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Meanwhile In Europe...
Remember Italy? That country we have been warning will be the next casualty as Europe's implosion tsunami sweeps everything in its path? Well, UniCredit is now down over 8%, well beyond the price it was halted at and falling. UCG Sr CDS 250/260; Subs are 458/478. ASSGEN next.
Elsewhere, Banco Populare was just halted and unhalted and is now down 6%.
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only time.
YouTube - MARC FABER: BEN BERNANKE IS TOTALLY INCOMPETENTCerco l'estate tutto l'anno
e all'improvviso eccola qua.
Lei è partita per le spiagge
e sono solo quassù in città,
sento fischiare sopra i tetti
un aeroplano che se ne va.
Azzurro,
il pomeriggio è troppo azzurro
e lungo per me.
Mi accorgo
di non avere più risorse,
senza di te,
e allora
io quasi quasi prendo il treno
e vengo, vengo da te,
ma il treno dei desideri
nei miei pensieri all'incontrario va.
Sembra quand'ero all'oratorio,
con tanto sole, tanti anni fa.
Quelle domeniche da solo
in un cortile, a passeggiar...
ora mi annoio più di allora,
neanche un prete per chiacchierar...
Azzurro,
il pomeriggio è troppo azzurro
e lungo per me.
Mi accorgo
di non avere più risorse,
senza di te,
e allora
io quasi quasi prendo il treno
e vengo, vengo da te,
ma il treno dei desideri
nei miei pensieri all'incontrario va.
Cerco un po' d'Africa in giardino,
tra l'oleandro e il baobab,
come facevo da bambino,
ma qui c'è gente, non si può più,
stanno innaffiando le tue rose,
non c'è il leone, chissà dov'è...
Azzurro,
il pomeriggio è troppo azzurro
e lungo per me.
Mi accorgo
di non avere più risorse,
senza di te,
e allora
io quasi quasi prendo il treno
e vengo, vengo da te,
ma il treno dei desideri
nei miei pensieri all'incontrario va.
"the mower-o is in the shed-o"
LMFAO
Love Marc Faber thanks for the videos :)
Mamma Mia :(
Here we go again...
Telecom Italia was also halted earlier today. And man oh man, look at the periphery bonds. Massive meltdown continues...
Well, if you want to take an inside peek at what's happening here in Italy, just have a look at this video:
http://www.youtube.com/watch?v=SPh1CgITXRI
Our economy minister says that public administration minister "IS A MORON" during the press conference presentation of the austerity package....
in front of hundreds of journalists!
This govern is rotting like a mozzarella left for days under Sicily's sun, and what's worse, there's no alternative in sight....
Short on Berlusconi and long on a transition govern like in Belgium.
BTW where can i buy cds on this governament? Just in case....
+10
LMAO - Grazie!!
You should have let the goths keep ruling Italia.
damn leipzig was swarming with then just two weeks ago. they looked like they were just hanging out with nowhere to go.
It's all coming apart like an old rusted out clunker that suddenly hits a stretch of nasty pot holes.
Hang on honey, it's gonna be a rough landing.
we will come stronger out of this ... we always do.
Timeline?
no need to try and time the melt down in advance. just watch the bouncing ball (and the trend line).
http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3225058&cmd=show[s218718281]&disp=P
Actually it has only seemed that way Arius. People always have come out losers in the last many many centuries.
The rulers? They'll come out stronger for sure.
This time it IS different.
ORI
http://aadivaahan.wordpress.com/2010/11/24/wisdom-for-warriors-5/
simpleton ...that's what was said about the last couple of times.....
does this look stronger to you????
even your glasses are not so thick, so you are blind.
good luck fool.
the world won't end...
but it sure the fuck is going to change
I just realized that there is a whole class of statements that have the special property of the speaker never having to admit that he was wrong.
For example:
"This is not the end of the world."
"This is not going to kill me."
When I die I'm going to heaven.
Sorry, but the heaven is foreclosed.
"The" heaven?
I thought there was more than one? You know, 7th heaven and all?
It's the new lingo like, "the Ben Bernank"; or, "the JP Morgue". I miss the bears.
This is not going to kill you.
At least I've got chicken.
check's in the post...
"We are all guilty of this"
"We need more stringent regulations."
Or the most popular last words in the South
Hey everybody! Watch this!
it's going to require a lot more diversity, because diversity is strength
So is ignorance.
Trav meant diversity of clusterfuck.
Now lets' see the Hmong, Russian, Cuban, Vietnamese, Mexican, Black, Chinese and Whitey's of Amerika all sing Kumbaya and pull this big ole melting pot out of the ditch
Yes, I've diversified to 7.62, 12 guage, .45, .38, .22, .22WMR, and .32.
:Lead Hedge
; )
...don't forget your base metals.
my portfolio is lacking several asset classes
said the last Roman emperor
Ahh....and speaking of rusted old clunkers, the Octogenarian assures us all is well this fine morning (per usual).
LOLZ...
http://2.bp.blogspot.com/_ZmeTrXZH2ZA/RaqwoKBJcDI/AAAAAAAAABo/VeP-1mvAlW...
It just needed to be posted. Thanks for the visual.
You just know you're in for a world of hurt when your rear wheel just passed you. :>)
That's the difference between knowing and believing.
LMAO.. thanks CD
Hahahah ... I have been known to put this in code comments when I got stuck patching something I didn't write ... it is the easiest way to explain to the next sucker just how bad he is screwed ...
Regards,
Cooter
Very nice. I picked one to post.
I believe I see a little factory paint in between the sea of newer rust. Just a little spit and polish and she's good as new.
Hey, this is not an Italian car. And Italian cars never rust... (according to my Italian cars dealer)
It's Christine!
Lagarde?
that's a nice ride cog. does it run on diesel?
steam by the looks of it...
even better
CogDis, is that an old Fiat?
The Fiat is the perfect car symbolizing the new economy, as it represents the merger of the shitty with the shittier, exponentially increasing debts of all involved (and innocent bystanders), makes for unsafe exchanges, and has a much shorter lifespan.
Fiat - Car: Fix It Again Tony
Fiat - Money: Fix It Again TurboTimmy
If it is a Fiat it's brand spanking new. That's factory rust that is...
Fiat 127 was my first car. It was wonderful machinery, perfect for young people. Too bad it broke apart on the highway to Amsterdam.
I too had a Fiat 127, GT model with all kinds of flora and fungii growing in the rear carpet thanks to the rust holes that appeared not long after I bought it, funny old thing...
Must admit, it ran like hot snot though...
That is why they call it fiat money, it depreciates like a rusty Italian car.
Pic reminds me of a few years ago when I was driving down I-17 into Phoenix, doing 70mph on a 5% downhill grade(if I recall correctly).. There was about 20 cars behind me
the nearest to me was a f150. Just as I looked in the rear view mirror I saw his (f150) left front tire come off! There was a bend in the road right after that, and as I turned it I slowed and looked to see if cars were still coming, making sure what just happened really happened. When I looked in the rear view mirror I saw the tire bouncing down the road and up the hill.
Moral of the story.. while a rear tire can be bad, a front tire speeding downhill is much worse! :P
I have actually been in a car when the rear wheel came off, and I can assure you that when your sitting in the back seat and you get that incredible sinking feeling as the sun blinks as the tyre passes the rear window travelling vertically upward and comes down twenty yards in front of the car, bounces off the iron work on a motorway bridge and lands back in front of the car you just know that somewhere, somebody loves you...
and it wasn't the arsehole who can't fix fucking wheels on Vauxhall Viva's...
Not when your car is not moving and the 4th wheel you needed to get it moving comes rolling down the hill.
This recession is hopefully the wheel to give a new start to staid economy.
Yes it is CD. I'll tell you what we should do about it in addition to reporting mischief online. Run for office in Town Councils. The cities are going to need a lot of volunteers of all stripes, methods of using I.T. and Social Media to become far more efficient, making preparations in case of supply chain disruptions and job creation. As many know it is not just a resource shortage but how those resources have been malinvested. Well, put your great God given minds to work and help with city planning!
An older friend of mine Buddy worked at a Navy Yard and had zero macroeconomic experience, but volunteered to sit on the financial planning board for the city. When he first came in, the council members were deciding on whether to give themselves a raise or cut funding for the local food bank. He put them all to shame with his thundering personality and the food bank was saved. Then he found malinvested waste in silly research pet projects over a few months so that the council could give themselves that raise. This guy is a sixy year old line supervisor. He was merely sharp and had balls.
There are a lot of bright people here at Zero Hedge and in alternative media. The tendency for us is to use the Internet but NOT get out into the public physically and mingle.
Back in 2004 I did some fund raising for a major politicians. I focused on blogger donations. It was successful in raising funds but the group did not physically do any other form of activism. So if that describes you then either get the balls to go to Town Hall and see how you can help or instead contribute funds to local charities. The West will need to rebuild its economies from the ground level back on up.
now we're talkin...all politics is local.
The West will need to rebuild its economies from the ground level back on up.
Yours is an excellent and timely post and reveals the nature of our issues. We have abdicated responsibility for self governance to parasites and shysters and they are taking us to the cleaners.
Our issues are cultural and moral and the result is impending financial calamity. It will take years, lots of pain and involvement by those committed to setting it right. Washington has no real answers and we are fools to look to them for solutions.
sschu
My dilemma today is; do I make my mortgage payment or buy more gold?
You should buy more gold and Silver and pay your Mortgage. If you've bothered to watch Suzy Orman (Duhh, like who doesn't), you would know how to run a tight ship. You can start by not feeding your kids so much. That's at least an extra ounce a month.
Most excellent idea. That Suzy is something else. I don't know what I would do without her. I'll take it one step further and sell my kids labor to buy more gold.
Now you are thinking like a real master/over lord.
If you are an aspiring master, were these posts master baiting?
"Master Bates!"
http://en.wikipedia.org/wiki/The_Toy
I really wish I had some images with the proper chat baloons of this stuff, I can never seem to find em when I go looking ...
Regards,
Cooter
just sell the kids as their labor is not and will not be needed.
however the oversea sex trade for minors is robust or so I hear.
Perhaps timmey or the sec can fill you in.
here's an oldie (in timewave zero terms) but goodie:
Suze & Sheila hanging in a high rise with Honest Abe
http://www.youtube.com/watch?v=2Uyqrh1PouE
bair could be DSK's wife's sister
I think you mean sister wife (Mormon reference to plural wife)
Obama says you have to pay my mortgage. It's true -- I swear.
I just paid a $30k hospital bill, in cash, for an emergency appendectomy. The room itself cost me $6900 for one night. My wife and I considered, I admit, not paying.
Yes, I could have let my 800+ FICO turn slowly to shit and fielded calls from collections and kneejerk credit card rate changes for the next 5 years. The prevalent, even in some quarters encouraged attitude in the U.S. middle class is, "everyone else is cheating, why should I be the sucker?"
That may be, temporarily. My bill was huge in part because I am paying for deadbeats. But you run a tight ship for your own sake, not because you are a good sheep. It ran contrary to my conscience to let my standing turn to shit; and in my book debt is an issue of conscience, ultimately.
I would have contested the amount... settle with them and go on... but, if you had the cash to pay for it, I don't understand how you think you might not have had to pay for it? You can't get blood out of a turnip, but you can a blood bank... if you have this amount of cash, I can't fathom you wouldn't have other low hanging fruit subject to rudimentary collection efforts. Unless you were exceedingly clever at hiding it... and wanted to lie under oath...
AND you can certainly afford some insurance. Get some.
Europe can't be contained. There are simply too many dead bodies scattered everywhere. Italy is just one of many that markets are catching up to. Never forget the UK, they are burnt toast, but having their own currency and central bank is buying them time, but in the end it is a waste of time. Austerity will tank Soviet Britian. Simply look at how many people live off of government jobs or housing and child benefit. Take away the socialist support system in a country with falling oil production and a hollwoed out manufacturing sector and you have got real trouble.
Thanks for leaving the Irish out. My Mammy just shed a tear from Heavin.
Britain has done their level best to import as much diversity as possible in the past few decades, so I don't understand how they could be at a point of failure. Diversity is strength.
Rage-a-holic. Lovingly posted, for you, listen up to Mama:
http://www.youtube.com/watch?v=sHQ_aTjXObs
it's pretty obvious yu live there...what I want to know,
if the Scots actually seceded, is there a chance in hell that they could escape the carnage... a la Iceland?
Luck of the genes would score me a passport...handy thing to have in the event of the inevitable unhappy endings. scots wa hae!
When till Juncker starts lying again?
Whenever he opens his mouth.
Italy = Fiat car, Europe = Fiat Euro, America = Fiat dollar.
All 3 are clunkers!
the whole planet is a clunker.
I've Got One Thing To Say
Before I Am Drunk Again:
God Damn The Sun
God Damn The Sun
God Damn Anyone
That Says A Kind Word
God Damn The Sun
God Damn The Sun
God Damn The Light It Shines
And This World It Shows
God Damn The Sun
Another 'agreement in principle' on the US debt ceiling between Boehner and Obama. That one might be a surprise stunner when it prints at the quadrillion mark
They won't let it collapse. I wish I could be a believer in the Gorilla, but alas, I cannot.
But in so doing are the seeds of eventual doom. The only question is "fast or slow"? They're pushing for slow. But the sweat beads are starting to show
Sweat the same way trying to hold back a bodily elimanation, the result will be the same only with much more pain.
They will restory things somehow. Throw someone out, reshuffle the paper, cook up an new a new program or organization. It will be some physical limit (food or fuel shortage, an uninhabitable area of the globe, etc.) that we will come up against before anything changes.
I prepare for doom and buy accordingly. It is coming. I am just resigned that the lying and cheating is endemic to the process and there are not enough of us out there that we can do anything about it, yet.
Nobody needs to help, they're doing a good enough job destroying the global economy. Then you'll see lying and cheating turn into new iron rules and regs about what you can and can't do with your money
the system is not a system without the lies.
GO long liars or short as hell this system.
The "white knight" of Europe effect (ahem...China) lasted what......a couple weeks? Things are getting pretty damn sour when all the money in China isn't floating Europes boat anymore. Duck and cover.
The closer they get to the edge the higher the probability that self interest will kick in.
They will not go over the edge holding hands...
+1 carbon and that is why I am expecting a stronger Euro.
Makes me think of old Georges Brassens, "Gare au gorille!"
Its not a matter of whether or not they let it collapse, sooner or later, it collapses.
Who are "they" and what type of special powers do "they" have that are so powerful to stave off reality?
The usual suspects who have been pulling the wool over everyone's eyes for the past how long (corporations, banking interests)? Mr. Hendrix, I could not CONCEIVE just 10 years ago that the treasury could be selling to PDs, and then the PDs flip them to the Fed, and no one gets arrested. Or how about how GS helped Greece borrow more money and hide the debt sausage with accounting tricks? Or how about what the Algos are clearly capeable of and being allowed to do? They let them do this! They want them to do this to keep the Ponzi going. Someone posted here on this thread that this is a cultural crisis. That is a keen observation. We let them do it, so "they" do it. And we keep borrowing from them, buying from them, selling to them, etc. It is a different culture (which I do not belong to, but I benefit from, never the less).
I do think reality is coming, but the system won't collapse until we hit a physical shortage of something big, or we make a huge part of the planet outright uninhabitable. Outside of those obdurate kinds of things, the rest is story telling.
Agreed. And I hope everything with you is alright concerning the twister.
This is a major operation. Expect major fallout. Italy can hardly afford to rescue this one.
From Wikipedia:
UniCredit Group operates in Central and Eastern Europe.
Key figures
Customers 40 million
Employees (30-06-08) 177,571
Branches (30-06-08) 10,185
Operating Income (2Q09) € 14.326 bn
Net Profit (2Q09) €0.937 bn
ROE (2009) 2.85%
Total Assets (30-06-08) € 1,059.767 bn
Total Assets (30-6-09) € 982.712 bn
Net Worth (30-6-09) € 57.893 bn
Bennie, Trichet, and Merkel better stick a fresh toner into the euronote printer, 'cause they're gonna need it.
isnt there something on Monday that no one is discussing? the IMF is supposed to decide if they give greece their money, no?
US markets tanking on bad jobs numbers and bad European news, how long before liquidity flows into the markets? 2:00 PM Eastern time?
Not until they get the green light from DC on more free money from the 'debt ceiling' talks
I hoping this will translate in lower prices for Parmesan Reggiano...
E' ora su come Donkey Kong!!
You exploiter you, always looking for good cheap food. First Greek Souvlaki, now this. You just see this whole thing as a big buffet, don't you?
Look, these opportunities don't come around very often...
You gotta stock up on the good stuff when they do...
Prosciutto FTW!
Can't think of a better way to view life. Speaking of which..., I'm getting low on horseradish for the Bloody Marys
I'll pass on the kidney pie.
Try a slice on a cracker with Onion Mango Chutney - it doesn't sound appealing but is very tasty.
Parmesan is fake ...you want the real stuff...Parmigiano Reggiano
you're right, pardon my shortcut...
Stronzo Di Merda!!!!!!!!!!!
si, si. En Banco Populare es muy populare!
But I heard that ALL the Italian banks passed the stress tests....ALL of them...
Yes, they don't 'Stress" over these things at all....
Si, si. Es "stress Italiano." Con Ferrarai en model la supra.
I disagree. Mortal Kombat is a very good game, but I think Donkey Kong is the best game ever.
So if you are a customer of this bank...would you deposit more money into your account..or take it out and pick a Swiss one????
Noooooo. Nooooo. Se es mucho bueno.
I'm a customer of one of this banks farflung subsidiaries; sent the manager an email 2 hours ago with an attachment of the chart shown here and a request for information. He is a really really nice guy, but I am now a little nervous. I'm not hearing canaries of a sudden...seems a bit too much like the dog that did not bark!
Fail to see how Switzerland is an option now!? It's gold or bust IMHO
we have the turist minister that in involved in the battle to support vegetarianism
that's the only one problem here :)
http://www.youtube.com/watch?v=XEgLxje9D3Q
Brambilla, the name of the minister, forgot that meat sector value is 50B €
This is bullish in some strange way, watch your monitor kids a white swan will levitate soon
Italy will not implode. Italians will.
I think the Vatican has Italy's back AND it is the HOLY ROMAN EMPIRE for heaven's sake.
Pleb culling. It's coming to all of us.
ORI
http://aadivaahan.wordpress.com/2010/11/24/wisdom-for-warriors-5/
"Look Ma, it's the Washington Monument! How did they bring it all the way to Rome?"
"Don't be silly Junior. Now get in line to get your Holy Water. Let me just make sure I have enough Euros on me...shit, oops, shoot, I don't. Excuse me sir, where do I find the nearest ATM?"
"The Vatican Bank is just to the left of the Pinecone statue, ma'am."
"Ma, why is that African security guard carrying a handgun inside the church?"
"Stop asking questions, Junior, and eat your Holy Bread."
Hahahhh! Too funny.
Guns and Mutter!
ORI
I haven't taken the time to dive fully into the swamp that is the Vatican, mostly because I fear that the evil there would destroy my soul. From what little I have read, though, the Pope don't need no stinkin' printing press--it's all cold, hard lira. And obscene (Biblical!) amounts of it, to boot. Somehow, I don't see much chance of that un-holy cabal spreading that wealth in a way that could be described as even remotely charitable, Italy's continued existence notwithstanding.
It's pretty bad Sun and L. really really bad actually.
Rotten to the core like bad. Not what it pretends to be.... like that.
Money+Religion = Holy Mess.
ORI
Yes. Evil has a tremendously monstrous quality when it's institutionalized.
not lira, GLOD. Glod and countless other assorted treasures collected from centuries of looting the planet in the name of the Father, the Son and the Holy Ghost.
They got any sliver to go with that glod? ;)
It's official, bankers have played their GET OUT OF JAIL FREE Monopoly card, according to Jesse's Café Ameicain. Here's the story (7.07.11) :
Not Prosecuting Corporate Crime Aggressively Has Been US Government Policy Since 2008 :
In case you were wondering what the Congress and the Administration were doing with all those faxes, cards, phone calls, and letters you were sending in about the need for financial reform and tougher law enforcement, they decided to make it official policy not to aggressively prosecute the laws against white collar crime in 2008. Another innovation in outsourcing justice through extended self-regulation.
Apparently they told this privately to the Wall Street banks and their lawyers in 2008, but neglected to copy the American public on the memo.
Some have noticed the lack of reform, but the monied interests have done quite a successful PR job in refocusing the national discussion on priorities involving social issues, and the reform of the support systems for the weak, the unfortunate, and the elderly. Turning one group against another, and objectifying your intended victims through slogans and stereotypes, has always been an effective method of bending the herd to your will. Score one for Edward Bernays.
As W.C. Fields said, 'Never give a sucker an even break.' ....
New York Times
Behind the Gentler Approach to Banks by U.S. July 7, 2011
As the financial storm brewed in the summer of 2008 and institutions feared for their survival, a bit of good news bubbled through large banks and the law firms that defend them.
Federal prosecutors officially adopted new guidelines about charging corporations with crimes — a softer approach that, longtime white-collar lawyers and former federal prosecutors say, helps explain the dearth of criminal cases despite a raft of inquiries into the financial crisis.
Though little noticed outside legal circles, the guidelines were welcomed by firms representing banks. The Justice Department’s directive, involving a process known as deferred prosecutions, signaled “an important step away from the more aggressive prosecutorial practices seen in some cases under their predecessors,” Sullivan & Cromwell, a prominent Wall Street law firm, told clients in a memo that September.
The guidelines left open a possibility other than guilty or not guilty, giving leniency often if companies investigated and reported their own wrongdoing. In return, the government could enter into agreements to delay or cancel the prosecution if the companies promised to change their behavior…
http://jessescrossroadscafe.blogspot.com/2011/07/not-prosecuting-white-collar-financial.html
dear Mr. Bernays is sure racking up those tallies while he's rotting away in the ground, ain't he?
Rotting away... leaving behind the seeds of destruction. Unfortunately, in this brave new world the bankers ARE the cops…
Beautiful. So we now have reason to hang em all?
The sooner this whole rotten to the core Babylon dies from its own stench the better!
pods
"Everything secret degenerates, even the administration of justice; nothing is safe that does not show how it can bear discussion and publicity." – Lord Acton
It’s called Tyranny… Hang ‘em high!
Now what?
va molto bene
Oreo cookies dipped in tuna juice sounds better.
sigh ...i have to wait 2 days to see the nifty RED again...weekend are boring nowadays
http://www.youtube.com/watch?v=3g_osF4mXWU&feature=share
Max Keiser [7-7-11] 'Europe's Neo Feudalism' Stacy Herbert and Michael Hudson [KR]Since when can banks fail?
Italy should collect patent fees from every Pizza made in the world. problem solved.
pizza was created in california, burritos were created in italy!
why do americans always think they invented pizza?
Tomatoes? (South America)
http://en.wikipedia.org/wiki/Pizza
It came from Naples
So comfortable with my physical and miners. Just cannot do LULU. :)
Italian yields hit new high again today