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Geithner Urges Europe To Repeat US Stress Test Fraud To Restore "Confidence" In Insolvent Ponzi System
A few days ago we wondered if Tim Geithner was a pathological liar, an idiot or just confused. Today we may be one step closer to getting the answer. In an unprecedented gesture of magnanimity, also known as an expression of the US banking cartel's control over the world, the Treasury Secretary will advise Europe to conduct the same sham exercise in fraud and lies, as America did when it conducted its own Stress test, which found that all US banks are perfectly solvent (as long as they all have direct access to the Fed printing press). Geithner's thinking is that once Europe also "realizes" that each and every bank is "perfectly viable" despite all the evidence to the contrary, that investors will say "boy, we sure look like idiots being worried, when the very credible EU itself says everything is fine." Of course, this is the opposite of what will happen. It does, however, bring questions to the legitimacy of our own stress test, which as everyone knows was a well-engineered goal seeked sham designed to do nothing but to also fool investors into a false sense of calm that the ponzi still has some life in it.
From Reuters:
U.S. Treasury Secretary Timothy Geithner will urge European officials this week to conduct some form of banking system stress tests, CNBC reported on Tuesday, citing an Obama administration official.
The stress tests, however, would have to differ from those conducted by U.S. regulators in the spring of 2009, because Europe lacks a huge bailout fund like the $700 billion Troubled Asset Relief Program to plug any capital deficiencies found, CNBC said.
Geithner and other Treasury officials routinely cite the U.S. stress tests, which helped open the door for private capital to return to the banking sector, as calming intense market turmoil caused by the financial crisis.
It is refreshing that the SecTres has at least realized he was definitvely wrong when he said that Europe's troubles are contained to Europe. So because he was completely wrong then, we should certainly trust his judgment now.
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lets count the seconds before the ECB responds:
"Thanks, Tim. We cordially request you disclose all current and projected losses related to Fannie Mae, Freddie Mac and FHA, and that you promptly bring those losses onto the US budget projections, so we can make a more accurate assessment of the risks associating with owning US Treasury obligations"
That type of impertinence is uncalled for... LOLZ
Oh NO!!!! i JUST put on my $13 TRILLION debt hat. If Turbo-Tim does what you suggest and includes unfunded liabilities i would need to have a new hat made that says $109 Trillion.
There is only one problem in Europe. Individual countries do not have access to the printing press. If they do get access to the mint, Greece will be the richest, followed by Spain, Portugal and Ireland.
I think confidence in the financial markets will be restored once Geithner (aka tax cheat Timmy) is removed from his post.
LMAO...HAHAHAHAHAHA BRILLIANT..;-)
As long as the USD is an FRN, America is lost.
and how is that supposed to help? its not the banks, its the countries. everyone can flunk the maastricht debt limits and still get bailed out at the expense of others. when you incentivize stupidity, smart people will start playing dumb.
How could even the illusion of this work without the Fed and TARP? Perhaps it is time to post the Naked Gun clip again.....
I don't know why I even give a shit anymore.
"A few days ago we wondered if Tim Geithner was a pathological liar, an idiot or just confused."
The answer is:
D) All of the above.
What?
Gives new meaning to Paper Over the Problem.
Fucktards, the lot.
Let's just make some more profound pronouncements so's to assure Mr. Market that all's A-OK Hunkie Dorie.
The Lady doth protesteth too much, methinks.
-Hamlet III, ii, 242
Geithner's job is the same as Helicopter Ben's job, it's to keep the lemmings marching to the pit of doom as long as possible. At the end of the line quite a few lemmings will have to jump into the pit or be pushed in.
They are only doing what humans hired them to do, promote the lies to keep the illusions going as long as possible.
Mako:
I've got the perfect job for you: Suicide Hotline;)
Well, that would make life easier if volunteers jumped into the pit.
Sounds like a pretty easy job, just ignore the phone when it rings.
Oh, wait, we're trying to prevent... nevermind
LOL
"Suicide hotline, this is Mako,,,,,,,,,,, I am sorry sir but you were doomed before the first cell on the planet divided"...
Germany declares landesbanks insolvent - agrees to ring fence depositors and apply haircuts pro rata. Merkel issues statement: far from embracing deflation, we realize it is unavoidable. We encourage our US counterparts to embrace the same path. The war is lost.
Now that headline really made me laugh. I am ready to buy shares in the ZeroHedge TV Financial News (WZFN) show.
cheers
Timmay chooses Door #1, #2 and #3.
The stress tests were of the analysts, checking the strength of their hearts. I think there were a few body bags taken away
And they came out and said the man had a bad reaction to a new medication..
Someone needs to get Timmy a headdress of feathers. He needs some kind of flair to make his announcements more amusing.
Get Lady Gaga on the telephone...
I just realized that I was thinking of this band when I made that comment.
http://www.youtube.com/watch?v=AsgA5qxEy_Y
Replace the US Treasury Department with these kids. Their announcements make less sense.
LOL!!! Comment of the day, the images that conjured were priceless.
"Psst, Europe -- all you gotta do is create these mythical 'stress tests' and all the morons will believe the banks are fine. Yeah, you would think they'd catch on, since FDR played the same trick, but no... Yep, you can carve out whatever would cause trouble -- we kept commercial real estate out of our valuations -- otherwise, nobody would have passed! Heh, pass the brie, would ya?"
I think Turbo Tim is being used a diversion...
Jeeez, how long do they want to run this wreck. They are crashing it slow enough so everyone has a chance to get on board.
This was on TV in Timmy's hotel room when he arrived in China.
http://www.youtube.com/watch?v=tF4JTd61xco
http://www.youtube.com/watch?v=ThtQTIK3UFw
I guess this sham can go on far longer than anyone imagined. WTF is it going to take to destroy the credibility that everyone knows they don't actually have.
WHAT KEEPS THIS FARCE ALIVE???????
Its Gov't vs Markets at this point. Never doubt the lengths those in power will go to in order to keep that power. Anyone and everyone will be thrown under the bus in order to distract from the fact that our elected officials shouldn't (to paraphrase Mark Cuban) be managing Dairy Queens, let alone our sovereign institutions.
Why waste time on Fabrice Tourre. This guy is the biggest fraud to walk planet Ponzi.
Why waste time on Fabrice Tourre. This guy is the biggest fraud to walk planet Ponzi.
This is the best that "Tim the Idiot" can come up with? The reason is there are no good answers. Just dumb ones, like a stress test.
WTF is up with GS right now? No news and the stock is trading 5% above the trend?
Is this just blatant insider trading on settlement news or something? I'm sure the SEC will be all over this (hahahaa); er, well, unless they're the source of the news.
GS is probably up because their trading profits are going through the roof since they are no doubt short the market in size.
The biggest crooks on earth are ALWAYS on the right side of EVERY trade..........
I take it the ratings shop to you drop gambit is sort of, kind of, well, dead.
http://online.wsj.com/article/SB1000142405274870331540457525027097271580...
Confused? No.
Idiot? No.
Pathological? For sure.
Sociopath? Guaranteed. BTW, most sociopaths are highly intelligent people. He is not an idiot, as an idiot would not be able to steer the entire US financial system toward a cliff.
He belongs in prison.
Well...I say he is dumb. 'Merca doesn't know what he is doing, so he doesn't need to know what he is doing. He just needs to know to put his foot to the floor and steer straight into the building.
Here is where I am coming from; intelligence lies in the soul. Just because someone can manipulate, does not mean they are intelligent. Maybe crafty, maybe cunning, but no intelligentsia!
Dip....
...shit
...normous
Great title.
A view from Europe:
Heck of a good idea Timmie ! Funnily enough,
these stress tests were supposedly done late
2009 and 'signed and agreed' at the last
meeting of the year of the Econfin, no one
ever saw a figure.Simon Johnson likes to remind
us that the balance sheet total amount of RBS is above
the UK's GDP or its remains.
Why not use Timmie's Tax Escapism 101 book
to have the stress test made with the same
accounting method he let the US banks on,
mark to value, no more mark to market
Peterson Institute just came with a study
showing the American banks' exposure to
Europe to be 1,5 trillion, this could explain
that
...European leaders face “the difficult challenge of trying to restore sustainability to an unsustainable system,” Geithner said earlier in Beijing today...
Damn, talk about putting the knife between the blades, before you fly in to visit...
“the difficult challenge of trying to restore sustainability to an unsustainable system,”
Great catch...
Talk about Oxymorons!
For the Math Impaired, the correct condition is termed "No Solution Set."
TIMMY'S BIG ADVENTURE:
http://williambanzai7.blogspot.com/2010/05/timmys-big-adventure.html
Stress Test Results:
http://www.youtube.com/watch?v=oPQP1e2iEdk
But seriously - did you see Timmy on the court playing ball in China? All is fine - let's play ball!
This is the weaker part of my knowledge on the decades of 1890's and 1900's in Europe.
The shorting and organized cartel bear raids on national and governmental debts in Europe's bond markets in parallel to the overlapping diplomatic, financial and military trade agreements and treaties in the aftermath of the multiple recessions and credit market collapses is commonly named as one of the sources of instability in the years leading up to WWI.
There are some charts out there that show the overlapping, in many cases government treaties were undermined by the banks harbored in those countries as the inter-national banking system came to screeching halts based on panics related to QE and gold standard currnecy devals.
And Timmy, and the US Government and US banking cartels, just demanded taking the series of actions that are the only possible option that is worse than the series of events that led to WWI.
The US government is instigating civil wars within Europe on this day in history. DO not forget this.
Stress Tests? I think they are going to need more than that. A CDS on a politician's political lifespan would bring in some cash flow.
Hi! I am Tim Geithner and I am here to offer you:
Timmay G's Home Bank Stress Test Kit!
Yes this is the same Timmay G's that was a wild success in the States. If you act now, we can offer you the European version at a low low introductory price!
As an added bonus we will include the new sensational DVD:
Easy Bankin' With Ben and Alan
Your bank isn't safe unless it has been stressed by Timmay G's!
Hurry! Act today while supplies last!