BBC Does It Again: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor

Tyler Durden's picture

A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."

But no, Morgan Stanley does, or so they swear an unlimited number of times each day. And they say not to worry about anything because, you see, it is not like they have any upside in telling anyone the truth. Which is why for everyone hung up on the latest rumor of a plan about a plan about a plan spread by a newspaper whose very viability is tied in with that of the banks that pay for its advertising revenue, we have one thing to ask: "show us the actual plan please." Because it is easy to say "recapitalize" this, and "bad bank" that. In practice, it is next to impossible. So yes, ladies and gentlemen, enjoy this brief relief rally driven by the fact that China is offline for the week and that the persistent source of overnight selling on Chinese "hard/crash landing" concerns has been gone simply due to an extended national holiday. Well, that holiday is coming to an end.

By the way, Reuters, Shapiro is not a Yes Man -we'll spare you the ruminations.

h/t Scrataliano

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mynhair's picture

1300, here we come!  Very bullish.

Won't be a short left by then.

Then 1000, even more bullish!

More Sheeple to shear.

CH1's picture

Definitely bullish. Dow 36,000.

hedgeless_horseman's picture



I'm gonna get me a bottle of tequila and find me one of them Keno girls that can suck the chrome off a trailer hitch and just kinda kick back.

redpill's picture

I don't do that stuff anymore but if I was going to spark one up it would be with Willie.

Fish Gone Bad's picture

Until then...  everyone will just pretend that shit is not going to hit the fan.

AldousHuxley's picture

When you have pile of shit and a fan blowing, you can only delay the inevitable for so long.

This is BBC justifying ...Bank of England QE of £75bn



Popo's picture

Right about now they're going to declare an emergency
..requiring emergency financial powers. No there's no time to think about laws or constitutions. Just give us your money and we'll make the threat go away. If you don't give us insane quantities of money, we'll blow ourselves (and you) up.

Financial terrorism at its finest...

redpill's picture

Stop that critical thinking, stop it!  The world is too dangerous to be doing that, we just need to be observant and report upward.  If you see something, say something.  Got it?  Now get in the radiation booth, citizen.

akak's picture

I see corruption within Washington, Wall Street, and the Fed.

OK, I said it.  Now what?

wisefool's picture

Willie nelson is a farsical figure who neither added or detracted to the debt of th USA, yet they almost put him in a zero escape prison for the same stuff that Timmay does on a regular basis. Not just with his own tax forms, but with the worlds.

flacon's picture

...but you can't eat gold.... or silver.... SELL! SELL! SELL! SELL! SELL! SELL! 


Pool Shark's picture



Let's take this thread...


Pool Shark's picture



Uh, oh...

How do we get back?


Cynical Sidney's picture

damn you pool shark stop that. what are you like 6 years old? if you have nothing to say go make your own thread on the last page

TheFourthStooge-ing's picture


I guess we'll never know.


grunk's picture

You're heading to the dark side of the computer screen.

FEDbuster's picture

Wake me up when "Occupy the Hamptons" starts.  They don't like it when people shit where they live.

TheFourthStooge-ing's picture

I think you mean "Torch the Hamptons".


Hansel's picture


Seriously, how far can this go?

Hansel's picture's.left?

Hansel's picture's.left?

Dick Fitz's picture

You can't.

Ya just can't.

Once it's this fucked

Reset is the only option.

WakeUpPeeeeeople's picture

reset, as in throwing the lever on the guillotine

BigJim's picture


you can eat gold.

...and it comes out the other end good as new!

Might want to give it a rinse, maybe.

BigJim's picture

Hey Tyler, I see that the FT, Establishment rag par excellence, is saying RBS is looking like it needs recapitalisation now. Any more analysis on this? Sounds like a Reggie M. kinda thing.

TruthHunter's picture

...and it comes out the other end good as new!


That's the shit that's hitting the fan

Pinto Currency's picture


The BBC is just helping out.


After ignoring the rigging of the gold and silver markets at London's LBMA and New York's Comex for 15 years and thereby ignoring the rigging of the world's interest rate and debt markets while the biggest central bank currency, debt and speculation bubble in history was blown, they have been key enablers to the destabilization of the world's markets.


Now they are trying to  help us out by giving us a couple of weeks notice.

flacon's picture

Siver run imminent!: "I made enough money on the stock exchange to buy myself one tenth of the silver I could have bought ten years ago!"

SilverRhino's picture

Even the craigslist ads for silver are starting to dry up.



EDIT: HERE's a nice hit.  100 - 10oz AG bars at spot +1 dollar.

Shirley Wilfahrt's picture

Just bought 13 troy for 85% of spot....included 2 ase, and most of the rest in 90% local CL ad...


He told me local pawn shops were offering him 60-65% of spot....


DavidAKZ's picture

Perth Mint apologises for their online buy systems freezing up

Penniless Pauper's picture

I know a lot of "smart people" who can not understand statements like that.   Must be why I don't have many friends any more... Oh well there is always Zero Hedge :)


Bringin It's picture

Pinto - Best post on the thread.

After ignoring the rigging of the gold and silver markets at London's LBMA and New York's Comex for 15 years and thereby ignoring the rigging of the world's interest rate and debt markets while the biggest central bank currency, debt and speculation bubble in history was blown, they have been key enablers to the destabilization of the world's markets.

AldousHuxley's picture

bring out the guillotine!

disabledvet's picture

Your money or your life. Where our Oligarchs Gone Wild guy? Did they get him too?

flacon's picture

Your money or your life


Treasury Secretaries give robbers a bad name!  Paulson? Bevis - I mean Geithner?

nmewn's picture

What I really want to know is...will this crony-monetary-collapse-contagion thingy effect the whole bread & circuses part of the show?

And everyone was clearly promised soft little puppies prancing in the green shoots & skittle shitting unicorns...someone needs to pay up ;-)


Head of Energy Department loan program steps down amid Solyndra controversy

Arkadaba's picture

I found this somewhat encouraging.. That being said I can't push myself into a left, right, republican, liberal box. Grew up in Canada - big country with a small population which naturally encouraged universal health and sharing - it does work. Also moved off shore because of no opportunities at home. Hated Bush, hated Obama's continuation of the same policies. One thing is I can say to ZH is thanks for making me question everything. OMG - Toronto just scored again. Bitchez!



nmewn's picture

Always question everything, everywhere, until proven true.

Its amazing really when you think about side puts up "pills for seniors" to bribe the public for the vote and the other says if you take these pills away seniors will surely die...a statist

It would be funny if it were not so damned corrupt.

Arkadaba's picture

My mom is still around though she will have to do the seniors driving test next spring (actually hoping she fails - she shouldn't be driving). That being said - her kids and her grandkids love her. And how do you put a price on that.