In Response To Concerns That EFSF Funds Are Insufficient, Axel Weber States Simply That Europe Will Just Print As Much As Needed

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Wed, 11/24/2010 - 23:26 | 754058 DoChenRollingBearing
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Sinclair is right: QE to Infinity!

Thu, 11/25/2010 - 00:14 | 754121 RobotTrader
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Gold $1,650  =  Dow 14,000

Thu, 11/25/2010 - 00:43 | 754147 Fish Gone Bad
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... puts the interests of a few billionaires over a billion or so filthy peasants.  That said, it only takes one angry filthy peasant to really ruin your day.

Thu, 11/25/2010 - 01:20 | 754187 i-dog
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They should be charged with "Printing Under The Influence". They need to stop sniffing the ink.

Thu, 11/25/2010 - 01:32 | 754199 flacon
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> "more MONEY will be provided".


That begs the question: "What is MONEY?"


Money is a tool of exchange, which can't exist unless there are goods produced and men able to produce them. Money is the material shape of the principle that men who wish to deal with one another must deal by trade and give value for value. Money is not the tool of the moochers, who claim your product by tears, or of the looters, who take it from you by force. Money is made possible only by the men who produce.

Thu, 11/25/2010 - 04:37 | 754314 Herd Redirectio...
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And what society needs us to produce right now is.... Sound money!!!

It will be a thankless job, but I am up for doing my share.

PsychoNews: Exposing the Oligarchy, one Psycho at a time.

Thu, 11/25/2010 - 05:49 | 754344 AnAnonymous
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Money is made possible only by the men who produce.

Reflective stupidity. So money enables itself for any "man" who produces money.

This guy must be an economist.

The story that money must possess a counter-value to exist, that it must cover goods against goods trade to exist is one delusion hard to explain.

Currently, people through debt mecanism do trade money vs goods without putting on the table goods to be bought by the said money.

Bernanke has abolished scarcity. He simply emits money and gets goods in return, without putting any goods on the table (more exactly, the US through the Fed puts the goods of others on the table so the deal can be done)

Far, far from what this propagandist recants.

Thu, 11/25/2010 - 08:36 | 754437 Paul E. Math
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AnAnonymous, you criticism is valid regarding paper money.

But I think the quote is about real money, not this paper stuff that Bernanke throws out of his helicopter.

Regarding real money, this quote is 'bang-on' accurate - you need to produce something of value in order for the money to have a purpose, which is exchange.

Thu, 11/25/2010 - 10:16 | 754496 Dan_Sylveste
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This is why you can't convince people rationally to buy Gold by saying 'it is money' or 'it is a store of value' because it is largely worthless _apart from the worth it has because people perceive it as being worth something_

Fri, 11/26/2010 - 13:44 | 755980 cranky-old-geezer
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"... because it is largely worthless _apart from the worth it has because people perceive it as being worth something_"

This can be said about everthing including the dollar and other paper currencies.  

And nobody needs to convince anybody to buy gold.  People who buy gold do so because they believe gold is worth something. 


Thu, 11/25/2010 - 10:12 | 754492 Top_Kill
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It was a quote from Ayn Rand's "Atlas Shrugged" describing sound money, gold ,as opposed to the debased paper currencies which have been looted by the beurocrats to fund their special interests.

Thu, 11/25/2010 - 00:48 | 754152 dnarby
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Err...  Isn't that only if the US prints faster than the EU?

Not disputing we'll get there, just think near term might hold something... Different.

Thu, 11/25/2010 - 06:02 | 754348 Sudden Debt
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The Americans are faster in the straight tracks but the Europeans perform better in the curbes!


The only question is how manny QE Laps there are.

Thu, 11/25/2010 - 16:48 | 755049 trav7777
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apropos, totally.

Right now we seem to be in a curve

Thu, 11/25/2010 - 06:16 | 754359 taraxias
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Gold to whatever the bearer demands = DOW 0

Thu, 11/25/2010 - 10:13 | 754493 Robslob
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LOL Robo tranny...

If the DOW hits 14,000 then gold will go over 3,900 an ounce...chart that bitch!0

Thu, 11/25/2010 - 11:16 | 754534 cowdiddly
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Boy thats an easy choice. umm.... Ill take the Pamp suisse over Credit Suisse anyday.

Thu, 11/25/2010 - 14:04 | 754802 ZackAttack
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And that would be the status quo ante from 2007, except, um, for the gold portion of the equation.

Thu, 11/25/2010 - 01:54 | 754223 PiratePiggy
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to Infinity.... and beyond!

Thu, 11/25/2010 - 11:50 | 754588 scatterbrains
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Anyone have any thoughts on what will be the ultimate hedge against printing? I keep thinking gold and silver are too obvious and will continue to be supressed while some other asset that the Bankers arn't paying attention to will increase by thousands of percent, leaving folks with that, (wish I bought MSFT in 1987) feeling.

Wed, 11/24/2010 - 23:31 | 754066 PolishHammer
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Jesus QE'd bread and fish to feed people, can ECB do the same?

Thu, 11/25/2010 - 01:37 | 754207 StychoKiller
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St. Matthew rightly called the fishes and loaves gig a miracle.  Central banking is as far away from miracles and saintliness as you can get!

Thu, 11/25/2010 - 14:44 | 754870 CPL
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Would all rise for the holy benediction of hookers and blow?

Thu, 11/25/2010 - 02:09 | 754233 snowball777
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Let's just say the bread lobby and the fishermen were none too pleased with those shenanigans.

Wed, 11/24/2010 - 23:32 | 754068 cxl9
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Of course they'll print, as will everyone else. What other plan is there?

Wed, 11/24/2010 - 23:35 | 754071 Kaiser Zose
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Wed, 11/24/2010 - 23:37 | 754075 CheapKUNGFU
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Wed, 11/24/2010 - 23:46 | 754080 macholatte
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...member states should retain as much sovereignty as possible...


I can accept it if that is some kind of TD paraphrase of something actually said however I find it difficult to believe. The implications is clear: Weber is arrogantly giving permission to EU members to be independent, to believe they are independant, to fantasize about sovereignty but which means that they are not. Soros discussed such things in his book "The Bubble of American Supremacy" regarding the concept of sovereignty, that it is an obstacle that needed to be overcome and how to do it.  Apparently that has been accomplished and is now openly being discussed in the press.

The Europeans are the sheeple and Weber is the new sheeple dog. All done without firing a shot.


Wed, 11/24/2010 - 23:53 | 754096 trav7777
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gold, bitchez

Wed, 11/24/2010 - 23:56 | 754101 gwar5
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The people of Europe have sold themselves down the river to a bunch of whiny cronies.

They should wake up ASAP and make Nigel Farage head of the EU. Santa Claus ain't coming this year.


Thu, 11/25/2010 - 01:22 | 754188 i-dog
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No different from the US. It's a concerted and joint effort to drive the truck over the cliff.

Thu, 11/25/2010 - 10:50 | 754513 macholatte
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One wonders if the powers that be in Europe would really allow country after country to go to the wall, enslaving their children and grandchildren into financial slavery ad infinitum just for some obscure idealogical reasons.
UKIP’s Nigel Farage on fine form!

Read more:
Wed, 11/24/2010 - 23:56 | 754102 wisefool
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He has a PhD in Economics.

Thu, 11/25/2010 - 00:17 | 754123 IrrationalMan
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Dr. Mengele is small potatoes next to these Dr.'s

Thu, 11/25/2010 - 00:21 | 754130 Vendetta
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no doubt he has the ability to justify a massive fiat/derivative ponzi scheme with an equation that looks real complicated (a pythagorean equation squared plugged into an integral with limits to infinity should do the trick) so the lemmings believe it.

Thu, 11/25/2010 - 01:57 | 754225 flacon
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John Maynard Keynes also had a PhD in economics. Here is what they study behind closed doors:


"A sentiment of trust in the legal money of the State is so deeply

implanted in the citizens of all countries that they cannot but believe

that some day this money must recover a part at least of its former value.

To their minds it appears that value is inherent in money as such, and

they do not apprehend that the real wealth, which this money might have

stood for, has been dissipated once and for all.

This sentiment is supported by the various legal regulations with which

the Governments endeavor to control internal prices, and so to preserve

some purchasing power for their legal tender. Thus the force of law

preserves a measure of immediate purchasing power over some commodities

and the force of sentiment and custom maintains, especially amongst

peasants, a willingness to hoard paper which is really worthless...

If, however, a government refrains from regulations and allows matters to

take their course, essential commodities soon attain a level of price out

of the reach of all but the rich, the worthlessness of the money becomes

apparent, and the fraud upon the public can be concealed no longer."


John Maynard Keynes, Economic Consequences of the Peace, NY, 1920, p. 239-40


Thu, 11/25/2010 - 07:40 | 754400 Peace is the x-axis
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And here's what Keynes and "friends" got up to behind closed doors -

"Chief of this ring of homosexual revolutionaries was John Maynard Keynes, who eventually became the economic architect of English socialism and gravedigger for the British Empire...


Keynes was characterized by his male sweetheart, Lytton Strachey, as “A liberal and a sodomite, an atheist and a statistician.” His particular depravity was the sexual abuse of little boys. In communications to his homosexual friends, Keynes advised that they go to Tunis, “where bed and boy were also not expensive.” As a sodomistic pedophiliac, he ranged throughout the Mediterranean area in search of boys for himself and his fellow socialists. Taking full advantage of the bitter poverty and abysmal ignorance in North Africa, the Middle East, and Italy, he purchased the bodies of children prostituted for English shillings...


Such Leftist hypocrites then, as now, issued loud denunciations against poverty, imperialism, and capitalist immorality. However, for their own degenerate purposes, they eagerly sought out the worst pockets of destitution and backwardness to satisfy their perverted purposes through sexual enslavement of youngsters. While traveling in France and the United States they complained among themselves of the harassment by the police of practicing homosexuals. In degenerate areas of the Mediterranean, on the other hand, they found a pervert’s Utopia where the bodies of children could be purchased as part of a cultured socialist’s holiday."

Thu, 11/25/2010 - 11:16 | 754531 hardcleareye
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The bias (and unreliability) of the author you quoted it very well establish.  Because Lytton Strachey "says is so", does not make it a "fact", it is nothing more than unsubstantiated nasty gossip.  While I don't necessary concur with Keynes, I can defend my views without attempting to slander (and in a truly ugly fashion) the individual who's view I disagree with, in the attempt to convince others my view is superior. 

Shame on you, there are enough valid debatable points without resorting to this tripe!!!


I was one of the individuals that junked you.

Thu, 11/25/2010 - 18:40 | 755164 Peace is the x-axis
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"The bias (and unreliability) of the author you quoted it very well establish."

Establish (sic) by whom, exactly? Please provide sources.

Further, and just as important, perhaps we should first clarify exactly which author/s statements you are dismissing/junking, as having a "well established" bias and unreliability? (a) Zygmund Dobbs? (b) The author publisher of "The Review of the News" (Robert W Welch Jnr, founder of the John Birch Society), which is the article being quoted by Dobbs in the link I provided? Or, is it (c) Lytton Strachey's own purported statements that you are dismissing? If so - as seems apparent from your comment - then I presume you are claiming that it is (d) Strachey's biographers Michael Holyroyd, Holt, Rinehart and Winston, who are the biased and unreliable authors .. correct?

FWIW, purportedly from the author (Dobb's) son -

"My father, Zygmund Dobbs, was a well-read autodidact of high intelligence who started out as a radical Trotskyite who was active in the UAW. Being the rare radical from a working class background, he joined those who were disillusioned with radicalism and devoted his life to fighting the illusions of the left.

After a picaresque life spent in union organizing, intelligence work, politics and much else, he settled down into doing research on Fabian Socialism for many years.

Keynes at Harvard was written at the suggestion of a Yale Economics professor, Olin Glenn Saxon. Professor Saxon felt that certain truths about Keynes, and others, could only be written by an outsider.

The work was sponsored by the Veritas Foundation, which was an organization of disaffected conservative Harvard alumni ('Veritas' being Harvard's motto.)

Fascinating as the questions concerning Keynes' sexual orientation no doubt must be (and my Dad was nothing if not a thorough researcher), the interesting issue the book raises is Keyenes' Fabianism, and how it was Fabian policy to conceal their socialist intentions and excellent relations with Russian communists. This is not a small matter. When one listens to the Democratic presidential candidates today, they are, knowingly or ignorantly, all espousing latter day Fabianism.

Someone who worked for me in the late 70's and who had an MBA and PhD from Chicago, said Keynes at Harvard had been required reading at Chicago business school."

Thu, 11/25/2010 - 19:09 | 755179 Peace is the x-axis
Peace is the x-axis's picture

And also fwiw, apparently the Ludwig von Mises Institute owns the bequeathed library of Zygmund Dobbs -

Thu, 11/25/2010 - 11:22 | 754544 flacon
flacon's picture

Thanks for the link. What a horror show!

Wed, 11/24/2010 - 23:59 | 754104 Arch Duke Ferdinand
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Citizens of Europe should elect me Emperor and I will parade up and down all the squares of all European Capitals until China comes to its senses.

hrh ADF

Wed, 11/24/2010 - 23:59 | 754105 max2205
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Why give a broken state money when you can teach him to print it.

Thu, 11/25/2010 - 00:05 | 754112 Atomizer
Thu, 11/25/2010 - 00:13 | 754118 Hansel
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"more money will be provided"

I never doubted it for a minute.  Which is easier, solving problems or printing money?

Thu, 11/25/2010 - 00:23 | 754131 Vendetta
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Phd's in economics are real smart and know how to run a printing press.  Problem solving is left to the lessers.

Thu, 11/25/2010 - 00:33 | 754140 Milton Waddams
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Phd's in economics are real smart and know how to run a printing press.

Oh, so much more so than you know.

Something only WB7 could dream up, only it is real:

Original can be found here:

Thu, 11/25/2010 - 00:26 | 754120 M.B. Drapier
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I read him as suggesting that the member states will just chuck more money into EFSF, or into a new "mechanism". But of course that doesn't mean that the ECB won't head for the printer if the member states fail to oblige this time. Another round of chicken.

(Incidentally: in Ireland, this ad is on rotation on right now. (Or it was mere minutes ago. Here's the link.) Rabo seems to be upping its search for Irish deposits too. It's not reassuring when ZH's AdSense starts trying to sell me financial security rather than insanely-leveraged FX and spread betting.)


Thu, 11/25/2010 - 00:20 | 754128 Milton Waddams
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God damn it people, don't you understand- I'm an economist! What does that mean? It means I am highly competent in matters relating to finance and the economy. As such, I have formulated a very detailed plan that is far too complicated for all but the most formally educated economists among us to understand. I'm, uh, I'm, um - I might remind you again that it is a very complicated solution - I'm, uh, I'm ... going to print some money.

Thu, 11/25/2010 - 00:32 | 754138 Tense INDIAN
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they r taking down the dollar , EURO and YEN all at the same time

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