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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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"

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.


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.

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.

Headbanger's picture

Dow and S&P are RED.

Well I did say sell on the news.

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.

and there.


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?

NotApplicable's picture

What savers? Aren't they extinct?

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.

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

Last of the Middle Class's picture

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

stant's picture

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

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

TheFreeLance's picture

Gesell, Keynes, and Draghi go into a bar.

That's the joke.

Sudden Debt's picture

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

StychoKiller's picture

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

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.

Squid Viscous's picture

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

Bioscale's picture

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

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

Ghordius's picture

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

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

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...

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.

Everybodys All American's picture

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

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? ;=)

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.

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"

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.

malek's picture

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

It's only starting to become clearly visible now.

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.

buzzsaw99's picture

hey draghi, SHOW US YOUR TA TAs

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

Tsar Pointless's picture

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


pound the vix's picture

Oh look the 9:43 algo just kicked in.

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.

The Most Interesting Frog in the World's picture

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

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.

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.

SanfordandSon's picture

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

Tsar Pointless's picture

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

NotApplicable's picture

"Lamont, you big dummy!"

Your refuted point was that the people will wake up.

financialrealist's picture

limited access to withdrawls...cant earn a 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.

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."


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.

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.