Euro Summit Concludes: Watch The Press Conference Starting Momentarily Live

Tyler Durden's picture

Wondering why the EURUSD is surging once again and is now on its way to 1.45? Because as Sarkozy just said Europe is preparing to launch a European Monetary Fund, which would be used to recapitalize insolvent banks and bankrupt countries. In other words Europe just passed its own TARP and trillions and trillions more of taxpayer money about to be sunk down the drain. As the summit has now ended, the Europarliament conference recapping the resolutions of the summit can be watched below. If anyone gets a sense of deja vu from early May when we had an identical development after the first Greek bailout, you are forgiven.

Here are the headlines which keep on coming:


Full releases below:




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Cassandra Syndrome's picture

Hyperinflation bitchez

Ahmeexnal's picture

What's Farage saying about this?

Lord Welligton's picture

He'll keep his powder dry for now.

His next appearance at the EU Parliament should be interesting.

Mr Lennon Hendrix's picture

One ring to rule them all, and one ring to bind them, bitchez.

I Am The Unknown Comic's picture

"Greece is the Turd"

So now it is Sarkozy's turn today to come out and talk up the markets.  Well I suppose this means he will be talking for an hour until market close. 

Here I was stupid enough to think that this is an American thing when it comes to our stock markets.  What a fool I am!  Hey, what time is it over there in France or wherever he is right now where Sarkozy is giving his press conference?  Is it 9 pm?  10 pm?   Yet it is 3 pm EST and only 1 hour to go on the market.  Great timing don't you think?  Cheeze wiz, here I thought Owebama acted like a talking monkey....this guy Sarkozy definitely wins that prize.  Wow I would love to see this video remade on youtube with him holding a banana in his hand.

I don't know if this a**wipe has enough oomph to keep PMs down.  We shall see.  He will probably need a little help from his friends at the EE.   

camoes's picture

So Greece is buying silver calls and blaming Blythe for maniupulating the COMEX?

I Am The Unknown Comic's picture

wow, you are so close.   Try again?

Oh regional Indian's picture

EMF!!! We can handle only so much you know! After that...everything burns out.

Don't be jumpy, Rumpy! It's just a can kick. Because you can. Kick that is.

I'm still thinking about Cpl, Anon and NATO. Finan is now in the back seat. Geopolitics and war is on the agenda.



TruthInSunshine's picture

From the look of things, it appears they managed to fix the economy.

slewie the pi-rat's picture

i still think ori has the more effective advertising

SDRII's picture

Surely you didn't miss the Tokyo mayor calling for arming the country with nukes yesterday? He made a name for himself back in the day calling for a split from the US. Take a look at the former undersec at State (Maher) who was thrown out a day or two before the quake for calling the Okinawa folk ungrateful and lazy (in fact take a look at the run up to how Kan got to where he is). Look at the brihgt side the Yen was sidelined (though putting up a good fight) isolated the fight down to EurUsd

The entire Pakistan campaign of leaks to to embarrass the ISI - yest'd the arrests re Kashmir lobbying 

Hillary off in India calling on the country to spread its wings as a counter to China and Pakistan.

All as Iran is speeding up centrifuges and purports to have shot down a US drone (and a week or so ago shared another with the Russians). That Russian plane crash a few weeks back killing the top nuclear scientists...working down in iran. The story yest'd about the israelis killed down in new Zealand and mossad links?

All eyes on putin and the Russian elections in 2012


entendance's picture

Let that French clown speak, a global revolution against these corrupt folks is already approaching.

Lord Welligton's picture

Oh no.


Not Rumpy and the Maoist Barroso.

Cognitive Dissonance's picture

Excuse me. But I think I'm in the wrong room. I was looking for the Euro strippers. I was told someone was going to be taking a public bath.

Is this the place?

the not so mighty maximiza's picture

sarkozy will perform cunnilingus to merkel after the speech to show solidarity, just wait

camoes's picture

I'd rather have Sarkozy's wife blowing me, thank you

BaBaBouy's picture

Thats her reward, she gets to sit on his face...

BaBaBouy's picture

After skarfing down 1/2 Kilo of good Bavarian goat cheese...

CrimsonAvenger's picture

There's funny, and then there's funny. That sir was funny.

carbonmutant's picture

I heard we were going to find out who was swimming naked...

Cognitive Dissonance's picture


Same difference. Nudity and water is involved at some point.

#Winning  :)

LeBalance's picture

Nudity and water are also associated with bathing.  And these folks will never ever have to.  Take a bath that is.  :)

But if they do (get naked) we will see who is extend and who is pretend, now won't we?

TruthInSunshine's picture

I've never seen so much bullshit crammed into a two year period in all of my life.

Oh well, it's getting old and I'm becoming more immune to it.

Does anyone know what happens to structures that are built on foundations made of cheeze whiz?

Spitzer's picture

The Euro is built on 10,000 tons of gold.

The Euro is a net creditor with no trade deficit.

King Euro

Ahmeexnal's picture

What a joke.

That gold now sits in Beijing.

What do you think China asked as collateral in order to keep buying junk eurobonds?


Internet Tough Guy's picture

You should understand the euro before making such a statement. Euros are convertible to gold by anyone. No collateral required.

Internet Tough Guy's picture

I said you can convert euros to gold through offical channels. This is the strength of the euro, and why it will not die with the dollar. Is that not clear enough?

TruthInSunshine's picture

Anyone believing that the EUR is truly any more 'backed by gold' than the USD is...

....c'mon, really?

Internet Tough Guy's picture



From Sam: For whatever percent backing by gold, will the Euro be convertible to physical gold, and by whom (i.e. all or limited)?

ANOTHER: Your question of Euro gold backing? The Euro will not be backed or fixed in gold. It will be the first "modern currency" to hold true "exchange reserves" in gold. It is important to understand that "exchange reserves" of gold are much more powerful a tool for currency defense than gold backing!

Reptil's picture

where are the reserves? New York?

Internet Tough Guy's picture

Some are in the US, some in the various EU central bank vaults.

Spitzer's picture

some is in the pockets of regular people who want to sell gold. Its convirtable at the market price, not a government sanctioned gold standard price

Spitzer's picture

hahaha, gold in Beijing...

What about the junk bonds that China is buying from the US ? Are they getting the US gold too ?

Use your head, look at the ECB balance sheet. First line, GOLD

AnAnonymous's picture

What do you think China asked as collateral in order to keep buying junk eurobonds?


Certainly not gold. Chinese are in an appeasement mode. Their leaders have no luxury to sink into propaganda drivel when it comes to certain topics. They have to deal in reality.

And the reality is that the Western world is producing only debt in an attempt to consume the world. Decoupling and let the West sink as it is possible and profitable on the paper will lead to military retaliation by the West.

The Chinese are certainly not yet ready to deal with this situation. In an extortion business, the extorted does not simply walk away, waving goodbye and wishing good luck to the extorter. It does not happen this way.

RobotTrader's picture

The market has spoken.

Gold down on rumors of debt ceiling deal.

Morgan Stanley up 12% as bank stock investors are jubilant, and 30 days of shorts vaporized in one fell swoop.

camoes's picture

Go buy some Pandora and Linkedin, I heard it's going to the moon

Spitzer's picture

Options exp. July 27, seasonal weakness.

Thank God... I am planning the biggest single asset purchase of my life in the coming days. This July rally has made me sweat like Mike Tyson in a spelling bee.

the not so mighty maximiza's picture

be careful robo, i sell to .gov people, they are worried about getting furloughed next week.   nothing is certain yet.

Deep's picture

really robo. Wow you are so lame. gold just keeps marching higher and all you do is knock it.

I will say it agian robo, price the market in gold.

You really are an idiot

TruthInSunshine's picture

I will not junk RoboTrader.

In fact, I will concede he's called this rally correctly for a while now, whether one chooses to ascribe that to skill or pure luck.

He's said he pigmen are firmly in control, and to the extent he's spoken of equity markets, he's been correct for some time.

The problem, even with that acknowledged, is that the pigmen have now created incredibly massive bubble, yet again, in the midst of a fundamentally weak economy, that is arguably (and I would argue it) getting weaker, despite trillions upon trillions in monetary policy and fiscal stimulus 'giveaways.'

So, what would RoboTrader acknowledge, if he agrees with some or all of the above, about how this bubble ends, inevitably, unless he tosses out history and really does claim "this time is different" (in which case, I'd love to hear his serious argument for making that case).

If I'm correct, and this time isn't different, the only issue is timing.

If Robo is prepared to argue that I'm not correct, please, let's hear his analysis; if he agrees that this is a bubble and won't end differently than past bubbles, then what? - In that case, you have to be that rare species that consistently trades a full retard market on the short term frames and book a net profit while doing so, exposing yourself to the risk of total wipeout.

AnAnonymous's picture

Maybe be better to deal with this situation in a US american way as this man does. Creating a bubble is not an issue, the issue is to know whether profits can be drawn from the bubble. Bubble popping and leaving others clean the mess is the US american way too.

The guy has nothing to discuss as he is on the US american path since day one. Attacking him on something that is irrelevant like who is going to foot the bad sides of the bubble has no meaning.

Only matters to know if this bubble can bring profits in the US american way.

US world order.