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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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Thu, 07/21/2011 - 15:04 | 1478192 Cassandra Syndrome
Cassandra Syndrome's picture

Hyperinflation bitchez

Thu, 07/21/2011 - 15:07 | 1478209 Ahmeexnal
Ahmeexnal's picture

What's Farage saying about this?

Thu, 07/21/2011 - 15:19 | 1478275 Lord Welligton
Lord Welligton's picture

He'll keep his powder dry for now.

His next appearance at the EU Parliament should be interesting.

Thu, 07/21/2011 - 15:05 | 1478198 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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

Thu, 07/21/2011 - 15:10 | 1478205 I Am The Unknow...
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.   

Thu, 07/21/2011 - 15:17 | 1478268 camoes
camoes's picture

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

Thu, 07/21/2011 - 15:29 | 1478330 I Am The Unknow...
I Am The Unknown Comic's picture

wow, you are so close.   Try again?

Thu, 07/21/2011 - 15:08 | 1478217 Oh regional Indian
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.



Thu, 07/21/2011 - 15:44 | 1478401 TruthInSunshine
TruthInSunshine's picture

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

Thu, 07/21/2011 - 15:55 | 1478458 slewie the pi-rat
slewie the pi-rat's picture

i still think ori has the more effective advertising

Thu, 07/21/2011 - 16:02 | 1478463 SDRII
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


Thu, 07/21/2011 - 15:11 | 1478233 entendance
entendance's picture

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

Thu, 07/21/2011 - 15:11 | 1478235 Lord Welligton
Lord Welligton's picture

Oh no.


Not Rumpy and the Maoist Barroso.

Thu, 07/21/2011 - 15:11 | 1478236 Cognitive Dissonance
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?

Thu, 07/21/2011 - 15:15 | 1478258 the not so migh...
the not so mighty maximiza's picture

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

Thu, 07/21/2011 - 15:18 | 1478272 camoes
camoes's picture

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

Thu, 07/21/2011 - 15:21 | 1478283 BaBaBouy
BaBaBouy's picture

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

Thu, 07/21/2011 - 15:21 | 1478286 Al Huxley
Al Huxley's picture

Thanks for the imagery.

Thu, 07/21/2011 - 15:24 | 1478303 BaBaBouy
BaBaBouy's picture

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

Thu, 07/21/2011 - 15:37 | 1478361 CrimsonAvenger
CrimsonAvenger's picture

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

Thu, 07/21/2011 - 15:18 | 1478271 carbonmutant
carbonmutant's picture

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

Thu, 07/21/2011 - 15:24 | 1478298 Cognitive Dissonance
Cognitive Dissonance's picture


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

#Winning  :)

Thu, 07/21/2011 - 15:28 | 1478323 LeBalance
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?

Thu, 07/21/2011 - 15:29 | 1478328 carbonmutant
carbonmutant's picture

Thu, 07/21/2011 - 15:14 | 1478251 TruthInSunshine
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?

Thu, 07/21/2011 - 15:25 | 1478307 Spitzer
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

Thu, 07/21/2011 - 15:30 | 1478334 Ahmeexnal
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?


Thu, 07/21/2011 - 15:39 | 1478374 Internet Tough Guy
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.

Thu, 07/21/2011 - 16:00 | 1478473 Internet Tough Guy
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?

Thu, 07/21/2011 - 16:01 | 1478475 TruthInSunshine
TruthInSunshine's picture

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

....c'mon, really?

Thu, 07/21/2011 - 16:01 | 1478482 Internet Tough Guy
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!

Thu, 07/21/2011 - 16:39 | 1478622 Reptil
Reptil's picture

where are the reserves? New York?

Thu, 07/21/2011 - 16:54 | 1478677 Internet Tough Guy
Internet Tough Guy's picture

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

Thu, 07/21/2011 - 18:40 | 1478944 Spitzer
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

Thu, 07/21/2011 - 18:34 | 1478927 Spitzer
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

Fri, 07/22/2011 - 02:46 | 1479747 AnAnonymous
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.

Thu, 07/21/2011 - 15:18 | 1478269 RobotTrader
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.

Thu, 07/21/2011 - 15:19 | 1478279 camoes
camoes's picture

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

Thu, 07/21/2011 - 15:27 | 1478316 Transitory Disi...
Transitory Disinflation's picture

Or CRUSHED/Destroyed

Thu, 07/21/2011 - 15:27 | 1478318 Spitzer
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.

Thu, 07/21/2011 - 15:30 | 1478333 LeBalance
LeBalance's picture

Iron Mike would never sweat a spelling bee, he would eat the other contestants.

Thu, 07/21/2011 - 15:33 | 1478351 Cheesy Bastard
Cheesy Bastard's picture

Lend me your ears?

Thu, 07/21/2011 - 15:42 | 1478392 TruthInSunshine
TruthInSunshine's picture



Thu, 07/21/2011 - 16:34 | 1478602 Mad Cow
Mad Cow's picture


Thu, 07/21/2011 - 15:54 | 1478452 NotApplicable
NotApplicable's picture


Thu, 07/21/2011 - 15:30 | 1478336 the not so migh...
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.

Thu, 07/21/2011 - 15:35 | 1478357 Deep
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

Thu, 07/21/2011 - 16:10 | 1478512 TruthInSunshine
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.

Fri, 07/22/2011 - 02:50 | 1479750 AnAnonymous
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.

Thu, 07/21/2011 - 15:19 | 1478276 BaBaBouy
BaBaBouy's picture

Whew... Billionaires are Saved by Sarko Again ...


Notice the timelines: 10 Years / 30 years and on.


Hehehe the only problem is it will all implode in a year or two.


How many more cans can you kick down the road???

Thu, 07/21/2011 - 15:40 | 1478380 RichardENixon
RichardENixon's picture

Depends soley on how many are available.

Thu, 07/21/2011 - 15:19 | 1478277 Piranhanoia
Piranhanoia's picture

Google translation from the wire story;    "we will continue pumping fiat until we have purchased all the gold and silver we can get before the collapse",  Beatcheauz.

Thu, 07/21/2011 - 15:22 | 1478281 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Why are they speaking in English?  Londontown isn't a part of their currencie.

And don't they have teleprompters?  They aren't that broke, are they?

Thu, 07/21/2011 - 15:42 | 1478391 GoinFawr
GoinFawr's picture

I found that odd too, along with the timing.

Thu, 07/21/2011 - 15:21 | 1478285 Cdad
Cdad's picture the EuroTarp priced in yet?

Thu, 07/21/2011 - 15:25 | 1478308 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Not until the dudes get back from the party in the Grove. 

Thu, 07/21/2011 - 15:24 | 1478290 The Count
The Count's picture

The only thing a sane person can do is stay out of all markets and watch armageddon slowly unfold. These are no longer 'real' markets, they are so contrived, manipulated and beyond all logic that only a fool would participate.


On a side note, my favorite Euro puppet I love to hate is Van Rumpoystilzchen

Thu, 07/21/2011 - 15:37 | 1478368 Cheesy Bastard
Cheesy Bastard's picture

Or get in the market.  Once there buy lots of dry rice, beans, and such.

Thu, 07/21/2011 - 15:39 | 1478376 r101958
r101958's picture

" These are no longer 'real' markets, they are so contrived, manipulated and beyond all logic that only a fool would participate."

+100 Count.


Thu, 07/21/2011 - 15:23 | 1478292 Lord Welligton
Lord Welligton's picture

"Private sector involvement to Greece and Greece only"

Say what?

Thu, 07/21/2011 - 16:18 | 1478543 Reptil
Reptil's picture

desperate wording to exclude a "credit event" which would trigger a bank dominos.
if you say the problem is contained, it is. mind over matter, these are not the voluntary haircuts you are looking for, etc.

did you notice the words: "this is a very STRONG package"?

Thu, 07/21/2011 - 15:23 | 1478293 LawsofPhysics
LawsofPhysics's picture

What do the BRICs have to say about this?


Thu, 07/21/2011 - 15:26 | 1478314 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They are probably wondering why Europeans are always talking about their packages.

Thu, 07/21/2011 - 16:01 | 1478478 the not so migh...
the not so mighty maximiza's picture


Thu, 07/21/2011 - 15:23 | 1478294 TruthInSunshine
TruthInSunshine's picture

I'm just going to spike the punch a little bit more, so don't mind me:

07-21 15:16: Italian PM Berlusconi says no Eurozone country can default, debt will always be repaid
Thu, 07/21/2011 - 15:24 | 1478299 LawsofPhysics
LawsofPhysics's picture

What do you know.  Unicorns really do exist.

Thu, 07/21/2011 - 15:28 | 1478322 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Chinese unicorns.

Thu, 07/21/2011 - 15:53 | 1478446 Irwin Fletcher
Irwin Fletcher's picture

Six-foot redhead Chinese unicorn BITCHES

Thu, 07/21/2011 - 16:02 | 1478487 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I knew there was something particular about Rebekah.

Thu, 07/21/2011 - 16:20 | 1478556 NotApplicable
NotApplicable's picture

...with even more debt.


Thu, 07/21/2011 - 15:24 | 1478296 Atomizer
Atomizer's picture

Herman da ROMPER: "We have contained the problem for another month."

Thu, 07/21/2011 - 15:25 | 1478305 Lord Welligton
Lord Welligton's picture

Herpes von Rumpy Pumpy.

Thu, 07/21/2011 - 15:33 | 1478350 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

G-Papsmear sounded like he was going to cry.

Thu, 07/21/2011 - 15:40 | 1478381 Quintus
Quintus's picture

He will when his public realise that he has handed over their national assets as collateral.  Selling people's country out from under them often makes them upset.

Thu, 07/21/2011 - 15:24 | 1478301 Lord Welligton
Lord Welligton's picture

"Reliance on external credit rating agencies should be reduced"

The messenger just got suicided.



Thu, 07/21/2011 - 15:26 | 1478311 carbonmutant
carbonmutant's picture

Jose Barroso claiming a creditable package...

Thu, 07/21/2011 - 15:29 | 1478327 Cognitive Dissonance
Cognitive Dissonance's picture

Long Dong Silver has/had a credible package. Everything else is measured off that standard.

Go short Jose Barroso's package.

Thu, 07/21/2011 - 16:49 | 1478659 oldman
oldman's picture

hey cog

they are all still short the euro and the swissy and long gold and silver----no zerohedhers here----smart wat to got for insurance companies but no gain from no pain

ballsa in their collective throat----where are risk-takers

nothing personal anyone    jtwwa (just the way we are)

Thu, 07/21/2011 - 15:27 | 1478315 Lord Welligton
Lord Welligton's picture

"PSI for Greece and Greece alone. It is a unique solution"

Eh. Bollocks.

Thu, 07/21/2011 - 15:27 | 1478320 Archimedes
Archimedes's picture
  • No that's comedy!

    Thu, 07/21/2011 - 15:34 | 1478352 BaBaBouy
    BaBaBouy's picture

    Of course they Will !!!


    The Chinee are coming in and buidling sweat shops, 16Hr days and retire at 75.


    The Greeks will pay it all off...

    Thu, 07/21/2011 - 15:42 | 1478390 Quintus
    Quintus's picture

    What he left unsaid is that they plan to do so in Olives and Feta Cheese.  Thus posing a interesting problem for the rating agencies.  

    Thu, 07/21/2011 - 15:28 | 1478325 Lord Welligton
    Lord Welligton's picture

    "Stress tests revealed "remaining pockets of vulnerability" in the banking system"

    See Jebus these people are delusional.

    Thu, 07/21/2011 - 15:40 | 1478385 r101958
    r101958's picture

    No more delusional than on this side of the pond.

    Thu, 07/21/2011 - 15:45 | 1478405 Lord Welligton
    Lord Welligton's picture

    No argument there.

    There is a plan B.

    But it includes the whole world.

    They'll let us know in due course.

    Thu, 07/21/2011 - 15:29 | 1478329 Lord Welligton
    Lord Welligton's picture

    Massive can kicking.

    Should last about a month if not less.


    Thu, 07/21/2011 - 15:31 | 1478339 Lord Welligton
    Lord Welligton's picture

    Papa "Greek debt sustainable"

    "Greek people are proud people. Industrious ....."

    Name one industry.

    Where's the growth coming from.

    Building roads to nowhere?

    Thu, 07/21/2011 - 15:32 | 1478344 carbonmutant
    carbonmutant's picture

    Why isn't lightning striking Papandreou?

    Thu, 07/21/2011 - 15:35 | 1478358 Lord Welligton
    Lord Welligton's picture

    Patience dear boy. Patience.

    Thu, 07/21/2011 - 15:32 | 1478341 JohnG
    JohnG's picture

    I'm looking for Long-John-Silver.  Long, if you see this please reply, I need to tell you something about a post you made yesterday re: silver manipulation.


    Question for anyone, I need a good way to capture my screen in real time with audio, I can show something quite interesting, and illegal, flash trading in SLV.

    Totally bullshit, but it's one part of silver manipulation schemes, prolly happenning in GLD as well, I'll see.

    Thu, 07/21/2011 - 15:41 | 1478373 JohnG
    JohnG's picture

    Hell you can see it right now pull up level two quotes on medium dated SLV 39 strike puts and watch the limit orders get pulled.  Total bullshit frontrunning.


    Thu, 07/21/2011 - 17:25 | 1478767 ChemicalAli
    ChemicalAli's picture

    Silver manipulation, July 18th:

    And you mean something like this?

    Thu, 07/21/2011 - 15:32 | 1478343 tallen
    tallen's picture

    The can has been kicked down the road so far now, that there is no can left.

    Thu, 07/21/2011 - 15:37 | 1478363 Franken_Stein
    Franken_Stein's picture


    One feels compelled to think that somehow the foot that is kicking the can must be covered with blisters and bruises.


    Thu, 07/21/2011 - 15:33 | 1478348 firstdivision
    firstdivision's picture

    Queue Euorpean riots/protests in T-minus 12 hours!

    Thu, 07/21/2011 - 15:33 | 1478349 Lord Welligton
    Lord Welligton's picture

    Papa "Finally this is a European success...."

    Take less Prozac for God's sake.

    Thu, 07/21/2011 - 15:34 | 1478353 Lord Welligton
    Lord Welligton's picture

    First question and all of the three Stooges look at each other.


    Absolute clowns.

    Thu, 07/21/2011 - 15:38 | 1478356 John McCloy
    John McCloy's picture now that what as predicted they can no longer steal wealth via austerity since they are nearing a wall with public awareness the EUR has been parabolic for days now and today on the news that the Eurozone will create a TARP program without a cap that is sure to dwarf what we passed in 2008?

         Since QE and printing devalues a currency and that is why the Dow rose as the dollar was destroyed should this not mean that the EUR makes it way downward especially while we are no longer printing with the end of QE2? At least Ben lied and pretended the Fed would in the year 2084 reign in this liquidity. 

        How can any sane individual in the political structure not witness and conclusively say that these unprecedented actions and debasements on stealing from savers on both sides of the Atlantic with measures never before seen in history for such a prolonged period of time will do nothing but proliferate a broken system more reliant upon the measures being undertaken. They are nuking future growth for the economies of the world. 

       It is difficult not to believe that the next step is not a global fiat currency. I simply cannot believe these cowards. WTF is going on here? You would think they have not only not had the past 2000 years of history to reflect upon but the entire 20th century. 

     Past is Prologue and they are creating the seeds for revolution, tyranny and oppression of free souls by DOING EVERYTHING IN THEIR POWER TO CONTINUE TO SIPHON WEALTH WITHOUT RISK OFF TO THE CONNECTED AND ELITES.

    Thu, 07/21/2011 - 15:39 | 1478377 Franken_Stein
    Franken_Stein's picture


    Because their actual plan is to make world population SHRINK dramatically, for heaven's sake !

    Is this concept still so hard to grasp ?!


    Thu, 07/21/2011 - 15:46 | 1478410 PY-129-20
    PY-129-20's picture

    Exactly John. They do not know anything about history. This one will turn bloody.

    Thu, 07/21/2011 - 15:36 | 1478359 Mr Lennon Hendrix
    Mr Lennon Hendrix's picture

    Euro looks bullish!  Petra Nemcova looks brilliant!

    Thu, 07/21/2011 - 15:37 | 1478362 Mr Lennon Hendrix
    Mr Lennon Hendrix's picture

    Wow, that sucked.  They answered two questions.  Those guys almost make Bernanke look good.

    Thu, 07/21/2011 - 16:02 | 1478378 carbonmutant
    carbonmutant's picture

     They didn't prequalify reporters questions before letting them in... unlike our community organizer.

    Thu, 07/21/2011 - 15:37 | 1478367 Lord Welligton
    Lord Welligton's picture


    Two questions?

    Then "Thank you for your attention. Good night".

    The Caviar must begetting too warm.

    Break out the Champagne.

    Crisis solved.

    Thu, 07/21/2011 - 15:38 | 1478369 carbonmutant
    carbonmutant's picture

    Did van rompuy just suggest quantum entanglement as a solution?


    Thu, 07/21/2011 - 15:40 | 1478383 Cognitive Dissonance
    Cognitive Dissonance's picture


    It might just work.......if we can get Schrodinger's cat involved somewhere.

    Thu, 07/21/2011 - 15:57 | 1478464 Zer0head
    Zer0head's picture

    I happen to know Schrondinger's cat quite well and she is currently cruising near Kairos in the Aegean ... so you could be right but then again wrong - she is a bit of a flake

    Thu, 07/21/2011 - 15:43 | 1478393 Lord Welligton
    Lord Welligton's picture

    Yes the Euro is not dead until you open the box.

    Now the objective is to keep the box firmly closed.


    Thu, 07/21/2011 - 16:36 | 1478606 Cognitive Dissonance
    Cognitive Dissonance's picture

    That so perfectly explains what is going on here. If we all pretend the box was never opened then there was no default....even if there was.

    Two 'realities' existing at the same time. 

    This is how denial works. Two opposites existing at the same time, both feeding the same entity.

    Thu, 07/21/2011 - 17:20 | 1478743 carbonmutant
    carbonmutant's picture

    Doc, I've quite smokin' the hopium but I keep feeing like I'm in two places at once...

    Thu, 07/21/2011 - 17:38 | 1478805 Lord Welligton
    Lord Welligton's picture

    I quit smokin happy backi a long time ago.

    Sometimes I think I made a mistake.

    Thu, 07/21/2011 - 17:35 | 1478800 Lord Welligton
    Lord Welligton's picture

    Thanks Mr Cog.

    There is of course one word.


    late 14c., "to profess, assert, maintain" (a claim, etc.), "to direct (one's) efforts," from O.Fr. pretendre "to lay claim," from L. praetendere "stretch in front, put forward, allege," from prae "before" (see pre-) + tendere "to stretch," from PIE base *ten- "to stretch" (see tend). Main modern sense of "feign, put forward a false claim" is recorded from c.1400; the older sense of simply "to claim" is behind the string of royal pretenders (1690s) in English history. Meaning "to play, make believe" is recorded from 1865.

    praetendere "stretch in front, put forward, allege,"

    prae "before"

    tendere "to stretch,"


    Which is of course that "pre" "tending" has nothing to do with the truth.

    It is simply a form of convincing lie.

    It has everything to do with anything other than the truth.

    Thu, 07/21/2011 - 17:14 | 1478724 oldman
    oldman's picture

    i have no idea of 'how' denial works; only that it does work---from what i see here.


    Everyone go back to sleep---no game today.

    Thu, 07/21/2011 - 17:46 | 1478827 Lord Welligton
    Lord Welligton's picture

    You seem to know exactly how denial works.

    Go back to sleep.

    Thu, 07/21/2011 - 15:41 | 1478388 Lord Welligton
    Lord Welligton's picture

    OK. My conclusion.

    Utter crap.

    Yes they will use the EFSF but they are the gravediggers of the European Union not just the Euro.

    Thu, 07/21/2011 - 15:48 | 1478409 TruthInSunshine
    TruthInSunshine's picture

    And worse yet, the Gravediggers of the European Union are all in the union!

    EU to Member State Citizenry:

    Taxpayers, commence application of lubricant to rectums, brace yourselves firmly, and prepareth for deep penetration.

    Thu, 07/21/2011 - 15:51 | 1478432 Lord Welligton
    Lord Welligton's picture

    MemberState Citizenry to EU:

    You first

    Thu, 07/21/2011 - 15:58 | 1478470 TruthInSunshine
    TruthInSunshine's picture

    Love ya, brah, but aside from some skirmishes, I've yet to witness any more marginal fight in EuroPEONS than in AmeriCANTS.

    Thu, 07/21/2011 - 16:05 | 1478497 Lord Welligton
    Lord Welligton's picture


    This is one of the wonders of printing money.

    Having run up debts allover the world the EU and the USA can "print" welfare.

    But not enough.

    Slowly the pain of the Citizenry grows.

    Slowly the power of the State enforcers grows.

    At some point the people "crack".

    It is put down.

    They re-group.

    I would expect massive black markets to emerge.

    Watch for the State attempting to remove paper money.

    Thu, 07/21/2011 - 15:43 | 1478400 static
    static's picture

    is this just a debt exchange .??...notice they will discount  the foriegn rating agencys.

    Thu, 07/21/2011 - 16:23 | 1478567 NotApplicable
    NotApplicable's picture

    Isn't it always?

    Thu, 07/21/2011 - 15:45 | 1478408 Reptil
    Reptil's picture

    Ok, two months max, and we're back in panic mode. That's my prediction.

    For those who missed it; Papandreou was "asking" for permission to radically restructure his country. He smoothed the way for that degrading statement by saying the greek are a proud, inventive, resourceful and hardworking people.


    Thu, 07/21/2011 - 15:49 | 1478425 Lord Welligton
    Lord Welligton's picture

    Just a thought.

    The establishment of EU Ratings Agencies (there won't be just one) will in effect result in "soft capital controls".

    If you don't accept the ratings. You don't do business in Europe.

    Thu, 07/21/2011 - 15:50 | 1478428 chump666
    chump666's picture

    oil just goes to 100 and the French industries will get another tax, as does Germany.  Sarkozy is a lunatic.

    Thu, 07/21/2011 - 16:18 | 1478547 BeachBummed
    BeachBummed's picture

    Sarkozy is a fucking lunatic.  there fixed it.

    Thu, 07/21/2011 - 16:36 | 1478612 chump666
    chump666's picture

    completely.  he just ensured that borrowing costs will go upward in the EZ re 10yr spanish auction.  Not only are taxpayers gonna be pissed contributing to another wast of money bailout fund but now the banks will they want to...meaning? bond auctions should flop and funding costs will rise, something to do with EZ going into an inflationary hardlanding re crunched PMI 6hrs ago.

    rating agencies also wont be happy if they can't rate their clients bonds, yields will 100% go one trusts government market appraisals

    Thu, 07/21/2011 - 15:53 | 1478445 johny2
    johny2's picture

    So USA is going to default before Greece. Strange days.

    Thu, 07/21/2011 - 16:01 | 1478483 BaBaBouy
    BaBaBouy's picture

    One uppmanship ...


    USA always #1.

    Thu, 07/21/2011 - 17:00 | 1478666 falak pema
    falak pema's picture

    the race to bottom continues in the age of uber alles hubristic political play. "Only we know whats good for the people...we made the problem, we'll make the solution." 

    We being those uber alles who have money in offshore accounts and are patsies of the multinationals pulling the strings. People pay in sweat, blood and tears and drying up wages and pensions. But the uber alles ride the high tide into the sunset over the veldt. 

    who said there was a crisis when there is a printing press at maximum utilisation rate.


    I'll give you an example of this : recently a major hedge fund in commodities and mining raised 10 billion as first tranche to allow a market valuation of company at 60 billion. When they sold the 10 b to outside investors at the offered IPO price by underwriters, they then sold their own management staff the remaining shares at valuation : 50 b !!

    Not bad for the management of company that multiplied by a 100 their current net worth. What Blankfein hopes to do for Facebook. That's uber alles play for you and its not related to the real economic world. Its in another world where the 1% will control 80% of real-false risk asset/derivatives wealth until it goes "pop".

    Do NOT follow this link or you will be banned from the site!