasus Muse's picture

Patience CB.  Folks need motivation. 

After the benefits end ---

No house, no apartment, no A/C and no TV. 

No more electricity. 

It's going to be hot. Folks going to be hungry.

No gas for the car, can't get far.

Stuck in the city. It won't be pretty.

No lights so can't see

whose coming to get me.

Sat, 06/26/2010 - 08:22 | 435151 Fred C Dobbs
Fred C Dobbs's picture

I'm planning on leaving the US.  I see no reason to stay and fight the ruling class.  Americans deserve America.

Fri, 06/25/2010 - 17:26 | 434371 MarketTruth
MarketTruth's picture

And the sheeple in America are still soundly asleep and complacent.

Fri, 06/25/2010 - 17:27 | 434380 MacedonianGlory
MacedonianGlory's picture

Greeks learned this from the internet.

Socialist propaganda bans all these news. Only Papandreou is the one who tries to save the country.

Do you know that the Socialist Gvnt in Greece banned all reference to bankruptcy as illegal? They voted a law that leads to court anyone who mention the word bankruptcy.

Fri, 06/25/2010 - 17:57 | 434398 Tartarus
Tartarus's picture

Yet another major issue as the largest bank in Romania belongs to Erste Bank and it amounts to around 17 billion euros. In addition there is probably about 10 billion euros in Greek subsidiaries based there. OTP Bank, the largest bank in Hungary, also has nearly 2 billion euros in its Romanian subsidiary. Even if Greece, Hungary, and Austria didn't have anything else to worry about Romania is enough to hurt them bad.

Sat, 06/26/2010 - 00:16 | 434818 StychoKiller
StychoKiller's picture

Whose Default is it?!


The wheel is turning and you can't slow down.
You can't let go and you can't hold on.
You can't go back and you can't stand still.
If the thunder don't get you then the lightning will.

Small wheel turning by the fire and rod.
Big wheel turning by the grace of God.
Every time that wheel turn round.
Bound to cover just a little more ground.

[/quote] -- Grateful Dead

When TSHTF and the Fed can't print more currency because they aren't paying their electricity bill (in real money), even the Police, Fire Dept, and Troops are gonna be heading towards Washington D.C.

Fri, 06/25/2010 - 17:57 | 434399 wafflehead
wafflehead's picture

15-20% cut to pensions is a drop in the bucket compared to what some romanians have hads their salaries reduced by. I have many family members and friends living there who have had salaries cut by 50-70%; so ofcourse you are going to see people in the streets. But i do agree which Cheeky that americans are a bunch of pansies.

Fri, 06/25/2010 - 17:58 | 434402 Cheyenne
Cheyenne's picture

I doubt Bloomberg's FOIA suit against the Fed will reach the Supreme Court. The Fed appealed the 2nd Circuit's 3-judge panel ruling in favor of Bloomie to the entire 2nd Circuit Court of Appeals (i.e., en banc). It's easy to imagine the full panel reversing, followed by a denial of cert by SCOTUS.

Then again, the favoritism of corporate criminals by all 3 branches of government is now so open and blatant that it's hard not to interpret as anything but notice that fascism is official policy.

Fri, 06/25/2010 - 18:00 | 434407 spinone
spinone's picture

The American people are the sleeping giant.  And when we are awoken, we won't want an "audience" with the president.

Fri, 06/25/2010 - 18:19 | 434448 cougar_w
cougar_w's picture


Fri, 06/25/2010 - 21:15 | 434557 Bringin It
Bringin It's picture

I remain hopeful.

Fri, 06/25/2010 - 18:06 | 434419 keepmydollar
keepmydollar's picture

People are rioting in Europe because they only work 30 hours a week.  If they actually worked they wouldn't have time to riot.

Fri, 06/25/2010 - 18:08 | 434429 FourWude
FourWude's picture

I'm sure they can get one of those oh so very real "consensus jobs".

Fri, 06/25/2010 - 18:08 | 434430 Muir
Muir's picture


Fri, 06/25/2010 - 18:19 | 434449 Cheeky Bastard
Cheeky Bastard's picture

Yeah, thats it; because laboring 16 hrs a day is the answer to the first question of metaphysics "Why are we here?"

Oh, and you are wrong. 

Fri, 06/25/2010 - 20:40 | 434499 Lord Welligton
Lord Welligton's picture

Would that be like Chinese "workers"?

When do you apply for the visa?


Fri, 06/25/2010 - 20:44 | 434503 Advoc8tr
Advoc8tr's picture

Even if that were true (which it is not) it would mean that they are way ahead of you on the freedom curve.  Toiling away on repetive tasks for minimum wage while the bondholders and CEO live large off your broken back is what has you enslaved. Taking pride in the belief that you slave more than the next slave speaks volumes.

Keep munching that sheeple grass dude ....


Fri, 06/25/2010 - 18:14 | 434426 geopol
geopol's picture


Obama strategy for G-20 in Ottawa: Push Euro Down: Drive Renminbi up: Attack Germany and Keep Toxic Derivatives in Charge of the World Economy

With Obama’s letter to the G-20 countries released at the end of last week, the US strategy for the upcoming Ottawa summit is clear:  Obama will attempt to sabotage the meeting with a two-pronged attack designed to knock China and Germany off balance, and to prevent any urgent measures from being discussed which might roll back the exorbitant proliferation of derivatives, impose a Tobin tax on speculators, or regulate and restrain the hedge fund hyenas whose activities are ravaging the globe.


Obama, as usual, operates under a veil of dissembling and deception.  His letter talks first of all in edifying terms about the priority which must be given to economic recovery and growth.  He says he wants to encourage the growth of internal consumption, especially in countries with large trade surpluses, meaning China and Germany, or possibly Japan.  He sheds crocodile tears about the drastic austerity policies of the type being introduced by the Merkel government in Berlin.  He tells countries which have built their strategy around exports that it is unwise to rely on exports.

Much of this represents an attempt to prevent the Germans from bringing up the issues that are important to them and to the world, such as the need to restrain over-the-counter derivatives, especially the extremely toxic naked credit default swaps which Berlin has now banned in regard to government bonds denominated in euros.  Obama does not want to hear about the German government’s plans for a Tobin tax on speculative turnover.  He also wants to divert attention away from the European Union efforts to regulate and restrain hedge funds, which have played a prominent role in exacerbating the current world economic depression.

The other prong of Obama’s attack is his blather about the superiority of “market-based rates” for currency exchange.  Obama, in effect, demands the perpetuation of the current chaos of the floating exchange rate system, which has done so much to hinder world economic development in the nearly 40 years since Nixon and Kissinger, acting under British pressure, destroyed the Bretton Woods system on August 15, 1971.  In particular, Obama wants the Chinese yuan or renminbi to be driven sharply upwards.  There is now a significant strike wave breaking out in China, especially at factories owned by Japanese, Taiwanese, and other foreign companies.  The US knows that for every penny which the renminbi gains on the US dollar, a measurable number of Chinese export firms operating on narrow profit margins will be forced out of business and into bankruptcy, increasing unemployment and magnifying the social tensions which are already abroad in China.  There is also the chance that US pressure on this point will inflame the contrasts between the elitist and populist factions inside the Chinese Communist Party.  The Chinese first instinct, which was to refuse to discuss matters of sovereign economic policy at a multilateral gathering, was undoubtedly the correct one.  The subsequent report that China is willing to be more flexible on its exchange rates is fine if it is meant as a smokescreen, but opens the door to great trouble if the Chinese begin to make significant concessions on this point.

During the early months of this year, the United States systematically provoked China on issues related to Google and the administration of the Internet.  After that phase, there has been a relatively quiet interlude.  One suspects that the US was attempting to apply a kind of aversive conditioning to Beijing, most probably with the goal of inducing the Chinese to dump large quantities of euros during the month of May.  The Chinese are estimated to have 2 ½ trillion dollars worth of foreign exchange reserves, of which about one quarter is held in euros.  A recent story planted in the London Financial Times by Anglo-American intelligence circles claimed that China was indeed about to dump the euro.  The Chinese government agency which administers foreign exchange quickly denied this report, stressing that China regards Europe is an important area of future investment and economic cooperation.

The best guess possible at this time is that the US and the British had intended to launch a very rapid Blitzkrieg against the euro in May, with the intent of provoking a panic flight of hot money out of the joint European currency within a matter of weeks, before the end of last month.  In this estimate, the German ban on naked credit default swaps and on the naked shorting of German bank stocks was partly a defensive measure against this looming Blitzkrieg, and partly a signal that Berlin intended to fight the Anglo-American predators with additional serious countermeasures.  As a result, the collapse of the euro has now been halted for the moment, and this currency has exhibited greater stability over the past two weeks.

The forces of economic depression in the world economy are colossal, and they cannot be neutralized without the deleting or shredding (as Germany has begun to do) of large portions of the cancerous mass of $1.5 quadrillion of derivatives that is crushing the world economy, and without a wave of debt moratoria and debt write-offs among those nations who have destroyed their public finances by socializing the private speculative and derivatives losses of zombie banks and hedge fund hyenas. Since this is not being done by most countries, the forces of depression emanating from the black hole of world derivatives will necessarily do their destructive work in one direction or another.  During the second half of 2009, the victim was the dollar.  For the last several months, it has been the euro.  If the euro somehow gets off the hook, the British pound sterling might be the next victim. Or, it could be the Japanese yen. This will become clear shortly.

The notorious hedge fund predator George Soros is frenetically churning out his own variations on the Anglo-American line in advance of the G-20 with a series of attacks on Germany.  He does not make the ban on naked credit default swaps the issue, but bashes Berlin using other pretexts.  Soros pretends to be concerned about the German austerity policies, which are admittedly ill-advised in the extreme.  Soros wants brutal austerity for Greece and the southern tier, but demands deficit spending and consumerism in Germany. This is the old Carter-Mondale locomotive theory of 1977, when Germany and Japan were expected to launch vast stimulus programs to weaken their currencies and reduce their exports so as to relieve the pressure on the US dollar.  In an interview with Die Zeit of Hamburg, Soros absurdly blamed the entire hedge-fund induced European crisis on the Germans, pontificating: “The German policy is a danger for Europe, it could destroy the European project.”  Soros thinks that the collapse of the euro may be at hand; in fact, his hedge funds have been a key part of the speculative attack, for which he has also served as ideologue.  Soros thinks that the end of the euro may be followed by a new era of European wars: “That would be tragic, because then Europe would be threatened by the sort of conflicts between states that have shaped European history.”[1]

According to a recent speech by Soros in Berlin, current German austerity policy “is in direct conflict with the lessons learnt from the Great Depression of the 1930s and is liable to push Europe into a period of prolonged stagnation or worse….  The wide range of possibilities will weigh heavily on the financial markets.  They will have to discount the prospects of deflation and inflation, default and disintegration….  In a worst case scenario that could undermine democracy and paralyze or even destroy the European Union.  If that were to happen, Germany would have to bear a major share of the responsibility because as the strongest and most creditworthy country it calls the shots.  By insisting on pro-cyclical policies, Germany is endangering the European Union. Austerity is a bad thing, but it is absurd to blame Germany for the current depression, the direct cause of which was the 2008 panic in the $1.5 quadrillion derivatives bubble centered in Wall Street and the City of London.

The G-20 should ban all credit default swaps, starting with the naked ones already targeted by Germany. A bright line prohibition of collateralized debt obligations is also long overdue, as even Lloyd Blankfein of Goldman Sachs has conceded. Individual countries should generate revenue and suppress speculation by instituting a 1% Tobin tax on financial transactions, to be collected and used at the national level. Hedge funds need to be thoroughly regulated, meaning that they will cease to be hedge funds in the current sense. So far, only Germany has taken concrete steps on these issues.

Depressions like the current one do not end thanks to some mysterious business cycle or other deus ex machina.  They end when destructive policies are abandoned, and effective recovery programs are set into motion.  If the G-20 fails to restrict speculation, the world economic depression will continue to worsen.


Fri, 06/25/2010 - 20:54 | 434513 Lord Welligton
Lord Welligton's picture

 "Soros wants brutal austerity for Greece and the southern tier, but demands deficit spending and consumerism in Germany."

Because he knows it will break the Euro.

He's got a lot of money riding on this.


Fri, 06/25/2010 - 21:04 | 434534 Lord Welligton
Lord Welligton's picture

"The G-20 should ban all credit default swaps"


Perhaps they should.


But, I'm afraid all this has gone too far.




My, admittedly, pessimistic view is that it is now impossible to defuse the derivate time bomb.


The opportunity was available in the banking crash. The wipe out could have occurred.


Painful. Yes.


But not half as painful as the next.


Fri, 06/25/2010 - 21:05 | 434536 MichiganMilitiaMan
MichiganMilitiaMan's picture

Thanks for your appraisal Geopol.  I always enjoy reading your posts, very insightful.

Fri, 06/25/2010 - 21:41 | 434614 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I like that you go after Hayek and the Austrian school, even though it is slightly more sound than Keynes.  They have gold right, but I like that you show that "free" markets are misnomers, at least currently, and that puts a drag on that train.  Frankly we need a new economic philosophy stat.  We are dead in the water without one.

Fri, 06/25/2010 - 23:00 | 434719 UncleFester
UncleFester's picture

I don't know LH.  Has free banking ever been tried?  We've had a CB for almost 100 yrs in the US.  If you remove the legal tender laws in this country today, how many people would use $ in 10 years?  We use Fed IOUs for exchange because we are forced to at the point of a gun.  Last President who challenged this monopoly on counterfeiting was assasinated in broad daylight.

Sat, 06/26/2010 - 01:14 | 434872 Bringin It
Bringin It's picture

Last President who challenged this monopoly on counterfeiting was assasinated in broad daylight.

Agreed Uncle-F.  An example of what my amigo Mitchman can not /will not see.

Sat, 06/26/2010 - 09:59 | 435224 Mesquite
Mesquite's picture

> BI #434872

And Lincoln too..

Sat, 06/26/2010 - 16:50 | 435638 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

JFK was assassinated for many reasons.  First it was a sacred rite act of the "Murder of the King", this for shawkenawe.  It paralyzed the masses and made them very obedient as it took their breathe away, and thus their wind.  Also, Bobby was hindering the then Neo-Right's plans for WWIII; he would not let it start off of America in Cuba as the CIA wanted. 

Think about all the little idiosyncrasies.  The Warren commission?  Warren was fired by Bobby!!!  Lone Gunman?  One of the biggest lies ever told. The Dulles brothers were lawyers for Prescott Bush and the Harrimans.  The assassinations came from way high up.

Sat, 06/26/2010 - 23:08 | 435925 Bringin It
Bringin It's picture

Warren was fired by Bobby

New news for me.

I keep running into the claim that Jackie did it/participated.

Cheney and Rumsfeld were aides to Gerald Ford at the Warren commission and got to see early on in life how the plumbing is really hooked up.

Sun, 06/27/2010 - 18:20 | 437231 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Jackie?  That is a new one. 

Lyndon on the other hand....

Sat, 06/26/2010 - 16:42 | 435622 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

We have had one CB for the last 100 years yes, and this is the third stab at a CB in America as well.  Free banking?  At times in America there was, and those were our most prosperous times.  No inflation, etc, etc.

The dllrr is gone soon. that is an absolute certainty.  The question is, will we accept new currentseas?  Will we accept more tyranny. 

Yes, Bobby and his brother were assasignated because they were going to back our currentsea to silver for circulation within America.  I think Bobby was brilliant, but in this case, it wasn't very hard to figure out that if a currentsea is only backed by hope and dreams, it ain't worth spit.

Mon, 06/28/2010 - 22:31 | 440401 UncleFester
UncleFester's picture

Sorry for the tardiness LH,

Not sure I understand your position.  You give praise for taking Austrian econ to the task, yet claim the only US era of free banking was a prosperous one.  I'm not sure how to rectify your statements, can you eloborate?


Sat, 06/26/2010 - 16:29 | 435618 Chris88
Chris88's picture

"Slightly" more sound?  I'd really like to know what is logically unsound about the Austrian school.  What do you mean they "have gold right"?  Many in the Austrian school, Hayek included, believed the market should determine what is money.  Austrians don't want a gold standard, they want a market standard.  Gold is just a commodity and whatever the market wants to use as a medium of exchange will be used.  Granted, the market most likely would use gold/silver as evidenced by the last 6,000 years or so but the school of thought itself has no opinion on gold.

Sun, 06/27/2010 - 18:28 | 437237 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I was merely pointing out that Geo showed that the term "free markets" is being bastardized and bull whipped.  If anyone is controlling the market than it is not free.  Then again, we need some regulation.  That is why I propose doing away with corporations.  People have rights from birth no matter what their Governments tell them.  Corporations on the other hand....

Ok, not slightly, the Austrian School is superior.  But there are still questions.  I for one look at economics as a philosophy, and not a science, so I can not say that there will ever be a perfect system.  We can do much better than the one we have now though.

Fri, 06/25/2010 - 22:41 | 434690 SuperDollaR
SuperDollaR's picture

Not to be pedantic, but Ottawa is not the location of the G20 - it is in Toronto.  The G8 is in Huntsville.

Fri, 06/25/2010 - 23:08 | 434729 russki standart
russki standart's picture

A brilliant posting, Geopol, aka. T.  CDS´s are a cancer that is destroying the body politic of the world. For the sake of a few extremely powerful criminals, a system is being maintaine that will eventually ruin us all if we do not take steps to prevent this calamity. Educating and teaching others is the only way we can create the conditions to defeat the banksters. Otherwise we will continue to be their slaves.

Fri, 06/25/2010 - 23:47 | 434784 agrotera
agrotera's picture

BTW, did you or anyone else notice that when learning about Andrew Jackson in grade school, the emphasis was that he was a failed President/person because he fought against the central bank and because he was responsible for the trail of tears?  Forgive me, i mean no disrespect about the trail of tears, but it seams that the pairing of these two events, trail of tears/bringing down the central bank, have been propagandized to us in grade school, leaving Americans with the idea that the two go together?

There are no words to mention the tragedy of the trail of  tears, but Andrew Jackson was a hero to bring down the central bank.  For generations of school children to learn about this man having those two events paired only adds to the cognitive dissonance that the public has to experience as they get little tastes of the truth about the privately owned cartel which actually buys and sells our public officials to pass laws which legalize what should be criminal--the repeal of Glass Stegall, legalizing the ability to gamble with depositors money is one of many examples.  Riots cant stop this crime syndicate, but our vote can, if enough people speak the truth and watch to make sure we have honest, loyal public servants to serve our interests instead of the interest of the owners of the privately held federal reserve, (yes i know, just call me Pollyanna.)

sorry, enough rambling. 

Sat, 06/26/2010 - 02:31 | 434939 Hephasteus
Hephasteus's picture

Yes I'm sure that all the history books and some of the so called "technical" pseudo science books will get rewritten. If not then the world will contain nothing but scammers and there will be no need for a great deception.

Riots will happen but mostly I think it will just be like a pirannha attack or jellyfish attack. Jellyfish have no heart. So it will just be 6 billion people all revolting in their own way.

Sat, 06/26/2010 - 20:53 | 435786 Cathartes Aura
Cathartes Aura's picture

I left amrka as soon as I was out of my teens & "legally" allowed to fend for myself. . . headed for the UK, ended up in scotland, where my circle of friends found my lack of education (despite straight A's in high school) hilarious, particularly around my birth country's history in the world, but also european history. . . their "A" and "O" level educations ran rings around everything I thought I knew. . . I'm really grateful to have had my nose rubbed in my ignorance then, and have never stopped wanting to know what goes on behind the fancy rhetoric that is peddled to the populace(s). . .

"So it will just be 6 billion people revolting in their own way"   

hahahah, thanks for the understated assessment of humanity Hephasteus, double entendre understood. . .

Sat, 06/26/2010 - 00:11 | 434806 agrotera
agrotera's picture

Many thanks Geopol!

I do wonder though, if somehow, we in America may continue our state of slumber while the years pass, our country deteriorates, the cartel legalized gaming of American citizens bank deposits continues and expands to their retirement plans and all money market funds,  while the money extracted from the tax payers to bail out the financial cartel is long gone...and if it wont be a successful uprising of the Chinese and "emerging world" worker who eventually win long deserved pricing power over their wages that throws our country into the hyperinflation that i see fully blossoming in 2015?

Sat, 06/26/2010 - 18:34 | 435710 geopol
geopol's picture



Many thankx

if somehow, we in America may continue our state of slumber while the years pass, our country deteriorates

We have zero years to contemplate a's now or never...

Fri, 06/25/2010 - 18:07 | 434428 Muir
Muir's picture

By the way, Cheeky is correct.

After 9/11 Bush told the nation to stay in their house, after Madrid's train bombing, Spaniards took the street by the 100s of thousands, including royalty.

Fri, 06/25/2010 - 18:19 | 434451 Cleanclog
Cleanclog's picture

I recall Bush recommending we go shopping.  Patriotism was consumption and spending beyond means.

Fri, 06/25/2010 - 20:35 | 434485 Cathartes Aura
Cathartes Aura's picture

sweeping generalisations based on prejudice are fine for stirring up reactions, but don't make for real arguments.

the truth is amrka's a big country full of "rugged individualists" (eye roll) that don't join groups much, and prefer to spout off at bars, bbqs and gatherings of fellow believers. . . yes, some are lazy, some are really stupid, some are busy watching screens with their favourite choices, be they porn, sports, "reality shows," video gaming, whatever. . .

and some are very busy with becoming more self-sufficient, more informed, more prepared, and some are volunteering, and looking after family members, and working - the last being a form of survival.

and yes, most are afraid of the government, with good reason - those most informed are looking to remove themselves from a tyranny that they had little to do with "installing". . .

but hey, if it makes y'all happy to engage in groupthink stereotypes, have at it.

Fri, 06/25/2010 - 21:27 | 434588 Bolweevil
Bolweevil's picture

...and the vultures have a point

Fri, 06/25/2010 - 18:13 | 434439 Crummy
Crummy's picture

Dagon willing, I hope to see a few hundred college aged Marxist nimrods stomping their way through the WH rose garden tracking dirt right down the Center hall into the Vermiel within my lifetime.

Fri, 06/25/2010 - 21:12 | 434552 Lord Welligton
Lord Welligton's picture

The one that got away.



Fri, 06/25/2010 - 18:14 | 434443 sheeple
sheeple's picture

All I know America is waking up to Lebron James welcome party down in NYC [in the expense of 4000 + Cleveland fan party]


How could NBA players command such salary/coverage? [tossing an inflated synthetic composite sphere into a steel ring doesn't actually add tangible value]


Fri, 06/25/2010 - 21:31 | 434596 Bringin It
Bringin It's picture

Thanks for the clips. 

Fri, 06/25/2010 - 20:39 | 434496 Quantum Noise
Quantum Noise's picture

Tyler, the justification for the ruling was given by one of the judges in an interview. The reason why they ruled pension cuts unconstitutional is because the government cannot cut pensions because they mismanaged the economy and spent the pension fund. In the court's opinion, the people contributed to their pension funds over the years the amount asked, and therefore unless the government officially declares bankruptcy, it cannot unilaterally walk away from the deal. The 25% cuts for current government workers is however OK, since the work has not been performed yet and people can resign if they don't like it. To me it kinda makes sense.

Fri, 06/25/2010 - 20:48 | 434507 Mitchman
Mitchman's picture

I agree  A contract is a contract.  they have to find some other way to cut costs.

Fri, 06/25/2010 - 21:11 | 434548 UncleFester
UncleFester's picture

A contract is only binding if the two involved are both sovereign.  Not sure about Romania, but here in the US an individual gives up his sovereignty to have US citizenship, a Drivers License, vote, and obtain employment from a corporation or the US gov't.

Fri, 06/25/2010 - 21:25 | 434583 Mitchman
Mitchman's picture

Sorry.  I'm not sure I understand your comment.  My point is that these people were promised a certain retirement benefit by their government.  They worked, they made their contributions and from what I can tell, stuck to their side of the bargain. Without getting into the philosophical matter of coercion, individual sovereignty, etc.  it seems to me it's time for the other side to pay up.

Fri, 06/25/2010 - 22:22 | 434669 UncleFester
UncleFester's picture

Sorry, let me be clear.  A sovereign owns property, a contract between 2 sovereigns is a legally binding agreement to exchange property, skilled labor, etc.  In order to enter a contract with the US gov't, one must give up his sovereignty.  The reason is simple, the US gov't just entered a non-binding contract so you can't sue when the US can't pay.  The only way the US does pay is by taxing you and your neighbors today, or borrowing from other sovereigns with the promise of taxing your children tomorrow.

Sat, 06/26/2010 - 03:13 | 434967 AnAnonymous
AnAnonymous's picture

Found this comment as I downstroll read  the page. As I suspected, there is no right to pension in Romanian constitution but a breach in contract stuff register.


Fri, 06/25/2010 - 21:15 | 434561 Lord Welligton
Lord Welligton's picture

"To me it kinda makes sense"

It makes perfect sense.

Either you have a (social) contract or you do not have a (social) contract.


If the government breaks the contract there is no government.

Fri, 06/25/2010 - 21:07 | 434542 Solarman
Solarman's picture

Because unlike Europe, only 8% of the population is receiving these outrageous pensions.  So most of the rest of us who pay for this largesse is happily awaiting the end of the money pit.  Plus most of the receivers are liberals and most of the security is conservative, so we get a win-win when they riot. 


That's why it is very quiet here.

Fri, 06/25/2010 - 21:21 | 434573 UncleFester
UncleFester's picture

Don't be surprised when your gov't goes after private pensions and 401Ks. It's already on the table.

Fri, 06/25/2010 - 21:14 | 434556 Zina
Zina's picture

Poor humanity. It's able to go to the Moon. Able to build CERN and the LHC. Able to build the Hubble telescope. Able to build  the "Deep Blue" computer. Able to build robotized factories wich produces hundreds of vehicles by day with a staff of only 20 or 30 workers. But unable to guarantee decent pensions for all it's seniors...

Poor humanity... I hope we reach 2012 soon...

Fri, 06/25/2010 - 21:22 | 434576 Mitchman
Mitchman's picture

I don't know whether to reply to your post as a serious matter or whether it's just blather but I will give you the benefit of the doubt.  The problem is that any system that promises to give the receiving party MORE than that party has actually contributed is a Ponzi scheme.  As a point in fact, that is EXACTLY what Mr. Madoff did.  As a point in fact, that is EXACTLY what Social Security is.  As a point in fact, that is EXACTLY what Medicare is.  One does not need a Deep Blue computer to figure that one out.  That ability to take advantage of the credulity of human beings is so simple, even the Portuguese have figured it out.

Fri, 06/25/2010 - 21:32 | 434598 UncleFester
UncleFester's picture

It is all about CONfidence.  We were confident that the Fed was a good steward of our currency, that Congress was a good steward of our retirement accounts and Wall St was a good steward of the economy.  The beauty of every con is that the victim is most confident right until he isn't.

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