This page has been archived and commenting is disabled.
EU Officials Unleash The Fearmongery: "The Crisis Has Commenced"
Presented with little comment aside to ask if someone is off-script?
- *NOONAN: THE CRISIS HAS COMMENCED
- *SCHAEUBLE SAYS `HELLISH DIFFICULT TASK' ON GREECE
- *NOONAN: I HAVE SYMPATHY FOR THE GREEK PEOPLE
"Financial arrangement with Greece, without immediate prospects of a follow-up arrangement, will require measures by the Greek authorities, with the technical assistance of the institutions, to safeguard the stability of the Greek financial system,” ministers from 18 euro area member-states say today.
“The Eurogroup will monitor very closely the economic and financial situation in Greece and the Eurogroup stands ready to reconvene to take appropriate decisions where needed, in the interest of Greece as euro area member” ministers say in statement after informal meeting in Brussels
Translation: you are on your own, f##kers
* * *
But always remember, "Greece doesn't matter," which as Mohamed El-Erian explains, is somewhat true, since European leaders have two other existential issues to contend with also...
Dark clouds are lowering over Europe’s economic future, as three distinct tempests gather: the Greek crisis, Russia’s incursion in Ukraine, and the rise of populist political parties. Though each poses a considerable threat, Europe, aided by the recent cyclical pickup, is in a position to address them individually, without risking more than a temporary set of disruptions. Should they converge into a kind of “perfect storm,” however, a return to sunny days will become extremely difficult to foresee any time soon.
As it stands, the three storms are at different stages of formation.
The Greek crisis, having been building for years, is blowing the hardest. Beyond the potential for the first eurozone exit, Greece could be at risk of becoming a failed state – an outcome that would pose a multi-dimensional threat to the rest of Europe. Mitigating the adverse humanitarian consequences (associated with cross-border migration), and geopolitical impact of this storm would be no easy feat.
The second storm, rolling in from the EU’s east, is the costly military conflict in Ukraine’s Donbas region. The crisis in eastern Ukraine has been contained only partly by the Minsk II ceasefire agreement, and reflects the deepest rupture in the West’s relationship with Russia since the Soviet Union’s collapse.
Further Russian interference in Ukraine – directly and/or through separatist proxies in Donbas – would present the West with a stark choice. It would either have to tighten sanctions on Russia, potentially tipping Western Europe into recession as Russia responds with counter-sanctions, or accommodate the Kremlin’s expansionist ambitions and jeopardize other countries with Russian-speaking minorities (including the EU’s Baltic members).
The third storm – political tumult brought about by the rise of populist political movements – poses yet another serious threat. Energized by broad voter dissatisfaction, particularly in struggling economies, these political movements tend to focus on a small handful of issues, opposing, say, immigrants, austerity, or the European Union – essentially whomever they can scapegoat for their countries’ troubles.
Already, Greek voters handed the far-left anti-austerity Syriza party a sweeping victory in January. France’s far-right National Front is currently second in opinion polls. The anti-immigration Danish People’s Party finished second in the country’s just-concluded general election, with 22% of the vote. And, in Spain, the leftist anti-austerity Podemos commands double-digit support.
These parties’ extremist tendencies and narrow platforms are limiting governments’ policy flexibility by driving relatively moderate parties and politicians to adopt more radical positions. It was concern about the United Kingdom Independence Party’s capacity to erode the Conservatives’ political base that pushed Prime Minister David Cameron to commit to a referendum on the country’s continued EU membership.
With three storms looming, Europe’s leaders must act fast to ensure that they can dissipate each before it merges with the others, and cope effectively with whatever disruptions they cause. The good news is that regional crisis-management tools have lately been strengthened considerably, especially since the summer of 2012, when the euro came very close to collapsing.
Indeed, not only are new institutional circuit breakers, such as the European Financial Stability Facility, in place; existing bodies have also been made more flexible and thus more effective. Moreover, the European Central Bank is engaged in a large-scale asset-purchasing initiative that could be easily and rapidly expanded. And countries like Ireland, Portugal, and Spain have, through hard and painful work, reduced their vulnerability to contagion from nearby crises.
But these buffers would be severely strained if the gathering storms converged into a single devastating gale. Given the EU’s fundamental interconnectedness – in economic, financial, geopolitical, and social terms – the disruptive impact of each shock would amplify the others, overwhelming the region’s circuit breakers, leading to recession, reviving financial instability, and creating pockets of social tension. This would increase already-high unemployment, expose excessive financial risk-taking, embolden Russia, and strengthen populist movements further, thereby impeding comprehensive policy responses.
Fortunately, the possibility of such a perfect storm is more a risk than a baseline at this point. Nonetheless, given the extent of its destructive potential, it warrants serious attention by policymakers.
Securing Europe’s economic future in this context will require, first and foremost, a renewed commitment to regional integration efforts – completing the banking union, advancing fiscal union, and moving forward on political union – that have been crowded out by a never-ending series of meetings and summits on Greece. Likewise, on the national level, pro-growth economic-reform initiatives – which seem to have lost some urgency in the face of overly complacent and excessively accommodating financial markets – need to be revitalized. This would ease the policy burden on the ECB, which is currently being forced to pursue multiple ambitious objectives that far exceed its capacity to deliver sustainably good outcomes regarding growth, employment, inflation, and financial stability.
The current focus on the downpour in Greece is understandable. But policymakers should not be so distracted by it that they fail to prepare for the other two possible storms – and, much more worrisome, the possibility that they merge into a single more devastating one. Europe’s leaders must act now to minimize the risks, lest they find their shelters inadequate to the extreme weather that could lie ahead.
* * *
It seems Goldman's "conspiracy theory" was right all along as the 'excuse' for Draghi to unleash the biggest bazooka the world has ever seen is looming... whether or not the 'market' can withstand it... and remember, what Goldman wants, its former employee at the ECB tends to deliver.
- 49943 reads
- Printer-friendly version
- Send to friend
- advertisements -


This is actually a good thing. Bullish.
-CNBC Team
They are in the FIGHT OF THEIR LIVES to collapse the banking system as quickly as possible.
The quicker the banks run dry, the quicker the TV channels in Greece are filled with "throw out Tsipras, put back in New Democracy and we turn your banks back on" -- the quicker TPTB can go back to rapeing Greece.
If the Banks get turned off and Tsipras doesn't already have a plan ready to go - he's done. The police and military won't save him like they did Popendreau from the 2012 riots, as they just got cut off as well.
Its always best in times where people in positions like Tsipras trying to pull off the power moves he is -- is to have a well paid and loyal Praetorian.
The EU is nothing more than a Fascist Empire wanna be at this point. Germany's third attempt at conquering Europe will fail.
This isn't Germany's attempt to conquer Europe. Who ever upvoted you is a moron.
This is the group of people, however you want to call them, who have been slowly taking over the world for the past 100 years -- attempting to takeover Europe. Germany like Greece is nothing but a pawn, playing its role to be discarded when necessary.
Another Bullshit analysis of the Ukraine situation. EAST UKRAINE VOTED OVER 90% TO JOIN RUSSIA. No amount of saying otherwise changes this fact.
Did someone forget to oil something? I'm hearing a strange grinding noise.
Agreed, Bumpo. After their BS analysis of the Ukraine solution, I stopped reading.
Since 1917..... mazeltov !
This guy never mentions the massive debt burden shouldered by the citizens of Europe as being any issue at all. Thats strange as that in itself is the greatest burden upon the people and all this talk of getting back to growth shows how intrenched and captured these people are. They seem to ignore the giant elephant in the room and pretend that we can just "grow" out of this. Like hitting "escape velocity" and everything is awesome. Fuck him!
My last pay check was $9500 working 12 hours a week online. My sisters friend has been averaging 15k for months now and she works about 20 hours a week. I can't believe how easy it was once I tried it out. This is what I do... http://bit.ly/1LCjofJ
FUCK NOONAN.
Blarney Noonan.
I remember Noonan....Caddyshack..."that's all I need"....
https://www.youtube.com/watch?v=4j7a_sGha-Y
Nanoo Nanoo (palindrome ?)
Grock Varoufakis
Quit picking on Peggy
(yes, I know who he is)
http://www.thetoc.gr/eng/people/article/varoufakis-as-a-vulcan-and-other...
Evidently Noonan wants the Greek crisis to be as bad as possible in order to boost his position in the next Irish general election (by law it has to be before mid-April this year). To be fair to him, the main candidate for the role of the Podemos-like me-too party in Ireland is Provisional Sinn Féin, which combines the economics of Syriza with the general lovability of the Golden Dawn. But yes. F*ck Noonan.
What difference does it make?
If you're from "the United States of America" pretty much nothing actually.
We've never had so many DOLARES as we do right now...so "fuck the currency, fuck the debt and FUCK YOU TOO G-MAN BITCH."
If you're in Europe "trading in euro's" on the other hand YOU ARE FUCKED.
Contagion. Where it starts and ends ?
http://www.theguardian.com/business/2008/dec/28/markets-credit-crunch-ba...
Stawks up big on FED buying gold and silver hammered on open due to fed shorting, US green shit paper soars . Bullish! Obama does victory dance in lacy pink tutu.
Nothing has happend yet, there will be a last hour deal and poof Greece is saved.
This is just last minute pressure to get Greece to cave. Its the Germans who will suffer most if no deal is made.
Umm, no.
It's over, you dumb fuck.
Don't pull your punches Frank, just give it to him straight.
Just like the last two times this happened.
if you had brains you would be dangerous!
Greece, the only thing that matters is that no Russian base is there.
By inading the Crimea Russia has disrupted trade flows the ouput the entire Continet of Europe.
"The interior of the Contient is now closed for business."
Good luck producing anything in bulk over there.
It's hard to believe they let you drive a truck; that disabling head wound you got must have been pretty serious. There is such a thing as reality and it can be determined and specified; and in reality; no-one invaded the Crimean Peninsula. Apparently you are the audience the mass media aims at; God help us all.
I think DisabledVet has taken too many hits off his morning bong.
A colleague of mine was in Greece last year.
The guy's geographer like me teacher also.
He entered a supermarket and searched on product labels where they were produced and where they came from.
Found only olive oil produced in Greece, the rest of the products, all imported.
This colleague of mine was in France, England and Italy, reported that in all the markets thing was the same.
Only one or two items, a maximum of three locally produced.
In case of a IIIWW, Europe is fucked!
Large urban areas as well.
It will be every man for themselves and their family.
Good end-of-week to everyone (as).
hehe.
Same is true in the States. All our shit is made in China...except clothing and that's made in Vietnam.
All our shit is made in China
Everything is made locally.... it's the labels that are made in China.
Everybody knows that.
There is nothing either good or bad but thinking makes it so.
William Shakespeare
As a truck driver I can tell you from actual EXPERIENCE that you are ABSOLUTELY right.
"The Fruit of the Loom" is in North Carolina and that factory is HUGE and PROFITABLE.
Um, France is its own breadbasket, and so is Italy. Massive and diverse agriculture in both countries. Greece not so much, because of geography and climate on the one part, and shit government too. Socialism kills.
Areva has turned their 'breadbasket' into a radioactive pile.
Does the French wind blow south to Italy?
Wait till the world finds out what Fukushima did/is doing to the US Mid-West.
Ireland too. Our agricultural production is many times our food requirement nationally. One of the benefits of having a small population and population density.
Fuck the EU. It's now nothing more than an undemocratic, technocratic, authoritarian elite whose only interests are their own
wealth and power and that of transnational corporations and bankers.
EU/Troika to Greece/Tsirza:
"We'll see your Game Theory and raise you with our own version."
"It's a zero-sum game now, and there can only be one true Winner and one true Loser. Show your Hand or Fold, cause we're saying 'Call', you Malakas."
"
Message To Merkel: Shut-Up Und Setzen Sie Sich! by David Stockman • June 26, 2015
Angela Merkel may be a hero to some conservatives because she has stood up for fiscal rectitude and resisted the G-7’s relentless importuning to betray Germany’s taxpayers and join the “stimulus” brigade. But that’s as far as it goes.
The truth of the matter is that she is actually a power-hungry statist menace who is an abysmal ignoramus when it comes to the fundamentals of money and finance. That is on display once again as she drives the rickety machinery of the misbegotten eurozone superstate toward “a solution before the markets open on Monday”.
Those eight words are the heart of the statist catastrophe which is now engulfing the world economy.
They harken back through countless weekends of crisis and jerry-rigged bailouts in an unbroken line to Hank Paulson’s bazooka. That’s when the hideous $5 trillion disaster known as Freddie Mac and Fannie Mae—-erected by politicians over decades—- first broke out in July 2008 and prompted those very same clueless politicians to launch an era of financial governance by Gong Show.
So let’s make it loud and clear. Angela Merkel, you are the head of a government that’s supposed to provide autobahns, public schools, state forests and even social insurance, if you must, within the borders of Germany. But it is none of your damn business what happens when “the markets open on Monday”.
Butt out! The whole purpose of financial markets is to price securities—especially government debt—-honestly. Full stop.
The financial market is not a social program nor the handmaiden of political “projects” such as building bigger, bloated edifices of state like the eurozone. Markets don’t need your help or that of the other eurozone politicians, the ECB, the IMF and the rest of the apparatus of state in order to do their job.
In fact, you people are utterly incompetent to do what markets do, and that is to deploy the price mechanism and the auction process of bid and offer to assess and parse through the blizzards of information and competing interests that are relevant to finding the right price and yield on securities and the right allocation of capital at any giving point in time.
an era of financial governance by Gong Show.
Priceless!
+10
Gongs cost money too.
BONGS don't cost much...but if you want a GONG you have to pay for that...
HehHeh, that post is a lil to plain spoken for even ZeroHedge
"So let’s make it loud and clear. Angela Merkel, you are the head of a government that’s supposed to provide autobahns, public schools, state forests and even social insurance, if you must, within the borders of Germany. But it is none of your damn business what happens when “the markets open on Monday”. "
The very same can and should be said to Obama and the rest of the statist interventionist winner/loser picking douchebags all over the fucking world.
Fiscal rectitude = bailing out incompetent banksters.
"Kremlin’s expansionist ambitions" uh? as far as i can see it is NATO expanding east not Russia moving anywhere
Aggressive expansionism are the new code words for not kowtowing to America (bankers, Zion, the West...choose your flavor).
They are also code words for, you know, aggressive expansionism.
When Sweden starts talking about applying to join NATO, you might believe that it's all a deep-laid plot to gain revenge for Pultava but then you might believe this as well...
http://www.bibliotecapleyades.net/luna/esp_luna_46.htm
.
...which would make them code words for US citizenism, a.k.a. 'americanism'.
Clearly, European US citizens are after the project "Blobbing up Europe".
Greeks know that if they fall out of the sphere of US citizenism driven countries, they will be besieged by their former country partners. Just like their US citizen nation partners in the EU, they know that they have only way to avoid facing the bad side of US citizenism: blobbing up.
The Germans, like the rest of the European US citizens, seek the same end: blobbing up. Germany wants to be the head of the blob.
Alas, when you run a business in extorting the weak, farming the poor, blobbing up is not a luxury but a necessity.
All those poor blobbed-up Baltic States (and Sweden) (and Poland) (and Ukraine) (and Finland) all desperately volunteering to be swallowed by the evil Yankee rather than live in peace with their kindly Russian neighbors.
Poor blobs. If they only knew how much happier they would be living the life of a province of the Grand Duchy of Evil under the wise benevolence of Grandmother Putin.
The same strange universal disease seems to afflict the neighbors of China as well. Imagine Vietnam, of all places, being hearty proponents of American Blobification, The Philippines? Taiwan? Japan? Burma? India?
Gosh, it seems no matter where you look, people are eagerly demanding that the American blob descend upon their happy lands and deny them the pleasure of existence under the benign tutelage and leadership of one of the ex-Red Empires.
I cup one hand to my ear and I can hear the desperate pleas rolling in from East and West...
Yankee, come back.
It may well be the choice of the lesser of two evils, or three evils as the case may be.
But the score is heavily in favor of blobbery with Uncle Sam over submersion to Russia or China.
So, is Russia larger, smaller, or just the same size as it was in 2010?
Is NATO larger, smaller, or just the same size as it was in 2010?
Is Ukraine larger, smaller, or just the same size as it was in 2010?
Yeah...those NATO nations sure didn't do Ukraine any favors, did they. But, that's what you get when you plan, finance, and implement a bloody coup and push the country into a divisive civil war (with added cultural undertones). The blood on the hands of the Western NATO nations is Ukrainian.
BTW...where is all of Ukraine's gold. Russia doesn't have it. Ukraine doesn't have it. Must be in NATO's bloody hands.
So, are you defending the coup brought on by NATO against a democratically elected Ukrainian government?
Are you defending the theft of Ukraine's gold?
Are you simply stupid?
So, are you defending the coup brought on by NATO against a democratically elected Ukrainian government?
Sure, why not? Do you really suppose that the election that brought the pro-Russian dictator into power was any more honest than the one that brought the pro-US one into power?
Are you defending the theft of Ukraine's gold?
No, you are.
http://www.dailymail.co.uk/news/article-2570062/Ukraine-government-looks-missing-20billion-gold-dries-secret-papers-fleeing-president-threw-water.html
Are you simply stupid?
I would have to join your team in order to attain that exalted rank.
Now, once again...
Is Russia larger or smaller than it was in 2010?
Are you simply stupid or can you answer this simple yes or no question?
Is Ukraine larger or smaller than it was in 2010?
Are you simply stupid or can you answer this simple yes or no question?
Is NATO larger or smaller than it was in 2010?
Don't even bother answering that one. It's a trick question, which means you won't get it. NATO is the same size as it was in 2010.
And, in the event that you can't figure out the answer to the other two:
Poor, defenceless, innocent Russia is larger than it was.
Evil, fascist, warmongering Ukraine is smaller than it was.
But nice try with your effort to change the subject away from topics your superiors do not wish to have answered to hopefully-distracting accusations you prefer to fling about.
I suggest Tinkerbelle, that for a definition of "stupid" you only need look in the nearest mirror
The author:
Mohamed A. El-ErianMohamed A. El-Erian, Chief Economic Adviser at Allianz and a member of its International Executive Committee, is Chairman of US President Barack Obama’s Global Development Council. He previously served as CEO and co-Chief Investment Officer of PIMCO. He was named one of Foreign Policy's Top 100 Global Thinkers in 2009, 2010, 2011, and 2012. His book When Markets Collide was the Financial Times/Goldman Sachs Book of the Year and was named a best book of 2008 by The Economist.
No comment.
Yep, the entire article is written by a muppet.
If you look closely you can see the semen stains in is must stash.
It was foreseeable that this would happen within days of Greece not vetoing the anti-Russian sanctions and thereby losing a lot of leverage.
What their foreign minister should have said last Monday was "Look! My country is in turmoil. I don't know whether Greece can afford any sanctions on anyone unless the crisis has passed. I suggest we defer this vote for one month, there will still be time before the sanctions expire."
Too late now, they gave away their best bargaining chip for nothing in return.
Uhm, maybe you didn't get the memo: Greece is done 'bargaining'. Wake Up!
"and remember, what Goldman wants, its former employee at the ECB tends to deliver."
You say "former employee."
Don't you mean "reassigned employee?"
Sabbatical
So where in this does Hank Paulson get down on bended knee and beg Nancy Pelosi for 700 Billion in bailout monies from congress or else there will be Martial Law and tanks in the streets?
I know Christine is the chick in this version (not that I know she is a chick, you understand).
I'd give ya two "up" if only I could. Nice!
europe doesn't have any leaders.
not a one.
bunch of elitist sock puppets for the rotschilds
all of you should roast in hell for the agony you brought on to your people.
hollandaise, ferkel, junkjunk, dragqueen and the other assorted lackeys - FU
Hey Nigel Farage is a real leader.
Oh, wait. He says Europe doesn't have any leaders.
If you can hold your nerve while all those around you lose theirs, if you can see the panic but not feel it, if you can harness the longing of that, that went before it into action, while those around collapse and fall apart, and surely, if you can direct the anger you must feel, to those that deserve it, and you can do all this while staying as sane as a man can...
The cunts that caused the shit we live under, are well fucked.
Direct thinking my friends. Pure fucking cuntish hatred runs right through my very veins for the bastards that have ruined us.
Direct, focused, clear thought forward. I can, can you? Direct the anger right where the cunt is deserved, and it aint your fellow man. Remember that...
;-)
You Limeys rule.
.
Agreed. I think Soros must be soiling his diapers hourly if he got Moe El-Erian to write this tripe for his Propagandic Syndicate. His desperation indicates that he may be facing fortune-erasing losses on his Ukrainian gamble.
You degrade cunts everywhere.
LOL. This article seems to have been written by one of those Harvard/Princeton/Yale "trained" Greek journalists. It's actually written by this establishment twerp -
Mohamed A. El-Erian
All Greece has to do is pass a mandatory national healthcare bill against the will of the people, and then make gay marriage legal against the will of the people.
Everything will be all right after that.
As long as I can still get a Gyro, I couldn't give a fuck what they do.
Remain calm! All is well!
https://www.youtube.com/watch?v=zDAmPIq29ro
"..Russia’s incursion in Ukraine..."
Discredits the entire article.
The article is written by the head of Oblahblah's Gobal Development Council !!! Why does Zero Hedge print proparanda from the Government ??
ABC Media, Ltd.
.
What's your point?
I had to upvote you to offset the downvote from some mindless idiot. The government is following the Goebbels propaganda program; tell a big lie and repeat it often. After all, 98% of the population don't know their ass from a hole in the ground anyway.
Agreed."Further Russian interference in Ukraine –... What fucking shill.
I disagree.
War might be exactly what the Eurocrats want. The effect of war with Russia would be the same as in the United States.... greatly renewed political social cultural and economic unity thereby forcing Europe into the much and desperately desired union to prevent Euro zone disintegration.
Such dry sarcasm is on the level of MDB.
Well done.
ty.. but please don't compare me to Mr. MDB my friend.
Fearmongering is all they know.
"With three storms looming, Europe’s leaders must act fast to ensure that they can dissipate each before it merges with the others, and cope effectively with whatever disruptions they cause."
Brilliantly genial in its simplicity, nothing wrong with us or policies, it is the people. The same patent medicine as in conflicts and extremism of the Islamic world, which have been so successfully treated.
The "Russian incursion into Ukraine"? Did I miss that? I do recall an on-going American incursion into Ukraine which, according to Vicki Nuland, cost us "taxpayers" (what a name for human beings) five billion dollars.
|
|
Oh dear me! Dr El-Erian would do well to read https://www.facebook.com/scepticalinvestor, especially the podcasts of Professor Stephen E Cohen's broadcasts on Ukraine (09Jun15 and 23Jun15). Either that or stop outright lying!
El-Erian is an establishment fool. At best. It's the E.U. and the European and British governments that are the radicals and extremists, not the nationalist, salvationist parties he calls the populist parties. The governments are actively working to dispossessed whites and eradicate free speech. Does that strike anyone as "moderate"?
Russian expansion? Dude, please. Crimea would be part of Ukraine NOW if that clown Nuland hadn't been meddling in Ukrainian politics.
This guy is seriously out of touch with reality or he's carrying someone's water.
more liberal media crap: three distinct tempests gather: the Greek crisis, Russia’s incursion in Ukraine, ..etc
RUSSIA IS NOT IN THE UKRAINE, SO STOP THE LIES
"Securing Europe’s economic future in this context will require, first and foremost, a renewed commitment to regional integration efforts – completing the banking union, advancing fiscal union, and moving forward on political union...
In other words, doubling up on failure.