• Steve H. Hanke
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Von Rompuy Just Tweeted A Financial Stability Meeting Will Be Held July 21: "Soft" Greek Default Coming?

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Fri, 07/15/2011 - 13:10 | 1460049 Cognitive Dissonance
Cognitive Dissonance's picture

"Soft" or "Hard", a reaming is a reaming........er..........sorry.

A default is a default.

Fri, 07/15/2011 - 13:14 | 1460073 Confused
Confused's picture

CD,

You and I both know that the word "default" (similar to laws) only have meaning when in regards to the common folk.

And reaming.....tax payers are all too familiar.

Fri, 07/15/2011 - 13:23 | 1460109 camaro68ss
camaro68ss's picture

Tyler, can you report that there will be almost $500 Billion in

Securities maturing at the end of Aug that need to be Flipped

Fri, 07/15/2011 - 13:40 | 1460169 tempo
tempo's picture

The issue is clear. We have lost 7 million jobs and the Govt tax collection is and will remain far below spending. The media heads continue to front the super rich and claim we can't raise taxes and we need to recreate the historical American can do spirit. BS...America workers are largely competing with most Chinese workers who make $200 per MONTH (not day), work for piece rate, live in dorms, do not have cable, iphones, twitters, face book, food stamps, medical care, labor or environmental laws and financial aid. Talk about a competitive advantage. Lets face facts and borrow until it explodes in few years. If The Republicans cut a large amount of spending, the economy will collapse and will never hold power again. Let's borrow, spend and borrow like there is no tomorrow, because there isn't.

Fri, 07/15/2011 - 14:07 | 1460250 Ahmeexnal
Ahmeexnal's picture

The truth is here:

http://www.youtube.com/watch?v=TIwJ8lYbPn0

Farage tells it like it is.
His teeth even fall off at 3:31.

Fri, 07/15/2011 - 18:12 | 1461079 Scroto Gaggins
Scroto Gaggins's picture

I like to refer to Nigel as the Ron Paul of Europe. 

Sat, 07/16/2011 - 05:09 | 1461822 WeekendAtBernankes
WeekendAtBernankes's picture

Thanks for the link, I love this guy!

Fri, 07/15/2011 - 13:19 | 1460098 GeneMarchbanks
GeneMarchbanks's picture

A drachma is a uhm... well... drachmae.

http://en.wikipedia.org/wiki/Drachma

Fri, 07/15/2011 - 13:26 | 1460120 JailBank
JailBank's picture

default –verb (used without object)

- to fail in fulfilling or satisfying an engagement, claim, or obligation. - to fail to meet financial obligations or to account properly for money in one's care: Let me see even if you call it another name does it fit this definition?
Fri, 07/15/2011 - 13:33 | 1460149 Sudden Debt
Sudden Debt's picture

You can fuck a woman hard or soft. But pregnant is pregnant.

Fri, 07/15/2011 - 13:51 | 1460207 Vic Vinegar
Vic Vinegar's picture

All the countries are all preggers.  Keynes spread his seed far and wide.

Fri, 07/15/2011 - 16:15 | 1460767 williambanzai7
williambanzai7's picture

Fri, 07/15/2011 - 16:54 | 1460913 THE DORK OF CORK
THE DORK OF CORK's picture

William your best yet ... I still can't stop laughing - although I have this very disturbing image in my head now................

Fri, 07/15/2011 - 17:24 | 1460986 Zero Govt
Zero Govt's picture

only 56 million junks??? ...the Irish, Icelandic, Finish, Dutch and Czech people haven't heard of Von Reartoys twitter page yet!

Sat, 07/16/2011 - 00:03 | 1461647 IQ 145
IQ 145's picture

 "Our agenda is the financial stability of the Euro area as a whole---"; they better bring sandwiches and sleeping bags,  going to be a long meeting.

Sat, 07/16/2011 - 06:07 | 1461840 williambanzai7
williambanzai7's picture

Looks like I got junked by Rompy

Fri, 07/15/2011 - 13:10 | 1460052 firstdivision
firstdivision's picture

Soft Default = Hard Ramming of Greek citizens.

Fri, 07/15/2011 - 13:22 | 1460107 Spitzer
Spitzer's picture

A test run would be nice. See what the Euro does.

I am not sure how you soft default on a money market though, without triggering armageddon. Maybe Bernanke can bail them out with dollars.

Fri, 07/15/2011 - 13:12 | 1460055 Dr. Richard Head
Dr. Richard Head's picture

Market goes up? Primary dealers become flush with cash.  Makret goes down?  Primary dealers make more cash.  You and me?  Well......go fuck yourself.

"My Big Mac, why is it $10.00 now?"  Is all the sheeple will say.

Fri, 07/15/2011 - 13:11 | 1460057 Zeroexperience2010
Zeroexperience2010's picture

21st July is also the national holiday of Belgium: the stock market is closed on this day in Belgium...

Fri, 07/15/2011 - 13:13 | 1460067 Dr. Richard Head
Dr. Richard Head's picture

Do they have a government yet?  Did the sky fall without a government?  I like their government model.

Sat, 07/16/2011 - 07:29 | 1461866 Zeroexperience2010
Zeroexperience2010's picture

No government in Belgium yet...

 

Which proves one thing: it's a pseudo democracy, there is no need for a 'belgian govt', they have the EU govt to take all decisions that matter, without democracy.

Fri, 07/15/2011 - 22:49 | 1461537 StychoKiller
StychoKiller's picture

Time for a double-header I say:  A Greek default AND NO raise of the US debt ceiling!  The pundits won't know who to blame!

Fri, 07/15/2011 - 13:11 | 1460060 jkruffin
jkruffin's picture

Gold 1600 calls are on fire......see you there any day now....and above.

Fri, 07/15/2011 - 13:21 | 1460106 TradingJoe
TradingJoe's picture

Agreed but...they will pull back a little with the "crash"! That's when you back up the truck!

Fri, 07/15/2011 - 13:12 | 1460062 slaughterer
slaughterer's picture

The EU states (= taxpayers) will back up the losses of all institutional losers, whether soft or hard default, you can count on that.  

Fri, 07/15/2011 - 13:13 | 1460065 Temporalist
Temporalist's picture

Can't wait to hear Nigel Farage comment.

Fri, 07/15/2011 - 13:15 | 1460082 Gubbmint Cheese
Gubbmint Cheese's picture

I was thinking exactly the same thing - I love how Farage says his name, "Misssstah Von ROMPOY..."

lol

+1

Fri, 07/15/2011 - 13:24 | 1460114 Zero Govt
Zero Govt's picture

out of 1,000 British and Euro MP's we have 1 (one) that has a brain bigger than a peanut not pickled in socialist doctrine ...it's a bit embarrasing don't you think?

Fri, 07/15/2011 - 13:17 | 1460071 virgilcaine
virgilcaine's picture

Cracks are beginning to appear.  The CDS attack on Italy was the final blow.

http://www.bloomberg.com/apps/quote?ticker=CITLY1U5:IND

Fri, 07/15/2011 - 13:14 | 1460074 Zero Govt
Zero Govt's picture

€ EURO : BOMBS AWAY!!!

Fri, 07/15/2011 - 13:44 | 1460181 Sudden Debt
Sudden Debt's picture

yeah.... let's buy dollars....

 

Fri, 07/15/2011 - 13:14 | 1460078 jkruffin
jkruffin's picture

And let's all hope that the Tea Party Republicans don't fold like the regular Republicans normally do. The entire debt ceiling issue needs to be voted down. Raising the debt ceiling gives Obama a blank check he will have the entire 2.4 trillion spent in two weeks on garbage. Raising the debt ceiling the past 80 times hasn't work, what makes these morons think 81 times will?

The madness has to stop here!! Now! Today!

Fri, 07/15/2011 - 13:28 | 1460125 A Man without Q...
A Man without Qualities's picture

Get real.  They'll have a conference call with Jamie this weekend and he'll tell them they can play their game for a few more days, but the ceiling will be raised, there will be a cursory agreement to reduce spending in the future and things will carry on like never before.  It's inflate or die, and that applies to the US, China and Europe.

If we've learnt one thing, it's that the bankers always get what they want.

Fri, 07/15/2011 - 13:15 | 1460079 El Oregonian
El Oregonian's picture

But it will be a "Soft as Charmin" crash won't it? And just as messy...

Fri, 07/15/2011 - 13:15 | 1460080 Rick64
Fri, 07/15/2011 - 13:43 | 1460130 Zero Govt
Zero Govt's picture

let me guess before i see the Vid: a Marxist-Communist ...back in a mo 

Update: it wasn't a CV of the non-event that is Van Rompuy but another Farrage monologue (enjoyable nevertheless). I'd guess VR has the same Commie background as his side-kick Burruso yes?

Fri, 07/15/2011 - 14:35 | 1460364 Rick64
Rick64's picture

Oh ya.

Fri, 07/15/2011 - 13:15 | 1460083 slaughterer
slaughterer's picture

"Our agenda will be the financial stability of the Euro area as a whole and the future financing of the Greek programme."  May I make a suggestion that will aid the stability of the Euro?  

1.)  Kick out the PIIGS 

2.)  Get Switzerland to join the EU.  


Fri, 07/15/2011 - 13:18 | 1460093 Re-Discovery
Re-Discovery's picture

Switzerland stopped giving a shit about Europe centuries ago.

Fri, 07/15/2011 - 13:20 | 1460102 Confused
Confused's picture

Yes. And why would they want to join?

Fri, 07/15/2011 - 13:23 | 1460110 TradingJoe
TradingJoe's picture

They Won't! All that foreign money would be gone in a sec!

Fri, 07/15/2011 - 13:46 | 1460188 Zero Govt
Zero Govt's picture

nor could they as by constitution Switzerland has banned itself from joining any international organisation (such as the EU etc)

Fri, 07/15/2011 - 13:55 | 1460219 Helmholtz Watson
Helmholtz Watson's picture

Constitution?  It's just a goddamned piece of paper.

Fri, 07/15/2011 - 14:29 | 1460346 Ahmeexnal
Ahmeexnal's picture

Toilet paper.

Fri, 07/15/2011 - 13:16 | 1460087 mayhem_korner
mayhem_korner's picture

Our agenda will be the financial stability of the Euro

Why not be ambitious and go for an agenda that includes the resurrection of Mussolini, Stalin, and Jimmy Hoffa?

Sat, 07/16/2011 - 00:28 | 1461664 IQ 145
IQ 145's picture

 That's on next week. 

Fri, 07/15/2011 - 13:20 | 1460101 Everybodys All ...
Everybodys All American's picture

Kind of like being partly pregnant.

Fri, 07/15/2011 - 13:20 | 1460103 carbonmutant
carbonmutant's picture

Now that the banks have passed the stress test the EU believes it can withstand a Greek default.

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