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Greek Bailout Money Is In Jeopardy As The IMF's Departing John Lipsky, Former JPM Chief Economist, Is In Temporary Command

Tyler Durden's picture


It turns out that the meeting that DSK was rushing to (in just a bit of a rush, without his cell phone), was a critical one for the future of Greece. Per the AP: "The arrest of IMF chief Dominique Strauss-Kahn means a key participant
will be missing at a European meeting considering whether to give Greece
billions more in financial help
." Does this mean that all Greek bailout talk is put on hold? As a result the headless (no pun intended) IMF is forced to promote its second in command, John Lipsky, previously chief economist of JP Morgan, to the rank of acting managing director, even as "separately, spokeswoman Caroline Atkinson said the fund remains fully functioning and operational despite the arrest of the fund's chief executive." What is funny is that it was just yesterday that Lipsky announced he was stepping down in August. What happens to the world's pseudo-bailout organization come September, when its top two officers are gone, is anyone's guess.

From AP:

Strauss-Kahn was to hold talks Sunday with German Chancellor Angela Merkel and join European finance ministers on Monday in Brussels. That won't be happening since he was arrested in New York City this weekend on suspicion of sexual assault on a hotel maid.

Ministers from the 17 countries that use the common euro currency are talking about whether they have to give Greece more help in paying its debts. Greece already received a euro110 billion ($157 billion) bailout package from the European Union and the IMF last year.

The International Monetary Fund says it "remains fully functional" despite the arrest.

And from Dow Jones:

John Lipsky is currently acting managing director of the International Monetary Fund, as the current head, Dominique Strauss-Kahn, is in police custody in New York following his arrest on attempted rape charges, a fund official said Sunday.

Separately, spokeswoman Caroline Atkinson said the fund remains fully functioning and operational despite the arrest of the fund's chief executive.

Lipsky, technically the first deputy managing director, was effectively put in the role when the fund chief went to New York on private business, the first official said.

The fund said early Sunday morning by email that Strauss-Kahn had retained his own private lawyer to deal with the case.

"The IMF has no comment on the case; all inquiries will be referred to his personal lawyer and to the local authorities," spokeswoman Caroline Atkinson said.



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Sun, 05/15/2011 - 10:42 | 1275969 uno
uno's picture

from the front page of the regarding the rapist:

"The IMF remains fully functioning and operational."


Sun, 05/15/2011 - 10:50 | 1276000 uno
uno's picture

also from their website

John Lipsky, an American, has been First Deputy Managing Director since September 2006. Before coming to the IMF, he worked for JPMorgan Investment Bank.

Sun, 05/15/2011 - 11:05 | 1276037 goldfish1
goldfish1's picture

IMF is forced to promote its second in command, John Lipsky, previously chief economist of JP Morgan

Motive enough.

Sun, 05/15/2011 - 11:05 | 1276056 anynonmous
anynonmous's picture

not so fast

from last month

"FRANKFURT (MNI) - From the view point of the International Monetary Fund, the bailout program for Greece could be extended beyond 2013, IMF Deputy Director John Lipsky said in an interview published Friday."

Sun, 05/15/2011 - 12:26 | 1276292 rsi1
rsi1's picture

Lipsky? nah, just making room for Draghi..

Sun, 05/15/2011 - 16:14 | 1276912 asdasmos
asdasmos's picture

Indeed, the IMF is now flaccid.

Sun, 05/15/2011 - 10:45 | 1275970 digalert
digalert's picture

Lipsky? This stuff can't be made up...can it?

Sun, 05/15/2011 - 11:20 | 1276098 Xibalba
Xibalba's picture

"IMF is forced to promote its second in command, John Lipsky, previously chief economist of JP Morgan, to the rank of acting managing director" --- NOW it all makes sense. 

Sun, 05/15/2011 - 12:52 | 1276383 A Man without Q...
A Man without Qualities's picture

The funny thing is to trace Lipsky's career further back.  He was actually in Chase Manhattan Bank prior to the merger and before that, he was one of the IMF/ CIA/ Rockerfeller Chase economic hitmen in Chile.  DSK was never more than an interloper...

Sun, 05/15/2011 - 10:46 | 1275972 ThisIsBob
ThisIsBob's picture

It is unclear tio me how $3,000 a night hotel roms and first class seats on Air France (of which US taxpayers front 17%) is of substantial assistance to Greece.

Sun, 05/15/2011 - 10:55 | 1276004 Arius
Arius's picture

the bailout money is not going to greece either...its for banks in france and germany...greeks will just pay a higher interest...

Sun, 05/15/2011 - 11:04 | 1276050 duncecap rack
duncecap rack's picture

Article says he was in NY on personal business.

Sun, 05/15/2011 - 11:41 | 1276138 ZeroPower
ZeroPower's picture

Air France is pretty shitty though...just throwing it out there

Sun, 05/15/2011 - 13:21 | 1276455 CynicLaureate
CynicLaureate's picture

Not as I recall... in First Class on a Transatlantic Air France flight not only does the seat turn into a flat bed, they also provide complementary pajamas.  Nicest flight I ever took to Europe.



Sun, 05/15/2011 - 19:11 | 1277396 sgorem
sgorem's picture

they also have very pretty stewardesses, dressed in cute little maids uniforms. They come around and "fluff your pillow up" for more HEAD room, and it's for free.........

Sun, 05/15/2011 - 10:46 | 1275973 bugs_
bugs_'s picture

sacrebleu! sounds like oui are running out of heads at ze I.M.F.

Sun, 05/15/2011 - 10:46 | 1275975 Glasgow Gary
Glasgow Gary's picture

This is precisely the kind of news event that traders will use to press a EUR short bet, only to discover that the effects last all of 6 hours. I expect the EUR to be rallying hard again by Tuesday afternoon.

Sun, 05/15/2011 - 10:55 | 1276017 Caviar Emptor
Caviar Emptor's picture

hehe this sets the Fed agenda way back. They knocked down crude oil a bit through political maneuvering (twisting arms to get margins increased), and now the dollar will go sky high again. Both are deflationary and exactly the opposite of their stated goal from last autumn to create inflation. Earnings at big multinationals are now in jeopardy from a growing list of causes. Real interest rates are super negative. Housing jobs and incomes are still deflating. They're gonna have a fun summer!

Sun, 05/15/2011 - 11:02 | 1276042 Glasgow Gary
Glasgow Gary's picture

But let's consider the pattern: all super-negative EuroZone scares the past year have resulted in further EUR strength after a short spike down. And, all USD rally hopers have been blown out after similar brief USD spikes. Just sayin'. What's more , the USD rallies are getting successively weaker, and shorter. That's been especially true this spring.

EUR sags tonight into tomorrow morning, then rallies hard starting tomorrow night or Tuesday morning as late traders once again think "news" is a cause to drive the EUR lower. They will be sitting on losses by Tuesday afternoon.

Sun, 05/15/2011 - 11:09 | 1276059 Caviar Emptor
Caviar Emptor's picture

Agree. But my point is the anti-infaltionary forces are mounting against the Fed's little experiment. They're back flat on their arses with nothing to show for their trillions in diminishing returns. 

Sun, 05/15/2011 - 11:20 | 1276091 duncecap rack
duncecap rack's picture

Wouldn't the fed be the winner if they were allowed to monetize the US debt with impunity? If they could print all they wanted with no loss to the purchasing power of the dollar it seems like win-win for the US gov. and the fed.

Sun, 05/15/2011 - 11:31 | 1276114 Caviar Emptor
Caviar Emptor's picture

Ahh but you're missing the point: there can be deflation AND inflation simultaneously (biflation). It's very retro of the Fed to see it all in linear, 2-dimentional terms when reality is more polynomial and 4-dimentional. The real economy is deflating (incomes, jobs, real estate, corporate and tax revenues) while they continue to print trillions, weakening the dollar and causing hard asset inflation around the world. So no, there is no impunity. The more they print, the worse the US economy will get and they'll also jeopardize faith in the dollar possibly to the point where there's a global rush out (which is slowly gaining momentum already)

Sun, 05/15/2011 - 11:19 | 1276092 Rynak
Rynak's picture

I'm still perplexed why the currency markets are still as strong as they are, especialy europe... i mean, its not like its underground news that the EMU is in big trouble. Shouldn't in such a scenario other more exotic but stable currencies go up?

Sun, 05/15/2011 - 11:33 | 1276124 Caviar Emptor
Caviar Emptor's picture

They are

Sun, 05/15/2011 - 11:53 | 1276168 DeadFred
DeadFred's picture

Your confusion is because you believe the markets still respond to news. If you look at the news that supposedly moved the FX markets what was really there? Last year the Euro dropped on 'fear of contagion' but solidified once 'stress tests' made investors gain confidence. Did anything real change during that time? Just the news coverage. IMHO the FX markets go where the FX gods (or devils) make them go and the news is there to suck retail investors into losing positions. But my humble opinion has become pretty jaded of late. I suggest a contrarian position.

Sun, 05/15/2011 - 13:14 | 1276442 dracos_ghost
dracos_ghost's picture

I was thinking the same. Even here on ZH, there have been posts about record levels of non-commercial spec long EUs. Good old fashion rigged game to create nothing but negative news to shake out the weak hands. Spike down, then the big dogs come back in and buy.

I also don't see how this impacts the Greek bailout. If anything, the IMF will need to come out with a super positive spin to the EU bailouts to maintain stability.

DSK was a lame duck administrator anyway, I agree with others that this has more to do with Sarkozy and the French elections than any economic news.



Sun, 05/15/2011 - 13:42 | 1276480 dracos_ghost
dracos_ghost's picture



Sun, 05/15/2011 - 13:11 | 1276428 LeBalance
LeBalance's picture

... other more exotic but stable currencies go up ...

Now WHAT could they possibly be?

/jingle, jingle, jingle/

Sun, 05/15/2011 - 11:07 | 1276048 Glasgow Gary
Glasgow Gary's picture


Sun, 05/15/2011 - 10:46 | 1275984 Caviar Emptor
Caviar Emptor's picture

50% off Greek salads and Souvlaki. Hurry, supplies limited. 

Sun, 05/15/2011 - 10:48 | 1275986 Drag Racer
Drag Racer's picture

in the case of Strauss-Khan, what happened to diplomatic ammunity? or does the port authority get around this?? seems quite a coincedence for this to happen right now... setup???

Sun, 05/15/2011 - 11:55 | 1276186 tmosley
tmosley's picture

The IMF is not a diplomatic organization.

If it was, this financial crisis would look a lot more like Lethal Weapon 2.  And that would just be too awesome.

Sun, 05/15/2011 - 12:44 | 1276370 Drag Racer
Drag Racer's picture

To play with the IMF you sign agreements which are similar to UN immunity clause.

Here is an example in practice...

Immunity for British IMF chief over 'wife assault'

Wolrd Bank has the same deal

This basically answers my question though. He was not operating in official capacity at the time of the incedent.

IMF bylaws state that its officials "shall be immune from legal process with respect to acts performed by them in their official capacity except when the fund waives this immunity." Strauss-Kahn's attorneys did not answer questions from CNN about whether he may claim that diplomatic immunity covers such an allegation.

Mon, 05/16/2011 - 00:13 | 1278130 Bringin It
Bringin It's picture

Appears it don't apply to rape.  Here's Domonique at the job interview.

Sun, 05/15/2011 - 12:02 | 1276202 JohnG
Sun, 05/15/2011 - 10:49 | 1275990 Honest_Money
Honest_Money's picture

I'm sure that there are many people in line who would love to hand out the SDR toilet paper and pretend that they are the savior of the world.

Sun, 05/15/2011 - 10:52 | 1275991 sabra1
sabra1's picture

"The DS-K pecker remains fully functioning and operational."

Sun, 05/15/2011 - 10:49 | 1275994 Oh regional Indian
Oh regional Indian's picture

Oh goodness. Lips to the sky. Such interesting names of key players in the world eh? Kash and carry, BrrrrrrBank, Dimon...d.... trippy.

Such a strange move in the grand game though. Puzzling. It feels like we are watching a bad B movie and the damn restraints on the arms of this plush chair hurt!

Nothing makes sense anymore. Really. The theater of the absurd is on us like a ton of bricks...



Sun, 05/15/2011 - 11:03 | 1276033 Caviar Emptor
Caviar Emptor's picture

It's like a cheap remake of the good, the bad and the ugly. We got Obama, Osama and Omama (DSK)

Mon, 05/16/2011 - 00:11 | 1278133 Bringin It
Sun, 05/15/2011 - 13:09 | 1276433 snowball777
snowball777's picture

Difficult to distinguish between hubris run amok (apparently) and a convenient framing lie, well-told...a well-meaning saboteur of the PTB could do worse than to insert a monkeywrench thus.

Sun, 05/15/2011 - 10:55 | 1275996 Sudden Debt
Sudden Debt's picture


So the IMF wanted to give them money which could cause the euro to drop pretty hard making the dollar to strong which could harm the "reconnery".

Monday the dollar will go down now.... the euro up... and the euro crisis remains.



Sun, 05/15/2011 - 10:51 | 1275999 RobotTrader
RobotTrader's picture

At least none of our acting politicians is involved in a sex scandal.

I wonder if this means the Euro is going to get slammed tomorrow.

Perhaps we will see more of the "Risk Off" trade with mad F12-punching speculators selling anything and everything that is commodity oriented and fleeing once again into U.S. Dollars and Treasury Bonds.

Poor Bill Gross.

He picked the exact wrong time to be shorting treasuries.

Meanwhile, it looks like Jim Puplava and his crew have dropped the "buy and hold" religion on gold and oil, and Ryan actually has some of this clients short commodities and long dollars right now.

Even the most devout inflation worshipers are now starting to respect the powers of Uncle Gorilla, and have now adopted an F12-punching, short term bit-flipping trading strategy.

Heh, Puplava is actually bullish on many Dow stocks, as Ralph Ancampora is now convinced that we are now in a secular bull market.  As some of the most unlikey "widow and orphan" dividend stocks are skying like Internet stocks.  While gold and oil stocks are now under intense liquidation.

Sun, 05/15/2011 - 11:00 | 1276023 HamyWanger
HamyWanger's picture

Robot, bro', I totally agree with your reasoning and I'm long stocks for this reason since February 2009.

But do you think the DOW can go higher than 14,500? It's already back at Nov. 2007 levels, and I'm afraid anymore further would be viewed as indecent. Sure, the Pigmen will probably not hesitate to do it, but it wouldn't surprise me if they allowed a 1,500/2,000 pts controlled drop to make a killing first on momo bulls, then on bears. 

Sun, 05/15/2011 - 11:12 | 1276071 Caviar Emptor
Caviar Emptor's picture

Why not? And what would be the point of trying to be "decent" or even real? If you're right and only pigmen and uncle gorillas are in charge then we should see S&P 30,000 by December. That way they can all retire and let the momo bulls and bears fight it out for a few years with a good cushion. 

Sun, 05/15/2011 - 12:01 | 1276198 Arius
Arius's picture

Hamy...i am w/ you...remember a book from 2000 titled DOW 36000...better late than the moon!


Sun, 05/15/2011 - 11:34 | 1276117 El Hosel
El Hosel's picture

"At least none of our acting politicians is involved in a sex scandal."...

What a relief, things will be just fine.   They are all buttfrking the system daily.

Sun, 05/15/2011 - 11:53 | 1276175 Muir
Muir's picture


"Even the most devout inflation worshipers are now starting to respect the powers of Uncle Gorilla"

You are the most ignorant of apostates.

My good Sir, do you not realize what good news in disguise this is for silver?

$600 / ounce here we come.


Sun, 05/15/2011 - 10:55 | 1276008 RNC
RNC's picture

Comedy hour at its finest. You couldn't make this shiat up!

Sun, 05/15/2011 - 10:53 | 1276009 falak pema
falak pema's picture

Merkel calls the shots on this...the IMF only follows up on what the ECB/Merkel have decided. They are NOT front seat on this...So Merkel will have her hands free to make her calls and IMF will be more back seat...that's all. Germany has NO strategic interest in seeing Greece defaulting. NONE. So plan accordingly.

Sun, 05/15/2011 - 14:02 | 1276537 A Man without Q...
A Man without Qualities's picture

Not quite.  Merkel's CDU/ FDP coalition is in big trouble.  The FDP is sinking like a stone in the polls, and they are pushing for a far harder line on bailouts.  What Merkel was hoping was the IMF could take more of a lead and demand tougher cuts, thus saving the coalition and preventing Germany being cast as the evil empire.

Once you strip out the European head from the IMF, it is as always the protector of the interests of the US banks.   Their concern is the debt crisis in the US, not what is happening in Europe (in as much as how much free money can they get from the Fed without causing too much uproar domestically), so the idea that they create a shitstorm in Europe, causing a flight into Dollars and Treasuries gives the perfect green light for QE number whatever.

Merkel is not calling the shots because she is not thinking far enough ahead to respond to the long game of the "pigmen"....

Sun, 05/15/2011 - 19:23 | 1277420 sgorem
sgorem's picture

"Germany has NO strategic interest in seeing Greece defaulting. NONE. So plan accordingly." None EXCEPT the German taxpayer forks out 27+% of the TOTAL bailout Euros to these flunkies. Could cause some consternation within the Republic come voting time, in my humble opinion.

Sun, 05/15/2011 - 10:58 | 1276014 jiggerjuice
jiggerjuice's picture

Just shove some Goldman/JPMorgan guys in there as replacements. Obviously.

Sun, 05/15/2011 - 10:58 | 1276031 gimli
gimli's picture

This has to be GS's doing. Lloyd's getting a lot a pressure in the US, so they are making a spot for him at the IMF.

Sun, 05/15/2011 - 11:42 | 1276141 dick cheneys ghost
dick cheneys ghost's picture

best explanation yet..........+100

Sun, 05/15/2011 - 12:06 | 1276219 trav7777
trav7777's picture

yes, they um...what, used that maid to force DSK to chase her down the hallway naked??

do you people think before...well, ok, you don't.

Sun, 05/15/2011 - 12:06 | 1276211 dwdollar
dwdollar's picture

No doubt this DSK guy is a scumbag, but I'm thinking something similar.

Remember, anyone in a position like that is already compromised.  As soon as you piss of the wrong people, your "made man" status is revoked and your thrown to the wolves.  I'm curious what he did to piss them off.

Sun, 05/15/2011 - 14:03 | 1276541 A Man without Q...
A Man without Qualities's picture

The head of the IMF is always a European.....

Sun, 05/15/2011 - 11:06 | 1276046 DNB-sore
DNB-sore's picture

most likely this week Greece gets a bailout again by the ECB as support to the euro. This is simply the way Europe's finance ministers have learned to act. In the deal Greece has to sell assets and more people go on the street and that's still the same like going on for months right now. Maybe the IMF is out this week but the scary bailouts must go on. Only indiviual countries can stop this by defaulting on the debt and it takes insight and cohones to do that.

Last time I've seen the cohones was uh... don't remember

Sun, 05/15/2011 - 11:53 | 1276166 Muir
Muir's picture

Pray tell, my good Sir, what "assets" are you refering to when you said "sell assets?" 

Sun, 05/15/2011 - 11:04 | 1276053 gimli
gimli's picture

Hello Mr. Bernanke?

This is Greece calling. We've run 'head' long into some problems with the IMF. We were wondering if we could set up a bridge loan with you guys.

Yes --- a piece of the Parthenon is still available.......



Sun, 05/15/2011 - 19:51 | 1277495 StychoKiller
StychoKiller's picture

Man, if they'd just fix up the Parthenon, slap some paint on it...the Greeks could sell time shares! :>D

Sun, 05/15/2011 - 11:11 | 1276063 DomasJefferson
DomasJefferson's picture

News & Commentary for the Constitutional American...

Sun, 05/15/2011 - 11:12 | 1276064 goldfish1
goldfish1's picture

The fund said by email ... Strauss-Kahn had retained his own private lawyer to deal with the case.

"The IMF has no comment on the case; all inquiries will be referred to his personal lawyer and to the local authorities."

The term 'hung out to dry' comes to mind.

Sun, 05/15/2011 - 19:49 | 1277500 StychoKiller
StychoKiller's picture

What goes in your mouth long and hard and comes out soft and sticky?  A stick of chewing gum, ya sick perv's! :>D

Sun, 05/15/2011 - 11:10 | 1276067 adonisdemilo
adonisdemilo's picture

who doesn't want the IMF to "help" Greece with it's debt problem?

the banks who are demanding assets in return for further funding

this suggests to me the banks have set him up

it's all debt anyway,

printing more euros costs nothing, they're worth nothing, just more debt.

meanwhile the people are getting poorer, finding it increasingly harder to cope and the bankers are planning how to spend their bonuses based on 3% of the debt created

that's the only bit that's worth anything at the moment, and unless it's changed into hard assets ie. gold, silver, farmland or other somesuch that will disappear in the hyperinflation that's coming 

Sun, 05/15/2011 - 11:12 | 1276073 Long-John-Silver
Long-John-Silver's picture
IMF Throws Dominique Strauss-Kahn Under The Bus

Sun, 05/15/2011 - 11:29 | 1276110 Franken_Stein
Franken_Stein's picture


Please don't. That would amount to bodily harm.


Sun, 05/15/2011 - 11:15 | 1276075 Buyemall
Buyemall's picture

For Greeks it can go either way,

but the fact is that they don't have the money to pay,

so be it as it may,

arresting over the weekend (when the markets are closed) DSK

looks fishy enough anyway.

Betting on euro looks better for Mon -day.

Sun, 05/15/2011 - 11:13 | 1276078 no life
no life's picture

Bang Dae Ho perhaps?

Sun, 05/15/2011 - 11:16 | 1276079 Grand Supercycle
Grand Supercycle's picture

EUR/USD downtrend is gaining momentum as the overdue USD rally I forecast develops.

Sun, 05/15/2011 - 11:22 | 1276093 MrTrader
MrTrader's picture

Some folks on this board don´t get it: John Lipsky is Ex JP Morgan. He is more than happy to provide Europe not only Greece bail out money but if necessary FOUR TIMES AS MUCH. It is pretty much ridiculous to even DISCUSS whether the IMF is fully operable the switch from DSK to JL happens regularly when one of them is on private leave. BULLSHIT COMMENTS, rookies.

Sun, 05/15/2011 - 11:20 | 1276099 Lord Welligton
Lord Welligton's picture

I wonder what the reaction of the Greek people will be.

They know they are being screwed by the IMF/EU.

But nobody listened.

The outcome of this is unclear.

If true, the head of the IMF behaved like a creature from the final days of the Roman Empire or the Court of Louis XVI.

The peasants might just say.

F*ck the lot of ye. Off with their heads. (No pun intended).

If DSK then why not others.

They are constantly meeting and gorging themselves.

Berlusconi ......... well what can on say.

Global leadership, or at least Western leadership is depraved.

I think this could be a psychological tipping point.

Sun, 05/15/2011 - 11:23 | 1276101 Caviar Emptor
Caviar Emptor's picture

Bad news reporting: 

The cum was barely dry on the lips of a New York head maid when rumors of an impending Greco-Roman orgy were circulating in the bathrooms of central banks around the world. 

Sun, 05/15/2011 - 11:24 | 1276103 callingnew
callingnew's picture

"At about 1 p.m., she walked into Strauss-Kahn's $3,000-a-night-suite - Room 2806 - at the posh W. 44th St. hotel , thinking it was empty.

Strauss-Kahn emerged from the bathroom naked, chased her down the hallway in his suite and yanked her into a bedroom, where he sexually assaulted her, the maid told police."

I think the person who was "set up" may have been the maid.  How many maids in posh hotels around the world have been "accidently exposed" to Strauss-Kahn's nude body as he was exiting the bathroom?  

Sun, 05/15/2011 - 12:08 | 1276228 trav7777
trav7777's picture

perhaps she was the only one that didn't take the payout.

Some women actually do have some scruples

Sun, 05/15/2011 - 11:25 | 1276107 serotonindumptruck
serotonindumptruck's picture

It has been known by many names throughout recorded history.

Nemesis, Nibiru, The Destroyer, Wormwood, Tyche...

We reside in a binary solar system, with twin stars, which some astronomers say is the norm for up to 80% of other visible solar systems.

The elites are certainly aware. They're getting ready to drop everything and run to their subterrainian shelters.

Sun, 05/15/2011 - 11:43 | 1276145 El Hosel
El Hosel's picture

"The elites are certainly aware. They're getting ready to drop everything and run to their subterrainian shelters."....

  Exactly, the elites got caught with their collective pants down in the housing derivative bubble burst / financial collapse... They screwed themselves, all those assets were selling at firesale prices and nobody had any money to buy them.  Now that they have run up their reserves through the current ponzi asset inflation policies they can pull the plug, crash the assets again and scoop them up in the next firesale.

Sun, 05/15/2011 - 11:49 | 1276160 Muir
Muir's picture

Exactly, as he said "Nemesis, Nibiru, The Destroyer, Wormwood, Tyche...

We reside in a binary solar system, with twin stars, which some astronomers say is the norm for up to 80% of other visible solar systems.

The elites are certainly aware. They're getting ready to drop everything and run to their subterrainian shelters."

The apocalypse is upon us.


Über-Morlock: Who are you, to question 800,000 years... of evolution?

Sun, 05/15/2011 - 11:42 | 1276148 Muir
Muir's picture

Yes... what you say makes sense.

More sense than what many here preach as Gospel.



Sun, 05/15/2011 - 12:01 | 1276201 Oh regional Indian
Oh regional Indian's picture

Indeed. This Elnin thing looks mighty interesting. Mighty interesting indeed.

There is a strange sense in the air, a quickening.

Good time to be alive and aware.


Sun, 05/15/2011 - 12:12 | 1276245 serotonindumptruck
serotonindumptruck's picture

The Russian amateur astronomer who supposedly "discovered" this "comet" is named Leonid Yelenin. As to why the decision was made to drop the first letter of his last name and call this celestial body Elenin is interesting to me.

Also, one can't help but notice all of the apocalyptic Hollywood productions that have been produced during the last 15 years or so. Could the reason be that these fictional movies have some basis in fact? Could they be producing these types of movies in an effort to desensitize the masses to the brutal reality?

The seismic event in Japan this past March (8.9 - 9.0) will seem like a minor fart compared to what's coming our way.

Sun, 05/15/2011 - 13:09 | 1276398 Silvarouvres
Silvarouvres's picture

There is no letter dropped. The capital Y used in western alphabet for russian names isn't there in russian. It does get pronounced like a Y though, so in english transcription it's added (and a J in dutch or german). His name in cyrillic starts with a capital E: ?????? Same as with Boris Yeltsin: ??????

edit: cyrillic obviously not supported on ZH.

Sun, 05/15/2011 - 12:12 | 1276233 trav7777
trav7777's picture

funny that this other star is invisible, eh?

Sun, 05/15/2011 - 12:26 | 1276299 serotonindumptruck
serotonindumptruck's picture

Not so funny to me. If it is a brown dwarf star, it stands to reason that it would be very dark against the backdrop of deep space. In some ways it might be similar to viewing a black hole.

Not to worry though, Trav. If September 10th rolls around with no additional evidence, then a lot of people will have egg on their faces, including me. ;-)

Sun, 05/15/2011 - 12:38 | 1276339 trav7777
trav7777's picture

of course, astronomy giants like Kepler and Copernicus missed it, along with everybody since, Hubble, all of them....

But the moonbats didn't...

Sun, 05/15/2011 - 12:41 | 1276366 serotonindumptruck
serotonindumptruck's picture

"But the moonbats didn't..."

Thank you, Trav. I'll wear that label with honor.

Sun, 05/15/2011 - 11:28 | 1276108 DNB-sore
DNB-sore's picture

Greece is a beautiful country and people from all over the world like to spend their hollidays there and it has been cheap for decades. Also the population is small and can relie on mostly own production except for modern high-tec. If they sell assets it has to be expensive

It's time for Greece to put the finger up and make a future bet on their own strenght

Sun, 05/15/2011 - 11:53 | 1276179 Arius
Arius's picture

things come from NY....if greece has 10-12 swaps agreements prepared by Goldman Sachs you draw your own conclusions...

Sun, 05/15/2011 - 11:40 | 1276136 Tense INDIAN
Sun, 05/15/2011 - 11:42 | 1276143 Muir
Muir's picture


Listen, all I wanna fucking know is how this is good for silver.


Sun, 05/15/2011 - 11:46 | 1276150 speconomist
speconomist's picture

It's not, this will help to strenghten the USD against EUR and basically all fiat currencies + commodities will get clobbered again.

Sun, 05/15/2011 - 11:53 | 1276176 agent default
agent default's picture

And by the looks of it pretty damn hard this time.  Expect severe risk off reactions.

Sun, 05/15/2011 - 13:47 | 1276510 YHC-FTSE
YHC-FTSE's picture


We have a winner! I was hoping this Summer would provide a nice dip to buy more pms, but never thought I'd get help from these conniving bastards. Oh what a web we weave. 

Sun, 05/15/2011 - 11:43 | 1276151 gimli
gimli's picture

Kahn's gonna have to buy a lot of it so the maid shuts up.....

Sun, 05/15/2011 - 11:54 | 1276169 Al89
Al89's picture

Sofitel. Owned by Accor. Major shareholders:  Caisse de Dépôts et Consignation and Colony Capital. Head of Colony Capital: Sebastian Bazin. Bazin and Sarkozy have very strong ties. Goes back to Sarkozy being key in saving kindergarten children from a 'human bomb' in 1993. Among those children was Bazin's daughter. Bazin paying old Nicolas back? Or just a conspiracy theory?

Sun, 05/15/2011 - 11:57 | 1276181 Franken_Stein
Franken_Stein's picture


And there we have established the missing link !

Zerohedge becomes more and more an intelligence service.

Haha !


Sun, 05/15/2011 - 11:55 | 1276173 Franken_Stein
Franken_Stein's picture


Somehow there must be a way to give this news a bullish spin for tomorrow's markets. Risk "ON".


I have a question:

If you subtracted all the central bank confetti paper pushers in New York from the local workforce, what would remain ?

Not much I guess.


Sun, 05/15/2011 - 11:55 | 1276187 DNB-sore
DNB-sore's picture

this is bullish for silver on the long term, the show is about fiat money, printing and some other cuffs in the market. Silver is good as long it's in reach of your arm (the physical arm) and physical itself

Sun, 05/15/2011 - 11:57 | 1276191 Byronio
Byronio's picture

Are IMF and World Bank private Jewish clubs?
Just asking questions...

Sun, 05/15/2011 - 12:17 | 1276256 trav7777
trav7777's picture

basically, is Hollywood and the City and Street.  I mean, sure there are token gentiles.

Every clan in history had things that they were known for and they were ruthless against outsiders, pursuing any advantage possible.  The jews are no different.  Gypsies steal without compunction from outsiders, mormons will deal with outsiders dishonestly and have no guilt over it.  The jews, during the times they were a nation, were busy warmongers, taking by force and slaughter.  When nationless, they have relied on lending what they did not have at interest to outsiders.  They were known as the clan for the lending rackets.  Just as certain mob crews were known for having expertise in certain types of rackets, some did gambling, some did hookers, some did drugs, some did garbage hauling, some garments, every crew or mob had some specialty for which they could be relied on.  La cosa nostra, nuestra familia...etc.

Sun, 05/15/2011 - 12:33 | 1276285 Franken_Stein
Franken_Stein's picture


No, no. You don't understand this.


Listen bro, this is because all the bright people who are much more intelligent and better educated than the rest of us stupid and poor sheeple, who develope all these brilliant formulas and models into which the world better had itself squeezed, just happen to rise through the ranks and end up in these elite institutions.


We sheeple are way too stupid to manage ourselves. We need guidance.


It's just natural that these people end up there.

They are all geniuses, and what would we do without them ?

We need geniuses to guide us through the darkness into a bright future for all of us.


At least that's what these funny people on the TV screen always tell me.

Never question authority.

Baaaah. I'm a good sheeple, am I not ?


The dealers and wheelers.

The movers and shakers.

Around the clock. 24/7.

In global moarrrketts.


Markets want this and that.

Markets dictate this and that.

I would like to do this, but the moarrketts and our cloyants dictate otherwise.

After all, we provide liquidity and are thus indispensable.


Don't worry. The fabulous Fabs of this world have everything under control.


Sun, 05/15/2011 - 13:21 | 1276454 snowball777
snowball777's picture

Sweet rant. <snaps fingers>

Sun, 05/15/2011 - 14:54 | 1276716 Sudden Debt
Sudden Debt's picture

Every bank in the world has Jewish connections.


Sun, 05/15/2011 - 12:09 | 1276194 samsara
samsara's picture

"IMF is forced to promote its second in command, John Lipsky previously chief economist of JP Morgan"

This sentence brings it into focus for me.

 Could we be seeing a small intercine battle between the Red Shield and the Rockefellers?

They know the game is ending and might be struggling between each other for the remaining chairs...

Sun, 05/15/2011 - 15:04 | 1276729 Sudden Debt
Sudden Debt's picture

pretty scary he?

If you don't play ball, they pay a few tens of thousands of dollars to a maid, look for a reason why he should run after her like steal his wallet, watch... and make it a rape case without the sex.

Whatever the outcome, his job is gone. And JPM is in power yet again.


Sun, 05/15/2011 - 12:08 | 1276214 Franken_Stein
Franken_Stein's picture


French for beginners:

DSK a été arrêté par des policiers Américains.

DSK has been arrested by American police.


Sun, 05/15/2011 - 13:06 | 1276412 Dick Darlington
Dick Darlington's picture

Long forgotten topic, Austrian banks and especially their exposure to Eastern Europe. This was a major concern for the markets earlier and caused Austrian sovereign spreads to blow off few times but has been drowned into the Kool Aid bowl. Of course the problem itself hasn't gone anywhere and maybe this is a sign things are bubbling under the surface. Nowotny is the head of Austrian central bank and the usual mantra "i see no effect of anything on anything" often serves as a clear warning.


05-13 15:48: ECB's Nowotny says sees no effect of Greece problem on Eastern Europe
Sun, 05/15/2011 - 18:08 | 1277242 andia
andia's picture

This is a perfect time to disslolve the IMF.

Sun, 05/15/2011 - 19:37 | 1277458 sgorem
sgorem's picture

 Just WHY in the FUCK does JPM have their nasty long criminal fingers into every aspect, of every bank, of every government, of every country in the ENTIRE WORLD!!!??? Never mind, I already know the answer...........there's gonna be blood.   

Sun, 05/15/2011 - 19:36 | 1277465 vainamoinen
vainamoinen's picture


quite - but who profits???

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