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Germany Humiliates Itself By Conceding To A Second Greek Bailout, EUR Predictably Jumps Briefly

Tyler Durden's picture


Like clockwork, hours before the US market reopens, we get another Greece bailout. Since last week's Chinese white knight "rescue" of Portugal helped the EUR for about 18 hours, it is now time to get the biggest guns possible out: the WSJ reports that Germany, contrary to populist demand which has indicated that another German bailout of Greece would mean the end of Angela Merkel, has decided to allow Greek bailout round two to proceed. Per the WSJ: "Germany is considering dropping its push for an early rescheduling of
Greek bonds in order to facilitate a new package of aid loans for
Greece, according to people familiar with the matter.Berlin's concession that it must lend Greece more money, even without burden-sharing by bondholders in the short term, would help Europe overcome its impasse over Greece's funding needs before the indebted country runs out of cash in mid-July." The end result: the EURUSD surged by 70 pips from the closing print of 1.4270 to a high of 1.4350, although the half life of even that innuendo appears to have peaked and the pair is now on the way down, as it does absolutely nothing, except to destroy any credibility Merkel may have had, to resolve the impasse which is that, well, Greece is bankrupt.

Below is a snapshot of the halflife of the latest intervention, which appears to be 45 minutes:

The WSJ explains why Germany has thrown in the towel and has done a complete 180, to the terminal detriment of Ms. Merkel's political career:

Some officials in Berlin hope that a short-term fix can be found that would allow a full deal including a bond rescheduling later this year.

LOL. No really, LOL.

Euro-zone officials have acknowledged for weeks that Greece will face a shortfall in financing of around €30 billion ($43 billion) a year in 2012 and 2013—even after a €110 billion bailout agreed last year. But agreement on how those gaps should be filled is proving difficult, thanks to growing political opposition in northern Europe to bailouts of profligate countries such as Greece.

Germany has for weeks argued that private investors in Greek bonds should, in some way, bear part of the burden of any new bailout package for Athens. But the European Central Bank staunchly opposes any form of debt restructuring. Meanwhile the International Monetary Fund is demanding clarity on Greece's 2012 funding before it releases money that Greece needs to get through this summer.

A senior German official said on Monday that the deal being discussed in Vienna might not include any investor participation—even though that could spark a backlash from German lawmakers.

"We will try to resolve the Greek problem between now and the end of June," Luxembourg's Prime Minister Jean-Claude Juncker said on Monday. European finance ministers are expected to discuss Greece at a June 20 meeting, ahead of a summit of European leaders on June 24.


And good luck: the Greeks are so delighted with being bailed out, pardon, with bailing out Germany's banks, that they have been celebrating this fact for 6 nights straight in front of the parliament in Athens. Surely this latest batch of good news, will only send the popular jubilation to previously unseen highs.


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Mon, 05/30/2011 - 20:22 | 1323524 Rider
Rider's picture


The real cowboys are FX tradies. Mix 100X leverage and a greek bailout and you get "some" margin calls.

This is the wild wild west son.

Mon, 05/30/2011 - 20:28 | 1323581 Roy Bush
Roy Bush's picture

It's not the Wild's bizarro world!  Print money and your currency gets stronger...seal your own doom and get richer.  

Mon, 05/30/2011 - 20:34 | 1323643 tellsometruth
tellsometruth's picture

I had the same thought...depends where you are in the supply of new fiat well for a while...


Mon, 05/30/2011 - 20:45 | 1323768 IdioTsincracY
IdioTsincracY's picture

I don't get it!

Every day ZH talks about the hold that the Oligarchy has on the current political and economic entities ...

just to marvel, every single time, at the ploys theOligarchy concots to perpetuate the current system ....

the more 'successful' a Country is, the more reasons it has to keep the system going!!

Wakey wakey!!

Mon, 05/30/2011 - 20:52 | 1323872 Muir
Muir's picture

Friend, are you of the body?



Mon, 05/30/2011 - 20:58 | 1323885 IdioTsincracY
IdioTsincracY's picture

Speaking of body ...

nice one! .... or two...


Tue, 05/31/2011 - 02:54 | 1324611 10kby2k
10kby2k's picture

thats his ball sack

Tue, 05/31/2011 - 03:56 | 1324638 TwoShortPlanks
TwoShortPlanks's picture


Mon, 05/30/2011 - 21:26 | 1324025's picture

No Red Hour for me, thanks. I'm driving.

Tue, 05/31/2011 - 07:00 | 1324711 Landrew
Landrew's picture

Funny, friends have always called me that.

Mon, 05/30/2011 - 20:31 | 1323649 French Frog
French Frog's picture

in an ironic way, the more bearish articles/remarks appear in ZH, the higher it goes...

Tue, 05/31/2011 - 01:06 | 1324511 Michael
Michael's picture

Listen magott frog, shut the fuck up and stick to the program. No need to point out the obvious. Just keep taunting them.

It is my intention for the controllers egos to show us who is in charge and keep doing exactly what I have been working so hard programming them to do.

They've poo pooed every warning us bloggers have presented to the world and acted according to my will, massaging their own egos because they think they are right, and keep blowing the bubbles bigger and bigger for a buildup to the greatest economic fireworks finale I have been dreaming of my entire life.

The dot-com bust was great, the housing bubble bust was greater, but the complete and total economic collapse of the entire fucking world will be the greatest economic fireworks bust display I've ever been entertained by.

Please don't ruin my fun. I need maximum entertainment value from what the oligarchs are doing and besides, they will ultimately get the blame for the whole fucking economic fiasco.

Carry on.

Tue, 05/31/2011 - 03:16 | 1324622 French Frog
French Frog's picture

"No need to point out the obvious" ..... do you sometimes re-read what you actually type lol?

If you remove "and acted according to my will", your 3rd & 4th paragraphs DO state the obvious to anyone who has been reading ZH for long enough.

Nice make up though

Mon, 05/30/2011 - 20:50 | 1323862 downwiththebanks
downwiththebanks's picture

Amen:  nobody gets more pissed on these pages than the levered up Forex parasites.

I wonder why!

Mon, 05/30/2011 - 20:58 | 1323879 Muir
Muir's picture

For one who must surely stroke his "precious" every night, you seem pretty judgemental about the parasites.

Mon, 05/30/2011 - 21:50 | 1324071 downwiththebanks
downwiththebanks's picture

I don't fetishize money, no matter the form.

And I CERTAINLY don't fetishize levered-up greed.

Mon, 05/30/2011 - 21:47 | 1324066 Slow-choke-off
Slow-choke-off's picture

Sorry to interupt, but Germany is buying Greece. That's all folks, nothing more. Nice warm place in a cold cruel world.


Mon, 05/30/2011 - 20:20 | 1323527 ElvisDog
ElvisDog's picture

Bingo. The most predictable and obvious outcome is what happened. No haircuts, no cutoff of aid, just extend and pretend like so many times before. So much for Russia, China, and Germany going to war over Greece or any of those other silly alarmist scenarios.

Mon, 05/30/2011 - 20:30 | 1323592 HamyWanger
HamyWanger's picture

Denninger, Prechter and Gerald Celente probably had a cardiac arrest out of anger, frustration and stupefaction, by now. 

We are entering the 4th successful year of "extend and pretend", with incredibly low long rates, stocks at the levels of December 2006, and nearly zero inflation. 

The PigMen have once again achieved the "impossible"


Mon, 05/30/2011 - 22:18 | 1324138 chump666
chump666's picture

They caused oil to go bid.  Great job! So you get extended middle east problems and long behold... major riots throughout Europe coming to a screen near you.

Lets see what the crystal balls says...ah, yeah France, germany riot central, strikes...ect etc.  Major sell coming.  You want be in on that when everything goes short, till the QE3 kicks in and China sends a warship around the pacific or something.


Mon, 05/30/2011 - 23:13 | 1324352 ml8ml8
ml8ml8's picture

China might need its warship (or three) when it comes time to foreclose on Greece and Portugal. 

Seriously, I can only imagine the entirely unrelated political favors that China will seek when it comes time to extend/foregive/reprofile the debt of these countries.

Mon, 05/30/2011 - 20:27 | 1323608 Chris Jusset
Chris Jusset's picture

Extend & pretend, baby ... Whatever it takes to keep the Titanic afloat ...

Mon, 05/30/2011 - 20:19 | 1323529 takeaction
takeaction's picture

"EURUSD surged by 70 pips from the closing print of 1.3270 to a high of 1.3350"

Just a typo...right?

Made this today...This is your team...including Tyler!

Mon, 05/30/2011 - 20:19 | 1323530 ParaZite
ParaZite's picture

I wonder how quickly all the nations will drown in debt when everyone ties themselves to the anchor cast off a sinking ship. 

Mon, 05/30/2011 - 20:22 | 1323534 buzzsaw99
buzzsaw99's picture

Greece is bankrupt...


pap smear bitchez!

Tue, 05/31/2011 - 06:24 | 1324703 Id fight Gandhi
Id fight Gandhi's picture

Kick that can Germany. dorfmatratze comes to mind.

Gotta keep the markets up... For a day.

Mon, 05/30/2011 - 20:22 | 1323546 HamyWanger
HamyWanger's picture

Hehe. What did I say? 

Like clockwork, indeed. Why please goldbugs and doomers with a restructuring when the "extend and pretend" policy works so well?


Mon, 05/30/2011 - 20:35 | 1323673 Bay of Pigs
Bay of Pigs's picture

Nope. That is incorrect.

Gold sees past all this garbage, which is why it is near all time highs right now.

Silver is set for its 2nd best monthly close ever tomorrow.

Nice try Hamy.

Mon, 05/30/2011 - 21:03 | 1323900 Muir
Muir's picture

Well all fucking kiddin aside, this really is bullish for gold.


Mon, 05/30/2011 - 21:22 | 1324007 Bay of Pigs
Bay of Pigs's picture

And what's you view on silver? Ha ha...

Mon, 05/30/2011 - 20:24 | 1323569 Yen Cross
Yen Cross's picture

 I was wondering when the crew would catch those spreads. Then you caught the fixing? SWAPS!

Mon, 05/30/2011 - 20:28 | 1323584 Gordon Freeman
Gordon Freeman's picture

This is pathetic!  Germany has no real resolve--they are merely playing the Bad Cop role in this charade.  Saying Merkel is finished is ridiculous, as it's clear that TPTB like her just where she is.

They can keep this game going for years.  Anybody trading a plan that requires a quick collapse is going to get shit-canned, again and again.  These fuckers have zero interest in s greek/irish/etc. collapse, of any kind, and will pull rabbit after rabbit out of the hat, for ever and ever, amen.

I wish the world was more just, and that those fuckers would get what they deserve--but it just isn't going to happen.

Trade accordingly.

Mon, 05/30/2011 - 20:30 | 1323633 Yen Cross
Yen Cross's picture

  Well spoken! Australia is running a close 2nd!

Mon, 05/30/2011 - 20:47 | 1323814 downwiththebanks
downwiththebanks's picture

Another Banker-Gangster pissed ONLY BECAUSE he's shorting the Euro.

"You suck, Germany, for not letting us Banker-Gangster parasites take down the Euro today."

Mon, 05/30/2011 - 21:02 | 1323893 Yen Cross
Yen Cross's picture

 A lot of traders have been (FLAT) euro for some time.  Best Wishes.  P.S. you can call it square, if it's hedged. EURO.

Tue, 05/31/2011 - 05:04 | 1324674 margaris
margaris's picture

In todays crazy world HEDGING is the way to go.

I hedge everything: investments, money, clients, love...

Be ready for everything! :-)

Mon, 05/30/2011 - 21:07 | 1323955 Ned Zeppelin
Ned Zeppelin's picture

I wish the world was more just, and that those fuckers would get what they deserve--but it just isn't going to happen.

Trade accordingly.

Tis the problem - how dp you trade on this basis? 

Mon, 05/30/2011 - 21:14 | 1323991 ElvisDog
ElvisDog's picture

This isn't trading advice, but what I would do (and am doing) is to use this time to prepare. Pay off all your debt. Own your house free and clear. Make sure that all major repairs to your house have been done. Put away enough in cash to pay for your kids' college education. Things like that.

Tue, 05/31/2011 - 02:13 | 1324585 Boop
Boop's picture

So business as usual, then?  :-)

Tue, 05/31/2011 - 01:07 | 1324537 Die Weiße Rose
Die Weiße Rose's picture

hey Gordon, where does all that anger come from ?

I don't really understand what you mean by :

"I wish the world was more just, and that those fuckers would get what they deserve--but it just isn't going to happen".

If the world was more just, then what would happen to the FED and the US Debt situation ?

The Chinese would sell and relegate the USD to junk-status ?

Why should Germany not do exactly the same thing as the FED ? After all,where's the difference anyway ? Germany's resolve must be to keep the Euro together,no matter what and to think otherwise is just wishful thinking for trading on the wrong side of reality.

As it stands, Europe is a welcome distraction to keep traders eyes from the real big Elephant in the trading room: US ballooning Debt and deficits and the inflating Interest on 14.3 trillion USD national Debt. If the world was more just, perhaps the Chickens would come home to roost on top of that big white Elephant.

So Gordon, remember to be careful what you wish for, and don't trade the Euro if it makes you that angry ;)

Mon, 05/30/2011 - 20:29 | 1323589 Arch Duke Ferdinand
Arch Duke Ferdinand's picture

Dancing will get you arrested in the United States....

Mon, 05/30/2011 - 21:41 | 1324054 Yen Cross
Yen Cross's picture

The government of the United States is scared. Nothing will block the masses.

Mon, 05/30/2011 - 22:36 | 1324192 camoes
camoes's picture

Footloose 2: Police State

Mon, 05/30/2011 - 20:29 | 1323590 Orly
Orly's picture

They can't keep it up forever.

Mon, 05/30/2011 - 20:29 | 1323626 Spalding_Smailes
Spalding_Smailes's picture

Yes they can. 


When did Lehman go under ... ?

Mon, 05/30/2011 - 20:34 | 1323671 HamyWanger
HamyWanger's picture

Indeed. Most people on this site believe that Lehman had to fall.

But it was only an authorized and controlled collapse, just like Bear Stearns. 

And I don't think another "doomer event" will be authorized until a long, long time away. 

Mon, 05/30/2011 - 20:39 | 1323716 Corn1945
Corn1945's picture

Riiiiight. They've got it all under control. That's why Greek interest rates are at 25%. That's why every Western Government is printing money to desperately keep the game going. That's why gold is at $1500 an ounce. That's why the US is dead flat broke according to anyone that can do third grade addition and subtraction.

Don't worry. Nothing will "authorized" to fail because that would be a "doomer event." You're a huckster and a clown.



Mon, 05/30/2011 - 20:52 | 1323871 Al Gorerhythm
Al Gorerhythm's picture

Hamy's one of those guys who strap on their ice skates in June. Always late to the party.

Mon, 05/30/2011 - 21:08 | 1323969 Ned Zeppelin
Ned Zeppelin's picture

I think he's kidding. 

Mon, 05/30/2011 - 21:47 | 1324060 Yen Cross
Yen Cross's picture

 Ned , please advise these people! They are living in the past!!! Move on and rebuild folks.


    Thanks Ned. Yen Cross

Tue, 05/31/2011 - 07:03 | 1324296 Al Gorerhythm
Al Gorerhythm's picture

I used to think he was. It used to be that he posted dual meaning posts that draged in the rabid protectors of the faith, but frequently I note that he is postulating considered perspectives that deserve retorts.

Mon, 05/30/2011 - 22:31 | 1324181 disabledvet
disabledvet's picture

"please remain calm, everything is under control.  PLEASE remain calm.  PLEASE remain calm.  MOVE along.  MOVE along."

Mon, 05/30/2011 - 21:10 | 1323982 BlackholeDivestment
BlackholeDivestment's picture

Once Rosemary's Baby is gone, there would not be another Socialist Pre emptive Nobel Prize White Black Muslim Christian New Age Prince Hall Mason ...which nobody can deny, which nobody can deny. King Hussein of Babylon is a last shot at Middle East Peace and the New World Order Final Global Economic Singularity. Watch, this will be clear in the months to come.

Mon, 05/30/2011 - 21:15 | 1323994 Orly
Mon, 05/30/2011 - 20:35 | 1323664 Orly
Orly's picture

It may be time to renew the USDCAD long position here.  The pop on this one could be vicious as there is a lot of compression built up in the pair thanks to the European shenanigans.

Despite what Goldman says, I think TPTB want to move gasoline prices lower and so and therefore, the price of oil comes off, in inverse correlation to the USDCAD movement.

Or not..


Mon, 05/30/2011 - 20:34 | 1323672 Yen Cross
Yen Cross's picture

 Really? I suggest you explore Texas, and her neighbor states. Fracking? Look it up.

Mon, 05/30/2011 - 20:49 | 1323778 Orly
Orly's picture

No need to look it up.  I live here.

The chances of them being able to extract ten barrels of shale oil in the next fifteen years is minimal.  Sorry.

The chemicals needed and the "waste" of water make it cost prohibitive, add in the red tape and oil would have to approach $215/bbl for any Texas governor to put his stamp on that project.

Besides, I am talking about proven reserves that are basically in the pipe already.  Massive slowdown.  US "driving season" will be a disaster.

Broke consumer.  Look it up.

Mon, 05/30/2011 - 21:01 | 1323906 Yen Cross
Yen Cross's picture

  Here?  Texas?

Mon, 05/30/2011 - 21:13 | 1323988 Yen Cross
Yen Cross's picture

  Orly, the environmentalists? Yes, Rick Perry is a unique person. @ 60 usd$ bbl creates a positive cash flow in 8 months. Fracking does not destroy ground water aquifers. I'm not even wasting my time on this subject.


    Most oil drillers, put more time into conservation than the Federal Government. RE; Park Land!

Mon, 05/30/2011 - 21:50 | 1324065 Yen Cross
Yen Cross's picture

 Enjoy your Junks Orly. Enjoy your little wannabe currency knowledge. You are just another lonely person exploiting a Berkley degree. Loser!!!

Mon, 05/30/2011 - 22:19 | 1324139 thegazelle
thegazelle's picture

Rick Perry would put his stamp on anything Bilderberg promotes.


"Waste" of water. Are you dense? Are you sure you live in Texas? Have you not heard about all the radiation in the water?

Mon, 05/30/2011 - 22:59 | 1324313 TBT or not TBT
TBT or not TBT's picture

A shoo in for POTUS at this point. BTW in some parts of Texas water is a pollutant. You can have too much dihydrogen monoxide around.

Mon, 05/30/2011 - 20:27 | 1323594 Rodent Freikorps
Rodent Freikorps's picture

I can see China buying a piece of Portugal, since the Azores would make a great base.

Mon, 05/30/2011 - 20:36 | 1323667 Yen Cross
Yen Cross's picture

 They did last week my friend. Ref; China bond purchases.

Mon, 05/30/2011 - 20:28 | 1323623 johny2
johny2's picture

you have to admit it, no one is better at currency devaluation than Bernanalolol...

Mon, 05/30/2011 - 20:36 | 1323669 lawrence1
lawrence1's picture

I smell black swan shit from all directions.  As Taleb observes, with the interdependence of all world financial systems, you better be prepared for a banking holiday, at the least.

Mon, 05/30/2011 - 20:35 | 1323683 dcb
dcb's picture

I don't disagree with the analysis on ZH a lot, but I think you have to come on the side of the central banks playing endless bailout. those controlling this, are the very one's who will loose out if  they don't do the bailout. so you are asking them to cut off part of their own "income" and prestige. In effect it would be like asking bernanke to let the market work on wall street. Of course there will be a bailout, of course there will be endless money. Exctly the way the military says we need to stay longer and we are turning a corner.

the only way bailouts end is if revolution happens. those who get to the top are beholden to that system, they will never allow greece to default. that means no more appointments in the future, no chance of a cushy job, etc. Because the wall street bankers won't endorse them and they ultimately have veto power over all central bankers and IMF people, and world bank people. Nobody ever getting those jobs would be someone who would hurt the banks. Once this is understood the outcome is already known.


ZH seems to understand this about the endless QE. So, why such difficulty with the endless euro bailouts. Merkel may loose the election, but she is set for life, and anyone else getting the office will do the endless bailouts as well. these aren't issues, they are forgone conclusions. Maybe a place like Iceland can do something, but won't ever happen in the us or euro zone. the bankers control the legislators


So what's with the shock?

Mon, 05/30/2011 - 20:40 | 1323731 lawrence1
lawrence1's picture

I agree.  ¨When in the course of human events it becomes necessary to ....

That´s the answer.

Mon, 05/30/2011 - 21:45 | 1324053's picture

Or, more succinctly, there was Caesar: the first ape to say "No!"

Mon, 05/30/2011 - 20:42 | 1323758 No Bid
No Bid's picture

I've never been a big fan of the phrase "It works until it doesn't."  To me it's a lot like saying "It is what it is."  But, I think it's appropriate here.  They can't perpetually bail them out, so eventually it will come to a head. 


I do think you're right about expecting the bailouts.  Default opinion should be that they will get bailed out.  The time will come though.

Mon, 05/30/2011 - 20:50 | 1323859 Fancy Bear
Fancy Bear's picture

+1. People want to be "right" about calling an unwind and get frustrated by the delays. The fact remains that timing is essentially impossible and there are safer ways to play the situation.

Mon, 05/30/2011 - 21:03 | 1323946 Muir
Muir's picture


and +1 dcb

Mon, 05/30/2011 - 21:10 | 1323974 Mec-sick-o
Mec-sick-o's picture

Neo, it's time to save Zion.  Mr. Smith is overflowing the Matrix.

You only know how to stop him!

Mon, 05/30/2011 - 22:53 | 1324274 dcb
dcb's picture

You think it's bad now, the head of thee ecb is going to be a goldman guy. you ain't seen nothing yet. then the money will really start flowing into the bankers pockets.

Mon, 05/30/2011 - 20:36 | 1323700 mfoste1
mfoste1's picture

when do germans take to the street?

Mon, 05/30/2011 - 20:43 | 1323761 YHC-FTSE
YHC-FTSE's picture



No Dra(ch)mas then for awhile at least. You think the Greeks will be grateful to the Germans? Not a chance. I have a feeling there'll be more articles on "Greece in Crisis" in the coming months, then we'll have to do this all over again. 

Tue, 05/31/2011 - 07:09 | 1323883 Al Gorerhythm
Al Gorerhythm's picture

October (hopefully)

It's an Octoberfest clip of merry makers. No biggie.

Mon, 05/30/2011 - 20:38 | 1323711 silvertrain
silvertrain's picture

Bailout in May and go away..Greece will be back next May for yet another one bigger and better....

Mon, 05/30/2011 - 20:44 | 1323762 downwiththebanks
downwiththebanks's picture


Mon, 05/30/2011 - 21:48 | 1324067 Gordon Freeman
Gordon Freeman's picture

Next May??  Try early fall, September, October.  Then more sturm und drang, Germany's had enough, the Greeks are in the streets, yadda, yadda, yadda...then Junior the Ass-man gets his allowance.  Wash, rinse, repeat.

Mon, 05/30/2011 - 20:38 | 1323712 chump666
chump666's picture

You got it.

What a joke, Germany has sealed it's political fate IMO.  Yeah, all done before US markets.  These academics are obsessed with bull markets/stocks. 

Get ready for riots...every weekend till Greece is booted out of the EZ

Mon, 05/30/2011 - 20:41 | 1323713 No Bid
No Bid's picture

This is setting up so nicely for Bernanke and QE3.  The future implosion of the Euro will be a put on the dollar.


Commodities will get trashed again before the summer is out.  Stocks will eventually follow [uncertainty = sell, sustained 8%+ unemp = sell, profit-taking, etc].  Concerns about the strength of the dollar will fade as other asset classes take priority and EU solvency degrades further.  QE3, 4, 5, ...n.  


The insolvency of the EU is a great enabler.   



Mon, 05/30/2011 - 20:57 | 1323877 Orly
Orly's picture

That's actually a very astute analysis.  Maybe that was part of the plan from the beginning?

Mon, 05/30/2011 - 21:05 | 1323971 No Bid
No Bid's picture

All these guys talk, so it's definitely a consideration of Bernanke's, likely others as well.  I'd like to say that I'm not a conspiracy theorist at all either.  This just seems to fit together pretty well.

Mon, 05/30/2011 - 21:10 | 1323981 Orly
Orly's picture

Maybe you're not a conspiracy theorist at all- but you will be!


Everything does fit together ever-so nicely, doesn't it?

Have a look at a thread from earlier if you care to take the time.


Mon, 05/30/2011 - 21:18 | 1323997 Yen Cross
Yen Cross's picture

  Orly, you are a person with limited knowledge, and a crystal ball. Un- traveled.

Tue, 05/31/2011 - 02:37 | 1324601 ViewfromUnderth...
ViewfromUndertheBridge's picture

leave her alone...

Tue, 05/31/2011 - 07:13 | 1324721 Al Gorerhythm
Al Gorerhythm's picture

What's it to you? She can talk, can't she? You, it could be said, are uncultured and an opinionated bore, yet no-one has.

Tue, 05/31/2011 - 08:28 | 1324809 Dismal Scientist
Dismal Scientist's picture


Tue, 05/31/2011 - 08:42 | 1324841 Trillax
Trillax's picture

What's your beef with Orly? She piss in your cheerio's or something?

Mon, 05/30/2011 - 20:40 | 1323714 ebworthen
ebworthen's picture


The politicos and banksters will push this cart full of cow manure until the masses tip the cart over on top of them.

There is no limit to the equivocation, the sophistry, the delay using MSM and delusional ephemeral econometric mental mumblings to hold back reality.

The only reality that will change this game of shuffling is to loose some mortal coils.

Make no mistake; this is a battle of the household against the mammon lusters.

This is a battle between greed and forebearance, between excess and contentment.

May the masses be content and the mammon lusters be headless.


Mon, 05/30/2011 - 22:04 | 1324103 lincolnsteffens
lincolnsteffens's picture


Mon, 05/30/2011 - 22:17 | 1324144 ElvisDog
ElvisDog's picture

You are absolutely correct about the ultimate outcome, but timing is a bitch. I could easily see the powers that be keeping the balls in the air for years, because the majority of people (in the U.S. at least) like the status quo. When push comes to shove, they don't give a crap about future generations. Just keep the party going for as long as possible.

Mon, 05/30/2011 - 20:39 | 1323715 slewie the pi-rat
slewie the pi-rat's picture

Banksters Throw Merkel Under Greek Bus

Mon, 05/30/2011 - 20:54 | 1323875 Yen Cross
Yen Cross's picture

 Slewie I'm on your page, but Merkel is lost in space. She is in charge of a great, productive country.


    Slewie I will back you up any day, but you know piigs are Gypsiis!?

Mon, 05/30/2011 - 22:42 | 1324210 RoRoTrader
RoRoTrader's picture

dumped the euro short and am on to the AUD/JPY long........gotta like the yield spread and especially when it has become completely obvious thx to Merkel the Germans have just endorsed printing by the ECB and made it very plain that the only way into elected representative govt is to assign your soul to the Pigmen.

What's next??.........BOJ joins Dancing With the Stars.

V shall see.

Mon, 05/30/2011 - 21:48 | 1324062 ebworthen
ebworthen's picture

Free Ouzo on the way to the casino in Atlantic City.

Mon, 05/30/2011 - 21:53 | 1324070 Yen Cross
Yen Cross's picture

  I will always like OUZO! Period.

Mon, 05/30/2011 - 20:39 | 1323717 phungus_mungus
phungus_mungus's picture

Okay... either it no longer matters how much money .govs print and give away or we are heading for the mother of all financial crashes...

Which is it gonna be folks?

Mon, 05/30/2011 - 20:43 | 1323720 Racer
Racer's picture

"Wall Street" journal says...


say no more... kill the dollar, rally the market with more rumours

Mon, 05/30/2011 - 20:44 | 1323737 Silver Alert
Silver Alert's picture

It used to be that we Americans could lay claim to being the biggest financial fools.


I wonder if there is anyone in Germany who realizes they have stolen that prize from us?

Mon, 05/30/2011 - 20:43 | 1323746 THE DORK OF CORK
THE DORK OF CORK's picture

Me thinks this is proof that Germany needs Greece much more then the Greeks need Germany.

I wonder what happens to all that German High end engineering exports when the swinish governing class can only afford the local production of Figs and Stout ?

And what happens to all that core savings in the periphery when we cannot pay the interest  ?- me thinks the core fiscal debts will V-2 it into the stratosphere as you cannot tax such thin air savings with the same effeciency.

Efficiency and productivity is all fine and dandy but overproduction is a bitch.

Bring on those dog currencies to this theatre of the absurd and lets fill their greedy mouths with Punts and Drachmas.

Mon, 05/30/2011 - 20:44 | 1323764 ebworthen
ebworthen's picture


I wonder what happens to all that German High end engineering exports when the swinish governing class can only afford the local production of Figs and Stout ?

And what happens to all that core savings in the periphery when we cannot pay the interest  ?-



Mon, 05/30/2011 - 22:12 | 1324118 laughing_swordfish
laughing_swordfish's picture

I agree with pretty muvch everyone re: the great German cave-in.

Any ZHer with the most rudimentary intelligence could see that the real PTB - Wall St. and The City - would never ever permit anything other than one massive last kick of the can down the road. The final decision was put in the hands of Turbo Timmy and Banananke - and with DSK now conveniently out of the way, the game is on.

Note also that the "Euro Crisis" is also the perfect entry point for Banana Ben toinstitute QE3.....QEi - as long as there is a "Crisis in the Eurozone" no one in any position to raise any objections will...

I don't normally do FX, but I'm gonne be watching the EUR/USD pair very carefully..




Mon, 05/30/2011 - 22:41 | 1324223 disabledvet
disabledvet's picture

absolutely ridiculous headline.  "We must be prepared to use the military to keep trade flows moving throughout the EU."  I think that was the German President himself just a year ago!  Only ZH'ers are surprised and the irony all of you know better if you would just listen to yourselves "instead of you wishes."  This isn't about the banks but the physical movement of goods across open borders.  if those borders had continued to "rise again" (and these "crossings" have been going up the last few weeks) then catastrophe would have been immediate and total--a total breakdown of the Union would absolutely have been in the making.  it still can be btw.

Tue, 05/31/2011 - 04:49 | 1324667 Roger Knights
Roger Knights's picture

Voters in Finland & Slovenia won't care.

And once China declines to pony up again, the game is over.

Mon, 05/30/2011 - 20:41 | 1323749 chump666
chump666's picture

As far as trading goes, bounce on the USD on "Europe burns...Riots" a few weeks form now.


Mon, 05/30/2011 - 20:44 | 1323767 chump666
chump666's picture

option selling on the EUR/USD now

Mon, 05/30/2011 - 21:42 | 1323755 tom a taxpayer
tom a taxpayer's picture


Merkel - Ich bin ein Berliner whore who loves getting screwed the Greek way and the French way. Someday I hope to have a six way screw with the Spaniard, the Portugese, the Irelander, the Greek, the French, and the Italian. 

Mama Mia! Come and get a piece of this delicious Deutscher derriere!


Mon, 05/30/2011 - 20:42 | 1323757 downwiththebanks
downwiththebanks's picture

Greece is only bankrupt of one believes that shoveling money to the Banker-Gangsters who won in the casino is the priority of the government.

Only lunatics and boot-lickers accept this 'reality'.

Mon, 05/30/2011 - 20:42 | 1323759 bigkahuna
bigkahuna's picture

Germany is hitching itself to an anchor with an even higher grade chain. When Greece goes down, it is going to take the farm and the house with it -- there will be no cut and run for the Germans, or anyone else who has a finger in this black hole of a pie. One word: contagion -- USSA style.

Mon, 05/30/2011 - 20:43 | 1323760 Lady Heather...UNCLE
Lady Heather...UNCLE's picture

Damn...have been stopped out of my short S&P position....I did BTFD last week though (at 1307) but turned it on twice the volume at 1327. So, made 20pips on x contracts and lost 10 pips on 2x contracts...fucking brilliant!! 

Mon, 05/30/2011 - 20:44 | 1323766 BORT
BORT's picture

alles ist gut

Mon, 05/30/2011 - 20:45 | 1323771 Billy Shears
Billy Shears's picture

The Greeks seem to have a real anarchic propensity and I think they would take a jackhammer to everything they have before they turn over Greece to the Eurocrats/IMF/ Retiring at 58 and owing €325 billion; what's rationality have to do with anything. They'll eat feta, drink Ouzo and burn shit down.

Mon, 05/30/2011 - 21:49 | 1324069's picture

Those who demand the perpetuation of the welfare state are obviously not anarchists.

Mon, 05/30/2011 - 20:48 | 1323772 Coke and Hookers
Coke and Hookers's picture

This is excellent news. The hole is getting deeper and soon the fuckers won't be able to crawl out if it. :o)

Mon, 05/30/2011 - 21:51 | 1324075's picture

Those chumps are in big trouble. Thank goodness we have these Rocketboy jetpacks. Up, up and away!

Mon, 05/30/2011 - 22:15 | 1324137 Mentaliusanything
Mentaliusanything's picture

Mr Coke and Hookers, The hole WAS so big they could NOT crawl out of it. So Europe in its wisdom gave them more and bigger bigger shovels to dig a bigger hole and will continue to provide ASSistance.

The answer to unpayable debt is not More debt.

Coke and Hookers on the other hand is perfectly acceptable to keep the party going...;)

Mon, 05/30/2011 - 20:46 | 1323789 Eireann go Brach
Eireann go Brach's picture

Hamy, your day in the sunshine is coming along with the rest of the fucking wankin bankers, extend and pretend will only last so long until you get beaten by folks in countries who have centuries fighting back at the establishment and who will not stand to take this any longer, nothing would make me happier to see someone like you being hung from a lampost with your ears hanging off and your legs being eaten by a pack of hungry dogs!

Mon, 05/30/2011 - 20:47 | 1323805 PulauHantu29
PulauHantu29's picture

I'm sure the German workers don't mind working a few more hours per week to bail out the Greek Bankers.


Mon, 05/30/2011 - 20:52 | 1323865 chump666
chump666's picture

options market are thinking that too. It's  a knee-jerk meltup.  Would be funny if the European riots actually start in Germany and spread. 

Merkel is finished and that french midget is history too.  The EU are weak, Greece should be thrown out as an example.  Portugal is next for the handout and then Spain.  What the f*** are the Europeans doing?

Mon, 05/30/2011 - 22:47 | 1324234 disabledvet
disabledvet's picture

never say "that French midget is finished."  The last one took his right to be tossed all the way to the United Nations!

Tue, 05/31/2011 - 02:36 | 1324600 Urban Redneck
Urban Redneck's picture

The battlefield is a scene of constant chaos. The winner will be the one who controls that chaos, both his own and the enemies.
Napoleon Bonaparte

And the French gene pool has been in decline ever since.  However, the Greek debt slaves will end up paying a much higher price, unless they get rid of the politicians willing to further indebt them for self-serving votes. 


Mon, 05/30/2011 - 20:51 | 1323826 I am Jobe
I am Jobe's picture

Bring in some Thai Protestors and they will fix it all. They have more balls than the Western nations.

Tue, 05/31/2011 - 02:47 | 1324604 Urban Redneck
Urban Redneck's picture

Except when TPTB in Bangkok cut the daily protest stipend from 1000 baht to 500 baht, and everyone stays home. 

That said - it will be interesting to see how the Greeks respond to 40mm CS canisters being swapped for M406s.

Thai protests are nothing more than a strategic tool of the ruling class.     

Mon, 05/30/2011 - 20:54 | 1323868 IdioTsincracY
IdioTsincracY's picture

Why change the system ... when one is winning.... enter Germany!

Mon, 05/30/2011 - 20:56 | 1323873 I am Jobe
I am Jobe's picture

Mad as Hell
The anger that fueled the Arab Spring is now boiling over in Europe. Could club-wielding protesters be in America’s future, too?

Mon, 05/30/2011 - 20:58 | 1323878 MrTrader
MrTrader's picture

Germany´s strategy is very easy: take 50 billion of export surplusses and invest into Europe´s bailout. Germany´s banks are making a killing selling safe haven bonds to very willing GREEK INDIVIDUAL INVESTORS fleeing their country. Some German banks are hiring Greek speaking peronnel. Ha, ha, ha. EUR/USD 1.4372 last print. Retail traders being TERMINATED. There is no risk free lunch. And since when is CFTC data of long EUR non commercials supposed to be USD supportive ????? I am making a killing, don´t know about you guys...;=)

Mon, 05/30/2011 - 21:01 | 1323891 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The dollar sees another leg down.  Bernanke is blowing all those longs out!  Come on FX traders!  Get rich or die trying!

Mon, 05/30/2011 - 21:02 | 1323940 chump666
chump666's picture

Reverse trade is coming USD spike EUR will be slaughtered. MAdman Bernanke will hold off QE3 till dow and s&p500 collpase 20%.  timed on the china inflation crunch. 

Mon, 05/30/2011 - 21:10 | 1323980 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Bernanke does not need numbers when he has theory. 

Tue, 05/31/2011 - 06:07 | 1324696 Dollar Bill Hiccup
Dollar Bill Hiccup's picture

+ 1

Mon, 05/30/2011 - 21:06 | 1323941 Rodent Freikorps
Rodent Freikorps's picture

Why call it a bailout when it is a welfare payment?

Mon, 05/30/2011 - 22:12 | 1324126 downwiththebanks
downwiththebanks's picture

Finish the sentence, NaziRat:  a welfare payment TO WHOM?

The bailout was a fait accompli.  After all, how else can your Banker-Gangster bosses afford the NaziRat's full body massages?

Mon, 05/30/2011 - 21:04 | 1323957 sudzee
sudzee's picture

There is a bank run going on in Greece. Someone has to bail out the banks cause their reserves are toast. You can't run a ponzi if average joe pulls his savings.

Mon, 05/30/2011 - 21:09 | 1323978 IdioTsincracY
IdioTsincracY's picture

Now ... if that is true ... finally we got something going!

Mon, 05/30/2011 - 22:26 | 1324165 Mentaliusanything
Mentaliusanything's picture

Finally going Hard currency?

Tue, 05/31/2011 - 02:51 | 1324610 Urban Redneck
Urban Redneck's picture

Greek banks and pension funds are the most exposed to Greek debt.  In the event of Greek bank run, Greek banks are forced to dump Greek bonds.  The 50% haircut is the no-volume retail price, and the BIDLESS truth will become apparent that much sooner with a Greek bank run.  

Mon, 05/30/2011 - 21:05 | 1323968 Broomer
Broomer's picture

Indeed, Ms. Merkel has a lot to lose with this action.

Of course, there is some hidden gain here, or something that must be preserved, whatever it takes.

My personal opinion is that a Greek failure would start a chain reaction destroying the European financial system.

Any thoughts?

Mon, 05/30/2011 - 21:22 | 1324014 Mec-sick-o
Mec-sick-o's picture

It is part of the plan, just not yet.

Mon, 05/30/2011 - 21:14 | 1323983 Coke and Hookers
Coke and Hookers's picture

The Euro moguls and their bankster handlers are between a rock and a hard place. German banks going bust is not the only issue here. If Greece is not bailed out and the can kicked down the road some more, shit may hit the fan. Greece may go up in flames and start a domino effect resulting in the breakup of the Eurozone and the EU itself. The Brussels elite will do anything to prevent that. They will bail out broke countries left and right until the Euro is worth less than a Zimbabwe dollar to prevent that from happening. At the same time the fucking criminal Bernanke will go on with his QE's up to #20 or so to keep the EU/USD ratio in the 'zone' so the sheeple (and forex traders) will think they are trading in something that has any value. To help out on the sidelines, BIS, most central banks and Wall Street will short gold and silver like hamsters on speed to protect the illusion.

In a way, Hammy is right. They will try to keep this going until the last asset in the US and Europe has been grabbed and individual freedom has been totally abolished.

Load up on ammo bitchez.

Mon, 05/30/2011 - 21:18 | 1323993 IdioTsincracY
IdioTsincracY's picture

This is getting annoying!

The dollar will be worth less than a zimbabwe

The euro will be worth less than a zimbabwe

Finally the zimbabwe will be worth less than a zimbabwe ...


Mon, 05/30/2011 - 21:33 | 1324033 tao400
tao400's picture

Sinclair called this years ago. QE to infinity. It's amazing that guy saw this happening. According to him, there is not other choice.

Tue, 05/31/2011 - 07:18 | 1324723 Bob
Bob's picture

Durden has been making the same call for about as long.  Folks seem to be tortuously conflicted about this, however.  Even while they know the big picture, they suffer terrifically with every new step toward the inevitable as if each is a mind-boggling surprise.  Even more strange is all the wailing and gnashing of teeth about irresponsible governments not doing a 180 into fiscal discipline--when it is almost universally acknowledged that we have irreversibly crossed the rubicon wrt debt, i.e., it's long been more than can possibly be repaid over any time frame. 

Folks just can't seem to resolve their own conflicts about what they know.  They get sidetracked into issues that used to matter when systemic solvency was arguably attainable--like hysterical tree huggers devoted to this or that special tree . . . when they know the entire forest is burning from the outside in.

While most can easily get their heads around the entire debacle as a bankster-driven derailment of their own malignant system, many spend much of their time cursing lazy Greeks, unions and "entitlements."

People are "funny."  No matter how much they know. 

Mon, 05/30/2011 - 21:56 | 1324086's picture

If Greece is not bailed out and the can kicked down the road some more, shit may hit the fan. Greece may go up in flames and start a domino effect resulting in the breakup of the Eurozone and the EU itself. The Brussels elite will do anything to prevent that.


Sounds like a good working theory at this point in time.

Mon, 05/30/2011 - 22:47 | 1324235 alien-IQ
alien-IQ's picture

I think it's more a matter of "when" than "if". And the longer it's prolonged...the worse it'll be.

Mon, 05/30/2011 - 22:45 | 1324249 disabledvet
disabledvet's picture

is the ammo thing a trading strategy?

Tue, 05/31/2011 - 02:50 | 1324608 Jack Sheet
Jack Sheet's picture

A return to the drachma would f**k the banks 10 times faster than a restructuring in EUR. Merkel is either  being bribed or threatened.

Mon, 05/30/2011 - 21:16 | 1323986 Itsalie
Itsalie's picture

So as expected, no haircut and more bailout with money printing in euroland -  so the bureaucrats from the old continent has decided that the cow will be forced to drink more debt, will the cow drink or not?

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