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Rosenberg Explains "Why We Should Be Worried"

Tyler Durden's picture





 

While we politely disagree with David Rosenberg on what is the ultimate flight to safety "security" (in our insolvent day and age perhaps the very word at the heart of capital markets needs to be changed), with him believing in bonds, predicated by a fear of an eventual deflationary crunch, while we ignore any instrument that is used a policy tool by the central planners and instead prefer precious metals, we always are impressed by his ability to synthesize reality in a few succinct bullet points (even if according to Eni's Recchi itself is irrelevant after saying that "Italy’s bond yields don’t reflect reality"). That is most certainly the case today when in his latest Breakfast with Dave letter to clients, Rosie summarizes the 7 reasons why "we should be worried."

From Rosie:

• S&P has come out and said that it may downgrade the U.S. government in July, whether or not there is an impasse in the debt ceiling talks. We've never had the experience of having the world's reserve currency at least not attaining AAA status. It may not lead to anything, but it will be something we have not had to confront before as investors. Don't forget that it is not just $9.7 trillion of Treasury bonds that would be affected, but the $7 trillion of Fannie Mae and Freddie Mac debt, and the other $130 billion of AAA-rated state and local government debt plus bank bonds insured by FDIC — plus countries like Israel that rely on the backing of the U.S. government. And what about the $2.7 trillion repo market tied to U.S. Treasuries? A default could trigger a giant margin call for the banking industry. You see, the effects are quite far-reaching.

Even if the debt can ends up getting kicked down the road in Washington, the reality of fiscal retrenchment is unavoidable. Extended jobless benefits are rolling off and depressing personal income. State and local governments are laying off staff at an unprecedented rate (see No Matter How Debt Debate Ends, Governors See More Cuts for States on page A8 of the Saturday NYT). Chicago Mayor Rahm Emanuel is about to let 625 municipal workers go, as the Investor's Business Daily reported, "after public unions missed a deadline for proposals to help close a $30 mil budget gap".

• Ben Bernanke cleared up his position on Friday that, in fact, the Fed is not contemplating another round of quantitative easing in the near-term and that it will be contingent on deflationary signposts coming back to the front burner.

• The ECB, having raised rates twice to carry out a policy that is only relevant for Germany, has probably started off in another series of policy mis-steps, since its inception 12 years ago. The next mistake is the central bank's continued resistance of stepping in as lender of last resort for Greece if it defaults — and there is really no possible way to see an end-game here that does not involve some restructuring among the creditors, which would thereby doom the entire Greek banking sector.

• The EU leaders were supposed to meet on Friday to come up with a solution to Greece but have delayed it to July 21st (various options are on the table apparently, including bond buybacks at discounted prices or an offer for banks to exchange their existing holdings of Greek bonds for new, long-term Greek debt. But either one of these options involves a writedown on Greek bondholdings and as such is a technical default). We also have a situation where it is no longer just about Greece — where default, in whatever form, seems inevitable. The country can hardly run 7% primary fiscal surpluses for five years in order to meet ridiculously tight budgetary guidelines.

It is now about 40% of the Eurozone economy that is engulfed in the debt crisis, to varying degrees. Italy's problem is not the same as Greece, but it has a huge debt burden of 120% of GDP and now a loss of confidence in both the economy and the political structure, notwithstanding the successful passing of the austerity package in both houses of parliament, as well as a very onerous debt-refinancing calendar ahead (and at a time of sharply higher interest rates).

Spain is far worse, much more like Ireland with weakened banks (five of the nine European banks that could not meet the "joke" stress tests were Spanish), a property market that is primed for a 30% collapse (based on getting to some sort of equilibrium) and an unemployment problem that is far worse. Signs also began to surface last week that even some of the core Eurozone debt markets, such as in France, were starting to feel the fallout. Greece is to the Eurozone what Thailand was to Asia back in 2007 — the canary in the coalmine.

• In addition to the fact that long-term jobless benefits are falling by the wayside, the U.S. government is also sanctioning a form of stealth policy tightening by having Fannie Mae and Freddie Mac begin to cut its insurable limits to $625,500 from the current $729,750, starting in October. This will bite in many ways, including the impact on local government revenues which have now posted back-to-back declines in property tax revenues for two quarters in a row — the first time that has ever happened.

• It is now coming to the fore that al Qaeda has been planning another attack on U.S. soil. The odds of another terrorist strike are hard to handicap and harder to discuss, but if you think it is non-trivial, try selling it to the folks who live in Mumbai. Geopolitical tensions in the Middle East are reviving as well — unrest being reported in Yemen and Jordan. Something else to keep an eye on.

• The global economy is very clearly cooling off. There are few Asian countries as "cyclical" as South Korea is and on Friday, the region's fourth largest country trimmed its GDP forecast to 4.3% for this year from 4.5% — a fairly decent-sized haircut from the 6.2% expansion in 2010.

As to how the market is reacting...

•    Italian and Spanish bond yields rose above 6% last week.
•    German bund yields touched 2.7%, down 13bps on the week.
•    The Swiss franc rose to record highs against the euro and the U.S. dollar.
•    The FX markets are so risk-averse that the Japanese yen rose 3% against the euro and hit is best level against the U.S. dollar since the round of coordinated intervention to weaken the yen this March.
•    U.S. CDS spreads widened to post-Lehman crisis highs.
•    Gold reached a record $1,600/oz.
•    The VIX index neared the 20 mark.
•    The S&P 500 was off 2.06 % for the week; the Nasdaq lost 2.04%; and the Dow slid 1.4%.
•    All 10 major equity sectors were down, with Energy the top performer (just a 0.4% loss).
•    Bank stocks fell to end the week despite better-than-expected headline results from JPMorgan and Citi.

Source: Gluskin Sheff

 


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Mon, 07/18/2011 - 14:06 | Link to Comment Caveman93
Caveman93's picture

I have no job, no home equity, no prospects for a job that pays well, but my FICO is 780. All is well. Sorry I cannot play.

Mon, 07/18/2011 - 14:11 | Link to Comment I am Jobe
I am Jobe's picture

Well USA is the right place to be in. Bail out Nation USSA.

Mon, 07/18/2011 - 14:21 | Link to Comment TBT or not TBT
TBT or not TBT's picture

Well we do get most of "our" oil from this hemisphere, and do have a helluva military and very weak neighbors, push come to shove about the security of supply to run what's left of our economy and AGRICULTURE production. As to who else you'd rather be, well, NOT in Europe is a good starting answer(no oil and no military), and NOT in any country dependent on food imports and both militarily weak and oil poor(e.g. Egypt...).

Mon, 07/18/2011 - 14:48 | Link to Comment Bonesetter Brown
Bonesetter Brown's picture

Absolutely.  Real politik.

And all good arguments for a Germany/Russia tie-up if and when we a split in the Euro group.

Mon, 07/18/2011 - 14:23 | Link to Comment HITMAN56
HITMAN56's picture

"Do you have any conceivable reason for getting up in the morning"                              

 "I like to get the Daily News"

Mon, 07/18/2011 - 16:06 | Link to Comment RafterManFMJ
RafterManFMJ's picture

Sure you can play!

1. Get a credit card,

2. get cash advance,

3. go to coin store.

4...

5. profit!

Mon, 07/18/2011 - 18:26 | Link to Comment Infinite QE
Infinite QE's picture

6. File BK and have free gold/silver!

Mon, 07/18/2011 - 18:32 | Link to Comment Buck Johnson
Buck Johnson's picture

Well you are one of the few, not to many can say they have a FICO score of 780.  But minus that, you are in the same boat as alot of other people.  But if you look anything like your avatar, you won't have to much trouble finding help.

Mon, 07/18/2011 - 14:08 | Link to Comment Mineshaft
Mineshaft's picture

Its Just A Fleshwound!

 

http://www.youtube.com/watch?v=zKhEw7nD9C4

Mon, 07/18/2011 - 14:08 | Link to Comment djsmps
djsmps's picture

Can everyone just quit saying "kicked down the road", "kicking the can down the road" or any other version. This is now the single most uttered phrase in the media.

Mon, 07/18/2011 - 14:16 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

It is the preferred euphemism for, "fuck our children and grandchildren," which for obvious reasons didn't poll well with the focus groups.

Mon, 07/18/2011 - 14:16 | Link to Comment LeBalance
LeBalance's picture

oh, it won't be nearly that long.

Mon, 07/18/2011 - 14:50 | Link to Comment Cleanclog
Cleanclog's picture

"Repudiation" is the most succinct word - if only MSM would use it.

Debt repudiation will be happening on a very large scale:

Countries ala Greece and many more.

State and Local governments also on a very large scale even if Meredith's call hasn't panned out. 

Banks and other financial institutions (drop the dividends again) despite CNBCs continual drone that they are trading under book value but don't bother to "report" (ha ha ha like they ever really do any real reporting beyond PR promulgation) that book value is phonier than boloney (and just think about how boloney is concocted) with very few of their underwater assets are accurately market marked or accounted for with fair true value. 

Households as they remain in the houses they can't afford but banks don't foreclose on.

Pissed off police, firefighters, teachers, medical providers growing.  Repudiation of duties will be rolling out soon there too.  Look around.  Start making friends with farmers or start growing your own.

Repudiation!  

Mon, 07/18/2011 - 20:37 | Link to Comment Milestones
Milestones's picture

H.H.

 

To the point; succinct!-and on target.       Milestones

Mon, 07/18/2011 - 14:14 | Link to Comment Sofa King
Sofa King's picture

I think a more proper phrase for what is going on is "Hiding the Pickle".

Mon, 07/18/2011 - 14:16 | Link to Comment tbone654
tbone654's picture

after transitory

Mon, 07/18/2011 - 14:16 | Link to Comment carbonmutant
carbonmutant's picture

Procrastination Bitchez...

Mon, 07/18/2011 - 14:38 | Link to Comment WoodMizer
WoodMizer's picture

you mean,

procrasterbation

 

Porn is the only industry still hiring.

Mon, 07/18/2011 - 15:32 | Link to Comment downrodeo
downrodeo's picture

...uhh, excellent... I've been looking to change careers.

 

Where do I sign??

Mon, 07/18/2011 - 14:16 | Link to Comment Dirtt
Dirtt's picture

Okay.  I'll be your Huckleberry.

"Kick it up the 710 Freeway until you reach South Pasadena." And you can quote me on that.

Rosenberg will ALWAYS have a special place in my heart. Q4 2007 was HUGE in my life.

Mon, 07/18/2011 - 14:32 | Link to Comment DonnieD
DonnieD's picture

"Hope and Change" is dead and buried.

Mon, 07/18/2011 - 15:02 | Link to Comment chunkylover42
chunkylover42's picture

how about kicking the grenade down the road, since that's a far more accurate description of what we're doing...

Mon, 07/18/2011 - 15:28 | Link to Comment duncecap rack
duncecap rack's picture

Somebody suggested "rolling the turd down the road" a while ago. I like that one.

Mon, 07/18/2011 - 15:54 | Link to Comment TexasAggie
TexasAggie's picture

Has this replaced "Unexpected" by the LSM?

Mon, 07/18/2011 - 14:08 | Link to Comment IQ 145
IQ 145's picture

 My favorite quote on Bonds is from Franz Pick (sp.?), "Bonds are instruments of guaranteed confistication". The person, entity, on the other side of the contract, is also the person who gets to decide how much the monetary units are worth when you cash it in. It's a fools game in an inflationary world. Silver is telling us what the world thinks about the near term future.

Mon, 07/18/2011 - 14:08 | Link to Comment YesWeKahn
YesWeKahn's picture

Just look at AAPL, AMZN, and all the other junks, there is NOTHING to worry about.

Mon, 07/18/2011 - 14:19 | Link to Comment plocequ1
plocequ1's picture

I just ordered a another Macbook pro to take the place of my PC. Life is still chugging along. Barclays was right there to offer me 0% financing for 12 months. God bless AAPL and Barclays . I hope i am still alive to accept delivery.

Mon, 07/18/2011 - 14:28 | Link to Comment YesWeKahn
YesWeKahn's picture

Do they take your life insurance as collegial? lol

Mon, 07/18/2011 - 14:09 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I cant help myself... my daily read besides zerohedge has another great article that scares the bajezzus out of me today!!! ANOTHER WHORE HOUSE IDIOT says we need MORE STIMULUS then we have the WHOLE EU BURNING WHILE THE sheeple GET ALL EXCITED ABOUT JUSTIN BIEBERS CRASHING A FUCKING WEDDING WHO GIVES a flying rats shit about that when the whole SHIT STORM is about to BLOW!!!!

http://fiatsfire.blogspot.com/2011/07/just-another-manic-monday-eu-inches.html

and for BIEBER

http://news.yahoo.com/roll-call-justin-bieber-selena-gomez-crash-wedding-173436804.html

 

Mon, 07/18/2011 - 14:11 | Link to Comment SheepDog-One
SheepDog-One's picture

The world teeters on the edge of the brink while most people have no idea and are only concerned about Justin Biebers latest antic and some white trash chick who killed her kid and got away with it. Bread and circuses, just more modern over an Iphone Tweet.

Mon, 07/18/2011 - 14:21 | Link to Comment jus_lite_reading
jus_lite_reading's picture

I find peace here at zerohedge because I find people like you who undertand WTF is going on and that gioves me hope in the future!!! I must have referred zerohedge to over 1000 friends and colleagues to wake them the fuck up now before it is too late! The peoblem I find is that they find the news too depressing to even think about and they rather NOT KNOW because they KNOW something bad is coming.... but I know when the shit hits the big fan they will be running to people like us for help.... i will help them but after i rub it in their face!!!!

Mon, 07/18/2011 - 14:09 | Link to Comment SheepDog-One
SheepDog-One's picture

Rosie just come out once and for all and admit the REAL safety is in personal protection gear- M40 gas masks and CBR suits, guns ammo and PM's!

Mon, 07/18/2011 - 14:12 | Link to Comment Silver Dreamer
Silver Dreamer's picture

This thing is definitely getting ready to go nuclear.

Mon, 07/18/2011 - 14:23 | Link to Comment jus_lite_reading
jus_lite_reading's picture

YUP!! I think silver hits 80 by ocotber...

Mon, 07/18/2011 - 14:22 | Link to Comment TBT or not TBT
TBT or not TBT's picture

And food and trade goods.

Mon, 07/18/2011 - 14:13 | Link to Comment Zero Govt
Zero Govt's picture

so let me boil this down: we should be uber-worried because politicians, the public sector, Govt, the EU/EC, the Judiciary and Police, Regulators, Central Bankers and over-leveraged retail banks, all the propped-up corporate crones and vested interests could/will implode under the debt mountain

Er, forgive me i can't see a problem here, i see the solution

Answers on a Postcard to: Feet Up with Popcorn, Chill-Out Lounge Dept., Grim Reeper Street, Capitalism Rules. Postcode: GOVT RIP

Mon, 07/18/2011 - 14:10 | Link to Comment Careless Whisper
Careless Whisper's picture

Well things over in China seem ok. SINA Weibo which is twitter x 3 now has advertisers contacting celebrities for product placement, for a nice fee of course, about 100,000 renbibies.

http://shanghaiist.com/2011/07/18/you_have_to_be_living.php

 

 

Mon, 07/18/2011 - 14:11 | Link to Comment IQ 145
IQ 145's picture

 "Italy's bond yields don't reflect reality"---No bond yield reflects reality> "reality,?; you couldn't handle reality". A Bond yield that reflected "reality" would be very interesting; but there aren't any; yet.

Mon, 07/18/2011 - 14:14 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

hey reggie! check this out and apple's stock price.

http://www.tgdaily.com/business-and-law-features/57305-46-of-consumers-w...

Mon, 07/18/2011 - 14:22 | Link to Comment I am a Man I am...
Mon, 07/18/2011 - 14:14 | Link to Comment A Lunatic
Mon, 07/18/2011 - 14:26 | Link to Comment GoinFawr
GoinFawr's picture

Is it just me or is that article essentially a doublethink saying 'borrow more of what you don't have or we'll downgrade your credit rating'?

Mon, 07/18/2011 - 14:36 | Link to Comment A Lunatic
A Lunatic's picture

I'm not sure how eliminating the debt ceiling would curb uncertainty over whether or not the U.S. can meet it's debt obligations. They just don't want their laundry aired in public any longer. Some solution.

Mon, 07/18/2011 - 14:43 | Link to Comment ebworthen
ebworthen's picture

Strange, isn't it?

Kind of like your individual "credit rating"; the more you borrow the better your credit.

Huh?

Or, any state or federal funds in a yearly budget that aren't spent means that you get that much less funding the next year; so if you waste money you get more.

What kind of madness is this, exactly?

Mon, 07/18/2011 - 14:15 | Link to Comment carbonmutant
carbonmutant's picture

Deflation is being hidden behind the declining lack of product choices and empty shelves.

Remember the dot.com days?

Disappearing distribution channels...

Mon, 07/18/2011 - 14:18 | Link to Comment tbone654
tbone654's picture

Disappearing "profit motive"...

Mon, 07/18/2011 - 14:18 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

David Rosenberg writes:

« ... It is now coming to the fore that al Qaeda has been planning another attack on U.S. soil ... »

Always sad to see somewhat smart people falling for the Al - CIA - da, the American government-sponsored 'false flag' terra-rism.

Here's some people who see it - in a classic, hilarious tune, with a great video, the Mos Def - Immortal Technique - Eminem rap classic, about 11 September 2001:

« Bin Laden didn't blow up the projects ... Bush knocked down the Towers ... »

http://www.youtube.com/watch?v=6bdr_2IAJWU

Mon, 07/18/2011 - 14:22 | Link to Comment Silver Dreamer
Silver Dreamer's picture

10 year anniversaries FTW!

Mon, 07/18/2011 - 14:49 | Link to Comment Reptil
Reptil's picture

boooooh!

we want a new scam

all those trillions in funding and this is what they come up with?

Mon, 07/18/2011 - 14:55 | Link to Comment Vergeltung
Vergeltung's picture

nothing smells worse that a 9-11 truther retard.

 

Mon, 07/18/2011 - 14:59 | Link to Comment Reptil
Reptil's picture

you've obviously not smelled my trainers that I wore WITHOUT SOCKS today :-S

I wouldn't make it past the TSA, that's for sure.

Mon, 07/18/2011 - 14:22 | Link to Comment Sudden Debt
Sudden Debt's picture

I wonder at what level countries with debt levels below 120% or 100% will lose faith on the bond markets.

It's the entire union that is being dragged down.

The fact Greece, Ireland, Portugal and all have such a hard time now is because the faith in the union is gone already.

The only thing they can do to save it all is: PRINT AS MUCH AS IS NEEDED TO GET RID OF THE DEBT.

All those banks who will default also within the next 12 months: prop up their accounts with fresh paper.

Print Print Print.

It's all they can do. Talking shit doesn't really seems to help.

 

Mon, 07/18/2011 - 14:27 | Link to Comment Whatta
Whatta's picture

Like the PIMCO dude Kashkari said today...firewall the "good parts" of EU from Greece Portugal and Italy...let Germany France et al throw a €Trillion potential bailout out for the good parts as The Big Bazooka EU-style, and the others reorganize their debt.

Mon, 07/18/2011 - 14:49 | Link to Comment ebworthen
ebworthen's picture

Kashkari?

Is that our old friend from the Treasury in the bailout days Neel "Aladdin" Kashkari?

From GS to Hank Paulson's magic carpet man at the Treasury to PIMPCO.

Wow, you just can't make this shit up.

Mon, 07/18/2011 - 14:51 | Link to Comment Sudden Debt
Sudden Debt's picture

A bit the same like Rubbini said today.

Europe's last stand. Throw as much money into the financial institutions as needed and let the crappy once reorganise their debt like Pakistan did. Force lower rates even as they don't get the investment grade anymore and suck it up.

In the end (6 months max) it will be happening like this.

Anybody who has cash should now invest it in real estate and PM's and a bit of debt isn't that bad either to do so because we're going to see a rather big inflation in the next couple of years which will vaparize that debt to peanuts.

 

Mon, 07/18/2011 - 14:22 | Link to Comment Whatta
Whatta's picture

So, I see Warren McBuffet and Bill Gates were just at the WH talking over their giveaway of billions at death to charities.

Whatta ya want to bet that zerO is already on the phone telling someone to a) bump them off, and b) draft legislation that captures large charity assets for the Federal balance sheet.

Mon, 07/18/2011 - 14:50 | Link to Comment ebworthen
ebworthen's picture

Capital gains for the regular folk who can't buy influence.

Estate tax (death tax) coming soon.

Mon, 07/18/2011 - 14:24 | Link to Comment jus_lite_reading
jus_lite_reading's picture

is that because of FUCKYOUSHIMA radiation?? me thinks maybe so

Mon, 07/18/2011 - 14:41 | Link to Comment Vendetta
Vendetta's picture

The new normal

Mon, 07/18/2011 - 14:53 | Link to Comment ebworthen
ebworthen's picture

Comes in handy for 69 I'd bet...

Mon, 07/18/2011 - 17:16 | Link to Comment CHARLIE.DONT.SERF
CHARLIE.DONT.SERF's picture

+69

Mon, 07/18/2011 - 16:26 | Link to Comment Argos
Argos's picture

That totally creeped me out!

Mon, 07/18/2011 - 14:29 | Link to Comment buzzsaw99
buzzsaw99's picture

S&P is a joke

Ben Bernanke is a joke

The ECB is a joke

EU "leaders" are a joke

The usa mortgage agencies are a joke

Al Quaeddade(sp?) is a joke

The economy is a joke

 

I'M SO SCARED!!! BOO!

Mon, 07/18/2011 - 14:29 | Link to Comment RobotTrader
RobotTrader's picture

They are trying to V-Bottom the banks and The Squid today.

Wanna bet they close the XLF green?

Mon, 07/18/2011 - 14:57 | Link to Comment ebworthen
ebworthen's picture

Good point, last hour algo ramp job, then in the first 3000 nanoseconds tomorrow have it all sold before anyone else can blink, candy from a baby apparently.

Mon, 07/18/2011 - 15:18 | Link to Comment Dadburnitpa
Dadburnitpa's picture

Again today with the "V-Bottom" shit?

Mon, 07/18/2011 - 14:30 | Link to Comment Bob
Bob's picture

Worry??  Not me!  I have absolute confidence that the PPT is suited up and ready to roll before close today. 

Hell, most every day, for that matter.

Mon, 07/18/2011 - 14:32 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

To be honest, I'm getting a bit tired of being short the market.  Looks like we had another "stick save"  around Noon today.

I still feel that the Debt deal will be yanked out here soon to fake pump us to Jackson Hole.....

I mean look how well the July 4th "Greece is saved"  pump job has worked.   Dow still up 400+ from that.  That BS got us to the soon to be Debt Pump.

All I can say is these crooks ain't amateurs.

 

 

Mon, 07/18/2011 - 14:48 | Link to Comment rubearish10
rubearish10's picture

Agreed and correct on how tiring it is to achieve the inevitable. I think there's too many fools playing the downside as if they don't want to miss another 2008. It will not come when you expect it it. This is what makes it hard to manage. In the meantime, either stay on it day after day (participate) or stand down, own gold, silver and platinum and just hangout and live a normal life. This is not a bullish reply, been expecting the same reulst as you since 4/09. Good luck!

Mon, 07/18/2011 - 14:49 | Link to Comment rubearish10
rubearish10's picture

Agreed and correct on how tiring it is to achieve the inevitable. I think there's too many fools playing the downside as if they don't want to miss another 2008. It will not come when you expect it it. This is what makes it hard to manage. In the meantime, either stay on it day after day (participate) or stand down, own gold, silver and platinum and just hangout and live a normal life. This is not a bullish reply, been expecting the same reulst as you since 4/09. Good luck!

Mon, 07/18/2011 - 14:36 | Link to Comment Zero Govt
Zero Govt's picture

"It is now coming to the fore that al Qaeda has been planning another attack on U.S. soil."

Yes Mr Rosenberg, how many Mosad terrorist attacks on foreign soil are coming to your fore???

How about the 80 years of non-stop Isreali State terrorism in Palestine???

Have you seen or been to the West Bank? Over 500 Isreali check-posts that drive Palestinians through like cattle every day abusing the freedoms in an Isreali State nightmare hell even George Orwell could never invision

Mon, 07/18/2011 - 14:58 | Link to Comment Vergeltung
Vergeltung's picture

yeah, I mean, how dare they try to protect themselves

from the splodey-dopes. (rolls eyes)

Mon, 07/18/2011 - 16:45 | Link to Comment GoinFawr
GoinFawr's picture

Yes, that is one helluv an 'eye-roller' alright; your comment though, not ZG's.

Mon, 07/18/2011 - 21:23 | Link to Comment Zero Govt
Zero Govt's picture

Veregeltung

Yes i know what you mean. I had a Jewish friend that complained the Palestinians were developing a rocket launcher that could strike a target (he didn't mention its accuracy) at 45 miles. Fuking 'Wow!'

That'll be lined up against Isreali tanks, heavy artillery, fighter jets, a well trained and over-gunned army and nuclear warheads. Pitty the Jews, so under-gunned eh?

Mr Rosenbergs comments smacks of the usual arrogant cunt hypocracy that has made the Jewish State the most revilled in the world (for entirely legit and humane reasons) next to America and Britains constant murderous (false) foreign wars. Indeed the Jewish State is now on the cliff edge with most nations on Earth apart from its two bully-boy protectors (thugs) who will be shortly runnign out of money.

I would strongly suggest Rosenberg, who has patently never thought about what a Palestinian has to put with once in his arrogant life, spends 1 month on the Palestinian (Israeli State occupied territory) West Bank as a Palestinian. He will understand what a nightmare Totalitarian hell these people have to put up with daily with the 500 check-points people are herded through just to get to work, see friends go to shops. He will for the first time in his pampered delusional life eat humble pie.

He will also realise what a bullying, dumb murdering scum infest the mind-set of the Israeli State. A State that has never known any bounds in its own brutality and arrogance. And hasn't that worked so well the past 70 years?

I consider myself a fair man and have nothing against Jews whatsoever. But Isreal is quite beyond the pale and it is long overdue it learnt to strike peace rather than continue its violent, bully-boy and selfish arrogance  any longer.. if Saudi falls in this Arab Spring Isreal faces being flattened from all sides so it better change tack real soon and seek peaceful solutions (they can hardly be worse than the 70 year long total abject failure of foreign policy to date)

Mon, 07/18/2011 - 22:51 | Link to Comment island
island's picture

Look, I'm against human rights abuses, here in the U.S. and elsewhere, including Israel.  And, it is essential to understand the history of the Jewish people in order to understand their perspective in defense of Israel:

http://www.simpletoremember.com/articles/a/HistoryJewishPersecution/

Something else to ponder - Judaism, unlike Christianity and Islam, does not promote conversion.  Have you ever just wanted to be left alone? 

 

 

 

Tue, 07/19/2011 - 06:03 | Link to Comment Zero Govt
Zero Govt's picture

Island

that is one of the problems with Jews, and Arabs, is they cannot forget the past (at least the bad bits that leave chips on their shoulders and 500lb monkeys on their backs) and they live in the past churning over and over old scars/hurts instead of looking forward. The mind-set of Isrealis and Palistinians is never to forgive or forget or get over it and move on for once in their miserable non-stop moaning whailing lives

Israels 'George Orwell' totalitarian State hell of an occupation of the Palistinians West Bank is pure bully-boy thuggery. The Israeli State is obnoxious, arrogant and violent, knows it's weapons far out-strip the poor Palistinians and is involved in 70 years of pure thuggery on the West Bank. It has got it precisely nowhere... just as the occupation of N.Ireland got Westminster nowhere in decades just as every US and British occupation on foreign soil (Vietnam, Irag, Afghan etc) gets nowhere. You will never 'win' and occupation you will just run up a huge fuking security bill marked 'Total Failure'

The Jews are an intelligent lot when they can sideline their over-emotional 'Woe is Me' or 'I Must Avenge My Great, Great, Great, Great Grandfathers cousins Aunt' characteristics. Why can't you work out in the next 70 years your continued thugging occupation of Palestinian land will continue to fail and stir up hornets??? 

Over-emotionally-attached to truly dumb policies that have never worked in decades are you?

Finally regards Judaism "not promoting conversion" are the Jews not converting all by themselves and leaving the endless shit hole your Govts thuggery is making of your country? Are Jews not emigrating from this failure zone though it is seen as a big No-No socially to leave the Motherland? And are Western Jews not losing faith and integrating into a non-religous lifestyle? Is Judaism not in decline like every other Western religion? 

Maybe when they read the Bible and then watch the mindless thug Israeli State trample all over its 'Be Peaceful and Neighbourly' advise decade after brutal decade they think what's the point ah!

Mon, 07/18/2011 - 14:36 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

many good points. taking on risk in this environment is a mugs game. why try to be a hero? this market seems like a fast move down is very possible. but as ever, who knows?

Mon, 07/18/2011 - 14:38 | Link to Comment Doctor Moreau
Doctor Moreau's picture

I need someone to help explain something to me that I've been wondering about for quite a while now.

Indeed the U.S. economy is in the shitter.

But so is every other country!

Isn't there something to be said for relativity here, folks? 

What is preventing a reset?

Mon, 07/18/2011 - 15:12 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

It's called a race to the bottom.

Mon, 07/18/2011 - 14:39 | Link to Comment HpDeskjet
HpDeskjet's picture

The next mistake is the central bank's continued resistance of stepping in as lender of last resort for Greece if it defaults

 

... ECB =/= FED. The world doesn't end if some countries/banks default... Jesus Christ, even the people who say that they hate the printing policies are scared to death by acknowledging the smallest probability that these policies will actually stop. Maybe he is long PM...

Mon, 07/18/2011 - 17:46 | Link to Comment AmCockerSpaniel
AmCockerSpaniel's picture

Is there something wrong with holding PM's? I've heard; One sleeps better with a dog in bed, and PM's & a M1A by the bed side. All I know for sure is our Am. Cocker Spaniel (Lady) snores, and is useless in protecting anything.

Mon, 07/18/2011 - 14:40 | Link to Comment Savyindallas
Savyindallas's picture

Interesting  -the CIA's Al Qaeda Division is planning another false flag attack.  

Mon, 07/18/2011 - 14:41 | Link to Comment monopoly
monopoly's picture

My goodness, where does one begin. Kinda tough to be short with AAPL at all time high and even ANF green.

We should have a bet who is first to file. C or BAC since they are both insolvent.

Mon, 07/18/2011 - 15:41 | Link to Comment MiningJunkie
MiningJunkie's picture

When will you shorts learn? When the Central Bankers all simultaneously sing to the tune of the "Anti-Inflation Anthem", then you get short everything. While they are in full unabashed "PRINT MODE",. you CANNOT short anything. This market is going to explode to the upside led by gold silver and copper.

Never underestimate the replacement power of stocks within an inflationary spiral - Think Zimbabwe.

Mon, 07/18/2011 - 17:46 | Link to Comment theprofromdover
theprofromdover's picture

Why do you think they found & rubbed out Osama (but forgot to film him)?

They need a fresh excuse for some retaliation on US soil.

Coming your way soon. All rehearsed, budgeted, and paid for.

Will be interesting to see what is chosen by our blue-eyed friends.

I would say if it isn't 200 West or 270 Park Ave, then it can't be Al.Q.

Decatur Ave? Not on a false flag black-op.

 

Mon, 07/18/2011 - 20:42 | Link to Comment ptolemy_newit
ptolemy_newit's picture

The USA needs the Eruo to hold and rise! its not a financial issues but more a need to maintain the controled state of chaose.  You can bail them out with tax dollars or you can spend it on miltary and war?

I like Canada, but they will be raped!

HK will be left standing!

Mon, 07/18/2011 - 20:42 | Link to Comment ptolemy_newit
ptolemy_newit's picture

The USA needs the Eruo to hold and rise! its not a financial issues but more a need to maintain the controled state of chaose.  You can bail them out with tax dollars or you can spend it on miltary and war?

I like Canada, but they will be raped!

HK will be left standing!

Tue, 07/19/2011 - 02:26 | Link to Comment Hobbleknee
Hobbleknee's picture

"The odds of another false-flag strike are hard to handicap...."

*fixed for accuracy*

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