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Mario Draghi Comedy Hour

Tyler Durden's picture




 

On the day in which the ECB for the first time ever announced negative deposit rates, as in pay the bank holding the deposit, the ex-Goldman head of the ECB, Mario Draghi just confirmed he has a career in comedy when this monetary and political circus finally comes crashing down.

"It's completely wrong to suggest we want to expropriate savers" - Mario Draghi

... We are still laughing.

And also laughing with tears of joy, are millions of young unemployed Spaniards whose reaction to Draghi's TLTRO announcement was captured in the photo below.

 

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Thu, 06/05/2014 - 09:23 | 4826440 edwinorc
edwinorc's picture

"We just print money and give it to the banks that people have their savings at --- We don't tell the banks what to do"

Thu, 06/05/2014 - 09:30 | 4826449 Millivanilli
Millivanilli's picture

Bend over motherfuckers- M Draghi- former Goldman sux boy.

 

These cunts- central bankers, must be having a real laugh. They have been manipulating pms down, the stock market up, bond yields down and now are going for the coup de gras.

 

PAYING TO BE A CREDIT0R. OR, you work for us.  

 

If people had balls the start a bank run.   alas.

 

Thu, 06/05/2014 - 09:31 | 4826493 NoDebt
NoDebt's picture

Milli- I would have more respect for these scumbags if they would just say it like you wrote it- bend over, motherfuckers.

These incredible, disingeuous denials of what they're doing are almost more infuriating than the policy itself.

Thu, 06/05/2014 - 09:37 | 4826510 Divided States ...
Divided States of America's picture

Perfect timing on Draghi's part...World Cup starts next week and any anger by the peasantry in Euro land will be all forgotten by then.

Thu, 06/05/2014 - 09:42 | 4826541 Headbanger
Headbanger's picture

Dow and S&P are RED.

Well I did say sell on the news.

Thu, 06/05/2014 - 10:01 | 4826581 LeisureSmith
LeisureSmith's picture

Bingo, but large crowds can be unpredictable. If say Spain gets humiliated, it might kick off an angry mob and the ball rolls on and a street party with molotow cocktails ensues.

see what i did there.

http://www.youtube.com/watch?v=X6pBhbpyH3E

and there.

 

Thu, 06/05/2014 - 12:03 | 4827024 Boubou
Boubou's picture

Deception and hypocrisy gets me worse than the evil intentions they conceal. Trouble is if they up and said ' we need to screw our retail customers to save ourselves'  even the plebs would catch on and act - or would they?

Thu, 06/05/2014 - 09:26 | 4826462 NotApplicable
NotApplicable's picture

What savers? Aren't they extinct?

Thu, 06/05/2014 - 09:31 | 4826492 Alpo for Granny
Alpo for Granny's picture


"It's completely wrong to suggest we want to expropriate savers. We want to eviscerate them. " - Mario Draghi

There..all fixed.

Thu, 06/05/2014 - 09:53 | 4826602 post turtle saver
post turtle saver's picture

Boy now they've done it... fucking Marxists... shouting "loot the looters" while aiming their guns straight at the middle class, who had NOTHING to do with the looting...

Who was it that said, "Fuck the EU!"... yeah, that sounds about right

Thu, 06/05/2014 - 09:24 | 4826442 Last of the Mid...
Last of the Middle Class's picture

I just wish he wouldn't say that with his hand in my pocket. NIRP foreva.

Thu, 06/05/2014 - 09:24 | 4826445 stant
stant's picture

He just put Europe on the gold standard, but was it by accident?

Thu, 06/05/2014 - 09:31 | 4826488 Ghordius
Ghordius's picture

in case he did... would that be a bad thing in itself? last time I looked, there were 30'000 shops in Draghi's Italy with the sign "COMPRO ORO" (I buy gold). Italy's pop is a bit more than 60 million

that's one shop per 2'000 inhabitants. gives you something to think about

Thu, 06/05/2014 - 09:24 | 4826446 TheFreeLance
TheFreeLance's picture

Gesell, Keynes, and Draghi go into a bar.

That's the joke.

Thu, 06/05/2014 - 09:24 | 4826450 Sudden Debt
Sudden Debt's picture

It's not because I'm stabbing you with a knife that I want to kill or hurt you!

Thu, 06/05/2014 - 20:28 | 4828603 StychoKiller
StychoKiller's picture

"Hey, it's just the tip (and I won't cum in yer mouth!)"

Thu, 06/05/2014 - 09:25 | 4826453 madbraz
madbraz's picture

These guys are much worse than the 4 central bankers who broke the world 80+ years ago.

 

Dragui is the equivalent to Bill Dudley in Europe.  A Goldman Sachs trader in control of 25% of the world's economy.

Thu, 06/05/2014 - 09:27 | 4826466 Squid Viscous
Squid Viscous's picture

I thought Draghi already fixed Europe with LTRO and "whatever it takes" speech...now we need NIRP and more LTRO??? 

Thu, 06/05/2014 - 09:27 | 4826472 Bioscale
Bioscale's picture

NIRP means buy more gold and silver. Seems like the banksters are pushing the people into the relic metals.

Thu, 06/05/2014 - 09:29 | 4826481 ivana
ivana's picture

he is trying to preserve EU banking system and corupt bankrupt governments with more cash ... an we all know how "efficient" cash distributors they are ... this is really going to be epic epic bubble

Thu, 06/05/2014 - 09:33 | 4826498 Ghordius
Ghordius's picture

small correction: the eurozone's banking system. the difference between eurozone and EU is 10 countries, among them the UK

Thu, 06/05/2014 - 09:29 | 4826483 orangegeek
orangegeek's picture

deflation saves the masses

 

it cuts housing costs, utility costs, food and clothing costs

 

as salaries continue to fall, deflation is what will keep people alive

 

it looks like blotus gewbermint is more cynical than this - driving inflation is going to drive people into starvation - literally

 

the nasty fucking DNA that runs this planet - brutal savages

Thu, 06/05/2014 - 10:13 | 4826665 Save_America1st
Save_America1st's picture

yeah, really...what's with this constant bullshit about needing to create inflation to save us all from deflation???

I don't know about the rest of you.  But when I go shopping for food, clothes, gas, cars, houses, etc., I'm looking for as much deflation as I can fucking get.

Problem is I'm not getting it anywhere.  Well, not completely.  At least I'm getting deflation when it comes to power-stacking the phyzz Ag!!!

I do have to thank them for that.  So now I'll be designated an economic terrorist by these scumbag traitors in D.C. because I will not spend my fiat how they want me to and I will use as much of it as I can outside the bankster system by stacking PM's.

Fuck this system.  It's designed to destroy us all at the expense of granting the politiscum and the banksters all the wealth and power in the world.  Fuck them.

Long guillotines, bitchez...

Thu, 06/05/2014 - 11:09 | 4826839 The Most Intere...
The Most Interesting Frog in the World's picture

Yep!

Thu, 06/05/2014 - 09:29 | 4826485 Winston Churchill
Winston Churchill's picture

Just like shearing a sheep. You put the shears by their ears for a minute or

two, before going for the whole fleece.

Confiscation is next.

Thu, 06/05/2014 - 09:32 | 4826495 Everybodys All ...
Everybodys All American's picture

If this doesn't cause a bank run or two what will?

Thu, 06/05/2014 - 09:34 | 4826504 Ghordius
Ghordius's picture

so one side argues that it's all for the banks, and the other says it increases the risk of bank runs? talk with each other, will you? ;=)

Thu, 06/05/2014 - 09:40 | 4826524 buzzsaw99
buzzsaw99's picture

it's both. deposits might decrease but what is left will make money for the banks. they don't need to worry about the deposit base because accounting shenanigans and the ecb will take care of that.

Thu, 06/05/2014 - 09:47 | 4826564 Ghordius
Ghordius's picture

I agree, though I see a substantial difference between decreasing deposits and bank runs. and just lately the Bank of England was lobbying for "forget deposits, they are irrelevant"

Thu, 06/05/2014 - 09:49 | 4826578 schatzi
schatzi's picture

That's the point. The ECB replaces the saver. The banks get their money from Draghi for sweet fuck all. Why should the banks pay the saver anything, or need him? The saver becomes a nuisance. Instead savers are forced into bubbly asset classes that further aggrevate asset price instability. Best yet, he blows it all on consumption and forgets about ever wanting to create a sustainable financial environment that could have provided for the kid's higher education or that future pension. Why save when the state will provide your pension and the higher education is covered by that student loan? Good times.

Thu, 06/05/2014 - 12:16 | 4827076 malek
malek's picture

That already happened when Nixon closed the gold window in 1971.

It's only starting to become clearly visible now.

Thu, 06/05/2014 - 09:41 | 4826539 Everybodys All ...
Everybodys All American's picture

Their hope is you run out and buy assets besides gold and silver with those deposits. I'm not sure they'll get the desired outcome they have been hoping for since the last seven yrs have shown they've been wrong about the public's spending habits in general.

Thu, 06/05/2014 - 09:36 | 4826512 buzzsaw99
buzzsaw99's picture

hey draghi, SHOW US YOUR TA TAs

Thu, 06/05/2014 - 09:37 | 4826520 Debugas
Debugas's picture

it is ok to pay for deposits "safekeeping"

I just want that in such a case my money would not be lent overnight but instead be kept in a safety deposit box

Thu, 06/05/2014 - 09:40 | 4826535 Tsar Pointless
Tsar Pointless's picture

Hmm. Look at these cool sunglasses. I wonder how the world looks when I put them on?

http://www.bloodygoodhorror.com/bgh/files/TheyLive1.jpg

Oh.

Thu, 06/05/2014 - 09:49 | 4826536 CaptainSpaulding
CaptainSpaulding's picture

Cue Monsieur Robert De niro

https://www.youtube.com/watch?v=rm81LSKJC2k

Thu, 06/05/2014 - 09:44 | 4826550 pound the vix
pound the vix's picture

Oh look the 9:43 algo just kicked in.

Thu, 06/05/2014 - 09:51 | 4826588 madbraz
madbraz's picture

Wonder who owns that algo.  is it the player who owns PMI reports or is it the other one who owns ISM?  They do own the stock exchanges, and are owners of the Federal Reserve, so why not complete the loop.

Thu, 06/05/2014 - 09:47 | 4826560 The Most Intere...
The Most Interesting Frog in the World's picture

I want to bang the girl in the pink top and white shorts!

Thu, 06/05/2014 - 09:48 | 4826574 B2u
B2u's picture

I did last night.  Only cost me $50.

Thu, 06/05/2014 - 09:47 | 4826561 SanfordandSon
SanfordandSon's picture

At some point in time the people we wake up and see that no matter how fast the bankers bail out the water (money) the boat is sinking.

Thu, 06/05/2014 - 09:52 | 4826594 SanfordandSon
Thu, 06/05/2014 - 09:52 | 4826596 Tsar Pointless
Tsar Pointless's picture

This comment is as funny as anything Draghi could say.

Seriously. Have you NOT been paying attention? The people are stupid. Dumb. Dim. Sheep. Willing. Idiots.

Thu, 06/05/2014 - 10:13 | 4826661 SanfordandSon
SanfordandSon's picture

Thanks for the complement, you don't get it.  My point is the people are going to get eaten.

Thu, 06/05/2014 - 10:27 | 4826712 Tsar Pointless
Tsar Pointless's picture

NOTHING in your prior comment could have led a rational person to come to that coclusion. NOTHING.

Thu, 06/05/2014 - 10:58 | 4826806 NotApplicable
NotApplicable's picture

"Lamont, you big dummy!"

Your refuted point was that the people will wake up.

Thu, 06/05/2014 - 09:48 | 4826570 financialrealist
financialrealist's picture

limited access to withdrawls...cant earn a return...now its policy to continue to feed the corporate fat cat fucks...spend what you dont have or lose what you do...bienvenue à la révolution.

Thu, 06/05/2014 - 09:48 | 4826576 The Most Intere...
The Most Interesting Frog in the World's picture

As a corporate executive told me one time, "Yes, we are stabbing you in the back, but we are not turning the knife."

 

Thu, 06/05/2014 - 09:53 | 4826603 Last of the Mid...
Last of the Middle Class's picture

Deflation will never EVER be allowed in this environment. Banks are too committed to rehypothication and the oligarchs would lose everything if prices go down now. Inflation will be maintained in order to pay the debt QE has saddled everyone with. The poor must pay until they can't anymnore then something slowly at first then suddenly will happen.

Thu, 06/05/2014 - 09:55 | 4826610 Waterfallsparkles
Waterfallsparkles's picture

Hitting the seniors again.  Taking the money they have accumulated over their lifetime for retirement and handing it over to the Bankers.

Nothing less than theft.

Thu, 06/05/2014 - 11:07 | 4826831 The Most Intere...
The Most Interesting Frog in the World's picture

Bare with me on this. I don't know how popular this will be, but here goes...

Seniors, the baby-boomers and prior generation, in the US are collectively the wealthiest group of people to ever walk the planet. This not only is true in the US, it is true all over the world. How did they become this wealthy? Some earned it, but much of it has come about by "borrowing" it. Borrowing from who? Their children and grandchildren, that's who. Problem is, our seniors will not be alive to pay any of it back. Every generation that follows (talk to youth in Greece and Spain - they are slightly ahead of the curve)will be left to do the slaves work.

Seniors need to be held accountable, but not in the way it is being done. Ken Langone (founder of Home Depot) and Stanley Druckenmiller have spoken extensively on the topic of generational theft. If you have not seen their work on this, I highly recommend.

Thu, 06/05/2014 - 17:58 | 4828178 Aussie V
Aussie V's picture

I am far from an economic guru however, I feel to reply to your post.

 

The baby boomers are, without doubt, the most blessed generation of Human Beings to have ever lived on this planet! Both economically, living standards, toys and, healthwise. Before WW2 people died from simple cuts that today we ignore hence the invention of antibiotics and other cures like Polio.

Now, I'm one of em. I find it hard to blame the Boomers for borrowing money when they never had a choice but to borrow money as that was the system that was forced upon them.

As soon as we left the gold standard in the 70's and credit came flushing into the economy we experienced a new virus that took some time to conquer, Inflation! As prices expanded, our wages became smaller and smaller and we striked for better wages and conditions and the cycle began.

There was no way that you could afford a house on a normal wage simply by saving! You had to borrow! Now, many many people have used that easy credit to try and make themselves rich at other people's expense and inflated home prices, rents, and just about every product that we buy or, need to buy is effected. Then, the Govt needs their ever increasing share as well and that cycle has now accelerated.

Now, I own a home, well, most of it and, I have a small nest egg. Very small and getting smaller as the years roll by! Anyway, when I die and go to meet the Lord I will pass that home onto my children as an inheritance.

Why then, am I stealing from my childrens generation?? When all I have done is to react to the situation that I found myself in??? I havn't been selfish, I havn't borrowed more than I can pay back.

So, why am I the target of unscrupulous Govt taxation and the accusation of stealing from my children?? I see myself as a guardian and my children as the benefactor of that guardianship.

Thu, 06/05/2014 - 21:33 | 4828755 The Most Intere...
The Most Interesting Frog in the World's picture

Collectively the baby boomers have voted in politicians over the years that have run up a national debt of $17 trillion dollars plus.  Add in unfunded federal and state government liabilities and the total is in excess of $100 trillion.  

You collectively paid your government workers w money you didnt have.  You collectively voted to turn every federal and government employee into a millionaire w benefits fit only for royalty and the most successful business people of prior generations.  

You currently lavish yourself w medicare, the medical welfare for millionaires program.  Why should some 24 yr old w student loans no money a degree and working as a server at Cheescake Factory pay for baby boomers knee and hip replacements and boner medication?  How is this kid supposed to build for his future when combined he and his employer have to take ovet 15% out of his paycheck and hand it over to your generation?  Icould go on but lets get back to your final thought.

Let me get this straight.  An inheritance huh?  You know what...  fuck you.  Younger generations are forced to pay it to the system your generation voted for and which was designed to enrich yourselves with absolutely no thought to how you were going to pay for it.  Now a kids only shot is a fucking inhrritance.  After student loans a shitty job markettaxes beyond what anyyoung person can afford and the debts you collectively will leave behind there is no other way.

Again, look at greece and spain and you see the future of America.

Fri, 06/06/2014 - 07:06 | 4829368 Aussie V
Aussie V's picture

My country is not 17 trillion in debt. I would respond intelligibly to your post but it is obvious you are just an evil, selfish, hating prick!

Fri, 06/06/2014 - 15:32 | 4830998 The Most Intere...
The Most Interesting Frog in the World's picture

let me guess thats code in australia for im a greedy old bastard forcing my children and grandchildren to pay my bills for me even though i have the cash to pay the bills myself.  u r fucking communist scum. 

Sat, 06/07/2014 - 21:31 | 4833512 pacrim888
pacrim888's picture

Sure but in the meantime your government has gone massively into debt to finance and sustain your way of living. This large debt that has mainly benefited your way of life will be charged (and maybe paid) by your children. So your generation has hugely borrowed on next generation future for your benefit.

Thu, 06/05/2014 - 09:56 | 4826618 BeetleBailey
BeetleBailey's picture

Breath-taking was his serious tone as he uttered that pack of lies...

Dragqueen KNOWS the banks will pass it off to the muppets....

It's allllllllllllllllllll fucking set up..

again I say.....with full throat and vigor...

FUCK YOU MARIO - AND THE REST OF YOUR SQUID BUDDIES TOO

Thu, 06/05/2014 - 10:00 | 4826625 Waterfallsparkles
Waterfallsparkles's picture

Buy stock in home safes and security systems.

I would refuse to keep my money in a Bank that charged me money to keep it there.

So what will the outcome end up being.  More home roberies and violence toward people in their homes.

 

Thu, 06/05/2014 - 10:10 | 4826651 SimpleSimon
SimpleSimon's picture

I thought the funnier comment he made was "We aren't finished yet".

Thu, 06/05/2014 - 10:20 | 4826684 discopimp
discopimp's picture

 

"It's completely wrong to suggest we want to expropriate savers...but due to forces unmanagable to the banks we are attempting to save...I mean to the Central Bank, that is what is acutally happening" - Mario Draghi

 

Fixed it for ya Mario

 

Thu, 06/05/2014 - 10:33 | 4826734 XRAYD
XRAYD's picture

Perhaps I should send him my copies of 1099-INT from 2007 and 2013! I have rolled over my 1,3,& 5 year CDs ... and only spent the interest! 

Draghin has not used a gun or a knife, but he might as well have.

Thu, 06/05/2014 - 10:58 | 4826810 Notsobadwlad
Notsobadwlad's picture

I am thinking that for this to be a healthy world economy the central banks should NOT be in competition with savers.

The central banks have in essence made all savers irrelevant by providing infinite no cost capital to banks. The banks not longer need savers.

Until this power imbalance is correct we are headed to hell in a shit hole.

Thu, 06/05/2014 - 11:35 | 4826921 SimpleSimon
SimpleSimon's picture

 

"It's completely wrong to suggest we want to expropriate savers" - Mario Draghi

 

"It is right to suggest we want to save expropriaters"

Thu, 06/05/2014 - 12:22 | 4827099 Chaos_Theory
Chaos_Theory's picture

Sounds like a tapeworm

Thu, 06/05/2014 - 12:34 | 4827148 Mi Naem
Mi Naem's picture

What would REALLY be FUN is if you could be there for the live public announcememt in person, and carry in a high volume high fidelity boom box with a laugh track on pause.  So, when he says stuff like "It's completely wrong to suggest we want to expropriate savers", you just play that baby loud and proud for the press to pick up.  Kind of like those guys a few years ago who would shove a pie into the face of public figures they didn't like. 

Thu, 06/05/2014 - 14:01 | 4827457 Itchy and Scratchy
Itchy and Scratchy's picture

I think he meant to say 'saviors.'

Thu, 06/05/2014 - 14:17 | 4827503 Finnman
Finnman's picture

Saviours? Mr Draghi is our Saviour and Goldman Sach is God? Those bastards. They just lie, lie and lie

Thu, 06/05/2014 - 14:18 | 4827506 Finnman
Finnman's picture

Just one wish, just because Draghi I wish shit hits fan, completely. That shit should reset system

Thu, 06/05/2014 - 14:38 | 4827558 Nue
Nue's picture

Da balls on this guy.

Sounds like the lawyer who was trying to get his client charged with manslaughter instead of murder

"Your Honor, Sure my client may have stabbed the victim, shot him, ran him over with his car and dropped him off 12 story buidling, but none of that proves that he was actually TRYING to kill him."

 

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