Les Miserables

Tyler Durden's picture


Submitted by Mark Grant, author Out of the Box,

“If I speak, I am condemned.
If I stay silent, I am damned!”
                 -Victor Hugo, Les Misérables
It is a convoluted world. The money rolls in from the Fed, the ECB and various European funds where money is pledged by each country and put up by none. Pledges, contingent liabilities, guarantees of bank debt are not counted but have not vanished and show up when the bills are due decreasing the assets of everyone.
The newly printed money must find a home and so supports the sovereign debt yields while costing each European government more in the process. Austerity fails, unemployment rises, economies decline, more taxes are applied and the use of newly printed money is the only thing that separates us from some sort of financial chaos.
The differential between the European economies and the European markets increases and the actual losses increase. Securitizations pledged at the ECB are massive and chock full of bad Real Estate and commercial loans that are hidden and swept under the rug in Frankfurt. It is a dangerous business and a charade of the worst kind as no one has any real notion of the danger.
“If the soul is left in darkness sins will be committed. The guilty one is not he who commits the sin, but he who causes the darkness.”
                  -Victor Hugo, Les Misérables
The Official French GDP                          $2.638 trillion
Admitted Sovereign Debt                          $2.37 trillion
Loans to the Nation                              $214.9 billion
Admitted Bank Guaranteed Debt                    $479 billion
Dexia Guarantee                                  $ 55.48 billion
Total National Debt                              $3.119 trillion

France’s Liabilities at the ECB                  $569 billion
France’s cost for the EU Budget                  $ 23.2 billion
France’s Liabilities for the Stabilization Funds $110 billion
France’s Liabilities for the Macro Fin Ass. Fund $203 billion
France’s Guarantee of the EIB Debt               $137.6 billion
France’s Total European Debt                     $1.043 trillion  
France’s National and European Debt              $4.162 trillion
France’s Official Debt to GDP Ratio                 90.2%
France’s ACTUAL Debt to GDP Ratio                   158%
I would say that Mr. Hollande has been a disaster for France. I state this not just based solely on economics but also upon their leadership in Europe. There was a time when Germany and France operated in some sort of tandem but now France has declined to a status where it gets the occasional nod from Berlin but that would be about the extent of it. It is now Germany and then everyone else in a pecking order designed and approved in Berlin where France ranks slightly ahead of Spain and Italy but not by much.
France, in fact, has joined their southern neighbors in both policy and adherence to the previously agreed upon guidelines. There is now only an admission of culpability and then the increase in debt, the extension of the debt to GDP ratios and the continual promises that it will all be better next year. This definition of “next year” will not be arriving however and so the economies worsen and the anguish of the deceit worsens the pain.


French confidence about the future is fading fast...

“Before him he saw two roads, both equally straight; but he did see two; and that terrified him--he who had never in his life known anything but one straight line. And, bitter anguish, these two roads were contradictory.”
                -Victor Hugo, Les Misérables
The only way that the actual financials do not matter is if nothing matters. If the flood of money created from nothing overshadows all economic principles, obscures all accountability, hides any semblance of meaning in the debts one owes to the assets one has then nothing is relevant any longer.
Print forever. Lies without end. Reality redefined.
I, however, am not a member of this congregation. I do not believe in these Rites. They day is forthcoming when the mask will be torn away and the light will illuminate the face of the denizen.
I just sit quietly and wait.
“Let us study things that are no more. It is necessary to understand them, if only to avoid them.”
             -Victor Hugo, Les Misérables

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Fri, 04/26/2013 - 08:24 | 3501744 Aeternus
Fri, 04/26/2013 - 08:41 | 3501796 willwork4food
willwork4food's picture

Oui, oui!... Voulez-vous acheter ma sœur mignon?

Fri, 04/26/2013 - 09:21 | 3501963 samcontrol
samcontrol's picture

Elle est bien?


Fri, 04/26/2013 - 10:22 | 3502222 DaveyJones
DaveyJones's picture

that's the problem with "redefining reality"

we forget, she's the biggest dictionary

Fri, 04/26/2013 - 09:10 | 3501933 Jake88
Jake88's picture

his soul is in no real danger.

Fri, 04/26/2013 - 10:55 | 3502352 Squiddly Diddly
Squiddly Diddly's picture

Mark 8:34-37

34And calling the crowd to him with his disciples, he said to them, “If anyone would come after me, let him deny himself and take up his cross and follow me. 35For whoever would save his lifed will lose it, but whoever loses his life for my sake and the gospel’s will save it. 36For what does it profit a man to gain the whole world and forfeit his soul? 37For what can a man give in return for his soul?

Fri, 04/26/2013 - 09:34 | 3502046 Jean Valjean
Jean Valjean's picture

I didn't. See my quote above.

Fri, 04/26/2013 - 10:23 | 3502237 DaveyJones
DaveyJones's picture

hide your soul to save your hide

Fri, 04/26/2013 - 10:37 | 3502293 Freddie
Freddie's picture

Hope & Change.  The French marched against gay marriage and they were gassed by the police the other night.

Fri, 04/26/2013 - 08:25 | 3501748 buzzsaw99
buzzsaw99's picture

Austerity never fails. It is meant to inflict misery and deprivation and that is exactly what it does every time. It is the goal of the kleptocrat billionaires and bankers that all but the 1/10 of 1% should live in abject poverty.

Fri, 04/26/2013 - 08:54 | 3501866 YHC-FTSE
YHC-FTSE's picture

To them we're either cash cows to harvest, useful draft animals, or excess stock for the slaughter. I've been the first and second all my life and it looks like the bastards want me for the pot in the next world war. 

Fri, 04/26/2013 - 09:09 | 3501928 williambanzai7
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Click image for excellent commentary by ZH Felak Pema...


Fri, 04/26/2013 - 09:20 | 3501967 SamAdams
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Here is an interesting book:  http://www.jrbooksonline.com/PDF_Books/WallStreetCommieRevolution.pdf

Germany assisted the Bolsheviks to Russia, then the Bolsheviks assisted themselves to E. Germany.  The whole thing was primarily directed from a cozy spot at Broadway and Pine. 

Fri, 04/26/2013 - 09:47 | 3502111 The Black Bishop
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Nice one :-)

Fri, 04/26/2013 - 10:22 | 3502221 moneybots
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It isn't austerity that  never fails.  The boom causes the bust.  It is the boom that never fails to inflict misery and deprivation.  Cheap credit allowed great leverage.  People could buy a $150,000 house for $600,000 with zero down and a teaser rate ARM.  The investment banks leveraged to upwards of 30 to 1.  They all crashed, with the politically connected being bailed out.  Bear Stearns and Lehman got misery.

Fri, 04/26/2013 - 08:25 | 3501750 Bearwagon
Bearwagon's picture

"Before him he saw two roads." Those are both Cul-de-sacs!

Fri, 04/26/2013 - 08:28 | 3501757 insanelysane
insanelysane's picture

I need to go on my Austerity Rant once again.

It isn't fucking austerity when you spend more than you bring in; aka deficit spending.

It isn't fucking austerity when you spend everything you; aka a balanced budget.

Austerity is when you fucking spend less than you bring in; aka spend some, save some.

I am not sure that any government on the planet is practicing austerity at the moment, even by accident.

Fri, 04/26/2013 - 08:27 | 3501763 Bearwagon
Bearwagon's picture

They are practicing newspeek, and that's not by accident ...

Fri, 04/26/2013 - 08:46 | 3501827 10PastMidnight
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now insane you know austerity is dispenced to the people and not the gov. since our god like elected leaders could never be burdened with such a thing.

Fri, 04/26/2013 - 10:01 | 3502093 Bastiat
Bastiat's picture

I can remember my mom reading me the Ant the Grasshopper when I was little.  It was one of my favorite stories.  Her familiy's farm carried 4 or 5 other families through the depression.  Sad thing was the depression wiped out most ants too as will this one.

Fri, 04/26/2013 - 10:29 | 3502266 DaveyJones
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It's Einstein's Austerity. It's not theirs, it's yours

Fri, 04/26/2013 - 08:28 | 3501758 Antifederalist
Antifederalist's picture

So, basically, we are fucked.

Fri, 04/26/2013 - 09:12 | 3501940 Jake88
Jake88's picture

welcome to the truth.

Fri, 04/26/2013 - 09:32 | 3502024 SamAdams
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We are at a crossroads.  The US fiat dollar is imploding.  Which brand of Phoenix will rise from the ashes?  When money has no value, the government will lose control of its own military.  At the same time, outside wealthy sources will try to infiltrate and direct the new state.  Never underestimate those who create money out of thin air, our enemies are their friends.  Loyalty to a nation is not found within their creed.

Fri, 04/26/2013 - 09:48 | 3502104 Bastiat
Bastiat's picture

More taxes will certainly stimulate economic activity: Obamacare tax, internet tax, local taxes. 

Fri, 04/26/2013 - 09:53 | 3502126 JOYFUL
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That was an amazing paragraph...is there more?

I wouldn't mind if you expanded pon that!

Fri, 04/26/2013 - 11:42 | 3502549 YHC-FTSE
YHC-FTSE's picture

+1 Outside wealthy sources are already directing foreign policy, intelligence,  military and a large portion of the media too aren't they?  How else are we to interpret the utter shambles and outright lies since the Boston marathon with virtually no analysis or retraction of the events even after the law enforcement's version of a heavily armed duo proved completely false? Instead of outrage that they appear to have shot unarmed suspects, we are getting 24hrs a day of "chemical weapons" bullshit from Syria. That is complete control of the msm outlets, and it scares me a little that few outside know or care. 

Your penultimate sentence is intriguing and open to interpretation,  but if you are suggesting that Al Queda is a friend of tptb, then I agree. I always thought they were created by Western intelligence and there's more than enough credible evidence from former CIA chiefs and politicians to support that view.

Fri, 04/26/2013 - 11:58 | 3502662 DaveyJones
DaveyJones's picture

the loyalty declines exponentially as these financial and corporate entities grow in size and strength. It was an innevitable chapter. Hard to say how it will end, except for the violence

Fri, 04/26/2013 - 08:28 | 3501759 Marley
Fri, 04/26/2013 - 08:28 | 3501766 Doug
Doug's picture

QE consumes 47 times its weight in excess reality.

Fri, 04/26/2013 - 08:52 | 3501845 dontgoforit
dontgoforit's picture

With a golden drop of retsin.

Fri, 04/26/2013 - 08:30 | 3501769 observer007
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Big Brother Is Allready Watching You:


US secretly allowing Internet surveillance, monitoring Internet traffic


The federal government is already using a secretive cybersecurity program to monitor online traffic and enforce CISPA-like data sharing between Internet service providers and the Department of Defense.


Fri, 04/26/2013 - 08:41 | 3501798 TeamDepends
TeamDepends's picture

This should come as a surprise to absolutely no one who has their thinking cap on.  And those of you who are posting inflammatory things on Facebook are practically begging for a knock on the door.

Fri, 04/26/2013 - 08:47 | 3501831 Melin
Melin's picture

Mustn't inflame the passions of the enforcers, eh?

Fri, 04/26/2013 - 08:58 | 3501884 francis_sawyer
francis_sawyer's picture

If you see something, say something...


So if you see false flag operations & otherwise jackbootery by the DHS, & other alphabet soup agencies you're supposed to say something, Right?

Fri, 04/26/2013 - 09:07 | 3501915 TeamDepends
TeamDepends's picture

Precisely, if you do/don't say something you're a terrsst!

Fri, 04/26/2013 - 13:35 | 3503121 Kirk2NCC1701
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+1  Alright, FS!  You're back in form.  I knew you had it in you.

Fri, 04/26/2013 - 09:01 | 3501901 TeamDepends
TeamDepends's picture

Not at all, inflame away!  Just be damn sure you know who you are poking in the chest.

Fri, 04/26/2013 - 09:13 | 3501936 Melin
Melin's picture

Hold on...someone's at the door.

Fri, 04/26/2013 - 10:59 | 3502374 Overfed
Overfed's picture

GM vehicles have had an optional tracking device/cabin recorder for about 10 years now. I think they're going to make it standard equipment soon.\

As for me, I'll stick to driving old beaters.

Fri, 04/26/2013 - 08:49 | 3501842 10PastMidnight
10PastMidnight's picture

that's just making it admissible in court, they've been doing it for 20 years now.

Fri, 04/26/2013 - 13:40 | 3503111 Kirk2NCC1701
Kirk2NCC1701's picture

There's nothing I'm saying here that I would fear repeating in a real court of law, an honest judge and jury of my peers.  Although the veil of privacy that I enjoy here, allows me to say things more candidly -- less weasel-speak -- than most sheep can stomach.  So... fuck 'em!


Fri, 04/26/2013 - 08:31 | 3501773 Winston of Oceania
Winston of Oceania's picture

Germany should be first to leave the Euro, why wait around and have the jackals circle round you because you won't further enslave your people so they won't have to work. Leave them to their own devices, let them eat their politicians promises, or indeed their politicians if they hunger after that...

Fri, 04/26/2013 - 08:53 | 3501850 dontgoforit
dontgoforit's picture

The Euro should leave the EU.

Fri, 04/26/2013 - 09:09 | 3501931 youngman
youngman's picture

I think you are right...Germany should leave the Euro....in the long term it would be better for the German people..

Fri, 04/26/2013 - 10:59 | 3502383 Overfed
Overfed's picture

The problem there is that the German "leaders" don't give a fuck about Germany. They care only for themselves and their place in the NWO.

Same thing with US "leaders", they don't give a fuck about the US or it's people, they only care about the drippings they get from the Rothschilds, et. al.

Fri, 04/26/2013 - 11:14 | 3502425 Kirk2NCC1701
Kirk2NCC1701's picture

Wrong paradigm. Germany, as Europe's CEO needs to force a "corporate re-org". These are always akin to pruning dead and weak branches. The weak have to leave the strong.

Best Paradigm: A RIF of weak EU states. Only the fittest survive the down-sizing. Both get to move on with life.

Fri, 04/26/2013 - 11:19 | 3502467 Harbanger
Harbanger's picture

I like your paradigm better, but if the Fed stops bailing out the German Banks the whole EU experiment is finished.  So there's no way out but to keep monitizing.  I think the bigger problem is this entire keynesian debt-based monetary model is failing. 

Fri, 04/26/2013 - 08:33 | 3501775 tallen
tallen's picture

GDP + 2.5

Fri, 04/26/2013 - 08:31 | 3501776 fonzannoon
fonzannoon's picture

The fake gdp number just missed.

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