Tim Backshall On Europe: "Default Now Or Default Later" As EuroStat Complains That Greece Is Still Withholding Critical Data

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Tue, 09/07/2010 - 20:03 | 568417 masterinchancery
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Yep. And what the IMF and Bernanke don't get is that it is way better for Greece etc. to default now before a lot more sucker money gets expended, which just amplifies the effect of the inevitable collapse.

Tue, 09/07/2010 - 20:35 | 568482 deadparrot
deadparrot's picture

Oh, they get it. Think like a bureaucrat. They can either kick the can down the road and waste more taxpayers money for a while longer, or let taxpayers keep their money and let the house of cards fall. In the first scenario, they keep their jobs. In the second, they don't. No-brainer.

Tue, 09/07/2010 - 22:06 | 568657 Yits and the Yimrum
Yits and the Yimrum's picture

the squids gas pedal is the credit derivative markets, which drives volatility, which drives profitable trading (for those in the know)

on the other hand, you have the productive sector of the western economy which is under siege by the commodity/credit/capital volatility

the only trade for the non-insiders is tangibles and getting ready for Mad-Max survival memes, which is a lot better than being a card carrying member of the Jim Jones/CNBC/Chamber of Commerce American dream cult

Tue, 09/07/2010 - 21:37 | 568602 Getagrip
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I say we all default together. You know...all for one and one for all...

Tue, 09/07/2010 - 23:41 | 568779 doolittlegeorge
doolittlegeorge's picture

now you're thinkin' like a REAL Fed Chairman.  Always explore ALL the options...

Tue, 09/07/2010 - 20:09 | 568438 traderjoe
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Dominoes Bitchez!

Tue, 09/07/2010 - 20:24 | 568466 bugs_
bugs_'s picture

Yes only Greece fudged their numbers.

Tue, 09/07/2010 - 20:15 | 568448 Phat Stax
Phat Stax's picture

"...hat tip to Zero Hedge.... "  nice!

Wed, 09/08/2010 - 07:00 | 569042 MsCreant
MsCreant's picture

Like V for Vendetta...

Tue, 09/07/2010 - 20:19 | 568454 dark pools of soros
dark pools of soros's picture

so when is the western debt jubilee??  China wants to work for peanuts.. so they dont really have a need for a money surplus anyway


someone has to be the serfs..   reset the debt and bring back the ghost of Reagan

Tue, 09/07/2010 - 20:25 | 568467 PolishHammer
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Trichet on Bloomberg said the banks are in fine shape

Tue, 09/07/2010 - 20:34 | 568481 Goldenballs
Goldenballs's picture

Looks like a nice two fingered gesture from Greece.Well done.

Tue, 09/07/2010 - 20:40 | 568491 americanspirit
americanspirit's picture

Thumbs up from Greece ( not what the gesture means in the US - check it out).

Tue, 09/07/2010 - 20:47 | 568500 10044
10044's picture

he did say zero hedge didn't he?? did you see how frustrated faber got as soon as he said zero hedge?!

zero hedge bitchez

Tue, 09/07/2010 - 20:56 | 568520 VK
VK's picture

He did, he did! Hat tip to Tyler! Stick it to CNBS.

Tue, 09/07/2010 - 20:57 | 568521 bugs_
bugs_'s picture

zero hedge bitchez

Tue, 09/07/2010 - 21:23 | 568569 Rick64
Rick64's picture

Getting recognition from CNBC's guests. Nice.

Wed, 09/08/2010 - 01:06 | 568874 vs18
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Tim Backshall isn't just a guest, he's also credittrader on twitter and I think supplies Tyler with his Bloomberg screen shots.


His contributions since Zerohedge's inception has been the "Daily Credit Summary", which is probably one of the most underappreciated and underrated contributions that ZH has ever given to the masses. But excuse me ... back to "GOLD BITCHEZ!!111".



Wed, 09/08/2010 - 06:01 | 569021 Rick64
Rick64's picture

Wasn't aware of that thanks for the info.

Wed, 09/08/2010 - 03:34 | 568967 Moonrajah
Moonrajah's picture

Does it mean that they won't be guests any longer at CNBC?

Tue, 09/07/2010 - 21:05 | 568539 lynnybee
lynnybee's picture

Good, say it !   SAY IT LOUD ~~~~~ ZEROHEDGE !!!

Tue, 09/07/2010 - 21:37 | 568601 Atomizer
Atomizer's picture

Let's do the bank stress test all over. Sure we can manipulate the bell curve again.

On a side note.

Wed Jun 16, 2010 7:59pm EDT

(Reuters) - Under intense pressure from President Barack Obama, BP Plc agreed on Wednesday to set up a $20 billion fund for damage claims from its huge Gulf of Mexico oil spill and suspended dividend payments to its shareholders.


Obama is in crisis mode.

Tue Sep 7, 2:12 pm ET

The U.S. National Institutes of Health said on Tuesday it would use $10 million from BP to start a multiyear study to look at the potential health effects from the oil spill in the Gulf of Mexico.

The NIH has already designated another $10 million to begin the study, which will look at the health effects on clean-up workers from oil and dispersants, including respiratory, neurobehavioral, carcinogenic, and immune conditions.


20b-10m = nineteen billion nine hundred ninety million

Soon, the US administration parasites will ask for more monies. New job creation is being financed on taxpayer bill.

Keeping up status quo

Joseph Tainter; The Collapse of complex Civilisations


Wed, 09/08/2010 - 00:09 | 568813 MsCreant
MsCreant's picture

20 billion dollars of stim on the wall,

20 billion dollars of stim...

Take 10 mil down and pass it around,

19 bil, 990 mil on the wall.

19 bil, 990 mil dollars of stim on the wall, 

19 bil, 990 mil dollars of stim...


Hiccup! Hiccup!

I feel sdrunk already. Bloated.

Tue, 09/07/2010 - 21:57 | 568642 cjbosk
cjbosk's picture

Greece, Portugal, Spain, then....Japan!

Zero Hedge Bitchez! 

Did I get that right?

Tue, 09/07/2010 - 22:30 | 568682 NOTW777
NOTW777's picture

faber - what a squirrel.  just when the guy gets to the crux after mentioning ZH, faber quickly ushers him out.  more time for mindless babbble

Tue, 09/07/2010 - 23:54 | 568799 doolittlegeorge
doolittlegeorge's picture

so you mean to say "countries are even bigger black holes than banks"?  of course.  i know what my risk is with a bank because i can close it down.  that's especially true now that the economy has been obliterated, no? "countries" on the other hand have, well....."things."  Read Reinhart and Rogoff and you'll understand.  NOBODY knows.  You might ask then "what the hell are they doing buying our debt, then!"  well--they don't call it RINGING THE BELL for nothing on the NYSE.  The ability to engage in what ZH'ers engage in is actually quite unique and indeed "uniquely American."  In other words, "these folks aren't just angry--they're surprisingly well informed about it as well."  there can be no greater "market support"--now if i could only get you all to admit "bulls and bears make money"!

Wed, 09/08/2010 - 04:52 | 568996 Pondmaster
Pondmaster's picture

Bulls and Bears make money !!

Nothing has changed , stocks still go up and down , form consolidations , hit bottoms and rise on value . Become grossly overvalued and sell off . ad infinum . Enjoy . Continue to continue .

Wed, 09/08/2010 - 01:02 | 568872 NERVEAGENTVX

Very proud to be a ZH'r when I hear us being referenced in the MSM, especially CNBS! Cracks in the facade anyone? Talk about being "ahead of the curve".

Wed, 09/08/2010 - 03:16 | 568959 doggings
doggings's picture

:) Faber definitely grimaced when Backshall said "hat tip to Tyler at Zero Hedge for signalling that the IMF have opened this limitless borrowing capacity.."


penetration bitchez, whether you like it or not.

Wed, 09/08/2010 - 03:57 | 568981 Chuck Mentzel
Chuck Mentzel's picture

It's amazing to see ZeroHedge playing the game started by TPTB using WSJ.

What happened in the economy that would warrant defaults right now? I tell you what, nothing, but apparently the US cannot do anything to get itself out of the present predicament, so it's time to put the euro collapse theme on again and play another game of who-s-gonna-default-first-in-Europe.

You guys want fireworks for some reason. If you can't solve your problems, at least create fireworks somewhere else. Careful with the matches, you might get burnt.

There are as many arguments for European countries to default as there are for USA to default.

Wed, 09/08/2010 - 08:44 | 569132 stollcri
stollcri's picture

Drop your nationalism (or regionalism) and open your eyes, almost every nation is having financial problems. Below are a handful of articles published recently that would suggest that Europe is currently having financial troubles.

Many nations can rightfully blame the US for their economic problems, but probably not too many European ones. The fact is that the European Union is more likely to fall apart than the United States, and if that happened there would be a great fear of complete breakdown in the global capitalist system(s). We are all in this together, but I would expect that in the event of a failure the populations' anger will be directed away from the true cause and into nationalistic fervor [like yours].




Wed, 09/08/2010 - 10:06 | 569262 Chuck Mentzel
Chuck Mentzel's picture

I'm not questioning the content of the WSJ story, I'm questioning their motive. We already know Europe has huge problems, we already know the stress tests were window dressing, like all stress tests are... including those in the US. But I'm asking what is really the big difference between the situation in Europe and that in the US? All of a sudden, nothing macro happens in Europe and this story gets pushed writ large in the WSJ and generates cheerful waves in other MSM. It really leaves a certain stink around it... And GS is saying now you should drop the euro... Come on, we've seen this episode played before.A Wall Street gazette pushes a story on the depraved banking system in Europe (as compared to the US one), then Wall Street starts selling the gloomy picture, then... Any minute now a rating agency should show up with their update. Etc. We're getting a rerun for some reason and that is what I'm trying to find out.

The first time was because EU and the BRICs initiated talks on making a transition away from the dollar as reserve note, which put some in the US in a panic mode strong enough to launch an attack on the euro and nip any change in the bud. Now, which one is it? Why does Wall Street need to rehash the Euro collapse scenario, when not much happened lately to warrant such a big change?

What is the new data that shows a Greek default is more likely than a few months ago? I thought they had already secured ECB and IMF loans to cover their back for the next period of time, which includes servicing their debt.

Cui bono?

Thu, 09/09/2010 - 10:03 | 571660 MsCreant
MsCreant's picture

I agree. A whole lot feels engineered lately. Probably I am just catching up to the curve here.

Wed, 09/08/2010 - 04:15 | 568987 Azannoth
Azannoth's picture

Maybe the Greeks them selves dont know what the numbers are, if their unionized accountants are as competenet as their politicians

Wed, 09/08/2010 - 04:47 | 568994 Pondmaster
Pondmaster's picture

Sovereign risk is the only trend in an upturn . 

Besides ,my Dad's ( Benny ) got a bigger printing press than you Dad ! ( The IMF )

So whats the problem here?

Wed, 09/08/2010 - 05:04 | 569002 Pondmaster
Pondmaster's picture

Yes , Mr Backshall should get KUDOS . Hey did anyone notice that the tickers for the indices during the clip were all down ( duh) but they were not RED , they were GREEN .!!!!! Whats with this phsyco babble B.S. ?? They got the other charts right, red down . More propaganda from FedMedia LLC . OMG ObaMedia  is also catching up in the ratings . 

Wed, 09/08/2010 - 06:48 | 569035 Dismal Scientist
Dismal Scientist's picture

Faber is a douche, Kominsky a nodding head puppet. The ad they run for their show about being 'ahead of the curve' is one of the more risible on the financial porn channel. I for one cannot wait for how they 'deal' with a collapse.

Perhaps it'll be the old 'buy when there's blood on the streets' mantra. Or maybe 'look at the value, the yield versus bonds is off the clock'.

They'll find a way to deny reality.

Wed, 09/08/2010 - 07:59 | 569072 BearOfNH
BearOfNH's picture

Kaminsky just loves to hear himself talk. He's all medium and no message.


Wed, 09/08/2010 - 10:20 | 569316 spartan117
spartan117's picture

Maybe Greece can issue some of those California IOUs.

Thu, 09/09/2010 - 00:31 | 571077 Hephasteus
Hephasteus's picture

Aggregate blob of tylers. Do you see how proud we are of you and how much we love you. Do you see?

Tue, 09/28/2010 - 04:02 | 609397 Herry12
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