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European Bank CEO Admits: "The Whole Thing Is Doomed"

Tyler Durden's picture





 

As the European parliament attempts to create a budget and Draghi repeats how the temporary lull in European growth is merely a prelude to a growth renaissance in the second half of the year (not to be confused with the verbatim lie rehashed by European dignitaries in 2012, 2011, 2010 and 2009), it appears a few leaks of truthiness are seeing daylight in the disunion. In a shockingly frank interview, the CEO of Saxo Bank describes the Euro's recent rally as illusory and that "the whole thing is doomed," as the continent is not supported by a fiscal union. As Bloomberg reports, Lars Seier Christensen says he would be a "seller of the EUR at anything near 1.40," noting that "right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all." Confirming that the only thing holding the farce together is political not economic efforts, he sums the situation up perfectly: "people have been dramatically underestimating the problems."

 

Via Bloomberg,

Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union.

 

“The whole thing is doomed,” Christensen said yesterday in an interview at the bank’s Dubai office. “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”

 

...

 

I’d be a bigger seller of the euro at anything near 1.4,” according to Christensen, who said he isn’t making any speculative bets against the currency.

 

...

 

“Another possible fallout is getting rid of some of the countries that are being ruined by being in the euro, notably the southern European economies,” Christensen said. “People have been dramatically underestimating the problems the French are going to get from this. Once the French get into a full- scale crisis, it’s over. Even the Germans cannot pay for that one and probably will not.”

 

...

 

Record Debt

 

Public-sector debt is at record levels, having more than doubled from 40 percent of gross domestic product in 2008. The European Commission, which is due to update its forecasts this week, sees it rising to 97.1 percent of GDP next year.

 

“It’s the political world that has been extremely supportive of the euro, not for economic reasons but for political reasons,” said Christensen, a long-time critic of the single currency who now lives in Switzerland.

 

...

 


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Mon, 02/18/2013 - 11:57 | Link to Comment Irelevant
Irelevant's picture

Hello herr bank CEO. This is Angela Merkel! Zee damn euro iz very expensive, americans are not buying our mercedes, we need to devalue... say the following!

Mon, 02/18/2013 - 12:00 | Link to Comment Buckaroo Banzai
Buckaroo Banzai's picture

Well, considering the Danes don't use the Euro, he's not exactly talking against his book here.

Mon, 02/18/2013 - 12:10 | Link to Comment Irelevant
Irelevant's picture

The Danes are part of the EU. Its irrelevant what currency they use, Germany is their biggest trading partner. This couldn't had come from the mouth of DBs CEO. So the Danes will do. VW and Mercedes are raming a pole up Merkels ass, and so are the unions, this is an election year in Germany. 15% devaluation in the yen makes that toyota MUCH cheaper than that VW. So zee germans are fucked, unions are angry. Not good for an election year. So get to work herr Monti, fuck this euro down to 1.10 to the US$!

This would also go with the smackdown in the metals, the dollar should spike.

In 6 months you will see Mr. Bernanke telling us that the dollar is to strong, so American exports are stalling, a new program for revitalizing Americas exports will be launched iQe, now with 16 gigs of ram, and a larger SSD for al those 00000000000.

This is geting old and boring!!!

Meanwhile if you want to buy a sausage in Germany on the autobahn, as I did recently, you will pay 6 euros. Even the damn toilet acces prices in Austria are up, 0.70 eurocents/piss. Used to be 0.50 and you got the 0.50 discount coupon. You still get the coupon, its still 0.50, you pay 0.70.

A fucking orange juice (fresh pressed) was 6 euros in the gas station.

But deflation is a big threat! It will continue to be so until the masses riot.

Mon, 02/18/2013 - 12:21 | Link to Comment azzhatter
azzhatter's picture

If you get around here, you can piss in my toilet for free. I have a picture of Bernanke in my toilet and I piss on him daily. If you visit, we can install a picture of Von Rumpboy and Barroso

Mon, 02/18/2013 - 12:36 | Link to Comment williambanzai7
williambanzai7's picture

Don't forget Draghi!

Mon, 02/18/2013 - 12:40 | Link to Comment NotApplicable
NotApplicable's picture

This thing reads like a setup for the inevitability of the IMF having to save the day.

TINA told me so.

Mon, 02/18/2013 - 12:41 | Link to Comment markmotive
markmotive's picture

Anyone still wondering why Germany wants its gold back?

http://www.planbeconomics.com/2013/02/12/why-does-germany-want-its-gold-...

Mon, 02/18/2013 - 12:49 | Link to Comment Irelevant
Irelevant's picture

I think the gold request on behalf of BuBa might be a election stunt. I dont have a clue, they could have done it in secret, yet they chose to make it public. If you remember, in 2010 there was a story on ABC if Im correct, one day with president Obama, and you get Obama telling them to cut film when he is informed that the Germans are calling about the gold. So talk about this is older, I have no idea why they went public.

Anyway, as Japan is permitted to trash the yen, while accepting to buy 500$ bln. in USTs and bills every year, the US is monetizing the deficit by proxy and fucking up the German exporters in the process, while having Bernanke not printing any actual dollars. This is a interesting strategy, as it also fucks up the Chinese, making the Japanese exports very cheap.

So we are still in the trade war.

I guess soon it should become interesting, how are those APPL shares fairing for the Bank of Israel? 

Mon, 02/18/2013 - 13:15 | Link to Comment Lore
Lore's picture

I heard that the Tungsten Prank was the last straw for certain Buba execs. Relations between the US and Germany are a-changing.

Mon, 02/18/2013 - 17:41 | Link to Comment UnpatrioticHoarder
UnpatrioticHoarder's picture

Saxo Bank is jawboning the Euro lower to keep its borrowers solvent.

Mon, 02/18/2013 - 13:44 | Link to Comment ebworthen
ebworthen's picture

"Gold backed Deutschmarks."

Another interesting tidbit in that video, Ron Paul asking a FED official if they have participated in any Gold swaps, and the FED official saying "The Federal Reserve does not own any Gold at all, we have not owned Gold since 1934."

Mon, 02/18/2013 - 13:04 | Link to Comment CPL
CPL's picture

He certainly doesn't let anyone forget about him. 

He's the facebook equivalent of the friend that announces he's taken a dump, photographs it and puts it up on his front page.  Him and Mario.  Those guys need to find a hobby.

Mon, 02/18/2013 - 14:32 | Link to Comment Stock Tips Inve...
Stock Tips Investment's picture

The whole of Europe is in the midst of a major economic problem. They still have some economic policy tools they can use. However, the remedy would be a drastic reduction in their quality of life. If they refuse to take the medicine, they will suffer even more serious consequences.

Mon, 02/18/2013 - 16:06 | Link to Comment americanspirit
americanspirit's picture

Great business concept - wateproof urinal decals. Packaged with pair of rubber installation gloves.

Mon, 02/18/2013 - 12:29 | Link to Comment Irelevant
Irelevant's picture

This freak show will end the day when Bernanke announces he is now printing barrels of oil with an ERoEI of 100 to 1.

At this point in our history paper currency, as we being a dumbed down brainwashed population as to understand what is money aka store of wealth, represents the exchange for energy stored in oil, in food, its all about energy and the freedom to move.

I am amazed at what lengths people will go in order to be able to use the car and buy fuel.

This is will become very interesting, remember those folks, in the wake of Sandy, that were fighting over gas, really interesting, they were not fighting for food.

 

 

 

Mon, 02/18/2013 - 14:11 | Link to Comment FEDbuster
FEDbuster's picture

They will not fight for food, until it is in short supply and they run out at the house.  Right now all you will continue to see is slowly rising prices, kind of a slow squeeze.  Supply chain disruptions would create the "fights" you saw a the gas stations for the same reasons.  Drought and higher input costs will continue to push prices higher for food.  Now is a good time to be stocking up.

Mon, 02/18/2013 - 16:07 | Link to Comment americanspirit
americanspirit's picture

Boil that frog gently

Tue, 02/19/2013 - 00:41 | Link to Comment FEDbuster
FEDbuster's picture

If they try to jump out of the pan, we have 1.4 billion hollow points and a fleet of drones to take care of the ones who go rogue.

Mon, 02/18/2013 - 14:16 | Link to Comment CPL
CPL's picture

That's because energy is the only currency worth anything next to food.  It's just so damn useful.

 

Right now it's people quibbling about bits of worthless paper and their appearent value.

Mon, 02/18/2013 - 12:41 | Link to Comment blindfaith
blindfaith's picture

 

 

"But deflation is a big threat! "  Would someone give me a damn example of deflation, because all I see is inflation everywhere.  A collapse in prices because the bubble pops is NOT deflation, it IS reality setting in.

Mon, 02/18/2013 - 13:23 | Link to Comment Irelevant
Irelevant's picture

I think you will have deflation in APPL stock and paper gold. In my view paper gold is way overvalued, like all paper assets. So there is a real threat of deflation, this is why the CBs are printing.

But, there is collateral damage, the prices go up in the things you cannot print, like food or gas.

All this printing implies we are having a free lunch and while at it the restaurant is doing great business as it has more clients (economy is booming).

Its powerful stupid, but the masses are happy with it as they only see the lunch part.

Paper assets imply trust, so, to some degree, it all relates to trust and belief. Like with religion. Bernanke is kinda like the pope. The people on the TV say he is very smart so the masses believe it. Same can be said for many trough history. It does not mean they are right. Something will give at some point and the masses will have the „wait a minute” moment aka SHTF. 

Paper promises, like promises, do not work very well in real life. If you go to a hot chick in a bar, take a pice of paper and write I GUARANTY I HAVE A HUGE DICK, and sign it afterwards, it most likely will not get you laid as the hot girl does not know you or trust you.

If however, someone on CNN tells the masses you have a huge dick, many will believe it.

Bernanke is claiming he has a huge dick, masses believe him because so sez the tevo, the chinese because so sez the US army.

Mon, 02/18/2013 - 13:43 | Link to Comment secret_sam
secret_sam's picture

According to the Austrian definition, if the total global aggregate debt is contracting, we're in deflation.

That has nothing to do with falling PRICES, though, which is what defines "classical" deflation.

Tue, 02/19/2013 - 03:39 | Link to Comment All Risk No Reward
All Risk No Reward's picture

As I understand it, classical deflation is a reduction in the money supply, which equals money+credit since credit spends like money.

A new definition of deflation (and inflation) was centered around price inflation, which can occur for a number of reasons related to supply and demand - not just the money supply.

The reason you haven't seen deflation is because the banks are allowed to lie about their asset values, the private Fed is temporarily funneling trillions to its controllers corporate banking front and the government is issuing debt to the tune of about $1.5 trillion on the books and a much higher number represents reality - may approaching $2 trillion a year (Fannie, Freddie, black box accounting, etc...)

http://market-ticker.org/akcs-www?singlepost=2958798

The money supply (money+credit) is flat lining with about $2.5 trillion being injected primarily into the TBTF&Jail international banking cartel corporate fronts.  They then use that free money to gamble on food stuffs and commodities.  That works so long as the $2.5 trillion keeps flowing there way.

Perhaps the best part is that all that cash, or at least the vast majority of it, has debt that is being offloaded onto the public - at compounding interest.  Much of it paid right back to the banks being bailed.

We are being punked.  Unfortunately, the average person can't mentally grasp the circumstance and the logical outcome here.

I don't know when this gets nasty for the white collar narcissist class, but I have a feeling that BanksterCare cutting hours down to 28/week, DHS buying 2 billion rounds of ammo and the completely criminal act of trying to disarm their future victim class is a strong indication the time is getting close.

Mon, 02/18/2013 - 16:07 | Link to Comment Edward Fiatski
Edward Fiatski's picture

Bingo.

Ring-a-ding-ding, baby. MERCEDES, bitchez.

Mon, 02/18/2013 - 17:45 | Link to Comment Joe A
Joe A's picture

Don't take that 0.50 coupon! It was meant for you to buy more coffee so you'd piss more!

Mon, 02/18/2013 - 12:12 | Link to Comment rogeliokh
rogeliokh's picture

And why exactly GOLD so bearish? I don't get it.

Barely holding, even without US manipulators, which will run

it down Hard in 8:30AM tomorrow, as usual. Like Bernank will say "stop QE"?

They print until 6.5% Unemployment, which might mean forever, actually.

Mon, 02/18/2013 - 12:23 | Link to Comment Irelevant
Irelevant's picture

6.5 unemployement? Is this a joke? The BLS can come out tomorrow and say unemployment is 6.5%, all rejoice, the great leader has saved america, we will no longer print. And the masses will not care. 6.5% is a motive, its a marketing tool, in order to sell money printing as a good thing. Its for jobs, soon it will be for the children. Government statistics are useless!

Bearish on gold? Paper gold will go to 0, so, at some point, that might be the price presented by the MSM. Gold goes to 0. Buy today! Of course you will not find any phiz. But the price will be 0, for paper gold.

Its all smoke and fucking mirrors, those numbers you see on the screen, the indices, the markets. We no longer have a free market.

Also, take note that the Japenesse anounced they planned to increase holdings of USTs and bills by 400-500$ bln./year. So Bernanke is monetizing the deficit by proxy, while allowing the Japanese to depreciate the yen, he is covering the issuance of USTs and fucking up zee Germans for requesting the gold, be it even in 7 years. These little fuckers are not stupid as you might believe.

 

Mon, 02/18/2013 - 12:47 | Link to Comment Manthong
Manthong's picture

“And why exactly GOLD so bearish?”

Because the “bearish” component is PAPER that is way over-fractionalized and is PURPOSEFULLY UNDERESTIMATED and manipulated to suit the agendas of the reckless, profligate and bankrupt governments by the criminal big banking and financial syndicate that supports them.

Mon, 02/18/2013 - 13:11 | Link to Comment Al Huxley
Al Huxley's picture

+1.  Your posts on this thread are saving me a lot of typing.

Mon, 02/18/2013 - 12:43 | Link to Comment NotApplicable
NotApplicable's picture

More like why is paper gold so skittish.

What more could you expect from a speculative class that can only try and front run JPM/GS and their periodic walls of paper? The more of a "no-brainer" the speculation gets, the more likely it will be turned into a trap.

Mon, 02/18/2013 - 13:03 | Link to Comment Mongo
Mongo's picture

The danish krona is pegged against the Euro. This is a "pre-euro" state of their currency... or soon to be "post-pre-euro"....

Mon, 02/18/2013 - 13:17 | Link to Comment Silver Bug
Silver Bug's picture

The writing has been on the wall for quite some time. The financial system is beyond insolvent.

 

http://jimrickards.blogspot.ca/

Mon, 02/18/2013 - 19:58 | Link to Comment Hobbleknee
Hobbleknee's picture

Danes don't use the Euro, but the Danish kronor is pegged to the Euro.

Mon, 02/18/2013 - 12:06 | Link to Comment Salah
Salah's picture

These dreamy idealists deliberately put together something ill-designed for a long-term duration.  There are astrological fingerprints all over their Treaty of Rome signing (3/25/57, 6:30 pm) and then again, when it kicked in (1/1/58, 12:01am).

They built a fancy, high-performance sport-car, not a robust mountain bike or ATV.  In both cases above they cannot take the outer-planet transits that are now occurring some 55+ years later.  Dumb shits.

 

Mon, 02/18/2013 - 12:35 | Link to Comment blindfaith
blindfaith's picture

 

 

Don't forget the Dinosaurs took a long damn time to finally die.  We all think, poof...it will end just like that.  Well, thinks can go on and on for a very long time.  So long, in fact, that people no longer take it seriously.

Mon, 02/18/2013 - 12:49 | Link to Comment hampsterwheel
hampsterwheel's picture

It's hotel california, you may check out but you'll never be allowed to leave....

There is no way - Zero way - none - niente that TPTB will allow any nation to leave the EU - nor will States allowed to leave the Union - nor any banks allowed to default -  nor any Bond funds allowed to collapse - nor any States allowed to default - if anyone tries to leave, there will be no mercy and blood will spill -

The goal is collectivism on a world wide stage - a single government running everything and controlling everyone - they have come to far now to admit defeat - if defeat thrusts itself upon them then they will act like a cornerd cat - they will strike out in violence and there will be war -

Abandon all hope ye that enter here.... Dante

F##k Hope - G. Carlin

 

Mon, 02/18/2013 - 13:41 | Link to Comment H E D G E H O G
H E D G E H O G's picture

this is PRECISELY why i own guns, gold, silver, and land.

Mon, 02/18/2013 - 22:14 | Link to Comment tugtrash
tugtrash's picture

Well actually you may own your guns, gold and silver. But, try not paying you rent (property taxes) and you may find yourself evicted.

Mon, 02/18/2013 - 14:05 | Link to Comment Reptil
Reptil's picture

and that is why I'm moving to a tiny unnamed island this year (if all goes well). something so small it doesn't show up on any geopolitical map. if there's ANY chance of making it through, I figured that's it.

there's a shift in consciousness happening in europe though. unseen, beneath the surface, people are bubbling with anger. privatisation of our drinking water by some french corporation was the last drop.

Van Rompuy is even coming over for some talkshow next sunday. I don't expect any real questions, but the fact that he's forced to talk to ordinairy human beings, says enough.

visible cracks are forming.

Mon, 02/18/2013 - 17:47 | Link to Comment Joe A
Joe A's picture

People who think that clean drinking water is not a basic human right but a commodity should be denied access to it for a few days and be asked then what they think about it.

Tue, 02/19/2013 - 02:38 | Link to Comment Totentänzerlied
Totentänzerlied's picture

Physics and economics don't care what you or anyone else thinks is or is not a right.

Mon, 02/18/2013 - 14:05 | Link to Comment TrumpXVI
TrumpXVI's picture

Classic, diagnostic characteristic of any dysfunctional relationship; one is not allowed to leave it.

Mon, 02/18/2013 - 15:37 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Yeah, the thing about default, is that pretty much anything that starts the derivative chain blows up absolutely fucking everything.  So, in addition to what you were saying, it's also simply a system survival thing at this point.   

Mon, 02/18/2013 - 14:09 | Link to Comment jerry_theking_lawler
jerry_theking_lawler's picture

 "people have been dramatically underestimating the problems."

-nope, the people have been skirting the problem....since the problem is SOCIALISM.

Mon, 02/18/2013 - 11:57 | Link to Comment vmromk
vmromk's picture

The Bernank is not down with that.

Mon, 02/18/2013 - 12:03 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

A really good press conference from Ben Shalom could fix it. We'll get Ron Paul to shine his magic silver coin at him.

Mon, 02/18/2013 - 12:06 | Link to Comment francis_sawyer
francis_sawyer's picture

15 minutes is all it takes... [I have it from a reliable source]...

Mon, 02/18/2013 - 12:16 | Link to Comment Charles Wilson
Charles Wilson's picture

Geico?...

 

CW

Mon, 02/18/2013 - 19:47 | Link to Comment Colonel Klink
Colonel Klink's picture

More aptly named Zeico!

Mon, 02/18/2013 - 12:01 | Link to Comment DaveyJones
DaveyJones's picture

after five minutes in the backroom, CEO reemerges to announce that he was only reenacting a cut scene from a rare Orson Welles film

Mon, 02/18/2013 - 12:21 | Link to Comment azzhatter
azzhatter's picture

retraction coming soon

Mon, 02/18/2013 - 12:31 | Link to Comment xtop23
xtop23's picture

He's just doing what he's told. Dollar needed to catch a buyer.

Mon, 02/18/2013 - 12:02 | Link to Comment Meatballs
Meatballs's picture

You have to love it when these guys grow a conscience.

Mon, 02/18/2013 - 12:05 | Link to Comment DaveyJones
DaveyJones's picture

now if they'd only grow a few other things

Here, I'll help them: I want you close your eyes and picture a land of ice...

Mon, 02/18/2013 - 12:22 | Link to Comment reload
reload's picture

Conscience? I immediately thought: the traders at his bucket shop bank are getting killed, probably short the Euro. Remember this is the `bank` that always likes to promote itself by making outlandish and almost always incorrect predictions.

Does not mean I think Europe is fixed at all - but this bank is a bucket shop.

Mon, 02/18/2013 - 14:42 | Link to Comment Mike in GA
Mike in GA's picture

I dunno, but I wonder if he's just tired of lying?  He can no longer attempt to prop up the facade any longer?

There's a huge amount of relief in just letting go.  Getting off the treadmill.  Going Galt. 

Methinks he may just be breathing easy today. 

Mon, 02/18/2013 - 13:12 | Link to Comment Al Huxley
Al Huxley's picture

Not a fuckng chance.  Banker speaks to the media, he's always lying, and there's always an ulterior motive.

Mon, 02/18/2013 - 15:39 | Link to Comment Panafrican Funk...
Panafrican Funktron Robot's picture

Agreed, everyone talks their book.  There was some accurate information in what he said, but yeah, he's way the fuck short EUR.  

Mon, 02/18/2013 - 12:02 | Link to Comment stiler
stiler's picture

should not Germany now decide to leave the Eurozone and ally w Russia, rather than later?

Mon, 02/18/2013 - 12:06 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

They have to wait till the fed finds and Ships their shinny stuff.

Mon, 02/18/2013 - 12:38 | Link to Comment reload
reload's picture

They do not have 7 years in hand to dawdle with!

I have argued on here before that a German / Russian alliance makes good sense on many levels for both countries. I think that is how this plays out....on some timeframe.

Mon, 02/18/2013 - 12:54 | Link to Comment stiler
stiler's picture

one of those levels being that they are kissin cousins.

Mon, 02/18/2013 - 13:33 | Link to Comment GeezerGeek
GeezerGeek's picture

The last non-aggression pact they signed worked so well that they might as well try another one.

Mon, 02/18/2013 - 13:06 | Link to Comment geno-econ
geno-econ's picture

Old saying in Russia---behind every piece of machinery in Russia stands a German.  Putin is  a Germanophile as was Czar Peter the Great.  Both partners have lost their empires  in the last century and could benefit in a bilateral relationship.  What about China ??

Mon, 02/18/2013 - 12:04 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

This simple garbage man said we are doomed 3 years ago. Now I am the SILVER GARBAGE MAN. I sleep like a baby:-)

Mon, 02/18/2013 - 12:05 | Link to Comment Haole
Haole's picture

Well duh...

Mon, 02/18/2013 - 12:05 | Link to Comment Sir Humphrey
Sir Humphrey's picture

Mayday, mayday, we are zinking we are zinking!

What are you zinking about?

We are zinking about leaving the Euro!

Mon, 02/18/2013 - 21:56 | Link to Comment sink critically
sink critically's picture

And this reference is where the sink in "sink critically" originates, appreciate the joke. Seems there is a plethora of deep sinking going on lately in an effort to explain what is easily understood by the term "stealing".

Mon, 02/18/2013 - 12:07 | Link to Comment Al Gorerhythm
Al Gorerhythm's picture

Irredeemable deposit claims.

Mon, 02/18/2013 - 12:08 | Link to Comment Headbanger
Headbanger's picture

Oof Dah!  Too much truthiness!

Mon, 02/18/2013 - 13:01 | Link to Comment marathonman
marathonman's picture

Nice avatar.

Mon, 02/18/2013 - 14:23 | Link to Comment Silver Garbage Man
Silver Garbage Man's picture

Agreed. Can any one out there tell how to update mine. Thanks.

Mon, 02/18/2013 - 21:12 | Link to Comment smacker
smacker's picture

Login and hit the "My Account" link (near the top on the right-hand side) and it takes you to various things you can change to customise your account, one of which is to upload your own avatar. Then hit Save or OK and that's it. At that point the 'puter remembers you and when you post future comments your avatar will automagically be inserted.

Mon, 02/18/2013 - 13:52 | Link to Comment earleflorida
earleflorida's picture

2nd that!

Mon, 02/18/2013 - 12:10 | Link to Comment ShortTheUS
ShortTheUS's picture

You make it up,

Bring us up,

Bring us down,

Play it sweet,

Make me sell like a freak

Mr. Saxo Bank

Mon, 02/18/2013 - 12:11 | Link to Comment doomandbloom
doomandbloom's picture

..someone called my name?

Mon, 02/18/2013 - 12:11 | Link to Comment ITrustMyGut
ITrustMyGut's picture

umm.. duh?

shenanigans... thats wall we get to witness...

and continued centralization.. imagining anything will interupt the centralization path.. requires imagining.. revolution... unlikely.

Mon, 02/18/2013 - 12:12 | Link to Comment Hulk
Hulk's picture

Fuck, even my wife knows its all doomed now. Poor thing thought she was trapped with a crazy person these last 8 years. ( I started buying farmland in 05)

I looked at her last week and stated, "this never gets better", and she finally agreed...

Mon, 02/18/2013 - 12:16 | Link to Comment Meatballs
Meatballs's picture

I wish mine would wake up. She prefers drowning is the soothing BS of CBS. Frustrating. 

Mon, 02/18/2013 - 12:21 | Link to Comment Hulk
Hulk's picture

I think many wives will be coming round soon. Its painfully obvious now that things are not getting better...

Mon, 02/18/2013 - 12:35 | Link to Comment Yen Cross
Yen Cross's picture

    I think some Dipshit Husbands need to be Bitch-Slapped.  The girls are fed up with this shit, based on what I'm hearing.

   I love girls ;-)

Mon, 02/18/2013 - 12:40 | Link to Comment Hulk
Hulk's picture

LOL ! The Hulk do like a good spanking YC !!!

Mon, 02/18/2013 - 12:43 | Link to Comment Yen Cross
Yen Cross's picture

 Hulk, you make sense. I'm the student...

Mon, 02/18/2013 - 13:26 | Link to Comment Meat Hammer
Meat Hammer's picture

My wife thought I was ready for a padded cell, too.  Now she's asking when the last time was I flushed the hot-water heater so we'll have clean water to drink when TSHTF.  She gets sexier every day.

Mon, 02/18/2013 - 12:49 | Link to Comment imbrbing
imbrbing's picture

My wife came around about 3 years ago. She still needs de-programming though. She just woke up one day and said "we are all fckd, its all downhill from here".

I got at that time the green light to prepare, walked away from the house (they raised the payments by $400 a month via "escrow" after 9 years living there) , bought "supplies". Retirement nestegg is now shiny colored objects obtained by trading in the green colored butt wipes I get on a semi-weekly basis ;-p

Stepping (running)  away from the system feels good. People around me are starting to wake up but still have crap in there eyes from the sleep and are teetering. If they don't

hurry as in do it now, it will be to late for them. I am more of a spectator now in all of this hoping the best for them. Every once in a while I throw a bone to them and less and less

of the time I get the "eye", starting to here "you might be on to something". Then I walk away and let them figure the rest out themselves, if they are REALLY that concerned they will.

 

Best wishes to all.

 

Mon, 02/18/2013 - 17:31 | Link to Comment Nimby
Nimby's picture

Women are the biggest beneficiary of the state.  It, as much as is possible, gives them parity among men where none would exist otherwise.  Do you think we would know the names of George Washington and John Adams had Martha and Abigail refused to let them challenge the crown?

This will all come crashing down when a sufficient number of women begin to see the state as a threat to the prosperity they enjoy.

There is your canary.

Mon, 02/18/2013 - 13:14 | Link to Comment KCMLO
KCMLO's picture

I wish mine would as well.  Over this weekend she started hounding me about both of us going to see the "financial planner" that her sister just went to.  I even mentioned that I not only find investing into stocks to a losing proposition but it's also IMMORAL.  That excuse didn't fly.  What's some good questions to ask one of these bozos?  I've got:

I hit retirement "age" in about 30 years.  The currency is now worth 1/3 of what it was 30 years ago.  Can you gurantee to triple my money in 30 years?  If so, how much can you do on top of that since that would effectively be zero?

How are your mutual funds/equities purchases able to compete with quant/high frequency traders? 

Mon, 02/18/2013 - 14:41 | Link to Comment slightlyskeptical
slightlyskeptical's picture

With a 30 year timeframe I would dollar cost average into the leveraged etf's SSO and UWM. Very agagresive and folks say you don't invest in these for the long term but I would wager everything that these things bring much higher returns over time than the none leveraged funds. If you are going to invest you may as well invest aggresively. Maybe your aggressiveness will scare off both the wife and the advisor.  Or do it through an annuity that has some guarantees and again pick the most aggresive funds within it. If market does well you will be fabuously rich, if it doesn't you will still earn the crappy guaranteed return. You also want the market to do poorly in the start so you can build up a decent trail of investments at low prices. You will lose half your money at some point (or more).  Thats when you throw everything you have at these aggresive investments. It will pay off in spades down the road.

Mon, 02/18/2013 - 12:23 | Link to Comment withnmeans
withnmeans's picture

Sorry Hulk,

You should be selling NOW. Farm ground is getting very top heavy. Even housing is top heavy. Mathematically it is very tough to pencil out profit against our current land prices, if the government starts dropping the subsidies "which will happen sooner or later".

Good luck, Carry on....

Mon, 02/18/2013 - 12:31 | Link to Comment Hulk
Hulk's picture

The farms are paid off (we were lucky and got a great price on our biggest farm(which is small by todays standards)) and we are now producing forest fed Hogs,Rabbits, Stewing Hens and pastured eggs...

I do agree with you on housing...

Mon, 02/18/2013 - 12:48 | Link to Comment BoNeSxxx
BoNeSxxx's picture

Hulk, hit me up at my username@gmail.

I have a farm too and I'd like to compare notes some time.  I didn't know you could do forest fed hogs... fascinating.

Thanks,

Mon, 02/18/2013 - 12:33 | Link to Comment reload
reload's picture

I like farmland, a lot - but it is a sitting duck for some bullshit `wealth tax` which is being proposed here in the land of unlimited rehypothecation.

As for subsidy removal - it is only farm subsidy which can hold France in the Euro. So far now it is taboo. A 1% p.a tax on the capital value is more likely to come first. The queen & house of Coberg will be exempt no doubt!

Mon, 02/18/2013 - 12:44 | Link to Comment Hulk
Hulk's picture

Nothing pisses me off more than the wealth or death tax. What gives those more than useless Sons of Bitches the right to intercept and destroy what I and others have worked so hard to build ???

Mon, 02/18/2013 - 13:11 | Link to Comment azzhatter
azzhatter's picture

Just the simple fact that the government and MSM feel comfortable talking about confiscating 40% and up of a man's production shows how far America has fallen. Confiscatory taxes to prolong their reign of terror

Mon, 02/18/2013 - 13:14 | Link to Comment Shell Game
Shell Game's picture

Don't stop there brother, same goes for their Federal Income tax.  I say, let's abolish everything the Statists created in 1913, eh?

Mon, 02/18/2013 - 13:37 | Link to Comment Hulk
Hulk's picture

Definitely time to stop the destroyers...

Mon, 02/18/2013 - 13:24 | Link to Comment DaveyJones
DaveyJones's picture

you act as if those two things are mutually exclusive...

Mon, 02/18/2013 - 19:18 | Link to Comment pashley1411
pashley1411's picture

Hulk, her backup plan might include a life insurance policy :).

Mon, 02/18/2013 - 22:44 | Link to Comment Hulk
Hulk's picture

She does indeed have a policy on me!!!

(and women who kill their mates have always been a big turn on of mine!!!)

Mon, 02/18/2013 - 12:13 | Link to Comment Charles Nelson ...
Charles Nelson Reilly's picture

C'mom man, nobody's doomed here.  One big freaking war will take care of all of this.

Mon, 02/18/2013 - 13:49 | Link to Comment DavidC
DavidC's picture

As long as it's fought against the right people.

DavidC

Mon, 02/18/2013 - 12:15 | Link to Comment McMolotov
McMolotov's picture

When the end is nigh, you have to lie.

Mon, 02/18/2013 - 12:17 | Link to Comment Yen Cross
Yen Cross's picture

 That's a fucking revelation! <sarc> Of course it's doomed, on (us market)Holidays!   Where's the ALGOS?

Mon, 02/18/2013 - 12:40 | Link to Comment reload
reload's picture

Algo bots tuned in to oil by the look of things.

Mon, 02/18/2013 - 12:17 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

This is the best news I've heard all day.

Mon, 02/18/2013 - 12:19 | Link to Comment jjsilver
jjsilver's picture

Their technocratic one world prison is dead on arrival

22 Steps to Global Tyranny

http://www.youtube.com/watch?v=Kh3Kb2cgZgc

CONQUEST, but by stealth and treachery rather than armed force used openly. The armies are there and being used but the nation states are being picked off one by one. Afghanistan, Iraq now. Korea and Columbia are in the sights for armed conquest.

The real success stories are where the politicians are bought and the countries handed over for bribes. Australia handed over 170 tonnes of gold at $240 US an ounce in the few days the gold reached that level. My! My! What a coincidence?

GLOBALISATION: THE 22 STEPS

The objective of the globalisation programme is to do away with independent nations and turn them into interdependent member states of a single world Corporatist/Socialist order with a single integrated global economy. This requires governments to implement policies which progressively hand over ownership and control of their national economy, banks, big business and industry, public utilities, and farming sector, to global interests; and to surrender their political, legal, and cultural sovereignty to so-called 'institutions of global governance' and ultimately the United Nations world government.

If the program were to be written out as it has to be implemented by national governments, it would look something like this:

BANKING AND MONEY

STEP 1: National governments will relinquish control of their money, float their currency, and remove all controls over the flow of money into and out of the country.

STEP 2: National government will continue the practice of borrowing from the international bankers to finance their affairs.

STEP 3: National governments will depend on international investment for all future development.

STEP 4: National governments will ensure international (not national) ownership of their banks and financial institutions by Transnational corporations and global investors.

STEP 5: National governments will wind back spending on welfare and social programs, including education and health.

INDUSTRIES

STEP 6: National governments will ensure international (not national) ownership of their industries, and business by Transnational corporations (TNCs) and global investors.

STEP 7: National governments will remove all impediments to the activities of TNCs and global investors in exploiting their resources including human resources.

STEP 8: National governments will abolish all measures, including exemptions under Trade Practices legislation, which protect or assist small/medium sized nationally-owned business.

STEP 9: National governments will abolish all forms of protection (tariffs, import restrictions, subsidies) for local industries.

LABOUR

STEP 10: National governments will dis-empower unions, abolish wage fixation, and allow their labour forces to compete in an unregulated global labour market.

PUBLIC UTILITIES

STEP 11: National governments will sell all publicly-owned government-run enterprises and public utilities to TNCs and global investors.

FARMING

STEP 12: National governments will ensure international (not national) ownership of farms by Transnational agribusiness corporations (TNCs) and global investors.

STEP 13: National governments will adopt policies of producing for export, and importing for local consumption.

STEP 14: National governments will abolish all forms of protection (tariffs, import restrictions, subsidies) for locally-owned farms.

STEP 15: National governments will enter into agreements with international bodies which hand over ownership and control of their countries' natural resources.

SOCIAL

STEP 16: National governments will sign multilateral treaties at the United Nations which surrender their political and legal sovereignty.

STEP 17: National governments will adopt policies of 'regionalism' and 'multiculturalism', and other policies which will eventually eliminate national borders, culture, and identity, and create global citizens.

STEP 18: National governments will agree to implement globally determined environmental, social and cultural programs in their country.

POLITICAL

STEP 19: National governments will wind back their national armed forces to levels sufficient only to subdue their own people and participate in 'global peacekeeping' activities as required by the UN.

STEP 20: National governments will disarm their own citizens so there can be no armed resistance to globalisation.

STEP 21: National governments will maintain a working relationship with their local media who will divert attention from these developments until they are too far progressed to be reversed.

STEP 22: National governments will agree to ultimately surrender their own sovereignty and take direction from the World Government.

Mon, 02/18/2013 - 16:15 | Link to Comment smacker
smacker's picture

OK. So who's behind this evil strategy to create a one world govt?

Mon, 02/18/2013 - 12:23 | Link to Comment yogibear
yogibear's picture

When it becomes serious, you have to lie." -Jean Claude Juncker

Mon, 02/18/2013 - 12:31 | Link to Comment dobermangang
dobermangang's picture
"I Would Recommend You Panic" - Hugh Hendry
Mon, 02/18/2013 - 13:50 | Link to Comment DavidC
DavidC's picture

One of my all time favourite lines.

DavidC

Mon, 02/18/2013 - 16:02 | Link to Comment gould's fisker
gould&#039;s fisker's picture

File this one under there's alot of that going around:   “Right now we’re in one of those fake solutions where people think that the problem is contained or being addressed, which it isn’t at all.”

Mon, 02/18/2013 - 12:40 | Link to Comment Yen Cross
Yen Cross's picture

That douche nozzel Junker, needs to shut the fuck up! He's out of office. Classic Meglomanic<> megalomaniac for the spell checkers...

Mon, 02/18/2013 - 12:23 | Link to Comment Son of Loki
Son of Loki's picture

Bullish!

Mon, 02/18/2013 - 12:28 | Link to Comment e_goldstein
e_goldstein's picture

He should stay out of the hot tub.

Mon, 02/18/2013 - 12:30 | Link to Comment I am on to you
I am on to you's picture

Oh splendid,Mr Seier two % Tax guy,former King Midas,yes the name"Midas" of his first business,fled his contry to aviod paying tax,has his own patry Liberal Alliance,and lives in Land Rothschilds/redcross holes in the cheese and mouth gold:

 

His from the club,club of death!

Mon, 02/18/2013 - 12:33 | Link to Comment whopper
whopper's picture

I think he blew his trip to Davos with that interview. 

Mon, 02/18/2013 - 12:33 | Link to Comment Herdee
Herdee's picture

Angela Merkel was just in Canada to visit Stephen Harper(Canada's Prime Minister).Canada has been trying to establish a free trade deal with the EU for over a decade now with limited success.Right now they are very close to a deal.Canada needs foreign investment because the U.S. is too blind to invest more with its own neighbour.Canada is a very tough negotiator,just ask the U.S. and Mexico on the NAFTA deal.Canada isn't going to sell itself out to anybody.So why is Merkel so desperate to come over and visit and say that she'll look after removing the last of the roadblocks?You'll also notice that Obama has just jumped in and said that now the U.S. will pursue a free trade deal with Europe.Question is this : Is Merkel setting up Germany's agreements for more free trade in case they leave or is she simply trying her best on behalf of the whole EU?I suspect that Germany is preparing to leave eventually and is opening up new sources for oil and raw materials (just in case).Canada isn't stupid and because of the lack of investment from the U.S. they have recently allowed the Chinese in.The Chinese now own Nexen.And that's just the start because if Obama turns down the Keystone Pipeline to Cushing Oklahoma,you can bet that Canada's oil will flow instead flow west to China and east to Europe.

Mon, 02/18/2013 - 12:34 | Link to Comment JR
JR's picture

Once the French get into a full- scale crisis, it’s over… --Lars Seier Christensen

Important news from Joe Salerno:

France Ratchets Up the War on Cash

By Joseph Salerno

Sunday, February 17th, 2013

France’s state auditing bureau, Cour des Comptes, informed the French government that it was “dreaming” in forecasting that the French economy would grow this year by 0.8 percent, which would enable it to meet its budget deficit target of 3 percent of GDP. The bureau told French Prime Minister Jean-Marc Ayrault that a growth rate of 0.3 percent was more like it, which would not be sufficient to meet the deficit reduction target. This was the case despite–or more likely because of–the fact that a broad based tax increase had just been imposed that would extract another €32 billion euros from overburdened French businesses and households this year. So would a desperate Ayrault finally open his eyes to economic reality and slash the budget of the bureaucratic and bloated French State, a budget that is liberally larded with fascistic corporate welfare subsidies and bailouts? No way, no how. Instead Ayrault convened a meeting of the National Anti-Fraud Committee to crack down on tax cheats and presided over it himself–”A first for a head of government,” he crowed.

Tax fraud in France has been estimated to be in the range of €60 to €80 billion annually. Buried in Ayrault’s proposal to crack down on tax cheats and further squeeze more revenue from its “fiscal residents”–those citizens and foreigners who have not been driven into part-time exile to escape French taxes–is a draconian provision that would lower the maximum cash payment per transaction from €3,000 to €1,000. Under the new limit a French citizen would not even be able to buy a used car for cash. The provision would not apply, however, to citizens and foreigners wealthy and savvy enough to have placed their income beyond the clutches of the rapacious French State by becoming fiscal residents of other countries. They would be subject to a limit of €10,000 per purchase in cash, down from the current limit of €15,000 per purchase. This may come to be called the Depardieu exception because French actor Gerard Depardieu recently caused a public stir by obtaining a Russian passport in order to take advantage of Russia’s flat-rate income tax of 13 percent.

One commentator perceptively summed up the inextricable link between the war on cash and the war on personal liberties:

With this law, the French government will be able to tighten the vise on its people one more turn, restricting their freedom of choice (how to pay), wiping out any privacy in those transactions, and imposing another layer of government control. Once people have gotten used to the €1,000 limit—based on the great principle of incrementalism with which restrictions of freedom come to pass in democracies—the vise will be tightened further, until the government can document every purchase made by “fiscal residents.” http://bastiat.mises.org/2013/02/france-ratchets-up-the-war-on-cash/ 

Mon, 02/18/2013 - 13:14 | Link to Comment Svendblaaskaeg
Svendblaaskaeg's picture

"..a draconian provision that would lower the maximum cash payment per transaction from €3,000 to €1,000."

Denmark year start 2013, maximum cash payment per transaction Dkr. 10,000 = € 1,333

Down from last years Dkr. 100,000 =  € 13.333

 

Mon, 02/18/2013 - 12:35 | Link to Comment Antifaschistische
Antifaschistische's picture

"Lars Seier Christensen, co-chief executive officer of Danish bank Saxo Bank A/S, said the euro’s recent rally is illusory and the shared currency is set to fail because the continent hasn’t supported it with a fiscal union."

Spoken like a true one world guy.   This is not true.  You do not need fiscal union to have a shared currency.   You need monetary discipline and a free market for debt that punishes irresponsible spenders.  What the EU is trying is to share the "bailout" costs of irresponsibility in the absence of fiscal unification.   Of course this doesn't work...but fiscal unification is not the answer.  Allowing governments to be disciplined by the interest rates set by a true market for their debt is the answer.

Discipline is of course physically (not fiscally) mandated in a gold based system.  But discipline remains the key even a fiat world where counterfeiters (i.e. central bankers) are not allowed to invent debt and print (i.e. journal entry) at will.

Mon, 02/18/2013 - 13:01 | Link to Comment JR
JR's picture

The cartel pushed for a European Union on the basis that it would be a marketing bonanza; drawing all the best together for diversity, exporting and serving the world’s markets. The peoples of Europe, not allowed to voice their opinions, were drawn into the mix. But trouble came quickly as the bankers sought to define a stronger unit, one that would have central control and overrule some of those nagging problems with sovereignty. The situation became catastrophic when the recessions came.

And now the bankers have grown cool and tyrannical, threatening Draconian solutions. The search for world government is falling on the sword of the European.

But, make no mistake, the bankers will not be diverted from the road they are on until either the people stop them or the people are all devoured.  

"It seems a shame," the Walrus said,
"To play them such a trick,
After we've brought them out so far,
And made them trot so quick!"
The Carpenter said nothing but
"The butter's spread too thick!" …

"O Oysters," said the Carpenter,
"You've had a pleasant run!
Shall we be trotting home again?'
But answer came there none--
And this was scarcely odd, because
They'd eaten every one. --
Lewis Carroll, The Walrus and The Carpenter

Powerful post! Antifaschistische. And dead on.

Mon, 02/18/2013 - 12:36 | Link to Comment Sanksion
Sanksion's picture

I'm proud to be french today. When we fail, the whole EU scheme shall fail. Ain't that cool?

Mon, 02/18/2013 - 12:48 | Link to Comment NotApplicable
NotApplicable's picture

Even more so when you think about the fact that it was broken beyond repair from the start.

Don't worry though. This will be used as the mandate required to "fix" it.

Good luck with that...

Tue, 02/19/2013 - 12:34 | Link to Comment medium giraffe
medium giraffe's picture

Good work Frenchies! Don't forget to seal up the channel tunnel soon, we have plenty of folk here in the UK who will be coming back through when our state welfare vanishes.  We know you let them through on purpose, we could hear you laughing... :)

Mon, 02/18/2013 - 12:36 | Link to Comment akarc
akarc's picture

Reports of Central Banks  increased purchase of gold. Gold price down????????

Supply and demand?????   This does not look good!

Mon, 02/18/2013 - 20:09 | Link to Comment are we there yet
are we there yet's picture

Gold buying and gold production and selling has been confusingly imbalanced for years. Market manipulation by paper gold is part of supression, but there is more. It appears to me that The FED and central banks are overstating heavily how much real gold they have, and China is heavily understating how much gold they are accumulating. I see china as having a goal of becoming a reserve currency within a decade and will announce one day that they have enough gold to become one.

Tue, 02/19/2013 - 12:43 | Link to Comment medium giraffe
medium giraffe's picture

Price discovery is just a fairy tale for Economics undergrads...

Mon, 02/18/2013 - 12:40 | Link to Comment williambanzai7
williambanzai7's picture

The efficient market hypothesis says this is not happening.

Mon, 02/18/2013 - 12:41 | Link to Comment yogibear
yogibear's picture

"He should stay out of the hot tub."

The 220v hair dryers we electrocute a lot faster.

World bankster goons are used to staging suicides.

Mon, 02/18/2013 - 12:46 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

Who does this leak work best for?  Sounds like he's just talking down the euro, another facet of the currency war

Mon, 02/18/2013 - 12:47 | Link to Comment Bunga Bunga
Bunga Bunga's picture

I hope he has no swimming pool.

Mon, 02/18/2013 - 12:50 | Link to Comment W74
W74's picture

Something is rotten in the State of Denmark.   And yet they keep telling us the problem is a bunch of Pigs.  Methinks the new wild-card is a Hollstein.

 

Mooooooooo.

Mon, 02/18/2013 - 12:56 | Link to Comment Peter Pan
Peter Pan's picture

I suspect that on the day that the whole show unravels, the FED will engineer a massive spike on the S&P and will then close the stock market with the excuse that it wants the market to calm down first.

Trucks with supermarket supplies will then have to be given police escorts etc etc. as people start to panic buy.

Of course this is only scenario as the possibilities are infinite.

The government might even announce that aliens have made contact and this should keep the masses glued to their TV's rather than rioting on the streets.

Mon, 02/18/2013 - 13:00 | Link to Comment GreatUncle
GreatUncle's picture

Like this bit ... about right.

Public-sector debt is at record levels, having more than doubled from 40 percent of gross domestic product in 2008.

That is the problem across all nations. Not the value the rate. Pre 2000 as an estimate the money in your pocket would halve every 10 years or so in value or things you would purchase would double in price. By 2008 this rate had increased so that it only took 5 years to do the same.

Intrinscially the rate of growth of debt, price you pay, what your money is worth is all tied into the application of Keynes at a certain rate. Now from where I am sitting the only way to get the rate down, not the total level of debt is recession and that means negative growth however any central bank wishes to manipulate it. Pumping in liquidity via QE does not change this rate it only maintains an unsustainable rate. Clever these bankers "not" because it assumes you can find the kind of real growth to replace the illusionary one they need to cut and not a chance.

[edit] Personally I think the gold standard was dumped on what was planned "the above" because the rate would have been revealed far earlier as unsustainable by applying a metric of debt to this standard. If not what was the genuine reason for dumping it? Silence ...

Mon, 02/18/2013 - 13:10 | Link to Comment ak_khanna
ak_khanna's picture

Countries around the world are taking on more debt without any fruitful attempts to curb their expenditures. This has resulted in a much more fragile and artificially held up financial system which is on a much shaky ground than it was in 2008. In 2008 companies failed due to excessive leverage and debt and now countries are likely to default because they took on the same bad debt on themselves. 

There is no economic recovery because all the efforts of politicians, government, central banks etc are focused on saving banks instead of targeting job creation which is the only way economy can recover. 

http://www.marketoracle.co.uk/Article35345.html
www.letstalkmoney2012.in

Mon, 02/18/2013 - 16:12 | Link to Comment smacker
smacker's picture

"Countries around the world are taking on more debt without any fruitful attempts to curb their expenditures. This has resulted in a much more fragile and artificially held up financial system which is on a much shaky ground than it was in 2008"

 

Indeed. And you have to wonder why why why.........

Mon, 02/18/2013 - 13:14 | Link to Comment Super Broccoli
Super Broccoli's picture

NOoooooooo !

and i was about to be promoted diplomat of my stupid welfare-bankrupted state !

Mon, 02/18/2013 - 13:31 | Link to Comment dracos_ghost
dracos_ghost's picture

OT,

http://www.cmegroup.com/education/market-commentary/eq/2013/02/pre-open-...

"Technically the MKT is in a NEUTRAL DIGESTIVE position with all indicators counter balanced. The MKT is "on the fence" with the potential to go either direction or nowhere. Pick your points and have no expectations, as the likelihood of this MKT trading sideways is high."

So the market may go up, may go down, but most likely sideways.

Wow, where do I sign up for this newsletter. Holy shit. Does anyone read their press copy anymore?

Mon, 02/18/2013 - 13:42 | Link to Comment aleph0
aleph0's picture

..."getting rid of some of the countries that are being ruined by being in the euro"...

... start with the first 17 !

 

Mon, 02/18/2013 - 14:07 | Link to Comment slackrabbit
slackrabbit's picture

Exactly.

Reformed EU = one country....Germany....or is that Iceland?

Mon, 02/18/2013 - 13:49 | Link to Comment andrewp111
andrewp111's picture

 

 

The Euro - A quack currency run by a quack central bank.

Mon, 02/18/2013 - 13:57 | Link to Comment jubber
jubber's picture

Hope he hasn't got a hot-tub, now see other people have made that warning already !!!

Mon, 02/18/2013 - 14:02 | Link to Comment Robot Traders Mom
Robot Traders Mom's picture

All I hear is austerity-this and austerity-that. Has anyone really cut anything outside of future baseline assumptions? 

 

Anyways, linked this article (along with some other Liberty-related news) at www.TopTheNews.com

 

 

Mon, 02/18/2013 - 14:04 | Link to Comment slackrabbit
slackrabbit's picture

Correction:

"people have beendramatically underestimating the problems."

 

Should read:

"people have been dramatically underestimating the problems....except those damned f**kers at Zero Hedge!"

 

;-)


Mon, 02/18/2013 - 14:11 | Link to Comment q99x2
q99x2's picture

What's Draghi's number. I just found I'm short 75,000 for this year. I don't know how I could have missed it.

Mon, 02/18/2013 - 14:43 | Link to Comment bugs_
bugs_'s picture

Not just a piece of it, THE WHOLE THING is DOOOOOOMED

Mon, 02/18/2013 - 15:24 | Link to Comment tony bonn
tony bonn's picture

Lars Seier Christensen  is the bildeberger hack sent out to scare the europeans into fiscal union....the whole economic crisis was engineered to consolidate the europeans under a single government...that in turn was another rockefeller axis of evil plot to undermine national sovereignty everywhere so that unelected pompous arrogant nazi oligarchs could rule the world - since they know so much more than anyone else does.....

Mon, 02/18/2013 - 17:24 | Link to Comment Venerability
Venerability's picture

Gosh! If you need a co-screenwriter, I'm available.

Sounds like the next blockbuster to me.

Mon, 02/18/2013 - 15:44 | Link to Comment mind_imminst
mind_imminst's picture

Europe is doomed. No doubt the S&P will rip higher on the news.

Do NOT follow this link or you will be banned from the site!