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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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Sun, 11/27/2011 - 20:38 | 1919303 SHEEPFUKKER

Another muppet speaks. 

Sun, 11/27/2011 - 20:46 | 1919332 johnu78
johnu78's picture

Sarkozy is nothing more than Merkel's little sister!



Sun, 11/27/2011 - 20:55 | 1919362 paarsons
paarsons's picture

I wish Europe would fucking collapse already.

I'm tired of waiting.

And fuck the Japanese, too.

Sun, 11/27/2011 - 21:02 | 1919383 phungus_mungus
phungus_mungus's picture

Fuck yeah!

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

Sun, 11/27/2011 - 21:15 | 1919433 Manthong
Manthong's picture

Something ain't right..

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

Sun, 11/27/2011 - 21:20 | 1919455 akak
akak's picture

Nowadays, most things ain't right.

Sun, 11/27/2011 - 22:10 | 1919636 rufusbird
rufusbird's picture

Dollar just puked.

I know...

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

Sun, 11/27/2011 - 21:30 | 1919506 No Mas
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 :)

Sun, 11/27/2011 - 21:57 | 1919565 akak
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.

Sun, 11/27/2011 - 21:45 | 1919570 Teamtc321
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. 

Sun, 11/27/2011 - 22:52 | 1919765 Pumpkin
Pumpkin's picture

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

Sun, 11/27/2011 - 20:49 | 1919346 Justinx34
Justinx34's picture


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.

Sun, 11/27/2011 - 20:49 | 1919347 Justinx34
Justinx34's picture


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.

Sun, 11/27/2011 - 20:54 | 1919360 High Plains Drifter
High Plains Drifter's picture

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

Sun, 11/27/2011 - 21:16 | 1919439 e1618978
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.

Sun, 11/27/2011 - 21:37 | 1919531 No Mas
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.

Sun, 11/27/2011 - 21:55 | 1919607 hardcleareye
hardcleareye's picture

Robo is that you?

Sun, 11/27/2011 - 22:08 | 1919652 akak
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".

Sun, 11/27/2011 - 23:08 | 1919802 cranky-old-geezer
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.


Sun, 11/27/2011 - 23:54 | 1919931 jwthomps
jwthomps's picture

Are you real or are you just playing games?

Sun, 11/27/2011 - 21:01 | 1919381 phungus_mungus
phungus_mungus's picture

A true crisis?


No shit...

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


Sun, 11/27/2011 - 21:09 | 1919405 Justinx34
Justinx34's picture

Hey FUNGUS - how do you know?

did you try getting money from Europe

Sun, 11/27/2011 - 21:09 | 1919406 Justinx34
Justinx34's picture

Hey FUNGUS - how do you know?

did you try getting money from Europe

Sun, 11/27/2011 - 21:11 | 1919412 navy62802
navy62802's picture

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

Sun, 11/27/2011 - 21:36 | 1919526 philipat
philipat's picture

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

Sun, 11/27/2011 - 21:34 | 1919517 philipat
philipat's picture

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

Sun, 11/27/2011 - 22:17 | 1919683 He_Who Carried ...
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?


Sun, 11/27/2011 - 20:48 | 1919304 Smithovsky
Smithovsky's picture

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

Sun, 11/27/2011 - 20:54 | 1919359 American34
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!

Sun, 11/27/2011 - 21:00 | 1919372 Justinx34
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

Sun, 11/27/2011 - 23:51 | 1919919 rbg81
rbg81's picture

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

Sun, 11/27/2011 - 21:00 | 1919373 Justinx34
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

Sun, 11/27/2011 - 21:05 | 1919392 topcallingtroll
topcallingtroll's picture


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

Sun, 11/27/2011 - 21:12 | 1919419 Justinx34
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!

Sun, 11/27/2011 - 21:36 | 1919527 rbg81
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]

Sun, 11/27/2011 - 21:06 | 1919394 phungus_mungus
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. 


Sun, 11/27/2011 - 21:15 | 1919429 Justinx34
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

Sun, 11/27/2011 - 21:22 | 1919469 American34
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.

Sun, 11/27/2011 - 21:54 | 1919605 phungus_mungus
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... 

Sun, 11/27/2011 - 22:17 | 1919680 fnord88
fnord88's picture

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

Sun, 11/27/2011 - 22:58 | 1919780 fnord88
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.

Sun, 11/27/2011 - 20:39 | 1919306 chump666
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

Sun, 11/27/2011 - 21:00 | 1919330 DormRoom
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. 

Sun, 11/27/2011 - 23:21 | 1919830 cranky-old-geezer
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.

Sun, 11/27/2011 - 20:41 | 1919308 radish juice
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

Sun, 11/27/2011 - 20:40 | 1919314 Great Depressio...
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!

Sun, 11/27/2011 - 21:04 | 1919388 Justinx34
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

Sun, 11/27/2011 - 21:26 | 1919492 Great Depressio...
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

Sun, 11/27/2011 - 20:41 | 1919316 I am Jobe
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.

Sun, 11/27/2011 - 20:42 | 1919317 knukles
knukles's picture

God this shit is getting old.
Enough already.

Let it go.

Sun, 11/27/2011 - 20:47 | 1919334 brew
brew's picture

we need a good old black swan to fly in and get this shit over with...

Sun, 11/27/2011 - 20:59 | 1919369 Hulk
Hulk's picture

Me thinks the ISDA was the black swan...

Sun, 11/27/2011 - 20:48 | 1919341 I am Jobe
I am Jobe's picture

Shit will not be flushed easily. This thing is going to low up no matter and how many economists and money poured in. It is inevitable and no one wants ot fucking admit it.

Sun, 11/27/2011 - 21:03 | 1919386 Hulk
Hulk's picture

reminds me of when I was a kid and was about to throw up. Instead of just throwing up and getting it over with, I held back as long as I could...and then threw up anyway despite my best efforts to hold it back.

Sun, 11/27/2011 - 21:16 | 1919435 blindman
blindman's picture

throwing up is like real estate, location,
location, location.

Sun, 11/27/2011 - 21:04 | 1919387 Manthong
Manthong's picture

Time to dust this one off again..

Sun, 11/27/2011 - 21:08 | 1919402 The Fonz
The Fonz's picture

Whenever I have read about the Medici loan cartel in ?venice? there seemed to be a viceral HATRED in they way they were spoken of. I was always a bit floored that people could feel passionate, nearly unconcious hatred for the medici centuries later. Now it's starting to make a bit more sence. I think Goldman Sachs will entrench itself into human memory in the same way.  What a curse, to be remembered in the way they will be.

Sun, 11/27/2011 - 23:53 | 1919925 knukles
knukles's picture

Right.  One's a myth, probably founded upon great truths of yore, while Goldman is plain fucking real time current as in now evil most folks seem to have concluded which in future years will likely become a term of great derision.

Sun, 11/27/2011 - 20:49 | 1919348 I am Jobe
I am Jobe's picture

Nothing changes. In a few months they will be back period.

Sun, 11/27/2011 - 21:09 | 1919401 akak
akak's picture

IMF to the rescue!

Yeah, like showing up to the iceberg-gouged Titanic with a can of "Fix-A-Flat" (or Fix-A-Fiat, in this particular case) --- an empty can of Fix-A-Flat.

Sun, 11/27/2011 - 21:19 | 1919448 IQ 101
IQ 101's picture

So they are going to give Spain and Italy a shitload more money ?

That is amazing, it makes complete and utter sense ! It has to work,

of course it will ! the world is saved, thank you IMF and US and British tax payers too. Your genius and generosity never cease to amaze us mere mortals.

Sun, 11/27/2011 - 20:45 | 1919326 navy62802
navy62802's picture

When you allow a nation to default on its bonds without it being a "credit event," you scare people away from the bond market. Apparently you even scare people away from the bonds of healthier nations, as well (reference the failed German auction last week). I really can't believe people are surprised at this. It's no wonder, given the events of the past few weeks, that the European bond market continues to deteriorate.

Sun, 11/27/2011 - 20:45 | 1919327 Bansters-in-my-...
Bansters-in-my- feces's picture

Someone must have told Christian to read Zero Hedge,and he did......

Sun, 11/27/2011 - 20:45 | 1919328 Winston Smith 2009
Winston Smith 2009's picture

IMF to the rescue!  Everything's fixed! DOW futures are at 158!  Japan stocks way up!

HOPIUM smoking once again.


Sun, 11/27/2011 - 20:47 | 1919335 I am Jobe
I am Jobe's picture

Party time. The EU stuff is getitng way too fucking old. Can we have some Playboy Chicks on this site Tyler. For pete sake, they are doomed. Fuck em

Sun, 11/27/2011 - 20:50 | 1919336 johngaltfla
johngaltfla's picture

Insert "DOH!" here.

Wow, what a bunch of freaking rocket scientists the Frenchy French financial experts are.

Sun, 11/27/2011 - 20:49 | 1919340 GOSPLAN HERO
GOSPLAN HERO's picture

More Euro vomit.

Sun, 11/27/2011 - 20:51 | 1919343 Banksters
Banksters's picture

The IMF plan is sweet.

Talk about a scam that would make Charles Ponzi proud.    




Sun, 11/27/2011 - 20:51 | 1919354 I am Jobe
I am Jobe's picture

Ponzi is proud that hsi name  is used to this date. Yeah, he is laughing his azzzz off looking a the USSA and Europe.

Sun, 11/27/2011 - 20:52 | 1919353 johny2
johny2's picture

OT it is, but I have just learned that price for 1 gram of antihydrogen is estimated at $62 trillion. I wonder how much an ounce of antigold would be?  

Sun, 11/27/2011 - 20:51 | 1919355 Newsboy
Newsboy's picture

Gonna' be a loooong 2 decades...

Sun, 11/27/2011 - 20:53 | 1919357 Everybodys All ...
Everybodys All American's picture

I find the IMF proposed rescue of Europe as a sign of complete and utter desparation. It is completely laughable and scary to know that we are very near a complete breakdown of epic proportions. No where to hide thanks to the Fed led by Ben Bernanke.

Sun, 11/27/2011 - 21:00 | 1919365 bob_dabolina
bob_dabolina's picture

Hide in your basement. 

There is money to be made here. 

Fortunes were made during the Great Depression. Same here. 

Sun, 11/27/2011 - 21:05 | 1919390 sabra1
sabra1's picture

that's why i'm hoarding up on toilet paper, to sell for 500% profit! remember the lineups in russia? 2 rolls a week, after standing in line for hours!

Sun, 11/27/2011 - 21:08 | 1919395 bob_dabolina
bob_dabolina's picture

Go long hand sanitizer. Toilet paper may not be available. 

(dollar jokes anyone?)

Sun, 11/27/2011 - 21:15 | 1919420 akak
akak's picture

Squatting low while taking care of business will relieve one of much of the need for wiping --- hence the footprints often seen on the seats of third-world toilets; such (well-balanced) users are not quite as ignorant as one might first suppose.  This lesson is also expounded upon in the classic book "How to Shit in the Woods":

Sun, 11/27/2011 - 21:19 | 1919440 bob_dabolina
bob_dabolina's picture

I've been to Kuwait, Iraq, and in/out of Syria. 

You don't shake hands out there if you're a westerner. That's a nono....unless you want particles of shit on your hands. In particular the tribal regions. They use their hands to wipe their asses.


Sun, 11/27/2011 - 21:28 | 1919488 akak
akak's picture

I've always wondered about that.

Yes, I've travelled in "third-world" countries myself, more than once, but never really got around to asking people about their toilet habits (I was always able to find, afford and carry toilet paper myself).

OK, so your putative rural Arab wipes his shitty bottomw with his hand --- then what?  What do you do once your hand is covered with feces?  I would really like to finally know!

Sun, 11/27/2011 - 21:48 | 1919567 bob_dabolina
bob_dabolina's picture

They use water to wash their hand off (almost always the left hand) 

Most in the mid-east don't even have toilets as we know them in the west. It's just a decorated hole in the ground with some tiles around it. You literally have to squat to shit in the hole. There is no sitting. 

Sun, 11/27/2011 - 21:48 | 1919584 akak
akak's picture

I would rather shake the hand of almost any member of Congress first.

But then, I would REALLY have to wash that hand afterward!

Sun, 11/27/2011 - 21:53 | 1919600 bob_dabolina
bob_dabolina's picture

I would rather do neither with the exception of Ron Paul (I would shake his hand and not feel dirty.)

Sun, 11/27/2011 - 21:47 | 1919579 hardcleareye
hardcleareye's picture

Interesting discussions here on ZH tonight...  so I have to say I was curious too,  so here is what I found

Sun, 11/27/2011 - 22:00 | 1919630 bob_dabolina
bob_dabolina's picture

This is a normal toilet in the mid-east

Sun, 11/27/2011 - 22:46 | 1919747 Iwanttoknow
Iwanttoknow's picture

Google the term, commode shower.

Sun, 11/27/2011 - 21:15 | 1919426 Hulk
Hulk's picture

You can always let the dog finish up for you...

Sun, 11/27/2011 - 21:21 | 1919458 bob_dabolina
bob_dabolina's picture

Could be a pleasurable alternative. 

Sun, 11/27/2011 - 21:25 | 1919478 Hulk
Hulk's picture

applying a  little peanut butter makes it more palatable for the dog...

Sun, 11/27/2011 - 21:30 | 1919498 bob_dabolina
bob_dabolina's picture

Butterscotch syrup makes application a bit easier while providing the pooch a safe and delicious treat. 

Sun, 11/27/2011 - 21:34 | 1919519 hardcleareye
hardcleareye's picture

That was so disgusting it was funny.

Sun, 11/27/2011 - 21:29 | 1919499 akak
akak's picture

C'mon guys!  Stomachs are still queasy after that gigantic Thanksgiving meal and post-dessert bloat!

Sun, 11/27/2011 - 21:48 | 1919583 Hulk
Hulk's picture

partially digested bloat is one of my dog's favorites...

Sun, 11/27/2011 - 21:55 | 1919608 akak
akak's picture

My former German Shepherd was frequently, if unfortunately, an autocoprophage.

Nothing makes one's stomach rise up into one's throat like seeing one's dog on a cold winter morning turn around after squatting and start eating her own steaming pile.

Sun, 11/27/2011 - 22:04 | 1919638 Hulk
Hulk's picture

I had a dog do that when I was a kid too, almost lost my lunch. Never let a dog lick me in the face after that...

Sun, 11/27/2011 - 22:13 | 1919654 bob_dabolina
bob_dabolina's picture

Never let a Sunni or Shiite put their finger in your mouth (or rub it on your face)

Just sayin'

Sun, 11/27/2011 - 21:07 | 1919396 Everybodys All ...
Everybodys All American's picture

I now wonder if our trading accounts will even matter. MFGlobal changed everything. I don't see how this ends well for anyone. The IMF is the last option anyone should consider.

Sun, 11/27/2011 - 22:55 | 1919770 libertus
libertus's picture

I agree. The money is already gone. People just don't realize it yet. Its the rush to the exits that don't exist that is going to suck. 

Sun, 11/27/2011 - 21:01 | 1919380 sabra1
sabra1's picture

amazing how words are used to drive the markets up or down! is there, like a chart or something, or a word ETF i could buy, and leverage it up 3X?

Sun, 11/27/2011 - 21:03 | 1919385 ZippyDooDah
ZippyDooDah's picture

Bank of France's Noyer is channeling Hank Paulson.  "Give uz zee mahney or we pulls your plug."

Bastards, bitchez!

Sun, 11/27/2011 - 21:07 | 1919399 Iliketurtles
Iliketurtles's picture

Eur is dropping already,I dont see this rally lasting long back to reality soon.

Sun, 11/27/2011 - 21:08 | 1919400 Justinx34
Justinx34's picture

does anyone know why my posts are duplicating?

(I am only posting once and it shows up as twice everytime)

Sun, 11/27/2011 - 21:09 | 1919407 johny2
johny2's picture

you are drunk?

Sun, 11/27/2011 - 21:11 | 1919415 kito
kito's picture

its the governments fault, not yours............

Sun, 11/27/2011 - 21:12 | 1919416 The Fonz
The Fonz's picture

Zero Hedge used to have a glitch that would do that, usually threw a Guru Meditation error or something If I remember right.

Sun, 11/27/2011 - 21:21 | 1919457 TimmyM
TimmyM's picture

Justin, we call it the douche bag virus. Sorry to be the one to tell ya.

Sun, 11/27/2011 - 21:10 | 1919410 Triple A
Triple A's picture

everyone is jumpin out of one burning pan into the other, one days its precious metals, the next the stock market, the next the dollar, the next the euro on different bullshit news everyday. How can anyone trade this shit. I just have my precious metals that I have had for the last two years and I am enjoying the steady price gains.

Sun, 11/27/2011 - 21:11 | 1919417 High Plains Drifter
High Plains Drifter's picture

new dollar coming? don't hold your breath. this maybe another bullshit story ala hal turner etc...........

Sun, 11/27/2011 - 21:12 | 1919421 blindman
blindman's picture

Copyright © 1971 by Gary Allen
with Larry Abraham
ISBN: 0899666612

the federal (feral) reserve
.."Woodrow Wilson
After the Panic of 1907, Aldrich was appointed by the Senate to head the National
Monetary Commission. Although he had no technical knowledge of banking, Aldrich and
his entourage spent nearly two years and $300,000 of the taxpayers' money being wined
and dined by the owners of Europe's central banks as they toured the Continent
"studying" central banking. When the Commission returned from its luxurious junket it
held no meetings and made no report for nearly two years. But Senator Aldrich was busy
"arranging" things. Together with Paul Warburg and other international bankers, he
staged one of the most important secret meetings in the history of the United States
Rockefeller agent Frank Vanderlip admitted many years later in his memoirs:
"Despite my views about the value to society of greater publicity for the
affairs of corporations, there was an occasion, near the close of 1910,
when I was as secretive-indeed as furtive-as any conspirator
I do not feel it is any exaggeration to speak of our secret expedition to
Jekyl Island as the occasion of the actual conception of what eventually
became the Federal Reserve System."
The secrecy was well warranted. At stake was control over the entire economy. Senator
Aldrich had issued confidential invitations to Henry P. Davison of J. P. Morgan &
Company; Frank A. Vanderlip, President of the Rockefeller-owned National City Bank;
A. Piatt Andrew, Assistant Secretary of the Treasury; Benjamin Strong of Morgan's
Bankers Trust Company; and Paul Warburg. They were all to accompany him to Jekyl
Island, Georgia, to write the final recommendations of the National Monetary
Commission report.
At Jekyl Island, writes B. C. Forbes in his Men Who Are Making America:
"After a general discussion it was decided to draw up certain broad
principles on which all could agree. Every member of the group voted for
a central bank as being the ideal cornerstone for any banking system."
(Page 399)
Warburg stressed that the name "central bank" must be avoided at all costs. It was
decided to promote the scheme as a "regional reserve" system with four (later twelve)
branches in different sections of the country. The conspirators knew that the New York
bank would dominate the rest, which would be marble "white elephants" to deceive the
Out of the Jekyl Island meeting came the completion of the Monetary Commission
Report and the Aldrich Bill. Warburg had proposed the bill be designated the "Federal
Reserve System," but Aldrich insisted his own name was already associated in the
public's mind with banking reform and that it would arouse suspicion if a bill were
introduced which did not bear his name. However, Aldrich's name attached to the bill
proved to be the kiss of death, since any law bearing his name was so obviously a project
of the international bankers.
When the Aldrich Bill could not be pushed through Congress, a new strategy had to be
devised. The Republican Party was too closely connected with Wall Street. The only
hope for a central bank was to disguise it and have it put through by the Democrats as a
measure to strip Wall Street of its power. The opportunity to do this came with the
approach of the 1912 Presidential election. Republican President William Howard Taft,
who had turned against the Aldrich Bill, seemed a sure-fire bet for reelection until Taft's
predecessor, fellow Republican Teddy Roosevelt, agreed to run on the ticket of the
Progressive Party. In America's 60 Families, Ferdinand Lundberg acknowledges:
"As soon as Roosevelt signified that he would again challenge Taft the
President's defeat was inevitable. Throughout the three-cornered fight
[Taft-Roosevelt-Wilson] Roosevelt had [Morgan agents Frank] Munsey
and [George] Perkins constantly at his heels, supplying money, going over
his speeches, bringing people from Wall Street in to help, and, in general,
carrying the entire burden of the campaign against
Perkins and J. P. Morgan and Company were the substance of the
Progressive Party; everything else was trimming.
In short, most of Roosevelt's campaign fund was supplied by the two
Morgan hatchet men who were seeking Taft's scalp." (Pp.110-112)
The Democrat candidate, Woodrow Wilson, was equally the property of Morgan. Dr.
Gabriel Kolko in his The Triumph of Conservatism, reports: "In late 1907 he [Wilson]
supported the Aldrich Bill on banking, and was full of praise for Morgan's role in
American society." (Page 205) According to Lundberg: "For nearly twenty years before
his nomination Woodrow Wilson had moved in the shadow of Wall Street." (Page 112)
Woodrow Wilson and Teddy Roosevelt proceeded to whistle-stop the country trying to
out-do each other in florid (and hypocritical) denunciations of the Wall Street "money
trust"-the same group of Insiders which was financing the campaigns of both.
Dr. Kolko goes on to tell us that, at the beginning of 1912, banking reform "seemed a
dead issue… The banking reform movement had neatly isolated itself." Wilson
resurrected the issue and promised the country a money system free from domination by
the international bankers of Wall Street. Moreover, the Democrat platform expressly
stated: "We are opposed to the Aldrich plan for a central bank." But the "Big Boys" knew
who they had bought. Among the international financiers who contributed heavily to the
Wilson campaign, in addition to those already named, were Jacob Schiff, Bernard
Baruch, Henry Morgenthau, Thomas Fortune Ryan, and New York Times publisher
Adolph Ochs
The insiders' sheepdog who controlled Wilson and guided the program through Congress
was the mysterious "Colonel'1 Edward Mandel House, the British-educated son of a
representative of England's financial interests in the American South. The title was
honorary; House never served in the military. He was strictly a behind-the-scenes wirepuller
and is regarded by many historians as the real President of the United States during
the Wilson years. House authored a book, Philip Dru: Administrator, in which he wrote
of establishing "Socialism as dreamed by Karl Marx" As steps toward his goal, House,
both in his book and in real life, called for passage of a graduated income tax and a
central bank providing "a flexible [inflatable paper] currency." The graduated income tax
and a central bank are two of the ten planks of The Communist Manifesto.
In his The intimate Papers 0/ Colonel House, Professor Charles Seymour refers to the
"Colonel" as the "unseen guardian angel" of the Federal Reserve Act. Seymour's work
contains numerous documents and records showing constant contact between House and
Paul Warburg while the Federal Reserve Act was being prepared and steered through
Congress. Biographer George Viereck assures us that "The Schiffs, the Warburgs, the
Kahns, the Rockefellers, and the Morgans put their faith in House… Their faith was
amply rewarded.
In order to support the fiction that the Federal Reserve Act was "a people's bill," the
insider financiers put up a smoke-screen of opposition to it. It was strictly a case of Br'er
Rabbit begging not to be thrown into the briar patch. Both Aldrich and Vanderlip
denounced what in actuality was their own bill. Nearly twenty-five years later Frank
Vanderlip admitted: "Now although the Aldrich Federal Reserve Plan was defeated when
it bore the name Aldrich, nevertheless its essential points were all contained in the plan
that finally was adopted."
Taking advantage of Congress' desire to adjourn for Christmas, the Federal Reserve Act
was passed on December 22, 1913 by a vote of 298 to 60 in the House, and in the Senate
by a majority of 43 to 25. Wilson had fulfilled to the insiders the pledge he had made in
order to become President. Warburg told House, "Well, it hasn't got quite everything we
want, but the lack can be adjusted later by administrative process."
There was genuine opposition to the Act, but it could not match the power of the bill's
advocates. Conservative Henry Cabot Lodge Sr. proclaimed with great foresight, "The
bill as it stands seems to me to open the way to a vast inflation of currency… I do not like
to think that any law can be passed which will make it possible to submerge the gold
standard in a flood of irredeemable paper currency." (Congressional Record, June 10,
1932.) After the vote, Congressman Charles A. Lindbergh Sr., father of the famous
aviator, told Congress:
"This act establishes the most gigantic trust on earth… When the President
signs this act the invisible government by the money power, proven to
exist by the Money Trust investigation, will be legalized…
This is the Aldrich Bill in disguise…
The new law will create inflation whenever the trusts want inflation…
The Federal Reserve Act was, and still is, hailed as a victory of "democracy" over the
"money trust." Nothing could be farther from the truth.
The whole central bank concept was engineered by the very group it was supposed to
strip of power. The myth that the "money trust" had been defrocked should have been
exploded when Paul Warburg was appointed to the first Federal Reserve Board-a board
which was handpicked by "Colonel" House. Paul Warburg relinquished his $500,000 a
year job as a Kuhn, Loeb partner to take a $12,000 a year job with the Federal Reserve.
The "accidentalists" who teach in our universities would have you believe that he did it
because be was a "public spirited citizen." And the man who served as Chairman of the
New York Federal Reserve Bank during its early critical years was the same Benjamin
Strong of the Morgan interests, who accompanied Warburg, Davison, Vanderlip et al. to
Jekyl Island, Georgia, to draft the Aldrich Bill.
How powerful is our "central bank?" The Federal Reserve controls our money supply and
interest rates, and thereby manipulates the entire economy-creating inflation or deflation,
recession or boom, and sending the stock market up or down at whim. The Federal
Reserve is so powerful that Congressman Wright Patman, Chairman of the House
Banking Committee, maintains:
"In the United States today we have in effect two governments… We have
the duly constituted Government… Then we have an independent,
uncontrolled and uncoordinated government in the Federal Reserve
System, operating the money powers which are reserved to Congress by
the Constitution."
Neither Presidents, Congressmen nor Secretaries of the Treasury direct the Federal
Reserve! In the matters of money, the Federal Reserve directs them! The uncontrolled
power of the "Fed" was admitted by Secretary of the Treasury David M. Kennedy in an
interview for the May 5, 1969, issue of U.S. News & World Report:
"Q. Do you approve of the latest credit-tightening moves?
A. It's not my job to approve or disapprove. It is the action of the Federal
Prof. Carroll Quigley of Harvard, Princeton and Georgetown Universities wrote book
disclosing international bankers' plan to control the world from behind the political and
financial scenes. Quigley revealed plans of billionaires to establish dictatorship of the
super-rich disguised as workers' democracies." ....

Sun, 11/27/2011 - 21:19 | 1919450 High Plains Drifter
High Plains Drifter's picture

all over amerika , amerikans were working on their farms etc  i guess they really never  realized how this would eventually hurt them in so many ways.  they made a big mistake. they thought they were free men in a free country.  just because the police do not come to your house or your farm and bother you, or just because you had a certain amount of free movement here and there without hassle, did not mean they were free men.  they just did not understand what it all meant. some did. most didn't ........

Sun, 11/27/2011 - 21:43 | 1919557 samsara
samsara's picture


"The illusion of freedom [in America ] will continue as long as it's profitable to continue the illusion. At the point where the illusion becomes too expensive to maintain, they will just take down the scenery, they will pull back the curtains, they will move the tables and chairs out of the way and you will see the brick wall at the back of the theater."

Frank Zappa

Sun, 11/27/2011 - 21:13 | 1919425 nonclaim
Sun, 11/27/2011 - 21:16 | 1919436 daxtonbrown
daxtonbrown's picture

Yup, we are headed to a civil war precipitated by the government's need to make our children debt slaves. That is what both the Tea Party, and OWS are about. The problem with OWS is that they believe the government can solve the problem when it is the problem (they are anarchist statists, an oxymoron). The problem with the Tea Party is being coopted by the Republicans, who are a spineless core of the problem.

Eventually what has to happen is the Federal Reserve needs to be crushed because it is the enabler of deficit spending. America is in the eye of the storm now, only because we are the prettiest horse in the glue factory. The collapse of the Federal Reserve and the utter destruction of the welfare state won't happen without some type of civil war.

Sun, 11/27/2011 - 21:22 | 1919461 High Plains Drifter
High Plains Drifter's picture

well i don't agree with finkelstein about everything but i have to say, i agree with his statements about living as slaves. fuck that shit.  i shall not walk on my knees and live the life they dictate. 

Sun, 11/27/2011 - 21:18 | 1919445 lunaticfringe
lunaticfringe's picture

Could the whole fucking world be abandoning the rule of law? Not treating symptoms here- I am after the disease. Thanks to the architect of libertarianism.. and no... it ain't Ayn Rand.

Sun, 11/27/2011 - 21:20 | 1919456 FranSix
FranSix's picture

Se Noyer in French means to drown.

Sun, 11/27/2011 - 21:22 | 1919459 lookma
lookma's picture


Hmm, I heard: ECB's Noyer: resistance to big-scale bond buys to pay off


Nov 28 (Reuters) - The European Central Bank's refusal to engage in large-scale purchases of the region's sovereign debt will eventually be rewarded as this will preserve price stability and protect the value of the euro over the long term, governing council member Christian Noyer said on Monday.


Sun, 11/27/2011 - 21:32 | 1919509 Everybodys All ...
Everybodys All American's picture

and they figure rightly so that Bernanke would pony up if taken to the brink.

Sun, 11/27/2011 - 21:21 | 1919465 eddiebe
eddiebe's picture

Print already you bitchez!

Sun, 11/27/2011 - 21:26 | 1919489 Piranhanoia
Piranhanoia's picture

Is that railroad car we used in the numbers 1 and 2 still available?

Sun, 11/27/2011 - 21:42 | 1919555 ISEEIT
ISEEIT's picture

This is just too f'ing obvious. They don't 'annouce' a collapse in advance. Sumpin' be up.

Sun, 11/27/2011 - 21:49 | 1919587 non_anon
non_anon's picture

no shit, sherlock

Sun, 11/27/2011 - 21:52 | 1919599 Alpacanio
Alpacanio's picture

Oh yeah, They will maybe sell bongs, i mean bonds to fund the IMF "bailout". Right..... And "England" should also pay their fair share. Nice of the IMF to think about the average British citizen...


Some talk here about a "Civil war" in the US or Europe. How about a Revolution instead? It's more to the point, ya think?

Sun, 11/27/2011 - 22:15 | 1919675 Georgesblog
Georgesblog's picture

When the engine of the train derails, it's a problem. When the car you're on derails, it's a crisis. France must be about ready to jump the tracks.

Sun, 11/27/2011 - 22:17 | 1919682 slewie the pi-rat
slewie the pi-rat's picture

is no one sober?

Sun, 11/27/2011 - 22:24 | 1919705 bugs_
bugs_'s picture

Hereafter referred to as a TFC

Sun, 11/27/2011 - 22:55 | 1919773 disabledvet
disabledvet's picture

Hmmmmm. "French groveling." Let's imagine as only we American's can!:

Sun, 11/27/2011 - 23:08 | 1919801 Pumpkin
Pumpkin's picture

I still think the Euro is being crushed on purpose.  It was threatening the oil dollar.  When the Euro crashes, and it most certainly will do some degree, it will be felt around the world.  Once the Fed gets us off 0% interests the banks will have start conducting business again to make money. 

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