• Steve H. Hanke
    05/04/2016 - 08:00
    Authored by Steve H. Hanke of The Johns Hopkins University. Follow him on Twitter @Steve_Hanke. A few weeks ago, the Monetary Authority of Singapore (MAS) sprang a surprise. It announced that a...

The Complete And Annotated Guide To The European Bank Run (Or The Final Phase Of Goldman's World Domination Plan)

Tyler Durden's picture




 
0
Your rating: None
 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 11/19/2011 - 20:41 | 1894884 Hulk
Hulk's picture

The Market is speaking as the ISDA gave it voice...

Sat, 11/19/2011 - 21:02 | 1894910 knukles
knukles's picture

New-fucking-York Terr-ist-times!
How dare they begin a run on the European Banking System and Sovriegn Debt Markets? 
Do They Not Know Their Place in the Structure of Tomorrow?
Of the New World? 
Are they Not Responsible (nice double entendre, Knukles!) for Providing IFactual Information and News as Enshrined in Their Very Own By Line...
"All the News That Fits?"
Who Do They Think They Are? 
Superior All Knowledgable Intelligencia With Supra-Nromal Insights as the the Very Condition of All Mankind, Not Just The Profligate Insensitive Upper Crust Banking Local Few?
Bring on The Krugmans, The Dowds, The Freidmans. 
Have Them the All Knowledgable Who Until Now Have Poo-pooed, SHunned and Dismissed these Faults, Come Hither, Straghten Out, Defease, Eradicate This Curse Upon Humanity.
This Sin of False Perception!
There Is No Problem That    That   uh   That The Powers   That  uh got us here..    might             not       
we
  can not

yes we can

uh    hmmm

 

  

Where's Krugman When We Need Him?

Sat, 11/19/2011 - 21:10 | 1894928 WonderDawg
WonderDawg's picture

Nobody could have seen this coming.

Sat, 11/19/2011 - 21:13 | 1894939 Not For Reuse
Not For Reuse's picture

I stand by my advice to be solid with the 1%, if at all possible.

99% of the 99% do not give a flying fuck about any notion of "constitutional justice."

I repeat, NO one gives a flying fuck.

All anyone really wants to do is "get money," fly back to their hometown, butterfly out of an airport limo, and pop off a load in that fat slut with 3 kids who turned them down for their senior prom.

Any talk of change or revolution is purely academic at this point

Sat, 11/19/2011 - 21:33 | 1894973 Michael
Michael's picture

The only solution now is;

"The Universal Bankruptcy Act Of 2012."

A golden jubilee for a new golden age. All non-secured debt will be discharged and all sovereign debt will be defaulted on and discharged in one fell swoop. 

 

Sat, 11/19/2011 - 21:40 | 1894991 Manthong
Manthong's picture

GIIPS might be a more appropriate way to spell the acronym if pronounced like "gyp".

http://thesaurus.com/browse/gyp

Sat, 11/19/2011 - 22:14 | 1895046 XitSam
XitSam's picture

How did PIIGS get turned into GIIPS that I've been seeing the last couple days? Did the europeans just figure out what PIG means?

Oh, and "venerable" New York Times?!

Sat, 11/19/2011 - 22:32 | 1895070 Oh regional Indian
Oh regional Indian's picture

As of last December, EBA stress tests showed Intesa Sanpaolo held €60bn of Italian debt

At least now we know why the Inesta guy is in the gobbermint. Protection racket.

I think it is in the order of things. Greece/Ireland/Italy/Poro/Spain.

It looks like they are saving the rain from spain for the end. i have a feeling the swing of the pendulum of sovereign crises is going to start swinging wildly and unpredictably now. 

Because the truth is that everyone is naked. 

ORI

/final-cut-trailer-01/


Sun, 11/20/2011 - 01:22 | 1895280 spiral_eyes
Sun, 11/20/2011 - 01:38 | 1895296 AldousHuxley
AldousHuxley's picture

Final Phase of Goldman's World Domination Plan

 

World must be pretty stupid to be dominated by a bankrupted institution with same credit rating as McDonald's and run by Master BullShitting Assholes who can't operate a mathematically-guranteed-profit casino without a bailout from Uncle Buffett and Uncle Sam who call themselves Goldman Sachs while having no traceable amount of gold.

Sun, 11/20/2011 - 01:39 | 1895301 Chris Jusset
Chris Jusset's picture

Aw crap!  This is worse than the Lehman meltdown.

Sun, 11/20/2011 - 03:47 | 1895373 macholatte
macholatte's picture

 

 

“The euro is burning, the EU is falling apart and yet here they are: highly-paid, highly-pensioned officials worrying about the obvious qualities of water and trying to deny us the right to say what is patently true.

“If ever there were an episode which demonstrates the folly of the great European project then this is it.”

EU bans claim that water can prevent dehydration

http://www.telegraph.co.uk/news/worldnews/europe/eu/8897662/EU-bans-claim-that-water-can-prevent-dehydration.html

Sun, 11/20/2011 - 05:47 | 1895411 Aengrod
Aengrod's picture

Epic! .... stupidity. Seriously let someone bomb Brussel and Strasbourg that would be filled with those Euro-fascist, but spare Farage.

Sun, 11/20/2011 - 10:17 | 1895543 Harlequin001
Harlequin001's picture

Obviously the only way Goldman can survive this is is someone bails out their defaulted hedges just like AIG, but this time MUCH, MUCH BIGGER...

Sun, 11/20/2011 - 06:02 | 1895419 Ghordius
Ghordius's picture

Another water nitwit

Sun, 11/20/2011 - 04:27 | 1895379 TruthInSunshine
TruthInSunshine's picture

The New York Times version of events makes Goldman seem so benign that it's literally sickening - Andrew Ross-Sorkin has his grimey little finger/claw print all over this New York Slimes expose.

It's very quite simple as to how this will play out (and why).

Either you do or don't believe some or all of the following:

1)   The European Union is inevitably destined for failure (and the odds, for reasons to be reference below, of a fast & furious implosion have grown exponentionally higher over the last 6 months) as it's simply not possibly to have a central bank (the ECB) usurp the ability of the very disparate political, social and economic allegedly sovereign nations of what is now the EU to print their own money, given the radically divergent political social and economic stability/instability the peoples of these nations find themselves facing (e.g. Greeks vs Germans; e.g. Belgians vs. Italians), and given that those nations (few as they may be) that are solvent don't want to face the consequences to their own health of what would be bailing out the many nations that are not solvent (by many, I mean the predominant majority, and not insolvent by any small % of their annual GDP, either, with demographic ticking time-bombs on their balance sheets in the form of entitlements, also).

2)   If there is any chance to hold the EU together, whether for another couple of years or maybe 5 or 6 years (before the reality of math slaps the unicorns & rainbows delusion of a common European Union in the face again like a bucket of Icelandic Sea Water poured on the face of Spaniard sleeping in a hammock in Santander on a warm and sunny day), it means that the solvent few must give their consent (via the body politik, who definitely rarely have the best interests of their consituents in mind, but will only do what is best if they feel sufficient rage and the very real theat of untoward consequences for selling out) to the ECB to go ahead and fire up the CERN-esque Printing Press at the ECB.

3)    Such consent to print Euros at faster than the speed of light pace will toss all of Europe into an inflationary environment that will make any time since post WWI or circa-WWII look positively tame, and in fact, the inflation resulting from what would have to be a massive devaluation in the Euro, which is not a reserve currency (despite claims of such de facto status or 'waiting in the wings' status to the contrary), will far exceed anything that respective European Nations that form the EU saw back in the late 1970s, prior to turning the legal process of the hows and whys and how much and other such question pertaining to the printing of their own currency over to the ECB. It would not be hyperbole to claim that real average per annum inflation of 10% to 20% a year for a lengthy period of 5 to 10 years could be not only possible, but likely (that would result in a 50% to 200% increase in the cost of living over a 5 to 10 year period, for Europeans, depending on how long the ECB monetization had to endure, for those of you keeping score at home, and that assumes that the process will yield the desired results, and put things back together again - a big assumption). Again, even with this monetization, loose ECB policy and absolute policy goal (stated or not) of inflating away EU Zone debts enacted, it has the possibility of not only not resolving the disease that is causing the EU crisis, but of exacerbating it (especially given that solvent members of the EU will be dragged down and drowned, inevitably, with their far more numerous, non-solvent EU brethren, which carries with it a special set of political and social risks as the process gets to the flailing-clutching-gasping for air stage).

4)   If the solvent members, mainly Germany, declare nein!, then the winding up of the European Union turns into an outright implosion, Icelandic style, but on an obviously monentous scale, with debts purged and investment losses accelerating into a process that clears the pipeline in maybe  a year or two, but giving the ability of the former EU members (and what could be a new set of non-core former EU members) to get back to a lifestyle consistent with their means, and taking their own monetary and economic policy back from the EU, with no one imposing austerity upon them, with the corresponding element that they need to have the cash to do what they want to do before they decide to do it (e.g. maybe not so generous pensions, transfer payments and huge public sector employment, etc. etc.?). Conversely, the solvent members, whether still forming a core-EU alliance, or parting ways completely, are not threatened with a perverse sinking of their living standards, as they no longer have to subsidize the former hopelessly and helplessly insolvent member states.

5)   If the implosion caused by a decision to not authorize the ECB to devalue the EUR is taken, then the brunt of the losses spurned by the non-repayment of debts falls far more on the shoulders of investors (whether individual or institutional buyers of equities or bonds [sovereign and otherwise], and CDS/CDO), rather than the taxpayer hammering that would result from trying to keep the EU intact.

6)   There can be no question that this train wreck could have been seen, and was in fact seen coming, for years now, and that there have been the sleaziest type of manuevering (see rest of this section as to the why of the 'sleazy') by the likes of the Goldman Sachs & JPM and their filthy ilk, to seize upon this latest crisis, who have now ramped up efforts to do everything they can to accelerate the crisis, and who are assuredly betting on positions that will reward them many, many times over, while knowing full well that a) they literally have a voice in the governments of key EU Member States and the ECB itself through former (and even present) agents of their firms as to how to influence the decisions that will be made, and b) if things go wrong for them despite 'a', they will simply fall back on their "we're too big too fail because if we did, it would only assure and hasten a global economic collapse, and therefore give us our taxpayer backstop; here's the blank check Mr. President, Mr. Treasury Secretary & our very dear friends (and colleagues) at the ECB & Federal Reserve (and in select EU governments), so go give your scary speeches to the public now about 'martial law' and 'tanks in the streets' and we'll fill in the number on the check."

 

So, my friends and fellow takers of the red pill, we all can clearly see that Old Man Rothschild -  you know, the Great Red Shield House of Financial Empire - which just so coincidentally established its roots in Germany back in the 1600s, and then successfully gained control, through devious and brilliant chessmanship, of the global fiat supply (would you plebes like some inflation or some deflation to separate you from your homes, property, other inherent valuable and even your food?) - is back at the SSDD playbook, with all the right pieces (and lackeys) in place, whether political actors or banking and banker proxies - and is set to reap yet another Great & Bountiful HARVEST for the Money Masters.

It's a Big Club, and 99.9999% of us ain't in it, so remember that if you haven't taken the proper precations, quit playing a rigged game on their terms, as they beat you over the head with the Big Club (as they pepper spray your sister in the face, kick your family out of your house, take your farms, turn the riot police or military loose on the citiizens they always told you were there to protect you, fire live ammunition at you, or even design and implement plans to overthrow your government if you are just so unfortunate enough to be living in an alleged sovereign nation that has rich resources - or anything that can be leveraged to extract blood from you for that matter, such as being able to buy up the rainwater and aquifiers to charge you for the privilege of drinking the water - and especially so if your government has no fractional reserve central bank bearing the Red Shield Mark of Approval, ala Federal Reserve 'Bank' or Central 'Bank' of England style).

All you blue pill takers, disregard this, because it's - you know - the talk of conspiracy theorists and such.

For those with a strong enough CONSTITUTION to have already swallowed the red pill, or who think they can and would like to try, The  Money Masters, bitchez! 

The Money Masters
Sun, 11/20/2011 - 05:18 | 1895398 Dabale arroz a ...
Dabale arroz a la zorra el abad's picture

+1

My wealth is so minuscule I don't own anything with gold (well, this laptop surely has some micrograms), but I have some cash just in case there is an actual bank run. Though it is just a short term remedy for what would come next.

Sun, 11/20/2011 - 10:07 | 1895538 XitSam
XitSam's picture

So buy a couple silver eagles, nearly as liquid as the ATM. Or some junk silver.

Sun, 11/20/2011 - 06:05 | 1895421 Ghordius
Ghordius's picture

"...Goldman seem so benign..."
Yeah, trust the benign Holy Squid

Sun, 11/20/2011 - 14:21 | 1895954 Randall Cabot
Randall Cabot's picture

Granddaddy Rothschild wasn't born until 1744 so I think you mean the 1700s.

Sun, 11/20/2011 - 15:38 | 1896158 TruthInSunshine
TruthInSunshine's picture

February 23, 1744.

You're correct.

Time flies when the Rothschild Lampreys are having fun.

 

Wed, 04/04/2012 - 07:29 | 2315721 jaffa
jaffa's picture

The business of banking is in many English common law countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the business of banking or banking business. Thanks.
Regards,
cell phone directory

Tue, 03/27/2012 - 03:33 | 2293616 jaffa
jaffa's picture

The European Central Bank is the institution of the European Union that administers the monetary policy of the seventeen EU Eurozone member states. It is thus one of the world's most important central banks. The bank was established by the Treaty of Amsterdam, and is headquartered in Frankfurt, Germany. The current President of the ECB is Mario Draghi, former governor of the Bank of Italy. Thanks.
Regards,
trade show displays

Sun, 11/20/2011 - 11:59 | 1895687 BandGap
BandGap's picture

The wobble will intesify as each variable in this alphabet soup makes it's contribution.  From failed mortgages in Hungary to banks in South America, the inevitable tipping will involve one and all. Even those seeking to stabilize the oscillations will only magnify the problem.  The ultimate push will come from human nature itself, as people realize how they have been played by Gold Man-sacks.

 

Sun, 11/20/2011 - 00:22 | 1895213 Ropingdown
Ropingdown's picture

The New York Times is venerable, simply meaning that they were reporting way back in the day, 1930, when Goldman Sachs sunk a big chunk of investor money raised in 1928 not into new investments, but into an attempt to prop up stocks it already owned.  It didn't work.  They became insolvent, went into a reorganization, and came back to life.  All reported by the Gray Lady, meaning the one with bags under her eyes.

Sun, 11/20/2011 - 01:02 | 1895258 Prometheus418
Prometheus418's picture

Maybe it should be GIPSIs- I hear they like it when you pay with silver.

Sun, 11/20/2011 - 01:15 | 1895269 flacon
flacon's picture

Dont-ch-know it's not polite to call someone or some nations "PIIGS" even if they are? We are to be respectful to all mankind and call them GIIPS. LOL!

Sun, 11/20/2011 - 05:54 | 1895415 aleph0
aleph0's picture

 

How ?

GIIPS :  PIGIS with LIPSTICK !

Sun, 11/20/2011 - 00:04 | 1895192 savagegoose
savagegoose's picture

gotta be room for an M in there somewhere

Sun, 11/20/2011 - 12:39 | 1895752 CharlieSDT
CharlieSDT's picture

Malta? Montenegro?  Mexico's spreads are rising too but it's best if we find a Eurozone M.

Sun, 11/20/2011 - 03:00 | 1895354 natty light
natty light's picture

GIPSI

Sun, 11/20/2011 - 13:01 | 1895784 Pitchman
Pitchman's picture

 

 

Fibonacci Numbers - The Fingerprint of God & God Within

How Two Banksters Led Europe To Ruin -- AND REVOLUTION 

Evaporation of Wealth on a Vast Scale: How $Millions - Trillions Can Disappear 

Graphic: Financial World Dominated By A Few Deep Pockets 

GREEK RIOT DOG'S BRAVE NEW FRIENDS: Why It's Happening

The Looting of America: Happy Labor Day

The Disappearance of Chivalry - George Santayana & Murder By Joystick

"There are no parasites as vile, insidious and cold as the Bankers. They are the original Satanist. Stop the bankers and you stop the wars, you stop the poverty, you stop the inequality. You stop every evil financed by them and they are considerable.... It's a wonderful irony that those who have spent a lifetime putting others into debt are now going to find themselves very very deeply in debt."

The Forces of the Last Gasp, on Meat Street. & Operation Blackout

Sat, 11/19/2011 - 21:44 | 1894999 Not For Reuse
Not For Reuse's picture

WTF kind of a solution is that??

If you truly want to start fellating the facetwitter crowd, you need to wait at least 15-20 yrs. Today's demographics would prefer that you take a long walk off a short bridge

Sat, 11/19/2011 - 22:33 | 1895073 kito
kito's picture

no way!!! the piigs have new leaders!!! they have solved their problems!!! soon to be elected rajoy will restore confidence to the markets for spain. he says spain wants to stay in the eu. he promises austerity, lower taxes, jobs for everyone!!!! it will work, believe him!!!!! invest in spains bonds!!!!!

Sat, 11/19/2011 - 23:07 | 1895125 redpill
redpill's picture

I don't know how any rational person could have money in these institutions at this point

Sat, 11/19/2011 - 23:14 | 1895135 Not For Reuse
Not For Reuse's picture

Inertia.

The same logic underlying most marriages, most domestic violence cases, and most rages against the machine

Sat, 11/19/2011 - 23:44 | 1895166 redpill
redpill's picture

How about the inertia of bureaucrats so obtuse that they will deny that water prevents dehydration?

 

http://www.telegraph.co.uk/news/worldnews/europe/eu/8897662/EU-bans-clai...

Sun, 11/20/2011 - 00:10 | 1895199 Not For Reuse
Not For Reuse's picture

The Euro is God.

Because it "floats" gold on its balance sheet.

Water will adapt to whatever metric FOA dictates.

I will personally convert water into wine because I am Jesus.

Suck my water, bitchez

Sun, 11/20/2011 - 01:18 | 1895276 flacon
flacon's picture

"EU bans claim that water can prevent dehydration"

 

Only a dehydrated "government body" can make such a claim. Hydration is only possible through central bank money printing. 

Sun, 11/20/2011 - 01:29 | 1895289 Not For Reuse
Not For Reuse's picture

you are not a unique & beautiful flacon de neige. Va te faire foutre.

Mille millions de mille de sabords de tonnerre de tonnerre de brest

Fuck off & die :)

Sun, 11/20/2011 - 00:11 | 1895200 CompassionateFascist
CompassionateFascist's picture

So don't drink the stuff. Vampire squid needs the H2o to SwimIn.

Sun, 11/20/2011 - 05:29 | 1895403 koperniuk666
koperniuk666's picture

the eu are right on this one.

its hypohydration not dehydration and is caused by a loss of homeostasis of hydration - essentially an EXCESS of water over electrolytes. The body, simplistically (for you) at this stage requires more electrolyte AND more water.  the addition (by terry fuckwit) of more water (further excess) from his PET bottle of African spring water will cause body electrolyte to migrate into the  new water. body will then eliminate the excess water immediately. 

its pointless , like so much of terry fuckwits life.

but he's the cretin who voted in the lunatics responsible for pissing away his savings, home value and pension.

what do i care if he gets a headache?

war next

 

 

Sun, 11/20/2011 - 12:02 | 1895693 BandGap
BandGap's picture

The more water you drink the more it drains your body of salts. Please, use layman's terms.

Sun, 11/20/2011 - 00:30 | 1895223 Bansters-in-my-...
Bansters-in-my- feces's picture

"Tradition".

Sun, 11/20/2011 - 00:24 | 1895217 Ropingdown
Ropingdown's picture

Does it bug anyone else that this is the second time in 80 years that a new conservative Spanish leader has called for German assistance? 

Sun, 11/20/2011 - 01:58 | 1895268 Ahmeexnal
Ahmeexnal's picture

Angela Merkel, generalissima por la gracia y mandato de dios??

Sat, 11/19/2011 - 23:56 | 1895182 augmister
augmister's picture

Tell that to the squid, MICHAEL ... here's hoping that you have a dynamic IP address as you are no long safe.

Sun, 11/20/2011 - 09:17 | 1895501 ZeroPoint
ZeroPoint's picture

So I should max out my credit cards now buying gold & silver?

Sun, 11/20/2011 - 09:31 | 1895510 ToNYC
ToNYC's picture

Michael, your wish for debt forgiveness will be granted as soon as they finish getting paid selling you the debt that You will Jubilee on yourself.

 

Sun, 11/20/2011 - 11:04 | 1895573 El Viejo
El Viejo's picture

I predict the same solution as the one proposed by a Caesar many years ago: A 50-50 split between creditors and debtors. (Just before the creditors murdered him).

The split will be instituted through printing and specific bailouts to the masses through tax cuts. Stagflation baby!

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