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Calendar Of Key Events In Europe, Whose President Starting Today Is Broke Cyprus

Tyler Durden's picture




 

In a development that is too hilarious for even the most hardened cynics to pass by, starting today, the rotating presidency of the EU will be handed over to... broke Cyprus. We learn this and much more about the onslaught of sovereign debt auctions out of Spain and France in the month of July (explaining the urgency to come up with any mechanism to keep Spanish and Italian bond yields below 7% as absent some deux ex, no matter how temporary, the whole charade may have ended as soon as 31 days from today) courtesy of the following calendar of key events out of Europe.

From Deutsche Bank

July

  • 1 July: Cyprus becomes EU President. Cyprus will resume the six-month rotating presidency of the EU.
  • 4 July: Merkel to meet Monti in Rome.
  • 5 July: ECB Governing Council meeting, followed by interest rate announcement and news conference. We expect a 25bp policy interest rate cut. The ECB may be reluctant to cut the deposit rate to zero. With easier collateral rules already announced on 22 June and the next Bank Lending Survey not due until 2 July, the policy moves on 5 July could be restricted to the cut in interest rates.
  • 5 July: Spain auction. Bonds.
  • 9-10 July: Eurogroup/ECOFIN finance ministers meeting. 9 July is to be the start date for ESM, successor to EFSF. This is also the date on which the Eurogroup is to formally approve the MoU on Spanish bank recapitalisation aid. Additionally, we might get more clarity on the interest rate charge that will come with the capital injection and on the duration of the loan.
  • 10 July: Greece auction. Bills.
  • 12 July: Italy auction. Bills.
  • 13 July: Italy auction. Bonds.
  • 17 July: Spain auction. Bills.
  • 17 July: Greece auction. Bills.
  • 19 July: Spain auction. Bonds.
  • 24 July: Spain auction. Bills.
  • 25 July: ECB lending survey. The ECB is due to publish its third lending survey of the year on Wednesday 25 July. The survey could provide the ECB with a key piece of evidence to justify additional 3Y LTROs — if lending standards tighten again, another liquidity push may be necessary to avert a harsher credit crunch. The ECB plans to publish one more lending survey this year, on 31 October.
  • 26 July: Italy auction. Bonds.
  • 27 July: Italy auction. Bills.
  • 30 July: Italy auction. Bonds.
 

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Sun, 07/01/2012 - 13:40 | 2578760 veyron
veyron's picture

Deutsche Bank is still alive ???

Sun, 07/01/2012 - 13:45 | 2578780 cossack55
cossack55's picture

Only if you consider zombies as "alive". 

Sun, 07/01/2012 - 15:41 | 2578980 DoChenRollingBearing
DoChenRollingBearing's picture

Barron's this weekend looked at Europe and Obamacare.

But, they mostly looked at CHINA!  "Falling Star" is their bearish case for China, and I discuss that article at length.  It is the best single article I have read re China and a hard landing.

http://tinyurl.com/826x9gl

Sun, 07/01/2012 - 15:42 | 2579022 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

China is sandwhiched between the two greatest reserves of oil in the world, they are the number one producers of presious metals and rare earth minerals, they have the world's largest cheap labor, and their stock market is near the '09 lows, and they will have a hard landing? 

Europe is also connected to the greatest oil reserves of the world, and they have a much better infrustructure than America.

What does America have going for it?  It's stock market?  A group of international corporations that do not supply Americans with jobs and pay no taxes? 

The only reason America is still functioning as a State is because it has the world reserve currency, and the pension system is heavily invested in US equity.  When the wheels fall off, where would you want to be? 

It really won't matter if you are poor.  If you are poor in America, you are fucked.  If you are poor in China, you are fucked.  If you have a nipple you can suck off of the global corporate cabal, you may be alright for a time, but if you have no money, meaning no gprecious metal, then you will not have anything after awhile, except maybe that dirty corporate tit.

Good luck to the tit suckers.

Sun, 07/01/2012 - 15:56 | 2579049 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1 

Predicting the future is hard, I have never had much luck doing that, at least in the short term.  Guys who know a lot more about China than I do say things could get BAD there.

You are absolutely correct that whether you are poor in America or poor in China, you are screwed.

+ $55,000 (or would that be + $200 for Ag) re precious metals.  Those without them will likely have an even worse life when we reset.

Sun, 07/01/2012 - 22:34 | 2579671 HungrySeagull
HungrySeagull's picture

To understand China you must look at Food.

Everything else is simply a resource, But Food is very Life itself to China.

And what resources!

Europe has been around long enough now to understand what they must do.

The United States still grows the breadbasket of the World. We export Coal and other resources.

You wish to make trade. Not war.

Alas when there is no Trade then there must be war. The United States is deeply divided and will take generations to forge for itself a new future. One I think has already been lost in only 225 years.

As far as the Oil is concerned, it will be well for us to break free from our addiction and turn to the Sun and other resources. However keep in mind I am not a eco-freak. I remember when there were large cars and 30 gallon gas tanks easily filled on a 5 and change with work wages far beyond what is necessary to live.

Now it's the other way around and cutting costs is what must be done. If you cannot afford to live and work in Europe, New York or some other place.. then you must take it to a cheaper land.

Mon, 07/02/2012 - 00:24 | 2579829 Harlequin001
Harlequin001's picture

China - 2 billion poor people holding securities just as valuable (and collectable) as those offered by Bernie Maddoff.

and we think they're a rising star?

Sun, 07/01/2012 - 16:04 | 2579061 chinaguy
chinaguy's picture

China has about 1/3 of the world's population but only 1/15th of the world's arable land - they are losing  lots of that to erosion, development and pollution....so FOOD is a problem like it is to no other large nation.

China is having terrible problems supplying WATER to it's larger cities...

China has allocated ALL of its resources to centrally controlled (and siphoned off through graft) projects which has been a horrible use of it's capital.

China's banks are ALL insolvent - we only don't hears about it because ALL information is centrally controlled .

China's rural population is getting ANGRY...remember these are the folks who feed the country.

China has NO system for peaceful structural change. This is why they only change through revolution.

Their current real estate bubble makes Japan's in the late 1980's seem a joke in comparison...

Add up all of the above and YES hard (very hard) landing

 

Sun, 07/01/2012 - 22:37 | 2579672 HungrySeagull
HungrySeagull's picture

The Three Gorges Dam is a step forward.

It took decades to build and every bit of it is a mastery and accommodation at the same time to the water as a force in nature.

One can say the same for the UK Wave Farm project.

I believe the way for China will lie in the Hospitality and Hosting industry when entire cities are built and finished ready for Japan to be evacuated there.

Sun, 07/01/2012 - 20:43 | 2579550 q99x2
q99x2's picture

Think positive. There are too many people to run China's computerized production machines which will lead to social unrest. The political solution will be to scapegoat the US as the culprit. WWIII will take place. The survivors will learn from the war and live 1000s of happy prosperous and peaceful years into the future.

Sun, 07/01/2012 - 13:56 | 2578814 timbo_em
timbo_em's picture

Douchy Bank is one of the stronghold institutions out there...according to their models

Sun, 07/01/2012 - 14:08 | 2578854 veyron
veyron's picture

not as strong as Shittigroup or Goldman sux

Sun, 07/01/2012 - 13:44 | 2578776 world_debt_slave
world_debt_slave's picture

punch and judy

Sun, 07/01/2012 - 14:31 | 2578889 El Oregonian
El Oregonian's picture

Speaking of Punch and Judy, I was eager to get my Sunday paper for the colorful comic section for the laughs. Now, I can replace that with eagerly turning on the tele and getting my daily laughter watching these cartoon characters perform. Better punchlines, bigger laughs...

Sun, 07/01/2012 - 22:38 | 2579675 HungrySeagull
HungrySeagull's picture

No, you turn to the Internet and read to laugh over the silly little articles released by MSN and CNN etc.

Sun, 07/01/2012 - 13:48 | 2578789 valley chick
valley chick's picture

Mamma Mia!!!  :)

Sun, 07/01/2012 - 13:51 | 2578804 sangell
sangell's picture

And Cyprus, which sits halfway across Turkey is in "Europe" but Turkey is not?

Sun, 07/01/2012 - 14:29 | 2578842 Abraxas
Abraxas's picture

Turkey is in Asia and it's best to stay that way. Last time Turks entered Europe wasn't pretty (goring alive people on spits and such). You would think that they became more civilized the last 100 years (since they were driven out), but that's not the case. They still deny genocides on Armenians and Kurds, which means they might do it again. Let them stay in Middle East.

Sun, 07/01/2012 - 14:26 | 2578888 stacking12321
stacking12321's picture

cyprus is 80% greek, 20% turkish, so, mostly european

 

more fun facts about cyprus can be found here:

https://www.cia.gov/library/publications/the-world-factbook/geos/cy.html

 

Sun, 07/01/2012 - 15:03 | 2578947 sangell
sangell's picture

Merely noting that EU expansion was undertaken with breathtaking speed. America expansion was leisurely in comparison and we weren't trying to absorb ancient nations just sparsely populated wilderness inhabited by neolithic hunter gather tribes. The British Empire ruled Cyprus and Malta but it never occured to HMG to make them counties of the UK.

Sun, 07/01/2012 - 20:33 | 2579530 Real Estate Geek
Real Estate Geek's picture

I imagine the idea occurred to HMG, but was promptly dismissed as absurd by that very class-conscious entity.  As Churchill said, "the Wogs begin at Calais."

Sun, 07/01/2012 - 17:08 | 2579176 Nussi34
Nussi34's picture

Cyprus is a broke devoloping country. Tha pretty much shows how fucked up the EU is to have something like that heading to whole circus!

Sun, 07/01/2012 - 14:00 | 2578825 Amish Hacker
Amish Hacker's picture

Cyprus, really? One look at that July calendar and I can see I didn't make nearly enough popcorn.

Sun, 07/01/2012 - 14:00 | 2578826 brockhardman
brockhardman's picture

Italy and Spain just gave new meaning to the word "bail" bonds.

Sun, 07/01/2012 - 14:03 | 2578839 falak pema
falak pema's picture

Just goes to show democracy if it functions never looks at your wallet but at your heart. Cyprus does have a problem of heart; it is split north to south. Will the Turks and the Greeks of Cyprus play ball as joint and several, without pulling the internal rug apart. Lets hope so as its symbolic of Euro tug of war, north and south. Cyprus is a corrupted country under russian elitist control, which compounds its ethnic divide by Oligopoly clout played via puppet strings pulled from outside. 

Its financial worries place it center stage making the Eurozone mediterranean cauldron simmer into overboil this summer. As nearby Greece will face "do suicide or die-out" from Eurocurrency zone. Democracy is now playing second fiddle to rule of Oligarchy money/law; and its the face of first world going Dorian Gray's picture in Europe. 

Sun, 07/01/2012 - 16:15 | 2579080 luna_man
luna_man's picture

 

 

"falak pema", even more "corrupted" than these "CRIMINALS" right here in the good ol U.S. of A?...

 

pot calling the kettle black

Sun, 07/01/2012 - 14:09 | 2578857 Grand Supercycle
Grand Supercycle's picture

More Equity Rally Expected.

Any traders predicting a multi month equity rally apart from me ?

As of June 30th I am.

Last week was the turning point.

Further equity upside and USDX weakness expected this year according to my analysis.

However the SPX big picture remains very bearish and unfortunately this will not change.

http://www.zerohedge.com/news/2012-12-24/market-analysis

Sun, 07/01/2012 - 17:16 | 2579188 The Monkey
The Monkey's picture

Watch the spreads in those auctions. They all follow the ECB. If spreads narrow considerably, we're off to the races with a new optimism / credit fueled rally.

Sun, 07/01/2012 - 14:12 | 2578864 TWSceptic
TWSceptic's picture

In about 100 years someone in a history classroom will ask "so they gave a bankrupt nation presidency of this European Union???" and the whole class will laugh as if it was a joke.

Sun, 07/01/2012 - 14:16 | 2578871 otto skorzeny
otto skorzeny's picture

if its a US classroom they will be like "What the f*** is Europe?". Then go back to learning about Abe Lincoln killing vampires or "African Studies" or the trillions(yes-in 100 years it willl be TRILLIONS) killed in The Holocaust or some other liberal bullshit

Sun, 07/01/2012 - 14:39 | 2578913 Savyindallas
Savyindallas's picture

There were not trillions killed in the Holocaust. Maybe billions-but you must be confusing the dollar amount paid to the 300 million or so so Holocaust survivors.

Sun, 07/01/2012 - 14:53 | 2578933 Moe Howard
Moe Howard's picture

There sure were an awful lot of survivors. WTF? I thought the Germans were supposed to be efficient.  Maybe they were labor camps after all?

 

Sun, 07/01/2012 - 22:42 | 2579677 HungrySeagull
HungrySeagull's picture

For every survivor there are entire trains of cremated who are simply reduced to ashes in the corner of the camp.

It is something that must not happen again. Ever. How is it a great Nation such as Germany can be twisted around and ship trainloads of people to the ovens and gas chambers....

Perhaps the United States is being built into a gilded or walled garden. Who knows?

Even then there were people who tried to do what they could. And they were merely a minor annoyance in the gears of the freight train.

If I am not mistaken, a lot of what built America after world war two has come from those who left Germany and other methods.

Sun, 07/01/2012 - 14:12 | 2578865 otto skorzeny
otto skorzeny's picture

this is like turning over control of US to Puerto Rico

Sun, 07/01/2012 - 14:34 | 2578906 Savyindallas
Savyindallas's picture

What a great idea- let's give it a shot. How can we make this a reality?

Sun, 07/01/2012 - 14:14 | 2578870 bugs_
bugs_'s picture

Too bad the Templars sold Cyprus.

Sun, 07/01/2012 - 14:20 | 2578877 dust to dust
dust to dust's picture

 Curious to hear what Mr. Farage has to say about the timing of this.

Sun, 07/01/2012 - 15:45 | 2579030 Sudden Debt
Sudden Debt's picture

the king is dead....
LONG LIVE THE KING!!!

Sun, 07/01/2012 - 14:29 | 2578898 shovelhead
shovelhead's picture

He'll be overjoyed at a new pinata to whack. He broke the last one open and it was empty.

Sun, 07/01/2012 - 15:37 | 2579011 Treeplanter
Treeplanter's picture

Empty like the ESM which has no money and may get none.  Lucy has the football.

Sun, 07/01/2012 - 14:48 | 2578926 l1b3rty
l1b3rty's picture

Free Silver @ Silver Liberation Army

Sun, 07/01/2012 - 15:34 | 2578999 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It is pretty easy.  I figured it out over two years ago and have been writing about it ever since.

If we buy silver, because JPM is short silver, we can crash their bank.  At the same time, since silver trades with oil 1:1 and because of oil's inverse 1:1 ratio, we could crash the dollar, the tool of the financial elite and the MIC.

All while putting real money in our pockets. 

But what the hell do I know.  I'm not a hedge fund heyena.  I ain't no Senetor's Son.  I am Lennon Hendrix.  I ain't no fortunate son.

Sun, 07/01/2012 - 15:44 | 2579027 Treeplanter
Treeplanter's picture

Forget JPM.  They're getting shaky and headed for the day when those shorts are too risky.  Meanwhile, Canada is minting quarter ounce silver coins.  Wouldn't a thousand be nice?

Sun, 07/01/2012 - 22:46 | 2579680 HungrySeagull
HungrySeagull's picture

A thousand?

That's 50 rolls or more/less 32500 USD.

Just a thousand?

Two monster boxes if you prefer.

With the ratio of gold and silver a thousand silver will equal at least 20 gold.

I have less than a hundred myself. A pittance compared to the electronic money that flows through the world each hour.

As long you own physical bullion/coin you should be ok.

It's those who pretend to own gold and silver as Paper investments are who are going to burn.

Sun, 07/01/2012 - 15:08 | 2578955 theTribster
theTribster's picture

Irrelevent obviously. This is nothing more than a political display, its pretty clear the President has limited power otherwise this wouldn't happen. A figurehead in the truest sense of the word. Europe is a joke, the whole idiocy of what is happening there is almost surreal and it continues day after day after day. Tomorrow will be a new set of bullshit for everyone to sift through trying to find something that is actually real. As of Friday the magic number became 19, that's how many summits it took before they got it right, right? Wrong of course.

I expect more malarchy tomorrow and everyday this week and the week after, etc. They are squeezing a balloon and eventually it will pop. I'm sticking with my timeframe of end of August, early September - just in time to kill financial markets everywhere as well as Mr Obama's chances of being re-elected. I still believe that once this contagion hits America things will go south in hurry and the inevitable implementation of all the bills and executive orders will happen - in force.

I expect the ECB to surprise on the upside this meeting, either with a bigger cut in the rate and or some other combination of other things. Whatever it is they do, it will result in printing more money. Same is true for the Fed, but with Europe still in disarray the Fed can wait until August (Jackson Hole) when something will be needed. Jobs will continue to decline everywhere in the world as manufacturing and consumption continues to fall, nothing being will change that.

We'll have a crescendo in Europe by late August or early September, have lots of popcorn for a delightful show with lots of continued drama that will end in bang with countries defaulting. I'm not sure there is enough political will power to sustain the Euro through this next round of pain and suffering, it will soon be out of the hands of the bankers/politicians and in the hands of the people as they wrestle back control of their country! It should be great fun to watch until we realize that we are ultimately part of the show too.

Most Americans won't wake up until its way, way too late. That's something I'm sure of.

Sun, 07/01/2012 - 15:29 | 2578981 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Most mericans won't wake up to the Europonzi?  That is your point?

What about the shell game that the Federal Reserve is running?  Shouldn't Americans be focused on that?  Telling the media they are thinking about "QE3" all while continuing POMO and OT2, not to mention that there was other QEs after "1" and "2", add Stimulus and Tarp, and we are on QE 8. 

Then add that the Fed flips bills to the PDs T+1 and the Fed Ponzi turns into the same garbage montser that the Europonzi is.  This isn't about this side or that side; all Central Banks are running the biggest shitshow that finance and economics has ever witnissed. 

You try to make it a political issue.  It is not.  The crux of the problem lies at the heart of economics.  The world thinks that issuing fiat is going to spur future growth.  It will not now that what spurs growth, EROEI, has stagnated.  There is no going back for the system, and the system is global.  Do not use the Hegelian dialectic on this one - all falls down.

Sun, 07/01/2012 - 15:48 | 2579038 DoChenRollingBearing
DoChenRollingBearing's picture

+ QE 8 (although I wish I had had first crack at all that money)

It is nauseating to think about all those interventions.  And you are correct, NOTHING they can do will stop our own Day of Reckoning.

Sun, 07/01/2012 - 22:48 | 2579684 HungrySeagull
HungrySeagull's picture

That day is rapidly coming.

You can see it in the people when they buy gas or go to walmart for shopping.

The pheasants are not happy.

How they can swipe a EBT card and drive a Escalade with cell phones towing a clutch of whining demanding kids while pushing a cart filled with juice...

It's beyond me.

Sun, 07/01/2012 - 16:14 | 2579078 theTribster
theTribster's picture

No, most Americans won't wake up to anything that is happening but that is'nt my primary point.

I appreciate that you think it is an issue of economics and fundamentally that is correct but to start and stop the things that make economics happen (or not) you need politics. The Eurozone is there because of politics, that is the glue that holds things together, the Euro itself is nothing more than a fiat currency backed by nothing when it started, I'd guess by traditional measures it is backed by less than nothing now.

Whatever, you can make a correct or incorrect assessment regardless of your point of view, whether economics or politics. I actually hadn't even given it a thought that anyone would see the global situation (and Europe specifically) as based on economics indepeendent of politics, I am surprised.

From my perspective everything sits on an ocean of political interactions, economics represent the motion created by those interactions, waves if you will. Most other things live on top and try to anticipate, influence and otherwise control those underlying interactions. Basically we live our lives navigating the ocean of politics and economics, so in the end they are tightly integrated or even a coupled system.

Multiple points of view make the world go round, I appreciate yours. +1

Sun, 07/01/2012 - 15:19 | 2578971 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Does Germany, France, or the UK have any debt to issue?  Did the German JPM forget to mention that?

Sun, 07/01/2012 - 23:11 | 2579725 stacking12321
stacking12321's picture

LH, i like your new photo, it's so appropriate.

an eclipse, as in the moon blocking out the brightness of the sun - much like your own opinions often manage to block out your own brightness.

Sun, 07/01/2012 - 15:20 | 2578975 americanspirit
americanspirit's picture

Bills. Bonds. Bonds. Bills. Bonds Bonds, Bills ...

Gold, Gold, Gold, Gold.

Sun, 07/01/2012 - 15:50 | 2579040 DoChenRollingBearing
DoChenRollingBearing's picture

Gold, Gold, Gold, Gold.   Yes

Cash, Cash, Cash, Cash.  <---  (real cash, better than electrons at your broker)

Sun, 07/01/2012 - 22:50 | 2579687 HungrySeagull
HungrySeagull's picture

I have a '57 silver certificate on the wall. The real one. Equals to 8 dollars notes today.

When I was younger I have seen the cash. Now I feel fortunate to find one or two in the flea market.

All these are nice. However not being in debt to anyone is best. And that is what we all (Myself included) should work for.

Sun, 07/01/2012 - 15:26 | 2578984 Sudden Debt
Sudden Debt's picture

AND AS MY FIRST DECREE I SAY: SHIP ALL THE EUROPEAN GOLD TO CYPRUS!!!
and god saw that it was good...

Sun, 07/01/2012 - 22:52 | 2579691 HungrySeagull
HungrySeagull's picture

Journey.

55+ years gone I think and still rules today.

Sun, 07/01/2012 - 15:34 | 2578996 JR
JR's picture

The EU multi-debt plan is to centralize Europe – literally by destabilizing and shutting down Europe’s economies.  

In an interview yesterday, Max Keiser asked Catherine Austin Fitts of Solari.com and formerly a housing official under Bush the First who spent $6 million and 11 years of her own time trying to expose housing fraud and stop the housing bubble, what she makes “of the multi-debt plans - bailouts and funding facilities - attempting to hold the eurozone together.”

In Europe recently, Fitts said, “I think is it is more centralization. The theory seems to be centralization didn’t work so let’s do more of it. I was in Portugal. What was amazing, if you look at the rules being applied to small business and small farmers, there’s literally a potential effort to shut the economy down.”

Fitts, in this extraordinary interview, agreed with Max’s observation that many people are speculating that there is “a coordinated effort to destabilize countries like Greece,  using very complicated instruments like collateralized debt instruments or Credit Default Swaps that end up loading a country like Greece with debt - that they have no idea where it came from and that in a lot of cases is fraudulently induced - and then they come to collect and they can’t so they end up taking all these assets for pennies on the dollar.

Max asks, “Is it as Machiavellian as that?”

Fitts answers: “I believe so,”

Fitts likens the current financial destruction to what happened in Russia and Eastern Europe in the 90s: “It was a fundamental re-engineering of who owns what assets. But at the root of it, assets were being moved into private hands at pennies on the dollar out of communities and liabilities were being moved back in without any compensation. So there was a radical re-engineering going on. It was absolutely global (by the same people) but no one saw it because each person was focused on what was happening in their place…"

Keiser postulates that the financial tactics governing the global economy “no longer are a matter of mercantilism or any kind of Keynesianism,” but are mafia-like.  Fitts agrees. It’s a matter of “who’s got the most hit men who are able to act with impunity…  Because what this comes down to enforcement… and if you can kill with impunity then you can have your way… And, of course, it’s very expensive to kill people so it’s better to use lawyers.The combination of lawyers and hit men is a one-two punch.

“The fundamental question for the rest of us is, okay, this phenomenon is occurring and it’s very profitable for people, how do we change it?   It's one of the things I grapple with every day is… when I became an investment advisor one of things I realized was that all of my clients were financing their own destruction. They were financing people doing this to them. And that’s one of the conundrums, whether it's bank deposits or our investments, how do we withdraw our money from this? The reality is a lot of people don’t want to withdraw their money from it because they think they are making a lot of money.”

http://maxkeiser.com/2012/06/30/on-edge-catherine-austin-fitts/

And, now, the globalists take on Spain…

Sun, 07/01/2012 - 15:43 | 2579021 falak pema
falak pema's picture

its called Oligarchy feudalism. This crisis destroys the basis of democracy in first world. Back to the feudal age. 

All Pax Americana has achieved is to make the totalitarian trend of European decadence of beginning of 20 th century into a Coca-Coal light, Mcdo junk culture strong, 21 st century global model; where the hidden persuaders of Madison Avenue and WS financial networked shills now usher in the global juggernaught based on MIC/Extractive commodity empires/ Big Pharma-big Food monopolies. 

Bubble economy that robs the middle class of advanced democracies throwing us all into the same impoverished melting pot. We are back to pre Renaissance days. Thank you RN/HK-RR/MT-WC/GWB/BO, you have made the structural change of first world into a Machiavellian wet dream come true.

Sun, 07/01/2012 - 15:46 | 2579031 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All while the corporations stay solvent.  Why?  Because this is a corporate takeover.

Take your money away from the fascist system! 

Buy silver!TM

Crash JPM!TM

Crash the dollar!TM

Sun, 07/01/2012 - 15:34 | 2578997 falak pema
falak pema's picture

GRANDA ESPAGNA : 2-0  VS ITALY.

half time.

Sun, 07/01/2012 - 15:35 | 2579002 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

A great reminder that all the world is blind.

Sun, 07/01/2012 - 15:44 | 2579029 falak pema
falak pema's picture

nope not blind but young at heart. Don't throw the baby out with the bath water! 

Sun, 07/01/2012 - 15:47 | 2579035 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Our society is as old as time. 

Play your games.  How is that working out for you?

Sun, 07/01/2012 - 23:13 | 2579733 stacking12321
stacking12321's picture

you have no claim on society, you are a pariah, an outcast.

you  have been declared UNMUTUAL!

 

Sun, 07/01/2012 - 15:47 | 2579036 magpie
magpie's picture

Good game...since it can be seen without any political merit ?

Sun, 07/01/2012 - 15:46 | 2579032 twocents
twocents's picture

Well, after going mad trying to analyze insanity, all I can say is .... bankrupt, farcical, ponzi cunts

Sun, 07/01/2012 - 16:26 | 2579104 Goldilocks
Sun, 07/01/2012 - 15:48 | 2579039 ripper
Sun, 07/01/2012 - 15:53 | 2579043 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Does anyone fight anymore or are you going to junk me while I stomp your faces in?

Sun, 07/01/2012 - 15:58 | 2579054 Yen Cross
Yen Cross's picture

There are always a few asshat basement babies that like to stir the pot Mr Lennon Hendrix.    They thrive on your discontent.

 Don't waste your time. Those of us with half a brain, pay no attention!

Sun, 07/01/2012 - 15:55 | 2579046 Yen Cross
Yen Cross's picture

 Asia will front run the dollar yet again, and the U.S. markets will be volatile. The " pointless E.U. "agree to disagree party" will wear off just before the (CLOSED US SESSION) 4th of July.

Sun, 07/01/2012 - 15:57 | 2579053 magpie
magpie's picture

Hello Yen Cross,

you willing to guess which Yuan cross will be the most traded in the future ?

Sun, 07/01/2012 - 16:04 | 2579063 Yen Cross
Yen Cross's picture

 That's a loaded question. Officially , there are no offshore direct exchanges open yet. To humor you though, I would guess it to be JPY/CYN...  Although krw/cyn looks like an up and comer.  The problem China has, is they need to maintain a trading band with the usd.

Sun, 07/01/2012 - 16:07 | 2579067 magpie
magpie's picture

Aha, Thank you. So clearly not HKD or SGD.

Sun, 07/01/2012 - 16:15 | 2579079 Yen Cross
Yen Cross's picture

 If you want to split hairs, then yes the much smaller economies of Hong Kong and Singapore do apply. They are both primarily financial hubs, Not export/manufacturing bases. 

   The GDP of S.Korea and Japan combined is substantially more than all of China! China GDP is only 1/6 of U.S. gdp...

Sun, 07/01/2012 - 16:18 | 2579086 magpie
magpie's picture

Of course. If we we were truly splitting hairs, we would only be looking at who else has a surplus with China...perhaps AUD or NZD.

Sun, 07/01/2012 - 16:36 | 2579114 Yen Cross
Yen Cross's picture

  New Zealand piggybacks heavily on Australia. I do know that the RBA is exploring a direct (aud/cyn) exchange. Australia has a very small footprint in general GDP numbers , as does New Zealand. Both beautiful countries by the way. I own property in Australia.

     Australias top 3 trading partners in order are (1 china ,2 Japan , 3 United States) Commodites are priced in usd. It makes sense for Australia to explore some sort of direct exchange with china. China has a trading band ( currency fluctuation %) with the usd.

   The Japanese have problems with that because it creates imbalances in their F/X reserve ratio requirements. If BoJ gets too long Yuan, then it's too short usd. Get it?

Sun, 07/01/2012 - 16:51 | 2579141 magpie
magpie's picture

It's been a while since i was in that part of the world. That reserve requirement then, maybe is a function of the importance of each market to Japan...and who wants to be short dollar, well unless there is another Euro conference. Which brings us to that elephant in the room, the Euro. Quite surreal to contemplate.

Sun, 07/01/2012 - 17:05 | 2579172 Yen Cross
Yen Cross's picture

 All central banks maintain reserve ratio requirements. Every night small ACB's(Asian central banks) , sell dollars to prop their  local currencies, as they are commodity driven emerging economies.

  The ACB's end up heavy in their own currencies, so they diversify , by selling their ( own currency) reserves, and buying euros, so they don't drive the value of their currencies down by purchasing more usd. That is why the euro is not declining, along with asset selling by sovereign/banking in the European Union, causing euro repatriation.

 

Sun, 07/01/2012 - 17:10 | 2579179 magpie
magpie's picture

Thanks once again YC, for explaining how Central Banks work (or should work) and how the Euro is not imploding at this moment - not that i wanted to sound like i was handwaving or anything, only wondered if there is the remotest posibility of a Yuan/Euro cross, might have crossed anyones mind already.

Sun, 07/01/2012 - 17:18 | 2579191 Yen Cross
Yen Cross's picture

  Thanks for taking the time to respond magpie.   The cyn/eur idea will be done through the "Bond Market" I expect.

 The Chinese don't like to be subordinated.

Sun, 07/01/2012 - 17:26 | 2579196 magpie
magpie's picture

Indeed. We'll see if the wheels have or have not fallen off already.

And i would be obliged if you don't go around shooting birds in California again lol

 

Sun, 07/01/2012 - 17:40 | 2579234 Yen Cross
Yen Cross's picture

  I can't guarantee that. I love hunting Duck,Quail, Dove.  They taste great, and are free range. I would never shoot a Magpie. They chase away Crows.  They are the Roadrunners of the trees...

Sun, 07/01/2012 - 22:54 | 2579693 HungrySeagull
HungrySeagull's picture

Magpies, cardinals, doves, bluejays, robins and the occasional vulture sits in my land.

Even the vulture is tolerated as it cleans up the dead.

Sun, 07/01/2012 - 15:55 | 2579048 RobotTrader
RobotTrader's picture

The Eurozone crisis was manufactured by the Alpha Thugs in Brussells in order to consolidate their power and pick up equities on the cheap.

 

Pretty much a re-run of what happened here in the U.S. in 2008 - 2009.

Sun, 07/01/2012 - 16:03 | 2579064 slewie the pi-rat
slewie the pi-rat's picture

broke cypress sounds like a tree that didn't bend enough during an air fluidity event

Sun, 07/01/2012 - 22:56 | 2579696 HungrySeagull
HungrySeagull's picture

Many trees don't bend when the time comes. They find that there is not enough root to stay.

So over they go, taking out powerlines and crushing houses.

Ours simply get stripped and are good for firewood only after a tornado or two.

If you have not ever seen a tree verdant and green stripped to just a few limbs and trunk then you have not lived.

Sun, 07/01/2012 - 16:10 | 2579072 Mongo
Mongo's picture

Bill meet Bond ... now meet shit and fan

Sun, 07/01/2012 - 19:39 | 2579455 Catflappo
Catflappo's picture

I thought Cyprus Hell was a band?

Sun, 07/01/2012 - 21:44 | 2579611 Calmyourself
Calmyourself's picture

"In a development that is too hilarious for even the most hardened cynics to pass by, starting today, the rotating presidency of the EU will be handed over to... broke Cyprus." 

 Europe has a long way to go in order to catch up to the Moonbattery at the UN..  NOTHING surprises me anymore except the sheep who call themselves U.S. citizens..

Robert Mugabe asked to be UN 'leader for tourism'

The Zimbabwe president, accused of ethnic cleansing and bankrupting his country, asked to champion tourism.  Despite that fact Mugabe, 88, is under a travel ban, he has been honoured as a "leader for tourism" by the UN's World Tourism Organisation,

Sun, 07/01/2012 - 22:58 | 2579700 HungrySeagull
HungrySeagull's picture

I am no Sheep sir.

However I have taken years and decades lost to the system as one of the Sheep long ago.

Maybe I live long enough to re-dress that eh?

Our taxes literally take about an hour. They count the wages for the year, what was taken out and issue a check.

No more 401k's no more stocks none of that crap.

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