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Ask Mario Draghi A Question
It is hardly the world's best kept secret that it will be a rather chilly day in a very exothermic Hades before a member of Zero Hedge is invited to a central bank press conference to ask a legitimate question. Which is why we are delighted that Scott Solano with the German news agency DPA, who will be at the Oracular Draghi's public appearance tomorrow, has been kind enough to solicit Zero Hedge readers' questions for the former Goldmanite tasked with inflating away Europe's ~$10 trillion debt overhang problem, which he would then ask by proxy (assuming he is not bound and gagged once it leaks to the Frankfurt funding fortress that what he asks may be... provocative).
Scott's contact info is in the clip below.
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Can you FUCK OFF?
Why do you wear circa 1944 spectacles?
Didn´t your parents show you enough attention when you were a child?
Mario... What do goats dicks taste like when you blow them?
~~~
&, do 'circumcised dicke taste different from 'non-circumcised dicks'?
I'd rather see Draghi answer questions from Main Street Cypriots
Who is your controller?
OT, but I dont care...I need to rant. sorry...
OT as well:
Will Tyler(s) please stop with the bitcoin propaganda. Why not buy litecoins?
https://en.bitcoin.it/wiki/Litecoin
Why not change the start-bits and create a new bitcoin2 ledger network?
There can be bitcoins legers 1 through 10000000…(?)
Don’t buy bitcoins.
no btc because you have a shit load of litecoins to unload on the greater fools?
Draghi,
Is there a Plan B? And also how do you feel about Zerohedge readers, and also is there a sliding door?
Thank You
"I could so kick France's ass right now."
Classic.
It is hardly the world's best kept secret that it will be a rather chilly day in a very exothermic Hades before a member of Zero Hedge is invited to a central bank press conference to ask a legitimate question.
If the mentioned scenario did happen, would ZH advertise it?
What happened to Marla? She posted here early on.
Marla, actually, turned out to be..., a guy.
Tyler wasn't amused. ;-)
Love your hair Tyler
Hypothetical scenario: the day has come when a 100% depositor haircut is insufficient for you. At what point do you begin to physically seize food from citizens' plates?
Thank you.
citizens are nothing but consumers, you have a marshmallow life paid for by the efforts of previous generations and future generations, you are in the sweetest spot in history!
"I'd rather see Draghi answer questions from Main Street Cypriots" - some of them have more beef with a different gentleman called Panicos, who as Governor of the Cypriot NCB is the real "boss" of all things monetary, there. The role of the ECB in the Cyprus Affair was after all - very limited, bordering to zero...
That's like saying the role of the Marriner Eccles building in US money creation is rather "limited" because the money creation actually takes place each night at the 12 district banks when the 12 district banks reconcile their ledgers against the multitude of member banks' ledgers.
Without the ECB (and policies which allow the CBC to stay open for business), the CBC is DOA, without the CBC every bank is Cyprus is dead. Since the ECB has an insiders' view of the CBC balance sheet and its liquidity projections, it can tailor its policies to extract whatever concessions are needed from the CBC, and by extension the rest of the banks in Cyprus.
The word of the law, the spirit of the law, and the practice of the law are all distinct studies.
Not only that, but one thing is the Law and another the regulations made by officials, which after all is what you have to follow (one can always go to court if you think it is wrong). A famous XIX century spanish politician, the Count of Romanones, purpotedly said "You make the laws, I'll make the regulations".
UR, if the CNCB had not been a member it would not have gotten the ELA support, the bailin money, etc. etc. Do you think it would have had a better fate? I don't
If they weren't a eurozone member- they wouldn't have signed up for a haircut on Greek debt, or keep returning to the trough of tier-1 Greek bonds. I don't think they ever had an opportunity for a graceful exit from eurozone because of the way their banking industry was structured (as the low barrier to entry, high-yielding window on the eurozone establishment), but at the same time it was a bargain with the devil, the ECB had insight into all the Cypriot cards, as well as control over collateral haircuts and regulatory authority.
The ECB could (and I would assume, did) model any proposed action against member banks interests and (I would assume did not) advise what steps were necessary in order to prevent further impairment in a timely fashion. They then demanded a course of action which would impair the viability of the entire banking sector of a member.
It's not a club I would be interested in joining, but they made their own bed and now they have to sleep in it.
*stolen from TD, circa 2012
LOL - in honour of my avatar I'll try to answer some...
- "Are depositors really less likely to pull money from banks, now?" -> depends from the country. the ECB is pushing and pushing but the damn banks won't lend to the SMEs if they don't get some collaterization incentive - more about it soon
"...the ECB to drop the reserve ratio below the current level of 1%?" -> a Krugman Attack from Mars?
"...Negative Reserve Requirement Policy (NRRP) work in Europe?" -> some of our more cautiious supporters - like Ghordius - would really dislike that
"...ECB warehouse full of Eurobonds?" -> even if the parliaments of the eurozone submit to this incessant request from Wall Street and the City - printing and storing eurobonds would be something the EU would do, not the ECB
"...Grexit..." -> it would be bad policy to officially discuss this in detail, but any exit from a peripheral country would be long term positive. the exit door is as important as the entry door for the EUR project
"...take vacation?" -> like Fafnir, the dragon, the ECB never sleeps
"Do you swap more than just USD with Bernanke?" -> good one. the swaps are now back to quite low levels, aren't they? And sometimes the question arises: which banks needed help? after all, plenty of US bank presence in London, with lots and lots of euro contracts and committments
"...Thomas Stolper's advice" -> the Squiddie? to be frank I don't remember him being right, I'll have to look it up
"wheel-barrows" -> pallet trucks? no, the ECB is modern network of 17 among the oldest national banks of the world which have enough traditions. so euros travel in containers
Soon? Like right after "normal circumstances" return, reserve requirements go back up, and hell freezes over? Or a different kind of soon?
soon = next press conference
HH, when you mentioned reserve ratios, you caused me to remember a search I did last night after seeing the UBS piece which included this titbit, 'frb Chicago refused to discount frb NY paper'. I didn't get the whole story, but it appears that frb Chicago may have refused because, at the time, there was a 40% gold reserve requirement for frb notes issued (now simply called dollars). It seems by early 1933, frb NY's gold reserve ratio had slipped as low as 24%, causing it to be operating outside of frb regulations, as well as posing (to Chicago, at least) an unacceptable risk. Upon reaching the 24% reserve ratio, the frb NY chairman publicly announced that he could no longer operate the bank with such a dangerously low reserve which preceded executive order 6102. If anyone can point me to a link to flesh this story out more, I would love to read a complete version.
i saw what you did there
Why don't you do more to help the economy?
It's spelled, MOAR !!!!!
Hey krugcrap, shouldn't you be asking, "why won't the ECB print just as recklessly as the FED"?
Recklessly? Printing?
First, it is an asset purchase program that Bernanke is working. M2 has not expanded greatly like all the inflationistas say.
Second, unemployment has continuiously fallen since the begining of the said programs.
In Europe unemployment has risen. So who is being reckless?
You aren't invited. Why not and are you at least a bit jealous?
The Europeans in charge have not taken my advice. Not one bit.
Am I jealous? No, just concerned.
we listen, doctor. every word of advice you give... we try very hard to do the opposite
M2 has not expanded greatly like all the inflationistas say.
Even Krugman himself wouldn't make such a ludicrous statement.
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011/10/gc%201.png
Hi Paul,
You might have missed this question the last 8 times I asked it, so here we go for try number 9 (and yes, I will continue to increment the numbers until you answer the question):
If growth is defined in monetary terms and money is debt (interest bearing) please explain how exponential growth of debt is sustainable into eternity. If money (debt) exponential growth is not sustainable into eternity, then WHAT HAPPENS WHEN THE EXPONENTIAL MONEY (DEBT) GROWTH FAILS? I made the question bold in case you are having vision problems and couldn't see the question. Hopefully this helps. TIA...
Consequences of Krugman's Pimped Fractional Reserve Banking 2) - Poverty - Debt is not a choice
https://www.youtube.com/watch?v=juQc0rLdB-E
Do you get off enslaving the proletariat to debt owed to the people who made you and can also trash you?
Aren't you just a modern version of a well paid house slave? How's that reality going to resonate throughout eternity?
Second, unemployment has continuiously (sic) fallen since the beginning of the said programs.
And you believe that?
Krugman - Reckless, Maybe, Disingenuous Definately.
Right, but still I want to see BB repaying 17T without printing money. As long as everyone don't demand the debt repay all is fine. Europe used to think that way.
1) Velocity will increase at some point. Then it gets decidedly fugly.
2) Non-persons falling off the Earth does not a true decrease in unemployment make.
3) Europe obviously needs to cherry-pick the talent we have computing our CPI.
Asset purchase? Tell me mr krapman, what is the market value of those "assets"?
Oh, right, there's no market. How would you know?
Besides the fact that you're NOT Paul Krugman [which is an honor], & you have nothing relevant to say...
~~~
Well ~ is there anything else you have to offer?
What do you have to offer?
Aren't you the "Nobel"?
I just shot out my neighbor's window because his dog was yapping too loudly. What have you done lately?
Because it would only end up hurting it (I'm going on a limb and assume he has any concern (and clue) about it - I know, silly)?
They look eerily familar to the spectacles Himmler wore.
Mein Fuhrer
Exactly. Draghi is a freak.
Boris is to reprimand comment - Central Bank is adequately FIJCKED, Bankster is already to do too much FIJCKING, and Bankster is to enjoy FIJCKING, and if misinterpret, is construe as invitation to further FIJCK us little citizenry. Please, no more!
Ill Mitch, is it you?
Scott, can you tell that piece of shit technocrat, scumsucking, parasite, contributor-to-nothing, asshole, raised-by-monkeys fuckface to suck a cock?....Thanks in advance.
What's your home address?
Do you sleep well at night?
OT but Some of us will not
http://techcrunch.com/2013/04/03/bitcoin-instawallet/
Non-nerds playing a nerd game usually get burned.
Oh this should be really interesting.....welcome to fight club bitch! Way to go Tyler.
When is the next bank robbery due, and in which country?
Question: why are you ruining nations in order to defend unregulated otc derviatives made by the world's biggest commericial banks and their bonuses....equal to more than the world's gdp?
Why do you exist? You are a technocrat. No one elected you. Who appointed you? And why? Money printers can bail out the world, but only print money when it saves banks. Why?
The bastid Godless Goldmanite will lie with impunity, as per usual.
The BIS is in the process of punishing wrongdoers. Tick tock.
tut, tut, tut - unregulated derivatives are after all an US "relaxation of the law" - heavely lobbied by the former Citi CEO, if I remember correctly. and the US are the only country that could revert again this obscene thing
Technocracy means "rule by knowledge", actually, meaning "by the experts" - so technocrat could be taken as a compliment
"No one elected you" - actually this is what appointed means - like ministers or police commissioners, etc. etc.
"who appointed you" - I definitely remember the long discussions in the France and Italy about this appointment - the answer is: the Council of the EU, i.e. the Heads of State/Government of the member countries. why should this be otherwise? the governors of the NCBs are appointed by their respective governments, after all (long tradition of seeing this as an independent part of the executive), and they are way more important (as we have seen in Cyprus) than the prez of the ECB (don't tell anybody)
"Why?" - you want the bitter, real truth? the megabanks have a tight grip on the planet, courtesy of the US political setup. again, this is a game of reaction: if the US bails it's banks, nobody else is willing to let their banking systems collapse
do ask the Cypriots on the street if they wanted a collapse of their banking system
do ask the Cypriots on the street if they wanted a collapse of their banking system
Wrong question. Ask them if they would withdraw all their money if given a chance to do so.
Of course nobody wants to be the greater fool. But they couldn't care less about a banking collapse if they can get their money out safely.
don't forget that Cyprus is a banking island - the most vocal protesters were bank employees
and after all, the one item nobody mentions: it's under the Cypriot NB Governor authorisation that all this banking holiday and cash withdrawal drama has been done
was it really necessary? I doubt it - and I doubt that his ECB collegues are happy with his "performance", so far
Do you suffer from the drip, drip, drip of gonorrhea?
Pure Zappa!
Can I shove this big fucking microphone up your ass?
Maybe we can finally understand him since its widely known that some CB's talk out their ass!!!
If when things get tough you lie, are you lying now?
Have you ever worked as a sheep shearer?
If Boris is only have one question and Draghi must is to answer, Boris want to know who Draghi is employer. Who are man in shadow?
Is Christine Lagarde's dick bigger than yours or just her sack?
I don't mind so much what you ask, but can you use the word "tentacular" somewhere in your question?
Do you really want to destroy Europe with your printing process?
My Dear Mr. Draghi: "Please tell us when you will stop shafting the middle class."
Mario, does Lloyd prefer spit or swallow?
Mr. Draghi, when do you think it is the right time to short the F* Euro.
And would you be so kind to give me a call just before.
How do you short the euro? You have to go long something in order to short something else. You didn't plan on going long dollars, did you?
Do you really think centrally planned economies work better than free markets, and if so, for how long?
How will Italy ever repay its €2 trillion public debt?
Does "doing whatever it takes" include lying a la Juncker ?
Answer: "we wait until you can buy 2 eggs with a trillion euros, than we pay everything back at once"
How does it feel to be buggered by Lloyd Blankfein?
How often do you consult with the Saudi's about selling Oil in Euro's?
How often do you consult with the Vlad about buying Oil in Euro's?
Or more to the point- does you backup plan (you do know what those are, right) for when the FRB is no longer able to maintain the status quo, involve a greater partnership with Moscow?
damn isn't this a very good question. depend on the scenario, dosn't it?
Since the answer to the $600 trillion question depends on that answer, it's big enough to lie about under any scenario.
Is the ECB trading Bitcoins?
I have seen several interviews with European Finance Ministers stating that it is imperative that nations remain in the Euro since individual currencies are 'attacked', creating mayhem for the national economies. The idea seems to be that no matter how bad things get within the Euro, it is worth the sacrifices to sovereignty to protect against currency manipulation. My question is, if it is currency manipulation that is the problem then why is that not addressed as the singular issue rather than unification within the larger EU construct?
currency grids? Soros et al? note how many currencies are pegged to an anchor, nowadays
Mario, when you fart, does Ben Bernacke's sperm ooze out?
When you eat babies, do you prefer to sauté them in butter and a little oregano or brush them with olive oil and grill them?
in the legend moneychangers eat babies cooked in their mother's milk
Are gold and silver money? Do you support the Germans in their effort to get theirs out of the US?
nearly all europeans see gold and silver as money (gold more so)
Would you please autograph my Banzai7 Fine Art Print?
That would rule.
Question 2: How long did it take to train your crotchhund to junk on Zero Hedge?
Q. Why do you think that 9 out of 10 ZH readers are grown up adolescents?
A. I just read the thread.
Grow up already people. Doesn't do the credibility of ZH one bit of good. Pleanty of other places to exhibit hate and disgusting sexual references. So what? You get an up arrow from another retard?
I would ask him if they ever considered turning the tables and helping out the consumer directly? And wouldn't such action then serve to help the banks as well? Why exactly are you not pursuing "trickle-up" policy?
Draghi represents the failures. The BIS is aware, and in the process of punishing failures.
All the pretty pets of modern economics and politics and gangsta bankstas will be punished, severely. Lose their status and money.
Good.
You give the man far too much credibility. We're dealing with sociopaths who care fuck-all about the average person. We could ask legitimate questions, or we can insult him because he simply isn't worthy of having legitimate questions asked of him.
These assholes have turned the entire world into a farce. It's only natural that we respond by mocking them.
Sir, I drink another in your honor.
Not to mention that, as a member of the club of sociopaths currently running the world's financial system, he doesn't give a flying fuck what anybody outside his little oligarchical club thinks anyway. We're all just so many cattle to them. They deserve the mockery, but it has no effect on them - if the cows in a pasture were mocking you, would you know, and if you did know, would you care? That's how Mario and friends see the world.
That's how they see the world. The Press CONfidence is political theater.
are you kidding? where would be the benefit for them in doing that? unless their lives are threatened they will demand to have their cake and eat it too.
they care sweet fuck all about you or me or anyone else here
psychopaths don't have emotions like that
+1 walkure. The ZH bored wouldn't let me give you a green, so this is it.
Realpolitik. Social media serves its hidden paymaster.
How exactly is the pillaging of ordinary Cypriots life savings not theft?
follow up please
Are you lying now or were you lying then?
Thank you, Pud
When (or under what circumstances) do you think the Eurozone countries will allow the ECB to monetize European debt as the FED is doing for the US?
I think ZH and its associate will field intelligent questions, more so than many of its readers.
Aren't you in fact Beelzebubba?
Why should anybody believe anything you or any other banker or politician says?
Draghi and the NWO need to pay me more for not asking questions but if I did ask one I'd ask him why N.Korea has announced it is targeting Alex Jones in Austin, Tx.
Is Greece, Spain, Italy, ireland, Portugal or Cyprus better off now than a year ago....please detail the many ways
How does the ECB intend to resolve the Target 2 losses that would occur should a member state either reject Troika conditionality or be unable to bailout its banks.
great question and the Germans want to know.
So when you said "whatever it takes" you were lying, no?
No. I think when he says they will print as many paper notes it takes, he meant it. Too bad eventually the paper becomes completely worthless, so the "whatever it takes" amount is infinite.
LOL - excellent one. imo he knew that Europeans would get a different message than Americans from those words, so it's (imho) an very good... deception
Mr Draghi, when Goldman Sachs owns everything, what planet will they attack next?
Super Mario, did anyone ever bother on a legal documented definition of OMT?
(angus young on gunpowder mode)Mario, what do you do for moar-io?
Please explain the democratic process leading to the bail-in of Cypress.
We lived in strange times when a German was pope in Rome and an Italian Central Banker in Frankfurt.
One part is already reversed, when will you do your part ?
And the son of a German jew, AshekeNAZI is now Head of the Church of England. Strange times, indeed. No surprise that his Easter message told Britons not to believe in him.
He is a money grubbing oil man and Mi6 whore, all for the Internationale, appointed by the defunct slut, formerly known as the Church of England.
How much does it cost to feed your flying monkeys?
Did you ever watch the Muppet Show?
Do your nipples get hard when you hear another poor citizen self-immolated?
Here's my question: What's your neck size, Mario?
Ask the cock sucker what would be a fair jail time for his theft commited thru a criminal organization?
Dear Mario,
What would be a good litmus test to determine if democracy is dead in Europe?
Or: when will the European Union publish independent accounts, signed off by an independent accountant? In a democracy, people want to know that their money is spent honestly.
The European Press are rife with proof of corruption and theft in Brussels. Here is your chance to end that, and say when the European Union will get its accounts signed off by an independent auditor.
When will an independent auditor sign off on the European Union account which takes money from people without accounting for it?
(It hasn't done so for more than a decade because no independent auditor would sign it off.)
What percentage of Giacomo's Morgan Stanley bonus do you take? Or does Morgan just give you a nice big Berry Bros hamper at Christmas with a few 400oz gold bars hidden in the straw?
Do you ever intend to let market forces act on the financial institutions, so the fucking zombies can finally be killed and we can return to some sort of system where value is created by 'building stuff and selling it to other people' rather than trading derivatives on derivatives of interest rate swaps on CDS backed currency swaps of interest-rate option derivatives'?
When can we expect an ECB round of stress tests that is able to ACCURATELY PREDICT the eurozone banks which will fail over the twenty-four months?
What is your excuse for the utter failure of EACH AND EVERY round of completed ECB stress tests to ACCURATELY IDENTIFY the eurozone banks which will fail over the following twenty-four months?
Given the demonstration of utter inability of ECB management to even identify troubled eurozone banks in a timely fashion, why should the citizens of eurozone countries have ANY faith in ECB management to actually solve the systemic issues that these banks face?
Do you and the European FIs have plans for getting back into MBS now that the US Real Estate Market has recovered and is booming again?
Do you have any inside info as to why it's taking 7 years to get a small amount of their gold out of NY? Is it because they only have a small rowboat to carry it in?
Do you expect any repercussions from trying to fuck the Russians over in Cyprus? What are the plans for heating next winter when the gas flow from Russia suddenly 'experiences technical difficulties' and is cut off?
isn't your real name the Supervillain Ernst Stavro Blofeld, head of S.P.E.C.T.R.E.?
If Jesus needs to monetize debt does he need to call down to Hell to get a Central Banker or is there a direct number?
Jesus said: believe Moses and the Torah who wrote of me.
It is the choice of men to choose: God or Satan. Sound values for community or money changers.
Jesus threw the moneychangers out of the temple of civilisation.
You can give someone values and facts. You cannot give him good judgement. It is a choice, not a dictat.
How long do you think you and your buddies can keep the exponential sovereign debt growth curve going? Are you familiar with boom-bust cycles in rabbit populations? If the the sovereign debt curve follows the same path as the rabbit population curve, what are your plans for dealing with the crash? Where will you be hiding?
Because Mario is a liar, there are only two objectives:
1. Ask questions that give a better understanding of the way he thinks
2. Ask questions that embarass him
Yep.
Lure him into the open.
Wonderfully put brother.
Simply ask: Does the grasshopper lie heavy, as you stand atop the world?
El ayre de la almena,
cuando ya sus cabellos esparzia,
con su mano serena
en mi cuello heria,
y todos mis sentidos suspendia.
Quedeme y oluideme,
el rostro recline sobre el amado,
ceso todo, y dexeme,
dexando mi cuidado
entre las açucenas olvidado.(source)
How does it feel to be hunted?
Don't worry if you can't answer straight away. It will become clear in, o, maybe a couple of years...
Is the food in the BIS executive restaurant as good as the hookers in the country club?
Question to Draghi: Which blood group do you prefer, and why?
Second question: Rhesus Pos or Neg?
When did the new BIS Gold Pool begin under Leutwiler, was it 1982 or 1983?
Long after commercial banks stuffed their shareholders, and political pets did too.
Nations are ruined, and you ask a question in your counting house.
Five years on we continue to be in rolling crisis - what if central banks have been completely wrong? Why should the common man continue to trust central bankers?
Have you ever considered suicide?
Question to Mario ; is it true angela merkel always starts to smell a little bit when discussions get heated ?
Mr. Draghi can you please tell us who is buying PIIGS debt, and what(figure) exactly is your monthly POMO allotment .
Secondly can you please tell us how said dispersments are allocated? Ex; swaps/excess reserves.
A surgical strike, Mr Yen.
Facts need to be known, not fantasy.
Will he have balls to come to ZH and answer questions here? That's my question for the most illustrous and excellent lord of the Dragons.