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Biderman Bets Against A Better Europe

Tyler Durden's picture


"Europe is in big trouble, and the trouble is getting worse - much worse" is how Charles Biderman begins his latest missive. The diatribe focuses on the shortcomings of both the left (the existing political structure of government-dominated economies) and the right (a German-style austerity program of slashing spending and raising taxes) of inane politicians in Europe as the two main issues of over-spending and declining economic activity come home to roost. Starting from the Euro's inception and its implicit permission to allow each country to borrow as much as they want without regard to what was going on in their local economy is just as pernicious as the cradle-to-grave welfare state that is the prevailing mantra "everyone deserves to be taken care of". Therein lies the crux of the matter as borrowing (excessively) to support the people's supposed 'deserved' welfare is viewed as 'just-and-fair' whereas in reality, simply put, "the economies of most of Europe do not work." The Bay-Area bad-boy does offer reasoned solutions that offer hope for growth as opposed to just austerity for the sake of it as, among other things, he suggests eliminating red-tape to create a more entrepreneurial environment but ultimately he sees the probability of this as low and suggests being short via EUO (the double-levered Euro short) and EFZ (short non-USD developed - mostly Europe - markets).



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Tue, 04/24/2012 - 17:44 | 2371673 SHEEPFUKKER

Truth Chuckie!!

Tue, 04/24/2012 - 18:01 | 2371707 HedgeAccordingly
HedgeAccordingly's picture

get the CIHay on this lady - she is a security risk

Tue, 04/24/2012 - 19:08 | 2371827 Pladizow
Pladizow's picture

He also recomended GLD?!?

Tue, 04/24/2012 - 21:20 | 2372031 markmotive
markmotive's picture

How is it this post has over 6000 views and 95 comments, but the video has only been watched 309 times???



Tue, 04/24/2012 - 21:33 | 2372053 surf0766
surf0766's picture

BLS math

Tue, 04/24/2012 - 23:02 | 2372234 Ahmeexnal
Ahmeexnal's picture

China has now stepped aside in the Syrian "liberation" by NATO forces.

The price asked by China? To send chinese tax collectors to Germany and France (as part of the BRICS IMF bailout of insolvent europe).  Apparently Brazil, Russia and India have also demanded the installment of tax collecting agencies all across europe, as well as having full representatives with veto powers in the europarliament.   What did Merkel tell the Greek people a few weeks ago? Something about loss of sovereignty?  

Round and Round, what comes around goes around I'll tell you why

Another imminent sign of how far europe has descended into full blown fascism: Spain seals its borders.

Tue, 04/24/2012 - 23:05 | 2372258 WonderDawg
WonderDawg's picture

You know the end is near when you're quoting 1980's hair band lyrics to describe current events. Good tune, nonetheless.

Tue, 04/24/2012 - 23:28 | 2372296 JW n FL
JW n FL's picture



Dick BeaterMan is a Fucking Zionist Pig that should be sold for his pork belley fat!

never mind his FaceBook Rules!!

but buy paper gold?


and I call this piece of shit out before.. to no avail and here we are again!

BeaterMan is TRASH!

he is just talking about what the people want to hear.. like any good used car salesman!



AND!! He Hates Free Speech!


Tue, 04/24/2012 - 23:30 | 2372311 JW n FL
JW n FL's picture



Have some real News!!

Short these company's!


POGO sent a letter today to the Senate and House Armed Services Committees recommending that an expensive and severely flawed variant of the Littoral Combat Ship program be eliminated. The letter comes on the heels of POGO's release of Navy documents revealing serious cracking and corrosion problems with the ship--along with evidence of dangerous equipment failures.

The Littoral Combat Ship (LCS) is a surface vessel commissioned to operate close to shore. It’s supposed to be the jaguar of Navy ships: fast and agile, with the flexibility to both engage in surface combat with modern-day pirates, and also take down submarines and mines. There are two variants of the LCS: one built by a team led by General Dynamics, which will cost $345.8 million per ship; and the other built by a team led by Lockheed Martin, which will cost $357.5 million per ship.

Tue, 04/24/2012 - 21:47 | 2372076 Cant see me
Cant see me's picture

Youtube has a glitch, counter stops at 309 often, but it will correct eventually

Tue, 04/24/2012 - 19:32 | 2371869 OldTrooper
OldTrooper's picture

The Secret Service could never stop her!

Tue, 04/24/2012 - 19:34 | 2371875 Peter Pan
Peter Pan's picture

Diagnosis = cancer
Prognosis = death
Treatment = burial

Tue, 04/24/2012 - 21:30 | 2372047 Harbanger
Harbanger's picture

Diagnosis = cancer (socialism)
Prognosis = death (thru fiat printing)
TPTB Treatment = burial (bankruptsy)

Cure = freedom from socialism and fiat $

Tue, 04/24/2012 - 20:44 | 2371976 Cabreado
Cabreado's picture

Another good show, Mr. Biderman.

Looking forward to the episode where you shout to the world that "it's all fucked up, finally in gridlock, and the little children in control are out of answers, and out of control."

Carry on, Sir.

Tue, 04/24/2012 - 21:03 | 2372005 American Dreams
American Dreams's picture

You have a right to obey and a right to kill

There be no shelter here

Tue, 04/24/2012 - 21:08 | 2372011 American Dreams
American Dreams's picture

The frontline is everywhere

Tue, 04/24/2012 - 17:45 | 2371674 Teamtc321
Teamtc321's picture

Bankster giant Bank of America has joined the effort to take down the Second Amendment and deny Americans the right to own and use firearms.

Kelly McMillan, the CEO of McMillan Fiberglass Stocks, McMillan Group International, and McMillan Firearms Manufacturing, recently wrote on his Facebook page that Bank of America has refused to do business with his companies because they sell firearms. Bank of America admitted its decision was political. McMillan’s response was to immediately stop doing business with Bank of America.

Here is Mr. McMillan’s post:

Tue, 04/24/2012 - 18:07 | 2371722 kengland
kengland's picture

Don't worry. With firearm mfg backloged for the next century, they'll be plenty of low cost funding that will come out of the woodworks.

Business is business.

Tue, 04/24/2012 - 18:32 | 2371758 TBT or not TBT
TBT or not TBT's picture

This is called fascism, where business is no longer business, politics is business.   Tyranny will grow like cancer this way.

Tue, 04/24/2012 - 18:46 | 2371782 LowProfile
LowProfile's picture

Clearly BOA thinks it's in their best interest to not support the firearms industry.

And they are right, it's not in their interest.

Unfortunately for them, they are about 50 years too late.

Tue, 04/24/2012 - 19:38 | 2371885 JPM Hater001
JPM Hater001's picture

Yes, and let's hope they are 10 minutes late leaving after the crash....give the kids a sporting chance at a lynching.

Tue, 04/24/2012 - 19:45 | 2371900 Muppet Pimp
Muppet Pimp's picture


Tip from TK's SOH:

First installment tonight, check it out or Tivo if you have the mind to do so

Fisher still holding it down for all the TBTF party poopers here:

Keep the faith Bitchez!


Tue, 04/24/2012 - 20:16 | 2371943 Yes_Questions
Yes_Questions's picture



Thanks Pimp.


Proving once again ZH has the best posters.

Tue, 04/24/2012 - 23:13 | 2372275 WonderDawg
WonderDawg's picture

Just finished watching it. Kind of treated the banksters with kid gloves, but it was still informative enough for someone who isn't well-versed in the financial crisis to get a basic understanding of what happened. Only thing is, watching it, the presentation almost made you feel sorry for the banksters. Rather than really exposing the greed that created the crisis, they sort of glossed over it and talked more about the mechanics of it. And they barely touched on the ineptness/corruption of the supposed "regulators" of the financial system.

Tue, 04/24/2012 - 20:19 | 2371944 Yes_Questions
Yes_Questions's picture



Double plus duplicate post.


Tue, 04/24/2012 - 18:48 | 2371791 UP Forester
UP Forester's picture

Tyranny will grow like cancer?

I don't know if you've noticed, but the wheezing, stumbling, blurred vision, weight loss and constant pain might be indicators of cancer.

The only problem, is that the only doctors that can diagnose it are PhDs of Economics, and their diagnosis tools are a shovel and a gun, and their only prescription is to give sugar-pills and an appointment in 6 months for a check-up.

Tue, 04/24/2012 - 20:24 | 2371949 Yes_Questions
Yes_Questions's picture



at least sugar is "low fat".

oh, weight-loss.


Tue, 04/24/2012 - 19:37 | 2371882 Peter Pan
Peter Pan's picture

Does this mean Bank of America will also stop doing business with the military?

Tue, 04/24/2012 - 20:38 | 2371968 tempo
tempo's picture

How much Fed and State income tax does AAPL pay? How many domestic employees vs how many Foxconn employees?

Tue, 04/24/2012 - 21:22 | 2372036 NewWorldOrange
NewWorldOrange's picture

I doubt that BofA made this decision completely willingly and of their own accord. That gang of hoodlums is in so much trouble with the Courts, I suspect the Obamination Admin probably "made them a deal." Happens all the time.

Tue, 04/24/2012 - 21:40 | 2372063 surf0766
surf0766's picture

Deal > Do it NOW !

Wed, 04/25/2012 - 01:07 | 2372461 Teamtc321
Teamtc321's picture

B of A doesn't want to bank for a gun stock manufacture but probably is the lead on this shit.


Is there a drone in your neighbourhood? Rise of spy planes exposed after FAA is forced to reveal 63 launch sites across U.S.

  • Unmanned spy planes are being launched from locations in 20 states and owners include the military and universities

Tue, 04/24/2012 - 17:48 | 2371681 fonzannoon
fonzannoon's picture

I guess this guy does not understand repatriation? Either that or I don't. I guess I will go with I don't

Tue, 04/24/2012 - 18:01 | 2371708 Sam Clemons
Sam Clemons's picture

Or that any short ETF ultimately goes to zero almost regardless of what the underlying instrument does.

Tue, 04/24/2012 - 20:02 | 2371923 agent default
agent default's picture

What people don't get is that short ETFs are in fact a form of levered ETfs.  Same  with PM ETFs backed by futures and commodity ETFs ,the contago will always get you in the end.  What I don't get is all these investment advisers telling their clients to buy and hold these things for long.

Tue, 04/24/2012 - 21:25 | 2372038 NewWorldOrange
NewWorldOrange's picture

For real. I was kind of surprised to see Gerald Celente went against his own advice in that regard (he got Corzine holed.)

PHYSICAL gold and silver bitchez!

Tue, 04/24/2012 - 18:01 | 2371709 NotApplicable
NotApplicable's picture

Why do you think repatriation is any sort of solution?

Tue, 04/24/2012 - 18:12 | 2371727 fonzannoon
fonzannoon's picture

A few months ago everyone was shorting the euro. It looks like they all took a beating. ZH has been touting repatriation as the reason why the euro has been/will continue to strengthen. This guy is shorting the euro. Thats what I can't reconcile.

Tue, 04/24/2012 - 18:47 | 2371784 Muppet Pimp
Muppet Pimp's picture

There are two sides to every trade my friend.  If you think he is incorrect, than take the other side.  I'm no Biderman fanboy but going long Eur/Usd while the fire is still on is a ballsy bet.  Hell, give it a shot, its just money after all.

Tue, 04/24/2012 - 20:30 | 2371956 fonzannoon
fonzannoon's picture

I don't think he is correct or incorrect. Although I respect your point that if I did I should take a side. All I was pointing out was that his trade seemed at odds with what this site has been touting. I give him a lot of credit however for calling a shot and putting it out there for everyone to follow. That takes balls.

Tue, 04/24/2012 - 20:55 | 2371990 Harbanger
Harbanger's picture

Balls?  If you don't take a side (or stance) then you're a victim of circumstance. I know people hate to hear that, but it's true.  Do or don't, you choose, if only by non-action.

Tue, 04/24/2012 - 21:29 | 2372048 NewWorldOrange
NewWorldOrange's picture



If you choose not to decide

You still have made a choice


RUSH bitchez!

Tue, 04/24/2012 - 21:56 | 2372090 Harbanger
Harbanger's picture

I love Rush!  We all choose free will... when given a real choice.  If you don't stand up for liberty now while you still can, then what will you do later when you're standing on the line labeled, totally screwed? 

Tue, 04/24/2012 - 22:27 | 2372152 NewWorldOrange
NewWorldOrange's picture

Alright! Say, did you know that most of RUSH's early lyrics, mostly penned by Neil Peart, were inspired by the writing of Ayn Rand? And that Ron Paul has cited her as one of his strongest influences? RUSH's label, Anthem, was the title of her second of four novels. Her best one INHO. 2112 is a sort or retelling of that book.

If you like RUSH, you might really like this:



Tue, 04/24/2012 - 23:37 | 2372333 WonderDawg
WonderDawg's picture

Love that tune. Is that you in the video, NWO?

Wed, 04/25/2012 - 00:34 | 2372426 SAT 800
SAT 800's picture

Pessimism re. the Euro, or the Euro zone, does not translate into a a currency pair trade insight because the the currency pairs are managed by the central bankers. The name of the game is race to the bottom, and the Fed and the ECB can, and will, keep the Euro at 1.30 as long as they find it amuzing. All the significant world fiats are devaluing/inflating together.

Tue, 04/24/2012 - 18:51 | 2371792 LowProfile
LowProfile's picture


few months ago everyone was shorting the euro. It looks like they all took a beating.

Since late Feb, unless you are a horrible chart reader and picked a terrible entry, shorting the EUR has been a very profitable trade...  And at this very moment, it's looking like it's going to fall off a cliff.

A ZH has been touting repatriation as the reason why the euro has been/will continue to strengthen. This guy is shorting the euro. Thats what I can't reconcile.


Tue, 04/24/2012 - 20:27 | 2371952 fonzannoon
fonzannoon's picture

I looked at the chart (EUO) and see nothing interesting. There are a lot of monday morning qb's on this site. It would be more interesting if people said what they planned on doing instead of bullshitting what they may have done.


Tue, 04/24/2012 - 21:28 | 2372046 PlausibleDenial
PlausibleDenial's picture

Logged in for this... Agreed, and it has been going on for some time....

Tue, 04/24/2012 - 22:40 | 2372190 NewWorldOrange
NewWorldOrange's picture

That's a fair statement and I agree. I shorted EUR/USD this afternoon at 1.3192 with a limit at 1.3125 and a stop at 1.3233

Will post my exit when it happens.I'm always glad to encourage people interested in trading to try forex. A friend encouraged me about 15 years ago and it's given me the means and freedom to travel the world non-stop for over 10 years while saving serious money. Highly recommend - not a market maker, and they've been great. Their demo is a great way to try out forex. Takes 2 minutes to start and no downloads needed.

Tue, 04/24/2012 - 21:40 | 2372062 fonzannoon
fonzannoon's picture

I upvoted LowProfile since apparently I can't downvote him. I chose, that should make everyone happy.

Tue, 04/24/2012 - 22:32 | 2372165 LowProfile
LowProfile's picture


It would be more interesting if people said what they planned on doing instead of bullshitting what they may have done.

Go search my comments and you'll see I have called for a DXY rally and EUR decline since LAST JULY.

I am in cash and PMs waiting for the next wave of deflation, as I will not short PMs (too risky).

I believe gold will go sub 1300, that will be the last best chance to get in before they "save" the system by QE10^10.

Tue, 04/24/2012 - 21:44 | 2372066 NewWorldOrange
NewWorldOrange's picture

Agree 100%. The huge and numerous moves in currencies in recent times (pretty damn predictable if you follow this stuff - last summer was incredible) are the opportunity of a lifetime. Never seen anything like it. Recommend anyone interested sign up for a demo account at (you can enter a fake email address and nothing more and get an instant username and password.)

Recommend watching for Fridays/weekends where global economic sentiment takes a big downturn, then do a "risk off" trade by shorting NZD/USD on Sunday evening when then forex market opens. Then hold for about a day or three (but watch things and use limits/stops that you set at recent suppprt/resistance levels.) Not a bad idea to watch and wait starting Sunday evening, and if commodities are weak, it's REALLY a good time to short NZD/USD.

Sit on the sidelines until you see a really good entry and then go in with 10% or so on 50 to 1 margin. Don't try to be in all the time. Just when conditions seem really good. Cut losers short and let winners run. Things usually get pent up and more predictable early in the week. Usually best to close by at least Thursday and not reenter until at least Sunday.


Tue, 04/24/2012 - 19:03 | 2371816 huggy_in_london
huggy_in_london's picture

these repatriation arguements are, quite frankly, rubbish.  When european banks have assets in, say USD, they don't leave the fx exposure unhedged.  That is, they fund it in USD... they don't run a huge spot position.  Point is there is no currency effect.  The real reason that the euro has not gone lower sooner is that asian central banks and the IMF have been buying it.

Tue, 04/24/2012 - 21:45 | 2372070 NewWorldOrange
NewWorldOrange's picture


Tue, 04/24/2012 - 17:50 | 2371682 NIRee
NIRee's picture

"cradle-to-grave welfare state that is the prevailing mantra "everyone deserves to be taken care of""

The mantra is "everyone has a human right to be taken care of" atleast in Sweden.

Tue, 04/24/2012 - 19:31 | 2371851 TWSceptic
TWSceptic's picture

That's wrong too. Noone has a right to someone else's money or property. You have the right not to be harmed by others, which is something completely different. Money is not a right, it's something you earn. Therefore 'free health care' is not only unsustainable, it's unfair and unjust.

Tue, 04/24/2012 - 19:31 | 2371868 insanelysane
insanelysane's picture

Exactly!  It is not enough to exist.  People need to produce something of value to the society.  All of the Western societies are suffering because at least 50% of their populations are full of people that can't or don't produce anything for the society.  When the world was made up of villages of 50 people or so, there is no way they would survive if 25 of the 50 were just sitting around.

Tue, 04/24/2012 - 19:38 | 2371884 rwe2late
rwe2late's picture

Noone has a right to someone else's money or property. - TWSceptic

Unless you mean no one person, as opposed to the many of society ...

 your inane philosophy falls apart when, among other reasons, how the "property" was acquired is taken into account. You wind up defending banksters and drug lords. You already are defending Big Pharma and the health insurance racket against the indigent, aged, and infirm.

Tue, 04/24/2012 - 21:54 | 2372087 NewWorldOrange
NewWorldOrange's picture

That's a load of bullshit sophistry. Do you think he meant for what he described to be done without ANY other changes as well, for example, the kinds of changes that would also tend to minimize property thefts like you speak of? You can't see the wider picture? What you are saying is that each of us has some duty to provide for the needs of everyone else because they got fucked by the banksters. A banster's criminal acts don't oblige me to do SHIT for the victims. They do oblige me to do things like speak out against that theft and vote for people who might do something more about it or sit on a jury and send the fuckers to jail.

Hey wait... my GPS unit was stolen from my car last week. YOU OWE ME! Socialist dumbass. No one owes anyone jack shit except to not commit force or fraud against them.

Tue, 04/24/2012 - 22:05 | 2372094 TWSceptic
TWSceptic's picture

Not sure how you got to the conclusion that I'm defending banksters, drug lords or big pharma. I'm against bailouts, I'm against the fed, I'm against corporatism and cronyism.... Society benefits from capitalism and freedom. Unfortunately that is not the system we have right now.

Tue, 04/24/2012 - 22:15 | 2372134 NewWorldOrange
NewWorldOrange's picture

Sorry, I was directing my comment at rwe2late.

Wed, 04/25/2012 - 09:17 | 2373005 rwe2late
rwe2late's picture

"Noone has a right to someone else's money ...Therefore 'free health care' is ... unfair and unjust."

Tue, 04/24/2012 - 21:46 | 2372074 Vendetta
Vendetta's picture

A healthcare industry that is yanking in $2.7 trillion a year is unjust too.  Its bigger than a too big federal government.

Tue, 04/24/2012 - 20:31 | 2371959 Itinerant
Itinerant's picture

The only thing that makes cradle-to-grave welfare expensive is unemployment: if there were enough jobs there would be no problem. Biderman is full of it on this one, repeating the same tired clichés of sclerotic Europe. Germany is not the only European country with a functioning economy. And how conducive conditions are for entrepreneurship vary, but it's simply not true that it has been choked off. Europe is full of family-owned and small/medium businesses (more so in my experience than the USA), and Germany is not the only country with a trade surplus (unlike the USA). It simply isn't true that a larger public sector spells poverty, on the contrary, good public services and infrastructure are the basis of a prosperous economy. In many ways the U.S.A. is behind the curve with its wasteful energy use, lack of industrial policy, crumbling infrastructue, poor educational attainment, and abject poverty.

Tue, 04/24/2012 - 21:59 | 2372098 NewWorldOrange
NewWorldOrange's picture

"The only thing that makes cradle-to-grave welfare expensive is unemployment"

The thing that makes cradle-to-grave welfare very expensive to those who work is that boatloads of lazy, stupid bums will choose to be unemployed in any cradle-to-grave welfare state.

There. Fixed it.

Tue, 04/24/2012 - 17:52 | 2371689 disabledvet
disabledvet's picture

Everyone is in agreement these days. "We want growth! (huzzaa, huzzaa, huzzaa...)" yet how does one..."get that"? Simplicity in finance of course (a GOLD standard Washington and Wall Street.) Ooooooppppps! What's the back up plan? (and, no..."steal zee gold" is not the correct answer euro-lovers.)

Tue, 04/24/2012 - 19:43 | 2371898 OldTrooper
OldTrooper's picture

I don't know about growth.  I'd settle for just not having various governments constantly fucking with me.  It would be nice if they'd leave everyone else alone too.

Tue, 04/24/2012 - 21:50 | 2372079 Vendetta
Vendetta's picture

These governments sure do like to fuck around with and fuck over people don't they? 

Tue, 04/24/2012 - 22:05 | 2372110 NewWorldOrange
NewWorldOrange's picture

Which is exactly why I love to travel outside the U.S. for lengthy periods. There's so much less hassle and bullshit and lack of privacy, and so fewer cops and other authorities and regulations to worry about in so many 2nd and 3rd world nations, for example, Costa Rica, Belize, southern Mexico. I can go there and not even see a cop for weeks, and everyone is doing pretty much what they want, often in violation of laws that there is just no one around to enforce. Our of sight, out of mind.

Tue, 04/24/2012 - 17:53 | 2371691 Ghordius
Ghordius's picture

Interesting bet - methinks it could go well. Timing, timing...
Note that's leveraged - ultimately by tax payers, in this political market.

Tue, 04/24/2012 - 18:04 | 2371713 Zero Govt
Zero Govt's picture

" The diatribe focuses on the shortcomings of both the left ..and the right (...slashing spending and raising taxes) of inane politicians in Europe"

Yes you can see how inane our landscape is in Europe when the right proposes cutting spending and INCREASING TAXES

The parasites on the left look so much like the parasites on the right you'd think they were all just a bunch of blood-sucking parasites ..and you wouldn't be far wrong

Stop Paying You Taxes.. cut the suckers off

Tue, 04/24/2012 - 18:35 | 2371762 TBT or not TBT
TBT or not TBT's picture

A lot of the PIIGS residents are way ahead of you on the not paying taxes idea.   France has a lot of that too, in my direct experience from living and working and doing business there, and I left there eight years ago.    It surely has gotten "worse" i.e. better.

Tue, 04/24/2012 - 22:11 | 2372124 NewWorldOrange
NewWorldOrange's picture

Problem with not paying your taxes in France is that they still have debtors prison. If you've ever filed for bankruptcy anywhere at anytime, you aren't even allowed to enter, though they've never asked me and at least until now apparently don't check. Thay may change with the recent data sharing agreements with the U.S.

Tue, 04/24/2012 - 18:04 | 2371716 vegas
vegas's picture


I agree Europe looks like death; however, who is going to take on the repatriation flows and the ECB when Japan and the US look worse by the numbers. I have a hard time seeing the Euro under 1.30 unless some country bolts and says adios to Brussels. Maybe it happens. I dunno, but what I do know is plenty of traders who have tried to be short Euro since last fall and gotten it rammed where the sun never shines.

Tue, 04/24/2012 - 18:19 | 2371737 kengland
kengland's picture

I agree. The equities are where the money is to be made going short. Everyone will want euro to be made whole

Tue, 04/24/2012 - 18:43 | 2371772 TBT or not TBT
TBT or not TBT's picture

Right up until some don't want it.    Spain would be better off taking a page from their history and simply defaulting, exiting, and devaluing.   Germany, which is owed a lot of money, will not be paid back in full, and as they saw with Greece, delaying the big write off of spanish debt will entail lending them even more that has to be written off when the time comes.     The PIIGS should do an Iceland.

Tue, 04/24/2012 - 21:26 | 2372025 i-dog
i-dog's picture

The EZ is just a front to encourage EU welfare spending to funnel more wealth to the banks and other oligarchs.

The overall debt is owed externally -- to the Chinese for goods and to other nations for oil and raw materials. On top of that, in just the past week, they've also suckered another $400 billion, that will never be repaid, out of the pockets of taxpayers in such other countries as Brazil, Japan and Australia!!

If they were to break it up, each country---particularly in the south---would be visibly on the hook for their own debts. It's nothing but a massive three card monte.

It's a nice con when you can get away with it!!

Wed, 04/25/2012 - 05:03 | 2372640 tim73
tim73's picture

Look who is talking! A LAS VEGAS idiot. Nothing but one big artificial shithole with one fake glory street and all the rest is shit. You know nothing about Europe so shut the fuck up. 

Tue, 04/24/2012 - 18:07 | 2371723 Isa rules
Isa rules's picture

That's EFZ, not EMZ, right?

Tue, 04/24/2012 - 18:09 | 2371724 blunderdog
blunderdog's picture

Can any small-business folks out there give a quick rundown of the MAJOR changes to launching businesses that have occurred in the USA over the past 13 years?  I'm really curious just how much things have changed from the days when every smart web-kid launched a dotCom to today.

I know about "Obamacare."  What else?

Tue, 04/24/2012 - 18:15 | 2371731 wisefool
wisefool's picture

me. too. theonly cavot isthat I am also a tax lawyer. Please enlitenme!

Tue, 04/24/2012 - 18:39 | 2371765 BKbroiler
BKbroiler's picture

I just started a business, so I can enlighten you.  The Socialist Muslim Kenyan Act of 2012 make you agree to spread your wealth around in a "fair" manner, only hire gays and illegal immigrants, provide luxury health and retirement plans to all employees, and send monthly checks to some guy named Mohammed.  We didn't mind all that as much as the death panels during tax season.

/snark off

Tue, 04/24/2012 - 19:03 | 2371817 Muppet Pimp
Muppet Pimp's picture

+1 for form

Tue, 04/24/2012 - 19:12 | 2371835 wisefool
wisefool's picture

snarc: I  wondered why I could never get above top secret. Muppets can not keep it up when another dude and an underaged whore is involved.

Ceasar is dead. Long live "everything on this earth must be taxed" Augustus.

Tue, 04/24/2012 - 19:23 | 2371847 BKbroiler
BKbroiler's picture

After Augustus was Tiberius, and we all know how that went.  Mitt is a shoe-in for that role.

Tue, 04/24/2012 - 19:35 | 2371877 blunderdog
blunderdog's picture

Underaged whores aren't worth it--they don't know what they're doing.  If that's the kind of stuff you're into, may as well just take it for free.

Tue, 04/24/2012 - 19:45 | 2371902 wisefool
wisefool's picture

I will admit that SS is now apart of Homeland Security instead of the SEC-TRES. But eventually everyone shakes hands with the potentate, unless he bows to you.

Ontopix: We gave europe all the existential ammo and time they could want. We gave them theaters of blood to protect their franchises, but in the end, they just only know how to tax. snarc: Which is why america has not been invaded yet.

Tue, 04/24/2012 - 19:30 | 2371864 Obadiah
Obadiah's picture

Actually OTHER than bullshit taxes and reporting, if you run less than 10 people really not alot of other gov hidden hands.

Of course certian industries means different regs may apply.

To run a dot com... sheet thats would be cheap. find a good attorney and accountant your good to go!

Tue, 04/24/2012 - 20:24 | 2371948 blunderdog
blunderdog's picture

What makes me wonder, of course, is just how much noise the concept that the US is "anti-small biz" is currently getting.  OF COURSE it is, but hasn't it been anti-small biz for something like 80 years?  I certainly don't have the wherewithal to deal with what it would require me to incorporate, but I didn't have it in '96 either, when I could've increased my billing rate by at least 25% if I'd done so, and probably reduced my tax burden. 

Nope, I was a contractor for a staff-placement business.  Booked a nice hourly rate even AFTER they took their cut.  At the time I thought I was paying Supatronicks (or whatever it was called) to keep the Feds from bugging me.

My interpretation of "promoting small business" and "enabling job-creation" is that it means no one has a single fuckin' CLUE what specific measures could be taken that would actually have a benefit.  It's the Hail Mary of economic rhetoric.

Tue, 04/24/2012 - 18:16 | 2371732 Gamma735
Gamma735's picture

All this world wide debt that is backed by too few real assests leads only to one outcome...  War.

Tue, 04/24/2012 - 18:27 | 2371743 falak pema
falak pema's picture

he is right and he is wrong; as he is sitting on a time bomb. Can't win either way. Just move away. Those who try and fix this mess on a business as usual basis are in for a surprise. First world in big regression all up and down; trilateral wise. But then, they can kick the can for five more years. And hope China is an inverted pyramid and Arab oil abiotic and all theirs. 

If Europe goes eurobond at least there will be some desperate logic in their madness after three years of headless horsemanship.

Tue, 04/24/2012 - 18:55 | 2371797 magpie
magpie's picture

good luck with eurobonds solely guaranteed by Germany and Finland...unless they can con the Czechs and Poles into it as well.

Tue, 04/24/2012 - 18:30 | 2371753 HankPaulson
HankPaulson's picture

*less corporate welfare would be a good start, particularly less welfare for the "too big to fails". It's noteworthy how US debt and rating deteriorations followed the TBTF bailouts, as night follows day.

*re entrepreneurialism, a good start would be to give the population the ability to practice fractional reserve lending. This is a free market after all, it wouldn't be right or fair to arbitrarily restrict the practice of fractional reserve lending to only certain entities, would it, and to do so would lead to large, increasing and destructive imbalances in the "economy" [society], wouldn't it.

Tue, 04/24/2012 - 19:29 | 2371861 donsluck
donsluck's picture

I was thinking of starting a bank...must do some research...

Tue, 04/24/2012 - 19:37 | 2371883 Muppet Pimp
Muppet Pimp's picture

Count me in DB

Tue, 04/24/2012 - 18:32 | 2371756 Rainman
Rainman's picture

All of these long highways lead to debt repudiation...the final destination before the climax of war. It's always been that way.

Tue, 04/24/2012 - 18:50 | 2371781 TBT or not TBT
TBT or not TBT's picture

It was "always" that way back when the lending nations had standing armies or demographics permitting to raise armies to go collect what they're owed.  

Even if there was a way to collect through occupation(and there isn't, not today), an additional problem with that, whcih is brand new in western history, is that demographically Old Europe is an old fart, not to mention the fact most of the Germans and French of every age, and also those of age to serve, are giant pu...shovers.    

They're meek, and they'll take it in the shorts, just watch their government guarantee pension plans shrink by at least half, and shrug.

Tue, 04/24/2012 - 22:05 | 2372113 Lucius Corneliu...
Lucius Cornelius Sulla's picture

The Muslims took Spain in AD 711...a time when Europe was weak.

Tue, 04/24/2012 - 19:07 | 2371823 ebworthen
ebworthen's picture


History; the most underutilized knowledge-base in the human lexicon.

Tue, 04/24/2012 - 19:31 | 2371865 donsluck
donsluck's picture

Only for the European tribes. The African tribes never looked much beyond the horizon. Western culture invented banking, and wide ranging war.

Tue, 04/24/2012 - 20:43 | 2371975 Yen Cross
Yen Cross's picture

 Correct " Rain Man".  The { PHILOSOPHY} , of every living person , is?  

  It won't happen to me!  This can't happen in my lifetime!   Are we on the same page?

Tue, 04/24/2012 - 18:41 | 2371769 JW n FL
JW n FL's picture



Facing no meaningful opposition in Connecticut, Delaware, New York, Pennsylvania, or Rhode Island, the former Massachusetts governor was expected to win the vast majority, if not all, of the 222 delegates up for grabs in his bid to formalize the GOP nomination.

Tue, 04/24/2012 - 18:44 | 2371774 Michael Victory
Michael Victory's picture

Charles Biderman, real men wear purple... everyday.

go chuck.

Tue, 04/24/2012 - 18:55 | 2371800 Ivanovich
Ivanovich's picture

This may be a stupid question, but where does one find EMZ?

Tue, 04/24/2012 - 19:02 | 2371815 ebworthen
ebworthen's picture

The alphabet?


Did you mean the EUO or the EFZ?

(both open links in new window)

Tue, 04/24/2012 - 18:57 | 2371804 ebworthen
ebworthen's picture

The only solution is revolution.

The left will continue to support social programs along with big banks and corporations.

The right will continue to support big banks and corporations along with social programs.

Both sides give handouts to the worst actors in order to get votes and money under the table.

As long as the individual's property, savings, investments, labor, and liberties can be stolen by the mammon lusters THERE IS NO POLITICAL SOLUTION.

Until there are revolutions to restore the sanctity of the individual it will be SSDD in the Western World.

Tue, 04/24/2012 - 19:17 | 2371840 Muppet Pimp
Muppet Pimp's picture

.gov has shown repeatedly that the only surefire way to get the free shit is to consistently make bad decisions and/or loot the productive part of society (TBTF, Jon Corzine, Liar loan Homebuyer, etc.)

If betting with .gov


go full retard (for free shit gravy train)


Vote Ron Paul (put an end to the madness)

Is it any wonder we are having the problems we have?  Twilight Zone in full effect.  Put all your $ on double ought at the roulette wheel.  Sure fire winner. 

Brought to you by our proud sponsor Ben Shalom Fiat Inc.


Tue, 04/24/2012 - 19:01 | 2371811 I am Jobe
I am Jobe's picture

So lets all ignore Amerika for now I guess.

Tue, 04/24/2012 - 19:01 | 2371812 I am Jobe
I am Jobe's picture

Debt Collector Is Faulted for Tough Tactics in Hospitals

Tue, 04/24/2012 - 19:16 | 2371841 theTribster
theTribster's picture

Both the Yen and the Euro have left shorts all over the roadside to wealth but that doesn't mean it will happen forever, I think they are running out of road to kick the can down. It is inevitable that the Euro falls apart, otherwise all of southern europe will live under the German austerity plan, lose whatever wealth they have and they'll still be pissing up a rope as debts will only rise.

The Germans, after already dominating the rest of the European countries in terms of fiscal responsibility and growth, are in a unique position where they can basically enslave the rest of Europe to be there workers as well as there consumers. After austerity measures for a few months countries will be glad to give the Germans anything they want if they promise to bring jobs. The countries will commit existing resources (factories, infrastructure, and workforce), give large tax breaks and probably go as far as to give the companies immunity - the Germans would ask. Just a thought as this situation does put Germany in a unique situation.

We'll see how this plays out, will it be a northern or southern sovereign that leavees the European Union first? It could be Germany as much as it could be Greece or Spain or any other country. Seems that no matter how this turns out Germany looks like the bad guy, and not just because of austerity but a whole series of things including that being their traditional role in Europe. Unfortunately.

I'm pretty sure if Germany wants out of the Union they'll try their best NOT to be the first, I suspect they are very conscious of the impact and perception that would create. If you look at the sovereign media outlets over the past few months you have seen the level of disdain for Germany from the southern European countries - all of them including France. The same is true if you watch any of the EU Parliamentary interactions, especially when Nigel Farage (England) or Marine LePen (France) are engaged - fireworks!

The bottom line is what do the people want? Well, it turns out that the vast majority of citizens do not want the EuroZone, especially in the current configuration (or the future configuration). This can be evidenced by the increased nationalism growing and spreading across the continent. Going against the Eurozone seems to be the politically correct thing to do and it isn't just because of austerity. There are literally dozens of reasons why the Euro won't work but for now the financial pressures are more than enough to bring it down.

The whole continent of Europe represents contagion to most other economies, certainly the USA but also Japan and even the BRICS nations to a lesser extent. The debt will ultimately consume the entire continent, wait until the banks start to delever from 70-100:1 positions on assets that are hugely down, some are at the low low price of ZERO. Turns out the northern European banks are more levered then the US banks and they are bailing out the southern banks? I wonder how much Banco Santander (STD) gave towards bailing out the Greek banks?

How can anything like this survive? It can't.

Tue, 04/24/2012 - 19:23 | 2371846 ebworthen
ebworthen's picture


Knowing central bankers, I would not be shorting the Euro at this point as there are several more cycles of "easing" and false hopes before it finally implodes.  Shorting is a risky proposition because timing is so important.

Debt Jubilee in the not too distant future will be the only way out; and that only after a number of years of stagflation and civil unrest force the politicians to choose their own heads over banker interests.

Tue, 04/24/2012 - 19:24 | 2371849 Stackers
Stackers's picture

Chuck "Purple Shirt" Biderman with the facts. Luv it. Keep it up

Tue, 04/24/2012 - 19:28 | 2371857 rwe2late
rwe2late's picture

 Biderman, as do many others, falls just short of seeing the great swindle for what it is.

The racket has been operated to fleece the lower classes, not to lavish them with what are disparagingly referred to as "entitlements".

Of course the con required a little "sweetener" to assuage the "marks". By false promises for the future , many were conned into giving what they had then.  It operated like any ponzi racket. What was paid out by the workers of one nation could not nearly match the supposed benefits to other nations. Too much was skimmed off by the military-financial complex and their quisling operatives.

  German banks loaned money so Greek politicians could go on an arms buying binge, purchasing weaponry from Germany, France, and the USA without any reasonable military necessity or economic sense.

Are we to assume Greek politicians were not offered bribes and kickbacks? Are we to assume global banksters and global weapons merchants did not ally with the US Sales Dept., oops "State" Dept. to cut deals and twist arms?

The money and wealth was always intended to be diverted upward by corrupt purchases and corrupt finances, and the debts and "austerity" handed off downward.

What a swindle! What con artists! And there are those who still remain duped into believing that the main problem with the grand ponzi was giving out "too much" at the beginning of the con.

No one jailed. No wealth confiscated. Just let the deceived suffer for having been swindled.

Tue, 04/24/2012 - 19:31 | 2371867 nick howdy
nick howdy's picture

That makes sense...

Tue, 04/24/2012 - 19:32 | 2371872 blunderdog
blunderdog's picture

The reason we need to use "the poor" as scapegoat is because "the middle class" isn't powerful enough to beat up anyone else.

Tue, 04/24/2012 - 19:29 | 2371858 nick howdy
nick howdy's picture

Where's that droopy dog economist Brusca? Tell us how Biderman is wrong...

Tue, 04/24/2012 - 19:41 | 2371891 Muppet Pimp
Muppet Pimp's picture

He has moved on to MarketWatch, LOL

Tue, 04/24/2012 - 20:37 | 2371966 nick howdy
nick howdy's picture

Wherever he is I hope they liked his propaganda better than everyone at ZH..What a BS artist..

Tue, 04/24/2012 - 19:59 | 2371886 ArrestBobRubin
ArrestBobRubin's picture

More on this within Lauren Lyster's Must-See interview of James Turk on tonight's Capital Account on Russia today.  The eurozone crack up and how it relates to gold.

For anyone out there who still isn't familiar with Luscious Lauren yet:

A. Seriously?

B. send only silver eagles or maples (not trash cash) in gratitude

James Turk gives his timeline on the Dollar's Collapse and Gold's role as the messenger!
Tue, 04/24/2012 - 20:43 | 2371974 nick howdy
nick howdy's picture

She's great and I'm certain she's smart, but most of the time I can't concentrate on what she is saying...Especially when she's wearing those stilettos...

Sat, 04/28/2012 - 20:18 | 2372000 Angus McHugepenis
Angus McHugepenis's picture

Maples are so passe... Grab the Wolf, Grizzly, Cougar, and the recently released "Moose" while they are still priced only a buck or two more than a mere Maple. The coin dealer in my area (Canada) is selling Grizzly's for $4-5 above the regular Maple price. And they are limiting it to ONE coin per customer. Meanwhile, you can buy 5,000 regular Maples no problem from the same supplier.

Edit update: Canadian grizzly 1oz silver coins are now selling for $60 as of April 28th. Most dealers are out of stock and still limiting ONE coin per sale at $60 if they have them.

Tue, 04/24/2012 - 20:06 | 2371927 Yen Cross
Yen Cross's picture

 There is a lot of " Whacky Tobacky" , taking place tomorrow!  I always seem to miss a trade buy 24 hours. / sarc

  Listen folks, { it's over done}. The lack of dovishness, ( from Helicopter Ben will be a good thing) .  Markets will rally, and the Qe addicts will puke in thier laps!

 Non the less, stay flat!

Tue, 04/24/2012 - 20:12 | 2371933 zerotohero
zerotohero's picture

Does this mean Michael Moore won't get a firearm for opening a savings account at BOA ??

Tue, 04/24/2012 - 20:24 | 2371950 Yen Cross
Yen Cross's picture

 It means you missed the point!

Tue, 04/24/2012 - 21:03 | 2372006 zerotohero
zerotohero's picture

i have a yen for fuku pot stickers

Tue, 04/24/2012 - 20:27 | 2371953 Yes_Questions
Yes_Questions's picture



Got family in and from the Netherlands.  The immigrants and left-behinds alike are more than a little dismayed.

And, short US as well as NL.

Things are tough all over.

Tue, 04/24/2012 - 21:04 | 2372001 GernB
GernB's picture

Risky move. Never bet against a manipulated currency.

His description of the left and right sound like the left wants the benefits of someone else supporting them without the drabacks and the right wants the drawbacks because they've run out of benefits. The thing is that only the people of the Eurozone countries can set themselves free from dependence, until they do they are at he whim of their benefactors. If the people you're dependent on have no money then you get austerity. It's the price you pay for voting to be dependent on someone else.

Tue, 04/24/2012 - 21:26 | 2372041 All Out Of Bubblegum
All Out Of Bubblegum's picture

Off topic, but fuck it:


Mitt Romney is driving down the road with a dog strapped to his car roof and Obama pulls up next to him and says, "Hey! Are you gonna eat that?"

Tue, 04/24/2012 - 21:33 | 2372052 Yen Cross
Yen Cross's picture

 Off Topic, and a little snarky.  Will you please put my " Mother in Law" in a dog carrier?

  A box of " Milk Bones" and a Jug of H2o will suffice.  Bonus upon delivery of "said" CARCASS!

Tue, 04/24/2012 - 21:36 | 2372056 Calmyourself
Calmyourself's picture

Uh huh, just tell us how many more billions of euros they need to go through before the (snicker, snicker) bond vigilantes show up and enforce their almighty will, cue the god like obama reverb..  

Oh, thats right there is no such thing as a bond vigilante, rule of law or tooth fairy, this is all just noise.  Wake me when something real happens.  Really really rich people are really really stupid to keep doing the same things over and over or there is a part of the story not being reported..

Tue, 04/24/2012 - 21:37 | 2372060 Calmyourself
Calmyourself's picture

Sniff, sniff If I had a dog... It would look like the dog Obama ate... sob, sob, cry..

Tue, 04/24/2012 - 22:48 | 2372209 CuriousPasserby
CuriousPasserby's picture

"Bay Area bad boy"? I live in the Tampa Bay area, him too? Or do you mean Chesapeake Bay? Hudson Bay? Does everyone think their bay is the center of the universe?

Tue, 04/24/2012 - 22:49 | 2372212 cnhedge
cnhedge's picture


An update on TARGET2

Tue, 04/24/2012 - 23:31 | 2372315 nomorebuyins
nomorebuyins's picture

EUO etf will burn you, stay away. when it looks hopeless for the euro, jump in, and get your ass handed to you. works everytime.


Wed, 04/25/2012 - 01:04 | 2372455 Peter K
Peter K's picture

"Deserves". Quite an understatement. It's called a Human Right :0

Wed, 04/25/2012 - 01:05 | 2372456 Marc_W
Marc_W's picture

Terrible analysis.  The European Union is the corner stone of the New World Order and one world government.  If it fails, they fail.  Therefore, the E.U. cannot fail without a literal collapse of all of Western civilization and probable world war.


Someone tell me how to go long Europe based on the notion that the E.U. will survive the next 30 years and I'll make that trade tomorrow, with 50% of my net worth.  Leverage and some kind of financial shenanigans all the better.


The various oligarchs and plutocrats in charge of the New World Order will never let the European Union fail.  You're a fool to think otherwise.

Wed, 04/25/2012 - 01:19 | 2372476 nomorebuyins
nomorebuyins's picture

Chuck should take this bet, what's, 50% of ur net worth?


Wed, 04/25/2012 - 01:23 | 2372481 Marc_W
Marc_W's picture

It's not a bet between me and some guy, it's a bet between me and the markets vis-a-vis their relationship to the New World Order.

Wed, 04/25/2012 - 01:42 | 2372502 nomorebuyins
nomorebuyins's picture

This time is not different, just worse. Good luck with your NWO hypothetical crap.

Wed, 04/25/2012 - 02:17 | 2372537 the tower
the tower's picture

"Europe is in big trouble, and the trouble is getting worse - much worse"

At least in Europe they have a highly educated young workforce ready to rebuild after the reset.

Entitlement? "Deserve to be taken care of"? There's no country like the US in that respect. Everyone is on the governments teet, not just half the population but half of the businesses too.

We don't need more distraction tactics. 

The money is and always has been in Europe, the milking cow is and always has been the US "consumer".

TS will HTF and the dumbed down, obese "work force" of the US will not be able to cope.

Invest wisely, think ahead. 


Wed, 04/25/2012 - 03:16 | 2372588 geekgrrl
geekgrrl's picture

The keywords say it all. Charles Biderman  Reality.

Wed, 04/25/2012 - 03:40 | 2372591 geekgrrl
geekgrrl's picture


Wed, 04/25/2012 - 05:11 | 2372644 tim73
tim73's picture

Another day, another Yank talking from his asshole about Europe like somekind of an expert. I'd bet when he went to the parking lot after this anti-Europe BS and pushed his car key, it was a beemer or audi or mercedes that responded with "wew wew"...

Wed, 04/25/2012 - 05:42 | 2372667 blueridgeviews
blueridgeviews's picture

Considering Obuma went to Europe to campaign for the 2008 election and many of his supporters want America to be just like Europe, where does that leave the United States?

Wed, 04/25/2012 - 13:26 | 2374043 AUELOX
AUELOX's picture

Too many comments to check....EFT's that he recommended EUO & EFZ

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