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And Now... Let's Play Chicken

Tyler Durden's picture




 

From Mark Grant, author of Out of the Box

And Now - Let's Play Chicken

Let me outline for you the scrub matches. The first is that the apparent winner of the Greek elections, the New Democracy Party, will try to form a colalition with the PASOK Party and this is what everyone is not betting on. The problem is that the PASOK Party has lobbed a grenade into the coalition discussion, announced by Katerina Diamantopoulou that Pasok will not join into a coalition government with the New Democracy Party unless Syriza also joins the coalition. Syriza stated moments ago it would not do this. The question then comes whether ND can form a government (150+ seats) with any of the other remaining parties including neo-nazi New Dawn or the communists. The answer is most likely not,so Greece again, for the moment, is nowhere. Then the New Democracy Party also campaigned on re-doing the terms of the EU bailout which Germany said earlier today would not be happening. The markets may well rally on the headlines but reality will set in soon enough I would think. At the moment, which could change in a Greek heartbeat or the smashing of a plate, Greece is in limbo once again and I would not be betting too heavily or cheering in the marketplacethat everything is resolved; it is clearly not.

Then the next game of chicken is not only will Germany/the EU back up from their position but will they give Greece more money because if they don't the country and the banks more money they both will default. So it is no government in Greece for the moment, playing chicken over the bailout terms, playing chicken over new money for Greece as their economy continues to  deteriorate and as they amount they owe now, much less any new money, cannot be paid back under any scenario that anyone can concoct. The headlines may well drive the markets' reaction briefly but "watch out below" will be what takes hold as it must because that assumption is based upon facts and not hype.

 

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Sun, 06/17/2012 - 17:41 | 2534826 Motorhead
Motorhead's picture

Ya mas, bitchez!

Sun, 06/17/2012 - 18:12 | 2534903 vast-dom
vast-dom's picture

hey Ty when you type "watch out below" you may unwittingly mean the view from beneath the Bernank's helicopter as he rains down more bullshit QE zirp twist ad infinitum........fuck's sake these scammed out markets are just too much!

Sun, 06/17/2012 - 18:14 | 2534912 slewie the pi-rat
slewie the pi-rat's picture

why would you call markGrant "Ty"?

or think he may unwittingly mean something the person you don't think you're talking about didn't say?

Sun, 06/17/2012 - 18:16 | 2534917 vast-dom
vast-dom's picture

yes edit: Ty for Mark Grant. apologies. unwitting greek election brain rot.

Sun, 06/17/2012 - 19:21 | 2535040 Rahm
Rahm's picture

You hittin the bath salts again, vast?

Mon, 06/18/2012 - 03:56 | 2535616 OttoMBMP
OttoMBMP's picture

This election outcome gives to the Greeks more time to get their Euros out of the banks (actually out of the Bundesbank thanks to Target 2).

Quite smart actually.

Sun, 06/17/2012 - 21:43 | 2535261 Bringin It
Bringin It's picture

It's all about 'the other'.

Sun, 06/17/2012 - 18:16 | 2534918 IndicaTive
IndicaTive's picture

 "watch out below." When up is down. Unless down really means up. Which means down goes up. Until up makes more sense. Then down. Fuck's sake indeed.

Sun, 06/17/2012 - 19:57 | 2535019 The Big Ching-aso
The Big Ching-aso's picture

 

 

After they collide they'll finally learn to stop playing chicken with vehicles missing steering wheels.

Sun, 06/17/2012 - 18:50 | 2534990 Golden Balls
Golden Balls's picture

Why do Greek boys try and grow moustaches....so when they grow up they will look like thier Mum.

Sun, 06/17/2012 - 18:58 | 2535003 koperniuk666
koperniuk666's picture

I always get the giggles when I'm talking to Greek blokes....

I just keep thinking ' I know Your Mum takes it up the ass...."

 

Sun, 06/17/2012 - 19:22 | 2535043 azzhatter
azzhatter's picture

Don't drop the soap or you will too when talking to greek blokes

Sun, 06/17/2012 - 18:56 | 2535000 Peter Pan
Peter Pan's picture

A few days ago i posted that if new democracy wins, gold would fall by $59 and stock market would bounce. This of course will be just a temporary phenomenon until reality reasserts itself. Gold already down $13.

Mon, 06/18/2012 - 02:06 | 2535530 Tsukato
Tsukato's picture

Fucking Greeks! What a disappointment. Thought they were going to bring it all down :( Anyway, I had a thought last night: Why aren't the Greeks leaving the Euro, and just using the $US? Could fuck off all those debts, not have to worry about a drachma devaluation, could trade Euros for $s, no problem. In fact it would be a coup de grace to jump into dollars after fist fucking the euro. It would be a helluva return on their exchange from euros to dollars too, cuz they would be abandoning the boat that they helped sink. Oh well.

I may be a fool. but it seems to me that everything happening now is nothing short of economic warfare, with the last standing being the victor? The Fed keep conjuring money but it hasn't such a detrimental affect on exchange rates right? Why not invite all the periphery euro countries to dump the euro for $, and no matter how much printing Ben Shalom does, it won't matter because everyone will be running for dollar safety. Could be that this will be the case against all currencies until someone backs their with gold. Am I mistaken? If so, please fill me in.

Cheers.

Mon, 06/18/2012 - 05:46 | 2535686 theprofromdover
theprofromdover's picture

Correct, if you look across the world, every country with an unstable currency uses the USD on the streets, and prices exports/imports in dollars.

While the end is nigh for the mighty greenback, it would buy time for Greece. and save face for NewDemocracy when they have to climb down from 'let us eat cake'

Sun, 06/17/2012 - 17:41 | 2534827 Newsboy
Newsboy's picture

More futzing around. Europe is not ready for certainty, but certainty may come from some unexpected direction. It is all shaky, everywhere, and Germany is not suicidal.

Sun, 06/17/2012 - 18:17 | 2534925 slewie the pi-rat
slewie the pi-rat's picture

mark's certainty is that now that the greeks have held their election, someone else will do something next

maybe you should stick with that ok?

Sun, 06/17/2012 - 17:42 | 2534830 Starving Artist
Starving Artist's picture

I refuse to care about Greek elections

Sun, 06/17/2012 - 17:45 | 2534842 junkyardjack
junkyardjack's picture

So do the markets...

Sun, 06/17/2012 - 18:08 | 2534904 Manthong
Manthong's picture

Everything is good..

As long as they have that little Spanish banking thing taken care of..

and the little Irish retroactive equal treatment deal...

and China does not contract any more..

and Japan picks up and doesn’t have any more big earthquakes..

and that little US budget thing is wrapped up..

It’s all good.

Sun, 06/17/2012 - 18:23 | 2534941 Kayman
Kayman's picture

Look after yourself, family, friends and neighbors. And let the chips fall where they may.

At least Europe is giving us a preview of what is crossing the Atlantic. 10% of GDP deficits against 2% GDP growth (entirely government sector) and we don't have a problem ?

I must have missed that chapter in the General Theory where you keep pouring gas down the carb. - even after the engine has seized.

Sun, 06/17/2012 - 18:24 | 2534945 slewie the pi-rat
slewie the pi-rat's picture

altho i am learning in realTime how threatening the elegances of slewienomincsTM are to many here, try this:  the checks are in the mail

this is the slewie bellweather, BiCheZ!

when you can no longer say this, everything is no longer "good"

too simple?

Sun, 06/17/2012 - 18:25 | 2534947 knukles
knukles's picture

Yeah,

And the socialists in France want a bigger pan-Euro deal

The socialists in Greece want out of the pan-Euro deal

The Germans just want all the authority but no financial responsibility for the pan-Euro deal (reminds me of my kids)

The City of London wants to keep leeching the treasure of the pan-or-no-pan-Euro deal

The US doesn't give a shit about the pan-Euro deal

Bernak is scared shitless of any Euro deal

Timmah is asking Dudley what Pan-Euro deal everybody's talking about

Soros has bets to make lots of money off of any pan-Euro deal and use the profits for the next pan-Euro deal

Nigel Farage is cool

Everybody else is getting sick and fucking tired hearing Juncker, Bizarro, von Rumpy talk about the success of the pan-Euro deal

The Fins just want more collateral

And somebody better do something dramatic with the pan-Euro deal because we need something new to make fun of since the current pan-Euro deal is getting boring

Paul/Farage 2012

Sun, 06/17/2012 - 21:10 | 2535069 Manthong
Manthong's picture

Things will pan out.

They just need to make sure they don't leap out of the Euro pan and into the fire or else the shit will really hit the pan. 

Mon, 06/18/2012 - 04:20 | 2535630 OttoMBMP
OttoMBMP's picture

"The Germans just want all the authority but no financial responsibility for the pan-Euro deal (reminds me of my kids)"

I junked you for that. Think about it.

Sun, 06/17/2012 - 18:51 | 2534993 Buck Johnson
Buck Johnson's picture

They have another election and can't form a govt., which means another election etc. etc.  This is getting crazy.

Sun, 06/17/2012 - 21:12 | 2535033 The Big Ching-aso
The Big Ching-aso's picture

 

 

The Greek's idea of a functional government is something that doesn't function.

Sun, 06/17/2012 - 22:01 | 2535277 slewie the pi-rat
slewie the pi-rat's picture

buck! 

they can form a goobermint!

gPapa had the last one and resigned.  he controls pasok and his college roomie antonioSam controls nudie(newD) ;  together they can form a goobermint anytime they fuking please b/c they have over 151 votes and if they can hold their party for the vote, they can govern if they wish

so they obvious do not want to, at least today;  kinda like after the last election, really

that is true and we know it for certain;  please try to understand now that the election is over, ok?  where the fuk are you people getting yer info about politics? 

they can form a goobermint, but why?  so they can answer the EU's insults?  gPapa has already told the EU between these last elections:  you take us out, financially, we take you out, financially

and that's where it still stands;  greece has been all-in for quite a while and the ball is in angela's court for quite a while

so, now you know, ok? 

p.s.  greece did not blink here... (that assumes he can understand me,  i know...)

Mon, 06/18/2012 - 05:50 | 2535692 theprofromdover
theprofromdover's picture

TPTB got it wrong as usual when they blocked G-Pap's idea for a referendum.

With a referendum out of the way, the greek election would have been much more decisive.

Now we get a fiddle and a fuddle and a dribble and a muddle, one day at a time.

Sun, 06/17/2012 - 17:42 | 2534833 Rahm
Rahm's picture

Hungary, eat your heart out.

Sun, 06/17/2012 - 17:43 | 2534834 Snakeeyes
Snakeeyes's picture

ECB owns 35% of Greek sovereign debt. But the Greeks are playing hostage games. 

http://confoundedinterest.wordpress.com/2012/06/17/debt-saturated-greece-stays-in-the-euro-euro-strengths-a-bit/

Sun, 06/17/2012 - 17:45 | 2534840 Atomizer
Atomizer's picture

Throwing good money at a bad debt-to-income ratio periphery nation is no different than an alcoholic telling you that its his/her last drink. Just give me a few rounds of financial reform interventions before I tell you to take your debt & fuck off. Err, I mean that… I need you to support my spending habits…

Sun, 06/17/2012 - 18:30 | 2534939 CompassionateFascist
CompassionateFascist's picture

  Except: it isn't "good money". It's debt...bailing out debt. And don't mention the CDS's stacked above, and the (endlessly re-hypothecated) "collateral" propping up the entire, teetering structure. As for the phony election in Greece, the anti-bailout parties (Reds, Golden Dawn, Syriza, etc) got 60% of the vote...bankster stooges (fake "conservatives", PASOK) got 40%. Latter only rule via the "bonus 50" seats joke. A scam inside a farce within a chimera. This regime, if there is one, will last no more than a month.

Sun, 06/17/2012 - 18:45 | 2534984 nmewn
nmewn's picture

I gotta say, thats good stuff right there...

"A scam inside a farce within a chimera."

Gimme my debt binky!!!

Sun, 06/17/2012 - 21:51 | 2535271 nope-1004
nope-1004's picture

+1

Sun, 06/17/2012 - 18:52 | 2534997 Waterfallsparkles
Waterfallsparkles's picture

Banks will win with getting paid back or they win by having 10 times the Credit default swaps that pay them even more if the Countries fail.

I actually think that the Banks want it all to fail.  The get paid on the Credit Default Swaps and then buy all of the assets of the Country for pennys on the dollar.

As they go thru all of the European Countries, America will be next.

Sun, 06/17/2012 - 19:15 | 2535026 BooMushroom
BooMushroom's picture

You can't win a bet on the end of the world. Either you're wrong and you lose, or you're right and you can't collect. There are $700 TRILLION worth of CDSs out there, and if any of them trigger, the dominoes only fall until someone says "come and take it!"

Sun, 06/17/2012 - 20:37 | 2535154 slewie the pi-rat
slewie the pi-rat's picture

you don't need to tell w_f_s what she can and can't win a bet on, son

nor do you need to speak of CDS again for a while;  that's quite enough disinfo for now,  given that your last sentence doesn't even make sense.  come and take what?  what "dominoes"?

are you aware that if i hold a short-dated way out-of-the-money option on apple for 500 contracts the options may be worth 1/16 or a bit over $3000 and they will probably expire worthless, but who knows?

however they do represent derivative contracts on about $25,000,000 worth of stock

now if that frightens you, get some help

Sun, 06/17/2012 - 17:45 | 2534843 caimen garou
caimen garou's picture

give to me large amounts of money so we can do the kick the can dance more

Sun, 06/17/2012 - 18:25 | 2534948 Kayman
Kayman's picture

But, sir, we have run out of road....

Sun, 06/17/2012 - 22:21 | 2535321 slewie the pi-rat
slewie the pi-rat's picture

 then now to the boats! and a can that floats!

you! to the galley!

you! to the oars!

to liberty!  and piracy! 

what fun!

Sun, 06/17/2012 - 18:16 | 2534844 Boilermaker
Boilermaker's picture

Is this when everyone acts like there's still hope and the elites didn't just cornhole us? Ok, I'll play along.

The market could drop HUGE any moment!  There are still some obscure and improbable events that just might be a black swan.  It's teetering on a plunge. 

Sun, 06/17/2012 - 22:09 | 2535298 toomanyfakecons...
toomanyfakeconservatives's picture

Nice avatar. Jail Wall Street Crooks? Have you listened? http://tinyurl.com/cd5cyjo/

Sun, 06/17/2012 - 17:46 | 2534845 solecsun
solecsun's picture

ECB can just print a few Billion, it's only paper

Sun, 06/17/2012 - 17:49 | 2534852 asteroids
asteroids's picture

Greeks do nothing. Next move is Germany. They either bail Greece out unconditionally or not! Germany loses either way.

Sun, 06/17/2012 - 20:38 | 2535159 mick_richfield
mick_richfield's picture

Actually, you know what?

I think the next move might be in Egypt.

Mon, 06/18/2012 - 02:07 | 2535533 Loukanika the r...
Loukanika the riot dog's picture

If everyone would have listened to me and locked Granny (YAYA) and Grandad (PAPOUS) in the house; we wouldn't be in this predicament

Sun, 06/17/2012 - 17:51 | 2534857 ekm
ekm's picture

I always love what Mark Grant writes, but I have one question:

How can the market rally now that the Primary Dealers have basically bought up S&P? At this point even the FLOW would not matter since there's not much left to trade.

Even Goldman said that warehousing stocks into ETFs to lure the few suckers left, is .............giving negative returns.

 

We're back to 2008. Primary Dealers own everything that is worthless, same as in 2008. Time to have a couple of them go crapitized, same as in 2008 with Bear Stearns and Lehman. MFG was last year.

Any betting who are the next two?

Sun, 06/17/2012 - 17:58 | 2534880 ChelseaAggro
ChelseaAggro's picture

I would give my right testicle to see JPM go tits up.

Sun, 06/17/2012 - 18:09 | 2534892 ekm
ekm's picture

Unfortunately it won't happen. JPM is basically the Goverment.

 

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies & Company, Inc.
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
UBS Securities LLC.

Excluding the canadian ones that are explicitly backed up by Canadian Gov, who could go crap?

Sun, 06/17/2012 - 20:39 | 2535164 mick_richfield
mick_richfield's picture

It will happen.

And JPM will take the government with it.

Did you think that governments were eternal?

Sun, 06/17/2012 - 22:07 | 2535294 toomanyfakecons...
toomanyfakeconservatives's picture

As I see it, the current administration and the U.S. federal government as we know it is hanging on by a thread. http://tinyurl.com/cd5cyjo/

 

It would be fitting that JPM took down the government. After all, JPM financed and facilitated our shameful entry into WWI which largely charted the course and role of the government over the last 100 years.

Sun, 06/17/2012 - 20:49 | 2535182 WmMcK
WmMcK's picture

I'd give my right arm to be ambidextrous.
No Martingales, though.

Sun, 06/17/2012 - 22:30 | 2535333 slewie the pi-rat
slewie the pi-rat's picture

we are now featuring deflationary black swanTM martingales and a triple-lindy reverse ETF

one left arm, please...  we wouldn't want you left unhedged; or me unarmed         (heh)

Sun, 06/17/2012 - 17:52 | 2534860 CrashisOptimistic
CrashisOptimistic's picture

That's actually the downside here.

This good news means there won't be any concerted global central bank action tomorrow.  The Fed doesn't have to do QE now on Wednesday.

We can return to slow, grinding deflation and given it will be closer and closer to the election, the Fed cannot act.

Sun, 06/17/2012 - 19:30 | 2534881 ekm
ekm's picture

http://www.bloomberg.com/news/2012-06-17/third-fed-stimulus-won-t-be-better-than-qe2-romney-says.html

Romney just crapped on all stimulae. I'm sure Benny and all the FOMC members still want their jobs.

I think all stimulae are being postponed until Dec 2012, unles a catastrophy occurs, which is quite possible, since it should have been allowed to occur in Nov 2011 when credit markets froze up.

Sun, 06/17/2012 - 17:53 | 2534864 Cursive
Cursive's picture

There is more action in the Euro currency than on the soccer pitch.

Sun, 06/17/2012 - 17:55 | 2534867 El Gordo
El Gordo's picture

I still don't understand why the only solvent country in the Eurozone, namely Germany, doesn't just quote Cartman and say "Screw you guys, I'm going home" and drop out of the Euro.  Then the remaining circus could fend for itself.  What's in it for Germany to stay in?  China is their major trade partner, not the European countries (because they have no money they cannot pay to import goods anyway).  I'm obviously a simpleton, but I for sure don't understand why they stay in.

Sun, 06/17/2012 - 18:00 | 2534886 EL INDIO
EL INDIO's picture

Ze Germans want to control Europe

its zeir dream

Sun, 06/17/2012 - 18:25 | 2534946 trilliontroll
trilliontroll's picture

look at geography - it's manifest destiny , not whether they want or not.

They do not want to control but they have to deal with their neighbouring countries.

While I wrote this another $100,000 may have been added to US  National debt.

Sun, 06/17/2012 - 20:41 | 2535169 mick_richfield
mick_richfield's picture

That's correct -- if you took just over two seconds to write your post.

Sun, 06/17/2012 - 21:56 | 2535274 toomanyfakecons...
toomanyfakeconservatives's picture

If only the U.S. didn't steal their hard-earned victory in WWI.

Sun, 06/17/2012 - 18:20 | 2534934 Phat Stax
Phat Stax's picture

My guess is that they want to benefit from the lower euro for their exports for the longest period of time possible.  Sell those BMW's!!

Sun, 06/17/2012 - 18:32 | 2534950 CompassionateFascist
CompassionateFascist's picture

 German pols, like American pols, do what the Bank of Rothschild and Warburg tells them to do..."if it doesn't, it gets the hose."

Sun, 06/17/2012 - 17:55 | 2534868 geewhiz190
geewhiz190's picture

so now there's no reason for the FED et. al. to act, right? didn't bernanke just get finished telling congress any further fed action would be "reckless" ?

Sun, 06/17/2012 - 18:12 | 2534911 Atomizer
Atomizer's picture

The FED will intervene, just not today.

Sun, 06/17/2012 - 18:40 | 2534971 geewhiz190
geewhiz190's picture

seriously, what basis could the use?

Sun, 06/17/2012 - 17:56 | 2534872 RmcAZ
RmcAZ's picture

This is retarded.

Sun, 06/17/2012 - 17:57 | 2534875 EL INDIO
EL INDIO's picture

Erections to infinity

.. sorry, I mean Elections.

Sun, 06/17/2012 - 17:59 | 2534882 rubearish10
rubearish10's picture

Okay, so Greece is saved (for now) and so is Spain?

Sun, 06/17/2012 - 18:13 | 2534907 Sudden Debt
Sudden Debt's picture

Right after italy gets their banks saved with a few hundred billions in pocket money and france gets it's 120 billion german taxpayers money because...which they deserve and than everything will be as superduper as it is now...
And while we're at it... WHEN TO I GET A BILLION?!? WHAT ABOUT ME???!!!
And what's the progress on that Mars colonisation project?!

Sun, 06/17/2012 - 18:16 | 2534920 rubearish10
rubearish10's picture

Yes, get in line and for all those anti-lemmings out there,,,,stop smokin' so much dope and drink some Kool-aid, yo!

Sun, 06/17/2012 - 18:54 | 2534999 imbrbing
imbrbing's picture

As soon as hyperinflation hits EVERYONE is a billionaire! Thats when we get our billions.

Sun, 06/17/2012 - 17:59 | 2534883 Undecided
Undecided's picture

http://online.wsj.com/article/SB1000142405270230383640457747251161762723... What will the New world Order Look like just posted on WSJ...

Sun, 06/17/2012 - 17:59 | 2534884 Motorhead
Motorhead's picture

Time to buy gold paper!

Sun, 06/17/2012 - 18:18 | 2534928 OneTinSoldier66
OneTinSoldier66's picture

What you know about Gold?

 

GOLD - Asa Soltan

http://www.youtube.com/watch?feature=player_embedded&v=aqeYgDejQG8

 

--------------------------

Btw Motorhead, I didn't give you a junk vote. Perosnally I thought you're probably just being sarcastic, lol.

 

Sun, 06/17/2012 - 18:44 | 2534981 Motorhead
Motorhead's picture

Indeed, LOL.  In fact, that ABC with the line through it (in the menu bar, above this text field) didn't work.  So ein Scheiss.

Sun, 06/17/2012 - 18:02 | 2534894 Hubbs
Hubbs's picture

Classic case of the rescuer who becomes the drowning victim or like the  beneficiary turning the tables and extorting the benefactor.

Sun, 06/17/2012 - 18:12 | 2534908 nmewn
nmewn's picture

Waaahhh...gimme my binky!!!

Sun, 06/17/2012 - 18:15 | 2534915 Jake88
Jake88's picture

Even by ZH standards this article is extremely poorly written.

Sun, 06/17/2012 - 18:33 | 2534956 TWSceptic
TWSceptic's picture

Article is from Mark J. Grant not ZH, what do you mean standards ZH articles are generally well written.

Sun, 06/17/2012 - 19:15 | 2535024 Jake88
Jake88's picture

hmmm

Sun, 06/17/2012 - 18:17 | 2534923 EverythingEviL
EverythingEviL's picture

Like the facts have gotten in the way of the tards...

Sun, 06/17/2012 - 18:17 | 2534926 This is the end
This is the end's picture

So market rallies the past 2 weeks on QE coming...now that is not in the picture so market rallies some more. German and Swiss interest rates negative, US yields at all times low, S&P up 100% from 2009 lows standing there by itself because every other market is up a lot less or even down from 09 lows...when the markets make this little sense you know the end is near...

Sun, 06/17/2012 - 18:20 | 2534933 francis_sawyer
francis_sawyer's picture

francis_sawyer concurs... Let's play chicken...

~~~

Top 3 "chicken" playing scenes of all-time

http://www.youtube.com/watch?v=o8ZkY7tnpRs

http://www.youtube.com/watch?v=u7hZ9jKrwvo

http://www.youtube.com/watch?v=gKosmXx1gkc

Sun, 06/17/2012 - 19:37 | 2535058 francis_sawyer
francis_sawyer's picture

fuck yea ~ "well the last thing I remember doc, I started to swerve"...

gud catch slewie!

Doheny & Crescent Hts... francis_sawyer partied there once after doing the ceremonial 'MILK TOAST' off the 3rd "O" on the Hollywood sign one night... (Which is, also, another story... & why this generation is so fucked)... 

Sun, 06/17/2012 - 20:45 | 2535176 slewie the pi-rat
slewie the pi-rat's picture

all i hafta do is think of that shithead in the vette choking that rubber chicken and even tyler doesn't piss me off for at least a half-hour

Sun, 06/17/2012 - 18:20 | 2534935 djsmps
djsmps's picture

CNN said we can breathe a sigh of relief. The Eurozone is saved.

Sun, 06/17/2012 - 18:24 | 2534938 Dead Canary
Dead Canary's picture

CORRECTION:

The NAZI party is not New Dawn. It's Golden Shower.

Sun, 06/17/2012 - 18:41 | 2534976 nmewn
nmewn's picture

Its all Greek to me ;-)

Sun, 06/17/2012 - 18:29 | 2534953 Wave-Tech
Wave-Tech's picture

...

 

 

ES +9.50 to 1347  @ 6:25pm EST ...

 

We're long from 1320 and see an upside price target at 1391 so long as the market can sustain trade north of 1320 +/-

Sun, 06/17/2012 - 18:38 | 2534970 slewie the pi-rat
slewie the pi-rat's picture

+1 for not giving the fuking link!

Sun, 06/17/2012 - 18:43 | 2534954 BlueStreet
BlueStreet's picture

Groundhog weekend. STFR

 

 

Sun, 06/17/2012 - 18:32 | 2534955 world_debt_slave
world_debt_slave's picture

reminds me of the Greeks running up their credit card debt saying"the banks screw us, we screw the banks back".

Just keep the bailouts coming!

Sun, 06/17/2012 - 20:53 | 2535189 msjimmied
msjimmied's picture

That's what people do when they know they will file bankruptcy in the future,  max those cards out and then throw in the towel. Need a little cushion to land on. 

Sun, 06/17/2012 - 18:34 | 2534958 Quinvarius
Quinvarius's picture

I can't say I actually care about this election.  The only odd thing about it is the Central Banker statement beforehand that they stand ready to intervene...some more...in what..I don't know.

Sun, 06/17/2012 - 18:35 | 2534961 Venerability
Venerability's picture

Early Asia is always dominated by the Japanese and the Australian banks, which are pretty much always afraid that whenever the US Dollar falls, the Japanese Yen will get too strong.

That's why you see the initial - silly - adverse reaction in Gold, despite Oil soaring and the US Dollar plummeting. The Japanese, especially, always react to fear of the Yen escalating by dumping paper Gold.

Sun, 06/17/2012 - 18:38 | 2534967 Quinvarius
Quinvarius's picture

I have a theory that Sunday paper PM early pops are dealers and refineres dehedging physical that they sold over the weekend.  Not sure what if anything applies today with bankers threatening to make it rain paper money in whatever ignorant way they desire.

Sun, 06/17/2012 - 18:49 | 2534988 slewie the pi-rat
slewie the pi-rat's picture

i didn't  junk you but be careful trying to "explain why markets have different prices than the last time we explained this"

The Japanese, especially, always react to fear of the Yen escalating by dumping paper Gold.

this might make sense if you had written: dumping paper gold for dollars 

Sun, 06/17/2012 - 18:41 | 2534975 crawl
crawl's picture

So let's re-cap:  European Union still in tact, for the moment.  Some banks won't make it out alive from this mess.  But party on because Greece is still in the EU. 

And if ZH is correct, more pain to follow as reality takes hold.  Who wants to be a party pooper?  Party on, reality be damned.

Sun, 06/17/2012 - 19:22 | 2535044 BooMushroom
BooMushroom's picture

Nobody wants to leave the party when they're pretty sure they can get at least one more free glass of Cristal.

Sun, 06/17/2012 - 18:42 | 2534978 q99x2
q99x2's picture

Bloomberg already announced it. They're taking the bailout and gong back on vacation.

Sun, 06/17/2012 - 18:45 | 2534983 news printer
Sun, 06/17/2012 - 18:51 | 2534994 Fix It Again Timmy
Fix It Again Timmy's picture

Whatcha doin' Greece?  Tell the banksters and gangsters Good-Bye and

http://www.youtube.com/watch?v=JzCkD3vRukA&feature=related...

 

Sun, 06/17/2012 - 19:02 | 2535012 Zgangsta
Zgangsta's picture

PASOK is just angling for some prime minister (not Prime Minister) positions...I imagine they will cave in and join by the third day at the latest, possibly with the additional support of Independent Greeks.

ND would not have won if they had not recombined with the splinter group that won 2.9% in the last election.  As it is, they cannot possibly form a government that doesn't completely disenfranchse well over a third of the population, so the unrest will only get worse.

A narrow loss is really the best thing that Tsipris could have hoped for.  Now he gets more seats in Parliment and continues to play the role of the cool opposition leader, gaining more and more popularity as Greek life continues to deteriorate despite anything that the government does (or anything that the government possibly can do...)  I imagine SYZIRA will destroy all opposition in the next elections...by which time Greece's exit from the Euro will be all but guaranteed, and Tsipris will have a clean slate with which to try to rebuild the country.

Sun, 06/17/2012 - 20:00 | 2535083 slewie the pi-rat
slewie the pi-rat's picture

L0L!!!

pasok is gonna join what, exactly?  don't you realize that if gPap and antonioSam form a goobermint, there won't be another "popularity contest" till it falls? 

if gPapa thinks greece needs a goobermint, it shall get one;  did you not see the pre-election polls ahowing the increased support for syriZZZa and increased support to remain in the EU

what you feel like isn't unimportant, but it isn't all you should be aware of...   nothing has really happened, for example...

Sun, 06/17/2012 - 19:28 | 2535046 FreeNewEnergy
FreeNewEnergy's picture

As long as these morons keep kicking the debt can down the road to perfidy, me and my gal will continue to drink and make wine and beer, so that no matter which way the world turns, we'll stay happily inebriated.

Fuck it, really, it's all relative. If you're OK now, you'll probably be in decent shape tomorrow, next month, next year. If you're heavily in debt, default, screw a banker of two and move on. If you're counting on a pension in the next 5-10 years, you're an idiot.

Once Europe is trashed, the rest of the world goes into aw-fuck, bi-flation mode. Inflation, deflation, doesn't matter. Your own interests are what matter. Tend to your own affairs.

That's all I got. The markets and macro-economics be damned.

Sun, 06/17/2012 - 21:43 | 2535263 covert
covert's picture

throwing good money after bad?

http://covert.ias3.com/expose/

Sun, 06/17/2012 - 21:49 | 2535270 toomanyfakecons...
toomanyfakeconservatives's picture

A little positive thinking for a change. Maybe next week we will all wake up to Obama, Brenanke, and hundreds of other traitors in chains and being perp walked in front of the cameras. http://tinyurl.com/cd5cyjo/

Mon, 06/18/2012 - 06:34 | 2535727 FreeNewEnergy
FreeNewEnergy's picture

+1 for the great mental visual.

Sun, 06/17/2012 - 19:33 | 2535057 geewhiz190
geewhiz190's picture

euro slipping

Sun, 06/17/2012 - 19:49 | 2535088 bnbdnb
bnbdnb's picture

Going short, Wednesday Jun 20th, 4:00pm.

Sun, 06/17/2012 - 19:52 | 2535095 Victor Berry
Victor Berry's picture

You're right, Greece will never payoff its debt just like the USA will never payoff its debt.  At some unknown point in time, all the world's accumulated debt will have to be zeroed out.  Whether it's done peacefully or not remains to be seen.  Meanwhile, the financial titans can continue their circle jerk in the phony markets of credit default swaps on tranches of investment grade debt until one of them has all the money.

Sun, 06/17/2012 - 21:06 | 2535210 yogibear
yogibear's picture

Spain, Italy, Ireland, Portugal and Greece bailouts forever. Just threaten to financially blow up the rest of the ECB members and they will come running with more money.

Sun, 06/17/2012 - 21:15 | 2535225 strangeglove
strangeglove's picture

Time to start loaning our newly printed Benie Bucks to the asteroid mining industry. Astrolyndra Mining Corp CEO A.Mozillo

Sun, 06/17/2012 - 21:43 | 2535260 toomanyfakecons...
toomanyfakeconservatives's picture

Baby steps... let's start with the moon. I mean, actually setting foot there for real.

Sun, 06/17/2012 - 21:23 | 2535232 robertocarlos
robertocarlos's picture

"This country's like a great big chicken just waiting to get plucked".  Tony M

Sun, 06/17/2012 - 21:40 | 2535258 yogibear
yogibear's picture

Spain, Greece, Italy, Portugal and Ireland, the defuses in Brussels and the ECB will just keep on bailing you out.

Take all the bailouts you can!

Mon, 06/18/2012 - 00:05 | 2535436 Grand Supercycle
Grand Supercycle's picture

Rally warning continues...

SPX bullish daily chart strengthened further on Friday & more rally expected.

DOW initial target approx 13,170 & more upside after that.

MORE:
http://www.zerohedge.com/news/2012-12-24/market-analysis

Mon, 06/18/2012 - 05:56 | 2535696 100pcDredge
100pcDredge's picture

So it is no government in Greece for the moment, playing chicken over the bailout terms, playing chicken over new money for Greece as their economy continues to deteriorate and as they amount they owe now, much less any new money, cannot be paid back under any scenario that anyone can... COCONUT! < FTFY

Mon, 06/18/2012 - 06:35 | 2535729 The Swedish Chef
The Swedish Chef's picture

Wasn´t MillionDollarRoboMogoloid in here yesterday claiming that a New Democracy victory would spark the Mother of All Rallies? Thank God I stay short...

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