This page has been archived and commenting is disabled.

CEO Of Europe's Largest Insurer Pops The Utopia Bubble: "Nothing Is Solved And Everybody Knows It"

Tyler Durden's picture




 

It's one thing for a tinfoil fringe blog to repeat, month after month, that nothing in Europe has been fixed, that Draghi's disastrous policies are merely concentraing and stockpiling even more unresolved problems - for now ignored courtesy of the gentle sprinkle of ZIRP, or rather NIRP "fairy dust" - and that just like Portugal showed panic can grip the entire continent literally overnight because everyone knows this. It is something entirely different for the CEO of Europe's largest insurer to make the same statement.

From Bloomberg:

When asking Allianz SE’s chief investment officer about the euro area’s sovereign debt woes, be prepared for an emphatic response.

 

The fundamental problems are not solved and everybody knows it,” Maximilian Zimmerer said at Bloomberg LP’s London office. The “euro crisis is not over,” he said.

 

While extraordinary stimulus from the European Central Bank has encouraged investors to pile into the region’s government bonds this year, that’s not a sufficient remedy for Zimmerer, who oversees 556 billion euros ($757 billion) at Europe’s largest insurer. Countries are still building up their debt piles, and that’s storing up trouble for the future, he said.

 

As Zimmerer was speaking, investors were getting a reminder of the volatility that was rife through the sovereign debt crisis that started in 2009, as sliding stocks and bonds of Portuguese financial institutions rippled across the region’s markets. Amid a four-day slump, yields on Portugal’s 10-year bonds ended yesterday 279 basis points higher than their German counterparts, the widest spread since March 18. The securities recovered some of their losses today, tightening the spread to 268 basis points at 10:27 a.m. London time.

 

“There is only one country where the debt level last year was lower than 2012 and this is a signal the debt crisis can’t be over, only a recognition of the debt crisis has changed,” Zimmerer said on July 9. “If the debt levels are not going down in the end we will have a problem, that is for sure.”

And crickets.

Here's the punchline: everyone knows that Draghi, the unelected dictators of Europe, and all of its bankers are lying when the say day after day that things are better. However, at least there was unanimity in the "head-in-the-sand" exercise, which recall from game theory works only if all participants in the charade agree to the ignore reality.

Today for the first time, a "member of the club" finally called out Europe on its bullshit: something that is not allowed under game theory. What's worse, he made it quite clear that everyone else knows they are not only lying to others, but lying to themselves.

What happens next may be very unpleasant, because as always happens, following protracted periods of denial, and Europe has been living in a vacuum completely dislocated from reality for exactly two years since Draghi's "Whatever it takes" speech, there is very violent convergence between reality and idiocy. And Europe is just about due for precisely that kind of denial-shattering convergence.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 07/11/2014 - 12:12 | 4947311 So Close
So Close's picture

Insurers are getting there asses handed to them right now.

Fri, 07/11/2014 - 12:14 | 4947312 knukles
knukles's picture

So I assume he's never heard of the Nail Gun Man?

Fri, 07/11/2014 - 12:19 | 4947329 lordylord
lordylord's picture
"Nothing Is Solved And Everybody Knows It"

Governments DO NOT solve problems.  They create problems and usurp power and wealth from the people to "fix" the problems.

Fri, 07/11/2014 - 12:28 | 4947355 Pladizow
Pladizow's picture

Has there been a time in history when everyone knows things are bad and everyone can see bubbles everywhere and the market has collapsed?

Note: Everyone excludes central banks and economists!

Fri, 07/11/2014 - 12:46 | 4947398 flacon
flacon's picture

The bankers designed a system where debt always increases, and then they cry for a bailout when debt levels don't go down. Assholes!!

Fri, 07/11/2014 - 13:13 | 4947488 tickhound
tickhound's picture

Exactly... The system REQUIRES credit expansion.

Fri, 07/11/2014 - 13:47 | 4947674 Greenskeeper_Carl
Greenskeeper_Carl's picture

exactly. our entire monetary system is built upon debt. It is the ulitmate ponzi scheme, requires more and more people to keep going into more and more debt, and never actually paying it off. It works until it doesnt

Fri, 07/11/2014 - 15:28 | 4948006 Leonardo Fibonacci2
Leonardo Fibonacci2's picture

He can always purchase a nail gun from the widow of a JPM suicide exec.

Fri, 07/11/2014 - 16:03 | 4948146 LawsofPhysics
LawsofPhysics's picture

Optimist.

Fri, 07/11/2014 - 21:44 | 4949055 CH1
CH1's picture

Honest to God, I saw a Nail Gun Supply truck a couple of days ago!

Fri, 07/11/2014 - 23:36 | 4949274 HardlyZero
HardlyZero's picture
UPDATE 5-Bulgaria to allow its fourth-biggest bank to collapse

SOFIA, July 11 (Reuters) - Bulgaria is to allow its fourth-biggest lender to collapse but could spend up to 2 billion levs ($1.39 billion) making sure customers do not lose out, as the Balkan country battles to clean up its worst financial scandal since the 1990s.

http://www.reuters.com/article/2014/07/11/bulgaria-banking-idUSL6N0PM28G...

Sat, 07/12/2014 - 05:01 | 4949539 old naughty
old naughty's picture

Mr. Insurer,

Everyone knows it...And you are just now admitting you are one of the everyone?

So what's your proposal to solve it then?

Sat, 07/12/2014 - 05:34 | 4949551 Headbanger
Fri, 07/11/2014 - 16:03 | 4948140 LawsofPhysics
LawsofPhysics's picture

Unfortunately, the monetary system is man-made horseshit.  The laws of Nature and physics really don't give a shit about that. 

 

Biological systems require calories.  - fixed it for you.

Sat, 07/12/2014 - 08:27 | 4949626 TBT or not TBT
TBT or not TBT's picture

That, and electrolytes.  

Sat, 07/12/2014 - 15:08 | 4950407 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

Your nickname is very fitting here.

Sat, 07/12/2014 - 08:00 | 4949609 Dubious Intentions
Dubious Intentions's picture

And also for that expansion to be infinite.

Sat, 07/12/2014 - 05:03 | 4949540 barre-de-rire
barre-de-rire's picture

dont be stupid, they must know, coz they use the system, even a monkey usig wheel after a while willunderstand correlation between steering direction & car direction.

Fri, 07/11/2014 - 12:29 | 4947360 BobPaulson
BobPaulson's picture

You mean this guy?  http://www.niallferguson.com  Yeah, scary shit.

Sat, 07/12/2014 - 00:36 | 4949334 G-R-U-N-T
G-R-U-N-T's picture

Here's the problem, Europe doesn't intend on paying off it's debt, however they will bleed every man women and child for every dollar they can to keep power and control. The sand in the hour glass of 'indentured servitude' to the State by the masses will soon drop it's last grain and it will not end well.

What we're looking at is the destruction of Freedom!

'The Obsolete Man'

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

 

Fri, 07/11/2014 - 15:47 | 4948077 ZH Snob
ZH Snob's picture

europe is in the same downward spiral as the rest of the world.  it really is genius how these guys make it look otherwise.

the truth of the matter will reveal itself in time: infinite debt means no one gets paid with anything but debt, and sooner or later this illusion must crumble.

Fri, 07/11/2014 - 22:44 | 4949189 MrSteve
MrSteve's picture

FRN cash currency is zero interest paying debt, good for legal tender, so we have been paying debt with debt for a long, long time.

Fri, 07/11/2014 - 12:17 | 4947323 Mrs. Cog
Mrs. Cog's picture

This is the part when the coyote has just looked down after running off the cliff before the long plunge and splat?

Fri, 07/11/2014 - 12:22 | 4947346 fonzannoon
fonzannoon's picture

when it becomes serious you have to tell the truth to spark the next 5% rally.

Fri, 07/11/2014 - 12:18 | 4947327 Ms. Erable
Ms. Erable's picture

I see hot tubs and prostitutes wielding heroin in this man's future.

Fri, 07/11/2014 - 12:45 | 4947394 pods
pods's picture

Lemme google that............

pods

Fri, 07/11/2014 - 13:14 | 4947490 Mercuryquicksilver
Mercuryquicksilver's picture

Bartender told me.

Fri, 07/11/2014 - 12:20 | 4947333 syntaxterror
syntaxterror's picture

Debt = Wealth
Freedom = Slavery
War = Peace

Relax, dude. 

Fri, 07/11/2014 - 14:18 | 4947788 TVP
TVP's picture

You forgot the most important dystopian motto of them all.

 

Ignorance = Strength

 

 

Fri, 07/11/2014 - 16:00 | 4948127 john39
john39's picture

or one that was not published....   Evil= Good.

Fri, 07/11/2014 - 16:17 | 4948190 LawsofPhysics
LawsofPhysics's picture

Wrong.

 

Knowledge is power.

 

The "game" is and has always been about power and control over real resources (including human resources).

Sat, 07/12/2014 - 15:08 | 4950408 Eirik Magnus Larssen
Eirik Magnus Larssen's picture

History does suggest this to be the case, yes.

Fri, 07/11/2014 - 12:20 | 4947336 Liquidation
Liquidation's picture

Bullish

Fri, 07/11/2014 - 12:20 | 4947338 IANAE
IANAE's picture

The new home of M.El-Erian ... maybe some fresh thinking on their global asset exposures going on.

Fri, 07/11/2014 - 12:24 | 4947347 fonzannoon
fonzannoon's picture

the stock is plummeting up on this horrifying news.

 

http://finance.yahoo.com/q?s=ALV.DE&ql=0

Fri, 07/11/2014 - 13:13 | 4947489 pods
pods's picture

Explains why they are green.  

Things aren't fixed.

That means default.

Default means insurance payment.

So, wait, buy insurers?

Who is gonna make the bet that "ringfence" makes a lexiconal comeback sometime soon?

pods

Fri, 07/11/2014 - 14:13 | 4947771 odatruf
odatruf's picture

Backstop, baby!

Fri, 07/11/2014 - 12:24 | 4947349 pods
pods's picture

Why does these people always complain about debt not going down?  

It is like the arguments I remember about the US's balanced budget and paying off the debt. 

Duh, it's the money supply stupid.

Just nowadays, since we are in a worldwide depression, governments have to take up the slack on debt creation otherwise it all goes boom and their little farm is overrun by the escaping livestock who may or may not eat them in the process.

pods

Fri, 07/11/2014 - 12:26 | 4947353 fonzannoon
fonzannoon's picture

(Jumping up and down and waving hands) Look at me! Look at me!!!

http://finance.yahoo.com/q/bc?s=DB+Basic+Chart&t=6m

Fri, 07/11/2014 - 15:30 | 4948007 dontgoforit
dontgoforit's picture

Hmmmm.  Sucks to be a Deutsche bank.

Fri, 07/11/2014 - 16:02 | 4948135 disabledvet
disabledvet's picture

There is almost zero credit growth in the USA. That will change should oil prices collapse to say ...5 bucks a barrel.

Google search Royal Dutch Petroleum and the Masnoon field. The contract is for two bucks a barrel.

Sat, 07/12/2014 - 07:58 | 4949608 Marco
Marco's picture

And production cost in Iraq can be even lower, it matters not one iota except to the margins of Royal Dutch Shell.

Fri, 07/11/2014 - 16:02 | 4948136 disabledvet
disabledvet's picture

There is almost zero credit growth in the USA. That will change should oil prices collapse to say ...5 bucks a barrel.

Google search Royal Dutch Petroleum and the Masnoon field. The contract is for two bucks a barrel.

Fri, 07/11/2014 - 12:27 | 4947351 HardlyZero
HardlyZero's picture

Cyprus --> Detroit --> Argentina --> Portugal.

Portugal used to rule the world a long time ago.

One of these holiday weekends !!   (shorts on)

Fans are spinning.

Fri, 07/11/2014 - 13:42 | 4947640 BuddyEffed
BuddyEffed's picture

And Detroit used to rule the world and was the center of the universe in 1960s when it had the highest per capita income in the country.

Fri, 07/11/2014 - 23:41 | 4949280 HardlyZero
Sat, 07/12/2014 - 08:36 | 4949633 TBT or not TBT
TBT or not TBT's picture

Lets not get the UAW mixed up in this.  While evil, they didnt print money out of thin air to finance all new debt of the central government of our formerly non banana republic.   The UAW are...moderate evildoers.  

Fri, 07/11/2014 - 12:27 | 4947354 q99x2
q99x2's picture

My bet is that Greece will default.

Fri, 07/11/2014 - 14:17 | 4947786 odatruf
odatruf's picture

Debtors are only in default when the creditors say they are in default. Since having their debtors be in default would be catastrophic for these creditors, they will never say their debtors are in default. Ipso facto by the transitive property, the debtors are solvent. What part of this can’t you all understand?

Fri, 07/11/2014 - 16:07 | 4948161 disabledvet
disabledvet's picture

If you've extended a trillion in credit for an oil driven recovery that has failed to materialize don't expect World War Z to bail you out.

Fri, 07/11/2014 - 12:31 | 4947363 Mi Naem
Mi Naem's picture

At the article's link "fairy dust", the guy sort of looks like Art Cashin in the chair up front, reluctantly playing Canta Clause. 

Fri, 07/11/2014 - 12:32 | 4947364 Tenshin Headache
Tenshin Headache's picture

Those saying "the Emperor has no clothes" are becoming ever more credible.

"When it gets serious, you have to lie." - Juncker

Fri, 07/11/2014 - 12:39 | 4947374 Quus Ant
Quus Ant's picture

Sure sounds like someone is getting ready to pop da bubble.  Who's the fall guy? 

http://www.youtube.com/watch?v=VJ1YHkhfCKc&feature=kp

"I might fall from a tall building

I might roll a brand new car

'Cause I'm the unknown banker

That made Blankfein such a star." 

 

 

Fri, 07/11/2014 - 12:37 | 4947375 tommylicious
tommylicious's picture

Wow this shit is gonna have teeth.

Fri, 07/11/2014 - 12:47 | 4947399 pods
pods's picture

I saw that exact saying written on the bathroom door at a Taco Bell!

pods

Fri, 07/11/2014 - 14:44 | 4947872 TheReplacement
TheReplacement's picture

Who do you think wrote it (more of a statement than a question).

Fri, 07/11/2014 - 16:17 | 4948199 LoneCapitalist
LoneCapitalist's picture

You used the bathroom at Taco Bell?

Fri, 07/11/2014 - 12:38 | 4947378 Let The Wurlitz...
Let The Wurlitzer Play's picture

Its the collateral stupid.

 

Fri, 07/11/2014 - 12:41 | 4947383 agstacks
agstacks's picture

Sorry, off topic, but this issue is close to my heart.  

 

Recently, there have been photos of dead endangered animals (next to their hunters) surfacing online that are truly offensive.  Today, a photo of Steven Spielberg has surfaced which shows him next to a dead triceratops. It is truly distrurbing. I mean, what did this innocent triceratops do to him?!

 

http://www.news.com.au/technology/online/social-media-storm-after-steven...

Fri, 07/11/2014 - 12:48 | 4947403 pods
pods's picture

"It's comin right for us!"

Fri, 07/11/2014 - 12:41 | 4947384 mendigo
mendigo's picture

Sounds a little cynical.

I mean really...

The problem is not the economy and lack of jobs. The problem is your perception of the economy. I mean... Weve been busy doing whatever it takes to improve the appearance of things. You guys are such uncooperative winers. I mean how about all those road work jobs and walmarts hiring and the nsa is hiring. I did that! What? Am I going crazy!!!

Fri, 07/11/2014 - 12:42 | 4947386 thamnosma
thamnosma's picture

What's up with this honesty all of a sudden?

Fri, 07/11/2014 - 12:51 | 4947410 yogibear
yogibear's picture

Pulled all the cash out. Book-cooking.

Fri, 07/11/2014 - 12:56 | 4947425 Tall Tom
Tall Tom's picture

Because in NINE DAYS, when the IMF takes over, we are all screwed.

 

Enjoy your Holiday...

We are going to have a Holiday.

The Banks will close and eat your Deposits away.

So enjoy your Holiday.

Fri, 07/11/2014 - 15:35 | 4948022 dontgoforit
dontgoforit's picture

Fools names, like their faces, always seen in public places.

Handwriting is on the wall.  End-game is coming.  He knows it.  You know it.  We all know it. 

Prepping is not a fad - it is a reasonable reaction to an irrational situation.

America's experiment in irrationality for the last five years is bearing its just fruits - affects the entire world.

Fri, 07/11/2014 - 16:05 | 4948153 LawsofPhysics
LawsofPhysics's picture

What deposits?  We moved everything to physical cash and PMs a long time ago.

Fri, 07/11/2014 - 12:43 | 4947390 Jack Burton
Jack Burton's picture

I tend to value managers of insurance interests because they need to be realistic and accept honest facts in order to manage risk. And these guys are the ultimate risk managers. So if one of their big boys comes out and says things are not fixed, it is simply a hoax perpetrated by central banking. The media and governments can live the lie and sell the lie, insurance interests will be bankrupted by accepting lies. And this holds true for Global Warming as shown by climate science. You will not find deniers or doubters managing casualty insurers. They are cancelling policies and rasing premiums across the board in areas prone to global warming impacts. Like sea coasts especially, but flood and drought prone areas. Like people with floodplane houses and farmers working on marginal lands of the west. Insurers are demanding rish premiums from these folks to cover the increasing weather related losses.

When your company's future profits are at stake, you tend to dismiss central banker manipulators and media liars as regards economic risks and you totally ignore climate science deniers who work for fossil fuel companies. Denial is useless and wasteful when YOU are the company responsible for paying out on casualty insurance for mega storms, mega floods and mega droughts, all of which are proven results of increased energy in the seas and atmpshere in the form of heat, heat that was not radiated back to space as much as in the past.

Fri, 07/11/2014 - 12:51 | 4947412 pods
pods's picture

Yeah, I remember in the past when there were no mega storms, droughts, polar vortices, floods, insect plagues or gonorrhea.

Well, that last one might be correct.

pods

Fri, 07/11/2014 - 15:37 | 4948025 dontgoforit
dontgoforit's picture

Been through them all, pods.  That insect plague was a bitch!

Fri, 07/11/2014 - 12:59 | 4947438 IANAE
IANAE's picture

Insurance = hedge 

Insurer = ultimate hedge fund

 

Note that Allianz is more than just insurance ...Allianz Asset Mgt has $1.8T (incl client) AUM.

Fri, 07/11/2014 - 15:00 | 4947926 trader1
trader1's picture

pimco is allianz's bitch.

Fri, 07/11/2014 - 23:17 | 4949250 teslaberry
teslaberry's picture

insurance is a GAMBLING scam meant to lockup profits for the insurer.

whether or not the insured gets paid on his claim simply has to do with the extent of the scam......

unlike all other industries claiming to produce a product, the insurer produces NOTHING but a promise to pay in the future IF something happens and IF they deem it necessary to pay you.

Sat, 07/12/2014 - 12:20 | 4949924 joethegorilla
joethegorilla's picture

Yes but it's great to have insurance when you need it.

Sat, 07/12/2014 - 12:58 | 4950004 novictim
novictim's picture

...and if they don't go bust first.

Sat, 07/12/2014 - 12:55 | 4949996 novictim
novictim's picture

Comrade Jack, you might want to revise your faith in the "Insurer in the Coal Mine" and nuance it with the truth that Crony Crapitalism factors in to the Insurers calculaus too.

Recall that AIG went BUST-A-ROONY and only the backing of the FED and billions of American Citizen backed dollars saved it to this day.  THey continued to collect premiums through out their hidden financial ruin until this very day.

Oceans everywhere will be seeing a collapse as a food resource as CO2 drives ocean acidification...but don't expect the agents of insurance companies to necessarily lead the charge away from insuring related at-risk enterprises.  

They know that when things are real bad, the "big boys" are given a pass.

We should all be focusing on revising our democracies so that government is responsive to everyone's needs, not just the super wealthy corproate campaign donors.  I suggest the fight is on today and our global cause is advancing to root our the corrupting influence of money on politics.  In the USA, campaign finance reform movements are active in every community.

Otherwise, I really like your analysis Jack.

Sat, 07/12/2014 - 17:14 | 4950743 Death and Gravity
Death and Gravity's picture

The denialists didn't like that...

Sat, 07/12/2014 - 19:32 | 4951034 Two Feet Studs Up
Two Feet Studs Up's picture

Drinking that polluted Chesapeake Bay water again I see...

Fri, 07/11/2014 - 12:50 | 4947407 yogibear
yogibear's picture

Bankers game. Modified corporate raider game.

Pull out the cash, off-shore the money, claim your in trouble and need a bailout. Rinse and repeat.  Some excellent book-cookers around.

Leave the taxpayers holding the bag. 

Fri, 07/11/2014 - 15:39 | 4948028 dontgoforit
dontgoforit's picture

The SUX-2015 Crock of Book Cooker - on sale now at Sears or JC Penney for (how much ya' got?)

Fri, 07/11/2014 - 12:53 | 4947417 spekulatn
spekulatn's picture

Smoke some hopey 

 

get straight

 

all is well again

Fri, 07/11/2014 - 15:40 | 4948035 dontgoforit
dontgoforit's picture

An Infinite Jest

Fri, 07/11/2014 - 12:53 | 4947418 Notsobadwlad
Notsobadwlad's picture

Jubilee ...

... every 7 years.

We have been told that there are increasing consequences for not obeying the law.

Let's see who will speak the words below THIS time ...

Isaiah 9:10 (NIV)“The bricks have fallen down, but we will rebuild with dressed stone; the fig trees have been felled, but we will replace them with cedars.”

Fri, 07/11/2014 - 15:48 | 4948078 SheepDog-One
SheepDog-One's picture

Replace fruit trees with cedars, sure sounds like something the bible fucktards would think was a good idea.

Fri, 07/11/2014 - 22:09 | 4949082 Tall Tom
Tall Tom's picture

Actually it was the UNBELIEVING fucktards that replaced the Fig Trees with Cedars. Then, following that,  Israel lost God's favor, experienced an invasion and subsequent ENSLAVEMENT by Babylon, due directly to their arrogance.

 

But of course you do not know the story. It is laughable that you can criticize something of which you lack any knowledge. It demonstrates your shallowness of thought.

Nor do you understand the consequences of turning your back on God. It is because you are one of the unbelieving fucktards. YOU ARE NO DIFFERENT. LMAO...at you. How does it feel to be a target of faraway laughter?

 

Take a good look in the mirror as the story talks about YOU. The judgment you gave is judgment upon yourself.

 

(Judge not lest you be judged. For whatsoever you measure out that measure will be returned to you. You serve to demonstrate the principle, to prove the prophecy.)

 

So, for YOU, there will be Hell to pay. Have fun paying for it...

Fri, 07/11/2014 - 13:10 | 4947473 yogibear
yogibear's picture

Sorry but honesty and intgrity is an exception and not the rule.

The greater the fraud and lies the higher in status you go.

Fri, 07/11/2014 - 13:16 | 4947500 TabakLover
TabakLover's picture

Talk is cheap.  Crashes are not.  If it's crashes............LET'S HAVE ONE.

Fri, 07/11/2014 - 13:18 | 4947509 TNTARG
TNTARG's picture

https://www.facebook.com/photo.php?fbid=10152130436567511&set=pcb.101521...

Shame

Shame

Shame

At least 81 people, including many children, have been killed in the Gaza Strip in two days of Israeli air raids, as Israel's army mobilised on the border for a possible ground invasion.

Fri, 07/11/2014 - 16:27 | 4948234 LoneCapitalist
LoneCapitalist's picture

Maybe it wasn't such a good idea to kill those three Israeli boys after all. Might want to rethink shooting rockets into Israel also.

Sat, 07/12/2014 - 00:35 | 4949333 paddyirishman
paddyirishman's picture

lying bastard hasbara troll

Sat, 07/12/2014 - 12:19 | 4949919 joethegorilla
joethegorilla's picture

Violence begets violence.

Fri, 07/11/2014 - 13:26 | 4947554 Joebloinvestor
Joebloinvestor's picture

I would be more convinced if the guy would announce what they aren't going to insure any longer.

Fri, 07/11/2014 - 22:36 | 4949169 MrSteve
MrSteve's picture

Alliance recently stopped all insurance policy guaranteed minimum "growth" returns. I suspect if they can't guarantee even 1% to their policy holders, they know the future holds some time of very low returns. Hedge accordingly!

Fri, 07/11/2014 - 13:35 | 4947604 AcidRastaHead
AcidRastaHead's picture

Here's some good comedy:

 

Portugal bank crisis: 4 reasons to keep calm

http://money.cnn.com/2014/07/10/investing/portugal-bank/index.html

Fri, 07/11/2014 - 13:40 | 4947635 TabakLover
TabakLover's picture

Who wrote that BS?   Draghi?

Fri, 07/11/2014 - 17:19 | 4948368 financialrealist
financialrealist's picture

I refrained the other day from calling the financial media stupid, naive and ignorant yes, but after reading that trash, they are either stupid or complicit...at this point I'll believe either one.

Fri, 07/11/2014 - 13:50 | 4947685 Dr.Engineer
Dr.Engineer's picture

Whatever it takes!

Fri, 07/11/2014 - 13:57 | 4947709 Devon
Devon's picture

Of course the eurozone crisis isn't fixed, it has been dormant at best. Problem is that the time Draghi brought has been squandered because no politician can find a way to fix it becuase the people don't want it. So they will sit there for as long as bond yeilds are at idiocy levels until banks/bonds or whatever blows up in their face brings the wholse sorry mess down. 

PS. New to this board so might as well put my cards on the table. I'm eurosceptic, a Brit and want the UK out of the corrupt EU as soon as possible. It was always going to be an undemocratic clusterfuck, and has proved to be just that.

Fri, 07/11/2014 - 14:59 | 4947923 trader1
trader1's picture

clearly the comment is all about helping the pimco book.

Fri, 07/11/2014 - 15:11 | 4947960 Davos
Davos's picture

Zimmerman didn't get the memo...

Fri, 07/11/2014 - 15:45 | 4948065 SheepDog-One
SheepDog-One's picture

He missed OClowno's speech yesterday, no cynicism is allowed, only hopyness.

Fri, 07/11/2014 - 15:13 | 4947965 AGoldhamster
AGoldhamster's picture

Another one ripe for suicide. At least it will look that way.

Sat, 07/12/2014 - 04:56 | 4949536 Aussiekiwi
Aussiekiwi's picture

Extreme care required when handling nail guns or taking the air on top of buildings..

Fri, 07/11/2014 - 15:41 | 4948023 TheRideNeverEnds
TheRideNeverEnds's picture

What do CEOs know?  Those idiots were selling their stock at a record pace last year 30% below current price levels.  

Fri, 07/11/2014 - 15:42 | 4948055 SheepDog-One
SheepDog-One's picture

It's no big deal really, for all the fancy systems and whatnot we're just on a ball of rock spinning around the sun which will burn out in a few billions years and we'll all just be back to dust. In the meantime have a beer and laugh at it.

Sat, 07/12/2014 - 04:55 | 4949534 Aussiekiwi
Aussiekiwi's picture

yeah, I'll be pretty old by that time.

Fri, 07/11/2014 - 16:02 | 4948139 100pcDredge
100pcDredge's picture

Meep meep!

Fri, 07/11/2014 - 16:21 | 4948211 Atomizer
Atomizer's picture

The song never gets old.

Blue Oyster Cult - Godzilla

Sat, 07/12/2014 - 18:07 | 4950849 MASTER OF UNIVERSE
MASTER OF UNIVERSE's picture

The European Union was structurally built to burn to the ground with one match on a soggy matchpack and a bit of faith in God for a spark!

NOTE: The European Union was not built in one day but will be destroyed

in one day. That day is fast approaching as the winds blow harder on the flames that will burn the EU to the proverbial ground. America feeds those flames collectively every single day without a thought to where the West is going to end up in short order. You have heard of 'Dumb & Dumber' and

now you are about to hear about 'Drunk & Drunker', my friends. The European Union is plastered on the souls of the poor and now she will have to get drunker on the souls of the not-so-poor if she wants to maintain her drunken stupor. If the not-so-poor say no, the drunken bitch will crash the bus that the EU is riding on. Let us assume that bitch is sitting in her palace of the International Monetary Fund right this minute fuming over the fact that they will not buy her another bottle of gin. And you know what that drunken bitch is going to do when she starts to sober up and get the DTs, eh. It's not going to be lady like behaviour we are likely to see out of this drunken skinny bitch I'll tell you. Wait till you see what she is like when she starts to get hungover and there is no more gin in the silo. Christine Legarde has a temper under all that cool level headed debauchery.

OCCUPY THE IMF - OCCUPY THE EUROPEAN UNION - OCCUPY EVERYTHING except Christine Legarde's liquor cabinet.

Sat, 07/12/2014 - 21:10 | 4951251 Magooo
Magooo's picture

Nothing will EVER be solved.

 

THE PERFECT STORM (see p. 59 onwards)

The economy is a surplus energy equation, not a monetary one, and growth in output (and in the global population) since the Industrial Revolution has resulted from the harnessing of ever-greater quantities of energy. But the critical relationship between energy production and the energy cost of extraction is now deteriorating so rapidly that the economy as we have known it for more than two centuries is beginning to unravel. http://ftalphaville.ft.com/files/2013/01/Perfect-Storm-LR.pdf 

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