Saturday Crisis Update: G20 Wants to Push European Bailout Fund to $2 Trillion

CrownThomas's picture

This just out from Reuters:

  • G20 Finance leaders push to increase European bailout fund to $2 Trillion
  • Want to combine ESM & EFSF, creating ~$1 Trillion dollar fund
  • IMF to request $500 - $600 Billion in "new resources", which combined with current funds puts it at ~$1 Trillion dollars
  • Germany remains the thorn in the socialists Eurozone's side
    • Schaeuble: "It does not make any economic sense to follow the calls for proposals which would be mutualizing the interest risk in the euro zone, nor in pumping money into rescue funds, nor in starting up the ECB printing press"

So this is on top of Wednesday's $600B LTRO? Sweet.

As I pointed out here, U.S. contributes 17% of the total funds to the IMF. How much did Obama put into his contingency slush fund in his 2013 budget - hopefully $102 Billion.

And someone please tell Wolfgang that he's too late:



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Reese Bobby's picture

What a difference a day makes.

Although TPTB will print more money anyway; that is a given.

ivars's picture

Updated DJIA prediction  chart taking into account coming QE's. Might reach 15000 this year before dropping.

ivars's picture

For anyone interested in the accuracy of my almost 1 year old gold and silver price prediction charts- not bad at all (with further extensions forward):

Sandmann's picture

Banks are the New Religion for a Secular World !

Human Sacrifice is required for the God of Mammon

Racer's picture

This is stupidity beyond belief, throwing more, stolen from the people, money straight into a bankster black hole

JohnKozac's picture

Oil $250;

Silver $200;

and, I have upped my prediciton to $5,000 for the Barbaric metal since now investors are competing with Central Banks even more fiercely, esp the ECB for the yellow metal that you cannot eat.

Food to ?????

User 3461's picture

Not quite sure I get the small text within the graph, WRT gold. Is this to say "dispite the increased fiats shown on this graph, if we price those blobs of fiat, instead, in gold, it's gone down; it's losing"?

non_anon's picture

a trill here

a trill there

what does it matter

don't want to lose that thrill

justsayin2u's picture

Bamy will always bail out the banks - no matter what.  S&P 1600, Gold $2500, unemployment (U6) 18%, 50% of the US on foodstamps.  Bullish.

rsnoble's picture

It would take the US congress months to cut $117billion out of the budget. Obama will write the IMF a check overnight with no discussions.  Our entire countries going to shit, imagine all the money put to good use instead of bailing out banksters.

I assume this news will pump US futures to new heights tonight,the HFT's probably have smoke pouring out of them on this announcement.

rsnoble's picture

Oh and don't forgot about our representatives signing away our internet freedoms at the UN the end of this month.  At least people in Europe got the chance to complain about ACTA, unlike the communist US.

boiltherich's picture

It is not the dollar/euro amount that is the issue, it is that they can take and use any wealth in this obviously criminal way that is the key, and when they get away with it precedent will have been (has been) set, people did not rise up last time, they will not this time, we have become conditioned to our own enslavement now, we will never rise up.  At least this is their opinion.  And there is some evidence they are right for now. 

I keep hoping one of our owners will make the mistake of peeing on a bible (koran), that seems to be the only thing that gets the masses to stir.

Two trillion is just the next installment in a open ended theft.  The truth is they own us but can't tell us that because just as there were sporadic uprisings in slave quarters if the truth were too obvious for average people a few might riot and have to be killed to put down the insurrection.  Make no mistake, slave masters did not hesitate to kill the best slaves they owned to induce submission in the rest, but they did loath to destroy their strongest animals, I mean those muscular alpha slaves were expensive.  And just like the slave quarters of yore there are far too many that settle for their slavery because it may have been a poor life but it did provide the basics, it might have been slavery but it was security at the same time.  Just like the residents of the quarters we are ignorant of what is really going on up in the big house, the master does not come down to our shacks and give us blow by blow updates about how the business of the plantation built with our labor is going.  They just give us our rice and peas and a couple time a week a chicken and tell us we are doing a good job, but if we hear any trouble makers trying to stir up rebellion make sure we report it right away. 

For us at ZH the problem is that just by being here we have proven we are not average.  If we were average we would be using the net as an electronic version of the National Enquirer, or to update our Facebook pages, or tweet something banal while thinking we are masters of the universe.  That is why I find it so sad that we argue and red arrow each other constantly over the pettiest shit.  Except for a few trolls that are either paid or getting a sick thrill from upsetting other people anonymously we basically have a lot in common. 

RockyRacoon's picture

Thanks for your thoughtful comment.   I'll agree that we are here... because we're not there.   At least not completely, and not every single one of us.

El Gordo's picture

Here's a pie, how many pieces do you want?  Everyone want a piece, that's 6 pieces, OK.  Wait, you want two pieces each - OK, that's 12 pieces.  Wait, El Gordo wants 3 pieces and Obama wants his share - OK, well let's cut them again.  That's how it should work; but, how it really works is:

OK, take one piece now and you can have 2 pieces from the next one.  Next one comes out, OK take one piece now and you can have three pieces from the next one.  The problem occurs when you run out of flour or energy to bake the pies.  But never mind that, the government just keeps on promising more pies if you will just vote to help them over this little hump in the road.

SmoothCoolSmoke's picture

Looks like that Goldman FX guy had the right call on the Euro after all.....just had too tight a stop.

buzlightening's picture

The goon 20 continues to prove history is correct.  All governments print their currencies until they become worthless.  USDinker dollar may be the last fiat stooge standing.  20 dollar goes much farther this Summer when riding a moped & purchasing air biscuits for lunch. Got food stamps?

SunnyDD's picture

Hehehe, 100 trillions bill here we come, I'm de first inline to get one. hahaha, I wonder how many eyes going be in that bill tho... hm....

engineertheeconomy's picture

Saturday Crisis

Update: G20 Wants to Push European Imprisonment Fund to $2 Trillion

there i fixed it for you

engineertheeconomy's picture


usually when someone gets "bailed out", they get out from behind the bars

 In this case, they are welding more and more bars in place to keep them in prison for eternity

when MAINSTREAMMEDIA uses the term "bailout", what they really mean is THEY'RE BUILDING A PRISON AROUND THEIR PRISON

impoverished children eating rats and slaveing day and night in cold dark factories...

rich people at their 10 story mansion playing golf on their private island that they flew to in their personal helicopter from their enormous yacht that has an olympic size swimming pool on it... 

seems fair enough to me

sudzee's picture

At some point real physical assets must catch up to the trillions being digitized. Charts and balance sheets of CB's are meaninless. Does anyone really know how big the fiat bubble is? The underground economy will survive for the masses while the 1% implodes.

Long 40 digit calculators.                                                                                                                                               

Vampyroteuthis infernalis's picture

At some point real physical assets must catch up to the trillions being digitized.

The trillions being digitized are catching up to the real physcial assets. Decades after the debtfest the politicians are printing money to appear as if the money could be paid back. This is also just more debt. Well, the debts won't be paid back.

Winston Churchill's picture

Thats S1.6T new monet X 17% USA contibution is a little more than $102bn surely ?

Isnt $2Tn whats coming due on all the PIIGS ?

Roni's picture

This is just like the plaza accord but back then it was G5 now the ponzi is G20 has never worked and bond mkt crash around the world is coming....if oil crosses 110 inwti it is going to 200 by april so it is Damned if they print and damned if they dont with europe japan and UK collapsing in a waterfall decline


SUck it up  G20

SunnyDD's picture

Hmm..... Plazzza.... Hand me de big one please, hehehe.

gagbja's picture

No matter the size of the fund because if it does not change the policy towardGreece in the EU and begin to implement real measures, Spain and Italyabsoberian the bottom and prove qe is but a measure of ucation to the gallery and not a true measure.

Sudden Debt's picture

Pretty strang they meassure the fund in dollars and not euro's... Being for europe and all.... Or is it to protect american banks which don't have any official exposure?

falak pema's picture

Our money, your problem...Pax Americana protection money has to be USD. If you want to save USD hegemony you have to build a fire wall around little sister Euro zone so that King DOllar doesn't come down.

Salic LAw applied to monetary hegemony. She is and stays "lil sister", never QUEEN of world. 

But will the fire wall work to protect lil sister's castle is more the question now. Or is it vain Maginot Line against BRIC's exporting design and black gold drain line; as well puny wood hut barricade against inevitable debt mountain avalanche? 

nah's picture

2 trillion is very precise figure

Element's picture

Yeah, Woofie, all bark and no bite.

He simply doesn't mean it.

It's not what they say, or all the hand-wringing over the plight and welfare of Greeks ... it's what they're doing ... which is unadulterated rapine ... no remorse in sight.

q99x2's picture

The too big to fails are in the process of being taken down now. BankFiend is retiring from God's work. The Fed will be subordinated to Harriman. The intelligence agency is to resume doing God's work. Petro-dollar reserve status to be secured.

How many night vision scopes will an ounce of gold buy? This year. Next year. I like Tuna.

Peter Pan's picture

There are so many fucking tubes going in and out of the world economy that I am starting to believe that it's no longer about the patient but the hospital.

Buck Johnson's picture

Your exactly right, it's about the hospital now instead of the patient. 

BlackholeDivestment's picture




...come on Pete (sarc on), really? just starting? Lol. 

...I guess you coudn't see yeah yeah.

                                                Masonic Secular Pantheism


                                               New World Order ''spread em''.

                                     It's what's for Breakfast ...and in your tank. 

                                                         remeber FDIC


Hugo Chavez's picture

Good luck getting a hundred billion through congress.

Please Obama. Please be stupid enough to try before the election.

RockyRacoon's picture

Through Congress?   That's a laugh.  It'll be backdoored thru the Fed and "discovered" years from now... if ever.

ebworthen's picture

What's another trillion of funny money?

I'll take Boardwalk and Park Place please.

Gee...why are oil and the Precious Metals ramping up like that?

I just don't get it.

Good thing my CALPERS account is heavliy invested in Portuguese, Spanish, and Italian sovereign debt; those boys and girls really know what they are doing!

(/sarc off)

eddiebe's picture

All you deflationists still think you got it right?

boiltherich's picture

All you deflationists still think you got it right?

Yes, because prices asked can rise to the moon when they print but if there is no money in your wallet or my checking account then the prices will not be paid.  The result is that inflation can only be measured when people pay more for things than they did yesterday or last year, if the price demanded for a loaf of bread is two thousand dollars and a gallon of gas is 500 nobody will be buying them and so in reality there is no inflation, what there is would be no supply at any price we can possibly pay.  It becomes a barter economy, or a theft economy, or just anarchy.

They have printed trillions and trillions of bucks and forked it all over to the banks since 2007 yet house prices fell by almost half and are still falling, same thing for the eurozone failouts.  Because none of the money is ever going to hit the streets for people to use, it all goes directly into bankers pockets.  So, the inflationary results will be limited to high end houses, high end art collections, high end wine and private jets and the hottest hookers.  Sure food and fuels will go up a bit for a while and our standards of living will go sharply down to pay for it all as they push some of that "money" into speculation in the commodities sector, but such inflation will be as it has been, subtracted from all measures of inflation. 

What I am saying is that food and fuel might well go up till it absorbs all disposable income and if you look at those prices you will see inflation, but the aggregate wealth and median incomes are dropping so the aggregate prices paid for all things will also drop in proportion.  The trick for the average person is to figure out what he or she can do without in order to pay this bankster tax. 

Sophist Economicus's picture

The result is that inflation can only be measured when people pay more for things than they did yesterday or last year...


Not quite.   Sellers of TANGIBLE commodities will demand payment in their terms.   It won't matter what is in anybody's wallet.    Oil, food, etc will be transacted on an exchange of real products (oil for wheat) or monetary metals.   THe fiat world can burn, it won't matter.   Inflation in stuff that is needed, deflation for stuff that is discretionary.  


BTW - you are wrong on 'high end houses', that market is in worst shape that the 'regular housing market'.   Art is astore of 'value', so it will retain most of its value.    Hot hookers are always in demand - which reminds me, I gotta go....

boiltherich's picture

Sophist, that is a barter economy and you can't measure the $4 (four fiat FRN's) I paid for gas yesterday against the three dozen eggs I may have to pay tomorrow, it is apples and oranges, it defies all accountability.  That by definition is collapse. 

As to the house price issue, high end houses not selling well?  Caviar not selling well?  Aston Martin offering incentives?  Munch's The Scream is expected to sell at auction for $80,000,000.00 so I am thinking there is cash out there, just not in my unemployed hands.  Of course a bunch of could get together and pool our food stamps and maybe buy it, but if your point is that high end luxury goods have dropped/are dropping in price then you just made my argument about aggregate prices going down true.  Prices dropping=deflation. 


infiniti's picture

So you're going long real estate, levered to the max?

Schmuck Raker's picture

There is no max - rehypothecottages for everybody!

DavosSherman's picture

Fucking morons are taking a flamethrower to paper.

Hulk's picture

There will be not end to this shit until it is over (Yogi Bearish, I know) Got Gold ???

Randall Cabot's picture

It's Yogi Berra the baseball player, not Yogi Bear from the cartoons you nitwit.

??'s picture

meanwhile this headline


Final disgrace of the rutting chimpanzee


Nicole — as she has asked to be referred to — was one of a group of ‘upmarket’ prostitutes hired to offer their uninhibited charms to a group of VIP guests at the ultra-modern boutique hotel Murano in the French capital’s fashionable Marais district.

Those who circled around the girls


knukles's picture

Here.  I gotta deal for ya'.
I'll trade you DSK for Anne Sinclair even.
You guys get the fun and ridicule.
Sweet Annie may be getting on in her years, but she's still pretty good looking and stinking rich.

Part of the deal, I promise I'll not make fun of DSK anymore.
A man of honor, I am.
Man of true honor.
Yo', Annie.