The Economist FTW

Tyler Durden's picture

All you need to know in two easy words.

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truont's picture

"The horror, the horror".  That's priceless!

BobPaulson's picture

Do you want to lend, or do you want to surf?

Richard Weed's picture

Do you smell that...!  Do you smell that...!  I love the smell of burning Gyros in the morning... smells like... Victory.

[If you can't play by the rules, you are kicked out of the Club... keep in mind that only one lieutenant has to be shot... everyone else will fall in order rather hastily]

Richard Weed's picture

The following was sourced from Stratfor


The Greek economic imbroglio that has engulfed the European Union in its most serious economic and political crisis ever is building to a climax, with the likely conclusion on May 10 when the eurozone leaders meet in Brussels. Below is a timeline of significant events.


May 1


  • May Day Protests: Germany — especially Berlin — is bracing for considerable violence on May Day, both from left-wing protesters and neo-Nazis. While not directly related to the Greek problems, the size and level of violence in Germany will be an indicator of the public angst toward the economic crisis. While Germany will be the epicenter of the protests, there will be demonstrations across Europe. Athens could see considerable violence as major protest rallies are held (some at Greek ports) against budget austerity measures.


May 2


  • Greek Negotiations Conclude: Athens is expected to conclude negotiations with the International Monetary Fund (IMF) and the European Union over additional austerity measures. Indications are that a three-year freeze in public wages — including bonuses worth two months’ wages — will be implemented and that the retirement age will be raised from 62 to 67. There will also be a public-sector hiring freeze and a raise in the value-added tax. This will come on top of austerity measures already in effect, and is likely to elicit further protests in Greece.
  • Eurozone/German Meetings: Eurozone finance ministers will meet in Brussels, and there is also a possibility that the leaders of eurozone countries will meet via teleconference immediately following the announcement of the conclusion to negotiations between Greece, the IMF and the European Union. Most likely, the meeting will determine the next steps, as the eurozone is not expected to approve the deal before May 10. Meanwhile, German Finance Minister Wolfgang Schaeuble has indicated that immediately after the negotiations, he will ask Germany’s private banks to get involved in the Greek bailout. This is an attempt to get popular support for the bailout by illustrating to the German taxpayer that the bankers will be paying for Greek intransigence as well. German public opinion polls also indicate that the German public would approve of the Greek bailout if the banks share the burden with the taxpayers.


May 3


  • ECB/EU Commission Approval: The European Central Bank (ECB) and the EU Commission will have to approve the May 2 deal between Greece and IMF/EU negotiators. This is a key step before eurozone leaders can vote on it.
  • The German Cabinet Weighs In: Germany’s executive branch will likely agree to the deal this day. However, this is part of a process that is expected to take a week.


May 5


  • Greek General Strike: Greek trade unions — which have more than 1 million members — are expected to hold a general strike. The one thing that can derail the bailout of Greece at its start is potential for social unrest. If Greek unions sustain strikes over a considerable time period, or if violence in the streets intensifies, the government could become unable to enact the agreed-upon austerity measures.


May 7


  • Germany Decides: Germany is expected to seek parliamentary approval for the bailout deal by the end of the week of May 3, although the Bundestag’s final vote could take place on May 10. May 7 could bring the vote of the Bundesrat — the upper house — and a deal between the major parties. This is a key hurdle that needs to be cleared in the bailout process because Germany’s decision will signal to the rest of the eurozone — particularly countries skeptical of the bailout, like the Netherlands and Austria — which way Berlin is leaning. The vote is expected to pass, with key German officials no longer referring to the financial aid package as a “bailout of Greece,” but rather a defense of the euro against speculators — a marked shift in tone likely to rally public support for “protecting the euro” as opposed to “bailing out the Greeks.”


May 10


  • Eurozone Summit: Eurozone leaders will meet in Brussels to most likely officially approve the Greek bailout package, although they could also pre-approve it at a teleconference on May 2. The key at this point will be for the bailout to be large enough to “shock and awe” investors into feeling reassured about the eurozone’s support for Greece.
  • Germany’s Final Decision: The final vote in the Bundestag, Germany’s lower house, could take place on this day.


May 19


  • D-Day for Greece: Greece must cover a maturing 8.5 billion euro ($11.3 billion) 10-year bond. If Athens cannot come up with the cash, such a credit event would be very disruptive and could precipitate a crisis of confidence, a restructuring or some sort of default.
The Alarmist's picture

Yep, protests in Athens ... Germans pay.  They really should grow a new pair and go gothic on them.

Anton LaVey's picture

I love the smell of CDS burning in the morning... It smells like nothing else.

Mont Bleu's picture

This is the end... my only friend...

Mont Bleu's picture

This is the end... my only friend...

Reflexivity's picture

Photo Journalist:  This is the way the fucking world ends! Look at this fucking shit we're in, man! Not with a bang, but with a whimper. And with a whimper, I'm fucking splitting, Jack.


akak's picture

“There is no bailout problem. In the euro area, default does not exist.”

(Joaquin Almunia, 2010)


"Faltering forces of infidels cannot just enter a country of 26 million people and lay besiege to them! They are the ones who will find themselves under siege ... God will roast their stomachs in hell at the hands of Iraqis ... We have them surrounded in their tanks ... There are no American infidels in Baghdad. Never! ... Their infidels are committing suicide by the hundreds on the gates of Baghdad. Be assured, Baghdad is safe, protected."

(Iraqi Minister of Information "Baghdad Bob", 2003)

B9K9's picture

I love how major news magazines use words like "out of control". Nothing could be further from the truth. The entire purpose of the public stage of this debacle is maximum debt saturation. The IMF is achieving this objective with admirable results.

I don't see anything out of control; rather, I see a plan unfolding in all its beautiful glory. Really, at some point we must give credit where credit is due. We are being masterfully played. Bravo!

Ripped Chunk's picture

I agree. They have engineered the end-game with astonishing precision.

B9K9's picture

The only snit I have is if you take two people of comparable IQ, and one is purposely directed towards a 'useful' professional career (one entailing horribly boring, complex subject matter complete with multi-day licensing tests, only to graduate to a life of 16 hr work days), while the other is pulled aside and told how the world really works, it's not really cricket, now is it?

Well, better late than never. I'm pretty competitive, which is why I don't get all wobbly bemoaning what has become of us. I just want to get a chance to play & win during the next round.

kaiserhoff's picture

You must be a CPA.  In my next life I'm going to be a housewife, or house cat.  Haven't decided yet.

Hulk's picture

I'm coming back as a fucking Chihuahua! Can't beat a view from the purse!

poor fella's picture

Could come back as a little girl Chihuahua tho  =/

"I was going to the worst place in the world and I didn't even know it yet."

- Where's my JUNK?!?!

merehuman's picture

B9K9  I see it your way as well. All motivation to do honest work is gone from me. Today i go to a work site to "help" a friend finish his garage. What actual cash i may receive from this is worth didly. Besides that it just "feels stupid" to work for dollars when other folks make millions in minutes from a call.  Until recently i had a strong german work ethic. Now it just makes no sense to work at all.   Add the millions of unemployed getting free money  for to years really yanked the rug out from under fair work ,fair pay

Ripped Chunk's picture

WTF does IQ measure????

If you can't see how the world really works IQ will not help you.

Adam Neira's picture

Pattern recognition is very underestimated...

thesapein's picture

Well, if say 5% of the population is smart enough to understand how important being smart is, well, that's leaves 95% of the population telling themselves that everyone is created equal.

Reflexivity's picture

The ratio of suckers to nonsuckers is a constant.  You could also call it the wolf-to-sheep ratio.

The game changes, but the suckers stay the same.

B9K9's picture

Exactly. But how do you get out of the system in the first place in order to gain enough perspective? What happens if you go to a leading HS where practically everyone goes to either Ivy/UC, your/their parents are Ivy/UC grads, and YOU are expected & guided to follow in the exact same steps?

Not only do you not get any chance to see how the world works, you're purposely directed away from any useful inquiry. Hence, the types of heart-felt essays of self-exploration written by CogDis who expresses what millions are now also experiencing.

In some regards, I at least was trained in fundamentals so that my transition was fairly quick & painless. But what about scientists, doctors and humanitarians who were also sold the same con job, yet have -0- background knowledge in how to process this type of information?

At some point, you come to realize just what a masterful performance the entire game was played. Control education, control media and control (fiat) money and have a field day directing & watching the lemmings run around in circles trying desperately to "get ahead". Problem is, is it really that much fun after the thrill is gone? Is that why Lloyd looks the way he does?

aaronvelasquez's picture

Or some nice blue mushrooms.  Either way go camping and watch the trees and rocks watching you back.  They don't care what the market is doing.

YourAverageDebtSlave's picture

That's why I say we all focus our time on educating the homeless and bums on how to extract revenge on the powers that be in the banking and government sector.  You figure there are thousands of them with nothing to lose and enough people pissed off in the middle and upper middle class who are educated and ready to lead a willing ahem "population."  Not that I'm advocating anything, I'm just saying... 

thesapein's picture

Did someone not leverage themselves properly against a possible low IQ score? Need to hit the gym again?



hedgeless_horseman's picture

Ouch!  Note to self, don't screw with thesapein.

Ripped Chunk's picture

"Leverage themselves properly against a possible low IQ score"

That might be a good one


Unscarred's picture

Not sure if it was intentional or not, but that was really fucking funny!

bchbum's picture

It would be nice to have been told it early on, instead having to 'figure' it out through trial and error.

Reflexivity's picture

Careful, in trial and error (especially the error part) will reveal to you in much more real terms how-the-world works (in a bottom-up, scientific way) than taking someone else's (top-down) opinion.  Find the diamond in the error, just do it as fast and as early as possible in life.

dnarby's picture



The only possibility of this being engineered is after the dust has settled, Greenspan comes forward and admits to having intentionally turned the debt fire hose on, knowing full well the bankers wouldn't be able to contain their avarice in their dream to become feudal lords of the Earth.

As things stand, they killed the goose the laid the golden eggs, it's just going to take about 18 months for the goose to die (it's a really big goose, after all).

This will result in the repudiation of modern monetary systems, Keynesianism, and a return to PMs or PMs/commodities as currency.

With any luck there will be a big purge of non-productive government (bureaucrats, military and various forms of welfare, both corporate and private), and a de-centralizing of power (return of control to state and local governments).

But the banks are pooched.  The top management will be lucky if they don't do hard time.

in the end, we don't need banks.  They are a convenience, like cable TV or the Internet.  If they survive at all, it will be in their traditional local lending/VC services (think George Will in It's a Wonderful Life".

Once this is over, the pent up entrepreneurial urges (unfettered by the shackles of corrupt bankers and feckless politicians) will gusher forth resulting in an age of growth and prosperity few will have anticipated.

Just make sure you have a good helmet and life vest on so you can make it to the other side of the terribly fast-moving river we all need to cross.

Ripped Chunk's picture

Move to a wider angle lens my friend. 17mm or wider I think.

faustian bargain's picture

What they mean is "Out of (your and my) control".

IceViking's picture

This is a masterpiece indeed!!  Their agenda is clear, but is it clear to us?  For me I don't understand it, is it to owe everything?  or just to control everything?!  beats me!!

Cpl Hicks's picture

Tell me how I can make money off of "maximum debt saturation".

tmosley's picture

Buy gold, buy silver.  The debt will be monetized.

Assetman's picture

Oh.. looky here... the Economist has gone done something clever. :)

If real, this is actually pretty funny.

The Horror!  The Horror!


John Self's picture

Merkel = PBR Streetgang

Ben = Almighty

Europe, or maybe the whole world = Kurtz's compound

Richard Weed's picture

Do you smell that...!  Do you smell that...!  I love the smell of burning Gyros in the morning... smells like... Victory.

[If you can't play by the rules, you are kicked out of the Club... keep in mind that only one lieutenant has to be shot... everyone else will fall in order rather hastily]

hedgeless_horseman's picture

Willardolys: Are you crazy, Goddammit? Don't you think its a little risky for just some EMU?

Kilgoraia: If I say its safe to swap interest rates with these Goldman bitches, Captain, then its safe to swap interest rates with these bitches!

ZakuKommander's picture

You'd think they could at least have decked Angela out in Flecktarn.

Citizen of an IKEA World's picture

This is the end
Beautiful friend
This is the end
My only friend, the end
Of our elaborate plans, the end
Of everything that stands, the end
No safety or surprise, the end
I'll never look into your eyes...again