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
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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1300, here we come! Very bullish.
Won't be a short left by then.
Then 1000, even more bullish!
More Sheeple to shear.
Definitely bullish. Dow 36,000.
Transitory.
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.
I don't do that stuff anymore but if I was going to spark one up it would be with Willie.
Until then... everyone will just pretend that shit is not going to hit the fan.
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
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...
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.
I see corruption within Washington, Wall Street, and the Fed.
OK, I said it. Now what?
Melt-up.
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.
...but you can't eat gold.... or silver.... SELL! SELL! SELL! SELL! SELL! SELL!
/SARC
you can eat gold.
http://www.goldleafsupplies.co.uk/acatalog/Edible_Gold_Leaf.html
Let's take this thread...
Outside...
The...
Margin...
Uh, oh...
How do we get back?
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
Ialwayswonderedifyoucouldinsituationslikethisextendthewidthofthepagesimplybytypingareallylongword.
I guess we'll never know.
You're heading to the dark side of the computer screen.
Wake me up when "Occupy the Hamptons" starts. They don't like it when people shit where they live.
I think you mean "Torch the Hamptons".
Must.go.all.the.waaaaaaaaayyyyyyyyyyyyyyyyyyyyyyy
Seriously, how far can this go?
Pete.and.Repeat.were.sitting.on.a.fence.Pete.fell.off.who's.left?
Pete.and.Repeat.were.sitting.on.a.fence.Pete.fell.off.who's.left?
You can't.
Ya just can't.
Once it's this fucked
Reset is the only option.
reset, as in throwing the lever on the guillotine
we are doomed, BiCheZ!!!
@spiraleyes
you can eat gold.
...and it comes out the other end good as new!
Might want to give it a rinse, maybe.
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.
...and it comes out the other end good as new!
That's the shit that's hitting the fan
You can eat silver too.
http://en.wikipedia.org/wiki/Medical_uses_of_silver
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.
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!"
Silver run is on...
http://www.arabianmoney.net/gold-silver/2011/10/06/physical-silver-running-out-because-its-spot-price-does-not-reflect-true-investment-demand/
http://www.arabianmoney.net/gold-silver/2011/10/01/something-fishy-when-gold-prices-go-down-but-bullion-sales-hit-the-record-books/
Even the craigslist ads for silver are starting to dry up.
EDIT: HERE's a nice hit. http://dallas.craigslist.org/dal/clt/2587897475.html 100 - 10oz AG bars at spot +1 dollar.
Just bought 13 troy for 85% of spot....included 2 ase, and most of the rest in 90% coins....off local CL ad...
He told me local pawn shops were offering him 60-65% of spot....
Perth Mint apologises for their online buy systems freezing up
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 :)
Yep!
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.
bring out the guillotine!
Your money or your life. Where our Oligarchs Gone Wild guy? Did they get him too?
> Your money or your life
Treasury Secretaries give robbers a bad name! Paulson? Bevis - I mean Geithner?
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 ;-)
Meanwhile....
Head of Energy Department loan program steps down amid Solyndra controversyhttp://www.washingtonpost.com/national/health-science/jonathan-silver-head-of-doe-loan-guarantee-program-to-step-down/2011/10/06/gIQAzQmlQL_story.html?wpisrc=al_national
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!
http://dailybail.com/home/photo-of-the-day-dear-moveonorg.html
Always question everything, everywhere, until proven true.
Its amazing really when you think about it...one 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 catch-22...lol.
It would be funny if it were not so damned corrupt.
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.
Both of mine have passed on to a place where they can better keep an eye on me ;-)
My wife is going through the trauma of having to let one go now. There will be a giant hole that can never be filled or even fully explained to someone who's never gone through it when it does happen. Its all part of it. The love of family always helps in times like this. Love & cherish each other while you're all here together.
Yes, there is no price on the family and no burden to large to bear in support of it.
This book woke me up on the 90's.......
http://www.amazon.com/Financial-Terrorism-Hijacking-America-Bankruptcy/dp/1881919021
Well, it's really not "our" money. The USD, anyway, says that it belongs to the Federal Reserve :-(
But, really, if it's shit fiat then should we really care? It's like the Monopoly Game is being played, and rather than walk away from the game so that we can go get something to eat, we keep playing, thinking that somehow food will come to us (either some servant or, by way of the game itself). Not a great analogy, but hopefully the gist is there (quit playing the game, turn in the fake money [and stupid game pieces] and get on with what's real).
I said "QE in England" just last week. Where's my Jolly Rancher? Anywho spot on. Absolutely cover for QE...over there...and who the he'll is messing with my I-phone God dammit!
no jolly rancher, but this may amuse you
Lehman Sues Goldman Over Collapse of Real-Estate Dealhttp://online.wsj.com/article/SB1000142405297020338880457661537006853020...
so much for my billion shares of Lehman doubling to 2 cents. DAMN IT!
Yes.
That, and preparing them for the printing yet to come.
Moronic.
Some of the private corportions in the banking industry are just going to have to file for bankruptcy. No big deal. Stronger players will emerge to take their place.
We must never again let private banks get so big that when they go bankrupt, they ruin the whole of society.
Has anyone seen the movie, The Road?
Yeah Europe going full fascist just like the USA . Marx was right about somethings when capitalism fails people go left to fascism then socialism then collaspe . But alas Marxism never succedes the Socialism collaspe like Marx hoped . Marx never envisioned how complex the world would become.
"Stronger players will emerge to take their place."
More like the existing TBTF entities will gobble up the small fry and further consolidate their TBTF-ness.
It's musical chairs. For those that don't know it, the chairs slowly get removed until there's only one left... Will we get down to only one chair? Don't know. But, the gorging will end, and when it does those left standing (or, sitting, in the case of musical chairs) will puke it all up, at which point we should not do like my dog does and...
Bingo, also this guy was right everyone is creeping to the door when all hell breaks loose when the debt and CDS start to unravel.
I think that you are right but I wonder if the purpose of the message could not be multiple.
What I have in mind is that on this site, people often scream against BS rumors serving as hopeium to pump up the market. Could it be possible that this type of communication could serve as hopium for short investors so that TPTB can screw both sides sequentially?
They just did 'Shit Hitting the Fan' on Myth Busters, and found that yep, when you throw shit at a fan, it goes everywhere.
No shit?!
Bigtime.
http://www.youtube.com/watch?v=aA7iAMTAWHM&NR=1
Hollywood coroborates that.
http://www.youtube.com/watch?v=aZdp46Jen_w
Their gonna need a bigger fan.
@Panic: Dude, I just took 2 Happy Pills and that made me ROTFL. (The 'bigger fan' thing.)
Larger sack.
where does shit go when it gets sucked into a black hole? Matter cannot be "deleted"--so where does it go?
Regardless, I think we're on the supposed exit end of a black hole that's about to suck in a fuckload of shit.
don't be like this guy
http://2.bp.blogspot.com/-Em5vts2lPbs/Tg0OZUlGECI/AAAAAAAAASk/mFe4S1dTGg...
Not so much blackhole, more of a shadow hole.
It's there, just infinite mass and zero volume...
Like when I mute the TV on Oprah or Rosie O'Donnell?
Why bother with mute when you can just change the channel, or better yet, turn off the TV?
It's like gawking at a car wreck --- you know you shouldn't, but there is a certain morbid and perverse fascination in doing so anyway.
or trying to suppress my fascination with wanting to give good loving to Barbara Boxer
The Fed's balance sheet.
Matter that gets sucked into a black gets spewed out in an alternate universe. Imagine the delight when THAT starts spewing out... Could D.C. be that alternate universe?
Black square. Malevich. The shit will go directly back to where it came from and it would appear to me that the rather enormous pile of shit is already starting to make the turn based simply upon the fact that the "occupy wall street" movement is dotted with a few End the Fed signs. Nothing to be too optimistic about just right away. This effort is going to take some time. But then again what do I know? This is only my third blog post ever.LOL
.or higher rpms and looser shit...or a combination of both....
...there was no Tequila. http://www.youtube.com/watch?v=hCCCzi8z0zM
This is what the mark of the beast looks like just before all the nations and worthless trash within them are sealed unto destruction. Their own judgment must now come upon them. There is no way for anyone to accept what these evil bastards have to offer. It's over.
http://insurancenewsnet.com/article.aspx?id=280853&type=newswires
http://uk.reuters.com/article/2011/10/05/uk-eurozone-tax-idUKTRE7942WU20111005?feedType=RSS&feedName=businessNews&utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+Reuters%2FUKBusinessNews+%28News+%2F+UK+%2F+Business+News%29&utm_content=Google+Reader
http://www.cnsnews.com/news/article/obama-has-now-increased-debt-more-all-presidents-george-washington-through-george-hw
.
I think that is the most intelligent comment I've read in the last five minutes.
Well put!
Absolutely. Everything is just fine over at the EU.
It's obvious that the banks are under-capitalized to anyone paying attention. In fact, known since 2008 for many. There are just a couple of questions that come to my simple little lap dog husband of a man mind.
Why isn't the question of who has this capital needed to recapitalize these banks asked? More importantly, how can this capital be even be known to be available to cover the undisclosed amounts of credit default swaps if the amount of CDS isn't even known?
Many would argue that fiat debt is the capital they seek, the debt is the currency of this collapse. The reality of those rich in debt is the status quo that is being defended heavily be this financial oligopoly, while the natives grow restless on the streets. The problem is not enough know of the debt based system we live in and argue arounds the edges. Too high level for some, so to simplify it I would ask, why the Hell are they telling the people the truths now? Seems like plenty of other opportunities presented themselves in the past three years to create more debt to strap on those of the world not crony.
Either the death rattle grows louder during fiat's Hospice stay or....I don't actually think there is an or.
The NWO globalist plutocrats ALWAYS tell us what they are going to do....it is part of their "code of conduct"! It's just that not too many pay attention. Seriously, this is how it works. It is part of their sick occult minds to send out the warning, watch the ants go about their business, and then do that scary Vincent Price laugh behind their fortress gates when the SHTF and society collapses. They love it....the are evil.
same old shit different day