Eurozone Debt Crisis Deepens Sending Euro Lower And Gold To New Record At EUR 1,080/oz

Tyler Durden's picture

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blindfaith's picture

As for Greece, you can't pay off 16% interest when your back is against the wall with 50% of the under 30 unemployed....the IMF way of doing things.

I still think there is something yet to be seen from the governments of the world when it comes to PM ownership.  Without fiat currency, governments can not equate each others currency by juggling numbers.  Real, I mean real wealth backed currencies are an invitation for war from the have nots.

Mountainview's picture

In a chess game Greece would give up at this point. The rest is only a useless endgame with a defined outcome.

Reschedule your debt- exit the EURO and start the next party... Greece zero--the bankers zero as well...

Derpin USA's picture

The world waits with baited breath for the Blackest Swan. What will her swoop look like?

weinerdog43's picture

I'm sorry, but this drives me nuts.  It's 'bated breath' not 'baited breath'. 

 

Bated is a contraction of abate.  Bait is something you use to go fishing. 

This concludes today's English lesson.  Please carry on.

Derpin USA's picture

No, you don't understand. I've chewed a bunch of flies to bait my breath for the Blackest Swan.

john39's picture

Kissenger? Should be on the short list for the gallows

cossack55's picture

Agreed. Why is it these barberous relics refuse to freakin' die. I mean:

Kissinger

Soros

Carter

Bush Sr.

Zbig

ad freakin' infinitum

They just won't go away.

Re-Discovery's picture

Add:

Putin

Ghadaffi

Entire Chinese Leadership

Cheney

Rumsfeld

Kim Il Jong

Ayatollah Khameni

Queen Elizabeth

Castro

Fujimori

Caviar Emptor's picture

Buffet

Jack Welsh

Both always get exhumed when the market is down to appear on CNBS and say "THis is the greatest country going through the greatest time and if you say different we're comin to get ya"

Long-John-Silver's picture

Buys stock in major Guillotine manufacturer. All other forms of elite elimination devices are too slow and expensive.

This video details how fast and easy they operate.

http://www.ebaumsworld.com/video/watch/824867/

 

 

goldfish1's picture

Why do I resist seeing Carter in that group. Must be the idealism from my youth.

oogs66's picture

Markets have sold off nicely overnight, but it still seems like all the smart money is looking to buy since neither the ECB nor the FED have failed to support the market on any hiccup in the last 12 months.  Eventually the dynamic duo will run out of power to prop up the market, but doesn't seem like anyone believes that time has come yet

Jim in MN's picture

What, that's all ya got?

The Black Swan Lingerie Wrestling Network, AKA Zero Hedge, demands more, badder and blacker swans!!!

cossack55's picture

You bet. I'm talking Black Freaking Hole kind of black. A swan so black light cannot escape. EQ's, Volcanos, Tornados, Nuke Meltdowns, Dead Gulf, Dead Constitution, Empty-suit politicos, all a bunch of gray swans.

Caviar Emptor's picture

Don't forget failed Rapture

chubbar's picture

You can bet that Kissinger is busy planning the aforementioned world war. He's an evil bastard.

wombats's picture

The Black Swan will be Timmy and Benny announcing QEx to bail out Greece since the EC can't/won't.  

I am more equal than others's picture

No, the black swan is when Timmy announces that he is pregnant with Benny's love child and that asshole conceived progeny is the 'Anti-Christ' ... then, and only then, will the black swan appear. 

 

There is a picture of Timmy and Benny together at the White Party in Palm Springs floating around the internet.  Harold Camping announced that the pregnancy is near..... June 21, 2011 at 6pm.

GeneMarchbanks's picture

This looks like May 2010... only worse

Caviar Emptor's picture

Yup. Much darker. Flash crash was only a black duck

Herne the Hunter's picture

Totally unrelated, here are some DSK rumors from Holland:

DSK's sperm found on hotel maid's clothes

http://www.nrc.nl/nieuws/2011/05/23/sperma-strauss-kahn-gevonden-op-kled...

the not so mighty maximiza's picture

I don't know if it is these nicotine patches I am taking but I have that "falling off a cliff" feeling.  Something bad is going to happen.

zen0's picture

There was an explosion at a Chinese iPad factory....maybe that's it. Also, stop doing the patches, those things can kill ya.

Derpin USA's picture

iPad disruption? What the fuck are we gonna eat?

goldfish1's picture

Smoke the naturally grown tobacco instead. Did you know that studies show the fertilizer they grow the tobacco in is what causes the lung cancer?

Smiddywesson's picture

Something bad always happens.  That was one of the points made in Taleb's book.

Society is huge, extremely complicated, and interconnected.  The cost's of efficiency are that anything can make the machine break down.

Unfortunately, this is occuring during a fourth turning, a time characterized by crashing markets, trade wars, and then real wars.  This is going to be a big one.

 

Caviar Emptor's picture

This time around faith in the dollar is very muted. Nobody trusts these governments not to default or devalue, even the US.  Gold and other "safer" currencies are being viewed as flight to safety. This time around gold is also benefiting from the feeling that "there's safety in numbers" as global demand for physical has skyrocketed recently. Gold is more widely held, and being opportunistically sought by governments, banks and wealthy at any opportunity. 

zoomer's picture

China ...has vowed to standby Pakistan and has called on the world to respect Pakistan’s sovereignty."

Yeah, like Tibet!

oogs66's picture

Yeah, like we don't pick and choose which dictators to impose 'no fly zones' on, and which we happily help keep in power.  China will do what is right for China and don't care what we say.  Espepcially since most of what we say is just lies.

trav7777's picture

Shanghai Gold ETF?  LOL...is there anyone sane who would invest in this?

falak pema's picture

All those who invest in WS and Crimex should be grateful. Now there are two places to get spiked deep.Its a masochist's world.

Snidley Whipsnae's picture

Interesting comments from Chris Martensos blog in an interview with Rubino.

 

Caviar Emptor's picture

Ben, can you spare a trillion or five? 

Mr.Kowalski's picture

I have full faith in Mssr.Juncker's connection with the Almighty and their ability to overcome the basics of mathematics on his way to Sainthood. Dare any of you heathens doubt his Saintly powers ? As for me, I believe. {PS-- I was raptured last Saturday and am typing on a public library keyboard from Heaven}

Eric Cartman's picture

Why is gold priced in Euros? 

Long-John-Silver's picture

Europeans use them to buy Gold (and Silver).

SILVERGEDDON's picture

Biggest problem - if the shit hits the fan, no market, no internet, no fricking ZERO HEDGE to keep me feeling real in a world of what? I don't think we wanna go there - way too much video game gorefest reality if systems collapse in urban environments. No system of government can function for long without honesty and integrity.  There is none showing in the halls of power, and I don't mean our National Enquirer political circus for the masses. Real power is financial power - the psychotics of the world are currently in charge. Until some Seal Team takes them out in the interest of the survival of humanity, we are all well and truly fucked. All the silver, canned goods, buckets of grain, and firearms are just going to buy you a bit more really bad years of existence. The Depression was nothing. This will be like the Dark Ages. Like Monday morning with MRE's and a shotgun on top of the worst hangover you ever had - that just won't go away. Yep, feeling pretty cheerful this morning! 

dcb's picture

I am certain the greek people would like to default or reschedule. but the leaders who do won't be able to monetize their time in office with speaking fees to the big banks, or cushy appointments in the future. you are aking the leaders to bite the hands that feed them.