After Pissing Off Germany, Lagarde Now Angers France, Which Blames The Collapse In Financial Markets On The Seasons
Earlier today, German financial regulator Bafin roundly smacked down Christine Lagarde's Jackson Hole proposal to use the EFSF as a bank recapitalization vehicle (as we noted over the weekend, it already has its hands full with merely keeping Italy afloat). Now it is France's turn to be indignant:
- BANK OF FRANCE'S NOYER SAYS DOES NOT UNDERSTAND IMF LAGARDE'S RECENT CALL FOR EU BANK RECAPITALISATIONS
- BANK OF FRANCE'S NOYER SAYS MAYBE LAGARDE WAS BADLY INFORMED BY IMF STAFF ON BANK RECAPITALISATIONS
- BANK OF FRANCE'S NOYER SAYS SEES NO REASON TO WORRY ABOUT FRENCH BANKS
- BANK OF FRANCE'S NOYER SAYS SPECULATION ABOUT POSSIBLE FRENCH DEBT DOWNGRADE IS AN "ABSURD RUMOUR"
- BANK OF FRANCE'S NOYER SAYS CONSTITUTIONAL DEFICIT LIMIT WOULD BE COMMON SENSE
And just in case there was a need for a scientific explanation for the recent plunge in French banks, which invoked an indefinite short-selling ban, here it is:
- NOYER SAYS FINANCIAL MARKETS DON'T OPERATE NORMALLY IN SUMMER
Expect to hear comparable arguments about the Fall, Winter, and, lastly, Spring.
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Sofitel scandal 2.0?
.
Hopium, And Free Fiats For Everyone ...
europe is really going for hell for leather with that big, red self-destruct button...
http://azizonomics.com/2011/08/28/the-death-of-the-euro-in-2011/
It's only a matter of time before the rats start fleeing the sinking ship. Eventually the blame game to start kicking into gear...
It's only a matter of time before "the dumb blonde" follows DSK.
Scapegoat bearer of bad news de jour in place. Next.
She is actually a very bright lady and, I being French, am surprised at how vocal she has become and so quickly, because when she was France Minister of Finance, before being "promoted" to the IMF, she relentlessly was telling us that everything was fine and dandy with the banking sector, the economy, etc... Not sure what is compelling her to be so hard all of a sudden, but I have to admit, she has balls!
Oh come on Cirederf, get a life ! I am French as well and you my friend really take your deams for reality !
Yes, very bright. Her suggestion to solve the problem of the difference in competitivess between countries in Europe was to make Germany less competitive. Maybe it has become normal for European politicians to ignore that there is a world outside of Europe...
It's only a matter of time before the rats start fleeing the sinking ship.
No, I don't think so.
Keeping the Euro alive depends on keeping sovereign debt alive. Central bankers will do everything in their power to keep sovereign debt from collapsing, even turning on the printing presses and loaning more money so governments can keep rolling debt over and keep operating.
Of course the debt gets bigger and bigger, eventually reaching absurd levels, but it doesn't matter, the debt must not be allowed to collapse in value.
If sovereign debt carried on central bank books collapses in value, the whole game is over, the cental bak collapses and the currency collapses.
Same thing is happening here in America. QE1 & QE2 were to keep the value of treasury debt (and MBS debt) high by buying it all up (when nobody else wants it).
But there's no free lunch. Continually printing currency to buy new sovereign debt debases the currency.
One way or another the currency dies. Rapidly via collapse or slowly via hyperinflation.
Pick your poison.
New gallop poll says 34% of Americans see gold as best investment, of course gallop says we must be in a gold bubble.
http://goldandsilverlinings.com/?p=1594
like the man said, nothing is wrong they have everything under control. Everyone move along.
to nope-1004
Is that an excuse for Lagarde? because she is not worth a whole lot more than Boyer in my book ! In her earlier carreer Lagarde worked closely with Brewzinsky.....that says it all on her integrity !
No, I'm not making any excuses.
I actually don't know how to differentiate between the various types of white-collar criminal banksters. Who did this or who did that is simply more diversion. To that end, they are all complicit in the game and they all lie.
Indeed. It's axiomatic. They have all no doubt proven themselves the highest caliber of sociopath many times over before they are trusted with real power.
YES they are all complicit : the REGLE d'OR....golden rule...THEY ARE ALL FROM THE SAME MOLD and linked together from very early in their carreers. If you search on this brilliant lawyer as we like to describe her, she has been nurtured by the very same we combat today !
I can't really speak to Lagarde's worth because I don't know much about her. But in the movie Inside Job she talks about how her, and the IMF, warned the US repeatedly that a banking collapse was incoming. If she perceives the same thing happening in France, it might be a good time short some French banks... Oh yeah, they discontinued shorting.... Adios France.
IAHO she has been saying what she was told to say...Lagarde has been a puppet minister and is now a puppet of the big wigs. She does not know anything about economics....since when a lawyer knows about the intricacies of economics...just fooling the sheeple. Lagarde is perfect for the job. She should have resumed synchonicity swimming where she at least had better results !
I thnk you mean Southwestern Deustcheland
Further reports:
...
LOL + hyperinflated 1
I have just one song to sing to the EU (unless Germans are lobotomized further, which is possible, actually):
The EU was a terrible idea to begin with, and anyone with at least one remaining brain cell now realizes this fundamental truth.
or maybe "another one bites the dust"...
Queen works, too.
Speaking of queens, can we get a laugh track sound effect on ZH, because shit like this desperately needs such a tribute:
Just to add to ZH's list above -
p.s. - We have secretly replaced the FOMC's coffee with freeze dried, coffee flavored, mega laxative crystals, because coffee is too QEexpensive, and just because we could.
http://www.youtube.com/watch?v=83ciwAd9D8g
I don't know TIS, the ECB and the Fed are acting in concert to pull a fast one and screw everybody, our governments, our citizens, and the people in the emerging economies who worked like slaves to make us pretty things for pieces of paper. Everyone, all over the world is fixing exactly nothing, kicking the can at enormous costs, and buying gold.
Methinks I smell a rat. Can there be any question that the center of this conspiracy is the Fed and the ECB? Central banks crave secrecy and central control. The EU may not exist in name when all is said and done, but I doubt they will release central control without a fight.
Oh, don't get me wrong. Bernank & Trichet want urgently - sooooo urgently - to print and bail out the PIIGS+France+UK+???
Surgeons want to cut.
Dentists want to drill.
Carpenters want to hammer.
Central banksters want to cut, drill & hammer taxpayers/savers.
+1000
Who are more lobotomized - Germans or US'ians?
Who ever believed US had monopoly on dysfunctional non-melting-pot'hood?
Who believes human melting pots are fantastic ideas - except of course reductionist materialists?
Who thinks human beings are competing consumer bots who need nothing but stimulus?
Who has monopoly on terrible ideas?
Personally, I'll take the French revolution over the US any day.
Justice can be bought - brotherhood and equality requires enlightenment - and that isn't cheap - it comes at the cost of blood and sacrifice.
Got Guillotines?
+1268
European brotherhood, bitchez !
Is it too early to start talking about Q.E. 4 and Tarp 2?
Lets just go ahead and price in QE5, may as well whats the difference?.
Ya... At this point, it's pretty much official that the US economy runs on lollypops, sunshine and rainbows (not to mention unicorns).
I'm cornering the market on wheelbarrows. Cuz that's what da peoples uses to haul money to buy loaves of bread whenz da shitzle hits the fanzitzle.
And you can start your own business: "Bring out yer dead!"
Lagard is uniting Europe in hatred... for her.
Mirror Mirror on the wall, which is the fairest banking season of them all? Is it Winter - cold and harsh? Is it spring - ground wet as a marsh? or tis it Summer - hotter then hell or perhaps the Fall - sort of hard to tell.
blame it on the seasons?
"paprika and cumin causes market turmoil...film at 11"
Sacrebleu! Noyer isn't a believer in EMH?
More European-style "theatre of the absurd".
And lots more to come.
If I was Lagarde, I would stop visiting New York hotels. One just never knows what is in making ....
Lagarde will soon be caught in her NYC hotel room, stooping over a bound hotel bellhop, force feeding him escargot, while dressed as cat woman.
EU bank assets are marked-to-model, the markets keeps levitating higher as the news get progressively worse, classic bear market signal.
Noone says it?
Bitchez, bitchez!!
It is the WEATHER!!
Irene had very strong winds! which blew France and Germany around in Europe!
People please stick to the acts of God!
No worries!!
UCTIS will save the day! Long Live the 3rd World Market Place!! LOL!
http://mediazone.brighttalk.com/comm/INCRISK/a4066b69ec-26486-5095-28935
WHOA the DUH is down -35 points that must be the 'fear and panic' can we haz QE3 now pleez?
we need to be down in the 10k range for an extended period of time..
then! we will have more free money for wall street! 20% - 25%.. or more would work!
Icing on the cupcake...
Yeah, Europe only has buyers during the last two weeks in August. Just wait until the sellers arrive back from vacation. Now, I get it.
This is why i trust the weather report more than any financial report. I bet Noyer has a weather channel subscribtion too.
Sacrebleu!
Sacre needed the money!
+1 Dice reference
SLAP THAT B.
http://www.entendance.com/forums/viewtopic.php?f=9&t=667&p=18972#p17255
Badly informed uh? Most banks in the western world ain't worth squat. For once the IMF isn't full of it.
Good laughs.
Frog's legs with schnitzel for all. Just don't expect calm digestion.
Now where have I heard this before?
OT:
Fuck, they are already preparing for SOYLENT GREEN
http://www.bbc.co.uk/news/science-environment-14114555
Holy liquid and frozen bodies Batman!!!!
OMFG.
Upside? They can feed it to free lunch schoolchildren so those not on the dole don't get reamed?
But the ADA says they are safe:
"The makers claim the process produces a third less greenhouse gas than cremation, uses a seventh of the energy, and allows for the complete separation of dental amalgam for safe disposal. Mercury from amalgam vaporised in crematoria is blamed for up to 16% of UK airborne mercury emissions, and many UK crematoria are currently fitting mercury filtration systems to meet reduced emission targets."
pods
But liquifaction? I saw on the X-files that humans spontaneously combust. Won't stop that.......
Calm down - cannibalism doesn't work apart from a short term stop gap or ritual thing. Simply too energy intensive to raise them, require special pens and takes too long for that cusp-of-maturity taste.1
This, on the other hand, might get real: quite literally, your fast food will be made out of shit
http://www.dailytech.com/Japanese+Make+Delicious+Nourishing+Steaks+From+...
Fuck, now radioactive shitmeat. It's not just the markets in bizarro land anymore. Plenty of shit in the streets to pick up in India though. Hmmmmm,
Would you like the beef, chicken, or fish sir?
Uhhhhhh, just some water please on JAL. I brought my own lunch.
I knew I woke up this morning tripping.....
I went to a Jack in the Box and got Jack's shit!
I am Jack's complete lack of surprise.
(trying not to puke at this point)
I'm long soap, shit & stem cells.
http://www.youtube.com/watch?v=VOOo7tSDCUs
always wondered why the Japanese have such a fetish for crap, literally & figuratively.
Gross- they pump the Soylent Soup into the city's water system..
That's pretty nasty.
I noticed they bragged how the 'amalgam' is separated out, making the air safer. (Unlike cremation)
Mercury Amalgams are safe for your teeth, but bad in the air.
CD
I'd bet the fuckers refine the silver out of that, it's the whole plan.
nobody is arond to trade this. no one cares. wait till next motnh or two.
Vivaldi may be able to put this to music!
The Federal Reserve Act is unconstitutional for many reasons, foremost among which is that Congress delegated to a private municipal corporation a power which Congress never had, that is, to counterfeit money. It is unlawful for Congress to exercise a power which is not authorized to it by the Constitution. The people, you and I, and the 50 States reserve all powers not expressly delegated to the federal government.
Now, what does the FED use to purchase those bonds? They create money out of thin air, using bookkeeping entries to manufacture credit out of nothing. They used to do it with pen and ink, then typewriters, and now computers do the job. This artificial money would normally create very rapid inflation. This happened in Germany just prior to World War II, when Louis McFadden was a Congressman. It eventually took a wheel barrow full of Deutsche marks just to buy one loaf of bread. Imagine that, if you can!
The bankers realized that a mechanism was needed to withdraw this artificial money out of circulation as quickly as it was put into circulation. Enter the Internal Revenue Service. The IRS is really a collection agency for the Federal Reserve. The FED pumps money into the economy, and the IRS sucks it out of the economy, like two pumps working in tandem. This has the effect of artificially maintaining the purchasing power of this "fiat money", as it is called by monetary experts.
This is one of the primary purposes of the income tax. We know this to be true, because a man named Beardsley Ruml explained it clearly in an essay he published in the magazine American Affairs in January of 1946. Beardsley Ruml was Chairman of the Federal Reserve Bank of New York, so he was in a position to know. The shocking fact is that federal income taxes do not pay for any government services; they are used to make interest payments on the federal debt. For proof, read the Grace Commission report. These interest payments are now approaching 40 percent of the annual federal budget.
http://ww.supremelaw.org/fedzone11/htm/chapter8.htm
Fantastic. Everyone needs to read this book.
I need to find out how this shit stands here in India.
Thanks jjs.
V
Not to disparage your post generally but what on earth is a "private municipal corporation?"
BANK OF FRANCE'S NOYER SAYS I HAD GIN FOR LUNCH. PULL MY FINGER. HA HA
BANK OF FRANCE'S NOYER SAYS TO EVERYTHING THERE IS A SEASON TURN TURN TURN
BANK OF FRANCE'S NOYER SAYS MAYBE THE DINGO ATE YOUR BABY.
BANK OF FRANCE'S NOYER SAYS YOUR MOTHER WAS HAMPSTER AND YOUR FATHER SMELLED OF ELDERBERRIES!
I fart in your general direction.
When I was sell side trader I used to contemplate opening equity markets for half days on Fridays, days off in the summer with all the hours I spent surfing the internet (perhaps I wasn't motivated to sell more paper I admit) doing sod all! So by all means Noyer put your power where you mouth is bitch and close the markets at noon on Fridays during the summer if its such a problem.
Cherchez la femme!
Jeeesus Chriisst!!!!
there is a Rumour that Christine Lagarde groped Ben Bernake's Jackson Hole,
while he was having a shower with Tim ;)
Polishing her resume for a job as a bidet, I gather...
When the minions of the PTB start battling openly, it is close to open season. Bill Gross's tone clearly has been a big tell since this year.
Cue a large ship, a band, some chairs, lifeboats and a real game of musical chairs on the lifeboat of a sinking ship.
V
http://aadivaahan.wordpress.com/2011/08/30/humor-me/
08-30 13:37: Noyer says that in land of 300 cheeses, many soft & foul, French bank balance sheets smell far worse
Thanks for the laughs, Truth!
Excluding the Germans, who for obvious reasons are very much against giving the EU bureaucrats more power to spend German taxpayer's money, all national responses seem to follow a similar MO: (a) we want stability in the eurozone and acknowledge some banks may need fresh capital; but (b) these are somebody else's banks; because (c) our banks are doing great; and (d) other countries should use our way of handling banks as a blueprint. Let's see how long the hot potato game will last.
And about Lagarde: the woman is a lawyer with some PoliSci background and a few years of practice in McKenzie. She has no training, nor experience, in asset management or markets regulation. This determines her bahavior, which is basically that of someone conditioned to see problems as a sequence of technical paperwork tasks concluded with a pompous closing celebration. At least DSK had some first-hand experience with squeezes, dark liquidity and the principal-agent problem.
A few years practice @ Mckenize?
She was Chairmen of the Executive Committee and president of the global strategic committee.
As former Minister of Finance for France, she may have an idea of just how undercapitalized the french banks are. But lets blame it on Summer. After all 6 (36) sigma events are the hallmark of August, and we all know that they are perfectly benign occurences.