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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 | 1090738 Pool Shark
Pool Shark's picture


Remember Portugal; follow Iceland NOT Ireland...

 (Just say "no" to the banksters...)


Wed, 03/23/2011 - 12:52 | 1090886 jus_lite_reading
jus_lite_reading's picture

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

Wed, 03/23/2011 - 13:59 | 1091161 metastar
metastar's picture

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

Wed, 03/23/2011 - 14:24 | 1091297 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 | 1091944 Aengrod
Aengrod's picture

I'd still hit her, Mhmhmh redheads :)

Wed, 03/23/2011 - 12:27 | 1090740 Long-John-Silver
Long-John-Silver's picture

I can't stand watching train wrecks in progress.

Wed, 03/23/2011 - 12:31 | 1090755 Dave Thomas
Dave Thomas's picture

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

Wed, 03/23/2011 - 13:45 | 1091112 barkster
barkster's picture

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

Wed, 03/23/2011 - 13:54 | 1091147 Don Birnam
Don Birnam's picture

Vinho Verde, bitchez !

Wed, 03/23/2011 - 12:31 | 1090756 monmick
monmick's picture

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

Wed, 03/23/2011 - 12:31 | 1090761 moldygoat
moldygoat's picture

no shit, zoom up with no apparent bad news.

Wed, 03/23/2011 - 12:37 | 1090788 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 | 1090834 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 | 1090885 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 | 1091302 snowball777
snowball777's picture

That's dangerously.

Wed, 03/23/2011 - 12:49 | 1090873 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 | 1091012 Cash_is_Trash
Cash_is_Trash's picture


Wed, 03/23/2011 - 14:22 | 1091287 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 | 1090779 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 | 1090819 monmick
monmick's picture


Wed, 03/23/2011 - 12:48 | 1090860 fuu
fuu's picture

Spot just rocketed to $37.09.

Wed, 03/23/2011 - 12:57 | 1090917 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 | 1091040 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 | 1094016 Yen Cross
Yen Cross's picture

GMT 17:55

Thu, 03/24/2011 - 01:59 | 1094027 Yen Cross
Yen Cross's picture

Finally? Paint it RED!

Wed, 03/23/2011 - 12:52 | 1090882 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 | 1091104 Zero Govt
Zero Govt's picture

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

Wed, 03/23/2011 - 14:12 | 1091227 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 | 1091340 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 | 1091249 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 | 1090759 swissaustrian
swissaustrian's picture

muito obrigado

Anybody capable of Portugese?

Wed, 03/23/2011 - 12:39 | 1090799 Tulli
Tulli's picture

Posso ajudar?

Wed, 03/23/2011 - 12:45 | 1090854 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 | 1090863 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 | 1090877 disabledvet
disabledvet's picture

Et tu, Brutus?

Wed, 03/23/2011 - 12:52 | 1090892 Dr. Richard Head
Dr. Richard Head's picture

How about PIIGGS Latin? 

Wed, 03/23/2011 - 12:56 | 1090909 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 | 1090939 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 | 1090770 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 | 1090780 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.



Wed, 03/23/2011 - 12:36 | 1090781 Negro Primero
Negro Primero's picture

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

Wed, 03/23/2011 - 12:44 | 1090842 Tail Dogging The Wag
Tail Dogging The Wag's picture

Muito obrigado pelo link.

Wed, 03/23/2011 - 12:37 | 1090785 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 no, the other, other hand....


Wed, 03/23/2011 - 14:25 | 1091303 DosZap
DosZap's picture

I just wanna know WHO's on first!

Wed, 03/23/2011 - 12:37 | 1090793 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 | 1090935 JLee2027
JLee2027's picture

All sing together now "kumbaya"

Wed, 03/23/2011 - 13:43 | 1091102 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 | 1090809 Zina
Zina's picture

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

Wed, 03/23/2011 - 12:44 | 1090844 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 | 1090880 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 | 1090888 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 | 1090908 Zina
Zina's picture

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

Sócrates... brilha muito no Corinthians!

Wed, 03/23/2011 - 13:28 | 1091044 SilverBoy
SilverBoy's picture

English Bitchez

Wed, 03/23/2011 - 13:49 | 1091122 Tulli
Tulli's picture

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

Anyway, my appologies.

Wed, 03/23/2011 - 14:34 | 1091361 snowball777
snowball777's picture

Learn, punk.

Wed, 03/23/2011 - 13:47 | 1091118 Rhone_Ranger
Rhone_Ranger's picture

Bem deito!

Wed, 03/23/2011 - 12:52 | 1090889 gwar5
gwar5's picture


Wed, 03/23/2011 - 12:56 | 1090912 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 | 1090824 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 Whilst I take intellectual satisfaction from being proved correct I take no pleasure from seeing my words come true................

Wed, 03/23/2011 - 12:42 | 1090829 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 | 1090924 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 | 1090831 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

Wed, 03/23/2011 - 13:00 | 1090931 youngman
youngman's picture

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

Wed, 03/23/2011 - 12:45 | 1090849 Dr. Porkchop
Dr. Porkchop's picture

That would be wonderful if I understood it.

Wed, 03/23/2011 - 12:45 | 1090853 fuu
fuu's picture

Spot silver $37.09...

Wed, 03/23/2011 - 12:51 | 1090878 Dr. Porkchop
Dr. Porkchop's picture


Die Blythe, Die!

Wed, 03/23/2011 - 13:17 | 1090999 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 | 1091016 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 | 1090867 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 | 1090869 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 | 1091136 barkster
barkster's picture

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

Wed, 03/23/2011 - 13:54 | 1091142 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."

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 | 1091158 RichardENixon
RichardENixon's picture

Might have gotten too close to a hot tub.

Thu, 03/24/2011 - 01:57 | 1094024 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 | 1094034 Yen Cross
Yen Cross's picture

Vector me!

Wed, 03/23/2011 - 12:53 | 1090872 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 | 1090874 gwar5
gwar5's picture

Silver just hit $37.18

Gold/silver ratio at 38.75

Wed, 03/23/2011 - 13:12 | 1090981 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 | 1090897 wherewasi
wherewasi's picture


The next 'No-fly' zone ?

Wed, 03/23/2011 - 13:06 | 1090949 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 | 1091376 snowball777
snowball777's picture

What's attracted to a mountain of gold reserves?

Wed, 03/23/2011 - 13:00 | 1090922 buzzsaw99
buzzsaw99's picture

Austerity for us, bonuses for them.

Wed, 03/23/2011 - 12:58 | 1090923 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 | 1090964 centerline
centerline's picture

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

Wed, 03/23/2011 - 13:21 | 1091011 Muir
Muir's picture


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 | 1091127 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 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 | 1091233 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 | 1090966 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 | 1090973 centerline
centerline's picture

and you can eat cod fish!

Wed, 03/23/2011 - 13:10 | 1090972 Dr. No
Dr. No's picture

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

Wed, 03/23/2011 - 13:15 | 1090990 PenchantForHoarding
PenchantForHoarding's picture

Or the silver spot chart.  $37.27, bitchezzzz!


Eat it, Blythe!

Wed, 03/23/2011 - 13:12 | 1090982 pauldia
Wed, 03/23/2011 - 13:14 | 1090991 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 | 1091386 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 | 1090992 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.


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 | 1091072 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 | 1091188 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 | 1091001 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 | 1091086 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 | 1091096 the not so migh...
the not so mighty maximiza's picture


Wed, 03/23/2011 - 13:41 | 1091097 the not so migh...
the not so mighty maximiza's picture


Wed, 03/23/2011 - 14:01 | 1091184 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 | 1091243 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 | 1091013 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 | 1091048 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 | 1091031 Josh Randall
Josh Randall's picture

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

Wed, 03/23/2011 - 13:41 | 1091091 Temporalist
Temporalist's picture

Blythe Masterbates?

Wed, 03/23/2011 - 13:57 | 1091154 barkster
barkster's picture


Wed, 03/23/2011 - 13:31 | 1091038 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 | 1091064 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.

Wed, 03/23/2011 - 13:42 | 1091106 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.


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 | 1091252 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 | 1091107 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 | 1091133 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 | 1091155 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 | 1091173 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 | 1091244 sdmjake
sdmjake's picture

Interesting summation--thanks for the post. +1

Wed, 03/23/2011 - 14:01 | 1091172 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 | 1091176 Atomizer
Atomizer's picture

From the Past to the Future

EFSF - European Financial Stability Facility

Wed, 03/23/2011 - 14:02 | 1091187 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 | 1091193 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 | 1091210 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 | 1091232 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 | 1091254 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 | 1092952 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 | 1091574 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 | 1091206 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 | 1091288 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 | 1091431 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 | 1094038 Yen Cross
Yen Cross's picture

We got the Jet running. Stay cool my friend!

Wed, 03/23/2011 - 14:26 | 1091299 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 | 1091372 Negro Primero
Negro Primero's picture

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

Wed, 03/23/2011 - 14:37 | 1091374 markelshark
markelshark's picture

Because printing money appears to be a whole lot easier.

Wed, 03/23/2011 - 14:48 | 1091441 snowball777
snowball777's picture

In a word, derivatives.


Wed, 03/23/2011 - 15:19 | 1091640 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 | 1092945 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 | 1091618 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 | 1091634 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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