Bank of France's Noyer Speaks, Says Europe Is In A "True Financial Crisis"

Tyler Durden's picture

In case anyone was wondering why the EURUSD is back to levels from several hours ago and well off the ramp highs (with ES continuing to pretend nothing matters), it is due to Bank of France Governor Christian Noyer who speak the following bullet points at a forum in Tokyo:

  • Crisis Has Worsened Significantly
  • Market stress has intensified and Europe is in a “true financial crisis,”

In other words precisely what Zero Hedge readers have known all along, the same as this article from the FT which shows what we presented to readers last week. As for those who like listening to the French grovel here is you desert:

  • Markets and some governments think the ECB should buy more govt debt

Because €1 trillion is never enough...

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SHEEPFUKKER's picture

Another muppet speaks. 

paarsons's picture

I wish Europe would fucking collapse already.

I'm tired of waiting.

And fuck the Japanese, too.

http://fucklloydblankfein.blogspot.com

phungus_mungus's picture

Fuck yeah!

I love the smell of napalm and burning people at the stake in the morning! 

Manthong's picture

Something ain't right..

Gold looks like that Chinese missle shot from the coast off  L.A.

akak's picture

Nowadays, most things ain't right.

rufusbird's picture

Dollar just puked.

I know...

Tis the season to dump dollars, tra la la la, la la la la....

http://finviz.com/futures_charts.ashx?t=CURRENCIES&p=m5

No Mas's picture

Of course you're tired of waiting; you've been reading ZH, the site that tells you the world ended yesterday but only the Tyler Durdens are smart enough to know!!!

Tell you what, read ZH one day late.  You know, on Tuesday morning, come here and read Monday's musings.  You will be amazed and amused!  Ignorance will abound.  "But, that didn't happen" you say to yourself, laughing at the inane predictions of death and dispair on every post.

Seriously, read ZH with a one day delay.  You'll swear these guys are living on a different planet.  And, you will be better off for it because you will not sit in fear of the coming collapse.  You will read of its coming and be well aware it never happened!!

Oh, happy days :)

akak's picture

You sound like the typical ADD-afflicted, short-term-obsessed modern American, who like an infant can only think in the eternal present, with no historical perspective nor ability to extrapolate current trends into the likely future. 

In case you haven't noticed, we are LIVING in the middle of a financial and monetary collapse --- the fact that the timing of the particular details of said collapse are not quite to your impatient liking takes nothing away from its reality.

Now, go back to your sofa nap while watching "Dancing with the Stars", and please post your egregiously shallow and blinkered bullshit no mas.

Teamtc321's picture

No Mas, you might want to get dialed in. Atleast be prepared if possible. Shit sandwich is not good to snack on. 

Pumpkin's picture

And what exactly is happening on your planet?  Is that you Tim?

Justinx34's picture

Justins BRIEF - END GAME SCENERIO

First Europe crashes => then Japan => CHina and then America  - likely in that order is my guess

China and Japan export to  Europe so when Europe goes this will hurt China and Japan first and then Japan with its huge debt (dbl GDP) the bond run will start on Japan

then China will crash (hard landing) -- all numbers from China are crap and many Americans know high up Chinese already have their families here in America

with all our DEBT buyers America will then finally have no one to borrow from and its economy will crash because nearly half the USA economy is on government debt in some shape or form and GOV spending will be forced to be cut by 25%-35% since they wont be able to  borrow much at all

YES I understand we can print and we WILL but it wont matter - ECONOMY runs on FAITH - very simple - and that faith is dwindling and the printing will finish it off - big crash in 2012 or 2013 at the latest.

Justinx34's picture

Justins BRIEF - END GAME SCENERIO

First Europe crashes => then Japan => CHina and then America  - likely in that order is my guess

China and Japan export to  Europe so when Europe goes this will hurt China and Japan first and then Japan with its huge debt (dbl GDP) the bond run will start on Japan

then China will crash (hard landing) -- all numbers from China are crap and many Americans know high up Chinese already have their families here in America

with all our DEBT buyers America will then finally have no one to borrow from and its economy will crash because nearly half the USA economy is on government debt in some shape or form and GOV spending will be forced to be cut by 25%-35% since they wont be able to  borrow much at all

YES I understand we can print and we WILL but it wont matter - ECONOMY runs on FAITH - very simple - and that faith is dwindling and the printing will finish it off - big crash in 2012 or 2013 at the latest.

High Plains Drifter's picture

i figure 2013. i like the number and besides . its the one hundred year anniversary.....

e1618978's picture

I think it will be Europe => China => Australia,  while Japan and the US will muddle through by printing more money to monitise debt.

No Mas's picture

No sir!  The economy runs on cash and credit; always has and always will.

Tell you what, take a look at Black Friday sales and after huffing and puffing that they aren't "real", ask yourself.  Is this the behavior of a consuming class that is hurting and has no economic means? 

Well, of course not!  Things are going great for the 90% or so of Americans with a job and they are having a good ol' time.  Been on the roads lately?  I can barely get around here in south Florida and when I was in Chicago for the holiday, my god man, the crowds were crazy everywhere.  Downtown and uptown, the peeps be hittin' it dude.

So give it up.  Folks have cash and the Fed (NEVER EVER FIGHT THE FED) has been pumping up that M2 which is spilling over the gates into the hands of the average consumer.  So like it or hate it, the boom is on the way.

Again boys, the Futures are speaking; learn to listen.

akak's picture

Oh God, don't tell me we now have to deal with RoboLemming and Son of RoboLemming?!

If we get one more Robot/Leo clone here, it is going to be "Night of the Living (Brain)Dead".

cranky-old-geezer's picture

 

 

How do you explain $3 trillion "stimulus" dumped into the economy since '08 yet unemployment has steadily risen to 23% now, and the under-employed number is near 40% now?

Wait, sorry, I forgot, facts mean nothing to folks like you.

 

jwthomps's picture

Are you real or are you just playing games?

phungus_mungus's picture

A true crisis?

 

No shit...

Interbank lending is all but forzen, the EU financial system is basically paralyzed... 

 

Justinx34's picture

Hey FUNGUS - how do you know?

did you try getting money from Europe

Justinx34's picture

Hey FUNGUS - how do you know?

did you try getting money from Europe

navy62802's picture

Gold's getting a nice pop out of this too. Just took another leg up.

philipat's picture

Even the Nikkei opened up 2%. BUY, sheeple, BUY.

philipat's picture

Yes, but when the Political muppets start speaking the truth you know we are totally fucked?

He_Who Carried The Sun's picture

Who cares whether this crisis is 'real' or 'true'... The path to solve it remains the same.

Are there ever any good news on ZH? How about the tomato harvest in Chile this summer?

 

Smithovsky's picture

I guess he hasn't heard yet that IMF just saved the world and everything is OK now.

American34's picture

What would really happen if Europe collapses anyway? Are we talking mass poverty leading to food riots and systemic collpase and therefore military conflict? Are these things seriously being considered! This isn't 1933 this is 2011. We cannot go down that road again!

Justinx34's picture

were talking about Monkeys taking over now

and only difference between 1933 and 2011 is "that road" is now paved so our eyes wont get so dusty in the tank this time

rbg81's picture

The biggest difference between 1933 and 2011 is that now we have nukes.

Justinx34's picture

were talking about Monkeys taking over now

and only difference between 1933 and 2011 is "that road" is now paved so our eyes wont get so dusty in the tank this time

topcallingtroll's picture

Naah.

European males are all too gay and estrogenized now to fight.

Justinx34's picture

that maybe true but as you can see in Greece already they eventually get pissed and will follow another loser to War - every society does it, wait till it happens in American - the sheeple will follow ANY shepTARD!

rbg81's picture

You got that right.  That + Political Correctness have made them forget they are men.  I predict these genuises will try to "solve" their problem by massive Muslim immigration.  [LMAO]

phungus_mungus's picture

It'll be a moderna day repeat of the Great Depression but much worse... I'd also keep my eye on Russia as they would certianly move ont he oil rich former Soviet break away counties to ensure a stable oil supply.

Also nothing is out of the realm of possiblity for them sending in "peac keepers" into say Syria... and Iran... you know just for good faith...

This could cause WWIII, but not from withinh the EU, it'll still start somewhere int he Mid East, but with the Russians right in the middle. 

 

Justinx34's picture

yes I agree on the middle east issue = it seems as the world is currently gearing up to take on Syria and then Im sure Iran and this SCARES me more then the Europe crash because it will send Oil thru the roof if war with Iran

and oil thru the roof is the shutdown on any recovery - lets pray we dont have a MidEast war as well as a financial collapse all at once - that will be shit and a huge sloppy Turd hitting the fan is the juice is thrown arround the ceiling in muddy splatters

American34's picture

I don't think very many people understand the consequences of another Great Depression leading to military conflict. In 1933 most people could walk to the nearest "grocery store." Most people even if they didn't have the land to do it on understood how to grow some food and most people were not obese! Again, its 2011, NOT 1933. A true systemic failure would be disastrous! Very few people could walk to the store and back carrying food even if they could afford it. Hardly anyone except for a few people who love to garden have a clue about growing food and how much work it takes to make it happen. Not to mention defending your food source or having enough to last more than a few days without DRIVING to the store and back. A systemic failure would mean every person for themselves and anyone anywhere near a city of even moderate size is screwed! Unless you can fend off a mass mob and shoot and reload matrix style to defend your little plot your done. The first 3 months following a systemic failure would be chaos in its worst form.

phungus_mungus's picture

As someone else once said, were all just one missed welfare check away from all out anarchy in the country... you're right, people today don;t understand how bad it'll get and how quickly people will turn on each other instead of going fishing, hunting and planting a garden... 

fnord88's picture

9 meals from anarchy according to those that study such things.ie after 3 days without food, people starting killing each other for it.

fnord88's picture

Anybody who has not read Jarrod Diamond, should buy 'Guns, Germs and steel', the best history of the world book ever written.

His follow up book Collapse is equally fascinating, seems every advanced culture, after collapse, turn to cannabalism. Every single one. Collapse, run out of food, start eating one another.

chump666's picture

Major liquidity crunch coming via Europe, should freak China out as they dump the Yuan. Europe will crash China, and China will crash the world

DormRoom's picture

nah.. I see ECB monetizing,  USD-JPY & EURO-JPY collapsing, then Japan enters a deep recession, sovereign default warning, finally Japan monetizes.

 

Monetizing is a second-order currency war. 

cranky-old-geezer's picture

 

 

Monetizing works in two cases:  Your nation has the world reserve currency and / or your nation has a huge trade surplus.

Euro has neither.

USD has WRC status ...for a while longer.

Japan has huge trade surplus.  Unclear at this point how Euro collapse will affect it ...and how Fukushima will affect it (nation slowly blanketed in radiation).

China has huge trade surplus.  Unclear at this point how Euro collapse will affect it.

radish juice's picture

The only question is when does the action on the part of the govt start in earnest? they will probably wait a while to test the validity of these assessments and let the things get worse to they can justify it. Probably we are ow beyond the realm of preventive action, it will be reactive than proactive

Great Depression Trader's picture

Loading up on Chipotle (CMG) puts, Jan 2013 200 at 16.00. This turd can easily sink to 150 as all the other momo darlings have imploded this year. Dont miss the CMG implosion opportunity!

Justinx34's picture

there wont be any Chipotle when this storm hits - all stocks will be worthless and your puts will never get to be used

I would load up on ACTUAL chipotle (I just had a burrito with chipotle on it) seriously - I did!

atleast that CMG was worth it

Great Depression Trader's picture

I'm sure the market will be around for at least 3 more years. After all the US can lever up to 20 trillion but by then things will start getting weird

I am Jobe's picture

I repeat EU needs a Black Friday and several WMT's to save the consumers. Just look at the US, pepper spray and all can be used for the XBOX SALE and TOASTERS. Moreover how can Trailer Trash propagate.

knukles's picture

God this shit is getting old.
Enough already.

Let it go.