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The Latest US Taxpayer Bill To Save Europe, And Specifically The French Banks: $57 Billion

Tyler Durden's picture





 

The latest (and certainly not last) IMF portion of the European bail out is E220 billion, or $287 billion at today's exchange rate. As the US and its taxpayers represent roughly 20% of total IMF funding, today's 3% loss in dollar purchasing power to the middle class will cost the middle class $57 billion. Paying for the privilege of being able to purchase less sure sounds like a squid-pro-quo type of deal for us here. Politicians everywhere applaud this most recent rape of America's working class, even as communism is now the global ideology. Who needs TheOnion.com when reality is now 10 times more surreal. And the direct recipients of taxpayer generosity: SocGen, AXA, Dexia, CA and all other French and German banks, which right now are all up ~20%.

 


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Mon, 05/10/2010 - 05:18 | Link to Comment Conrad Murray
Conrad Murray's picture

Went to a few gun shows this weekend, and I've never seen the places so full.  Good surplus ammo is getting hard to come by.

Mon, 05/10/2010 - 12:39 | Link to Comment BlackBeard
BlackBeard's picture

Speer Gold dot +P. Nuff' said.

Mon, 05/10/2010 - 12:39 | Link to Comment BlackBeard
BlackBeard's picture

Speer Gold dot +P. Nuff' said.

Mon, 05/10/2010 - 05:43 | Link to Comment williambanzai7
williambanzai7's picture

History will not look favorably on our folly...that is for certain. Our willingness to bailout the universe is a weakness that will be exploited by our only rival on this planet. As the Chinese watch America set in the horizon we can expect the gratitude of a banksta, from the Europeans who barely remember America's generosity following World War II.

Thats right Europe, America is bailing your ass yet again.

 

THE BLACK DEATH:

http://williambanzai7.blogspot.com/2010/05/black-death.html

Mon, 05/10/2010 - 07:39 | Link to Comment nicholforest
nicholforest's picture

It was the Soviet Union that defeated Hitler and saved the rest of Europe. Those nice Americans did join in though, after a while!

Mon, 05/10/2010 - 19:53 | Link to Comment mouser98
mouser98's picture

i share your opinion nicholforest, i have maintained for some time that the only purpose for the DDay landings was to keep the Soviets from gobbling up more of Europe.  conversely, it was not Reagan that brought the USSR to its knees, but Hitler... the USSR never recovered from the losses of population and matériel it suffered in WW2. 

Mon, 05/10/2010 - 05:47 | Link to Comment John McCloy
John McCloy's picture

   Yeah this would be communism if it were that the beneficiaries were not the banks and middle class did not receive the tab. I do not even have any words for this aside from if banks and leaders truly believe we will simply continue to make every deciscion without the consent of the majority and with the use of our money well I can assure them it is an impossibility.

Mon, 05/10/2010 - 09:24 | Link to Comment Double down
Double down's picture

This is Socialism 100%

Mon, 05/10/2010 - 05:59 | Link to Comment Miles Kendig
Miles Kendig's picture

I remember in February when an initial estimate of the amount Greece needed was about 55bn.  Well, that's what Europe got from us.  So far.

Mon, 05/10/2010 - 06:10 | Link to Comment ColonelCooper
ColonelCooper's picture

I'm just glad we have those kinds of reserves laying around so we can help.

 

SUUuure I have 57 billion doing nothing......  Just ask my wife......  Morgan Fairchild......  Whom I've seen naked.

Mon, 05/10/2010 - 06:28 | Link to Comment anony
anony's picture

You don't seem to know much about leveraging fictitious capital. :/ )

Mon, 05/10/2010 - 09:58 | Link to Comment FEDbuster
FEDbuster's picture

Only a dozen keystrokes at the FED.

5 7 0 0 0 0 0 0 0 0 0  enter.

Mon, 05/10/2010 - 08:34 | Link to Comment Canucklehead
Canucklehead's picture

Wadn't Morgan Fairchild in Invictus with Matt Damon?

Mon, 05/10/2010 - 06:26 | Link to Comment Kina
Kina's picture

So when will the French be relocated so the new tenants can put their feet up? Free Villas for everyone. Who needs war when you can buy countries on the cheap.

 

 

Mon, 05/10/2010 - 06:28 | Link to Comment Crime of the Century
Crime of the Century's picture

squid pro quo

 ;-)

Mon, 05/10/2010 - 06:37 | Link to Comment johngaltfla
johngaltfla's picture

When in doubt print.

Volcanic eruption? Print dollars and Euros.

Earthquake? Print dollars and Euros.

Affair in the White House? Print dollars and Euros.

Housing crash? Print dollars and Euros.

Irregular bowel movements? Print dollars and Euros.

The West is about to print itself out of existence, well we're on track to fracture the West and turn it into an empty shell.

Mon, 05/10/2010 - 06:43 | Link to Comment Miramanee
Miramanee's picture

@ john galt,

Wait a second now. ALL printing these days is done by computer keystroke. How the hell is that gonna help me irregular bowels??? I need real greenbacks for that!

Mon, 05/10/2010 - 10:01 | Link to Comment FEDbuster
FEDbuster's picture

Trade your electronic credits for double ply while you still can.

Mon, 05/10/2010 - 07:00 | Link to Comment Renfield
Renfield's picture

Does that sound hyperinflationary to you?

Mon, 05/10/2010 - 06:47 | Link to Comment rawsienna
rawsienna's picture

Nothing more than a bailout of Eurotrash banks.  Makes me mad.

Mon, 05/10/2010 - 07:19 | Link to Comment scatterbrains
scatterbrains's picture

this small pull back in gold while silver is supported suggests to me some folks are just diversifying into equities in front of the coming crack up boom.. maybe just trying to skim a small piece of the up wave. Holding the physical prevents you from making dumb decisions.. another benefit

Mon, 05/10/2010 - 07:24 | Link to Comment PeaBird
PeaBird's picture

Not only Eurotrash banks are being bailed out here. How about JPM & MS?

http://www.bloomberg.com/apps/news?sid=a7h1lGnar8Gg&pid=20601087

Who are both exposed to the GIPSI's the tune of 28% & 69% of their Tier-1 capital, respectively.

Or how about NAB's A$13billion Italian debt problem?

http://www.moneymorning.com.au/20091223/the-playbook-of-the-bankers.html#more-2652

Admittedly, these are both old links so people would probably already know about these, especially the NAB story, which comes from 23rd Dec 2009. However, the point is that there's more than merely Eurotrash banks at play here.

 

 

 

 

 

Mon, 05/10/2010 - 09:14 | Link to Comment The Rock
The Rock's picture

But of course, we must always preserve our o.b. (original banksta) tampons - which come in 4 different aborbencies to meet your needs on any day of the global period.

Mon, 05/10/2010 - 10:36 | Link to Comment Jim B
Jim B's picture

What the hell, it's only paper!  Go Ben, GO Ben!

Someday a price will be paid for this crap.......

Are there any countries left that don't debase their currencies?

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