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Meanwhile In Europe...

Tyler Durden's picture




 

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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Fri, 07/08/2011 - 10:41 | 1436471 trampstamp
trampstamp's picture

only time.

Fri, 07/08/2011 - 14:08 | 1437489 He_Who Carried ...
He_Who Carried The Sun's picture

Cerco 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.

Fri, 07/08/2011 - 15:04 | 1437752 Bananamerican
Bananamerican's picture

"the mower-o is in the shed-o"

Fri, 07/08/2011 - 20:04 | 1438740 Imminent Collapse
Imminent Collapse's picture

LMFAO

Fri, 07/08/2011 - 14:12 | 1437510 PuppetRepubl1c
PuppetRepubl1c's picture

Love Marc Faber thanks for the videos  :)

Fri, 07/08/2011 - 10:41 | 1436473 Peter K
Peter K's picture

Mamma Mia :(

Fri, 07/08/2011 - 11:16 | 1436751 Scisco
Scisco's picture

Here we go again...

Fri, 07/08/2011 - 10:42 | 1436482 Dick Darlington
Dick Darlington's picture

Telecom Italia was also halted earlier today. And man oh man, look at the periphery bonds. Massive meltdown continues...

Fri, 07/08/2011 - 13:24 | 1437339 Mussolim
Mussolim's picture

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....

Fri, 07/08/2011 - 17:16 | 1438374 macholatte
macholatte's picture

+10

LMAO - Grazie!!

Fri, 07/08/2011 - 20:02 | 1438735 Ahmeexnal
Ahmeexnal's picture

You should have let the goths keep ruling Italia.

Fri, 07/08/2011 - 22:26 | 1438999 dogbreath
dogbreath's picture

damn  leipzig was swarming with then just two weeks ago.  they looked like they were just hanging out with nowhere to go.

Fri, 07/08/2011 - 10:42 | 1436483 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Fri, 07/08/2011 - 10:44 | 1436502 Arius
Arius's picture

we will come stronger out of this ... we always do.

Fri, 07/08/2011 - 11:00 | 1436622 Chump
Chump's picture

Timeline?

Fri, 07/08/2011 - 11:07 | 1436677 chartcruzer
chartcruzer's picture

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

 

Fri, 07/08/2011 - 11:00 | 1436625 Oh regional Indian
Oh regional Indian's picture

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/

Fri, 07/08/2011 - 11:16 | 1436745 karzai_luver
karzai_luver's picture

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.

 

Fri, 07/08/2011 - 15:08 | 1437779 Bananamerican
Bananamerican's picture

the world won't end...

but it sure the fuck is going to change

Fri, 07/08/2011 - 11:21 | 1436773 mick_richfield
mick_richfield's picture

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."

Fri, 07/08/2011 - 11:36 | 1436848 Cognitive Dissonance
Cognitive Dissonance's picture

When I die I'm going to heaven.

Fri, 07/08/2011 - 12:39 | 1437155 FinalCollapse
FinalCollapse's picture

Sorry, but the heaven is foreclosed.

 

Fri, 07/08/2011 - 13:09 | 1437281 Cognitive Dissonance
Cognitive Dissonance's picture

"The" heaven?

I thought there was more than one? You know, 7th heaven and all?

Fri, 07/08/2011 - 15:50 | 1438036 Bolweevil
Bolweevil's picture

It's the new lingo like, "the Ben Bernank"; or, "the JP Morgue". I miss the bears.

Fri, 07/08/2011 - 12:22 | 1437073 brodix
brodix's picture

This is not going to kill you.

Fri, 07/08/2011 - 12:22 | 1437079 Rich_Lather
Rich_Lather's picture

At least I've got chicken.

Fri, 07/08/2011 - 12:30 | 1437105 Harlequin001
Harlequin001's picture

check's in the post...

Fri, 07/08/2011 - 13:37 | 1437389 bugs_
bugs_'s picture

"We are all guilty of this"

Fri, 07/08/2011 - 15:52 | 1438042 Bolweevil
Bolweevil's picture

"We need more stringent regulations."

Fri, 07/08/2011 - 22:08 | 1438971 Diogenes
Diogenes's picture

Or the most popular last words in the South

Hey everybody! Watch this!

Fri, 07/08/2011 - 11:27 | 1436805 trav7777
trav7777's picture

it's going to require a lot more diversity, because diversity is strength

Fri, 07/08/2011 - 11:57 | 1436968 TheTmfreak
TheTmfreak's picture

So is ignorance.

Fri, 07/08/2011 - 15:12 | 1437800 Bananamerican
Bananamerican's picture

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

Fri, 07/08/2011 - 13:07 | 1437269 cossack55
cossack55's picture

Yes, I've diversified to 7.62, 12 guage, .45, .38, .22, .22WMR, and .32.

Fri, 07/08/2011 - 15:55 | 1438055 Founders Keeper
Founders Keeper's picture

:Lead Hedge

; )

...don't forget your base metals.

 

Fri, 07/08/2011 - 22:11 | 1438977 goat
goat's picture

my portfolio is lacking several asset classes

Fri, 07/08/2011 - 12:10 | 1437035 lawrence1
lawrence1's picture

said the last Roman emperor

Fri, 07/08/2011 - 10:47 | 1436521 subqtaneous
subqtaneous's picture

Ahh....and speaking of rusted old clunkers, the Octogenarian assures us all is well this fine morning (per usual).

Fri, 07/08/2011 - 10:58 | 1436582 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Fri, 07/08/2011 - 11:15 | 1436742 Max Hunter
Max Hunter's picture

LMAO.. thanks CD

Fri, 07/08/2011 - 11:16 | 1436748 CrazyCooter
CrazyCooter's picture

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

 

 

Fri, 07/08/2011 - 11:21 | 1436775 Cognitive Dissonance
Cognitive Dissonance's picture

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.

Fri, 07/08/2011 - 11:55 | 1436962 Ghordius
Ghordius's picture

Hey, this is not an Italian car. And Italian cars never rust... (according to my Italian cars dealer)

Fri, 07/08/2011 - 11:57 | 1436972 Coke and Hookers
Coke and Hookers's picture

It's Christine!

Fri, 07/08/2011 - 12:05 | 1437020 MsCreant
MsCreant's picture

Lagarde?

Fri, 07/08/2011 - 11:57 | 1436975 tip e. canoe
tip e. canoe's picture

that's a nice ride cog.   does it run on diesel?

Fri, 07/08/2011 - 12:32 | 1437115 Harlequin001
Harlequin001's picture

steam by the looks of it...

Fri, 07/08/2011 - 13:44 | 1437403 tip e. canoe
tip e. canoe's picture

even better

Fri, 07/08/2011 - 12:02 | 1437003 TruthInSunshine
TruthInSunshine's picture

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.

Fri, 07/08/2011 - 12:28 | 1437102 Whalley World
Whalley World's picture

Fiat - Car: Fix It Again Tony

Fiat - Money: Fix It Again TurboTimmy

Fri, 07/08/2011 - 12:35 | 1437127 Harlequin001
Harlequin001's picture

If it is a Fiat it's brand spanking new. That's factory rust that is...

Fri, 07/08/2011 - 12:45 | 1437179 FinalCollapse
FinalCollapse's picture

Fiat 127 was my first car. It was wonderful machinery, perfect for young people.  Too bad it broke apart on the highway to Amsterdam.

 

 

Fri, 07/08/2011 - 13:36 | 1437201 Harlequin001
Harlequin001's picture

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...

Fri, 07/08/2011 - 22:10 | 1438975 Diogenes
Diogenes's picture

That is why they call it fiat money, it depreciates like a rusty Italian car.

Fri, 07/08/2011 - 11:55 | 1436959 Calculated_Risk
Calculated_Risk's picture

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

Fri, 07/08/2011 - 12:42 | 1437166 Harlequin001
Harlequin001's picture

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...

Fri, 07/08/2011 - 16:10 | 1438130 AldousHuxley
AldousHuxley's picture

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.

Fri, 07/08/2011 - 11:45 | 1436898 Raging Debate
Raging Debate's picture

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.   

Fri, 07/08/2011 - 11:56 | 1436967 tip e. canoe
tip e. canoe's picture

now we're talkin...all politics is local.

Fri, 07/08/2011 - 12:04 | 1437016 sschu
sschu's picture

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 

Fri, 07/08/2011 - 10:43 | 1436485 Dr. Engali
Dr. Engali's picture

My dilemma today is; do I make my mortgage payment or buy more gold?

Fri, 07/08/2011 - 10:53 | 1436566 thunderchief
thunderchief's picture

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.

Fri, 07/08/2011 - 11:01 | 1436641 Dr. Engali
Dr. Engali's picture

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.

Fri, 07/08/2011 - 11:08 | 1436685 MsCreant
MsCreant's picture

Now you are thinking like a real master/over lord.

 

If you are an aspiring master, were these posts master baiting?

Fri, 07/08/2011 - 11:19 | 1436763 CrazyCooter
CrazyCooter's picture

"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

Fri, 07/08/2011 - 11:19 | 1436758 karzai_luver
karzai_luver's picture

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.

 

Fri, 07/08/2011 - 12:17 | 1437061 tip e. canoe
tip e. canoe's picture

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

Fri, 07/08/2011 - 13:13 | 1437296 dogbreath
dogbreath's picture

bair could be DSK's wife's sister

Fri, 07/08/2011 - 16:59 | 1438315 dugorama
dugorama's picture

I think you mean sister wife (Mormon reference to plural wife)

Fri, 07/08/2011 - 12:05 | 1437025 dracos_ghost
dracos_ghost's picture

Obama says you have to pay my mortgage. It's true -- I swear.

Fri, 07/08/2011 - 13:01 | 1437248 Saxxon
Saxxon's picture

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.

Fri, 07/08/2011 - 14:33 | 1437598 MachoMan
MachoMan's picture

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...

Fri, 07/08/2011 - 17:01 | 1438318 dugorama
dugorama's picture

AND you can certainly afford some insurance.  Get some.

Fri, 07/08/2011 - 10:44 | 1436487 Jack Burton
Jack Burton's picture

 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.

 

Fri, 07/08/2011 - 11:07 | 1436684 thunderchief
thunderchief's picture

Thanks for leaving the Irish out.  My Mammy just shed a tear from Heavin.

Fri, 07/08/2011 - 11:30 | 1436816 trav7777
trav7777's picture

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.

Fri, 07/08/2011 - 12:22 | 1437076 MsCreant
MsCreant's picture

Rage-a-holic. Lovingly posted, for you, listen up to Mama:

http://www.youtube.com/watch?v=sHQ_aTjXObs

 

Fri, 07/08/2011 - 13:51 | 1437429 JOYFUL
JOYFUL's picture

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! 

 

Fri, 07/08/2011 - 10:43 | 1436488 qussl3
qussl3's picture

When till Juncker starts lying again?

Fri, 07/08/2011 - 11:16 | 1436744 Central Wanker
Central Wanker's picture

Whenever he opens his mouth.

Fri, 07/08/2011 - 10:44 | 1436494 Ray1968
Ray1968's picture

Italy = Fiat car, Europe = Fiat Euro, America = Fiat dollar.

All 3 are clunkers!

Fri, 07/08/2011 - 10:51 | 1436548 wandstrasse
wandstrasse's picture

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

Fri, 07/08/2011 - 10:45 | 1436501 Caviar Emptor
Caviar Emptor's picture

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

Fri, 07/08/2011 - 10:45 | 1436504 MsCreant
MsCreant's picture

They won't let it collapse. I wish I could be a believer in the Gorilla, but alas, I cannot.

Fri, 07/08/2011 - 10:46 | 1436515 Caviar Emptor
Caviar Emptor's picture

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

Fri, 07/08/2011 - 10:50 | 1436541 espirit
espirit's picture

Sweat the same way trying to hold back a bodily elimanation, the result will be the same only with much more pain.

Fri, 07/08/2011 - 10:58 | 1436602 MsCreant
MsCreant's picture

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. 

Fri, 07/08/2011 - 11:10 | 1436696 Caviar Emptor
Caviar Emptor's picture

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

Fri, 07/08/2011 - 11:21 | 1436769 karzai_luver
karzai_luver's picture

the system is not a system without the lies.

 

GO long liars or short as hell this system.

 

Fri, 07/08/2011 - 11:32 | 1436828 geminiRX
geminiRX's picture

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.

Fri, 07/08/2011 - 10:53 | 1436568 carbonmutant
carbonmutant's picture

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...

Fri, 07/08/2011 - 13:04 | 1437259 Saxxon
Saxxon's picture

+1 carbon and that is why I am expecting a stronger Euro.

Fri, 07/08/2011 - 11:31 | 1436823 HoofHearted
HoofHearted's picture

Makes me think of old Georges Brassens, "Gare au gorille!"

Fri, 07/08/2011 - 11:34 | 1436839 SheepDog-One
SheepDog-One's picture

Its not a matter of whether or not they let it collapse, sooner or later, it collapses.

Fri, 07/08/2011 - 12:19 | 1437066 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who are "they" and what type of special powers do "they" have that are so powerful to stave off reality?

Fri, 07/08/2011 - 12:42 | 1437132 MsCreant
MsCreant's picture

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. 

Fri, 07/08/2011 - 14:09 | 1437496 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

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.

Agreed.  And I hope everything with you is alright concerning the twister.

Fri, 07/08/2011 - 10:45 | 1436506 GoldBricker
GoldBricker's picture

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.

Fri, 07/08/2011 - 10:45 | 1436507 101 years and c...
101 years and counting's picture

isnt there something on Monday that no one is discussing?  the IMF is supposed to decide if they give greece their money, no?

 

Fri, 07/08/2011 - 10:45 | 1436508 Jack Burton
Jack Burton's picture

 US markets tanking on bad jobs numbers and bad European news, how long before liquidity flows into the markets? 2:00 PM Eastern time?

Fri, 07/08/2011 - 10:49 | 1436530 Caviar Emptor
Caviar Emptor's picture

Not until they get the green light from DC on more free money from the 'debt ceiling' talks

Fri, 07/08/2011 - 10:46 | 1436516 carbonmutant
carbonmutant's picture

I hoping this will translate in lower prices for Parmesan Reggiano...

Fri, 07/08/2011 - 10:50 | 1436542 andybev01
andybev01's picture

E' ora su come Donkey Kong!!

Fri, 07/08/2011 - 10:51 | 1436550 MsCreant
MsCreant's picture

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? 

Fri, 07/08/2011 - 10:58 | 1436605 carbonmutant
carbonmutant's picture

Look, these opportunities don't come around very often...

You gotta stock up on the good stuff when they do...

Sat, 07/09/2011 - 03:02 | 1439250 StychoKiller
StychoKiller's picture

Prosciutto FTW!

Fri, 07/08/2011 - 11:02 | 1436644 gmrpeabody
gmrpeabody's picture

Can't think of a better way to view life. Speaking of which..., I'm getting low on horseradish for the Bloody Marys

Fri, 07/08/2011 - 11:13 | 1436725 MsCreant
MsCreant's picture

I'll pass on the kidney pie.

Fri, 07/08/2011 - 11:08 | 1436691 chunga
chunga's picture

Try a slice on a cracker with Onion Mango Chutney - it doesn't sound appealing but is very tasty.

Fri, 07/08/2011 - 11:09 | 1436694 piceridu
piceridu's picture

Parmesan is fake ...you want the real stuff...Parmigiano Reggiano

Fri, 07/08/2011 - 11:42 | 1436883 carbonmutant
carbonmutant's picture

you're right, pardon my shortcut...

Fri, 07/08/2011 - 10:47 | 1436520 Pladizow
Pladizow's picture

Stronzo Di Merda!!!!!!!!!!!

Fri, 07/08/2011 - 10:52 | 1436555 disabledvet
disabledvet's picture

si, si.  En Banco Populare es muy populare!

Fri, 07/08/2011 - 10:49 | 1436533 youngman
youngman's picture

But I heard that ALL the Italian banks passed the stress tests....ALL of them...

Fri, 07/08/2011 - 10:51 | 1436545 Caviar Emptor
Caviar Emptor's picture

Yes, they don't 'Stress" over these things at all....

Fri, 07/08/2011 - 10:54 | 1436576 disabledvet
disabledvet's picture

Si, si.  Es "stress Italiano."  Con Ferrarai en model la supra.

Fri, 07/08/2011 - 10:50 | 1436540 Financial Newbie
Financial Newbie's picture

I disagree. Mortal Kombat is a very good game, but I think Donkey Kong is the best game ever.

Fri, 07/08/2011 - 10:53 | 1436564 youngman
youngman's picture

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????

Fri, 07/08/2011 - 10:56 | 1436588 disabledvet
disabledvet's picture

Noooooo.   Nooooo.  Se es mucho bueno.

Fri, 07/08/2011 - 14:06 | 1437478 JOYFUL
JOYFUL's picture

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

Fri, 07/08/2011 - 10:54 | 1436569 ItFarmer
ItFarmer's picture

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 €

 

 

Fri, 07/08/2011 - 10:54 | 1436570 Josh Randall
Josh Randall's picture

This is bullish in some strange way, watch your monitor kids a white swan will levitate soon

Fri, 07/08/2011 - 10:55 | 1436587 Oh regional Indian
Oh regional Indian's picture

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/

Fri, 07/08/2011 - 12:05 | 1436944 tip e. canoe
tip e. canoe's picture

"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."

Fri, 07/08/2011 - 14:19 | 1437529 Oh regional Indian
Oh regional Indian's picture

Hahahhh! Too funny.

Guns and Mutter!

ORI

Fri, 07/08/2011 - 12:25 | 1437088 Sunshine n Lollipops
Sunshine n Lollipops's picture

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.

Fri, 07/08/2011 - 14:20 | 1437532 Oh regional Indian
Oh regional Indian's picture

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

Fri, 07/08/2011 - 15:47 | 1438010 Sunshine n Lollipops
Sunshine n Lollipops's picture

Yes. Evil has a tremendously monstrous quality when it's institutionalized.

 

Fri, 07/08/2011 - 14:26 | 1437563 tip e. canoe
tip e. canoe's picture

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.

Fri, 07/08/2011 - 15:48 | 1438019 Sunshine n Lollipops
Sunshine n Lollipops's picture

They got any sliver to go with that glod? ;)

Fri, 07/08/2011 - 10:57 | 1436601 JR
JR's picture

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

Fri, 07/08/2011 - 11:54 | 1436956 tip e. canoe
tip e. canoe's picture

dear Mr. Bernays is sure racking up those tallies while he's rotting away in the ground, ain't he?

Fri, 07/08/2011 - 12:19 | 1437065 JR
JR's picture

Rotting away... leaving behind the seeds of destruction. Unfortunately, in this brave new world the bankers ARE the cops…

Fri, 07/08/2011 - 12:04 | 1437015 pods
pods's picture

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

Fri, 07/08/2011 - 12:21 | 1437069 JR
JR's picture

"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!

Fri, 07/08/2011 - 11:03 | 1436612 plocequ1
plocequ1's picture

Now what?

Fri, 07/08/2011 - 11:06 | 1436673 buzzsaw99
buzzsaw99's picture

va molto bene

Fri, 07/08/2011 - 11:15 | 1436743 Silverhog
Silverhog's picture

Oreo cookies dipped in tuna juice sounds better.

Fri, 07/08/2011 - 11:24 | 1436785 Tense INDIAN
Tense INDIAN's picture

sigh ...i have to wait 2 days to see the nifty RED again...weekend are boring nowadays

Fri, 07/08/2011 - 11:37 | 1436851 NotApplicable
NotApplicable's picture

Since when can banks fail?

Fri, 07/08/2011 - 11:40 | 1436875 TK7936
TK7936's picture

Italy should collect patent fees from every Pizza made in the world. problem solved.

Fri, 07/08/2011 - 11:47 | 1436916 sabra1
sabra1's picture

pizza was created in california, burritos were created in italy!

Fri, 07/08/2011 - 14:12 | 1437507 the tower
the tower's picture

why do americans always think they invented pizza?

Fri, 07/08/2011 - 15:33 | 1437933 Miss Expectations
Miss Expectations's picture

Tomatoes? (South America)

Fri, 07/08/2011 - 15:19 | 1437855 JohnFrodo
Fri, 07/08/2011 - 11:52 | 1436937 monopoly
monopoly's picture

So comfortable with my physical and miners. Just cannot do LULU. :)

Fri, 07/08/2011 - 11:52 | 1436938 Abby Normal
Abby Normal's picture

Italian yields hit new high again today

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