This page has been archived and commenting is disabled.

After Pissing Off Germany, Lagarde Now Angers France, Which Blames The Collapse In Financial Markets On The Seasons

Tyler Durden's picture





 

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.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 08/30/2011 - 13:33 | Link to Comment slaughterer
slaughterer's picture

Sofitel scandal 2.0?

Tue, 08/30/2011 - 13:46 | Link to Comment BaBaBouy
BaBaBouy's picture

.

Hopium, And Free Fiats For Everyone ...

Tue, 08/30/2011 - 13:57 | Link to Comment spiral_eyes
spiral_eyes's picture

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/ 

Tue, 08/30/2011 - 14:01 | Link to Comment Leopold B. Scotch
Leopold B. Scotch's picture

It's only a matter of time before the rats start fleeing the sinking ship.  Eventually the blame game to start kicking into gear...

Tue, 08/30/2011 - 14:14 | Link to Comment eureka
eureka's picture

It's only a matter of time before "the dumb blonde" follows DSK.

Scapegoat bearer of bad news de jour in place. Next.

Tue, 08/30/2011 - 14:40 | Link to Comment Cirederf
Cirederf's picture

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!

Tue, 08/30/2011 - 15:54 | Link to Comment destiny
destiny's picture

Oh come on Cirederf, get a life ! I am French as well and you my friend really take your deams for reality ! 

Tue, 08/30/2011 - 23:37 | Link to Comment Nussi34
Nussi34's picture

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...

Tue, 08/30/2011 - 15:48 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

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.

Tue, 08/30/2011 - 13:59 | Link to Comment tiger7905
tiger7905's picture

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

Tue, 08/30/2011 - 13:35 | Link to Comment Triple A
Triple A's picture

like the man said, nothing is wrong they have everything under control. Everyone move along.

Tue, 08/30/2011 - 13:36 | Link to Comment nope-1004
nope-1004's picture

 

 

  • BANK OF FRANCE'S NOYER LIES HIS ASS OFF TO KEEP MARKETS CALM AND DIVERT BLAME ELSEWHERE
Tue, 08/30/2011 - 13:48 | Link to Comment destiny
destiny's picture

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 !

Tue, 08/30/2011 - 14:10 | Link to Comment nope-1004
nope-1004's picture

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.

 

Tue, 08/30/2011 - 14:14 | Link to Comment Bob
Bob's picture

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. 

Tue, 08/30/2011 - 15:57 | Link to Comment destiny
destiny's picture

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 !  

Tue, 08/30/2011 - 14:49 | Link to Comment Peter_Griffin
Peter_Griffin's picture

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.

Tue, 08/30/2011 - 16:01 | Link to Comment destiny
destiny's picture

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 !

Wed, 08/31/2011 - 12:04 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

I thnk you mean Southwestern Deustcheland

Tue, 08/30/2011 - 13:53 | Link to Comment Popo
Popo's picture

Further reports:

...

  • LAGARDE TO BANK OF FRANCE'S NOYER:  "YOU SAID WHAT?  OH NO YOU DIDN'T!"
  • NOYER TO IMF'S LAGARDE: "OH YES I DID BITCH.   AND WHAT'S WITH YOUR MOZILLO-STYLE SUNTAN ALL THE TIME AND SHIT?"
  • LAGARDE TO SOFITEL MANAGEMENT: "OPERATION FRENCH MAID PART DEUX IS IN EFFECT" 
Tue, 08/30/2011 - 14:03 | Link to Comment destiny
destiny's picture

LOL + hyperinflated 1

Tue, 08/30/2011 - 13:37 | Link to Comment TruthInSunshine
TruthInSunshine's picture

I have just one song to sing to the EU (unless Germans are lobotomized further, which is possible, actually):

 

Na Na Na Na

Na Na Na Na

Hey Hey

Goodbye

 

The EU was a terrible idea to begin with, and anyone with at least one remaining brain cell now realizes this fundamental truth.

Tue, 08/30/2011 - 13:45 | Link to Comment Jonas Parker
Jonas Parker's picture

or maybe "another one bites the dust"...

Tue, 08/30/2011 - 13:59 | Link to Comment TruthInSunshine
TruthInSunshine's picture

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.

Tue, 08/30/2011 - 14:11 | Link to Comment Smiddywesson
Smiddywesson's picture

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.

Tue, 08/30/2011 - 14:15 | Link to Comment TruthInSunshine
TruthInSunshine's picture

 

 

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.

Tue, 08/30/2011 - 14:28 | Link to Comment Smiddywesson
Smiddywesson's picture

+1000

Tue, 08/30/2011 - 14:25 | Link to Comment eureka
eureka's picture

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?

Tue, 08/30/2011 - 14:33 | Link to Comment Léonard
Léonard's picture

+1268

European brotherhood, bitchez !

Tue, 08/30/2011 - 13:37 | Link to Comment Sequitur
Sequitur's picture

Is it too early to start talking about Q.E. 4 and Tarp 2?

Tue, 08/30/2011 - 13:41 | Link to Comment SheepDog-One
SheepDog-One's picture

Lets just go ahead and price in QE5, may as well whats the difference?.

Tue, 08/30/2011 - 13:46 | Link to Comment The They
The They's picture

Ya... At this point, it's pretty much official that the US economy runs on lollypops, sunshine and rainbows (not to mention unicorns).

Tue, 08/30/2011 - 14:04 | Link to Comment Leopold B. Scotch
Leopold B. Scotch's picture

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.

Tue, 08/30/2011 - 14:13 | Link to Comment Smiddywesson
Smiddywesson's picture

I'm cornering the market on wheelbarrows

And you can start your own business:  "Bring out yer dead!"

Tue, 08/30/2011 - 13:37 | Link to Comment The They
The They's picture

Lagard is uniting Europe in hatred... for her.

Tue, 08/30/2011 - 13:37 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

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.

Tue, 08/30/2011 - 13:38 | Link to Comment Whatta
Whatta's picture

blame it on the seasons?

"paprika and cumin causes market turmoil...film at 11"

Tue, 08/30/2011 - 13:39 | Link to Comment Cursive
Cursive's picture

Sacrebleu!  Noyer isn't a believer in EMH?

Tue, 08/30/2011 - 13:39 | Link to Comment Bam_Man
Bam_Man's picture

More European-style "theatre of the absurd".

And lots more to come.

Tue, 08/30/2011 - 13:40 | Link to Comment kaiten
kaiten's picture

If I was Lagarde, I would stop visiting New York hotels. One just never knows what is in making ....

Tue, 08/30/2011 - 14:28 | Link to Comment TruthInSunshine
TruthInSunshine's picture

 

 

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.

Tue, 08/30/2011 - 13:41 | Link to Comment OrdellRobbie
OrdellRobbie's picture

EU bank assets are marked-to-model, the markets keeps levitating higher as the news get progressively worse, classic bear market signal.

Tue, 08/30/2011 - 13:41 | Link to Comment Steroid
Steroid's picture

Noone says it?

Bitchez, bitchez!!

Tue, 08/30/2011 - 13:43 | Link to Comment JW n FL
JW n FL's picture

 

 

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

 

Tue, 08/30/2011 - 13:43 | Link to Comment SheepDog-One
SheepDog-One's picture

WHOA the DUH is down -35 points that must be the 'fear and panic' can we haz QE3 now pleez?

Tue, 08/30/2011 - 13:45 | Link to Comment JW n FL
JW n FL's picture

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!

Tue, 08/30/2011 - 13:46 | Link to Comment Irish66
Irish66's picture

Icing on the cupcake...

Tue, 08/30/2011 - 13:48 | Link to Comment rubearish10
rubearish10's picture

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.

Tue, 08/30/2011 - 13:48 | Link to Comment TK7936
TK7936's picture

This is why i trust the weather report more than any financial report. I bet Noyer has a weather channel subscribtion too.

Tue, 08/30/2011 - 13:48 | Link to Comment NotApplicable
NotApplicable's picture

Sacrebleu!

Tue, 08/30/2011 - 13:51 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

Sacre needed the money!

Tue, 08/30/2011 - 20:48 | Link to Comment Coldfire
Coldfire's picture

+1 Dice reference

Tue, 08/30/2011 - 13:52 | Link to Comment lolmao500
lolmao500's picture

Badly informed uh? Most banks in the western world ain't worth squat. For once the IMF isn't full of it.

Tue, 08/30/2011 - 13:52 | Link to Comment Jim in MN
Jim in MN's picture

Good laughs.

Frog's legs with schnitzel for all.  Just don't expect calm digestion.

Tue, 08/30/2011 - 13:52 | Link to Comment data_monkey
data_monkey's picture

Now where have I heard this before?

Tue, 08/30/2011 - 13:52 | Link to Comment JohnG
JohnG's picture

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.

Tue, 08/30/2011 - 13:57 | Link to Comment JohnG
JohnG's picture

Upside?  They can feed it to free lunch schoolchildren so those not on the dole don't get reamed?

Tue, 08/30/2011 - 14:05 | Link to Comment pods
pods's picture

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

Tue, 08/30/2011 - 14:16 | Link to Comment JohnG
JohnG's picture

But liquifaction?  I saw on the X-files that humans spontaneously combust.  Won't stop that.......

Tue, 08/30/2011 - 14:23 | Link to Comment Use of Weapons
Use of Weapons's picture

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+...

  • 1. To hedge against it, best bet is to stuff yourself full of substances that reduce flavour, or produce wildly outrageous drug experiences: T S Thompson had it right there.
Tue, 08/30/2011 - 14:32 | Link to Comment JohnG
JohnG's picture

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.....

Tue, 08/30/2011 - 14:40 | Link to Comment WALLST8MY8BALL
WALLST8MY8BALL's picture

I went to a Jack in the Box and got Jack's shit!

Tue, 08/30/2011 - 14:44 | Link to Comment JohnG
JohnG's picture

I am Jack's complete lack of surprise.

(trying not to puke at this point)

Tue, 08/30/2011 - 15:49 | Link to Comment Use of Weapons
Use of Weapons's picture

I'm long soap, shit & stem cells.

 

http://www.youtube.com/watch?v=VOOo7tSDCUs

Tue, 08/30/2011 - 23:46 | Link to Comment tip e. canoe
tip e. canoe's picture

always wondered why the Japanese have such a fetish for crap, literally & figuratively.

Tue, 08/30/2011 - 15:10 | Link to Comment Conax
Conax's picture

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

Tue, 08/30/2011 - 15:46 | Link to Comment JohnG
JohnG's picture

I'd bet the fuckers refine the silver out of that, it's the whole plan.

Tue, 08/30/2011 - 13:54 | Link to Comment IMA5U
IMA5U's picture

nobody is arond to trade this.  no one cares.  wait till next motnh or two.

Tue, 08/30/2011 - 13:56 | Link to Comment Fox-Scully
Fox-Scully's picture

Vivaldi may be able to put this to music!

Tue, 08/30/2011 - 13:57 | Link to Comment jjsilver
jjsilver's picture

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

 

Tue, 08/30/2011 - 14:09 | Link to Comment Oh regional Indian
Oh regional Indian's picture

Fantastic. Everyone needs to read this book. 

I need to find out how this shit stands here in India.

Thanks jjs.

V

Tue, 08/30/2011 - 14:54 | Link to Comment Bastiat
Bastiat's picture

Not to disparage your post generally but what on earth is a "private municipal corporation?" 

Tue, 08/30/2011 - 13:58 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

BANK OF FRANCE'S NOYER SAYS I HAD GIN FOR LUNCH. PULL MY FINGER. HA HA

Tue, 08/30/2011 - 13:59 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

BANK OF FRANCE'S NOYER SAYS TO EVERYTHING THERE IS A SEASON TURN TURN TURN

Tue, 08/30/2011 - 14:02 | Link to Comment Internet Tough Guy
Internet Tough Guy's picture

BANK OF FRANCE'S NOYER SAYS MAYBE THE DINGO ATE YOUR BABY.

Tue, 08/30/2011 - 13:59 | Link to Comment Misean
Misean's picture

BANK OF FRANCE'S NOYER SAYS YOUR MOTHER WAS HAMPSTER AND YOUR FATHER SMELLED OF ELDERBERRIES!

Tue, 08/30/2011 - 14:05 | Link to Comment Dr. Engali
Dr. Engali's picture

I fart in your general direction.

Tue, 08/30/2011 - 14:01 | Link to Comment Global Hunter
Global Hunter's picture

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.

Tue, 08/30/2011 - 14:01 | Link to Comment ZeroPoint
ZeroPoint's picture

Cherchez la femme!

Tue, 08/30/2011 - 14:05 | Link to Comment Misean
Misean's picture
Fetchez la vache!
Tue, 08/30/2011 - 14:07 | Link to Comment Dr. Engali
Dr. Engali's picture

Jeeesus Chriisst!!!!

Tue, 08/30/2011 - 14:03 | Link to Comment Die Weiße Rose
Die Weiße Rose's picture

there is a Rumour that Christine Lagarde groped Ben Bernake's Jackson Hole,

while he was having a shower with Tim ;)

Tue, 08/30/2011 - 14:09 | Link to Comment Misean
Misean's picture

Polishing her resume for a job as a bidet, I gather...

Tue, 08/30/2011 - 14:03 | Link to Comment Oh regional Indian
Oh regional Indian's picture

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/

Tue, 08/30/2011 - 14:22 | Link to Comment Dick Darlington
Dick Darlington's picture

Thanks for the laughs, Truth!

Tue, 08/30/2011 - 14:12 | Link to Comment SovietCong
SovietCong's picture

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.

Tue, 08/30/2011 - 14:34 | Link to Comment lizzy36
lizzy36's picture

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.

Tue, 08/30/2011 - 15:54 | Link to Comment SovietCong
SovietCong's picture

McKenzie is a law firm. A rather big one, granted, but still a law firm. A chairman in a law firm manages other lawyers. He/she doesn't manage money beyond what a CEO of a mid-size company would do. "Global strategic committee" sounds good, but what does it do precisely? It's a forum for regional MPs to come together, talk on how to split globally aggregated profits among equity partners and what practices should get what budgets. It's not rocket science, nor any science for that matter. I know several of such MPs personally. None of them knows much about how capital markets work beyond things such as how to write a prospectus, how to structure an LBO transaction or how to execute insider deals without landing a client in jail.

As to whether being a French Minister of Finance is a good way to learn about a thing or two about banking and monetary policy, it is a matter of opinion. I think it is not: any political position within a bureaucracy is unlikely to be a good learning experience if you lack necessary fundamentals. Apparently many people think otherwise, or else she wouldn't land the job, right?

Just to be clear, I'm not saying a thing about French banks. My point is this: lawyers running global financial institutions are not only ill-prepared, but also don't have the right mindset to help solve any of the nobody-could've-seen-it-coming-nobody problems, Summer, Winter or Fall. More than ever when 6-sigma, and supposedly some past 10-sigma, events tell you you can throw your nice VAR models into a dumpster.

Tue, 08/30/2011 - 16:10 | Link to Comment destiny
destiny's picture


Bien que cela ne figure pas sur sa biographie officielleMadame Lagarde militait aux États-Unis au Center for Strategic & International Studies (CSIS) [3]. Au sein de ce think tank, elle co-présidait avec Zbigniew Brzezinski [4] la commission Action USA/UE/Pologne et suivait plus particulièrement le groupe de travail Industries de défense USA-Pologne (1995-2002) et les questions liées à la libéralisation des échanges polonais. Or, dans ces instances, elle représentait les intérêts états-uniens contre ceux du Commerce extérieur français dont elle est aujourd’hui la ministre [5].
En sa qualité d’avocate du cabinet Baker & McKenzie, elle poussait plus particulièrement les intérêts de Boeing et Lockheed-Martin contre ceux d’Airbus et de Dassault.

En 2003, Christine Lagarde est également devenue membre, toujours au 
sein du CSIS, de la Commission pour l’élargissement de la communauté 
euro-atlantique
 aux côtés de son ami Brzezinki et de diverses personnalités dont l’ancien directeur de l’OMC Renato Ruggiero et 
l’ancien ambassadeur spécial pour la restitution des biens religieux en 
Europe centrale, Stuart Eizenstat. Cette commission s’est occupée des 
investissements possibles en Pologne, Slovaquie, Lettonie, Roumanie, 
République tchèque et Hongrie.

Au sein de chacune de ces diverses commission, un homme jouait un 
rôle central : Bruce P. Jackson, fondateur du Comité états-unien pour 
l’expansion de l’OTAN (US Committee for Expand NATO). Il représentait 
les intérêts de l’avionneur Lockheed Martin, dont il avait été 
vice-président. C’est au travers des relations nouées dans les 
commissions présidées par Christine Lagarde que M. Jackson monta le 
contrat du siècle : la vente, en avril 2003, de 48 chasseurs F-16 
Lockheed-Martin à la Pologne pour 3,5 milliards de dollars.

Cette transaction provoqua la consternation en Europe dans la mesure où le gouvernement polonais payait cette commande avec les fonds de l’Union européenne destinés à préserver son secteur agricole.

Ce contrat était disproportionné par rapport aux besoins réels de la 
Pologne. En outre, la logique eut voulu que Varsovie s’équipe de Mirage 
2000-5 MK2 Dassault ou de Jas-39 Saab en entrant dans l’Union.

Tue, 08/30/2011 - 17:19 | Link to Comment jakethesnake76
jakethesnake76's picture

Errrr What???

Tue, 08/30/2011 - 21:00 | Link to Comment Coldfire
Coldfire's picture

Of course, Mr. Lagarde is the consummate globalist insider.

Tue, 08/30/2011 - 16:05 | Link to Comment destiny
destiny's picture

Yeah she took a crash course in 2008 !

 

totally agree with U societCong

Tue, 08/30/2011 - 23:39 | Link to Comment Nussi34
Nussi34's picture

Finnland? Netherlands? Slovakia? Austria? They all are even more against the EUDSSR than Germany!

Tue, 08/30/2011 - 14:13 | Link to Comment Fuh Querada
Fuh Querada's picture

Nice EU coverage, ZH. Keep up the good work. The MSM there is 95% bullcrap. Even "Dur Shpeegle" is too tame.

Tue, 08/30/2011 - 14:15 | Link to Comment pspengle
pspengle's picture

To give you a hint for the background of BaFin coughing up http://bit.ly/qmr7OC: Even if Mme Lagarde might have the figures right, Germany will not have any European instance meddling with banking restructuring, resolution or liquidation. You clever friends better get auainted with the Gesetz zur Restrukturierung und geordneten Abwicklung von Kreditinstituten - which is law since the beginning of this year.

Tue, 08/30/2011 - 14:21 | Link to Comment Dick Darlington
Dick Darlington's picture

With all this shit coming left and right from the EU politicians noone shud be surprised by anything they say anymore. But still, this, makes me speechless.

08-30 14:07: Euro-zone considers bank shares as collateral for Greek aid according...

Seriously, WTF!

Tue, 08/30/2011 - 14:34 | Link to Comment Miles Kendig
Miles Kendig's picture

IMF Lagarde says it's time for bail-ins

Tue, 08/30/2011 - 14:40 | Link to Comment gwar5
gwar5's picture

Another bad day for the NWO. A Bitch Fight between central bankers is always a positive sign for the good guys on the other side. 

 

Tue, 08/30/2011 - 14:42 | Link to Comment youngandhealthy
youngandhealthy's picture

This thread is littered with retards n' idiots...hope you will b... i.  h...

Tue, 08/30/2011 - 15:16 | Link to Comment TruthInSunshine
TruthInSunshine's picture

You're a jelly donut.

Tue, 08/30/2011 - 15:49 | Link to Comment JohnG
JohnG's picture

Thanks for chiming in!

Tue, 08/30/2011 - 14:49 | Link to Comment PulauHantu29
PulauHantu29's picture

Seasons? Fukishima, Swine Flu, Eearthquakes, ...Blame it on Rio for all I care. All goes orund and round and stops back in the hands of the perps.

Tue, 08/30/2011 - 15:05 | Link to Comment Honey Badger
Honey Badger's picture

Regarding

  • 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"
  •  

    Never believe anything in politics until it has been officially denied. 

    Otto Von Bismark

     

    Tue, 08/30/2011 - 15:20 | Link to Comment buzzsaw99
    buzzsaw99's picture

    BANK OF FRANCE'S NOYER SAYS I CAN'T BELIEVE WE'RE BEING SCREWED BY OUR OWN, ER, MAN.

    Tue, 08/30/2011 - 15:33 | Link to Comment Joebloinvestor
    Joebloinvestor's picture

    As I said before, these clowns have admitted they would OUTRIGHT LIE to protect the EU.

    Tue, 08/30/2011 - 16:02 | Link to Comment Curtis LeMay
    Curtis LeMay's picture

    >France Blames The Collapse In Financial Markets On The Seasons<

    Is that right?

    Hmm...

    From Figaro, yesterday:

    "Laurence Parisot, the head of the influential [french] bosses' organization, Medef, blames US for euro problems.

    Parisot said the problems started when China decided to "teach the US a lesson" about the level of its debt over the summer.

    She said that ultimately Europe was under attack "not because it is weak but because it is strong." :o)

    http://www.thelocal.fr/983/20110829/

    = = = = =

    What is it with the frogs? Are the causes for everything that is wrong in France everyone and everything else's fault...except for the frogs themselves??

    I guess after 65 years of socialism, they have finally lost their minds once and for all...

    Wed, 08/31/2011 - 00:04 | Link to Comment TheBadgersSett
    TheBadgersSett's picture

    I guess after 65 years of socialism, they have finally lost their minds once and for all...

     

    The French live under the banner of Socialism, in much the same way we live under the banner of Capitalism. As a people they are socially inclined, the family is important and certainly the welfare state and employment of civil servants is immense, but in reality French corporations are as massaged by government and exploitative of their own  people and those abroad as any other Western nations corporations. Indeed many French companies are some of the biggest corporations in the world.

    The reality is that both Socialism and Capitalism are PR fed to the populace of their respective countries to give them hope and to drive them to perform and consume, further facilitating aforementioned exploitation. Neither Capitalism nor Socialism exist in their true states within the Western world.

    Tue, 08/30/2011 - 20:26 | Link to Comment TheBadgersSett
    TheBadgersSett's picture

    re the weather- lets not forget that this is a people who, post revolution decided one of the first things they wanted to do with their new found freedom and equality was to rename the months of the year after vegetables. This is relatively normal behaviour for the French.

     

    EDIT>>>>>>>> Apologies; on further investigation I see that my above comment was slightly inaccurate. It seems that simply changing the names of the months to names of vegetables was far too straightforward for the French. They also included animals and agricultural tools I believe; a ten day week and indeed changing 'time' so that each 'day' was 10 hours long; presumably so that lunch came round more frequently. Apparently the old way of doing things just wanst quite 'Revolutionary' enough.

    This was abondoned by Napoleon believe it or not, presumably in one of his less contrarian moments. Strangely enough, it somewhat complicated trade with other countries.

    Make of it what you will at this rather enthusiastic website http://personal.telefonica.terra.es/web/jlmartinmas/repcalendar/calendar...

    One thing is certain; the Rolex Oyster Perpetual Datejust would never have happened, had this calendar stuck; not without being the size and shape of a French Baguette anyhow.

    Tue, 08/30/2011 - 18:44 | Link to Comment Anonymouse
    Anonymouse's picture

    I blame those jerks Frankie Valli and Antonio Vivaldi

    Tue, 08/30/2011 - 20:59 | Link to Comment chump666
    chump666's picture

    she must do coke.

     

    Tue, 08/30/2011 - 23:06 | Link to Comment janus
    janus's picture

    financial blowback, bitchez!

    Mon, 09/05/2011 - 09:40 | Link to Comment shacai
    shacai's picture

    Welcome to http://www.replicabagsell.com .Our company was founded in 2004 and was committed to internet marketing businesses in 2006. Replica Handbags are always in a great demand and sells well. Recently, we launched some new and updated them on our website. Here you can find some scarce Cheap Christian Louboutin shoes, which were difficult to find from other websites. sac à main are also always in hotsale.

    We have gotten many great comments from our customers and earn a good NFL jerseys reputation in foreign makerts, more than 90% customers are satisfied with our products and service, till now our online members NFL jerseys are beyond 80,000. As of right now, we currently serve customers from over Christian Louboutin 18 countries, and we are still growing. We really hope to expand our business through cooperation with individuals and companies from around the world.

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