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Cashin Concerned On Europe But Egyptian Streets Worry Him More

Tyler Durden's picture




 

European riots protests are on UBS' Art Cashin's mind. Furthermore, Art notes that Spain has seen a fifth region (Castilla La Mancha) request a billion-euro-bailout (along with Catalonia's secession concerns) and Greece is hotting up. However, it is Egypt that is becoming an increasing concerning for the avuncular aristocrat of the exchange floor, as he fears the region's growing instability along with its potential need to devalue the pound may see the current 'sporadic outbursts of social unrest' spill over into more broad based protestations on the streets of Cairo.

 

Via UBS' Art Cashin:

Does Don Quixote Know About This – As markets awaited the release of the Spanish budget, word spread that another region, Castilla La Mancha is likely to need a bailout of almost a billion dollars. That would make La Mancha the fifth region needing a bailout.

Meanwhile, rumors say that Catalonia may be checking with Brussels to see how their possible secession would be treated in the Eurozone.

Europe Is Still Focus But Things Happen Elsewhere – This from Stratfor:

In the wake of the Egypt's 2011 revolution, the country is facing an increasingly unstable economic environment. Foreign lending has dried up, forcing Egypt to use its dwindling foreign reserves to stabilize its currency while relying almost entirely on the domestic financial sector to fund the government's budget deficit. Although some foreign aid has been promised, Egypt's attempt to secure lending from the International Monetary Fund is key. In exchange for support, the IMF would likely require complex domestic reforms involving subsidy cuts or currency devaluation.

 

Egypt is already facing serious political challenges, with sporadic outbursts of social unrest threatening the fledgling administration of Egyptian President Mohammed Morsi. Policy changes that increase living costs could trigger further turmoil. However, an IMF loan would help defuse investor concerns and restore Egypt's access to international capital markets. In the meantime, depending on the pace of IMF negotiations, Cairo may need to allow the Egyptian pound to devalue anyway in order to preserve the central bank's foreign reserves.

Watch the streets of Cairo, too

 

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Thu, 09/27/2012 - 10:18 | 2835281 LawsofPhysics
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Art is "concerned" about a billion dollar bailout with Bernanke pumping 85 billion per month into the TBTF banks of America?  LMFAO!!!

Thu, 09/27/2012 - 10:20 | 2835288 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Can Bernanke fractionally reserve that $85B+ by Halloween?

Thu, 09/27/2012 - 10:25 | 2835298 BaBaBouy
BaBaBouy's picture

BIGGER Problems... Shortage Of Tungsten Plating Material Out Of South Africa...

 

South Africa Strikers Swell to 100,000 After Drivers Join Miners - Bloomberg, Sep 27 2012 8:11AM

AngloGold Ashanti workers demand R18 500 - Mining Weekly

Thu, 09/27/2012 - 10:32 | 2835325 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Whatever....

....as long as they don't run out of tungsten everything is fiine!

Thu, 09/27/2012 - 10:43 | 2835360 Oh regional Indian
Oh regional Indian's picture

The Potential splintering of Spain.

Now that is the Black Swan event if there ever was one. Were it to happen (would not be surprised if the divide and rule Pax Brittanica (aka the EU), will nudge nudge this split.

Perhaps we truly Have entered the Fall, literally and figuratively.

Fascinating times...

ori

axis-of-evil-doing

 

Thu, 09/27/2012 - 10:51 | 2835397 El Viejo
El Viejo's picture

Rumor has it:   Since the crusades the king of Spain has also had the secondary title of king of Jerusalem.

Thu, 09/27/2012 - 10:58 | 2835422 i-dog
i-dog's picture

 

"if Pax Brittanica will nudge nudge this split"

I disagree, ORI. The last thing they want is for the cats to scatter. Divide and rule is only applied in the beginning phases of bringing down opposition empires/religions.

They've put all their eggs into the central planning basket and are still trying to con, err, attract more members into the EU snare. (How's that for a Falak 'Pax Amerikana' Pena mixing of metaphors?!).

Thu, 09/27/2012 - 11:34 | 2835532 Oh regional Indian
Oh regional Indian's picture

i-Dog, consider this though that all this splintering is with-in their boundary of control. 

It's called balkanization, no? It's very much in Fashion.

Or should that be Fascshion. ;-)

ori

Thu, 09/27/2012 - 12:01 | 2835625 i-dog
i-dog's picture

Balkanisation was used to splinter the Ottomans, then those separate states were immediately consolidated into Yugoslavia ... which has since only notionally split into pending EU members (ie. the whole of the Balkans will soon have been consolidated into the EU).

The same process was used to splinter the former Austro-Hungarian (Habsburg) and Russian (Romanov) Empires, which will also soon be largely merged into the EU (ie. incorporating most of the former Soviet states into the European expansionist 'experiment', following the failure of the Soviet expansionist 'experiment').

Thu, 09/27/2012 - 12:38 | 2835774 Oh regional Indian
Oh regional Indian's picture

you said..."which has since only notionally split into pending EU members (ie. the whole of the Balkans will soon have been consolidated into the EU)."

my point exactly.

ori

Thu, 09/27/2012 - 12:54 | 2835832 i-dog
i-dog's picture

No ... My point exactly. We need to conduct balkanisation against them!!

Thu, 09/27/2012 - 10:37 | 2835342 El Viejo
Thu, 09/27/2012 - 10:38 | 2835344 tonyw
tonyw's picture

just borrow it from your friendly local hypothecator - problem solved.

 

Thu, 09/27/2012 - 10:25 | 2835309 Clintonmrs
Clintonmrs's picture

my friend's mother makes $82 every hour on the computer. She has been out of work for five months but last month her paycheck was $15988 just working on the computer for a few hours. Go to this web site and read more http://zapit.nu/cashHedge

Thu, 09/27/2012 - 10:27 | 2835313 Gene Parmesan
Gene Parmesan's picture

Hillary? Is that you?

Thu, 09/27/2012 - 10:31 | 2835319 fuu
fuu's picture

She must have stamina to go 9.6 hours a day on her back.

Thu, 09/27/2012 - 10:46 | 2835376 RSBriggs
RSBriggs's picture

And doing it ON the computer, no less.  Hope it's a tower.  Oh - or maybe it's actually a laptop....

Thu, 09/27/2012 - 10:44 | 2835374 pods
pods's picture

Your friend's mother is worth $82 an hour!

pods

Thu, 09/27/2012 - 10:32 | 2835323 gjp
gjp's picture

+1, no fucking kidding, LoP, our Wall Street prognosticator, like so much of entitled America, deigns to express concern about goings on in the rest of the world, while the homegrown kleptocrat circus sets new standards for monetary debauchery.  Sickening.

Thu, 09/27/2012 - 17:17 | 2836802 RockyRacoon
RockyRacoon's picture

Rest assured that Cashin knows the domestic score.  Saying that he doesn't, or that he discounts it, is narrow minded.  You should be as smart as Art Cashin.

Thu, 09/27/2012 - 11:46 | 2835574 Jack Burton
Jack Burton's picture

LawsofPhysics, Great point! +100.  The "Great Printer" Bernanke is so off the charts with his money printing bailout mania that people lose perspective.

Thu, 09/27/2012 - 12:47 | 2835810 Nobody For President
Nobody For President's picture

Usually you are right on LOP, but I think you are missing a point here: Uncle Ben's put is understood - priced in if you will, though I'm beginning to hate that term - as a bid to re-elect the pres and keep his job and all that: Egypt is still another black swan potential in the mid-east, along with Iran, Syria, Saudias, etc. Egypt is a brand new, wobbly government that could go to hell in a heartbeat - deserves watching and being concerned about. FOMC, old news and within TPTB control - Egypt - not so much.

Thu, 09/27/2012 - 10:18 | 2835282 Broccoli
Broccoli's picture

When the whole house is on fire you just get out and save yourself. You don't worry about the drapes and recliner.

Thu, 09/27/2012 - 10:20 | 2835286 Count de Money
Count de Money's picture

I would imagine that tourism has dried up too. Tourism is (was) a cash cow for Egypt.

Thu, 09/27/2012 - 10:21 | 2835289 Dan Conway
Dan Conway's picture

Aren't they tired of taking to the streets in Cairo?  I don't think our "most-likely to riot types" here in the U.S. will have the stamina to protest like those middle-easterners.  Too much fast food that hasn't been approved by Moochell but funded by her "eyecandy man". 

Thu, 09/27/2012 - 10:21 | 2835290 Pa Kettle
Pa Kettle's picture

"Allah is our objective; the Koran is our constitution, the Prophet is our leader; Jihad is our way; and death for the sake of Allah is the highest of our aspirations." —Muslim Brotherhood Creed

 

What could go wrong?

Thu, 09/27/2012 - 10:30 | 2835317 john39
john39's picture

anti banker jihad sounds pretty ok to me right now...

Thu, 09/27/2012 - 10:52 | 2835399 azzhatter
azzhatter's picture

we should tell them that jamie dimon made that youtube video

Thu, 09/27/2012 - 10:21 | 2835291 Sudden Debt
Sudden Debt's picture

We should cut the food rations for the Egyptians down to 1 gram of meat and 5 grams of rise a day. That will break their spirits...

OH! We already did that?!

 

Thu, 09/27/2012 - 10:42 | 2835362 Zap Powerz
Zap Powerz's picture

Why are we giving those smegma eating pederasts anything at all?

Thu, 09/27/2012 - 10:51 | 2835396 john39
john39's picture

so the leadership will continue to defy their own people and protect zionism.   in reality, a backdoor gift to israel...

Thu, 09/27/2012 - 10:44 | 2835369 kaiserhoff
kaiserhoff's picture

If Greece is "hotting up" there's your answer.  Look what sex tourism has done for Thailand.

Thu, 09/27/2012 - 10:24 | 2835304 bank guy in Brussels
bank guy in Brussels's picture

The Muslim Brotherhood, now ruling Egypt ... the Muslim Brotherhood that may help topple the Saudi Arabian regime, according to Dr Jim Willie ... leading to the end of the petro-dollar and the pricing of oil in dollars, the end of the US dollar as reserve currency, and the collapse of US Treasury bond sales ... black swan flapping wings here

Willie suggests Saudi regime collapse maybe in 'months', with the more populist and less sectarian Muslim Brotherhood perhaps welcomed by most of the 20 million native Saudis

Jim Willie writes:

« ... Easter Sunday weekend of April 2010, a secret gathering of over 200 Arab billionaires convened in Abu Dhabi. They arrived in unmarked jets. My source was one of only two or three white faces in the crowd, invited by his clients. One result of the meeting was an accord struck between the Persian Gulf oil producers, led by the Saudis, to work toward a pact with Russia and China as protector of the gulf in return for financial cooperation, economic construction, and forward progress. The implicit message was that the Untied States would be phased out in the protectorate. In the balance would lie the Petro-Dollar defacto standard as victim. Events continue to this day in movement toward that end.

However, since the Syrian uprising, a new lethal element has entered the mix. Account will be kept brief, since so volatile and controversial. Just some bare notes. The Assad family in Syria has suffered some assassinations. Apparently, the Saudis had a hand in the killings. HezBollah has vowed retaliation. Their ties to Iran might be longstanding, but perhaps are exaggerated. My view is their home is in Lebanon. In August, Prince Bandar was assassinated. He was the Saudi head of security, and long-time ally to the USGovt. The Saudi regime is concealing his death, with outdated photos and false statements. They are working toward a transition. The House of Saud has been unstable from threats to the south in Yemen. It is unstable from internal threats tied to the fundamentalists. Although cooperation and respect has been shown between Riyadh and Tehran, the Bandar hit has created an entirely new environment. The Saudi regime with high likelihood is in its final months. »

http://news.goldseek.com/GoldenJackass/1348689600.php

Thu, 09/27/2012 - 10:33 | 2835326 john39
john39's picture

the globalist vampires no doubt plan on tossing the house of saud under the bus in the near future (despite decades of service to zionism)... that is how they roll....   and lets be honest... Muslim Brotherhood is just another false opposition construct...  same vampires behind the scenes.   the real question is, will the people ever wake up and see through this sham?

Thu, 09/27/2012 - 10:43 | 2835368 i-dog
i-dog's picture

 

"will the people ever wake up and see through this sham?"

No. From what I can see, there are only about 6 people out of the many hundreds who regularly comment on ZH who can clearly see through it ... so, fuggedaboudit for the MSM gazers!!

Thu, 09/27/2012 - 10:52 | 2835337 ebworthen
ebworthen's picture

Radical Islam is taking over Egypt and the Middle East.

The only problem is that they sit on the oil needed to feed China's billions (besides the same for the West).

The oil will flow, and if it doesn't it won't matter who is in charge or what religion they are, they will be crushed.

Not advocating, just making the observation that the modern food system requires OIL to plant, fertilize, treat, harvest, process, and transport.  There are 7 billion mouths to feed as of this year.

 

Thu, 09/27/2012 - 10:42 | 2835363 tonyw
tonyw's picture

"Easter Sunday weekend of April 2010, a secret gathering of over 200 Arab billionaires convened in Abu Dhabi. They arrived in unmarked jets. My source was one of only two or three white faces in the crowd"

I don't belive it, these guys could never agree with each other.

Thu, 09/27/2012 - 13:10 | 2835911 harmonymonkey
harmonymonkey's picture

Please!  « ... Easter Sunday weekend of April 2010, a secret gathering of over 200 Arab billionaires convened in Abu Dhabi. They arrived in unmarked jets.

Jim Willie's mixing the reporting of facts with the whacked-out visions springing from his paranoia render many of his offerings worth a chuckle at most.  (Not that there's anything wrong with that!)

Harmonymonkey

Thu, 09/27/2012 - 10:27 | 2835311 Dr. Engali
Dr. Engali's picture

The first thing the "revolutionaries" do is go running to the IMF cock suckers for funding. It's just a sign we will never purge the system of the banker scum.

Thu, 09/27/2012 - 10:35 | 2835334 buzzsaw99
buzzsaw99's picture

stfu cashin and btfd

Thu, 09/27/2012 - 10:39 | 2835348 Remington IV
Remington IV's picture

I'm worried about Cashin's hair comb-over

Thu, 09/27/2012 - 10:46 | 2835378 Zap Powerz
Zap Powerz's picture

Might I suggest stacking some food in addition to the PMs everyone has lost at the bottom of the nearest lake?

The future is dark.

Thu, 09/27/2012 - 10:58 | 2835420 RSBriggs
RSBriggs's picture

Anybody stacking PMs did so after stacking at least a years worth of freeze-dried and a water purifier and sufficient ammo to protect it all.  Right?

Thu, 09/27/2012 - 11:24 | 2835506 Red Heeler
Red Heeler's picture

Anybody stacking PMs and a years worth of freeze-dried and a water purifier and sufficient ammo to protect it all bought a farm and went off grid and began to produce their own food supply. Right?

Thu, 09/27/2012 - 14:37 | 2836261 Relentless
Relentless's picture

Anybody stacking PMs and a years worth of freeze-dried food, water pruifier, weapons and sufficient ammo to protext it, also bought their own private island with a few trusted friends and relatives to live live out the fall and re-establish the new empire ....

Ooops, sorry, I thought that this was Bilderburg-Hedge

Thu, 09/27/2012 - 10:57 | 2835417 strangeglove
strangeglove's picture

Tyler you are slipping you forgot to mention that Art is the Chairman of some committee or other, what was it i forget?

Thu, 09/27/2012 - 10:58 | 2835421 walcott
walcott's picture

 

Here's someone who tells it like it is. Paul Craig Roberts


Paul Craig Roberts: America, The Next Banana Republic

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

Thu, 09/27/2012 - 11:05 | 2835439 Flakmeister
Flakmeister's picture

Ever notice how none of MSM point out that Egypt is the worlds largest grain importer, which requires hard currency, and that Egypt became a net importer of oil in ~2010? That oil, I might add was a major source of the hard currency with which it subsidized local grain prices... Egypt is a textbook example of the "Export Land Model"....

If you are planning on seeing the Pyramds, I strongly suggest you do it very soon  because things are going to get nasty there....

Thu, 09/27/2012 - 11:18 | 2835449 divide_by_zero
divide_by_zero's picture

Soros' plan to surround Israel with hostile Islamic states working perfectly, the stooge in the WH plays his part, Podesta from Center for American Progress working the mil/cia arms supply and occasional help, the other stooge Hillary doing what she does best. Kind of a bigger version replay of another Soros adventure in Croatia/Slovakia/Yugoslavia, of course the US mil eventually had to get involved to clean that up a bit, but the Clintons and Soros are huge fans of each other so no problem.

“It is necessary to mobilize civil society in order to assure free and fair elections because there are many forces that are determined to falsify or to prevent the elections being free and fair,” Mr. Soros said. “This is what we did in Slovakia at the time of Vladimir Meciar, in Croatia at the time of Franjo Tudjman and in Yugoslavia at the time of Milosevic.”

Soros will likely try the same thing in the US eventually, OWS was somewhat of a dry run.

Thu, 09/27/2012 - 12:37 | 2835766 bankruptcylawyer
bankruptcylawyer's picture

hahaha, 

 

"in exchange---for the imf"

the only thing the imf will be demanding from egyptian leadership  is that it covertly support a war on syria and iran, by ensuring that egypt's military quietly supports operations against these countries. 

 

that is all. the money will keep flowing behind closed doors and the leaders will continue getting enormously wealthy while lying to their own populations about how the evil scapegoats must be punished in order to have their 'confidence', while secretly doing the opposite to support the american axis. 

 

do you think mubarak became a billionaire overnight?  no, he was taking bribes and money from before the time he gained power. morsi is the same. taking money in secret bank accounts in return for passifying the mobs and saving face for the 'revolution'. 

Thu, 09/27/2012 - 13:10 | 2835910 CrabGrassKila
CrabGrassKila's picture

What we need now is for the U.S.S. San Pablo and Stevie Mcqueeeeeen to come sailing up the Nile and , do something, with, the day .......  This time,however, we can have him falling for Cleopatra as a Throw-in Twist, to this, Disgusting, Daily, Melodrama, better known As:   "As the World Turns".............. 

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