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EU Pulls Out Nuclear Option: Proposed 500 Billion Euro Bail Out Package Is Largest In History
From Le Monde:
Zone euro: l'Allemagne propose un plan d'aide de 500 milliards d'euros
AFP | 09.05.10 | 21h58
L'Allemagne a proposé dimanche soir la mise sur pied d'un vaste plan d'aide financier pouvant être utilisé pour les pays de la zone euro, d'un montant total de 500 milliards d'euros et impliquant le FMI, a indiqué à l'AFP une source diplomatique européenne. "L'Allemagne a mis sur la table une proposition totale de 500 milliards d'euros", a-t-elle indiqué. Elle comprendrait les 60 milliards d'euros de prêts octroyés par la Commission européenne, dont il était question ces derniers jours, ainsi que 440 milliards qu'apporteraient si nécessaire les pays de la zone euro et le Fonds monétaire international. Cette dernière enveloppe serait constituée "de prêts bilatéraux, de garanties pour des emprunts et de lignes de crédit du FMI", selon la même source. Il s'agirait par son ampleur, s'il fait l'objet d'un accord, d'un plan d'aide sans précédent dans l'histoire.
Translated:
Germany
proposed on Sunday evening the establishment of a comprehensive plan of
financial aid can be used for countries in the euro area, totaling 500
billion euros and involves the IMF, told AFP European diplomatic source. "Germany has put on the table a proposal of 500 billion euros," she said. It
would include 60 billion euros in loans from the European Commission,
he was in the last day, and 440 billion would accrue if necessary, the
euro zone countries and the International Monetary Fund. This envelope would be established "bilateral loans, collateral for loans and lines of credit from the IMF," the source said. It would be in scale, if the subject of an agreement, an assistance plan is unprecedented in history.
And once this money is exhausted which it will be, Europe will default as the playbook is TARP then immediate monetization, however without a reserve currency backstop. The EURUSD is spiking by 3 handles right now, however once traders realize that the ECB will commence printing money in earnest it will go straight down to parity.
For those who want to read the best perspective on the nuclear option, here is Evans-Pritchard's take on why this nuclear bomb will be a dud:
The EU is invoking the "exceptional circumstances" clause of Article
122 of the Lisbon Treaty, arguing that the euro is subject to an "organized
worldwide attack". This is a legal minefield. A group of professors has
already filed a case at Germany's Constitutional Court, claiming that the
Greek bail-out is illegal and that the EMU is degenerating into a zone of
monetary disorder.The judges have denied an immediate injunction on aid to Greece, saying that
it would to be too "dangerous" to take such a step on limited
facts, but it has not yet decided whether to hear the case. The battle has
escalated in any case. The new EU rescue mechanism is to be permanent and no
longer just bilateral help, if Mr Sarkozy is right. The professors have been
given an open goal. One almost suspects that the Kanzleramt in Berlin is so
weary of this dispute that it has given up worrying about lawsuits. If the
judges block an EU debt union, be it on their heads.Nor is this rescue fund any more than chemotherapy for the cancer eating away
at the foundations of monetary union. It is not a cure. The rot set it when
the South joined EMU before it was ready to cope with ultra-low interest
rates or match German wage-bargaining. The ECB made matters worse by gunning
M3 at an 11pc rate during the bubble. Club Med lurched from credit boom to
bust. It is now trapped in debt deflation at an over-valued exchange rate,
like Argentina with its dollar peg in 2001 until air force helicopters
rescued President De La Rua from the roof of the Rosada.The answer to this -- if the objective is to save EMU -- is for Germany to
boost its growth and tolerate higher `relative' inflation. This would allow
the South to close the gap without tipping into a 1930s Fisherite death
spiral. Yet Europe will have none of it. The weekend deal demands yet more
belt-tightening from the South. Portugal is to shelve its public works
projects. Spain has pledged further cuts. As for Germany, it is preparing
fiscal tightening to comply with the new balanced budget amendment in its
Grundgesetz.While each component makes sense in its own narrow terms, the EU policy as a
whole is madness for a currency union. Stephen Lewis from Monument
Securities says Europe's leaders have forgotten the lesson of the "Gold
Bloc" in the second phase of the Great Depression, when a reactionary
and over-proud Continent ground itself into slump by clinging to
deflationary totemism long after the circumstances had rendered this policy
suicidal. We all know how it ended.
h/t Nico
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Would you like that on a T-Shirt with Ben for the ZH Fundraiser Zazzle store? I can come up with the perfect image of BB and put Gangsta Fed Bitches if you like? Just say the word.
Euro-Swaps window?
Fed buys Low... only to sell High Bitches!
Gangsta Fed... maybe Berny with an Uzi pointed at Hitlers face...
whos got whos Austerity now Germany... better hurry up and have someone file suit! cause the U.S. is about to have some real cheap Euro's in house!
Just like Celente said of the TARP, it's not a recovery it's a coverup. This buys us some time at best.
Let the freaking countries and bondholders take loses restructure and clean the system once and for all!!
You freaking bailing IDIOTS gonna doom us all!!!
the system can't take the deflationary effect of that right now.
and it will be able to take it better later?
By "the system" you mean the big banks, I'm sure.
SURPRISE! If the big banks fail, there are small (responsible) ones that will rise to take their place. That is, until the big banks are bailed out enough to buy up all the small banks such that there is eventually only one bank.
Crazy isn't it?
They truly cannot see past the temporary distortions of bailout.
Tis but a scratch. This is all being done so Bernanke can have history books and classes taught on his retardation. I would not trust an academic to go to negotiate a lease for me let alone the future of America. Vanity at it's most prolific is all this can be seen as. This is what happens with zero skin in the game.
I keep seeing Bernankes face superimposed over the face of the guy in Monty Python movie....with his limbs cut off and he keeps saying, "Its' merely a flesh wound"
On to the next week link it is. British pound or California (and other various states) debt?
Why does everyone say that their package is the largest in history?
Boys will be boys... always.
Judging by the size of the packages displayed, they are boys.
Anyway, US Tarp was a bigger package. Sheesh.
Tis true but they are just getting started.
Not any more. I was thinking 2-3T within the month and we are half way there this morning. 962b package...
http://www.bloomberg.com/apps/news?pid=20601087&sid=aQgMz3fbc9ic&pos=2
May 10 (Bloomberg) -- European policy makers unveiled an unprecedented loan package worth almost $1 trillion and a program of bond purchases as they spearheaded a global drive to stop a sovereign-debt crisis that threatened to shatter confidence in the euro.
From yesterday's liquidity post:
The "big bail out" from the weekend has come and gone (unless Trichet is preparing to release something at 5:59pm Eastern tomorrow)...
The timing of this press release was predictable.
If the sheeple of EU region
do not protest a la Greeks
then the politicians have a shot
to fool the constituency
and may be CDS traders will
look other way.
On a second thought, the greatest
roller coaster game has already begun
and doesn't look EU politburo has the
convincing political muscle to fool
the constituencies any more.
If any one looks for an example
look no further than Merkel in
today's Northern Germany elections.
This won't work. I can't believe still believe these people have any idea what they are doing.
Classic.
"We promise INFINITE money!"
The worldwide daisy-chaining continues.
on Sun, 05/09/2010 - 16:39
#339858
Classic.
"We promise INFINITE money!"
The worldwide daisy-chaining continues.
Rusty_Shackleford,
Why, when the U.S. dollar is strong... is it bad for the Fed to open a swaps window against the weaker euro? Buy low.. sell high.
Do you think Europe will falter in total? do you think that europe will fail to keep the Euro intact after the U.S. bails all of the diots out? Do you think that all of those Countries will not figure out it is easier not to play the Euro is now owned by the U.S. Game and go back to thier regional money supplies?
Who wins that, if the U.S. owns a bunch of Euros but the european union is bust? why would that be good for us? how could that be good all of that money wasted? all so they can figure out how to not pay?
No worries Rusty its all for the better, you will just have to trust me that it is in fact for the better... no matter how it plays out.
Be well all, JW
hey, it worked for the Fed right...there was some guy on CNBC in Oct 2008 that kept saying, the Fed balance sheet is infinite...
"The worldwide daisy-chaining continues."
Nah, its more of a circle-jerk. And we're stuck in the middle. Got your gilded raincoat?
Now it's a paltry 600 billion Euro plan per Reuters...
EU seeks 600-billion-euro crisis package-EU sources
Growing by the minute
EU Readies Emergency Fund Said to Be $645 Billion to Fight Off `Wolfpack'
Do I hear 720, 720, come on ECB, we need a bid at 720!!!
This is like watching the SS auction off Jews for the right to assasinate them...The ECB is auctioning its future off to save the banksters and kill the citizens.
Ah the wolf-pack... that never ends well...
Dance of Death @ National Geographic Magazine http://tinyurl.com/243593m
Last chance to cover those shorts in eurusd...... quick, get them in!
Cool!
So instead of countries creating money out of thin air, the IMF will do it.
Then when everyone is a debt slave to them, they can usher in the 1 world currency/government.
I always wondered how it would happen.
One step at a time, one step at a time.
First shackle the European Union to the North American Union and slowly but shirley shackle together an Asian Monetary Union and join all those at the hip. Then Russia will be an easy target and with all of its mineral and energy reserves the Rothschilds et al will be rich, rich, rich.
Is it any wonder why the Imperial US is building 5 military bases in Columbia? Take a look at the vast mineral reserves in Peru and Ecuador and oil in the Venezuelan and Amazon basin.
These people are vultures and don't mind chowing down on your flesh even though you may still be clinging to life.
Don't badmouth vultures. As opposed to the IMF and their banksters, at least we serve a useful function.
5 military bases in Columbia?
South America is the natural backyard to the US. It got 'preserved' because the US has to eat the periphic resources at first. South America will be the last food hoard when depletion has hit around in the world. The US speeding up their military expansion on this continent might be a strong sign that the consumption of periphic resources is drawing near its end.
China will not easily become enslaved.
The US market kept going down after TARP passed. It wasn't until mark to myth went through that the market turned up. Can Europe mark to myth?
I was thinking the same thing. Currencies should be crazy volatile tomorrow. Maybe we see the same thing in the equities but the semi crash after tarp was passed is stuck in my head.
SAC Capital sending in traders to get long S&Ps overnight. We could see 1000 points on the Dow tomorrow (to the upside).
I see 2,000 plus for the week, up... Green Shoots Bitches!!!!!!
10,380.43 http://www.google.com/finance?client=ob&q=INDEXDJX:DJI May 7 - Close
12,380.43.... to the Moon! Alice! to the Moon!
The most profitable business in the world is betting against currency, debt… sovereign as well as private… short of anything having to do with petro dollars of course…
The markets are feeding on themselves, the markets have phony upward movement and now we are going to crush the European PIGGSY Bank to float ourselves because no matter how much the algo puffers puff… the American Sheepeople can’t get it up for the markets… The piggy backers have not been enough to keep the Big Boys happy, they need the Sheepeople… they want that strange, not the same ole’ same ole’ 0% Fed window stuff…
Anyone that doubts the power America yields in its pinky… will get a lesson this week in what we can as a nation.
Fuck Europe for not showing up in Iraq! As soon as those swap windows open we will own Europe… now get out there and make daddy some money my lil Euro-Whores! Pump your own currency after we buy in or after you swap out, eat your Wheaties your gonna need them for all the walking you will be doing to work off the exchange rate (Vig) alone…
The whole we will not be part of controlling the costs of energy, to maintain global trade… to insure global peace… well that shit bit them in the ass it seems… http://en.wikipedia.org/wiki/Greece%E2%80%93Iraq_relations
Let me be sure I get your drift. Since European nations didn't fall into line on the whole Iraq thingie the continent should be burnt to the ground? I take it you liked the Iraq move and anyone who didn't buy in is a bad guy.
Sarcasm mixec with truth... seems to have you confused? do I look like a Senator? maybe a Congressman? The President then? how about WallStreet? do I look like WallStreet? Haliburton maybe? no? good for you idiot. Not exactly the scalp (yours) I was looking to collect from this post... you are bitching about me liking Iraq? that is your contribution to Humanity? bad man likes Iraq war? the war... is really a police state, to insure the steady flow of oil.
would you like to discuss the facts or would you rather discuss morals? how about abortion... you are one of those people so lets talk about what really keeps the world from falling into the hands of evil.. abortion is soooooooooo that topic. Small minded people should speak only when spoken too, as well your small minded view gives away you station in life... your repsonsibilities, your actions and your thoughts are not of the propper caliber to speak here and or to me... you are the sheepeople... you are the problem.. your stupidity allows for all the real problems to go on while they entertain you with shinney shit... like ABORTION! how about you take you morals and stick down your own throat and maybe kill yourself in the process as to be one less sheepeople to have to suffer and / or educate. the sooner the better.
Wo JW, Simma down now, simma down now!
http://www.ebaumsworld.com/video/watch/15056/
its bad enough we get screwed the way we do... becuase of the sheepeople... but when they come here and type, well I turn into the Hulk... which I know you understand... my bad Bro, point taken... when engaging them, nothing from nothing leaves nothing... so fuck it.
My best to you and yours as always Hulk, JW
Same here JW! Takes a lot of work and time to get that hair trigger
under control....
off topic Hulk... but is it just me? or how many different good casts of SnL have come and gone? Thanks for the laugh.. I needed it... before the Asian markets open and they get first wack at the Euro, why do we get seconds behind Asia? Just kidding... kinda.
I'm actually not a big SNL fan JW.Wife watches it and thats one of the few skits I like
The other one is the computer geek guy, Nick Burns, hysterical
http://www.geeksugar.com/Nick-Burns-Your-Companys-Computer-Guy-SNL-Video-1573854
A simple yes or no would have done just fine. Sure was fun to see your short fuse burn, however. I guess you could call it reverse trollism. At least I can do that without calling you names and impugning your intelligence. Come to think of it...
This is getting so stupid it's unreal. Just let the banks take the write down and nationalize them. Give the bond holder 20 cents on the dollar, they did invest money and investing involves risk..... and wipe out the shareholders. Bring them in clean them up over the next decade and reissue them again.
OMG did I just say that I'm a capitalist
You think the world economy can take the deflation that comes with that? You're logic is right, but realistically its just not possible right now without massive consequences.
Everything has massive consequences at this point. You are just scared of the future. If you think we can't handle the deflationary consequences now, then we also can't at any point in the future after adding trillions more in debt. Get a new shtick.
Exactly. And this was as true in late 2008 as it is now. We are fighting like demons to try to keep "the sky from falling" when in fact all we are doing is pushing it up a little higher for gravity to have more fun with on the way back down. Depressions suck, but they suck harder and harder the higher they're pushed first.
so we fall,we get back up. Yea its gonna hurt, and all the wrong folks at that. The rich already have their island. But reality is that we can live on a sandwich a day, some water and a place to sleep. All else is luxury. Humility will do us good spiritually. Honesty even in poverty is a better life than to live in plenty in a lie. I have had both, remember the experience well and will reach out to help my neighbors as i hope we all will.
so Europes options are like third world countries options were...take IMF debt and implement austerity plan, suffer conditions like US great depression for 30-40 years, but worse, be a debt slave to pay IMF, sell most your assets to foreigners....or default either by just not paying and taking the credit hit (what US indviduals do) or default by hyper inflations ala Zimbabwe. Zim suffered real pain for a few years due to hyperinflation, but now they owe nothing to no one, and there is little internal, private debt and they are back up and running...no thirty years of austerity...bankruptcy and move on.
The banksters want all of us to go IMF way, default is painful but necessary...this has been know since biblical times. Jubilee.
Zimbabwe might owe nothing to noone but what do they own in their own country?
Being pushed on the side lines in a consumption game when still plenty is on the table is never good...
Last man standing game.
Thats right, billions of people must suffer so that a few never feel any discomfort whatsoever.
Wondering how you "defend" a currency by printing/diluting it. They should have instead asked Ben to buy treasuries instead which he is excellent at.
What is defended is the consumption capability.
Prices are rather stable in spite of recent credit emissions (check for example the effect of credit emissions vs oil price in the case of the USD)
Never forget the scale: the economy is big, real big and diluting a money supported by a large set requires large injections.
So far, only drops added to a sea...
I have a better idea. We're playing make believe anyway with the banks books, lets just pretend the Greek debt is 3% of GDP.
+1000. Since all of this is just buying debt with new debt, why not just simplify things? It kills me to hear talk of the US and UK bailing out Greece, Spain, etc. Anybody checked the US debt/deficit lately?
This seems to disabuse the notion that German's still have some collective muscle memory leftover from the last time they tried this stunt circa Weimar Republic. The wheelbarrow of D-marks to buy a loaf of bread. The catastrophic social upheaval. And of course, the sith lord pair, the Fayd and Raban Harkonen. Following the "tyrant," i.e., the corrupt or merely inept erstwhile governtment official who fucked it all beyond recognition, comes the charismatic savior to unfuck it and set things right with the people. Stop me if you've heard this story before. The new guy of course is the real beast. The sadistic diablo with malevolent designs on breaking the neck of populace in one final crack. Have you heard there's a problem in Greece?
German banks need to be bailed out, forget what German people think
That works as long as you have a domesticated populace who will behave like lapdogs. But Merkel's party is toast because the people finally realized "we have fangs" and figured out how to use them. They pushed their NWO horsheshit agenda a bailout too far and the people finally said enough. Watch for the same reaction in the U.S. mid-term elections come fall.
Poor timing for Mrs. Merkel, I suppose. Tough luck.
What do you think the next government is going to do? Voting out a government is not changing the political course.
In a representative system, all is okay as long as the representative and represented' best interests converge. If both side support/oppose a motion, no trouble. No distortion of the signal.
Fun comes when best interests diverge. When a representative has to vote against its best interest because the represented needs to support its own best interest. When a conflict of interest rises between the represented and the representative.
Looks at recent events. Most of the times, politicians have voted to support their own best interests against the voters' best interests.
Figuring out what the german politicians' best interest are will give the answer on what is going next. Not what the Germans'best interests are.
More debt does not solve the problem of too much debt. Like throwing gasoline on the fire.
on Sun, 05/09/2010 - 17:01
#339912
More debt does not solve the problem of too much debt. Like throwing gasoline on the fire.
Kurtieboy,
Shut up stupid and read something... anything... no talking until you have something of value to offer... here read this..
************** "Why, when the U.S. dollar is strong... is it bad for the Fed to open a swaps window against the weaker euro? Buy low.. sell high.
Do you think Europe will falter in total? do you think that europe will fail to keep the Euro intact after the U.S. bails all of the diots out? Do you think that all of those Countries will not figure out it is easier not to play the Euro is now owned by the U.S. Game and go back to thier regional money supplies?
Who wins that, if the U.S. owns a bunch of Euros but the european union is bust? why would that be good for us? how could that be good all of that money wasted? all so they can figure out how to not pay?" *****************
JW, get back on your antipsychotic meds, stat!
Until then, PLEASE stay away from your keyboard!
Kurtie, I think what JW has explained in oh so many words is that the situation is like, well, throwing gasoline on a fire. Took him a bit longer, however.
Ouch.
LOL
We are going to need a ref in here today CD !
No biting and no naked rear chokes guys!
Nah, JW is really a softy. Down deep he's a great fella, give ya the shirt off his back.
It's a little tough at times to read the white part of his posts but it can be done.
Kurtie
You are right and JW is a little off center.
The USD is not strong, it is simply less weak (at the moment) than all the other near worthless currencies out there.
The spinning top will fall over.
Saving the dead (Greece) is a waste of resources.
Triage for European countries is the only solution- but this will not happen just yet.
He's doing a pre-control shotgun. Spitting out a bunch of crap looking for whatever people focus on to try to control the perception of whatever is picked up. He's background noise and I'm surprised anyone actually reads what he writes.
ES +22 at open.. looks like limit up for the rest of the evening!
Get ready for the vol of our lives. I am loading up on long term SnP puts on any irrational upsurge tomorrow.
at these vols? Pretty difficult to make money buying puts at these vols mate.
I already have a base position established when we were at SnP 1200 plus. just adding to it. volatility will drop if we are up 50 spoo handles tomorrow. Also I am way out in Dec 2012; this is not a short term trade.
Any way you cut it this will end badly. Now it will be worse
well, yeah, it ends with 20 years of lower living standards and 20 years of low, low growth. Fortunately i can cook a mean kung-po chicken so the soon-to-be new masters will be pleased with me.
What if the soon-to-be new masters like butter chicken and naan, instead?
Anybody can cook that...
I'll be too busy shooting to cook.
I am gonna get scorched tomorrow AM, but I am with you John.
I need the right shoulder to get out of my 15% US equity longs and get longer in gold. Come what may.
Greek shoots, JC!
Not before some traders from some well-connected firms make a boat-load of money.
The pound and Gilts should start crashing shortly. Not to mention Bunds. Let's go straight to the core!
Euro just took a big dive. I'm more leery of it gapping up big like this right at the open, then if it were to have opened up a healthy, reasonable amount, and then climbed from there. But for it to open gapped up large, it can only mean it's gonna come crashing back down - kind of the way it's doing right now.
Is tomorrow gonna be a Black Monday they talk about for the next 50 years?
nah ... that was shorts stopping out. eurjpy coming off putting pressure on all of it (same with usdjpy)
Good points, this is all irrational exhuberance, theres no possible solution to any of this, they know everyone realizes that, so they just proclaim, 'nevermind we fixed it, theyre bailed out, now shut up and observe our futures pump. Is there really anyone dumb enough to keep on believing any of these clowns lame tricks? We're busted, thats all.
Heating up Romania: as of June 1st the govt will reduce public employees salaries by 25%, they will also reduce social benefits and pensions, as well as unemployement benefits by around 15%.
http://diepresse.com/home/wirtschaft/eastconomist/563741/index.do?from=s...
for a depressing view:
http://info.kopp-verlag.de/news/europa-geheimdienste-prognostizieren-moe...
http://www.globalresearch.ca/index.php?context=va&aid=18545
Any idea where the CHF is heading?
Spot gold down 12 bucks in early trading.
Gold is tanking.
Care to offer your opinion as to why? Why not monetization=inflation=gold goes up?
Gold was up last week in a flight of Euro capital to safety. With the sheeple perceiving this new Euro TARP as reducing risk of default contagion in the Euro, that capital is backtracking, temporarily at least.
Same thing happened when we had our bailout/stimulus package announcements here in the US.
Propaganda meant prop up the market and get the schmucks feeling good, thinking the government is doing the right thing.
Enjoy the dip in gold prices and load up, the reversal will come shortly and gold will head ever higher.
*Paper* gold is tanking. Paper silver is up slightly.
This is only another opportunity to take delivery on the cheap.
The inflation this QE will cause will be inexorable.
If gold falls, buy it
http://www.youtube.com/watch?v=GpkQSB_h5lY&feature=fvw
s&p future currently trading @1130
Where will this mad printing attitude end up, i dont know. 300$ oil, anyone?
Oil should be $150 to $200 already, but if you think that Gold is held down... the Gold bugs aint got shit on what oil suffers... Oil at $70 a barrel is nothing short of a gun to the OPECS head... The world is on edge, PEAK! (yes I said peak) AFFORDABLE OIL!!! not peak oil.. peak affordable oil... http://www.youtube.com/watch?v=wYuLjGQQ-jg&feature=PlayList&p=C1B06538A32767DF&playnext_from=PL&index=132 if we can not maintain global trade we cannot maintain global peace. BUNKER FUEL BITCHES!!!!
There is NO SUCH THING as Peak "affordable" oil!
There is no Peak ANYTHING oil except for THE Peak Oil.
Peak Oil is the OPEC sales pitch. We will run out of oil at the same time we run out of Oxygen.
Thanks for the vid. I love this guy, absolutely brilliant gunslinging delivery. Bunker Fuel Bitches. Tells it like it is and makes the army of bought/moronic politicos and analysts look, well, so mediocre.
It is physically impossible for oil to reach $200 based on supply concerns. It would bankrupt half the industrial complexes in the world, and thus would lower the price of oil. You need to lose the linear thought process and think of dynamic price equilibrium.
Only way oil could go to $200 would be if governments were able to increase money supply with at least some sectors recovering and being able to afford this $200 oil (some sectors being solvent). Even just printing money will not get you $200 because the Fed would have to tighten before that as bankrupting industry is precisely what they want to avoid.
If the solution to this crisis was simply central banks printing money, it would have been over long ago. The problem is still solvency. If there is no solvency, central banks can only inflate primary money supply (what banks speculate with) but not the supply getting to the real economy. Without this trickle effect even a 1970's oil stagflation is impossible.
Sure
$300/gallon gas
$300 per ounce gold
300 Dow
or somewhere near there.
you sure got a lot of heavy oil-burning industry and fertilizer plants down there in your bunker with you!
Road warrior got nothing on me.
Future transportation? Think shoe leather.
The other two big ones are phosphates and potash.
Wanna see something scary: http://www.ipni.us/ppiweb/bcropint.nsf/$webindex/C6ED0F658B734E3A852568F70066C4FA/$file/i97-1p24.pdf
Just for laughs, "peak phosphates":
http://www.energybulletin.net/node/33164
And if you think that windmills are the answer, try to find enough rare earths to keep them running.
Me, I will just keep my $300/gallon gas to be able to make my escape.
Actually, I believe the correct translation of the press release is as follows:
SHAZAM!
As a great poster in this community has said before me: Hyperinflation is a helleva drug. :)
500B at 5% interest = 25B per year if we were to do the same math as for Greece (by they way they ask Greece to pay Euro 5.5B in interests per year...)...
500b, isn't that the figure DB offered a week or two ago for a privately funded bail out?
I'm sure Paul Krugman is somewhere writing an article about how this isn't nearly enough ;)
And the Neo-Liberal view will be in the 3-5T Eur range within the month requiring the intervention of the US Federal Reserve. A tried and true play..
Why, when the U.S. dollar is strong... is it bad for the Fed to open a swaps window against the weaker euro? Buy low.. sell high.
Do you think Europe will falter in total? do you think that europe will fail to keep the Euro intact after the U.S. bails all of the diots out? Do you think that all of those Countries will not figure out it is easier not to play the Euro is now owned by the U.S. Game and go back to thier regional money supplies?
Who wins that, if the U.S. owns a bunch of Euros but the european union is bust? why would that be good for us? how could that be good all of that money wasted? all so they can figure out how to not pay?"
Did you think we missed it the first 2 times you posted this on this very same page?
That's not nice. But you seem to know what it takes to start one bitching & whining ~ been there?
The fish keep slipping away for some, dontcha think?. :-]
It's gonna be a l-o-n-g night.
gotta play going into a primed trampoline Monday pop.
JW--Yep, you sure bashed your own ignorant brain out on in front of everyone.
Good work, now we can tell from your sexually frustrated post that you haven't been laid in about 10 years. Sounds to me like you got completely creamed by the stock market last week. ruh roh.
You're messing around with the wrong people here as they are way more intelligent than you. Don't embarrass yourself any further. Make a point and move on.
PS--I'm pretty sure Rocky was a squirrel, not a raccoon. Watch the cartoon and edit your post.
j.w. in fl.
what a low life mouth , your exceeding your taste for sleaze
big mouth low life's on a public forum,
not only disgust and mike vile he lowest level of their character..but also shows the depth of depravity lurking in a public forum .
some where near slime and between gutter and pig slop
Thank you for thinking better and editing yourself JW. The thread no longer makes sense - but this condition is infinitely preferable. ZH doesn't need to spin out... we discuss everyone else's spinout.
See what you did? Don't you see that everyone is writing posts that ends questions? Have you lost your mind? Could you stop this? Don't you think we've had enough?
Ok everyone, simma down now, SIMMA DOWN NOW!
http://www.ebaumsworld.com/video/watch/15056/
We should be utilizing our energies to prepare for the return of the Wankster tomorrow!
As much as I agree with your disparagement of his choice of words, he has a point. The Fed is not going to buy billions (trillions?) of Euro through these swap lines, then allow the Euro to fail. The Euro isn't going anywhere as long as king dollar can carry it. Which makes me wonder if this invoking of Article 122 of the Lisbon Treaty isn't the first step in a push for a permanent fiscal authority to back the Euro. While it may not seem politically feasible, the Euro diplomats love their currency like a child, and will do anything they can to defend it. And perhaps they've been listening to Rahm: "never let a good crisis go to waste."
Is that what he said? With all the questioning rant, I couldn't decipher a clear message.
Not much left for me to say, except that I don't take after the flying squirrel.
I'm inspired by the Beatles old tune. http://www.youtube.com/watch?v=FSTAQ2eAcaU
Thank you all for saying what needed to be said.
They should've made it 735B euro, for the irony.
I really wish zerohedge had a streaming comments section - ala littlegreenfootballs.com - it would make for some really interesting real-time analysis while the market's open.
I agree!
At this point everyone knows what 'should' be done. However, no one in power is willing to accept the outcome of the correct solutions. So balls to the wall printing is going to be common place until there is a mass vote of no confidence by the people. Panem et circenses.
Mark Ames has a great article to articulate what i'm trying to say.
Confessions of a Wall St. Nihilist
http://uruknet.info/index.php?p=m65575&hd=&size=1&l=e
****** "Whoever pops this fraud bubble is going to have to escape on the next flight out, faster than the Bin Laden Bunch fled Kentucky in their chartered jets after 9/11." ******
****** (http://uruknet.info/index.php?p=m65575&hd=&size=1&l=e) ******
What in the FUCK?! are your feeding yourself? MisesFTW??
Satire, no? I mean really, joe sixpack wants justice for wall st. but when his pension account hits 0 he will lose it. Austerity = Riots
Don't get me wrong, i am in favor of popping this global ponzi scheme but i don't believe it would be met with the jubilation that people think.
50 to 1 leverage...
Liar loans...
These all where backed by the Federal Government, the programs over 2 - 3 decades increased, not decreased...
So when the Austerity measure of pulling the funding from these programs.. effected the backstop protection this class of bonds enjoyed of course shit hit the fan.. and of course that's one little small piece of shit.. some people here want too throw all the shit... into the fan at once... and say things like... "We where fine before Citi and we will be fine afterward!" type ignorant shit.. not you of course... so yes I agree, the whole KY thing threw me.. my bad.. enjoy your Sunday.
i forgive you, me too and everybody else as well. Lets go from here with a better mood to face our obstacle test with.
I prefer charmin, easy on the rear and i can stuff it in my ear. charmins great to blow the nose. The dollar failed during all the same trials.
And its too small to wrap fish , too stiff to roll a joint. But it makes a really neat confetti to toss out during protests.
Actually the new loans come with IMF loan terms so the conditions will be strict and painful. They do not also just give a huge pile of money, certain conditions must be met before the next installment is paid. Some even say that those conditions have been in the past so painful that the cure was worse than the disease...
So in essence, Germany is saying they already know the other countries and maybe even itself are going to default, so lets just pile a big wad of money up so its ready. I think it may be time for the American people to start tearing DC apart in protest of our money being used by the IMF to bail out competing countries. What is wrong with these idiots in charge of the treasuries and money reserves in the world? Have they all simply lost their freaking minds?
that ball might just get rolling if the Fed ever gets audited.
more importantly... celtics take game 4 ....
Thursday’s market electronics aurora borealis show was part of the March of the Oligarchs, giant hedge funds wearing their bank hats, running their monetary machines against the economy. And the weekend in Europe looks much the same--banks and politicians using fiat money as weapons of mass destruction versus the people.
The goal is world domination of all nations and peoples under a socialist international organization subject to the finance of the IMF. The key element in socialism, of course, is central planning: translation, central control. That will make permanent and world-wide the subordination of all peoples to the production and distribution of material goods by the financiers for private gain and for the acquisition of power. Finance is a weapon now being wielded for the complete subjugation of humanity to tyranny and the powers of exploitation.
Money was developed by civilization as a medium of exchange helping people to make exchanges in labor and goods. “Money,” said St. Thomas, “was invented by the art of man for the convenience of exchange by serving as a common measure of things salable.”
But the central bankers have re-established money as a weapon of conquest for their socialist order, to garner control of governments whereby usury and alterations of price-levels and markets are permitted to go unchecked by bought-off politicians and governments, while the control of the nations passes into the hands of the manipulators of money. The 20th Century was a century of war made possible by fiat money; the 21st Century looks to be the century of the dominance of the Money Creators and Manipulators.
This is economic enslavement; the proceeds of the issue of new money belongs to the nations that issue it. It is past time for the people to rebel against the existing monetary system; the world is now in the gravest crisis of its history.
"the world is now in the gravest crisis of its history"
Well said. The crisis will play out slowly though, and it may not feel like a crisis for many people for some time.
Also, the term socialist means different things to different people (Europeans for example). You might want to be careful with its use because it could easily lead to liberal/conservative divisiveness, and this crisis is not left vs. right in nature.
You make a good point, htp. Thanks! I always value your input.
JR , you took the words right outa my mouth lol. Excellent short version of current and past reality well writ.
May i copy this to print and pass out in my community as well as utube?
I kid, as there is no way i could have said it as well. Thanks a bunch.
If anything I write is ever of any use to you, merehuman, feel free. And hope I can do the same with your words! Thanks, for the compliment.
thanks . done.
Well, it happened before socialism was even thought of. Banks were invented before socialism. And supported similar schemes before socialism was even thought of.
visiting david bonderman's pad yesterday.
bulldozing and leveling his grandfather in glider strip.
4 new windsocks, lots of new solar powered instrument cell towers.
thinkin he can't land his g650 gulfstream at 10,000 ft. but will utilize helicopters.
Nobody does hyperinflation better than Germans.
The good news is they still remember hyperinflation and take heed
13 years as a kid in germany taught me to eat all on the plate and dont waste a thing. I recall stories of shoe leather being chewed to stave the hunger.
So when is Bernake gonna start his exit stategy ? I thought it was iminent since the global economy is in V-shaped recovery ?
Bernanke will start it when he's finished. The V-shaped recovery is the American taxpayer bending over with our legs in a V shape spread wide. He'll pull out when HE'S satisfied and we're all sufficiently raped. The Fed is setting us up for a disaster of historic proportions. And the Euros just got sold down the same shitty river.