EU President Admits That Europe Is Fighting For Survival, Invokes M.A.D. Card

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Tue, 11/16/2010 - 08:58 | 730224 Shakes
Shakes's picture

The pain of my recent EUO position will be assuaged soon I hope...

Tue, 11/16/2010 - 08:59 | 730227 themosmitsos
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as a Greek .... :(((((((

Tue, 11/16/2010 - 10:29 | 730552 doolittlegeorge
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is that a deathhead?

Tue, 11/16/2010 - 09:01 | 730231 Josephine29
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Whilst he is explaining things perhaps Mr. Van Rompuy might like to explain what the Central Bank of Ireland is up to with this. From notayesmanseconomics.

"I was discussing the situation online with Lorcan RK who follows these matters closely and he pointed out that the “other assets” section on the balance sheet of the Irish central bank has recently increased by some 20 billion Euros.This is not the sort of thing you do by mistake is it? Except there has been no explanation at all."

Tue, 11/16/2010 - 09:52 | 730353 taraxias
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The Government will portray its acceptance of funds as an effort to stabilise the euro. But there are concerns about the implications and terms attached to accepting a bank bailout, according to a source familiar with the process.

It follows disclosure that the Irish Central bank had pumped €20bn of funding into the banks in recent months.


As usual, the public doesn't need to know, only the elites.

Tue, 11/16/2010 - 09:04 | 730235 stoneman sacked
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It is about time all artificial global constructs are dismantled

Tue, 11/16/2010 - 09:16 | 730264 snowball777
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- Property

- Money

- Nations

- Social contract


Tue, 11/16/2010 - 09:04 | 730236 israhole
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Von Rompuy, the self-appointed President of Europe.

Tue, 11/16/2010 - 09:57 | 730375 bank guy in Brussels
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ZH readers will get a laugh out of the clip of Nigel Farage, leader of the UK Independence Party faction at the European Parliament, go into a major tirade against EU President Herman van Rompuy, right to his face.

Farage is improper and insulting and over the line ... but it is wickedly funny:

Tue, 11/16/2010 - 12:39 | 731118 EvlTheCat
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I'd vote for Nigel Farage if I was in Britain, but then again I am a Libertarian.  People need to insult others more in this fashion. Over the line, improper? I don't agree.  "Proper" standards and "rules" of conduct are brain washing techniques used to control those who have a need to fit in.

Tue, 11/16/2010 - 09:06 | 730237 Rick64
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The EU is an undemocratic group designed to take away the soveriegn rights of member countries and put it in the hands of the elite.

Tue, 11/16/2010 - 09:15 | 730262 snowball777
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The SENATE is an undemocratic group designed to take away the SOVEREIGN rights of CITIZENS and put THEM in the hands of the elite.

Tue, 11/16/2010 - 10:39 | 730622 doolittlegeorge
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or is it their "perception of an elite"?  a man's eyes can play tricks on him.

Tue, 11/16/2010 - 13:37 | 731376 tired1
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Can anyone recommend sources to help me understand the EU mechanism and how it overlays the individual members? I ind the info I've looked at thus far is confusing.

Tue, 11/16/2010 - 20:33 | 732897 Rick64
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 I suggest you listen to Nigel Farage's (youtube) tirades against the EU. In between his well directed insults he defines it.

Tue, 11/16/2010 - 09:06 | 730238 cbaba
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This is a full attack by the market. They attacked first Iceland, then Greece, then Ireland, and now Portugal, finally it will come to the core countries.

No matter what the EU officials say or the FED says both Euro and Dollar is doomed, they are just saving the day, kicking the can down the road... Buy your Gold and watch this show.


Tue, 11/16/2010 - 09:18 | 730273 Ratscam
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you forgot the Yen and the British Pound!

Tue, 11/16/2010 - 10:04 | 730411 cbaba
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yes, add them too

Tue, 11/16/2010 - 10:40 | 730625 chrisina
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Which existing fiat currency would survive a Euro+Dollar collapse?

Tue, 11/16/2010 - 11:13 | 730775 Ratscam
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unfortunately or luckily, none!

Tue, 11/16/2010 - 12:22 | 731048 chrisina
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Agreed. Once the first domino falls, the rest fall shortly thereafter.


But I have my doubts it will happen that way : such a complete collapse of fiat currencies would mean a complete reset of all paper assets and liabilities and is mainly the interest of those who have few assets and many liabilities, ie not TPTB.


I think BEFORE such a cascading collapse would take place, they would move to PLAN B, some sort of supranational reserve currency used for all international trade settlements.

PLAN B which I guess they are already secretly working on.


I tend to think a collapse of the Euro and the Dollar is unlikely, but the emergence of something even more centralized and undemocratic is much more likely.


Tue, 11/16/2010 - 09:06 | 730241 jtmo3
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Ireland will cave and the EU will buy another day with phony money they don't even have to use ink on. They'll push a few keystrokes and  pretend they fixed it again. This could realistically go on for years.

Tue, 11/16/2010 - 09:15 | 730260 jus_lite_reading
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"This could realistically go on for years."

The problem is, it has been going on for years- since 2000. The EU is now 10 years into the perpetual lie, of pretend and extend. The US is 38 years into the pretend and extened. It will not go on much longer.

Tue, 11/16/2010 - 10:14 | 730458 TBT or not TBT
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I think Texans are going to be less willing to bail out Californians and New Yorkers than Germans are going to be willing to to bail out PIIGS.   Having given up faith over there, one of the few things resembling a replacement faith that they have left is big government, the bigger the better, and continent wide preferably.

Tue, 11/16/2010 - 14:13 | 731530 Rick Masters
Rick Masters's picture

If you want to play Blue State, Red State, it is the blue states that fund the red states. Texas being the exception. I charted out very simply the level of federal monies received vs. revenue paid and the so-called red states are at the top of the chart in sucking the gov't tit in the words of Mr. Alan Simpson. I'm just pointing that out. I think before California goes into default they could simply stop paying some federal revenue because either way the level that state pays will go down, and in the end it will be red states that suffer. BTW, i don't really like this type of division of our country cause it pits us against one another which is the last thing we need right now.

Tue, 11/16/2010 - 09:35 | 730309 M.B. Drapier
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No, they're not printing yet. In fact this is a smooth move by the ECB to ensure that it doesn't have to print away the Irish banks' debt.

Tue, 11/16/2010 - 10:44 | 730645 doolittlegeorge
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"what" could go one for "years"?  "debt monetizations followed by massive collapses in said debt"? 

Tue, 11/16/2010 - 09:07 | 730243 Oh regional Indian
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Von Dumpy is a globalist. He is not making these statements in a "let's do something about it" way.

He is making a statement of fact. All part of the plan.


Tue, 11/16/2010 - 09:08 | 730245 New_Meat
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Milton Friedman said that the Euro would not last a decade.  Well, he was wrong, but a 10-20% error in the over isn't significant given the rest of his prediction: see e.g.:

- Ned

Tue, 11/16/2010 - 10:31 | 730564 chrisina
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"The Hong Kong dollar won't survive the colony's return to Chinese control, predicts Nobel Prize-winning economist Milton Friedman... China's only choice is for the Hong Kong dollar to be absorbed by the yuan....Friedman predicts the Hong Kong dollar won't exist for more than two years beyond 1997." 

the Far Eastern Economic Review, February 23, 1995

Tue, 11/16/2010 - 09:10 | 730248 AUD
AUD's picture

Something that may or may not be relevant. I noticed on RAN Squawk that the Russian central bank now 'accepts' gold as collateral for its loans to commercial banks.

Since gold is actually the money & the 'loan', being probably rubles or euros, is actually debt (being a central bank liability), it is in fact the Russian central bank that is borrowing gold from the commercial banks.

The Russian central bank needs gold.

Tue, 11/16/2010 - 09:13 | 730257 snowball777
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 A petro-state is preparing itself for the end of dollar hegemony?

I'm shocked.

Tue, 11/16/2010 - 10:00 | 730395 taraxias
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They don't "need" more gold, they "want" more gold.


Tue, 11/16/2010 - 09:12 | 730255 snowball777
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"monetarist-Keynesian-central banking fundamentalism"

Islamo-Christian-faith-based terrorism.

Porno-Prude-central knitting orgy.

Black-white-typographic juxtapositionalism.

Tue, 11/16/2010 - 10:47 | 730652 doolittlegeorge
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i'm trying to divine a "buy/sell" recommendation here.  you're not making it easy by thinking this is "some type of joke" Snowball.

Tue, 11/16/2010 - 09:12 | 730256 jus_lite_reading
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I said from the very beginning, the EU would fail. I am actually surprised they were to keep up the image for so long and even make their "EUROS" worth more than the US dollar... it's only a matter of time before it collapses. 

Tue, 11/16/2010 - 10:49 | 730659 doolittlegeorge
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i don't mean this to sound funny--although for some reason it makes me laugh when i do "it's not that they fail, but how they fail that matters."

Tue, 11/16/2010 - 09:37 | 730266 M.B. Drapier
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Oh, classic: it's the Holy Roman Emperor again. No-one ever listens to van Rompuy.

In the meantime, the fate of Europe's bankers lies in the hands of a few good Irishmen, who can precipitate the mark to market (aka zero) catch 22 should the country finally force senior creditors to be impaired. Then not even the Fed will be able to backstop the continent's $50 or so trillion in interlinked assets, which also happen to be the continent's liabilities.

You've answered your own question there I'm afraid. There's no-one in the Irish government with the courage to credibly threaten the house of cards, let alone to actually bring it down. Thus the ECB is going to make good its exit of Irish support by dumping the lot on the Irish state, with funding provided by the other member states via the EFSF. (The ECB did threaten a big spill, by briefly squeezing off its support to the Irish banks. Very effective it was too.)

Tue, 11/16/2010 - 09:54 | 730364 TBT or not TBT
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You don't think there are an assload of ministers in Europe's various retarded obese governments who would like to see the Euro devaluated?

Tue, 11/16/2010 - 10:03 | 730403 M.B. Drapier
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Of course there are. But the ECB is beating them so far.

Tue, 11/16/2010 - 10:09 | 730428 TBT or not TBT
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For some reason whatever the ECB has been up to hasn't been all that effective, as the EURUSD had been climbing for a few months until last week, despite the  palpable acceleration of the spiraling motion in the collective european economic toilet bowl.

Tue, 11/16/2010 - 10:42 | 730637 M.B. Drapier
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But of course. ECB doesn't want to monetise, and isn't monetising, so naturally the Euro is going up. High fives in Frankfurt! Good grief, I didn't say that the ECB was saving the European economy, or anything daft like that.

Tue, 11/16/2010 - 09:21 | 730278 Dabale arroz a ...
Dabale arroz a la zorra el abad's picture

Watching the flow of events, I'm not really sure we'll be able to make the (worldwide?) bank run programmed for december 7th (!/event.php?eid=137793666269183 ). Should the banks still stand, I invite you to join!!

Tue, 11/16/2010 - 09:26 | 730289 LongSoupLine
LongSoupLine's picture

The reaction has reached critical physical anything and make some popcorn.

Tue, 11/16/2010 - 09:38 | 730311 AnAnonymous
AnAnonymous's picture

Funny how some people can not free themselves from their prejudices.

I remember this well, I registered on this forum because most people here were only willing to see one side of the EU story: the disintegration.

Led by articles by that Telegraph columnist, Piltchard or something.

Yet one other outcome was underlined (by myself and a few others): a deepening of the EU integration process. Months later, what happened?

No Euro crash.  France and Germany introducing a system of economic governance which is going to be written in a reformulated Lisboa treaty.

And now, this guy plays the same card: a deep crisis requiring action.

Once again, the same prejudiced people see in it the Euro end.

Beliefs, beliefs, some people cant live on facts and always prefer their beliefs.

Tue, 11/16/2010 - 09:56 | 730345 Anarchist
Anarchist's picture

The morons here seem to forget their ship is taking on water and the circling sharks sense blood in the water. The Wests goal of destroying Russia and containing China, India and the other developing countries is a failed policy. Doubling down in Iraq, Afghanistan and soon to be direct attacks by the USD in Africa and South America will only rip open more of the US's veins and get the sharks into a frenzy.  Alliances are being drawn and the US is being ignored. 

Tue, 11/16/2010 - 10:03 | 730405 TBT or not TBT
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We're all unclear as to how exporting our industrial base and many classes of service jobs to China and India and much of the Asia Pacific rim over the last several decades was meant to fit in with our "goal of destroying Russia and containing China, India and the other developing countries."    As to Russia-it is destroying itself just fine, inspite of "the West" buying its few worthwhile exports(raw materials basically).

Tue, 11/16/2010 - 10:54 | 730680 doolittlegeorge
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there's "The City" and then there's "THE CITY."  That would be London.

Tue, 11/16/2010 - 09:38 | 730312 MasterB
MasterB's picture

Oh to be able to read the history books of 100 years hence.

Tue, 11/16/2010 - 09:53 | 730329 Anarchist
Anarchist's picture

The dance continues until Germany and France have gotten all they can out of the party before pulling the plug. The EU has been a boon to many in Europe but it has been especially good for Germany. The cost of absorbing East Germany back into Germany has been enormous. Germany had to sell a lot of goods to pay for it.  

Too bad the Wests goal of finishing off Russia for good and looting it's corpse has failed. Look for many of the failing ex-Soviet satellites to go begging to Russia for a lifeline. Germany being pragmatic has decide to cut independant deals with the Russians for energy and trade. 

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