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Head Of Eurogroup Admits To Lying About "Secret Greek Meeting" Out Of Fears For Market Collapse - "When It Becomes Serious, You Have To Lie"
On Friday the misinformation floated about the Greek expulsion event hit a fever pitch: while we correctly speculated that nobody would be expelled from the Eurozone, the amount of conflicting info was at an all time record, with glaring inconsistencies between various quoted authoritarians. Now, courtesy of the WSJ blog, we learn that, for the first time in history, a spokesman for Jean Claude Juncker, the PM of Luxembourg, and the head of the Eurogroup council of eurozone finance ministers, admits openly to having lied to media outlets. "In a phone call and text messages with two reporters for Dow Jones and the Wall Street Journal, Mr. Schuller repeatedly said no meeting would be held. He apparently said they same to other news outlets; at least one more moved his denials on financial newswires. Of course, there was a meeting–although not, apparently, to talk about Greece quitting the currency, which would be an extreme step to say the least. Mr. Juncker even said a few words to reporters who had hustled to Luxembourg to stake out the gathering. So why the lie? “I was told to say there was no meeting,” said Mr. Schuller, reached by telephone Monday. “We had certain necessities to consider.” Necessities? Why yes: such as perpetuating the now open lie that is the ponzi market: "Evening in Europe is midday in the United States. “We had Wall Street open at that point in time,” Mr. Schuller said. The euro was falling on the Spiegel report, which had overhyped the meeting. “There was a very good reason to deny that the meeting was taking place.” It was, he said, “self-preservation.”" And there you have it: the Eurozone itself now admits that it will sacrifice credibility at the expense of a few FX pips and a few basis points in the ES.Everything else is smoke and mirrors. And people think that central bankers will consider the threat of inflation should the Russell 2000 ever retrace back into bear market territory...
And it gets even more surreal:
Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”
When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”
Mr. Juncker has voiced support for the practice of lying before.
The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.
Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”
Mr. Juncker has voiced support for the practice of lying before.
The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.
On the tape, Mr. Juncker says he has “had to lie” and, speaking about touchy economic topics, “When it becomes serious, you have to lie.”
At this point Europe no longer even attempts to hide that everything is one big lie, and that should the truth emerge the market will crash more than ever in history. And why would the US be any different? It woulnd't which is why we can now safely say that pretty much any information coming out from the government and its proxies that has a stock market impact is false until proven true. Of course, for everything else, one can blame the conspiratorial blogs...
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Markets already pricing in QEIII. Hot easy fed money to primary dealers on tap. Dow to new all time highs as dollar dies and is buried. If you're not already trading in your FRN's for something of substance. You will! It will be self evident to most the dollar is being sacrificed to keep the status quo in power. The USDINKer exits will get crowded when all the world knows QEIII is a lock!!
that's why I'm never serious about anything.
But was there a meeting about not holding the secret meeting where they didn't talk about not talking about Greece not leaving the Euro but it was alluded to in Esperanto and drachma coins in the ice cubes?
And i thought it was going to be a boring day!
I don't understand politicians and bankers who would admit to lying.
They need to admit when they actually tell the truth, though rare it might be.
When he said he was lying, was he lying?
Nice: Cretan liar paradox reference
Epimenides paradoxthere seems to be a lot of indignation out there
don't try to tell me you are all surprised that the bastards have been lying all along
being able to smile, tell lies and act stupid all at the same time is an essential "quality" in government
Hahahaha, what a bunch of douchebags and an even bigger douchebag award goes to the people who actually believe the shit that come out they mouf'.
Here's a bit more, pluss the video:
Eurozone economic policies should only be conducted in “dark secret rooms”, to prevent dangerous movements in financial markets, the Eurogroup chief said on Wednesday (20 April), adding that he had often lied in his career to prevent the spread of rumours that could feed speculation.
As exists in the case of monetary policy, all economic decisions should now be discussed behind closed doors, he said
“Monetary policy is a serious issue. We should discuss this in secret, in the Eurogroup,” Jean-Claude Juncker said at a Brussels conference on economic governance organised by the European Movement, an organisation that promotes European integration, referring to matters already long since outsourced from national parliaments to independent central banks.
“The same applies to economic and monetary policies in the Union. If we indicate possible decisions, we are fuelling speculations on the financial markets and we are throwing in misery mainly the people we are trying to safeguard from this.”
Eurogroup Chief Wants Secret Debates on Monetary Policy
And some pretty straight talk from Wolfgang Munchau in today's FT>
“They cannot even organise a private meeting. How, then, can they solve a debt crisis? The bungling of a not-so-secret gathering of finance ministers in Luxembourg on Friday night provides an object lesson in how the politics of euro zone crisis resolution is going wrong,”
The political reason this crisis goes from bad to worse is an unresolved collective action problem.
You cannot run a monetary union with the likes of Mr Sócrates, or with finance ministers who spread rumours about a break-up.
This is not a debt crisis. This is a political crisis.
Wolfgang Munchau: This Is a Political CrisisPLAY THEM WAGNER AND LET THEM INVADE POLAND! AS DISTRACTION!
THOSE POLISH PLUMBERS...
"When It Becomes Serious, You Have To Lie"
and isn't it always serious?
fuck you liars.
proof that the financial system is a house of cards.....yep i think conspiracy is the name of the game....
Zbrz said, "he wanted a society controlled by an elite
unrestrained by traditional values."
And Zbrz never lies.
Forget the red pill. Take the blue pill and plug back into the Matrix...