- advertisements -
CB Summer of Discontent Bitchez!!!
For all the supposedly brilliant Eurozone economists and policy makers, there are apparently only two mechanisms for handling debt crises:
One: if it involves private debt, make it public, and call your pillage of the populace a "bailout"
Two: if it involves public debt -- push it into the future, and call your head-in-the-sand solution "restructuring"
Three: if it involves public and private debt, blame an ethnic group, go to war, and call your tried and true method "World War III"
<sarcasm on/> Someone better give Timo Soini the heads up that having integrity is not a best practice amongst Western Government currently </sarcasm off>
Cannot wait for the next set of lies, ummm, I mean announcements from the Greeks -
The True Finn party isn't part of the government yet...coalitions of 3 are the rule in Finland and although they pulled in 39 seats to the leaders 44, they have to agree on compromises for a government to be formed with them included.
Mouthing off (however spot on) about the PIIGS isn't helping their chances, but kudos to them for speaking the truth anyway.
It is better for them to be the opposition that to compromise their core values, at least the people will see who's responsible for all the shit
no bailouts was a big part of their platform when they ran.
Hope he does not end up like Jorg Heider
Do you mean being homosexual?
Don't forget Pim Fortuyn...it's getting to be a pattern.
Don't forget to tip the pizza delivery guy.
"The Obama administration has floated a transportation authorization bill that would require the study and implementation of a plan to tax automobile drivers based on how many miles they drive."
Really? Isn't this easier to accomplish via gas taxes? Can we be finished with the Obama administration already? The straw grasping is getting absurd.
Why mess with all the paperwork? They can just raise gas tax $1 and reduce everyones driving quite a bit.
More paperwork = more jobs = higher employement!!!
Because they want to know where you are and where you have been.
What about the poor SUV driving soccer mom? She's buried in her new GM Escalade and she needs help. This plan will equalize the pain somewhat by making those scumbag-cheapskates with their Prius' contribute some more. And the corn/ethanol farmer and dear BP also get some "much deserved help" from the cash rich, free-riding econo-car owners. How wonderful is that? Maybe they'll even be able to spare a few bucks for some campaign contributions, eh?
With computers and GPS monitoring systems (BTW, it helps those guys too), there doesn't need to be any paperwork. Plus the road use fees can be automatically charged to our ATM cards (with substantial fees going to the poor deserving banks).
Talk about win-win. . . !
Can't have all those hybrid and electric car drivers evading their fair share of taxes. Taxes are the price of civilization, you know.
If there's gonna be a bonfire......I'll bring the marshmellos......mmmmm.....smores.
yeah there's gonna be a bonfire at 33 Liberty Street... i'll bring the gasoline everyone else bring the pitchforks.
Sounds like a good time.......better bring some beer then.
I'll bring my 'pitchfork' my AR 15.
I suspect it will begin with scopes and silencers before that...
You are correct sir.....
SEAL team number 6 appreciates your invitation, they have scheduled a visit to your compound and will drop by as soon as possible.
More of...throw shit at a wall and see what sticks.
Pretty much wall 100% covered in gobs of shit already.
Wall can always use another coat. Old shit is drying out. New shit is nice and moist -- aromatic too.
What's the point of this comment anyway?
It doesn't have anything to do with Greece, that's for sure.
Of course what would prop-the-dollar-up day be without old reliable "Greece worries"?
Prop the dollar, tank the stocks in the face of QE3 all over The Blowhorn. The USD will resume its downward march as no one really wants anything to do with it at all, just a side effect of another fiat worthless currency the Euro tanking. Basket of world worthless crap.
Basket of world worthless crap. That just about says it all.
It looks right now highly improbable that Finland is supporting the Portugal aid package. Time is running out and the political disorder is only increasing. Even some of those parties who were supporting the package before elections, are now turning against it as they lost big in the elections. Only the right-wing coalition party with a couple of small parties are still openly and unconditionally supporting the package.
Greek default is already a certainty and the probability of Portuguese default is increasing day by day. The end game for Euro may well be starting.
The issue for Portugal is
National coalition yes
Social democrats: yes but only with investor responsibility
Center: Each MP free to choose, hence likely to majority NO
True Finns: No
Greens: Yes, but seems more like no
Christians: Yes but only with investor responsibility
Now, the whole thing hinges on a concept of "investor responsibility". A haircut? Bail-out debt seniority? Something else? No-one knows.
The Social democrats are now decisive as the True Finns already said they would stick to their election promise. Social democrats were spared of election disaster as they changed their election rethoric the last minute to include investor responsibility. Again, whatever that means.
The situation is getting increasingly confusing, but have to say politics has become interesting. It does not really help that papers cover everyday some Portuguese politicial reming us of some "obligation" or EU treatening to make life hard in the future. So EU is after all a monster sucking away national sovereignty and any resources left to support aging population. So much for the love and peace in Europe.
It really seems that Euro really is the rotten hearth of Europe. I hope this monster falls, and kills any federalist intent by plunging the decision making into a complete paralysis as nations start exchanging "favours".
I really hope the Finnish electorate has noticed that that pustule Rehn joined up with the ECB to block "investor responsibility" in the case of Ireland. Oh, and your prime minister too.
Of course it's still not too late: the incoming Finnish government can prove its sincerity about "investor responsibility" by demanding that senior debt in the Irish banks which has not been guaranteed by the Irish government be subjected to a haircut. If they continue to support the ECB in demanding that these creditors be bailed out in full, then you'll know that they're lying, and you can look forward to being stuck with your share of the bill when the added public debt helps to drive the Irish government into sovereign default.
I was with a Greek friend in a moderately fancy Greek restaurant in Manhattan a few years ago, and the waiter pointed out that they don't take credit cards. (This was before we ordered. I guess he was just making sure.) I asked my friend why they wouldn't take credit cards, and he said "Taxes. Every Greek evades taxes; it is his duty." At the time I had no idea that he was not exaggerating.
This is a greek in Manhattan...not in Glifada...
Where he is still evading taxes like a true patriot.
I've discontinued silver sales from my portfolio.
What will hurt europe is Spain...that's the one to watch. If they can isolate Spain from Portugal, Ireland, Greece dominoes they can survive. If not, the euro as it is is toast...
This "isolation" thing is beyond me. If four of my neighbors have too much debt and are in the brink of a bankruptcy, will one of them be saved if I bail out the other three? If so, why?
Its a question of size of risk...the sovereign/bank downside in the three smaller countries is manageable with the existing EU credit lines. Germany/France main creditors can handle that. They along with China/Jap/Brazil can buy into the sovereign debt via direct or indirect ECB mechanisms. So if three of your neighbors owe 10$ each and the fourth owes 1000$ you could bail out three and say "no skin there" but not the fourth...The forth has to go out and renegotiate with the banks on his OWN...the same banks who have to be "subsidised/bailed" for the other three by govt./ECB subsidies. Its this equation which is uncertain as spain must be able to handle its own debts based on Future economic growth scenarios, like a big boy...Mama mia! what growth and when???
The third one owes his money to a foreign bank (or pensioners and widows) hence it is irelevant if he goes tits-up or not?
Time to dig up el generalisimo and bring him back from the dead.
The Green Party which has been in a short leash of the pro-bailout National Coalition started playing hardball yday when they announced that if there will be no unanimous agreement on the Poruguese bailout they will vote against it. They lost big in the elections and this move was quite a surprise.
Yes, they said they would vote no, but then the story changed later, it is no longer clear. The red-greens are just spineless misguided youths, mostly.
The issue is what willthe social democratic party do. They lust for power, but realise that price could be a bigger defeat in next years local elections or even in four years in parlament. The electorate does not seem to be as oblivious as politicians liked to believe, the greens were trashed partly because they were in government which approved two nuclear plants though this was something they had promised to oppose.
Maybe this is the beginnig of EU dis-integration. Thumbs up.
Let's hope for the best :-)
I will post this one again, thought it may have your face smiling after reading. So cartoons, in english.
the big Blarg-sound was only the first hiccup
I wish the UK didn't charge 20% VAT on physical silver, but whatever - I'm going to buy physical anyway.
Greece is the first domino, of course, but I'm wondering at what point the UK will fall. Can't imagine anyone running to Sterling as a "safe haven". All the UK "austerity" shite in the world can't balance this mess. My guess is that the UK government is just trying to make sure we're not the first domino to fall.
Greece first... looks like we might be domino five or six.
Race you to the bottom, USA! - last one there's a rotten egg.
Tips: tips [ at ] zerohedge.com
General: info [ at ] zerohedge.com
Legal: legal [ at ] zerohedge.com
Advertising: ads [ at ] zerohedge.com
Abuse/Complaints: abuse [ at ] zerohedge.com
Advertise With Us
Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
How to report offensive comments
Notice on Racial Discrimination.