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"The ECB Would Like To Thank The Academy" - Here Is What Happens After Greece Defaults: (The PG-13 Theatrical Version)

Tyler Durden's picture




 

A few days ago we presented a realistic, if somewhat somber, outlook of what would happen when (not if) Greece finally pulls the plug on its vegetative existence, and its paralyzed body will no longer serve as a breeding ground for maggots of the financial innovation variety. Today, we present a far more comedic one, courtesy of the ECB's Christian Noyer, who makes it all too clear: Europe is not in it to bail out itself and its banks which would topple like a house of undercapitalized, under-MTMed, and uber mismarked cards, but only to protect those poor sad souls of Greece from the "Horror" that would be unleashed when a Greek free fall bankruptcy finally arrives. Truly, the humanist ECB is doing god's work on earth. Try not to laugh while reading this.

From Bloomberg:

The first section constitutes a statement made by Noyer.
The remainder is from a question-and-answer session. Noyer spoke
in French.

“If we restructure Greek debt, that means Greece
defaults.”

“And what are the consequences of a default? The banks
with the most Greek bonds are Greek banks. The Greek banks
themselves will be badly damaged. When the banking system is
stricken, what do you have to do to prevent the financing of the
economy from collapsing? You have to recapitalize the banks. Who
will recapitalize the Greek banking system? The Greek state.”

“That means the Greek state will gain nothing. It will
invest in the banking sector everything that it has gained in
the restructuring.”

“Next there are the Greek insurers and pension funds” who
will be hurt. “That means it will weigh on the Greek
population’s savings, which could cause a drop in consumer
spending
and Greek growth will take a hit. This counters the
Greek recovery.”

“Then, what else is there in terms of Greek creditors?
There’s the European public sector, European governments and the
central banks. This is directly tapping the European taxpayer.”

“If we make European states pay, the mechanism of European
financing will stop immediately. The states will not continue
putting their taxpayers’ money on the line when their loans have
just been cleaned out, when they’re taking losses on the money
they’re lending. So that’s the end of support from other
European states.”

“And for the central banks, what happens? Greek debt will
become debt that is no longer worth anything. It’s no longer
debt that can be considered as sufficiently safe for operations
in the Euro System. That means by definition that to restructure
is to become ineligible as collateral. If it’s ineligible, then
it means a large part of what the Greek banks bring as
collateral for refinancing can no longer be used. That means the
Greek banking system can no longer be financed.”

“The next day what happens? Greece needs to find investors
because the Greek state won’t move from deficit to surplus
overnight. As long as it doesn’t have a primary surplus, the
Greek state needs to borrow. International investors, that small
group that remains, have just been restructured. It’s not the
next day they’ll come back with financing.”

“The Euro System won’t refinance. The European states
won’t finance. The IMF won’t go there alone. No one will finance
the Greek state in coming years. That means the meltdown of the
Greek economy. This is a horror story. That’s why we’re against
a restructuring.”

On rescheduling of debt:

“The lengthening of maturities brings very difficult legal
questions. There’s a strong chance it will be the equivalent of
a default.”

On austerity, asset sales:

“There is another possibility, which is to apply the
program. To reduce the stock of debt, the only solution is
ambitious privatization. There is no other solution.”

“When we’re in a monetary union and you need to restore
your competitiveness, it is necessary to have the equivalent of
an internal devaluation. Cut production costs. There is no other
solution.”

“The budget adjustment that is being asked for -- they’re
difficult measures but they’re doable. The IMF has been doing
these programs for years. It knows what is doable.”

“Restructuring is not a solution, it’s a horror story. You
have to make decisions that are in the interest of the country
and its citizens. The best option is the program.”

“Time isn’t a way of lightening the program. A bit more
time may be necessary. The program might be longer. The measures
are necessary in any case. It’s the same effort over more
time.”

“We won’t convince other European countries or the IMF to
provide support unless there is a strict application of the
program.”

On the ECB refusing Greek debt as collateral:

“What is the fundamental principle that we have to
observe? We must, in monetary policy operations, refinancing,
take sufficient guarantees. All the central banks of the world
do this. You need good-quality collateral. You set the bar at a
certain level. We took a simple rule. You need single-A debt as
a minimum.”

“During the crisis, given pressure on assets, we accepted
temporarily to reduce our minimum level of collateral to BBB.
Then the sovereign-debt crisis arrived, the Greek crisis,
ratings cuts for Greece.”

“We decided at that moment that when there is a European
Union-IMF program that we support, we considered” the assets
“were the equivalent of BBB. If the program is no longer
respected, if a country is found off track, immediately our
assumption of BBB disappears. If it goes out of the EU program,
the collateral is ineligible.”

“If the debt is restructured, you can’t say it’s debt of
good quality. We need collateral of very good quality [quick someone, what is Greece rated now by S&P/Moody's?]. It’s a
simple application of reasoning. Ipso-facto, the collateral can
no longer be accepted.”

And the absolutely For The Win:

“Don’t think for a minute that we’re against
restructuring because French and German banks have Greek bonds.
The problem is for Greece itself.”

The ECB would like to thank the academy... and the children. Now, for that Geodon...

h/t Gwilym

 

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Tue, 05/24/2011 - 19:09 | 1307103 apberusdisvet
apberusdisvet's picture

The Germans need to invade; on humanitarian grounds, of course.

Tue, 05/24/2011 - 20:23 | 1307310 He_Who Carried ...
He_Who Carried The Sun's picture

The Germans shouldn't have left in the first place. ;-) :-))

Now "The knights of St. John" will get Rhodos back and keep it forever.

Tue, 05/24/2011 - 20:49 | 1307376 Rodent Freikorps
Rodent Freikorps's picture

The Germans will keep the lights on.

The genius, this time, is the Greeks will eventually beg them to invade.

Beats hell out of the Turks taking the territory.

Tue, 05/24/2011 - 22:29 | 1307674 BobPaulson
BobPaulson's picture

More likely it will just return to its equillibrium state of the good old drachma days. The geniuses who think Europe can accommodate its inherent disparity under one roof missed the class on "arbitrage". In my first visit there in 1990 it was fun, cheap and somewhat backward. Nothin' wrong with that. Helicoptering in money to try to make it a suburb of Munich hasn't exactly worked out.

Wed, 05/25/2011 - 04:04 | 1308165 BigJim
BigJim's picture

I suspect the Greek government will sell most of its assets to pay its debt. The austerity will go on, or even deepen. The standard of living there will plummet. The Greeks will finally revolt. Embarrassed by Greece's developing-nation status, the EU will 'regretfully' let them out of the EMU, maybe even out of the EU. They'll set up their own currency, and then nationalise all the industries they privatised a few years earlier. Meanwhile, all the management of the banks that were bailed out will have retired on multi-billion dollar bonuses. The new management of all the banks that will lose a fortune when Greece re-nationalises will take their begging bowl/RPG to the ECB and get bailed out (again).

The Greeks should revolt NOW.

Wed, 05/25/2011 - 07:57 | 1308352 agent default
agent default's picture

"Be quiet you will wake up the Greeks" Actual poster from the Spanish protests.

That bunch of dead meat? Revolting? Forget it.

Tue, 05/24/2011 - 23:42 | 1307826 PulauHantu29
PulauHantu29's picture

Greece may be handed over to Knights Who Say Ni:

http://www.youtube.com/watch?v=QTQfGd3G6dg&feature=related

Wed, 05/25/2011 - 01:42 | 1308019 Michael
Michael's picture

The Greeks could always reclassify their debt as tier 3 capitol and move it off the books for an undetermined period of time. No need to mark it to market either. 

There, problem solved.

Thank me.

Wed, 05/25/2011 - 10:03 | 1308757 BobPaulson
BobPaulson's picture

If they could be reclassified as an investment broker these numbers wouldn't be bad at all, and they could get their lips on that Fed bailout teat. 

Tue, 05/24/2011 - 23:06 | 1307757 silberblick
silberblick's picture

Click below to see a visual graph of Bankster's dirty needs arranged according to Abraham Maslow's hierarchy of needs:

http://thesilvergoldhedge.blogspot.com/2011/05/banksters-dirty-hierarchy...

Tue, 05/24/2011 - 19:14 | 1307105 Cheesy Bastard
Cheesy Bastard's picture

My big fat Greek bloodletting

Tue, 05/24/2011 - 20:43 | 1307365 bonddude
bonddude's picture

OPAH ! More retsina !

Tue, 05/24/2011 - 21:46 | 1307573 oogs66
oogs66's picture

Stop stealing my lines! :P

Tue, 05/24/2011 - 19:11 | 1307106 IdioTsincracY
IdioTsincracY's picture

Of course ... the only remedy to a debt problem is more debt, but quality debt!

WTF?!?!

Tue, 05/24/2011 - 21:05 | 1307418 Milestones
Milestones's picture

Well we have oddles and oddles of prime debt. Why not let them have some of ours?   Milestones

Wed, 05/25/2011 - 03:03 | 1308118 TruthInSunshine
TruthInSunshine's picture

OT, but I found out who RoboTrader is:

BUD LIGHT BEER | MR HOT STOCK TIP GIVER OUTER
Tue, 05/24/2011 - 19:12 | 1307108 Restcase
Restcase's picture

>>That means the Greek state will gain nothing. It will invest in the banking sector everything that it has gained in the restructuring.<<

Or it could let the loser banks fail while clearing the way for new winner banks to replace them. These newly chartered winner banks could be stocked top-to-bottom with friends of the current government.

It's a win-win!

Tue, 05/24/2011 - 19:54 | 1307210 j0nx
j0nx's picture

I'm ok with this as long as the current crop of banksters are fired and forbidden from EVER working in any field that involves ANYTHING to do with finance again. The only jobs they will be allowed to work are McJobs. Then I can drive through and order a cheeseburger and then come into the restaurant a few minutes later and say, "oh boy, I asked for no onions!" and then I throw the open faced burger at him ketchup side up right into his McSmock. How long will it take before they all off themselves after a few days of that kind of treatment. One can only hope...

Tue, 05/24/2011 - 21:01 | 1307410 Things that go bump
Things that go bump's picture

I'm afraid many will fall on their swords, so to speak, rather then serve cheeseburgers wearing a paper hat.

Tue, 05/24/2011 - 22:27 | 1307668 Alienated Serf
Alienated Serf's picture

+1 for McSmock

Tue, 05/24/2011 - 19:17 | 1307111 Miles Kendig
Miles Kendig's picture

“Time isn’t a way of lightening the program. A bit more time may be necessary. The program might be longer. The measures are necessary in any case. It’s the same effort over more time.”

When it's "with more time & effort there may yet be success" in such auspicious circumstances you know the situation is FUBAR.

Tue, 05/24/2011 - 19:47 | 1307194 NewThor
NewThor's picture

Speaking of Bloomberg:

When I save society and create a better system that gives a

better quality of life for all creatures on the planet,

I'm taking Caroline Hyde, Betty Liu and Linzie Janis 

as my wives.

I ain't playing, YAR!

Tue, 05/24/2011 - 19:16 | 1307115 macholatte
macholatte's picture

You have to make decisions that are in the interest of the country and its citizens.

 

I didn't see that language in anyone's oath of office. Did I miss something?

Tue, 05/24/2011 - 19:20 | 1307125 tom a taxpayer
tom a taxpayer's picture

It is a real horse race as to who is the biggest EuroLiar - ECB's Christian Noyer or Jean-Claude Jun(c)ker

http://www.zerohedge.com/article/jean-claude-juncker-europe-doing-gods-w...

Tue, 05/24/2011 - 21:49 | 1307584 oogs66
oogs66's picture

Who is responsible for more rape - dsk or trichet?

Tue, 05/24/2011 - 19:21 | 1307130 LivermoreJim
LivermoreJim's picture

Reminds me of the song in the musical MAN FROM LA MANCHA: "I'm only thinking of him."

Tue, 05/24/2011 - 19:22 | 1307140 Pepe
Pepe's picture

All I can say is: Sit back and watch

Tue, 05/24/2011 - 19:26 | 1307147 MiguelitoRaton
MiguelitoRaton's picture

That's like a teachers union rap saying outrageous pensions are "all about the children" do the sheeple really look that stupid?

Tue, 05/24/2011 - 19:30 | 1307154 IdioTsincracY
IdioTsincracY's picture

What the hell is this?

Tue, 05/24/2011 - 19:35 | 1307179 Medea
Medea's picture

Perfect response.

Tue, 05/24/2011 - 19:57 | 1307224 MiguelitoRaton
MiguelitoRaton's picture

You have difficulty with analogies in general or just this one? The teacher's union regularly says it is "all about the children", while they refuse to fire failing teachers, promote solely on seniority, and weild power, all of which harm the children.

 

At least one union rep admitted as much:  "One union rep explains, 'it is not because we care about children. And is it not because we have a vision of a great public school for every child. NEA and it's affiliates are effective advocates because we have power.'"

 

See: http://www.myfoxtampabay.com/dpp/news/state/anti-union-ad-precedes-teacher-pay-vote-03152011

 

The analogy, since you seem to have missed it is this dipshit claiming that bailouts are all about helping the Greek people.

 

BTW, JUNK YOU!

Tue, 05/24/2011 - 20:36 | 1307293 IdioTsincracY
IdioTsincracY's picture

You should not be judging the teaching profession based on the lack of reasoning that you demonstrate ... I am sorry that bad teachers turned you into an idiot ... just remember you do not represent the product of our educational system as a whole ...

just look at all the people on ZH ... all products of our current educational system ... not bad right?!

 

Not sure if can read ... but if you can, try this, just some simple facts:

http://daytonos.com/pdf/collective%20bargaining.pdf

 

 

Tue, 05/24/2011 - 20:43 | 1307361 MiguelitoRaton
MiguelitoRaton's picture

Ah, a collective bargaining apologist. No doubt a teacher or retired teacher. Your strawman attack on me personally is NOT a response to my points:

1. Teachers unions promote by seniority not results

2. Teachers unions have made PUBLIC schools 2X-3X more than private school costs in the US, while delivering inferior results

3. Teacher's unions are no more about helping the children than this ECB apologist is about helping the Greeks.

 

So go ahead and demonstrate your inability to address issues, and go ad hominem on me. That is always the last resort of someone losing an argument. BTW, while you're at it, please explain why the teacher's unions are against vouchers and school choice. Or just attack me personally, that's much easier...

Tue, 05/24/2011 - 21:02 | 1307417 IdioTsincracY
IdioTsincracY's picture

Teacher? ... nope dude! :-)

Just someone who actually values facts over IdioTic opinions.

Anyway, did you actually read the document? Any thoughts beyond those that a mindless and uninformed being would provide?

 

Tue, 05/24/2011 - 21:18 | 1307458 downwiththebanks
downwiththebanks's picture

LIQUIDATE KNOWLEDGE!

Tue, 05/24/2011 - 21:14 | 1307454 downwiththebanks
downwiththebanks's picture

Keep sucking off the banker-gangsters, disinfo boy.

Wed, 05/25/2011 - 04:41 | 1308183 BigJim
BigJim's picture

You're confused.

Socialism demands enormous state intervention, and destroys the price mechanism. Central planning is expensive (ie, wasteful of resources) and as a consequence, governments require more money than they can feasibly tax without being thrown out of office by irate taxpayers. They therefore require the banks to buy their debt and to run a fiat-currency regime to inflate the money supply to pay for all the goodies they hand out to all the voters, who think they're getting something for nothing... whereas it's all being paid for by their currency's destruction.

So your support for 'socialism' is actually a vote for the banksters.

You're the one sucking off our bankster class. And you don't even understand it.

Tue, 05/24/2011 - 20:04 | 1307253 knukles
knukles's picture

Right. 
True.
Absolutely.
I agree wholeheartedly.

Ya'll left my kids so fucking dumbed down you don't deserve one.
QED 

Tue, 05/24/2011 - 21:17 | 1307460 downwiththebanks
downwiththebanks's picture

Don't blame a teacher for your inability to parent, banker-gangster.  Perhaps rape and pillage shouldn't be among the cardinal virtues you pass along to them.

It makes them greedy, selfish, narrow-minded little fuckers.

Wed, 05/25/2011 - 05:16 | 1308197 zhandax
zhandax's picture

I will admit that i do not blame the individual teachers but rather the federal dept of education (absolutely unconstitutional) but the net result is we have an entire generation of idiot kids and they are almost at the age of reproducing.

Wed, 05/25/2011 - 06:20 | 1308230 bigkahuna
bigkahuna's picture

They are not all idiots, but they have absolutely no idea what they are getting into. Over the last 4 years I believe that monetary systems across the globe have become trivial. These kids think that money grows on trees-and for them, it has. That is all coming to a nasty end. I just hope they don't go nuts.

Tue, 05/24/2011 - 20:24 | 1307307 downwiththebanks
downwiththebanks's picture

To type and perform fellatio upon a banker-gangster:  what a skill.

Wed, 05/25/2011 - 04:42 | 1308184 BigJim
BigJim's picture

You're confused.

Socialism demands enormous state intervention, and destroys the price mechanism. Central planning is expensive (ie, wasteful of resources) and as a consequence, governments require more money than they can feasibly tax without being thrown out of office by irate taxpayers. They therefore require the banks to buy their debt and to run a fiat-currency regime to inflate the money supply to pay for all the goodies they hand out to all the voters, who think they're getting something for nothing... whereas it's all being paid for by their currency's destruction.

So your support for 'socialism' is actually a vote for the banksters.

You're the one fellating our bankster class.

Tue, 05/24/2011 - 20:30 | 1307333 Carl Spackler
Carl Spackler's picture

+1million,  MiguelitoRaton

Perfect analogy

Tue, 05/24/2011 - 20:36 | 1307348 IdioTsincracY
IdioTsincracY's picture

After the analogy, how about a syllogism:

School systems produce idiots

MiguelitoRaton is the product of a school system

therefore MiguelitoRaton is an idiot!

Just sayin'!

 

Tue, 05/24/2011 - 20:47 | 1307370 MiguelitoRaton
MiguelitoRaton's picture

You are calling everyone who is a product of "the school system" an idiot? Interesting. And yet you know nothing of me. I could have attended public, prive or homeschooling for all you know, but you call everyone who goes to school an idiot. I assume therefore that you did not go to school...so WHO is the idiot?

Tue, 05/24/2011 - 20:57 | 1307407 IdioTsincracY
IdioTsincracY's picture

What you see is your reflection in the mirror.

Tue, 05/24/2011 - 23:33 | 1307805 tarsubil
tarsubil's picture

Did your teacher teach you that, little Johnny?

Tue, 05/24/2011 - 23:37 | 1307808 Rodent Freikorps
Rodent Freikorps's picture

It was in the Federal approved teaching plan.

All hail the State.

 

Tue, 05/24/2011 - 19:26 | 1307149 Atomizer
Atomizer's picture

Same with Ireland..

The bailout represents almost as much of a scandal for the IMF as it does for Ireland. The IMF found itself outmanoeuvred by ECB negotiators, their low opinion of whom they are not at pains to conceal. More importantly, the IMF was forced by the obduracy of Geithner and the spinelessness, or worse, of the Irish to lend their imprimatur, and €30 billion of their capital, to a deal that its negotiators privately admit will end in Irish bankruptcy. Lending to an insolvent state, which has no hope of reducing its debt enough to borrow in markets again, breaches the most fundamental rule of the IMF, and a heated debate continues there over the legality of the Irish deal.

http://www.irishtimes.com/newspaper/opinion/2011/0507/1224296372123.html

Hey.. Look over here, DSK DNA matches. Ummm, maybe? TV land will get back with you on the next breaking news regarding the legitimacy of our sourcing. Please return to your daily scheduled program, "Dancing with the Czars."

Tue, 05/24/2011 - 19:36 | 1307182 IdioTsincracY
IdioTsincracY's picture

The IMF mandate:

The mandate of the IMF, as laid out in its Articles of Agreement, is to promote international monetary cooperation, balanced growth of international trade, and a stable system of exchange rates.

So let's check:

Monetary cooperation? ...... nope

Balanced international trade? ...... nope

Stable exchange rates? .... yeah right!

DSK's parachute: $318,000

Mission accomplished!

Tue, 05/24/2011 - 21:51 | 1307571 M.B. Drapier
M.B. Drapier's picture

Likewise, compare Lorenzo Bini Smaghi talking about Ireland to Noyer on Greece. Bini Smaghi seems to have been assigned the Ireland brief.

Tue, 05/24/2011 - 19:27 | 1307153 RobertMugabe
RobertMugabe's picture

Alright, now things are getting creepy. That last line sent an Orwellian chill down my spine.

Tue, 05/24/2011 - 19:30 | 1307166 centerline
centerline's picture

The line about collateral says it all...  give us your gold bitches!  Gold!  GOLD!  (and the cute women too... and a couple of gyros... to go).

Tue, 05/24/2011 - 19:31 | 1307156 centerline
centerline's picture

Inside the central banker's world.  No one dare look outside the box here... nothing to see.  Just empty space.  Cant survive without the central bank ya know.  There is only pain outside that box.  And pain inside the box.  Well, there's just pain now.  Oh well.

Tue, 05/24/2011 - 19:38 | 1307186 IdioTsincracY
IdioTsincracY's picture

pain in the ass .... pass the vaseline

Tue, 05/24/2011 - 19:38 | 1307187 Rodent Freikorps
Rodent Freikorps's picture

Greece is not going to default until people stop giving them money.

Duh.

Tue, 05/24/2011 - 20:31 | 1307336 topcallingtroll
topcallingtroll's picture

So simple! So very true!

Wed, 05/25/2011 - 02:16 | 1308051 Assetman
Assetman's picture

So. Very. True.

Greece has simply had no intention of paying anyone of substance back.  They didn't even seem to move with much urgency in the first fiscal crisis.  But boy, howdy, did they ever get a good deal on worthless paper.  In fact, much better than Ireland or Spain.

Now the ECB is back to the M.A.D. speel once again.  Did they not think for one second that Greece has gone through numerous sovereign defaults throughout the last century???

Greece knows they can survive this, as history is replete of examples.  They know the ripple effects to the rest of Europe if they defaulted overnight.  The ECB is shitting bricks because they know the ripple effects as well.

It makes you wonder who is really in the driver's seat, now, doesn't it?

The simple lesson to be learned here is to never lend more money or assume the debt of an insolvent country.  The country will eventually default.  Unfortunately for the ECB, they couldn't pass enough of this crap in investors outside the banking system to absorb that fecal matter.

If I'm Greece, I tell the ECB to get me another 150 billion euro loan-- or go pound sand. 

Wed, 05/25/2011 - 04:16 | 1308170 BigJim
BigJim's picture

Unfortunately, it's not 'Greece' that the ECB is negotiating with - it's a small subsection of the Greek elite, who know their future sinecures (and possibly lives) are at risk if they don't play ball with the banksters.

Tue, 05/24/2011 - 19:44 | 1307190 ABG LINE
ABG LINE's picture

--)-)@

To all my Bond Vigilantes.

Tue, 05/24/2011 - 19:56 | 1307203 M.B. Drapier
M.B. Drapier's picture

The ECB's logic on collateral eligibility has my poor mind in a spin.

If the debt is restructured, you can't say it's debt of good quality.

If the debt is restructured, you can't say it was of good quality. If the debt is restructured brutally enough, you can say that it is of good quality ... at least, if you believe that Greece is capable of getting to a primary surplus without first being locked out of the debt market, which is what the ECB claims to believe. Right? So in response to being caught out accepting bad collateral, the ECB would be forced to ... refuse good collateral? I wish I were a sophisticated investor who could understand this. ;)

Wed, 05/25/2011 - 01:49 | 1308023 Urban Redneck
Urban Redneck's picture

Not that anyone in their right mind would call me a sophisticated investor- but I think the is and was are tripping you up.

The only thing that matters is what is

Is Greek debt eligible as a building block (leverageable) in the global banking fiat ponzi?  If yes, then Greek debt is acceptable collateral.

They are trying to extend the is period and pretend that Greece can get to a primary surplus, because as soon as Greek debt is not then Greece is shut out of the debt market, and European banks (debt market) must reduce or replace the capital/leverage/liquidity/ponzi blocks built from the Greek debt that is not acceptable collateral then.

 

 

Tue, 05/24/2011 - 19:49 | 1307204 MiguelitoRaton
MiguelitoRaton's picture

That's like a teachers union rap saying outrageous pensions are "all about the children" do the sheeple really look that stupid?

Tue, 05/24/2011 - 19:54 | 1307223 Rodent Freikorps
Rodent Freikorps's picture

For decades now, yes.

Tue, 05/24/2011 - 20:58 | 1307409 Rodent Freikorps
Tue, 05/24/2011 - 22:53 | 1307734 knowless
knowless's picture

http://vimeo.com/452962

that is the only pertinent counterpoint i can find.. and it is not one.

squirrel

Tue, 05/24/2011 - 23:07 | 1307764 Rodent Freikorps
Rodent Freikorps's picture

You only get one life.

Die well and face what comes next with your back straight and your head high.

Tue, 05/24/2011 - 20:11 | 1307274 Eally Ucked
Eally Ucked's picture

yes, bankers get billions in bonuses to keep talent there, with teachers is exactly the same situation, they have pensions - talent stays at their job making your kids brilliant. If you won't agree with it you're fucked, they quit their jobs and start preparing your KFC or other shit at local joint and you'll be sorry.

 

Tue, 05/24/2011 - 20:21 | 1307297 Rodent Freikorps
Rodent Freikorps's picture

All the billions additional spent on education in the US has produced lots of Taj Mahal high schools, but not one single point increase in test scores.

Sell it to the idiot average voters.

Tue, 05/24/2011 - 20:23 | 1307312 downwiththebanks
downwiththebanks's picture

Measuring education with a number is the mark of an imbecile, NaziRat.

At least you're in character.

Tue, 05/24/2011 - 20:31 | 1307331 knowless
knowless's picture

while you are correct,.. the school system is forced to measure intelligence by numbers.. so sadly, the nazirat is also correct.

Tue, 05/24/2011 - 21:11 | 1307425 Rodent Freikorps
Rodent Freikorps's picture

Could you guys at least go with Nazi Squirrel?

At least, then, you'd be half right.

I figure if Arabs, Iranians and Aryans all hate me, I must be right.

Carry on haters.

A man is measured by the strength of his enemies.

Wed, 05/25/2011 - 04:29 | 1308172 BigJim
BigJim's picture

I just spent three weeks showing your posts to a random strangers.

The Africans, Jews, Chinese, Indians, Koreans, Japanese - they all hate you, too.

The only Inuit I could find thought you might make a nice broth, but said the machine gun looked a bit crunchy.

;-)

Wed, 05/25/2011 - 05:46 | 1308214 Rodent Freikorps
Rodent Freikorps's picture

If only you could get them all to stop hating each other...

Wed, 05/25/2011 - 07:19 | 1308282 BigJim
BigJim's picture

Misanthrope is what bring us all together?

Tue, 05/24/2011 - 21:14 | 1307442 downwiththebanks
downwiththebanks's picture

Why is it forced to do so?  The whole education scam boils down to thinking you can measure thought with a fucking number.

Tue, 05/24/2011 - 21:41 | 1307541 Rodent Freikorps
Rodent Freikorps's picture

I can see why you'd be upset by that, since you'd be in negative numbers. A few points less than a dog.

Tue, 05/24/2011 - 21:51 | 1307581 downwiththebanks
downwiththebanks's picture

0

Tue, 05/24/2011 - 22:05 | 1307614 Rodent Freikorps
Rodent Freikorps's picture

Bring it, goat humper.

I am not impressed.

If you were a man, you'd be carrying an AK.

Tue, 05/24/2011 - 22:08 | 1307624 IdioTsincracY
IdioTsincracY's picture

I'm coming ... get ready .... take that gun of yours out of your ass!

Tue, 05/24/2011 - 22:21 | 1307659 Rodent Freikorps
Rodent Freikorps's picture

I'll be waiting.

It'll be like Christmas.

Tue, 05/24/2011 - 22:37 | 1307697 downwiththebanks
downwiththebanks's picture

You score 4%:  I smiled at "goat humper".  

Tue, 05/24/2011 - 23:11 | 1307773 Rodent Freikorps
Rodent Freikorps's picture

Speaking of goat molesters, how is your dad?

Still have the limp?

Wed, 05/25/2011 - 04:55 | 1308185 BigJim
BigJim's picture

Why is it forced to do so?  The whole education scam boils down to thinking you can measure thought with a fucking number.

Well, how do you propose they measure education in a way that outcomes can be compared across an entire nation?

Not that I'm a fan of the US public school system, you understand.

Wed, 05/25/2011 - 05:18 | 1308199 StychoKiller
StychoKiller's picture

Check out: "Some Lessons from the Underground History of American Education" by John Taylor Gatto, found in "Everything You Know is Wrong", ISBN 978-1-56731-637-7, pgs 274-287

 

What makes you "think" that the Govt should be teaching out children?

Tue, 05/24/2011 - 20:52 | 1307390 MiguelitoRaton
MiguelitoRaton's picture

There are chellenges to measuring "intelligence" but measuring education numerically is quite established and generally accepted. Students are measured against their peers through test scores and GPAs both within the class and between schools. While this is not always precise (except when using standardized tests), it is the best we have. And the education in the US per dollar spent is pathetic when compared to other countries.

Tue, 05/24/2011 - 21:11 | 1307430 downwiththebanks
downwiththebanks's picture

Is quite established by whom?

You can ratfuck the numbers to get them to say anything.  Sort of like votes.  That the difference between precision and accuracy.

Did you ever consider that the REASON our educational system sucks is the top-down diktat to teach to stupid tests that don't measure anything except the ability to recount trivia?

Tue, 05/24/2011 - 21:11 | 1307443 Rodent Freikorps
Rodent Freikorps's picture

No, dipshit, the problem is that the substandard teachers are forced by the federal Dept. of Education to spend more than 50% of their time propagandizing the victims of the education system we call students.

You are a tool of evil.

Tue, 05/24/2011 - 21:22 | 1307469 downwiththebanks
downwiththebanks's picture

They're propagandizing for the same banker-gangsters whose shoes you shine, NaziRat.  Misery loves company?

NaziRat's smartness = 2

Tue, 05/24/2011 - 21:41 | 1307555 Rodent Freikorps
Rodent Freikorps's picture

No sirrah, just the transfer of false information to support socialism.

Just like you.

Tue, 05/24/2011 - 21:50 | 1307578 IdioTsincracY
IdioTsincracY's picture

Freiko ... we already have socialism ...it's called Reaganomics a.k.a. socialism for the rich ... a.k.a. the opposite of trickle down ... a.k.a. the annihilation of the middle class ... a.k.a 'deficits do not matter' .... etc.

 

Tue, 05/24/2011 - 21:58 | 1307593 Rodent Freikorps
Rodent Freikorps's picture

Morons.

Socialism is the disease. Not a president who left office 23 years ago.

Sell it to the Liberal idiots.

Tue, 05/24/2011 - 22:05 | 1307619 IdioTsincracY
IdioTsincracY's picture

How's that trickle down working for you? You know, all the wealth that was to magically come down from the rich to the middle class?

Quite the opposite!

Fuck the president who left office 23 years ago and his 'trickle down' goons!

http://www.declineoftheempire.com/2011/05/documenting-the-demise-of-the-...

Numbers do not lie ...

Another uninformed IdioT!!

 

Tue, 05/24/2011 - 22:21 | 1307665 Rodent Freikorps
Rodent Freikorps's picture

I liked it until the commies took control in 2006.

But nothing can stop the relentless assault of the ever growing socialist bureaucracy.

Socialism kills.

Tue, 05/24/2011 - 21:52 | 1307580 downwiththebanks
downwiththebanks's picture

1/2 - right on the false information.

Like Columbus's 'discovery'.

Tue, 05/24/2011 - 22:00 | 1307599 Rodent Freikorps
Rodent Freikorps's picture

You hate the US, but you'd like the US to go full bore socialist.

There is a lesson there, Kalib.

Tue, 05/24/2011 - 22:00 | 1307611 downwiththebanks
downwiththebanks's picture

What I'd really like are the photos of you holding Jamie Dimon's bedpan.

Your score:  25% (F)

Tue, 05/24/2011 - 22:22 | 1307645 Rodent Freikorps
Rodent Freikorps's picture

Do you want naked pictures of your sister?

Those I have.

Oh, crap. I shouldn't say that.

You might Honor Kill her, just in case.

Tue, 05/24/2011 - 22:39 | 1307692 downwiththebanks
downwiththebanks's picture

10% (F):  Better to just guess a letter, NaziRat. 

Don't kid ... my sister isn't a banker-gangster.  Everyone knows who you whore for:  just take a look at the thread.

Tue, 05/24/2011 - 22:36 | 1307694 Rodent Freikorps
Rodent Freikorps's picture

No, she's much cheaper, and she stays bought.

Tue, 05/24/2011 - 22:40 | 1307701 downwiththebanks
downwiththebanks's picture

---

More of a whore than you?  Whoa!

You may fail in the classroom, but you've got a future in stand-up comedy!

Tue, 05/24/2011 - 22:44 | 1307718 Rodent Freikorps
Rodent Freikorps's picture

And you have a future being a lab experiment.

How can you use the intertubes and be missing your brain?

Inquiring minds want to know.

Tue, 05/24/2011 - 22:51 | 1307732 downwiththebanks
downwiththebanks's picture

-----

-----

If anyone knows about lab experiments, it's the NaziRat!  

Just ask your boy Ernst Röhm!

Tue, 05/24/2011 - 23:17 | 1307777 Rodent Freikorps
Rodent Freikorps's picture

Ernst blew ponies.

But the Grand Mufti loved him anyway.

Damned open minded where it comes to the haters of Jews, you lovers of Hitler are.

 

Wed, 05/25/2011 - 02:28 | 1308068 Urban Redneck
Urban Redneck's picture

You can ratfuck the numbers to get them to say anything.

Because of substandard teachers who are incapable of educating their students the politicians keep adjusting the tests.  Case in point was the raising the median SAT test score to 500 in 1994/1995, which ironically means the youngsters now technically can't measure up to their elders since that would require scores that are literally "off the charts."   

It is also suspicious that civics tests for immigrants seem to require a higher level of civics knowledge than standardized tests for the US sheeple factories. 

 

Tue, 05/24/2011 - 21:15 | 1307449 IdioTsincracY
IdioTsincracY's picture

So you like numbers ... all right ... here it is from the PISA assessment, that ranks the USA behind several other nations in terms of academic success in schools:

This observation is especially pertinent to another finding in the PISA report, which is that poor kids do better in a school that has mostly middle-class kids. Our education system, both public and private, tends as a practical matter to be segregated according to family income and social class. This is a reflection of economic inequality, which is great in the United States and growing.

Hence, contrary to the beliefs of some IdioTic people, the very gap in wealth created by the oligarchy is also affecting the success of our educational system.

So, once again, based on facts, we have tied education to the economy, but not the way IdioTs do.

Tue, 05/24/2011 - 21:28 | 1307490 downwiththebanks
downwiththebanks's picture

Yeah, but do they measure 'success' by the ability to fill in an oval.

Have they mastered the art of turning education into an industry?  Lots of people make BANK off those ovals!

Tue, 05/24/2011 - 21:40 | 1307550 IdioTsincracY
IdioTsincracY's picture

I agree!

Finland is the best ranked educational system.

In comparison to the United States and many other industrialized nations, the Finns have implemented a radically different model of educational reform — based on a balanced curriculum and professionalization, not testing

 

http://www.npr.org/2011/01/28/133301331/the-new-republic-the-u-s-could-l...

 

Quite a different approach ... but the mindless zombies still repeat the same story of bad unions, bad teachers, bad pension, and bad whatever....

Just uninformed IdioTs!

Tue, 05/24/2011 - 21:45 | 1307564 Rodent Freikorps
Rodent Freikorps's picture

Perhaps they are not as corrupt as the NEA.

They approach the problem honestly. We approach the problem as how much we can funnel into a corrupt union that supports socialism.

Not the same.

Finns are not as stupid as US socialists. Scandinavian socialism cannot work in the US because the demographics are different. We have more criminals who want to get a government paycheck.

Tue, 05/24/2011 - 21:49 | 1307583 IdioTsincracY
IdioTsincracY's picture

Dude ... I take back the IdioT ... you're just ignorant ...

I'm out!

Tue, 05/24/2011 - 22:13 | 1307647 Rodent Freikorps
Rodent Freikorps's picture

Yes, you are out of your fucking mind if you support the NEA.

I accept your surrender.

Tue, 05/24/2011 - 22:31 | 1307682 downwiththebanks
downwiththebanks's picture

25% (F):  you get some credit for the humor of thinking you won a debate, NaziRat.

Tue, 05/24/2011 - 21:56 | 1307589 downwiththebanks
downwiththebanks's picture

0%

Tue, 05/24/2011 - 22:18 | 1307649 Rodent Freikorps
Rodent Freikorps's picture

Heh. Gave up on words?

0% is what you learned today in english as a foreign language? Good to know.

Tue, 05/24/2011 - 22:34 | 1307676 downwiththebanks
downwiththebanks's picture

0% (F)

Tue, 05/24/2011 - 22:36 | 1307686 Rodent Freikorps
Rodent Freikorps's picture

It isn't any fun if you just lay there.

Tue, 05/24/2011 - 22:45 | 1307709 downwiththebanks
downwiththebanks's picture

Shhhh - I'm filling in ovals to show how smart I am.

Tue, 05/24/2011 - 22:49 | 1307720 Rodent Freikorps
Rodent Freikorps's picture

Yeah, your sister told me about that.

You know that is wrong, don't you?

Tue, 05/24/2011 - 22:56 | 1307747 downwiththebanks
downwiththebanks's picture

-----

2% (F):  you're in danger of flunking out, NaziRat.

My gradebook shows you scoring under 10% in smartness.  That won't get you more than a 'C' at the University of Chicago's Econ department.

Tue, 05/24/2011 - 23:38 | 1307821 Rodent Freikorps
Rodent Freikorps's picture

That is so lame Down.

If you can't argue on the merits, just surrender and end the pain.

You have nothing.

Tue, 05/24/2011 - 22:54 | 1307738 medicalstudent
medicalstudent's picture

holy fuck.

 

we put mental retardants in the drinking water. one of the many reasons we dont know asses from titties.

 

J Hazard Mater. 2011 Feb 28;186(2-3):1942-6. Epub 2010 Dec 25. The relationships between low levels of urine fluoride on children's intelligence, dental fluorosis in endemic fluorosis areas in Hulunbuir, Inner Mongolia, China. Ding Y, YanhuiGao, Sun H, Han H, Wang W, Ji X, Liu X, Sun D. Source

Chinese Center for Disease Control and Prevention, Harbin Medical University, Harbin 150081, Heilongjiang, China.

Abstract

There has been public concern about children's intellectual performance at high levels of fluoride exposure, but few studies provide data directly to the question of whether low fluoride exposure levels less than 3.0 mg/L in drinking water adversely associated with children's intelligence. In this survey, we investigated the effects of low fluoride exposure on children's intelligence and dental fluorosis. 331 children aged from 7 to 14 were randomly recruited from four sites in Hulunbuir City, China. Intelligence was assessed using Combined Raven Test-The Rural in China while dental fluorosis was diagnosed with Dean's index. Mean value of fluoride in drinking water was 1.31±1.05 mg/L (range 0.24-2.84). Urine fluoride was inversely associated with IQ in the multiple linear regression model when children's age as a covariate variable was taken into account (P<0.0001). Each increase in 1 mg/L of urine fluoride associated with 0.59-point decrease in IQ (P=0.0226). Meanwhile, there was a dose-response relationship between urine fluoride and dental fluorosis (P<0.0001). In conclusion, our study suggested that low levels of fluoride exposure in drinking water had negative effects on children's intelligence and dental health and confirmed the dose-response relationships between urine fluoride and IQ scores as well as dental fluorosis.

 

the fins dont.

 

Drinking water fluoridation is not prohibited in Finland but no municipalities have turned out to be willing to practice it. Water suppliers, naturally, have always been against dosing of fluoride chemicals into water." (Leena Hiisvirta, M.Sc., Chief Engineer, Ministry of Social Affairs and Health, Finland, January 12, 1996.) www.fluoridealert.org/finland.jpeg

 

fuck the nebulous quality of edjumukashunn and or the perfectitudinousness of the putative teachaz.

 

show me a maestro who can teach a rock to do math, and ill show you a bunny out of a fucking hat.

 

Tue, 05/24/2011 - 23:20 | 1307782 Rodent Freikorps
Rodent Freikorps's picture

Look on the bright side. You get to go in debt to be propagandized.

Is that a world class scam, or what?

 

Wed, 05/25/2011 - 04:54 | 1308189 BigJim
BigJim's picture

Much as I loathe pretty much everything our government does, I'm not sure this is going to make much of a difference to education levels.

According to wikipedia

      The U.S. specifies the optimal level of fluoride to range from 0.7 to 1.2 mg/L (milligrams per liter, equivalent to parts per million),

so if

      Each increase in 1 mg/L of urine fluoride associated with 0.59-point decrease in IQ

then we're looking at an average of what, less than 1 point decrease in IQ due to fluoridation?

I'm far more concerned by the deleterious effect that not teaching logic or economics has on the development of our children's understanding of the world.

Tue, 05/24/2011 - 20:28 | 1307318 downwiththebanks
downwiththebanks's picture


To type and perform fellatio upon a banker-gangster:  what a skill.

Wed, 05/25/2011 - 04:39 | 1308182 BigJim
BigJim's picture

You're confused.

Much as I dislike the Rat's zionism, he's quite correct on the subject of socialism.

Socialism demands enormous state intervention, and destroys the price mechanism. Central planning is expensive (ie, wasteful of resources) and as a consequence, governments require more money than they can feasibly tax without being thrown out of office by irate taxpayers. They therefore require the banks to buy their debt and to run a fiat-currency regime to inflate the money supply to pay for all the goodies they hand out to all the voters, who think they're getting something for nothing... whereas it's all being paid for by their currency's destruction.

So your support for 'socialism' is actually a vote for the banksters.

You're the one fellating our bankster class - not ratboy.

Wed, 05/25/2011 - 05:53 | 1308216 Rodent Freikorps
Rodent Freikorps's picture

Isn't it weird Israel is only a very small piece of real estate, but the press can never stop talking about it, but socialism threatens the whole world, and not a single word from the MFM.

 

Wed, 05/25/2011 - 07:48 | 1308298 BigJim
BigJim's picture

To paraphrase Bastiat, Government is the illusion we can all pick each other's pockets for a living.

This pocket-picking is happening at all levels of society now, so everyone thinks they're coming out ahead!

Still think the majority of 'Jews' in Israel should go back to their ethnic homeland (Europe), though.

Wed, 05/25/2011 - 12:36 | 1309432 RKDS
RKDS's picture

Yeah, teachers should work for minimum wage so we can shovel more money into the bankster/politico/executive class.  How else can we attract top tier talent to destroy America?

 

Tue, 05/24/2011 - 19:57 | 1307222 Dolemite
Tue, 05/24/2011 - 19:57 | 1307234 skepticCarl
skepticCarl's picture

Christian Noyer sounded as if he used to work for Don Corleone, making offers "they can't  refuse".

Tue, 05/24/2011 - 20:01 | 1307236 legal eagle
legal eagle's picture

why, uh, yes, I am sorry they do.  How else could we have ignored this problem for 30 years?

Tue, 05/24/2011 - 20:04 | 1307245 Reese Bobby
Reese Bobby's picture

The French Timmah!

Tue, 05/24/2011 - 20:06 | 1307264 NotApplicable
NotApplicable's picture

Meh, it's all Greek to me.

Tue, 05/24/2011 - 20:09 | 1307265 wombats
wombats's picture

Obama to announce bailout of Greece.  News and video at 11:00.

Tue, 05/24/2011 - 20:15 | 1307280 rsnoble
rsnoble's picture

So when all this unfolds is it safe to assume what happens to the average person in Greece is what's going to happen to us poor US bastards?  This bullshit just keep getting better.

Tue, 05/24/2011 - 20:15 | 1307287 Dr. Acula
Dr. Acula's picture

Governments bonds are basically slavery futures. They're illegitimate contracts putting unwilling third parties and the unborn into slavery.

Bondholders should have no expectation of recovering funds from contracts they knew were illegal when they purchased them.

 

Tue, 05/24/2011 - 20:31 | 1307330 topcallingtroll
topcallingtroll's picture

Before about the mid thirties government bonds in the usa weretraditionally set to be fully paid off in 20 years since it was considered wrong for one generation to burden the next

Tue, 05/24/2011 - 20:17 | 1307292 Eric L. Prentis
Eric L. Prentis's picture

What a bunch of crap. More garbage from the financial elite and their shills. Greece needs principal restructuring, NOW! Let the banks fend for themselves. Implement the Icelandic solution; kick the fraudulent bankers to the curb, so the rest of us can get on with our lives.

Tue, 05/24/2011 - 20:21 | 1307306 THE DORK OF CORK
THE DORK OF CORK's picture

Its painfully colonial

“There is another possibility, which is to apply the program. To reduce the stock of debt, the only solution is ambitious privatization. There is no other solution.”

I think he means , I think - to pay down the debt rather then default

“When we’re in a monetary union and you need to restore your competitiveness, it is necessary to have the equivalent of an internal devaluation. Cut production costs. There is no other solution.”

There we go again with there is no other solution.................

Surely if a country defaults on formally private contracts it does not need to export its goods and indeed assets with such vigour.

Perhaps Greece has a sovergin debt issue more so then Ireland but surely a debt restructuring of its banks would help before we touch real goverment money.

If we cannot engage in rational destruction of non-preforming debt then surely the ECB can bid up Gold on the open market and re balance trade on this sorry continent.

I just am baffled by it all - will the ECB destroy entire countries to help Bullion banks balance sheets ? (no need to answer that question )

Its so sad really - a complete divorce from the physical world , a metaphysical financial farce.

Tue, 05/24/2011 - 20:33 | 1307340 aerial view
aerial view's picture

Currency devaluation

Pension losses

Sale of utilities and other infrastructure

And more debt

You say you want a revolution, Well, you

know, we all want to change the world...

http://www.youtube.com/watch?v=AqC_Gma221M

Tue, 05/24/2011 - 20:46 | 1307368 zero intelligence
zero intelligence's picture

Translated into real-speak:

“If we restructure Greek debt, that means Greece defaults.”

Uh, yeah.

“And what are the consequences of a default? The banks with the most Greek bonds are Greek banks. The Greek banks themselves will be badly damaged. When the banking system is stricken, what do you have to do to prevent the financing of the economy from collapsing? You have to recapitalize the banks. Who will recapitalize the Greek banking system? The Greek state.”

No, you convert the bank debt to equity. The bondholders take a hit, like they are supposed to, and it doesn't cost the Greek state a dime.

“The Euro System won’t refinance. The European states won’t finance. The IMF won’t go there alone. No one will finance the Greek state in coming years. That means the meltdown of the Greek economy. This is a horror story. That’s why we’re against a restructuring.”

It means that the Greek government will have to balance its budget. To spend no more than it takes in. To fire legions of worthless, overpaid public employees. Horrors!

“There is another possibility, which is to apply the program. To reduce the stock of debt, the only solution is ambitious privatization. There is no other solution.”

There is a solution: to tell the Greek bondholders to take a hike, instead of selling off state assets, which the Greek government is under no obligation to do.

“Restructuring is not a solution, it’s a horror story. You have to make decisions that are in the interest of the country and its citizens. The best option is the program.”

Let's see: 1) much less debt; 2) balanced budget; 3) legions of worthless public employees fired; 4) don't sell any state assets to foreign pricks at super-low prices. That sure is a big disaster.

“If the debt is restructured, you can’t say it’s debt of good quality. We need collateral of very good quality [quick someone, what is Greece rated now by S&P/Moody's?]. It’s a simple application of reasoning. Ipso-facto, the collateral can no longer be accepted.”

Actually, if the debt is restructured, then it would be of much better quality than it is today.

Tue, 05/24/2011 - 21:30 | 1307494 downwiththebanks
downwiththebanks's picture

Who defines the 'worth' of 'worker'?  Some parasitical banker-gangster?  

HA.  Welcome to Wonderland.

Tue, 05/24/2011 - 20:52 | 1307380 THE DORK OF CORK
THE DORK OF CORK's picture

Despite the high price just ordered another ounce of the shiny stuff - this madness must end soon.

Noyer is a good PM salesman.

I think maybe thats the idea - he wants extra euro cash for the next quarter and therefore needs Dorks credit money to buy it and save him some blushes.

MADNESS

Tue, 05/24/2011 - 20:53 | 1307394 Mr.Kowalski
Mr.Kowalski's picture

This is from a Der Spiegel article today on the dangerous position the ECB is in: "The failure of a country like Greece, which would almost inevitably lead to the bankruptcy of a few Greek banks, would increase the bill dramatically, because the ECB is believed to have purchased Greek government bonds for €47 billion. Besides, by the end of April, the ECB had spent about €90 billion on refinancing Greek banks" Whoops.

 

http://www.spiegel.de/international/business/0,1518,764299,00.html


Tue, 05/24/2011 - 21:20 | 1307470 GottaBKiddn
GottaBKiddn's picture

 

Apparently quality collateral means gold from the Greek Treasury, the beautiful Greek Islands, and of course virgins of either sex.

I can see the Greeks fighting this to the death.

 

 

Tue, 05/24/2011 - 21:41 | 1307543 farmer1
farmer1's picture

Derivatives (swaps) pull forward future earnings into current periods. Both companies have independent valuations so both sides to an agreement can claim profits in the early years.

Tue, 05/24/2011 - 22:05 | 1307625 M.B. Drapier
M.B. Drapier's picture

Article 123, section 3 of the Treaty of Lisbon is "Don't get caught." The ECB is in imminent danger of getting caught. Hence all the arm-waving.

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