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Berlusconi Screws Over The Wrong Person: ECB Shake Up Imminent Following Big French-Italian Relations SNAFU?

Tyler Durden's picture


Just when one thought the Italian PM could not possibly come up with yet another massive SNAFU, he does it once again. This time however he may have screwed over the wrong (non-underage) person. Last night, after the FT had previously leaked (incorrectly once again) that the Italian head would pick ECB executive Lorenzo Bini Smaghi to head the Bank of Italy following Mario Draghi's departure to head the ECB, Berlusconi instead chose a relatively unknown Ignazio Visco to head the Italian Central Bank. The move, while largely symbolic as it hardly matters who is in charge of the Italian bank but is of great import from a "national pride" perspective, managed to infuriate French leader Nicholas Sarkozy, who had previously made it clear he would advance his support of incoming ECB head, former Goldmanite and current Bank of Italy head, Mario Draghi, only if Bini Smaghi would be pulled and his seat would be vacated to allow a Frenchman to enter the ECB. That did not happen. So with the latest faux pas out of Berlusconi, he is now poised to destabilize not only Italian-French relations, but the percevied stability of the ECB if the Frenchman decides to make it an issue vis-a-vis his support of the incoming President. All in all, this is yet another reminder of the total and utter chaos that dominates Europe every single day. And somehow the broad public is supposed to believe that Europe can come up with a solution to an insolvable math problem...

The Telegraph explains in detail:

Silvio Berlusconi can expect an awkward encounter with Nicholas Sarkozy, the French president, on Sunday after snubbing him with a surprise choice over who will be the next head of the Bank of Italy.


The looming spat will only heighten tensions between eurozone leaders as they meet in Brussels for a crucial summit on the debt crisis.


Italy's embattled prime minister had been expected to nominate Lorenzo Bini Smaghi, an Italian who sits on the executive board of the European Central Bank, as the next head of the Bank of Italy.


Mr Smaghi's appointment would have freed up a place on the ECB board and made way for a Frenchman to take the post.


Mr Sarkozy had made that a key condition of his support for Mario Draghi, the former head of the Bank of Italy, to replace Jean-Claude Trichet as president of the ECB at the end of this month.

But instead Mr Berlusconi on Thursday night unexpectedly chose Ignazio Visco, a 30-year veteran of the Bank of Italy, to lead the institution, to the fury of the French. 


That means that Italy will have two members on the ECB's board but France will have none. Mr Bini Smaghi's refusal to resign from the board of the ECB until the end of
his term in 2013 leaves almost no wriggle room on the issue for Mr

This also means that we can now expect a firestorm of media-based outrage in France which will now perceive itself as snubbed by a country that it is risking its sarcosanct AAA rating to bail out. Alternatively, the Italian is also stuck:

While Mr Berlusconi's decision will anger president Sarkozy, in Italy it was broadly welcomed by the media, the banking sector and employers' federations, who had said that appointing Mr Bini Smaghi would have been a humiliating concession to France.


With his approval rating at a record low and daily predictions that his government will not see out its term to 2013, Mr Berlusconi seems to have calculated that keeping domestic critics sweet was more important than fostering good relations with Paris.

Alas only a complete idiot would make that conclusion at a time when it is of paramount importance to at least retain the perception that things in Europe are calm, cool and collected. Instead, we get... this.

The fall out of this comedy, as Europe's two biggest drama queen engage head on will be one for the ages.


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Fri, 10/21/2011 - 14:14 | 1797817 redpill
redpill's picture

Indeed math is very stubborn.  I think we need a formal investigation into mathematicians for potentially criminal speculative conduct.

In fact, we might as well just BAN MATH, like Euro financial institution short-selling.  It's just a nasty and unhelpful concept.  We need SOLUTIONS for Europe, not petty, obstructionist mathematics.

Fri, 10/21/2011 - 14:16 | 1797875 Hephasteus
Hephasteus's picture

We need a good rumor about mysterious alchamathmeticians that know how to solve the p does not = p + i formula.

Fri, 10/21/2011 - 14:29 | 1797927 redpill
redpill's picture

We don't need formulas, and why do people keep saying this is all unaffordable?  Why why why?  Just stop!  Why can't we just say it IS affordable, and then we will live our lives knowing it is affordable and it will BE affordable.  You see?  Math and formulas are impeding this successful process.

Fri, 10/21/2011 - 14:49 | 1798023 DoChenRollingBearing
DoChenRollingBearing's picture

+ ex

Fri, 10/21/2011 - 17:04 | 1798589 Fukushima Sam
Fukushima Sam's picture

Sarkozy is frantic, on the phone with NATO trying to figure out how they can bomb Italy and make it look like rebels.

Fri, 10/21/2011 - 17:45 | 1798707 Hephasteus
Hephasteus's picture

How big of a hooker bunker does he have in the underground missile (hide out from the pissed off slaves chamber).

Fri, 10/21/2011 - 22:02 | 1799344 Larry Darrell
Larry Darrell's picture

This cover story is really quite simple.

It doesn't have to be rebels.

The false flag can be blamed on those who supported Gadaffi as retaliation for his assassination.  Retaliation against Italy instead of France simply because it is geograpically closer, so easier to attack.

Fri, 10/21/2011 - 15:23 | 1798190 AcidRastaHead
AcidRastaHead's picture

Damn, I knew I should have played and frolicked that one summer instead of taking calculus in summer school.

Fri, 10/21/2011 - 17:01 | 1798576 Pegasus Muse
Pegasus Muse's picture

You see that photo?  Berlusconi is a University of Texas fan. 

Hook'em Horns, Berli! 

Fri, 10/21/2011 - 14:39 | 1797972 Deadpool
Deadpool's picture

Archduke Ferdinand will set things right again...Oh, right. Not good.

Fri, 10/21/2011 - 14:17 | 1797882 sqz
sqz's picture

Epic Nepotism Battles of History #195583

Fri, 10/21/2011 - 15:58 | 1798350 gojam
gojam's picture


Too big headed to fail ??

Fri, 10/21/2011 - 14:22 | 1797900 Unprepared
Unprepared's picture

Sarkastick would be even more pissed off when he discovers that Buralesque has also planted an undercover agent in the French presidential bed

Fri, 10/21/2011 - 19:37 | 1799058 kaiserhoff
kaiserhoff's picture

Seenayourayeh ,  I'va splain to you again and again..., You donna fuck with the froggie, hezza little boy, or hezza goat, until AFTER  you getta alla hez MONEY.

Fri, 10/21/2011 - 14:42 | 1797975 Manthong
Manthong's picture

So the spaghetti slinging Chianti chuggers fart in the general direction of the cheese eating surrender monkeys..

That's OK.. the kraut and sardine slobberers from the north will pay for the whole feast.

Fri, 10/21/2011 - 14:54 | 1798054 redpill
redpill's picture

Yes!  And the defacto Kings and Queens of Europe shall dine on the backs of the peasantry once again, just like the old days.  Huzzah!  Serving wench, bring us more mead!

Fri, 10/21/2011 - 14:04 | 1797819 earleflorida
earleflorida's picture

hard wired fool's i say,... unadulterated incest gone wild! 

Fri, 10/21/2011 - 14:16 | 1797871 Ahmeexnal
Ahmeexnal's picture

Berlusconi fathered Carla Bruni's child??
Sarkozy must be enraged!
This means war.

Fri, 10/21/2011 - 14:40 | 1797981 macholatte
macholatte's picture

Does this mean Goldman Sachs is out? If yes, then here's a green arrow for Berlusconi!

Nicholas Sarkozy, who had previously made it clear he would advance his support of incoming ECB head, former Goldmanite and current Bank of Italy head, Mario Draghi


from Wiki:

Draghi was then vice chairman and managing director of Goldman Sachs International and a member of the firm-wide management committee (2002–2005). A controversy existed on his duties while employed at Goldman Sachs. Pascal Canfin (MEP) asserted Draghi was involved in swaps for European governments, namely Greece, trying to disguise their countries' economic status. Draghi responded that the deals were "undertaken before my joining Goldman Sachs [and] I had nothing to do with" them, in the 2011 European Parliament nomination hearings.[4][5]




Fri, 10/21/2011 - 14:23 | 1797910 Nascent_Variable
Nascent_Variable's picture

Zay must prezerf membership stabeeleetee.

Fri, 10/21/2011 - 14:07 | 1797828 SwingForce
SwingForce's picture


Fri, 10/21/2011 - 14:08 | 1797839 jdelano
jdelano's picture

No, it's an effin Fellini film

Fri, 10/21/2011 - 14:12 | 1797858 sushi
sushi's picture

Where is Mrs Teasdale when you need her?

Fri, 10/21/2011 - 14:07 | 1797829 mayhem_korner
mayhem_korner's picture




Fri, 10/21/2011 - 14:08 | 1797834 Deadpool
Deadpool's picture

this may be the most ludicrous policy making era of all time. France wants Germany to pay more to save themselves, Germany wants to pay less to protect themselves and Italy wants them both to go to hell and it's all over Greece and Spain (WWII was more easily settled). it's flippin' hilarious. Al Quida must be laughing their collective asses off. And this while Q-daffy, Mubarak and Assad fall. Thank God America is separated by an ocean (of water and dollars)...for now.

Fri, 10/21/2011 - 14:47 | 1798014 agent default
agent default's picture

France wants to tangle Germany into a levered mechanism so that Germany cannot one day get up and leave the Euro.  One debt to bind them all.

Fri, 10/21/2011 - 14:51 | 1798030 redpill
redpill's picture

Of course, and I'm sure there are some of the German elite who don't mind that because it will give them more political "pull" in the overarching EU structure.  The one stubborn sticking point is the German people, who for some reason don't want to be totally fucked over.  So the trick is, we have to make this bailout scheme so goddamn complicated that no one really understands it anymore.  Because if it was understandable, the German people would never go for it.

Fri, 10/21/2011 - 14:09 | 1797837 sockcutter moto...
sockcutter motorforker's picture

hes probably going to use those seats at the ECB to secure more bunga bunga

Fri, 10/21/2011 - 14:10 | 1797847 AldoHux_IV
AldoHux_IV's picture

Put 'em in the octogon.

Fri, 10/21/2011 - 14:18 | 1797884 NotApplicable
NotApplicable's picture

When two tribes go to war, one is all that you can score.

Fri, 10/21/2011 - 14:10 | 1797848 101 years and c...
101 years and counting's picture

LOVE IT!  Italy knows they have france and germany by the short and curlies and is making it known.  Bail US out or YOUR banks fail.  Why Greece doesnt do the same...I HAVE NO IDEA.

Fri, 10/21/2011 - 15:34 | 1798237 PivotalTrades
PivotalTrades's picture

greece to small

Fri, 10/21/2011 - 14:11 | 1797852 Andrew Jackson ...
Andrew Jackson epitaph's picture

European financial mess. Monty Python's style. Vostfr

Fri, 10/21/2011 - 14:14 | 1797865 the iD
the iD's picture

its not delivery, its DiGiorno.

Fri, 10/21/2011 - 14:15 | 1797866 Wolferl
Wolferl's picture

Bravo, cavaliere. Tell this frogeating dwarf what an a$$hole he is. Sometimes, very rarley, i really like what Silvio is doing.   

Fri, 10/21/2011 - 14:16 | 1797868 drider
drider's picture

That was a really slick move that Berlusconi pulled. Kudos to him!

Fri, 10/21/2011 - 14:16 | 1797874 Temporalist
Temporalist's picture

Isn't Snafu the name of one of the bunga bunga girls?

Fri, 10/21/2011 - 15:16 | 1798160 Money 4 Nothing
Money 4 Nothing's picture

No, no no.. Her name is Snatch Fu, she was the Oriental one from the last December get together.

Fri, 10/21/2011 - 14:17 | 1797877 spastic_colon
spastic_colon's picture it possible we are paying TOO much attention to Europe?  I know we should be, but it could also be a bit of a smokescreen to the below........From the ECRI, and not that it is a surprise...........

U.S. Economy Tipping into Recession

Early last week, ECRI notified clients that the U.S. economy is indeed tipping into a new recession. And there’s nothing that policy makers can do to head it off.

ECRI’s recession call isn’t based on just one or two leading indexes, but on dozens of specialized leading indexes, including the U.S. Long Leading Index, which was the first to turn down – before the Arab Spring and Japanese earthquake – to be followed by downturns in the Weekly Leading Index and other shorter-leading indexes. In fact, the most reliable forward-looking indicators are now collectively behaving as they did on the cusp of full-blown recessions, not “soft landings.”

Last year, amid the double-dip hysteria, we definitively ruled out an imminent recession based on leading indexes that began to turn up before QE2 was announced. Today, the key is that cyclical weakness is spreading widely from economic indicator to indicator in a telltale recessionary fashion.

Why should ECRI’s recession call be heeded? Perhaps because, as The Economist has noted, we’ve correctly called three recessions without any false alarms in-between. In contrast, most of those who’ve accurately predicted a recession or two have also been guilty of crying wolf – in 2010, 2005, 2003, 1998, 1995, or 1987.

A new recession isn’t simply a statistical event. It’s a vicious cycle that, once started, must run its course. Under certain circumstances, a drop in sales, for instance, lowers production, which results in declining employment and income, which in turn weakens sales further, all the while spreading like wildfire from industry to industry, region to region, and indicator to indicator. That’s what a recession is all about.

But how can we have a new recession just a couple of years after the last one officially ended? Isn’t this too short for an economic expansion?

More than three years ago, before the Lehman debacle, we were already warning of a longstanding pattern of slowing growth: at least since the 1970s, the pace of U.S. growth – especially in GDP and jobs – has been stair-stepping down in successive economic expansions. We expected this pattern to persist in the new economic expansion after the recession ended, and it certainly did. We also pointed out – months before the recession ended – that because the “Great Moderation” of business cycles (from about 1985 to 2007) was now history, the resulting combination of higher cyclical volatility and lower trend growth would virtually dictate an era of more frequent recessions.

So it comes as no surprise to us that, with the latest expansion only a couple of years old, we’re already facing a new recession. Actually, such short expansions are hardly unheard of. From 1799 to 1929, nearly 90% of U.S. expansions lasted three years or less, as did two of the three expansions between 1970 and 1981. In other words, such short expansions are unusual only with respect to recent decades.

It’s important to understand that recession doesn’t mean a bad economy – we’ve had that for years now. It means an economy that keeps worsening, because it’s locked into a vicious cycle. It means that the jobless rate, already above 9%, will go much higher, and the federal budget deficit, already above a trillion dollars, will soar.

Here’s what ECRI’s recession call really says: if you think this is a bad economy, you haven’t seen anything yet. And that has profound implications for both Main Street and Wall Street.

aaannny who...............

Fri, 10/21/2011 - 14:23 | 1797906 jdelano
jdelano's picture

sssssshhhhhh!!! you're scaring baby Michael  (Murphy)

Fri, 10/21/2011 - 14:48 | 1798015 spastic_colon
spastic_colon's picture

Thanks.........I guess the ECRI's reports are no longer the darlings of the MSM and talking heads etc.  Today's report got no respect.  They has become the Tom Cruise of indicators............apologies for the OT posting

Fri, 10/21/2011 - 14:43 | 1798001 Wolferl
Wolferl's picture

Off topic but a good posting.

Fri, 10/21/2011 - 14:17 | 1797879 High Plains Drifter
High Plains Drifter's picture

what does it mean when someone makes a hand sign like that?  ron paul makes that sign too...........hmmmm

Fri, 10/21/2011 - 14:22 | 1797903 Ahmeexnal
Ahmeexnal's picture

It's a jedi thing.

Fri, 10/21/2011 - 14:25 | 1797912 SpeakerFTD
SpeakerFTD's picture

ron paul makes that sign too...


...when Texas plays Oklahoma

Fri, 10/21/2011 - 14:31 | 1797939 Conax
Conax's picture

it means Hail Satan, I'm your boy!

(or it's just a gang sign, like "we bad" or something.)

Fri, 10/21/2011 - 14:53 | 1798046 mahalopamala
mahalopamala's picture

Me thinks he is signaling all his freemason buddies.


Fri, 10/21/2011 - 15:20 | 1798134 Money 4 Nothing
Money 4 Nothing's picture

Me thinks he is signaling how many legitimate marriages are in his family..

Fri, 10/21/2011 - 14:51 | 1798026 Use of Weapons
Use of Weapons's picture

The intarweb has four main theories:

#1 It is the universal sign of the Lucifarian cabal bent on bringing the world into Satan's grasp and/or Bohemian grove Illuminati, favoured by politicians [thumb extended?]

#2 It is the universal sign of rock & roll, favoured by Kiss and so forth [no thumb extended]

#3 It is the sign of a Southern US sports team, most likely with a name related to bovines [thumb unknown]

#4 It is the Italian way of saying "your wife is cheating you, probably with your best friend" [no thumb extended] ( for an old Naples guy explaining them all - look to the last couple of minutes)


Someone above understood it, thus the comments about fathering Sarkozy's newborn daughter... It has been commented on previously that the Big Bunga was signalling his clear intention to his detractors, Europe and the world in general that he wasn't playing the game. Coupled with his "Italy is shit" comments, the old fox does it again.


Wow, bizarre world - sign language lessons on a financial blog

Fri, 10/21/2011 - 15:04 | 1798112 mahalopamala
mahalopamala's picture

Just for fun and games- look up all the American Presidents from the beginning.  There are very few that are not Freemasons.  The ones that were not had a VP that was or some highly connected family members.  Also check out all the Rebuplican candidates running for the nomination.  All except Ron Paul (and some people say he is a mason- not confirmed) are either Freemasons or highly connected with them. 

Also, Mormanism is highly influenced by freemasonry (Romney and Huntsman).  When you study all this, the 1717 founding of the society - you see how this boys club has really influenced the world.  Rupert Murdoch is a brother mason too- so newscorp and other main stream media wants to ignore Ron Paul.   Try this website for more interesting info-   Alan Watt (don't confuse with Alan Watts) 

Fri, 10/21/2011 - 15:32 | 1798218 Use of Weapons
Use of Weapons's picture

Tinfoil time!

1880 - First Mason lodge in Iceland (they're fairly impressive edifices, at least the one in Reykjavik & the one in Akureyri; strangely not highlighted by the Lonely Planet guides)

1881 - Althing parliament finished

Both use stone in the traditional manner. Prior to this, stone working & stone buildings were virtually unknown in Iceland (which is odd, given that it is one resource they have a lot of). I'll let you work out the inferences there. Then again, Mason membership is so common that you actively have to turn it down to be different these days.


Something I once asked someone drunkenly: "Sooo, Mr scary-pants, are you with the Illuminati and Masons?". Answer (laughing): "I'm not a Mason, why would I bother?"

Fri, 10/21/2011 - 15:49 | 1798234 i-dog
i-dog's picture

For more fun and games, also check out how many recent leaders are Knights of Malta (Knights of the Sovereign Military Order of Malta [SMOM] -- a sovereign Roman Catholic order that has an observer seat at the United Nations since 1994).

They are knights that swear allegiance to the Pope and are the Jesuits' foot soldiers (along with the Knights of Columbus). Membership is very secretive (for some strange reason - you'd think they'd be really proud of their fancy star and ribbons!) and quite difficult to track down.

Some Knights of Columbus include: John Boehner, Jebb Bush, Rupert Murdoch, Justice Samuel Alito, Rick Santorum, JFK, Jack Reagan (Ronald Reagan's father).

Some Knights of Malta include: Joe Biden, Justice Antonin Scalia, Michael Bloomberg, Pat Buchanan, Dubya and Daddy, Bill Clinton, Rudy Giuliani, Henry Kissinger, Janet Napolitano, Erik Prince, David Rockefeller, Robert Zoelich.

... and some idiots are only worried about the jooz!

Fri, 10/21/2011 - 16:00 | 1798368 Wolferl
Wolferl's picture

Really, Henry Kissinger is a Knight of Malta? I always thought he is a Jew.

Sat, 10/22/2011 - 06:04 | 1799685 i-dog
i-dog's picture

People think Rupert Murdoch is a jew (he's actually a presbyterian married to a catholic); people think Michael Bloomberg is a jew; people think Michael Chertoff is a jew; people think David Rockefeller is a jew; people think Leonard Horowitz is a jew;..........

What "people think" is rarely the truth, and Sabbateans/Frankists are chimera: They will change their jewish names to gentile names; they will convert to Roman Catholicism or other religions (including Islam) but retain their luciferian beliefs; they will marry gentiles of either sex and thereby bury their past. In all these ways, they originally infiltrated the European aristocracy in the 18th century (Jacob Frank, born Jacov Liebowitz, was a favourite of Holy Roman Empress Maria Theresa and was made, or styled himself, "Baron von Offenbach" ... right next to, and probably supported by, Mayer Amschel Rothschild's oldest son, Baron Amschel von Rothschild, who was a Knight of Malta ... and they have spread throughout the top tiers of world government and business today - alongside their very close cousins and partners in crime, the Jesuits.

Fri, 10/21/2011 - 14:50 | 1798027 iDealMeat
iDealMeat's picture

So does George Busch and John Kerry.. 

Fri, 10/21/2011 - 14:58 | 1798082 Schmuck Raker
Schmuck Raker's picture

Paul just does that to keep the Dole supporters in his corner.

Fri, 10/21/2011 - 15:03 | 1798102 Withdrawn Sanction
Withdrawn Sanction's picture

yeah...all 3 of them

Fri, 10/21/2011 - 15:05 | 1798119 mahalopamala
mahalopamala's picture

If your profile picture is Ben Franklin, then he is a mason too.

Fri, 10/21/2011 - 14:17 | 1797881 Dick Darlington
Dick Darlington's picture

Hahahaa, the only reason Italy ever got into the euroutopia was the insistence of France. It was PURE political decision that France hammered Italy's membership becoming reality. Of course, that proved out to be a disastrous POLITICAL horse show now that the true nature of Italy's finances are out there for everyone to see and the country is teetering on the brink of a collapse. And this is how Berlusconi "pays back" to France the decade long debt financed utopia enabled by France: Bringing France down with it! Wonder if he sent Sarko a bunga bunga post card...


Fri, 10/21/2011 - 14:54 | 1798049 Withdrawn Sanction
Withdrawn Sanction's picture

How many governments has Italy had since WW-II? Something like 40 or 50? Why on earth would their finances be a mess? France couldn't make a sound political calculation if their life depended on it sometimes does (eh, Maginot?)

Eurotopia, that's a good one.

Fri, 10/21/2011 - 14:19 | 1797887 Piranhanoia
Piranhanoia's picture

Blind Berli bungas beret boss by blinking bund big.

Fri, 10/21/2011 - 14:22 | 1797890 Dr. No
Dr. No's picture

Sarkozy: "Now we had an agreement! And this meeting was to be merely, a formality, that's all it was."

Berlusconi: "Please sit down."

Sarkozy: "I’d rather stand. Could someone just give me an answer? We have put ourselves on the line."

Berlusconi: "The Immobiliare has its roots in the European tradition. Please try to understand."

Largade: "I understand. Your tactics are despicable."

Fri, 10/21/2011 - 14:25 | 1797911 machineh
machineh's picture

It's not enough that the ECB is undergoing a leadership transition (from Trichet to Draghi) during a crisis ... but now they have a political wrangle among member states over ECB board membership.

This is a 'perfect storm' formula for inaction, confusion, chaos and panic.

I will be surprised if Sunday's summit doesn't end in a outright brawl, with drinks thrown in faces and chairs smashed over heads.

Fri, 10/21/2011 - 14:39 | 1797979 metastar
metastar's picture

I'm suddenly proud of my Italian heritage. This is going to F things up real good.

I think I'm going to go down to Wall Street and poke a 0.1%er in the eye.

Fri, 10/21/2011 - 22:46 | 1799423 Larry Darrell
Larry Darrell's picture

It's the weekend.  .01%er's won't be on Wall St.  And the Hamptons summer season is over.

Where do these fuckers spend their winters?


Fri, 10/21/2011 - 15:44 | 1798275 citrine
citrine's picture

I will be surprised if Sunday's summit doesn't end in a outright brawl, with drinks thrown in faces and chairs smashed over heads.


That sounds like reasonable expectation under the circumstances.

Fri, 10/21/2011 - 14:32 | 1797916 Deadpool
Deadpool's picture

what would Churchill, FDR and Stalin do? lots of fucking bullets for one thing.

If I didn't before (I did) I know understand and have greater appreciation for Flying Circus and Benny Hill.

Fri, 10/21/2011 - 14:30 | 1797933 MsCreant
MsCreant's picture

Drama queen is right. They sound like girls on the playground. Too bad for us all.

Fri, 10/21/2011 - 14:31 | 1797940 Instant Wealth
Instant Wealth's picture

Good ole´ Burlesquoni.

One day we´ll see him on youtube being dragged from a concrete pipe.

Fri, 10/21/2011 - 14:31 | 1797941 dereksatkinson
dereksatkinson's picture

That hand symbol if done while whistling means, "let's f***" in italy.

Fri, 10/21/2011 - 14:33 | 1797946 buzzsaw99
buzzsaw99's picture

funny shit

Fri, 10/21/2011 - 14:36 | 1797963 carbonmutant
carbonmutant's picture

Putting a cap on Sarkozy's fantasies seems like a good thing...

Fri, 10/21/2011 - 14:37 | 1797964 lemosbrasil
lemosbrasil's picture

More Money ! Mais Dinheiro ! Plus D’argent ! Mehr geld ! ???? ! Piu Soldi ! ?????? ????? ! Más Dinero ! ??????? !

Fri, 10/21/2011 - 14:39 | 1797980 Timmay
Timmay's picture

When the stakes are this high, everyone gets their pound of flesh.... until it runs out.

Fri, 10/21/2011 - 14:41 | 1797985 buzzsaw99
buzzsaw99's picture

that's racist, and stereotypical, and i approve.

Fri, 10/21/2011 - 14:42 | 1797992 Irelevant
Irelevant's picture

Tthis is fucking surreal.

Fri, 10/21/2011 - 14:49 | 1798022 Smiddywesson
Smiddywesson's picture

Perhaps so, but then again, to continue to buy time, each successive failure to find a solution to that which cannot be solved has to have an explanation, and this little hissy fit is as good as anything.

Fri, 10/21/2011 - 15:01 | 1798097 MsCreant
MsCreant's picture

That was my first thought when I read this, deliberate drama queen drama. 

Bonnie sang a line once that works here, "Give em' something to talk about, a little something to figure out.." 

Fri, 10/21/2011 - 15:26 | 1798198 Hephasteus
Hephasteus's picture

Better people demystify then go all guerillas in the mist.

Fri, 10/21/2011 - 14:50 | 1798025 chancee
chancee's picture

Just a heads up... since those behind the scenes won't ever, ever let the market selloff on a Friday, you can make a killing selling Strangles on Friday/expiration.  I sold 10 SPY 122/124 Strangles a couple of hours ago, and since I know this maket is such a manipulated joke, I will make money.

Fri, 10/21/2011 - 14:51 | 1798031 blindman
Fri, 10/21/2011 - 14:52 | 1798035 bill1102inf
bill1102inf's picture

Kiss German Banks BOO-BYE in 3,2,1

Fri, 10/21/2011 - 14:52 | 1798037 RobotTrader
RobotTrader's picture

I wonder how high the market will go if Europe makes a deal this weekend, and China announces easing on Monday to stop the brutal decline in the Shanghai index?

400 points?

600 points?

Fri, 10/21/2011 - 14:59 | 1798089 Withdrawn Sanction
Withdrawn Sanction's picture

OK, I'll play along, how high?

Better yet, tell us how you're positioned to ride out the weekend.  Im guessing you'll end today flat.

Fri, 10/21/2011 - 15:05 | 1798115 reload
reload's picture

fUCK KNOWS ! BUT SERIOUSLY -the only thing making these markets go up is the tantalising prospect of infinate printing.

We know that the `debt crisis` will not be fixed by more debt - no matter how it is dressed up.

Who is expecting ecconomic growth to come rushing in and rescue everything? nobody I suspect.

disclaimer: I own puts on the euro bourses. But before you mock Robo - I am not so unoportunistic as to miss the ridiculous intraday squeezes we have had these past 14 trading days. 

The only thing I really want to be long of in the coming hyper inflation is - metal, security & food!

Fri, 10/21/2011 - 15:29 | 1798208 Dr. No
Dr. No's picture

Are you stupid?  There will be no deal.  This is a rerun.  More meetings.  A deal would signal no more need to meet.  A politicians worst nightmare.  Wake up.

Fri, 10/21/2011 - 15:59 | 1798358 homersimpson
homersimpson's picture

There will be no deal - just a bunch of lies and fake numbers to make it look like a deal.

Fri, 10/21/2011 - 14:56 | 1798063 Pure Evil
Pure Evil's picture

Would somebody put the Euro-Trash on the curb for pickup.

Fri, 10/21/2011 - 14:56 | 1798064 Kinskian
Kinskian's picture

Rocco Siffredi would have been a perfect choice to head the Bank of Italy: he drives a hard bargain, is master of the cram down, and has a way with assholes. He might even have been able to soften up Merkel on Berlusconi's behalf.

Sat, 10/22/2011 - 03:26 | 1799637 StychoKiller
StychoKiller's picture

And, no one questions the effectiveness of his tool! :>D

Fri, 10/21/2011 - 14:59 | 1798070 SWRichmond
SWRichmond's picture

Wanna get the EU housefrau looking out their doors?  Play this soundtrack loud.

Fri, 10/21/2011 - 15:09 | 1798118 MsCreant
MsCreant's picture

It's called "Tank fest." Is that what Europe will become? LOL. 

Fri, 10/21/2011 - 15:33 | 1798163 Use of Weapons
Use of Weapons's picture

Krauss-Maffi 2A6 sounds a little throatier


Idle speculation - wondering where Duqu landed. Surely not defense firms in Germany?

Fri, 10/21/2011 - 15:03 | 1798103 carbonmutant
carbonmutant's picture

Germans offered Berlusconi a better deal...

Fri, 10/21/2011 - 15:07 | 1798127 blindman
blindman's picture
The Godfather -
Obama's Godfather Impression
that pretty much sums it up.

Fri, 10/21/2011 - 15:12 | 1798141 marcusfenix
marcusfenix's picture



who wins the war?

Fri, 10/21/2011 - 15:34 | 1798236 lolmao500
lolmao500's picture

The french army runs away... Italians refuse to fight or make it look like they fight...

It's gonna be an eternal stalemate. WW1 type. One side too cowardly to attack, the other too lazy to attack.

Fri, 10/21/2011 - 15:46 | 1798286 falak pema
falak pema's picture

hey rambo, you won vietnam, Irak  and Afghanistan all on your own? What a bunch of baloney you talk. Maybe it'll get you into Yankee stadium. What do you know about WWI and how man died in that crazy conflict like sacrificed sheep. Grow up and learn the abc of life... It's not bragging, that makes you Soldier Ryan.

Fri, 10/21/2011 - 15:49 | 1798301 buzzsaw99
buzzsaw99's picture

only stupid animals fight for their joo overlords.

Fri, 10/21/2011 - 15:12 | 1798145 loveyajimbo
loveyajimbo's picture

Dumb Dago meets snotty Frog...  Throw in the Baverian Bull Dagger and a can of Crisco and... Whoopee!!!

Fri, 10/21/2011 - 15:41 | 1798266 falak pema
falak pema's picture

as long as he doesn't meet Lucky Luciano and his progeny he can count his blessings...nothing like a kinky US oligarch to spice life to uber-alles levels of financial superciliousness. Are you as snotty as that?

Fri, 10/21/2011 - 15:15 | 1798157 CuttingEdge
CuttingEdge's picture

Fucking French. Let's look at recent French involvement with the finance of the EU and the IMF.

First JCT. Ex french civil servant/politician/French finance minister - fuck all economic savvy. His one mission in life since taking over at the ECB is to provide cheap finance for France (and Germany) at the expense (because he was too fucking stupid to see the cause and effect) of the implosion of the PIIGS. Nice time to take a bow telling the world you kept German interest rates low for 30 years (just seems that log the way he harps on about it). Sure the now-impoverished PIIGS can gasp in awe at their wealthy German counterparts. Twat.

Then there's DSK until recently head of the IMF. Ex French civil servant Err...say no more...

And of course Christine Lagarde (ex-french finance minister) now heading the IMF. From what I can deduce she is just another (left-wing) politician with no formal economic history.

Anyone notice a trend?

France is fiscally up shit creek without a paddle. Those (left-wing) politicians responsible in a major way for the current state of French finances moved on to command the ECB for 8 years (until Trichet steps down) and still do command the IMF with the DSK/Lagarde switch.

Interesting that the ECB has been governed by a Frenchman for 40 of the past 52 years. And now they're fucked as well.

Chickens are coming home to roost in a big way when it sounds like Merkel has been bitch-slapping the dwarf frog this week.

At times like this here's an oldie but a goodie to remind us what a noble breed the French are :)




Fri, 10/21/2011 - 15:21 | 1798181 machineh
machineh's picture

They all still think like Mitterand, who boldly declared that France would go it alone ... and watched the French franc pay the price.

Markets are for these geniuses to overrule, they believe. But they forget that France is not a closed economy which can be ruled by decree.

Fri, 10/21/2011 - 15:49 | 1798295 falak pema
falak pema's picture

if you're an american just look at thirty years of Reaganomics and eat humble pie.

Fri, 10/21/2011 - 15:18 | 1798170 dalmas
dalmas's picture

Just FYI, nearly the whole Bank of Italy Board ("Direttorio") was ready to immediately resign if Mr. Bini Smaghi would have been appointed.  So Mr. Napolitano (Italian President) together with Mr. (???) B. decided to appoint the "second run".

BTW, even if Italy is right now just half a sovereign country is NOT a good policy to "blackmail" it to obtain something.  Specifically for someone that should be a so called (in anglo-saxon term) a "civil servant" (Mr. Bini Smaghi).

The Telegraph's journalist should very well know the story since it is on nearly all today Italian newspapers.


Fri, 10/21/2011 - 15:30 | 1798216 lolmao500
lolmao500's picture

Anyone supporting a goldman sachs goon to the ECB is a traitor to humanity.

Fri, 10/21/2011 - 15:40 | 1798264 reload
reload's picture

With GS a likely Greek CDs holder it's going to get interesting

Fri, 10/21/2011 - 18:09 | 1798787 Big Ben
Big Ben's picture

Greek CDs were really cheap back when GS was helping Greece to cook the books on its deficit.

Buying Greek CDs back then would have been like buying fire insurance against someone's house while at the same time you are advising him on how to burn it down. A "Goldman" opportunity!

Fri, 10/21/2011 - 15:49 | 1798296 dcb
dcb's picture

check and mate for the italian stallion. The french suffer, they should have gotten it in writing, ha, ha, ha.

Fri, 10/21/2011 - 15:50 | 1798309 Socrate
Socrate's picture

Mamma mia !

Fri, 10/21/2011 - 16:01 | 1798374 mhjhnsn
mhjhnsn's picture

Berlusconi had to know how Sarko would react, so there is a deeper question of what is really going on, here?  Everything Berusconi does is for his won benefit, so what's his personal angle?

Sat, 10/22/2011 - 02:01 | 1799599 i-dog
i-dog's picture

One thought that immediately comes to mind is that Silvio's new appointment to the Italian central bank, Ignazio Visco, is a Jesuit while the passed-over Lorenzo Bini Smaghi is [on the surface] not. Silvio is a Knight of Malta and a Mason (both are arms of the Jesuits), so Psycho Sarko, a Roman Catholic and CIA agent (so possibly also a Knight of Malta), may just be putting on an act for his own electorate. Just thinking aloud.....

Fri, 10/21/2011 - 17:00 | 1798575 Big Ben
Big Ben's picture

The French don't have a very good record when it comes to running a monetary system. For example, remember John Law and the Mississippi bubble. Or the assignat currency that they invented 70 years later. That certainly turned out well. And they had a continuing stream of monetary problems throughout the 19th century. In twenty years, will people be adding the euro to this list?

Fri, 10/21/2011 - 17:41 | 1798697 PulauHantu29
PulauHantu29's picture

Now Sarkozy can pull his troops out of Libya and invade Italy. Why not? This would guarantee Sarkozy's Nobel Peace Prize for sure.

Fri, 10/21/2011 - 19:29 | 1799031 el-greco
el-greco's picture

France almost screwed Italy over Libyan oil contracts, the way these ploticians behave, its not surpsing to see this sort of sniping. Good on him, anything that puts down the faux Napoleon is most welcome.

Fri, 10/21/2011 - 20:10 | 1799049 M.B. Drapier
M.B. Drapier's picture

Aah, it's the bold Lorenzo! Lorenzo Bini Smaghi is well-known to the Irish public. His (non)-resignation controversy has been a sight too, with the ECB receiving a handy-dandy legal opinion that board members resigning as a result of political pressure constitutes undue interference with the ECB's independence, but board members resigning as a result of political inducements does not.

Fri, 10/21/2011 - 19:49 | 1799090 zippy_uk
zippy_uk's picture

Berlusconi screws over a French banker ? Really, what were her vital statistics ?

Fri, 10/21/2011 - 23:23 | 1799480 Mister Minsk
Mister Minsk's picture

Where's Cicciolina?

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