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Because Central Banks Just Aren't Enough: G-20 Will Ask IMF To Print Reserve Currency

Tyler Durden's picture




 

Four months ago we predicted that in response to the latest round of global economic deterioration, every central bank would very soon join the toner party. Since then we have seen the Fed commence Operation Twist and telegraph another episode of MBS asset purchases; a new QE episode at the Bank of England; a new round of covered bond purchases at the ECB, coupled with an interest rate cut by its latest Goldman Sachs-based president, not to mention the persistent attempts to generate a backstop central bank in the form the EFSF Frankenstein Swiss Army knife; a new round of asset purchases and a massive, several hundred billion snap FX intervention by the Bank of Japan; and last but not least, that stalwart of stability, the Swiss National Bank, went ahead and destroyed the Swiss Franc as the sanest among the fiats by pegging it to that most unstable of currencies, the Euro. In light of the above how gold is not trading north of $2000 is still beyond us, although whether by manipulation or market inefficiency, we can not complain: it is easier to buy gold at $1,750 than at $7,150. Yet not even we could possibly predict just how far the global ponzi cartel would fall to extend the status quo by a few extra months. Because according to Dow Jones, the latest and greatest purchaser of Heidelberg Mainstream 80 machines will be the, drum roll, the IMF! Yes, the same organization that DSK swore would never join the global central banking stupidity, since deposed with a false allegation, and now headed by the woman who brought France to the brink of ruin, will be the marginal printer, now that everyone else is "dodecatuple all in" and sitting all day on the Turbo Print button.

From Dow Jones:

World leaders may mandate the International Monetary Policy to print more of its special currency to help solve the euro zone crisis, according to several people familiar with the matter.

 

Asking the IMF to print more of its Special Drawing Rights, essentially an IOU that countries can exchange for cash, is one of the ways the Group of 20 industrialized and developing countries is considering supplementing European efforts to stem a debt crisis threatening to spark a global financial meltdown and another recession.

 

G-20 leaders are pressing euro zone leaders to deliver a detailed and credible plan to leverage their own bailout fund, boost bank capital buffers and restructure ailing economies. Political disarray in Greece and the inability of euro-zone officials to so far agree on exactly how they plan to build a firewall to prevent contagion is fueling talks on alternative emergency measures.

 

If Europe is able to agree on a credible strategy that can assure its colleagues in the G-20, then the group would be willing to consider the SDR allocation and other financing options to bolster European action, the officials said.

 

The ECB itself has said the scope of its own rescue efforts through a bond buying program would be limited both in time and volume. But under the idea currently being considered by officials, the IMF would be the lender of last resort.

How much are we talking here? Oh enough.

Two people familiar with the matter said the SDR issue could total $250 billion. One option under discussion is to use some of that money to beef up the European Financial Stability Facility, the euro zone's bailout fund.

Obviously, the SDR does not exist as an actual currency in circulation, and would merely be another "confidence symbol" in a fiat system in which ever fewer have any confidence. Yet there is no such thing as a free "confidence symbol" - someone always has to pay. Who you may ask? Well, if you are sitting at a table, and nobody else is paying... the answer is obvious.

IMF member country Quota: millions of SDRs Quota: percentage of total Governor Alternative Governor Votes: number Votes: percentage of total
 United States 42,122.4 17.72 Timothy Geithner Ben Bernanke 421,964 16.77
 Japan 15,628.5 6.57 Yoshihiko Noda Masaaki Shirakawa 157,025 6.24
 Germany 14,565.5 6.13 Jens Weidmann Wolfgang Schäuble 146,395 5.82
 United Kingdom 10,738.5 4.52 George Osborne Sir Mervyn King 108,125 4.30
 France 10,738.5 4.52 François Baroin Christian Noyer 108,125 4.30
 

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Thu, 11/03/2011 - 23:38 | 1843914 Sequitur
Sequitur's picture

I know some don't like cursing. But you know what? Mother fucking sick and tired of this shit. These assholes will rob, rob, rob from the poor and middle class until they are inflated out of their life savings.

Fuck Bernake. Fuck Geithner, and then fuck Geithner again. Fuck Trichet, Drahgi, Van Rompoy, Barraso, and all the rest of these EU mother fuckers, they are as bad as the United States, and that is bad. Fuck them all.

Thu, 11/03/2011 - 23:42 | 1843919 akak
akak's picture

If Dante Alighieri were alive today and writing his Divine Comedy (although I would suggest a retitling, to The Diabolical Tragedy), he would have to invent several new and deeper circles of Hell to house these malicious, malevolent, sociopathic monsters.

Thu, 11/03/2011 - 23:52 | 1843942 TruthInSunshine
TruthInSunshine's picture

Fiat toilet paper/digital binary streams, to infinity and beyond!

Buckle up, buttercups, because the EU has only two options at this point (and I say that HOPING someone can prove me wrong when making the following assertion, which I've been asserting for at least 3 months):

The EU can either:

1)     Wind up the EU, essentially declaring it a failed project, given the massive cultural and economic disparities between its very disparate members, and initiate an orderly shutting down of the ECB, allowing most or all of the former EU member states to return to their former currencies (with maybe a core block of SOLVENT EU countries remaining, such as Germany, Belgium, etc.);

-or-

2)     Have the ECB, directly and indirectly, print an amount of EUR so large that it will make The Bernank look like an amateur, as that's the only way to service the interest payments, let alone satisfy (nominally) the amount of sovereign debt EU members now owe, without technically defaulting, while also allowing EU private, quasi-private and nationalized banks to be recapitalized.

Choice 1 above means pain, but is the far better option, as it will allow for a cure for the underlying disease, and the reinitiation of organic, sustainable economic growth in Europe once again, whether 4 years or 7 years from now, once the smoke clears.

Choice 2 above means pain, as prices of everything needed to live absolutely skyrocket for Europeans, including those who live in nations that have been relatively responsible, such as Germany (common currencies loss of purchasing power will not discriminate).

I'd love to hear a third option, that doesn't involve some type of intra-European or global war.

Thu, 11/03/2011 - 23:55 | 1843953 The Big Ching-aso
The Big Ching-aso's picture

Ugh, don't our investments over there get screwed too if the EUR goes to zero like?

Thu, 11/03/2011 - 23:58 | 1843960 TruthInSunshine
TruthInSunshine's picture

Absolutely.

U.S. banks, and the too-big-to-fails (aka owners of our politicians) will get monkeyhammered in either event.  But the U.S. average investor and taxpayer is worse off if option 1 is implemented, IMO, and by a wide margin.

I forgot to add this:

We're about to find out how sedated and sheeple-ized Germans have become, or whether they are still capable of rejecting insanity, and re-declaring their sovereign right to be free of the external costs, that will inevitably sink their standards of living, economy and put massive amounts of debt on many generations of their children, all in what will be a failed, kick-the-can exercise at any rate, as the same process will have to be repeated given that PIIGS+France won't reform their ways if option number 2 above is implemented.

Fri, 11/04/2011 - 00:06 | 1843985 TheFourthStooge-ing
TheFourthStooge-ing's picture

Don't worry, everything will be fine. CERN is harnessing the power of the Large Hadron Collider to genetically engineer flying unicorns that eat fiat currency and shit solid gold nuggets. Everyone on the planet will be RICH RICH RICH!!!1!11!!

 

Fri, 11/04/2011 - 04:28 | 1844212 BigDuke6
BigDuke6's picture

bernanke and the Jewish banking cartel can call the new currency
Confetti Dollars

Fri, 11/04/2011 - 06:35 | 1844253 New World Chaos
New World Chaos's picture

or Beast Obedience Credits, because that's what this new IMF currency will actually be.  This is definitely where it's going because the plan was recently endorsed by the Vatican.

Fri, 11/04/2011 - 00:52 | 1844072 Island_Dweller
Island_Dweller's picture

I'd love to hear a third option, that doesn't involve some type of intra-European or global war.

 

All countries can buy CDS on themselves (and everyone else too) and then when everything goes to shit we'll all be rich!  yippee!

Fri, 11/04/2011 - 01:09 | 1844099 kkam
kkam's picture

I agree with your sentiments, but I think there is a third, obvious alternative: All the countries need to live within their means. Simple common sense that is applied to an individual and family budget ought to be enforced at a national level too. But I know what the response to this suggestion will be: The politicos and the citizens will not / cannot face the pain that this 'living within means' entails, so therefore the slow motion train wreck will continue until everything blows up.

Fri, 11/04/2011 - 06:04 | 1844240 Belarusian Bull
Belarusian Bull's picture

Would a family be living within it's means if it could just print money out of thin air? I highly doubt it. Fiat does not work. Central planning does not work. And will never work.

Fri, 11/04/2011 - 06:17 | 1844246 Confused
Confused's picture

Individual families living within their means would mean that our masters won't get a larger slice of pie. 

 

Are you a terrorist? 

 

</sarc> 

Fri, 11/04/2011 - 02:02 | 1844142 oldman
oldman's picture

Truth,

is that there are many possible responses, but no solutions.

#3  do nothing as has the us and japan and just go on living out your life with a few more days of rain

#4 do something like turn back the clock and say no to 'more'---become a minimalist/conservationist society

#5(silly) strap yourself to a windmill and each day as it turns the world changes before your very eyes giving you a new look at every turn

#991 love each and every minute of your life like there is no tomorrow

Hey Truth----this is not that serious and you are a much lighter dude than this---I trust you are OK with me playing a bit     om

Fri, 11/04/2011 - 07:09 | 1844270 FEDbuster
FEDbuster's picture

The red pill perspective can be a real downer sometimes.  I look around me wondering "Do these people even know what is coming?".  Yet as the can continues to be kicked with massive money printing, bailouts, bankruptcies, etc....  The majority of people talk about X Factor, the latest celebrity divorce or other crap tweeted stories of the day.  The stock market goes up a little or down a little, unemployment stays steady, food stamp usage continues upward, cities file for bankruptcy, and retailers hope for good holiday sales......   The "Matrix" continues to deceive the majority of people into thinking that everything will work itself out.

 

Fri, 11/04/2011 - 03:45 | 1844193 Hedgetard55
Hedgetard55's picture

Default, or print, which is default by another name. Same choice we have here in the US since we will not be able to repay the debt. One option hurts the banksters directly, the other spreads the cost over everyone that owns dollars.

Fri, 11/04/2011 - 04:16 | 1844205 Gief Gold Plox
Gief Gold Plox's picture

Not too long ago I decided that after all was said and done they would eventually have to print and have placed my bets accordingly. For some reason I expect them to print and print massively come January 2012.

Fri, 11/04/2011 - 03:40 | 1844190 Hedgetard55
Hedgetard55's picture

Try the Serego Alighieri, Amarone "Vigna Armaron" someday, it is made by Dante's ancestors (well, they own the vineyard, Masi makes the wine for them).

Fri, 11/04/2011 - 08:58 | 1844640 tmosley
tmosley's picture

Turtleheading in Satan's asshole.

Fri, 11/04/2011 - 18:29 | 1846813 Bruin4
Bruin4's picture

And Dante would have his hands full at that !

Thu, 11/03/2011 - 23:53 | 1843935 The Big Ching-aso
The Big Ching-aso's picture

Look, I can tell you're kinda upset.   But think of it this way.     They truly believe fiat is unarguably inherently useful in that no matter what its ultimate perceived value at any given moment by anyone or anything you can at least always wipe your ass with it.     Try that with gold.   

I mean they do have a fecally valid point there ya know.  

 

 

Fri, 11/04/2011 - 00:01 | 1843969 lasvegaspersona
lasvegaspersona's picture

Sequitur

How would you say that if you DID like cursing? I'm all (red) ears..

Fri, 11/04/2011 - 01:50 | 1844137 oldman
oldman's picture

Sequitur,

It is true what you say.

But, maybe that is what we 'poor and middle class' are here for------to feed the 1%.

I don't have any idea of how much they will get out of you, but I'm not much of a prize; I don't have a thing to lose, anyway. The plan has always been as you suggest---this is the reason the system works so well for some; they make the rules and have the money and power. If you are not OK with this, then I will give you the same advice I was given so freely: 'Love it or leave it". I left, but I may return to live out the rest of my life here just to see how much shit americans can eat.

You are a sharcropper here, my friend, but I only rose to the rank of serf from the lowly slave form I began life with, so I look up to my betters, like yourself and do not believe that a person of your status should use such language in public. You are middle class, no? or maybe you have a college degree? 

My suggestion is that we take a couple of weeks vacation or sick leave--------------------oh, I forgot---credit cards, house payments, car loans, health insurance, retirement plans-----no, my dream non-violent revolution will not work here--we like what we have too much to sacrifice it for freedom

I'm stuck now, I thought I had a way out of this, but we are too wealthy for revolution----wrong country, I suppose

Well, pay no attention to this comment---just an oldman's nonsense                      om

 

Fri, 11/04/2011 - 01:56 | 1844140 Buck Johnson
Buck Johnson's picture

This is truly diabolical it truly is.  This might have been the plan all along, they can't or won't fund it themselves because essentially much of their banks are broke or insolvent along with the countries.  They are trying to find a way for the US to bail them out without the US bailing them out and being caught doing it. 

Fri, 11/04/2011 - 03:32 | 1844186 Michael
Michael's picture

If I could create a system that could systemically siphon off 80% of the worlds wealth for myself and maintain it that way, I would have an Global Central Banking Cartel like structure.

Fri, 11/04/2011 - 03:51 | 1844196 Michael
Michael's picture

Is the Congress of the USA actually on board with voting on and appropriating the the money for this deal?

Who are the congress critters who will vote yes to fund this scam to steel even more of the peoples money? I want names.

Fri, 11/04/2011 - 04:01 | 1844199 Michael
Michael's picture

You've got to give it to G. Papandreou for looks. He's the best looking character in the bunch at the G-20 in kick the Cannes.

He almost looks like Jean-Luc Picard.

Fri, 11/04/2011 - 04:42 | 1844218 Michael
Michael's picture

CNBC World should go down this year 2011 as the Pulitzer Prizer Winner in reporting geo political world events Reasonably.

Steve Sedgwik is the man. 

Fri, 11/04/2011 - 04:21 | 1844206 Eurodollar
Eurodollar's picture

We voted in the clowns who gave the financial lobby all the power. We cheered when the banks fed us cheap loans to buy one more thing we really didn't need. We were joyful when politicans built social webs for us that were built on nothing but naive dreams.

Democracy is pathetic when people are suffering from narrow framing  as well as an overdose of complacency. Fat and happy, yeap, thats us. We will sit back and enjoy the ride until we don't enjoy it any more. What is happening now is our reward. It is a democratic consequence.

If we all are to get a change to the said abuse of the 1% we need to utilize all the good aspects in democracy. Grassroot movements (herballife style), well defined goals, well defined regulatory ideas, structure and morale. We also need to find some nice poster boys and girls for selling these ideas to the mainstream. I suspect such a task will be tough, after all it is more comfortable sitting at home pumping the apple laptop for porn, chatting on skype and watching the latest tv-series on our 50" screen. Gaining freedom never was comfortable and I doubt we as a people have the courage to even try to change the world. EVEN IF we would get this far, convincing the mainstream about the tightening of the belt vs the financial lobby candidates with 100s of millions in campaign budgets promising you greener grass will be a hard sell, if not an impossible one.

Tough times require tough people. Invest well and good luck!

Thu, 11/03/2011 - 23:38 | 1843915 LongBallsShortBrains
LongBallsShortBrains's picture

How can they refuse?

Fri, 11/04/2011 - 00:10 | 1843992 LongBalls
LongBalls's picture

Take note ZH'ers. I am not the LongBalls short brains. No offense. :)

Fri, 11/04/2011 - 03:47 | 1844195 prains
prains's picture

Damn I was hoping that avatar was gone. So offside LB and who was the fartacus holding the nikon

Thu, 11/03/2011 - 23:39 | 1843918 akak
akak's picture

Well, a supranational fiat backstop to a whole host of failing fiat currencies --- yeah, THAT will fix everything!

Thu, 11/03/2011 - 23:41 | 1843921 Amish Hacker
Amish Hacker's picture

This is the rubber glove solution to the leaky fountain pen.

Fri, 11/04/2011 - 00:01 | 1843967 TheFourthStooge-ing
TheFourthStooge-ing's picture

Why, of course! They should have employed this brilliant solution from the very beginning. It's all so clear to me now. Printing these magic papers will solve all of the world's problems and bring to humanity a new era of peace, liberty, honesty, integrity, and vigorous perpetual economic growth. There is absolutely no chance that anything could possibly go wrong.

 

Fri, 11/04/2011 - 00:03 | 1843977 James T. Kirk
James T. Kirk's picture

Akak - I think you meant to say a SUPERNATURAL backstop to a whole host of failing fiat currencies. One of these days, when paper fails because no nation has any credibility left, a UFO or something will land in Central Park and "rescue" us all by bringing a supernatural fiat currency backstop from beyond the realms of earth. No one will be able to buy or sell without it. Now THAT is the real endgame. Pure, undiluted delusion yolked to pure greed. I predict extreme economic prosperity for 3 1/2 years after that. Of course, be very careful when you start shorting hell. Longer term bullish asbestos.

Fri, 11/04/2011 - 02:59 | 1844174 zhandax
zhandax's picture

Jim, something like that had occurred to me as well, but then there is that 'will arrive peacefully and prosperously' bit and the whole 'whore of Babylon' being cast down. I am thinking that UFO showing up and forcing a debt jubilee fits the scene a bit more closely than more of the same fiat shit.

Fri, 11/04/2011 - 00:18 | 1844012 Slewburger
Slewburger's picture

akak you forget the failing currencies are the basis for the basket.

 The IMF is taking the whole world on a picnic and they're serving shit sandwiches without the bread.

Fri, 11/04/2011 - 00:30 | 1844039 TheFourthStooge-ing
TheFourthStooge-ing's picture

...and charging a rental fee for the picnic basket.

 

Thu, 11/03/2011 - 23:43 | 1843924 Cole Younger
Cole Younger's picture

It is only going to get worse. One of these days the markets are going to wake up and realize that all there so called profit is denominated in worthless fiat currencies not worth the paper it was printed on.

Fri, 11/04/2011 - 00:17 | 1844008 TheFourthStooge-ing
TheFourthStooge-ing's picture

They wouldn't be worthless if they were printed on soft, absorbent, two-ply paper.

 

Fri, 11/04/2011 - 04:06 | 1844200 cowdiddly
cowdiddly's picture

Show me a roll of CHarmin and an American Dollar. Which one to chose.....Hmmmm. That was easy. next

Great idea, all future curency printed on2 ply cushiony soft from here on out. At least is would have some residual salvage value. 

Fri, 11/04/2011 - 07:18 | 1844281 FEDbuster
FEDbuster's picture

When there is nothing to eat, there isn't much demand for toilet paper.  Get some storage food now while it is available and relatively cheap.

Fri, 11/04/2011 - 10:15 | 1844985 treasurefish
treasurefish's picture

China is now printing fake toilet paper:

 

http://www.wantchinatimes.com/news-subclass-cnt.aspx?id=20111103000005&cid=1103&MainCatID=0 Be careful what brand you buy.

Thu, 11/03/2011 - 23:43 | 1843925 infinity8
infinity8's picture

Thar she blows!

Thu, 11/03/2011 - 23:44 | 1843928 Cult_of_Reason
Cult_of_Reason's picture

Now, US taxpayers, largest contributors to the IMF, are forced (by the elites) to bailout Europeans (ungrateful lazy creatures with condescending attitudes toward the US).

Thu, 11/03/2011 - 23:53 | 1843947 YesWeKahn
YesWeKahn's picture

When the US delegation is headed by TimG and BenB, what else can happen. All they know is to print.

Do you think that they are smart enough to have better ideas?

Fri, 11/04/2011 - 03:11 | 1844178 zhandax
zhandax's picture

For Timmay and Banana Ben, there ARE no better ideas, because actually doing something to fix it will mean they no longer have jobs at minimum, and more likely means they have contracts on their lives.  There is simply no way of fixing this mess without bankrupting all the bigs (big banks, big corporations, big government).  Main Street would recover within a couple of years and be better off.  However, they and all their friends would be ruined, and that, to their minds, is the end of the world.

Fri, 11/04/2011 - 00:16 | 1844003 DeltaDawn
DeltaDawn's picture

I will translate for you what the Chinese are saying, "Now, we are forced to hold the debts of the US (ungrateful lazy creatures with condescending attitudes)."

Fri, 11/04/2011 - 01:02 | 1844088 Cult_of_Reason
Cult_of_Reason's picture

I don’t give a fuck about what your opinionated Chinese say -- take their demagoguery and shove it up your ass.

The facts remain the facts (no matter what your opinionated Chinese say):

1. Europeans are ungrateful, arrogant, and lazy pigs (PIIGS).

2. Nobody is forcing China to buy UST (the most liquid and safe investment that pays interest) – Chinese are free to sell UST and to buy EFSF bonds whenever they want (but they are not stupid to do it).

3. China needs US more than US needs China – Chinese need US markets to sell their "Made in China" junk and to steal US intellectual property and technology.

4. Etc.

Fri, 11/04/2011 - 04:39 | 1844208 the tower
the tower's picture

The fact that you write comments on this site means that you are not one of the 1%. Being one of the 99% means that you are being fucked in the ass, so I would suggest coming off your American high horse and start dealing with reality. YOU are being fucked as a citizen of this planet no matter what country you live in...

And please don't even come up with arguments like "Europeans are lazy". Americans are the fattest most entitled low-productivity people on the planet, that is an ACTUAL fact. If you want to stop China from "stealing US intellectual property" I would suggest stopping all entitlements and putting your lazy fat countrymen to work to produce iPhones. 

The only one boohooing will be the 1% at Apple who see their profits vanish, but your beloved USA will be a healthy, prosperous country.

 

Your choice. 1%, or 99%. Which side are you on.

Fri, 11/04/2011 - 04:34 | 1844214 ViewfromUnderth...
ViewfromUndertheBridge's picture

The gun that The Bernank and Jeethner are holding to China's head is "You buy USTs or we will..."

 

Fri, 11/04/2011 - 06:57 | 1844265 TheFourthStooge-ing
TheFourthStooge-ing's picture

Cult_of_Reason appeared somewhat confused when saying:

Now, US taxpayers, largest contributors to the IMF, are forced (by the elites) to bailout Europeans (ungrateful lazy creatures with condescending attitudes toward the US).

The Europeans aren't being bailed out, the bankers are. The Greeks aren't being bailed out, the bankers are. AIG wasn't bailed out, the bankers were.

Bailouts are not for the benefit of people, they are for the benefit of the repugnant creatures which pull the puppet strings. Bailouts are not for Joe Sixpack, they are for Rodney Richpigge.

Please wean yourself from the kool-aid; it will be uncomfortable, but you'll be glad you did.

 

Thu, 11/03/2011 - 23:44 | 1843929 scatterbrains
scatterbrains's picture

How any oil exporting country accepts these worthless bits of bullshit paper in exchange for their oil is beyond me.

Thu, 11/03/2011 - 23:59 | 1843936 Dr. Engali
Dr. Engali's picture

Because if they don't and they try to have their own gold backed currency( think Libya) then we invade them and take their oil. Oh yeah we take their gold too then burn their currency.

Fri, 11/04/2011 - 00:22 | 1844019 DeltaDawn
DeltaDawn's picture

Just heard on Alex Jones that China is getting the Iraqi oil via BP (Rothchilds) for a bargain. Was wondering why they were ok with the Arab Spring,etc.

Thu, 11/03/2011 - 23:53 | 1843946 utgolfer
utgolfer's picture

+1

This is the achilles heel of the ponzi scheme.  Eventually they are going to want something harder.  Or will be satisfied with producing less and getting more digital bits for lower volume.

Fri, 11/04/2011 - 00:02 | 1843971 TruthInSunshine
TruthInSunshine's picture

utgolfer said:

"This is the achilles heel of the ponzi scheme.  Eventually they are going to want something harder.  Or will be satisfied with producing less and getting more digital bits for lower volume."

 

The 7 easy steps to controlling the world without doing any physical, mental or any other kind of work (let's call it, oh, I don't know - The Red Shield Method):

1) Buy off/bribe/blackmail/extort/destroy any lawmaker/politician/military officer who poses a risk of thwarting your plans. *Very important first step.

2)  Create fiat using nothing more than an computer/ledger entry, backed by nothing of inherent value, that has legal recognition, and in fact, is a monopoly currency with no legally recognized alternatives.

3)  Circulate such fiat via loaning it out, charging interest upon it.

4) Successfully get nations (war is a fantastic motivator to borrow), business entities and individuals (food is a great motivator) to borrow said worthless fiat that was conjured from thin air, and pay interest, pledging their real, inherently valuable assets in exchange for said worthless fiat (i.e. meaning that their real, inherently valuable assets can be taken if the conditions that make it impossible for them to repay the worthless fiat are [intentionally] induced).

5) Set the rate of interest payable on the loans of fiat that was conjured from thin air, solely at their discretion.

6) Supply more of such fiat, or withdraw fiat, to/from the system, at their discretion, bringing about inflation or deflation.

7) During times of large scale loan defaults, on the repayment of the fiat that they conjured from thin air, backed by nothing of inherent value, seize the most valuable assets that exist on the planet, many of which mankind depends on for its very survival.

Fri, 11/04/2011 - 00:11 | 1843995 palmereldritch
palmereldritch's picture

TIS, you forgot

8) Deploy eugenics obsessed, death-loving, occult patsied, winged monkey control freaks as your minions to complete plan for global domination.

Fri, 11/04/2011 - 05:47 | 1844230 Miss Expectations
Miss Expectations's picture

8) Deploy eugenics obsessed, death-loving, occult patsied, winged monkey control freaks as your minions to complete plan for global domination...who are elected and reelected by freedom-loving consumers in frequent and fair voting events.

Fri, 11/04/2011 - 01:48 | 1844135 Bwahaha WAGFDSMB
Bwahaha WAGFDSMB's picture

#1 needs to also include TV and newspapers

Fri, 11/04/2011 - 00:21 | 1844018 merizobeach
merizobeach's picture

Think of it this way, if you try to sell your oil for something other than dollars, you get labeled as the 'axis of evil' and unless you have nukes, you get the US military and its puppet extensions, NATO and the UN, straight up your ass.

Fri, 11/04/2011 - 01:05 | 1844091 jimmyjames
jimmyjames's picture

Think of it this way, if you try to sell your oil for something other than dollars, you get labeled as the 'axis of evil' and unless you have nukes, you get the US military and its puppet extensions, NATO and the UN, straight up your ass.

***************

Anyone can sell Oil for any currency they want-

The Euros don't need USD's to buy Oil-they can pay for it in EUR and Japan can pay for it in Yen-

The problem lies in demanding Gold for Oil-that;s what got Ghadaffi's ass in a sling

Fri, 11/04/2011 - 00:24 | 1844024 LongBalls
LongBalls's picture

It's amazing what precision guided missles and nukes do to a man's courage. Toss in a drone and the tight rope to be walked is recieved with a smile and the offer of a slow hand job.

Fri, 11/04/2011 - 00:29 | 1844037 cranky-old-geezer
cranky-old-geezer's picture

 

 

How any oil exporting country accepts these worthless bits of bullshit paper in exchange for their oil is beyond me.

Three words:  United States Military

Just ask Iraq and Lybia.

Fri, 11/04/2011 - 02:06 | 1844145 oldman
oldman's picture

scatter

ask Saddam, Mubarak, or Khadafi

Thu, 11/03/2011 - 23:48 | 1843930 DormRoom
DormRoom's picture
Think about this: 0.1% (top of the 1%) x 7B (world's population)= 7M! That's the oligarchal class that that  will run everything in the distant future.
Thu, 11/03/2011 - 23:58 | 1843958 bill1102inf
bill1102inf's picture

7M is just the right amount of people we need to kill.  Well, that, and its the number of joints ive smoke, today .... :)

Fri, 11/04/2011 - 00:15 | 1844001 TheFourthStooge-ing
TheFourthStooge-ing's picture

Don't forget that the rest of the plant can be useful. For some reason, nooses made of hemp rope is the first thing that comes to mind.

 

Thu, 11/03/2011 - 23:48 | 1843933 Dr. Engali
Dr. Engali's picture

So if they are gonna back stop money created from thin air with money created from thin air.... Why in the fuck do we need money?

Fri, 11/04/2011 - 00:11 | 1843994 DormRoom
DormRoom's picture

"IMF along something more like the original Keynesian lines will be a
prerequisite to its long term sustainability. For such reform is prerequisite to effectiveness on the
part of domestic monetary authorities in doing what they must do to avoid future financial
manias and meltdowns: that is to maintain a modicum of price stability not only in consumer
goods markets, but in money and investment markets as well"

Fri, 11/04/2011 - 00:10 | 1843991 Seer
Seer's picture

Long helium!

Fri, 11/04/2011 - 00:24 | 1844025 TheFourthStooge-ing
TheFourthStooge-ing's picture

Dr. Engali posed the question:

So if they are gonna back stop money created from thin air with money created from thin air.... Why in the fuck do we need money?

Because if we used tree leaves, the financial "innovators" wouldn't be able to skim their usual percentage.

 

Fri, 11/04/2011 - 00:38 | 1844052 LongBallsShortBrains
LongBallsShortBrains's picture

To cover our thin air shorts (and margin interest too).

Fri, 11/04/2011 - 07:36 | 1844333 Shylockracy
Shylockracy's picture

Dude, please go long brains and change your avatar.

Thu, 11/03/2011 - 23:52 | 1843941 lincolnsteffens
lincolnsteffens's picture

We need to quickly dissolve all sovereign banks and quickly form a central sovereign world bank run by the UN. The new currency could be backstopped with Zimbabwe CDSs.

Problem solved. What's the big deal. Get er done.

Thu, 11/03/2011 - 23:53 | 1843944 palmereldritch
palmereldritch's picture

toner party...soon to be the Donner Party

Thu, 11/03/2011 - 23:58 | 1843959 Schmuck Raker
Schmuck Raker's picture

China   will   be   PISSED!

Fri, 11/04/2011 - 00:07 | 1843984 Clowns on Acid
Clowns on Acid's picture

Raker - this is why Mdame Lagarde is travelling to Moscow, Beijing, and Tokyo to get their "approval" and perhaps participation in the SDR ponzi scheme.

The European socilaists are pretending to be capitalists whereas the Russian / Sino capitalists are pretending that they are socialists.

Watch the PMs, ....

Fri, 11/04/2011 - 00:27 | 1844033 Schmuck Raker
Schmuck Raker's picture

Thanks for the heads-up.

Though it's fair to say their 'approval' isn't a neccessity, and Lagarde is busy smoothing feathers. I wonder if their participation would be a forgone conclusion based on SDRs' definition. Even Zimbabwe will need to pony up their share, no?

Fri, 11/04/2011 - 07:29 | 1844315 FEDbuster
FEDbuster's picture

I have a few Zimbabwe 10 trillion dollar notes that I would be willing to throw into the pot to save the world and prevent WW3.

Thu, 11/03/2011 - 23:58 | 1843961 kentmills
kentmills's picture

Everyone knows that printing massive amounts of Euros out of thin air will be inflationary.  So The Powers That Be are hoping that we’re all too stupid to understand that if they print SDR’s out of thin air, and then trade them for Euros, nobody will notice that inflation will result.


http://www.reuters.com/article/2011/11/04/us-g20-imf-idUSTRE7A25NU20111104

 

Thu, 11/03/2011 - 23:59 | 1843963 Sequitur
Sequitur's picture

Well at least it looks like I'll earn some bullshit US fiat on my LNKD put. As I suspected, that POS made no money last quarter, insiders are going to dump like crazy when the lockup expires mid-November, and LNKD announced today they're going to issue even more worthless shares. LNKD is the goddamn Ben Bernake of the equity markets, pump, dump and print.

So great, I'll make some coin. Still a goddamn shitty thing to do to all the pension funds, etc. that hold LNKD shares. Just like these masters of fiat, screwing the entire globe.

Whelp, time to buy some more gold coins, I may even pick up some platinum bullion too. Sure as hell can't give it to a primary dealer, Gensler and Corzine probably have their ugly maws wired into Jeffries Co. just waiting to rip off even more people.

Fri, 11/04/2011 - 00:00 | 1843965 illyia
illyia's picture

Nicely said, TD et al. If we have to go out in fiat flames at least ZH readers will go laughing...

Fri, 11/04/2011 - 00:01 | 1843966 Dr. Engali
Dr. Engali's picture

I have a question. Has Venezuela received their gold yet?

Fri, 11/04/2011 - 00:32 | 1844040 overdrive
overdrive's picture

Last I heard, It's a "unspecified" date in December

 

P.S. First post here

Fri, 11/04/2011 - 00:33 | 1844047 Dr. Engali
Dr. Engali's picture

Welcome to fight club.

Fri, 11/04/2011 - 00:36 | 1844051 TheFourthStooge-ing
TheFourthStooge-ing's picture

The imaginary gold is currently being delivered in invisible airplanes (for security purposes, of course).

 

Fri, 11/04/2011 - 07:35 | 1844329 FEDbuster
FEDbuster's picture

Postpone, stall, postpone, stall..... waiting for the "cancer" to take out Chavez.  Convince some new leader, your gold is safe here in our London vaults.

Fri, 11/04/2011 - 00:06 | 1843980 DaylightWastingTime
Fri, 11/04/2011 - 00:08 | 1843986 Bansters-in-my-...
Bansters-in-my- feces's picture

Back door banker bailouts.

FUCK YOU WORLD BANKERS.

fuck off and die. scum.

Fri, 11/04/2011 - 01:58 | 1843989 cranky-old-geezer
cranky-old-geezer's picture

 

 

IMF:  Here G-pip, here's a few billion SDR's. 

G-pip:  What the goat fuck am I supposed to do with this worthless SDR shit?  I've got a lifetime supply of toilet paper already ...and way softer than this trash.

IMF: Just head down to your favorite FRB branch and swap 'em for (American taxpayer) cash.

G-pip: Oh really !!  Gee, tanks a lot !!

IMF:  You're welcome.  And let us know if you need more.  We're printing up boatloads of 'em.

IMF: Oh by the way, you can head down to your favorite ECB branch and swap 'em for Euros too.

G-pip:  Reallly !?!  No shit !?!  Hey boys, back the truck up.  Yea, right here. 

IMF: Oh and here's your free toaster.  Our way of saying thanks for opening an account with us.

Fri, 11/04/2011 - 00:10 | 1843993 Bansters-in-my-...
Bansters-in-my- feces's picture

ps.....

fuck your lame leveraging

delusional fucking banksters.

Fri, 11/04/2011 - 00:12 | 1843996 legal eagle
legal eagle's picture

Doner Kabob

Fri, 11/04/2011 - 00:13 | 1843997 Seer
Seer's picture

Next plan will be to look for aliens from outer space to pawn all the garbage off on.  Really, seems that it would have been cheaper to undertake a massive build-up in space exploration with this very intent in mind.  As it is we've got no one left to grab the hot potato.

I'm thinking that wheat paste (glue) is going to be big.  Only way that they're going to be able to make this shit stick.

Fri, 11/04/2011 - 00:16 | 1844002 slewie the pi-rat
slewie the pi-rat's picture

"mandate from world leaders", my ass!

G-20 leaders are pressing euro zone leaders..., ...my ass!

clown cars, BiCheZ!


 

Fri, 11/04/2011 - 02:05 | 1844144 merizobeach
merizobeach's picture

@5:30 http://www.youtube.com/watch?v=snRRjboAMoY&feature=related

"When we finish a sentence with the words 'my ass', we mean that we do not agree or do not believe what someone just said.  Maybe we think they're lying, or perhaps they're just wrong." :-)

Fri, 11/04/2011 - 00:16 | 1844006 Bunga Bunga
Bunga Bunga's picture

Will be DSK's face on the 100 SDR bill?

Fri, 11/04/2011 - 00:26 | 1844029 TheFourthStooge-ing
TheFourthStooge-ing's picture

I hope so; it would make wiping that much more enjoyable.

 

Fri, 11/04/2011 - 01:53 | 1844138 TruthInSunshine
TruthInSunshine's picture

Bunga Bunga

Will be DSK's face on the 100 SDR bill?

 

http://homepage.mac.com/dtrull/pix/idiotcash.jpg

 

 

Fri, 11/04/2011 - 00:17 | 1844009 JLee2027
JLee2027's picture

The SDR bogeyman to rob all countries of sovereign status is never going to happen. It would require an Act of Congress and Zero's signature. Not a chance in hell.

Fri, 11/04/2011 - 00:29 | 1844014 Caviar Emptor
Caviar Emptor's picture

 

 

 

lpr -p IMFturboPrinter -# 500Trillion -o Media=SDRNotes,LargeCapacity operationsaturate.txt

 

Fri, 11/04/2011 - 00:20 | 1844016 Ausbroker
Ausbroker's picture

Here's China's "opportunity" to increase their stake in the IMF, drop off some USD for SDR.  Your toilet paper is better than my toilet paper

Fri, 11/04/2011 - 00:28 | 1844034 Caviar Emptor
Caviar Emptor's picture

Operation Carpet Bomb : Saturate global markets with SDR to create de-facto debt repudiation of dollar-debt and start fresh with new world order currency. In Rockefeller we trust

Fri, 11/04/2011 - 00:29 | 1844035 Tuffmug
Tuffmug's picture

The fiat Ponzi party never has to end if you've got a printing press and don't overdue it !! They steal you blind one penny at a time by counterfeit diluting away your savings. 

Fri, 11/04/2011 - 00:32 | 1844044 Caviar Emptor
Caviar Emptor's picture

Here's their dilemma: money is a joke since they could "create" a quintillion in a nanosecond. But...we can't let the sheeple and speculators know it's a joke or else end up with mega-inflation and other side-effects. So let's keep a straight face out there and be very, very serious

Fri, 11/04/2011 - 07:12 | 1844274 TheFourthStooge-ing
TheFourthStooge-ing's picture

Yes, very serious indeed.

Excuse me, Frau Merkel, could you please hold this bag for a moment?

 

Fri, 11/04/2011 - 00:49 | 1844063 Coke and Hookers
Coke and Hookers's picture

Gee I guess all the NWO conspiracy theorists are feeling real silly right now. Or maybe not.

Fri, 11/04/2011 - 00:50 | 1844065 ReactionToClose...
ReactionToClosedMinds's picture

thank you Zero Hedge ... you can 'suspect'  but the devil is in the details .....

 

seriously .... we might be getting very close to a precarious global financial existence ...... sure do not want to see a modern day variant of Creditanstaldt withdrawal panic start and play itself out .....

 

Calling for Laszlo Birinyi funds flow analysis ... the 'real' funds flow ... not the 'window dressing' ....

Fri, 11/04/2011 - 00:51 | 1844067 ReactionToClose...
ReactionToClosedMinds's picture

check out Ausbroker above ... talk about some clever 'window dressing' ... I think he nails it ....

Fri, 11/04/2011 - 01:02 | 1844079 cranky-old-geezer
cranky-old-geezer's picture

 

 

Since there's a few stock traders here, perhaps this analogy will help:

Think of America as a large corporation. America Inc.

US dollars (FRNs) are the common stock of that corporation. Americans use shares of that common stock as currency.

Ben Bernanke has no official connection with America Inc. He's an outsider. But he has sole discretion over issuing common stock of America Inc.. If he wants to give some to his crony friends he just issues more shares and trades them for whatever worthless securities they have.  (He doesn't care if the they're worthless.  He can say they're worth whatever he wants.  Nobody is going to audit his books anyway.)

What does that do to the value of shares you have? Doesn't it dilute the value of your shares?

Now the IMF "corporation" comes along. IMF Inc. It's just a shell corporation. No assets. No book value. Sorta like MERS incidentally.

But they issue common stock. It's called "SDR". "Special Drawing Rights". They can pick any name they want ...except "worthless stock" obviously.

Bernanke will gladly issue more shares of America Inc. and swap them for shares of IMF Inc.

Again, what does that do to the value of your shares of America Inc.?

Fri, 11/04/2011 - 01:09 | 1844098 gatersaw
gatersaw's picture

http://en.wikipedia.org/wiki/File:Gold_Reserves.png

If this is at all true we have over 8,000 tonnes of gold in the USA therefore nearly the most wealthy nation on earth. Why not create hyperinflation???? Checkmate, Bitchez! All your tonnes are belong to us!

Fri, 11/04/2011 - 01:15 | 1844106 chump666
chump666's picture

Pure insanity. 

But the best bit is an Italian, the new head of the ECB just sent inflation to Germany via that recent rate cut. The ESFS bailout bull sh*t is dead in the water

 

Fri, 11/04/2011 - 01:20 | 1844113 Lazlo Toth
Lazlo Toth's picture

For $300T SDRs - The Great Money "Bomb" of 2011 was famously known as the domino that incited what catastrophe:

a) WW III

b) The First Great Depression of the World

c) The People's Overthrow of the 1 percent

 

Hmmm......

 

Hint: c) is an unlikely answer.....

Fri, 11/04/2011 - 04:38 | 1844215 BigDuke6
BigDuke6's picture

Hmmm
Word is spreading, at work today I discussed, with a colleague i see once a month, future serious social unrest, even civil war in Europe and her first comment was that the bankers would be up against the wall first up.
And I didn't even lead her to that conclusion.... As was my plan.

Fri, 11/04/2011 - 04:52 | 1844219 BigDuke6
BigDuke6's picture

(c) is still unlikely..... But it's a start

Fri, 11/04/2011 - 01:31 | 1844123 rgilliam37
rgilliam37's picture

How long will this reserve printing extend the ponzi scheme.

The politicians Obama, Sarkozy, Merkel etc. know that the Ponzi scheme extends the status quo at the expense of all others. It's beyond reprehensible that people like this run countries. How many millions of unemployed struggling and all Obama cares about is getting reelected.

Bernanke today was justifying the bailout what complete bullshit!!!

Fri, 11/04/2011 - 01:34 | 1844125 you enjoy myself
you enjoy myself's picture

i literally can't believe we're at the point where printing more of existing, un-backed fiat currencies is insufficient and/or infeasible (not that i favor it).  we're now resorting to printing a fake un-backed fiat currency?   this is surreal madness.  we have freaking global IOU's?

ironically enough, i'm starting to think the useless citizens of Greece are the world's last best hope.  they need to burn their house down, and end this sick joke, in order for the rest of world to survive.

Fri, 11/04/2011 - 01:41 | 1844129 rgilliam37
rgilliam37's picture

You hit the nail on the coffin. Extend and pretend. History will not look kindly on the leaders decisions today.

Fri, 11/04/2011 - 01:48 | 1844132 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I've written it before, and I'll write it again....

The IMF is coming for your souls

Fri, 11/04/2011 - 01:50 | 1844136 TruthInSunshine
TruthInSunshine's picture

What does the average (not dumb, but average - hopefully average isn't dumb; on second thought...) person on that side of the pond think of the marching towards a one world government theory?

Do they put stock in it? Do they dismiss it as bullocks (to borrow a British term)?

Fri, 11/04/2011 - 07:30 | 1844320 Mitzibitzi
Mitzibitzi's picture

Since you ask; I personally don't think a world government would be a bad thing - as long as those 7 or so million 'elites' mentioned above have absolutely fuck all to do with it.Go long lamp-posts and hemp rope to achieve that one, I rather suspect.

Before you get the pitchforks ready, hear me out...

Provided that said world government is strictly and absolutely minarchist in nature and limited to it's essential functions of providing global civil defence (kinda like the role UN troops are theoretically for, when they're not enforcing Red Shield policies!), guaranteeing sound money (end currency trading by having everybody use the same currency and you'd go a long way to cleaning out the system. The currency to be a hard, asset-backed entity with no fiat component) and providing a small 'police' force to deal with 'large' crimes outside the remit of country, state and county levels of law enforcement. And nothing else.

Also have it codified, in plain English, that NO additive amendments to the Constitution of said government may be made. Powers may be taken away, but never added!

Government members should be chosen by lottery. Anyone who thinks they have something to contribute to the process can put their name in a hat and a randomly picked person from anywhere in the world does the drawing when it's required to replace an exiting member. A system more like jury service would be even better, under the premise that any bastard that wants to be in charge should absolutely never be!

Government members may not serve more than 1 2-year term. No member whose forefathers or siblings have served in government during the previous 2 generations may be allowed.

ALL activities of the government will be totally transparent. There will be NO 'classified' documents permitted and all files, hard drives and other storage may be read freely by any interested party at any time, with no notice required.

Force the government body to meet in an inhospitable remote area (can have an airport for easy access) and absolutely nowhere else. Nice functional, austere building that you wouldn't want to spend any more time in than strictly necessary.

 

Would that work, even if we could set it up in the first place? No. 50 years, probably a lot less, down the line, the bastards involved would have found ways to play the system and would become, de facto, the new 'elite'. And the can would be in the roadway once again and the steel-toe can-kicking boots would be dusted off.

It's human nature for the wealthy, powerful and/or 'expert' to seek power over the rest. Since they can do the job, like, so much betta!

Fri, 11/04/2011 - 01:47 | 1844133 FinalCollapse
FinalCollapse's picture

Holy cow! $250B - this will buy many Maseratis for Italian goverment.Can I also have one Maserati?

Fri, 11/04/2011 - 01:56 | 1844139 FinalCollapse
FinalCollapse's picture

US taxpayer bailing out Europe again. 

Fri, 11/04/2011 - 07:16 | 1844277 TheFourthStooge-ing
TheFourthStooge-ing's picture

Fixed it for you:

US taxpayer bailing out bankers again.

 

Fri, 11/04/2011 - 02:28 | 1844161 El Gordo
El Gordo's picture

I'm all for going forward with high speed printing 24/7.  Just ordered another batch of PM's to try to do my share help out with the bank's liquidity problems.  I'll hold the gold and let them have the liquidity - what's wrong with that approach?

Fri, 11/04/2011 - 02:43 | 1844168 Poetic injustice
Fri, 11/04/2011 - 03:37 | 1844171 Dick Darlington
Dick Darlington's picture

 Nov. 4 (Bloomberg) -- Italy doesn’t want to use a credit
line from the International Monetary Fund after having had
contacts with the fund, news agency Ansa reported, citing
European sources.
     Sources in the Italian government denied that the
“hypothesis had arrived at the G-20” summit, Ansa said.

 

And now this:

*ITALY MONITORING BY IMF BEING DISCUSSED AT G-20, EU AIDE SAYS

The unelected dictators continue the journey towards the wet dream utopia of world domination by conquering sovereign nations one by one. This MUST end well...

Fri, 11/04/2011 - 07:21 | 1844287 TheFourthStooge-ing
TheFourthStooge-ing's picture

Dick Darlington noted:

Nov. 4 (Bloomberg) -- Italy doesn’t want to use a credit
line from the International Monetary Fund after having had
contacts with the fund, news agency Ansa reported, citing
European sources.

Sources in the Italian government indicated that, "our buttholes are still a bit sore from the last time," Ansa said.

 

Fri, 11/04/2011 - 04:13 | 1844201 honestann
honestann's picture

This game has no inherent limit.  The predators-that-be, predator-class and [central] banksters can and will happily create endless quantities of endless forms of "paper financial instruments" (even if the "paper" is actually just some bits in a computer somewhere).  This game has no limit.  None.  None.  None.  And never will.

The only game that does have any limit is the willingness of regular people to accept those pieces of paper and computer bits for the real, physical goods they produce.

Therefore, all this analysis is pointless, because it ignores the one and only relevant question.  When will regular people [and businesses] stop accepting their fiat, fake, fraud, fiction, fantasy, fractional-reserve toilet-paper-and-bits?

ONLY when producers stop giving them food, metals, dwellings and other real, physical goods will the predators-that-be and predator-class fall.  Until then, they will remain the masters, and everyone else will remain slaves.

All the predators do is push paper and bits around under various fictitious shells.  Theirs is the classic shell game.  Don't watch.  Don't play.  Don't accept their fiat, fake, fraud, fiction, fantasy.

Just say no.  Get real.  Opt out.  Refuse.

Fri, 11/04/2011 - 04:32 | 1844213 Coldfire
Coldfire's picture

As alchemists manque like Lagarde preen and pose as economic saviors, their Ponzi collapses at an increasing rate around them. You've got to think the world would be a much better place if a tactical nuke took out the G20 charlatans at one of their tedious "summits". But it wouldn't last. The hydra would grow seven more heads for each one chopped off. Lazy daydreaming aside, there is no getting around the fact that there is no one on the international stage - no one - fighting the evil of fiat currency on a philosophical basis. But that is the only basis on which it can be killed permanently. Gold is keeping score, as it does, to a pervasively ignorant populace. The way things are going you it is almost as if a conscious decision has been made to wreck the national financial systems and replace them with a supranational farcist uberstructure, supremely powerful, opaque and unaccountable.

Fri, 11/04/2011 - 07:16 | 1844278 honestann
honestann's picture

That's why it is important to elect RonPaul in 2012.  Nobody knows how much good he can do while encompassed in endless federal workers, but at least he would show up at those international meetings and give them hell about fiat, fake, fraud, fiction, fantasy, fractional-reserve debt-based toilet-paper and its inherent criminality and necessary consequences.

How much would that help in the end.  Difficult to fortell.  However, it just might be enough to spur the population of earth to "just say not" to governments and the central banks who control them.

Definitely worth the experiment.

Fri, 11/04/2011 - 04:58 | 1844221 Dick Darlington
Dick Darlington's picture

OT: Sorry for OT but i just had to post this:

 Nov. 4 (Bloomberg) -- European Commission President Jose
Barroso said he expects that all problems with Greece will be
solved after the creation of a government of national unity.
     “What we expect to happen is a government of national
unity, and that government will conclude an agreement with us
for a new program,” he said in an interview with BBC Radio 4
today. “I believe all problems will be solved.”
     Barroso also said it was up to Greece to decide whether to
stay in the euro. “When you are a member of the euro, a member
of any club, you have to respect the rules,” he said. “It is
of course up to them. We believe it’s in their interest and we
would like them to stay.”
     More integration and more discipline at the European level
may be needed in the future, Barroso added, though he said
“this requires more time and a treaty change.”

 

Seriously, what the hell is this unelected "president" smoking???

Fri, 11/04/2011 - 05:25 | 1844226 css1971
css1971's picture

Ladies and gents. We present the one world currency.

This has been done a few times before. The 1907 crisis was designed to lead to the introduction of the Fed as an example, banking crises preceed the calls for a central bank. Does any of this sound familiar?

http://en.wikipedia.org/wiki/Panic_of_1907

 

So... "One ring to rule them all" ... A central world currency, a central world bank, central world bankers and a central world government. Appointed of course.

 

Fri, 11/04/2011 - 07:20 | 1844284 honestann
honestann's picture

I also advocate a one world currency... but only if that currency is "grams of physical gold" in the form of coins or wafers.

No receipts for gold.  No gold certificates.  No fractional reserve practices of any kind whatsoever.  Just plain old "grams of real, physical gold in hand".  Nothing wrong with that.  Back to the Future.  Back to what works... and is honest and ethical.

Fri, 11/04/2011 - 14:41 | 1846178 akak
akak's picture

You are correct.  I can't help but reflect on the fact that if people categorically refused to use banker's paper promises and lies in lieu of REAL money (gold and silver), the entire parasitic and sociopathic, central-bank-controlled financial and monetary Ponzi scheme would have been impossible to establish or maintain.

Fri, 11/04/2011 - 06:56 | 1844263 Fred C Dobbs
Fred C Dobbs's picture

How legit is Greece's voting system?

Fri, 11/04/2011 - 06:59 | 1844264 HankyPankyBernanke
HankyPankyBernanke's picture

Iceland showed the way for Greece, amazing how little publicity it gets however:-

http://sacsis.org.za/site/article/728.1

The people of Greece and everywhere else will get it one day.....

Fri, 11/04/2011 - 09:29 | 1844782 AllAboutTheBenjamins
AllAboutTheBenjamins's picture

I don't like this at all.  "All About the SDRs" just doesn't have the same ring to it.

Fri, 11/04/2011 - 09:49 | 1844874 Bansters-in-my-...
Bansters-in-my- feces's picture

Cult of_Reason.

I take it you are American,

Arrogant too..???

Naw,,,,could not be possible.

Do NOT follow this link or you will be banned from the site!