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Watch The Portuguese Parliamentry Session Live

Tyler Durden's picture





 

Can't wait for the moment when the Portuguese parliament falls and TSHTF in earnest? Then follow the parliamentary session live at the following webcast.

If tht one fails, try the following.

And if that doesn't work, try this link.

h/t Alexis

 


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Wed, 03/23/2011 - 12:32 | Link to Comment Pool Shark
Pool Shark's picture

 

Remember Portugal; follow Iceland NOT Ireland...

 (Just say "no" to the banksters...)

 

Wed, 03/23/2011 - 12:52 | Link to Comment jus_lite_reading
jus_lite_reading's picture

Bailout in 3... 2... 1...

Wed, 03/23/2011 - 13:59 | Link to Comment metastar
metastar's picture

Did that woman on the lower right just give Europe the finger??

Wed, 03/23/2011 - 14:24 | Link to Comment snowball777
snowball777's picture

I think she's half-way through simulating the fisting that the IMF has in store for the EuroZombies.

Wed, 03/23/2011 - 16:14 | Link to Comment Aengrod
Aengrod's picture

I'd still hit her, Mhmhmh redheads :)

Wed, 03/23/2011 - 12:27 | Link to Comment Long-John-Silver
Long-John-Silver's picture

I can't stand watching train wrecks in progress.

Wed, 03/23/2011 - 12:31 | Link to Comment Dave Thomas
Dave Thomas's picture

Don't they take four hour lunch breaks in Portugal?

Wed, 03/23/2011 - 13:45 | Link to Comment barkster
barkster's picture

ever notice that the portugese language sounds like russian....

Wed, 03/23/2011 - 13:54 | Link to Comment Don Birnam
Don Birnam's picture

Vinho Verde, bitchez !

Wed, 03/23/2011 - 12:31 | Link to Comment monmick
monmick's picture

OK, what did Benny say to make the US markets shoot up?

Wed, 03/23/2011 - 12:31 | Link to Comment moldygoat
moldygoat's picture

no shit, zoom up with no apparent bad news.

Wed, 03/23/2011 - 12:37 | Link to Comment John McCloy
John McCloy's picture

Stored Pomo cash from earlier in the day. I cannot see how buying equities in this market as June closes in and oil rises as doing anything but throwing money down a hole. 

Wed, 03/23/2011 - 12:44 | Link to Comment Frank Redner
Frank Redner's picture

I guess holding cash is like throwing money down a hole. Holding stocks will at least keep your value or outperform.

Wed, 03/23/2011 - 12:53 | Link to Comment LRC Fan
LRC Fan's picture

Right.  I think going forward it's PMs (physical obviously)>>>>>>stocks>>>>cash>bonds.  Holding stocks isn't the worst idea ever, it certainly beats a savings account and most likely bonds as well. 

For all the hysteria around here about PMs, if you bought stocks back near the lows, you are doing very well and could quite easily cash out now and get a nice amount of PMs.  But with stocks it's going to be all about timing.  They could blow up at any point and crash hard.  I don't see PMs going down any time soon, if ever, at least not physical.  Paper might crash but physical most certainly won't be going down substantially for a good while, if ever. 

Also you can't really "run out" of shares of stock, there will always be plenty for you to buy.  Physical PMs, not so much.  So yeah PMs rule, but stocks have been going up for a while, and every time bad news comes out they seem to charge higher and higher.  Yet we all act surprised, even though we know it's all due to Ben and the BoJ and everyone else printing up shittons of fiat. 

Disclaimer: I am short the market, and have been for about 2 weeks.  Hoping for a huge plunge so I can cash out and buy more PMs...but I am done putting on shorts for now and simply buying up PMs every week or so as I can afford it. 

Wed, 03/23/2011 - 14:26 | Link to Comment snowball777
snowball777's picture

That's it...live dangerously.

Wed, 03/23/2011 - 12:49 | Link to Comment Rodent Freikorps
Rodent Freikorps's picture

Remember that story about a guy going over a cliff, knowing grabbing a blade of grass won't save him, but he still has grab that blade of grass?

Wed, 03/23/2011 - 13:20 | Link to Comment Cash_is_Trash
Cash_is_Trash's picture

Ko-lapse

Wed, 03/23/2011 - 14:22 | Link to Comment DosZap
DosZap's picture

Er', Scuse me.

HOW much more bad do you want?.

Get ready, your going to see BAD.

Wed, 03/23/2011 - 12:34 | Link to Comment Long-John-Silver
Long-John-Silver's picture

The Discount Window just opened so Blythe can buy more counterfeit Silver contracts.

Silver is about to breach $37 an ounce.

Wed, 03/23/2011 - 12:43 | Link to Comment monmick
monmick's picture

Done...

Wed, 03/23/2011 - 12:48 | Link to Comment fuu
fuu's picture

Spot just rocketed to $37.09.

Wed, 03/23/2011 - 12:57 | Link to Comment LowProfile
LowProfile's picture

Silver makes a higher high, but gold fails to do so...  Hmm...

Be careful, or just buy and turn off the computer until you have more cash to buy PMs with...

Wed, 03/23/2011 - 13:43 | Link to Comment Threeggg
Threeggg's picture

"but gold fails to do so"

Thats because they are using Silver as a proxy too keep Mom and Pop off of Gold.

It's kinds like "Hey ! Look over there, is that a Toucan"

@ least until they can get Kadaffys stash !!

Thu, 03/24/2011 - 01:56 | Link to Comment Yen Cross
Yen Cross's picture

GMT 17:55

Thu, 03/24/2011 - 01:59 | Link to Comment Yen Cross
Yen Cross's picture

Finally? Paint it RED!

Wed, 03/23/2011 - 12:52 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

It was, of course, a flight to safety.  PE on these stocks are a perfect buy opportunity.  You don't want to miss this opportunity to buy.

Wed, 03/23/2011 - 13:45 | Link to Comment Zero Govt
Zero Govt's picture

Monmick  "..markets up.." ...down 7% since Feb, you looking at the same markets as me??

Wed, 03/23/2011 - 14:12 | Link to Comment SheepDog-One
SheepDog-One's picture

Theyre just typical americans with their 1 hour avg attention span. Nevermind markets are actually way down for the year in purchasing power, the green flashing stocks is highly hypnotic to the talking monkeys.

Wed, 03/23/2011 - 14:33 | Link to Comment snakeboat
snakeboat's picture

Few of us are typical.  Most of us are very susceptible to MSM and Govt messages, tho.  Jury's out on who makes it to the finish line...

Wed, 03/23/2011 - 14:17 | Link to Comment monmick
monmick's picture

Bernanke was speaking at noon today. Have a look at the daily charts for the Dow, Nasdaq and S&P...

Wed, 03/23/2011 - 12:31 | Link to Comment swissaustrian
swissaustrian's picture

muito obrigado

Anybody capable of Portugese?

Wed, 03/23/2011 - 12:39 | Link to Comment Tulli
Tulli's picture

Posso ajudar?

Wed, 03/23/2011 - 12:45 | Link to Comment Zina
Zina's picture

Só não faço a tradução simultânea da seção do Parlamento pra vocês porque no computador onde estou no momento não tem caixas de som...

Wed, 03/23/2011 - 12:49 | Link to Comment Tulli
Tulli's picture

Também não há muito para dizer. Aquilo é basiacamente o Louçã a dizer que o mundo vai acabar, o Teixeirinha a afirmar que fez os cortes por "lealdade" e a Ferreira Leite a dizer "eu avisei"

Porreiro, pá.

Wed, 03/23/2011 - 12:50 | Link to Comment disabledvet
disabledvet's picture

Et tu, Brutus?

Wed, 03/23/2011 - 12:52 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

How about PIIGGS Latin? 

Wed, 03/23/2011 - 12:56 | Link to Comment gwar5
gwar5's picture

I thought it was ombrigado, but I see where both are wiki'd.

Went to Brazil and picked up a little, but it wasn't the language that I picked up.

Wed, 03/23/2011 - 13:04 | Link to Comment Zina
Zina's picture

It's obrigado, without "m".

By the way, the Japanese word "arikato" (or arigatou) originated from the Portuguese "obrigado", through the contacts with the Portuguese navigators in the 17th century.

See? There is a clear conection between Fukushima and what's happening in Portugal!

Wed, 03/23/2011 - 12:34 | Link to Comment Aductor
Aductor's picture

As European markets close for trade, the US markets goes lala-land. You can rely on the casino.

Wed, 03/23/2011 - 12:35 | Link to Comment Tulli
Tulli's picture

Portuguese PM announced a few minutes ago that he is meeting the President at 19.00 and will come on TV at 20.00 GMT for a statement.

Here's the skinny: Government falls today. Portugal has less than 4 BN EUR in cash and has to pay over 4 BN EUR bonds early in April.

Without a Government, POrtugal cannot request a bailout.

Elections will take 2 months to call, plus another 1 month for the government to take office.

Really cool.

Alternative: the President appoints for a "presidential initiative government" without elections, sending democracy to the bin, mandating this new "salvation government" to get the bailout, drinking the kool aid.

Total fiasco.

Meanwhile, Constancio at the ECB will keep on extending "support" by purchasing more debt.... to pay for debt.

Coolness.

 

Wed, 03/23/2011 - 12:36 | Link to Comment Negro Primero
Negro Primero's picture

Here's another link, "Porto TV"... seems to be working fine right now:

http://wwitv.com/tv_channels/b6008.htm

Wed, 03/23/2011 - 12:44 | Link to Comment Tail Dogging The Wag
Tail Dogging The Wag's picture

Muito obrigado pelo link.

Wed, 03/23/2011 - 12:37 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Portugal implosion could be the nudge that send Spain into the craphouse.

Or rather, trouble in portugal might bring about the realization tht Spain IS in the craphouse. It's a watch this hand, no that hand....no no, the other, other hand....

ORI

http://aadivaahan.wordpress.com/2011/03/22/interesting-times-sweet-validations/

Wed, 03/23/2011 - 14:25 | Link to Comment DosZap
DosZap's picture

I just wanna know WHO's on first!

Wed, 03/23/2011 - 12:37 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

Who's watching the ramp job in US equities right now.  Citi just covered its short in euro-zone sovereigns and its prop desk just re-allocated proceeds across its book.

 

Wed, 03/23/2011 - 13:01 | Link to Comment JLee2027
JLee2027's picture

All sing together now "kumbaya"

Wed, 03/23/2011 - 13:43 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

The bloomberg, the Warren Buffett and the Tim Geethner just told us the US economy loves black swans... it's the new national bird.  The eagle is endangered.  We have set up an unlimited supply of black swans. 

Who thinks its snowing in lower Manhattan today?  Its a flock of black swans sprinkling us with their radioactive BTFD dust.

Be on the right side of this trade people.

Dow 20k here we come.

Wed, 03/23/2011 - 12:42 | Link to Comment Zina
Zina's picture

Ai Jisus! 'stamos a afundar... E daixamos a bóia no Porto!

Wed, 03/23/2011 - 12:44 | Link to Comment Tulli
Tulli's picture

LOL! mas olha, mandar o Socrinhas plantar couves é uma óptima ideia.

Quanto ao resto, venha o bailout - pelo menos alguém terá mão nesta m&r$a.

Wed, 03/23/2011 - 12:50 | Link to Comment Zina
Zina's picture

Com o fim da carreira política, Sócrates agora pode voltar a carreira de filósofo na Grécia ou de jogador de futebol sênior no Brasil...

Wed, 03/23/2011 - 12:52 | Link to Comment Tulli
Tulli's picture

Tudo boas ideias, porque em Portugal esse senhor poderá ter alguma dificuldade em encontrar emprego nos próximos tempos....

Wed, 03/23/2011 - 12:57 | Link to Comment Zina
Zina's picture

Ora pois, Sócrates ficava muito melhor com a camisa do meu Curingão:

http://globoesporte.globo.com/platb/files/748/2009/02/socrates.jpg

Sócrates... brilha muito no Corinthians!

Wed, 03/23/2011 - 13:28 | Link to Comment SilverBoy
SilverBoy's picture

English Bitchez

Wed, 03/23/2011 - 13:49 | Link to Comment Tulli
Tulli's picture

Sorry. But it was just chat, nothing material or anything.

Anyway, my appologies.

Wed, 03/23/2011 - 14:34 | Link to Comment snowball777
snowball777's picture

Learn, punk.

Wed, 03/23/2011 - 13:47 | Link to Comment Rhone_Ranger
Rhone_Ranger's picture

Bem deito!

Wed, 03/23/2011 - 12:52 | Link to Comment gwar5
gwar5's picture

Ombragado!

Wed, 03/23/2011 - 12:56 | Link to Comment Tail Dogging The Wag
Tail Dogging The Wag's picture

Não quero matar as galinhas, kkkkk

this is worse than watching Blair Witch Project

Wed, 03/23/2011 - 12:43 | Link to Comment Josephine29
Josephine29's picture

There is the danger of this being like car crash tv is there not. I wonder if the Minister of Finance will mention the alternative course of action emailed to him earlier this month by Notayesmanseconomics?

I am writing because I am an economist who feels that he has some suggestions which will help Portugal avoid the malaise that has been inflicted on Ireland and Greece by the “rescue plans” that have been applied to Ireland and Greece by the troika of the European Union/European Central Bank and the International Monetary Fund. When the crisis first hit Greece it soon became apparent to me that sadly the wrong approach was being taken and that her economic circumstances were likely to deteriorate. My thoughts from this time can be found on my economics blog http://notayesmanseconomics.wordpress.com. Whilst I take intellectual satisfaction from being proved correct I take no pleasure from seeing my words come true................

http://t.co/Z47Ixpb

Wed, 03/23/2011 - 12:42 | Link to Comment Yancey Ward
Yancey Ward's picture

Sorry, but the EU has outlawed flying shit.  Nothing to see here, move along.

Wed, 03/23/2011 - 12:59 | Link to Comment ShankyS
ShankyS's picture

UPDATE: EU has increased the levels of allowable flying shit by 1,000%. Says still safe to go outside witout umbrella.

Wed, 03/23/2011 - 12:42 | Link to Comment alien-IQ
alien-IQ's picture

Meanwhile, back in Cairo, the green shoots just keep on coming:

Tanks Gather Outside Of Cairo Stock Exchange, As Market Plunges In First Day Of Trading

http://www.businessinsider.com/egyptian-market-crashes-2011-3

Wed, 03/23/2011 - 13:00 | Link to Comment youngman
youngman's picture

Hey.....tank drivers need to divest too...

Wed, 03/23/2011 - 12:45 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

That would be wonderful if I understood it.

Wed, 03/23/2011 - 12:45 | Link to Comment fuu
fuu's picture

Spot silver $37.09...

Wed, 03/23/2011 - 12:51 | Link to Comment Dr. Porkchop
Dr. Porkchop's picture

$37.14!!

Die Blythe, Die!

Wed, 03/23/2011 - 13:17 | Link to Comment hedgeless_horseman
hedgeless_horseman's picture

Siver spot tic looks just like an ICBM launch, but its probably just a contrail.

Wed, 03/23/2011 - 13:19 | Link to Comment Dr. No
Dr. No's picture

I was going to sell calls on some miner positions, but i canceled them!  rocket ship.

Wed, 03/23/2011 - 12:48 | Link to Comment RobotTrader
RobotTrader's picture

Looks like everyone is buying the bad news.

Up, up, and away???

Nice bullish spring on XRT and IYR.

As usual, consumer stocks and REITs are the strongest sectors, they failed to sell off.

Wed, 03/23/2011 - 12:49 | Link to Comment VFR
VFR's picture

I normally look for an article from Ambrose Evans Pritchard (Telegraph) around this time. He's disappeared!

Wed, 03/23/2011 - 13:51 | Link to Comment barkster
barkster's picture

he's meeting with queenie to get his marching orders....

Wed, 03/23/2011 - 13:54 | Link to Comment A Man without Q...
A Man without Qualities's picture

His last article ended with him saying he was heading to the Mayan upland - make of that what you will.

Maybe he's decided to give up, and go and wait for the insanity to pass.  It's interesting that we are told the reason people buy equities is as protection against inflation, but chose to ignore examples of the real impact on equities as seen in the trading statement from Sainsbury (one of UK's largest retailers.)

 


"At Sainsbury, like for like sales (excluding petrol) for the 10 weeks to March 19 were just 1 per cent, against expectations of 2.5 per cent (and against 3.6 per cent recorded in the third quarter).

If one strips out VAT and stores extensions then LFLs were probably down -0.5 to -1 per cent in the past quarter. And going one step further and removing out inflation from the equation, then LFLs could be down as much  as 3 to 4 per cent, according to Dave McCarthy of Evolution Securities."

http://ftalphaville.ft.com/blog/2011/03/23/524356/tasting-the-difference...

Now, if equities priced book value, I could at a stretch buy the inflation argument, but it's discounted cash flows that count.  This means, earnings (i.e. sales minus COSTS) discounted at a real rate of return.  Cost push inflation kills the value of any business which cannot pass on the full cost to its customers.  The ones that have the best ability are oil companies, alcohol, chocolate, tobacco and drugs companies, but the effect on the broader market as a whole is net neutral (although they all need to discount at a higher rate).  A Zimbabwean tobacco leaf exporter does very well in local currency terms if it sells in Dollars during a localized currency collapse, but it is insanity to apply this logic to the S&P or FTSE a whole.  We keep on getting these warnings of margin collapse, but the "buyers" choose to ignore.

Wed, 03/23/2011 - 13:58 | Link to Comment RichardENixon
RichardENixon's picture

Might have gotten too close to a hot tub.

Thu, 03/24/2011 - 01:57 | Link to Comment Yen Cross
Yen Cross's picture

Well let me make my self perfecty CLEAR.Watergate was a mis take.

Thu, 03/24/2011 - 02:00 | Link to Comment Yen Cross
Yen Cross's picture

Vector me!

Wed, 03/23/2011 - 12:53 | Link to Comment Tail Dogging The Wag
Tail Dogging The Wag's picture

This is like watching a live cam of Fukushima. The Portuguese Finance Minister talks about not wanting to kill the hen that lays the paper money eggs. You have to laugh at these terrorists and cry for the Portuguese people.

Wed, 03/23/2011 - 12:50 | Link to Comment gwar5
gwar5's picture

Silver just hit $37.18

Gold/silver ratio at 38.75

Wed, 03/23/2011 - 13:12 | Link to Comment John McCloy
John McCloy's picture

Yeah that is why the market is trying to tag along with the diluted dollars higher stocks correlation. Ben better have a 400 point market takedown up his sleeve otherwise its 40.00 silver.

Wed, 03/23/2011 - 12:55 | Link to Comment wherewasi
wherewasi's picture

 

The next 'No-fly' zone ?

Wed, 03/23/2011 - 13:06 | Link to Comment Tail Dogging The Wag
Tail Dogging The Wag's picture

That's a negative. Portugal ain't got no oil.

F-16's are attracted to oil.

Wed, 03/23/2011 - 14:37 | Link to Comment snowball777
snowball777's picture

What's attracted to a mountain of gold reserves?

Wed, 03/23/2011 - 13:00 | Link to Comment buzzsaw99
buzzsaw99's picture

Austerity for us, bonuses for them.

Wed, 03/23/2011 - 12:58 | Link to Comment RobotTrader
RobotTrader's picture

Investors must be celebrating the European Sovereign Debt Crisis by buying SBUX, up 3% and charging towards new highs.

Unreal how this tape shucks off the worst news, no matter how bad it its.

Wed, 03/23/2011 - 13:08 | Link to Comment centerline
centerline's picture

Someone truly thinks it is the antidote to bad news.  Like noise cancellation technology!

Wed, 03/23/2011 - 13:21 | Link to Comment Muir
Muir's picture

@Robo

Taking into account QE1, QE2 .... why not.

Last week I did a comp chart of GSC DBA SP IEZ and GLD for the last 9 months.

All gold bugs should do it.

Except for DBA all were up the same within 5%. (DBA put all to shame, Jim Rogers wins again)

There really is only one trade. (with many different instruments)

 

-

 

 

 

 

Wed, 03/23/2011 - 13:50 | Link to Comment NumberNone
NumberNone's picture

If you're a computer program and you've been told to push stocks up and make a profit for the company in the shares you trade in the fractions of the seconds you hold them...do you really give a fuck if there's an earthquake in Japan, bombs in Libya, or a bankrupt Portugal? 

Until the masters call off the dogs, there is no reason for them to quit doing their jobs...and right now no one wants them to quit doing their jobs. 

Wed, 03/23/2011 - 14:15 | Link to Comment SheepDog-One
SheepDog-One's picture

RainbowTrader with his myopic vision thru rose colored glasses and his 1 hour time reference again. Silver investors you mean? Because stock investors are taking it up the poop chute for the year.

Wed, 03/23/2011 - 13:10 | Link to Comment augie
augie's picture

never would have happend if Portugal had just pegged

their currency to brick and cod fish instead of cossying

up with the ECB. faccists.

Wed, 03/23/2011 - 13:10 | Link to Comment centerline
centerline's picture

and you can eat cod fish!

Wed, 03/23/2011 - 13:10 | Link to Comment Dr. No
Dr. No's picture

Watch legislation being made?  No thanks, rather watch sausage being made.

Wed, 03/23/2011 - 13:15 | Link to Comment PenchantForHoarding
PenchantForHoarding's picture

Or the silver spot chart.  $37.27, bitchezzzz!

 

Eat it, Blythe!

Wed, 03/23/2011 - 13:12 | Link to Comment pauldia
Wed, 03/23/2011 - 13:14 | Link to Comment GriP
GriP's picture

Brother's, you asked for it!

 

Só aguentei ver 2m de video e fiquei a saber(através dos comunas) que a culpa foi do programa de direita levada a cabo por este governo liberal. Não consegui mais, perdeu a piada.

Wed, 03/23/2011 - 14:40 | Link to Comment Don Birnam
Don Birnam's picture

That sounds good. I'll have that with a side of ziti, and Russian dressing on the salad. Side of garlic bread, also. 

Wed, 03/23/2011 - 13:16 | Link to Comment RobotTrader
RobotTrader's picture

Obviously, the PIIGS are going to get bailed out any day now.

I'm watching BBVA, STD, and all the other "sexually transmitted disease" bank stocks in Europe.

Unfazed.

And, gold is powering up, and PM stocks are catching huge bids.

Looks like Dow 13,000 is now in the bag by year end.

My formula is 100% correct.

Gold $1,650 = Dow 15,000

Dow 9,000 = Gold $1,000

Wed, 03/23/2011 - 13:34 | Link to Comment Deep
Deep's picture

easy their robo, dow 13,000 in the bag

i respect you, but that is just a dumb statement

Wed, 03/23/2011 - 14:04 | Link to Comment bingaling
bingaling's picture

I dont get why you are junked - Your analysis is spot on . Must be the fact there are no models to go with your charts today .

Wed, 03/23/2011 - 13:18 | Link to Comment RobotTrader
RobotTrader's picture

Nice bullish spring on the JP Morgue...

Obviously, they converted their PM shorts to longs, and are now going to profit immensely.

Always on the right side of the market, because they have even more inside information than Goldman Sachs, now that several GS execs are being dragged through the mud on various Raj - related charges.

Wed, 03/23/2011 - 13:40 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

So will parity be reached between an ounce of silver and a share of JPM? 

Wed, 03/23/2011 - 13:41 | Link to Comment the not so migh...
the not so mighty maximiza's picture

nice

Wed, 03/23/2011 - 13:41 | Link to Comment the not so migh...
the not so mighty maximiza's picture

nice

Wed, 03/23/2011 - 14:01 | Link to Comment lieutenantjohnchard
lieutenantjohnchard's picture

thanks for the cutting edge information. your morgue is down 10% roughly from your it's "easy" to make money in the market by buying jpm comment of last week.

btw: the old scroomer as you call him - gentleman jim sinclair - sends his regards.

cc: eric king, max keiser, owners of silver and gold physical.

Wed, 03/23/2011 - 14:16 | Link to Comment SheepDog-One
SheepDog-One's picture

Oh they just 'converted' all their shorts to longs with magically no loss and are now profiting big? Youre just a clown RainbowTrader.

Wed, 03/23/2011 - 13:18 | Link to Comment DrFever
DrFever's picture

Wish I understoond Portuguese....otherwise these links are useless to me.   But thanks for posting them nonethteless TD.

Wed, 03/23/2011 - 13:28 | Link to Comment Dr. No
Dr. No's picture

The language sounds different, but its the same words, "dont put grandma in the street, cuts will lay off fire fighters, we need to fund war on terror" vs "we paid $$$ for toilet seats, a bunch for fruit fly studies" etc, etc.  This movie is playing at theaters world wide. 

 

The bad news is there will be endless sequels since they will vote to postpone the vote in order to have further debate.

Wed, 03/23/2011 - 13:24 | Link to Comment Josh Randall
Josh Randall's picture

Liz Taylor, Portugal, whose next in the Death pool today ?

Wed, 03/23/2011 - 13:41 | Link to Comment Temporalist
Temporalist's picture

Blythe Masterbates?

Wed, 03/23/2011 - 13:57 | Link to Comment barkster
barkster's picture

...

Wed, 03/23/2011 - 13:31 | Link to Comment John Law Lives
John Law Lives's picture

This sort of meeting would normally be of interest, but paper printing seems to trump all bad news no matter how bad it is.

Wed, 03/23/2011 - 13:32 | Link to Comment svendthrift
svendthrift's picture

Leave the Euro, issue a soverign currency that is not debt-based. Germany ended unemployment in 2 years and went from shit to gold in 4.

http://www.atimes.com/atimes/Global_Economy/GE24Dj01.html

Wed, 03/23/2011 - 13:42 | Link to Comment filletandrelease
filletandrelease's picture
Japanese recovery

Japan, at a halt

Mar 23rd 2011, 14:27 by R.A. | WASHINGTON

BANYAN delivers a sobering report from Japan:

As seen during 17-hour drives to and from the tsunami-hit north-east of Japan this week, the country appears to have ground to a halt, hit by a mystifying shortage of fuel. Added to rolling power cuts, I predict the consequences for this quarter's growth will be severe. From Tokyo northwards, drivers turn off their engines and park in single file for hours, waiting for their 20-litre rations. Tokyo's police report that the theft of petrol has become widespread, with at least 40 cases of illegal siphoning from car parks around the capital. Petrol-pump attendants along the route north say that the shortages are due to the supplies having been diverted to the stricken coast. But in Miyagi prefecture, scene of much of the devastation, the petrol queues are even longer—miles longer, literally. Drivers wait all day to get to the pump. Worse, the fuel shortage means that supermarkets, convenience stores and other businesses are shut, unable to get fresh products. In evacuation centres for tsunami victims, so-called “food refugees” are joining the queue for a bowl of hot soup—these are people whose homes are still intact, but who have run out of food nonetheless.

And:

This reveals a bureaucratic problem that the crisis has thrown into sharp relief. Japan has no system for overriding petty rules and regulations to cope with an emergency. People trying to deliver supplies to the needy complain about this in a myriad of ways—above all, in access to trunk routes which are still empty (and largely undamaged), save for a few emergency vehicles…and journalists’ cars. (The Japanese media, which tend to report slavishly what the government tells them, have been shockingly lax in reporting the food-and-fuel crisis in the afflicted areas.)

The tragedy is that there are any number of efficient retail businesses in Japan desperate to get their shops back open—if nothing else, so that they can sell to the disaster victims. If Japan’s establishment were not so bunker-headed and convinced that it knows all the answers, it would have created a war room, brought in experts from the real world, and declared a state of emergency to get the fuel up north. Only now are supplies starting to arrive.

This is not encouraging news.

Wed, 03/23/2011 - 14:16 | Link to Comment tmosley
tmosley's picture

Actually, this reminds me of something else.  Japanese police are INFAMOUS for underreporting crime.  Everyone was talking about how civilized the Japanese have been since the disaster, but the likely truth is that there has been plenty of looting, it's just the police aren't reporting it, just like they don't report rapes.

Wed, 03/23/2011 - 13:44 | Link to Comment bingaling
bingaling's picture

I guess if portugal goes for a bailout markets are screaming US inflation?  Or is it money coming over from europe into US assets ? and if that is the case why isn't the EURO down to 1.30 ? Can anyone explain to me why the Euro vs the dollar is so strong? Are they the gold buyers ?

Wed, 03/23/2011 - 13:52 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

You've got this all wrong.  The death of the PIIGS is good for the euro and the dollar.  There will be no inflation and the burning of capitol buildings in Lisbon will mean much more rebuilding dollars will ramp GDP globally.  If there were burning nuclear reactors in Spain, the dow would already be at 13,000.

Robo, back me up on this.

Wed, 03/23/2011 - 13:56 | Link to Comment alexdg
alexdg's picture

Most foreigners and news services don't understand what's going on in Portugal and that's why they think that the fall of the portuguese Government is a bad thing. But the truth is so far from it. The truth is that today will mark the first day of a possible hope of getting our fiscal and budget act in place. 

 

The Socialist Party has been running the show for 13 of the last 16 years. The current Sócrates government has been in office for the last 6 and a half years, his greatest single achievement was to DOUBLE the amount of debt, currently at about 100%.  This government has come up with 4 plans to "save the economy" in the last 12 months, all of which were imposed by the EU that wanted the deficit to be reigned in. All of this plans (called PEC in portuguese) never even scratched the surface on cutting spending but always focused on reducing the deficit by raising taxes or cutting public servant wages or pensions. But every time Prime Minister Sócrates announced a  PEC, he would always say it would be the last one, that things are great and no foreign aid is necessary. Meanwhile Portugal got downgraded, and outlooks were always negative. 

 

Recently the Government was informed by the EU and ECB that there was an accounting issue of 1.4 billion euros in the 2010 budget and that it would have to be corrected for 2011 and following years. The Government (a minority one, may i recall) unilaterally decided to "promise" the EU additional measures, which is now called as PEC4, at the EU summit 2 weeks ago. This caught the parliament, opposition, and President, and portuguese citizens off-guard since no one knew of this new PEC and why it was so necessary.  Sócrates used his habitual bluff tactics and basically thought he would corner the largest opposition party (PSD - Center right) in approving his measures, since there was really no time to discuss things since they had already been committed to the EU; he also threatened if PSD were not to approve the PEC, he would step down from office. 

 

So it all comes to this day, on the eve of another EU summit, PEC4 is to be voted in parliament. PSD will vote a sound and strong NO; it had already warned in previous PEC's it would not approve any more tax increases or pension cuts without thoroughly going thru every possible cut in spending first (for example:  several state owned companies and institutions that have little or no use for the economy and are haven for political nominations and jobs, stated owned TV channel which in 2010 swallowed up to 580 million euros from taxpayers money, a state owned airliner that every single year has a loss but also has the most well payed pilots in Europe, or the new High-Speed railway from Lisbon to Madrid which has been proven over and over to be a money losing investment for as long the eye can see, the list goes on). Even today many see this day in parliament as an opportunity set up and for the Prime Minister to be able to victimize himself and leave office days before he is obliged by the EU to call for aid from the ESEF.

 

Portuguese citizens seem to have finally understood that the only thing this Government has delivered has been propaganda. PSD didn't lie about the way the economy was and how hard times were coming back in the elections of September 2008, and that's why they lost; PS was so more effective in marketing and propaganda.  People understand that the good times have gone by and the debt situation is unsustainable and we must get our act together and work ourselves out of this, but the State has to get thinner and more productive and spend way less. With the current Government this hasn't happened at all (specially taken into account that they actually managed to balloon spending) and the private sector is being penalized with higher and higher taxes in a useless attempt in sustained a public sector that is bankrupting the country. In a sense, Portugal is different from Ireland (probably making it more similar to Greece), we don't have a banking crisis, we have a State spending and fiscal crisis, but portuguese citizens as immigrants have shown to adapt and work soundly and excel, they can do it at home too; a new government is needed as quick as possible.

 

Wed, 03/23/2011 - 14:00 | Link to Comment barkster
barkster's picture

Portuguese citizens seem to have finally understood that the only thing this Government has delivered has been propaganda

 

and enslavement to EU elitists.

Wed, 03/23/2011 - 14:16 | Link to Comment sdmjake
sdmjake's picture

Interesting summation--thanks for the post. +1

Wed, 03/23/2011 - 14:01 | Link to Comment Gold 36000
Gold 36000's picture

Portugal?  Oh yeah.  The european debt bomb.

 

I have been so busy with Libya bombs, mini oil shocks, and nuclear meltdowns that I forgot all about that one.

Also don't forget the USA debt ceiling!  It's sneaking back up on us!

Wed, 03/23/2011 - 14:01 | Link to Comment Atomizer
Atomizer's picture

From the Past to the Future

http://www.bis.org/review/r110322f.pdf?frames=0

EFSF - European Financial Stability Facility

http://www.efsf.europa.eu/investor_relations/index.htm

Wed, 03/23/2011 - 14:02 | Link to Comment John McCloy
John McCloy's picture

Looks like this ramp is a created buffer to  in some buyers of the myth before the coming Portugal sell off. USD up, Euro down, oil up and markets up?

not happening.

Wed, 03/23/2011 - 14:03 | Link to Comment suk mai freedum...
suk mai freedumb stik's picture

Did all of you DOW 20,000-ers out there forget about the rising commodity prices?  Things cost more to produce and companies are passing that on to the consumer...not to mention food prices are skyrocketing as well.  What happens when consumers are forced to curb spending?  My bets on the impending DOW(n) fall.  

Wed, 03/23/2011 - 14:07 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

consumer conshmoomer.  Don't ever forget how much furniture we have to burn in this shell game of a country.  Dow Infinity!!

Wed, 03/23/2011 - 14:12 | Link to Comment plocequ1
plocequ1's picture

Who gives a fuck. I will buy Tuna in " Oil " at Bjs. 12 pack still $7.99. Love that oil

Wed, 03/23/2011 - 14:18 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

See what I'm talking about!!  That leaves you about four or five dollars over the shoprite price with which to buy more shares of SPY.  Nothing can hold back this market!! 

Wealth effecting works everytime!!

Wed, 03/23/2011 - 20:39 | Link to Comment gwar5
gwar5's picture

Tuna in water 44 cents/can this week, $5.28 per 12 pack, at Bottom Dollar.

Wed, 03/23/2011 - 15:08 | Link to Comment DosZap
DosZap's picture

They already are, at least anyone not rolling in it.

And my experience is most VERY wealthy people are very frugal.

Except for the Athlete crowd w/6th grade educations and fake degrees.

Wed, 03/23/2011 - 14:10 | Link to Comment wandstrasse
wandstrasse's picture

algumas novidades da seccao? so falo um pouco - if some portugese speaking are here, please give us an update.... obrigadinho!

Wed, 03/23/2011 - 14:23 | Link to Comment X. Kurt OSis
X. Kurt OSis's picture

Oil and semi-finished steel don't carry the influenza virus do they?  Didn't think so. 

Black Swans are bullish.  This is good for SPY and AA.  Let the ramp job continue!!

Wed, 03/23/2011 - 14:45 | Link to Comment snowball777
snowball777's picture

"...said while an H1N1 outbreak was confirmed, there was no epidemic."

Looks like someone doesn't understand how viral epidemics work; it'll be a couple weeks before she can meaningfully make such a statement unless no one has left the Merida region in a month or something.

Thu, 03/24/2011 - 02:03 | Link to Comment Yen Cross
Yen Cross's picture

We got the Jet running. Stay cool my friend!

Wed, 03/23/2011 - 14:26 | Link to Comment halflink123
halflink123's picture

Why doesn't everyone just default ala Russia in 1997?  It will be very, very painful, like pulling a dirty band aid off of a partially healed wound, but you just get it over with and get on with life.  True there will be many, many more bankruptcies if people do this but at least prices will go down and the world can start fresh again.  Instead, they are jiggering taxes/the budget up or down 2% and pretending like a bunch of clowns that that will solve anything.  I have been unemployed since I graduated almost a year ago, I am and sick tired of these games.

Wed, 03/23/2011 - 14:36 | Link to Comment Negro Primero
Negro Primero's picture

"...a la Russia in 1997?"  ...or maybe 'a la Argentina-2001'?

http://ferfal.blogspot.com/

http://www.survival-spot.com/survival-blog/argentina-collapse/

Wed, 03/23/2011 - 14:37 | Link to Comment markelshark
markelshark's picture

Because printing money appears to be a whole lot easier.

Wed, 03/23/2011 - 14:48 | Link to Comment snowball777
snowball777's picture

In a word, derivatives.

 

Wed, 03/23/2011 - 15:19 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Bingo, it is truly amazing what you can do in a world with "mark to fantasy" accounting rules.

Wed, 03/23/2011 - 20:35 | Link to Comment gwar5
gwar5's picture

Probably right, the derivatives market is >$600 Trillion. I say let them all fail too.

They invented their own shadow paper money system, let them do down with it. 

Wed, 03/23/2011 - 15:16 | Link to Comment DosZap
DosZap's picture

 Almost a year?? wow, wait till you hit the 4-6yr mark, unless your willing to say Welcome to Wul Murt.!!!

Really sorry for you, and 20 million others, and the ones still employed doing the work of three people for the pay of one.

And damned happy to do it.

Wed, 03/23/2011 - 15:20 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Playing devil's advocate, why isn't this a good thing, denial is over at least, maybe?

 

Could be a good thing.  Imagine a country coming to together and saying "fuck it, it will be tough, be we will find out who is worth a shit one way or the other and we will get through this.  We know that the debt is fraudulent, so fuck it, here are the keys to the country, come get it mother fuckers."

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