Credit Suisse Goes For Broke: Predicts End Of Euro, Escalating Bank Runs On "Strongest European Banks"

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Mon, 11/21/2011 - 10:46 | 1898315 Jim in MN
Jim in MN's picture

Peep, peep!  Pay me, pay me!

Let these babies starve in the nest.  Parasites.

Mon, 11/21/2011 - 11:05 | 1898404 MillionDollarBonus_
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This is exactly the kind of doomer analysis you would expect from a Swiss bank. Credit Suisse are just resentful that Switzerland never got around to joining the Euro and consequently missed out on top economic guidance from some of Europe's smartest and most experienced politicians. Switzerland had a chance to be part of something big, and they blew it.

Mon, 11/21/2011 - 11:06 | 1898413 Jim in MN
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LOL, I appreciate the sarc.  This is sarcasm, right?

Mon, 11/21/2011 - 11:11 | 1898440 Esso
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I have a younger sister that has Down's Syndrome, and is severely and profoundly mentally retarded and handicapped. She never had a choice in the matter.

Pretending to be retarded on the internet to get a rise out of people isn't cute or entertaining, it's tragic. You need to get a fucking life.

Mon, 11/21/2011 - 11:44 | 1898584 LFMayor
LFMayor's picture

Almost every damn thread he posts on he lays out a contrarian post, in case you haven't noticed.  He's being sarcastic and the funny part of it is the weak minded assholes that go into foaming rages because of it.  If you don't find it funny, that's just as fine as if you do.  I don't think he gives a rats ass.

BTW, that's a pretty fucking weak stretch, tying your sister's misfortune and inability to write to some guys attempt at smarm.  Thank you so much for sharing your familial tragedy with the world.  You strike me as one of those sensitive types who had to parade their greater misfortune at some brinkmanship support group, light some candles in rememberance, wallow in your misery because it defines you.  Because it's all about you, you know.  Remember, whoever drags the biggest cross up the hill to Golgotha wins!

Mon, 11/21/2011 - 12:29 | 1898812 giddy
giddy's picture

...ummm...  what's the difference between using this example of profound prejudice and misfortune or using any of form of racial or social prejudice or misfortune to stop commentary?  Best way to stop freedom of speech is to accuse an individual of insensitivity to someones tribal or group identity.  Notice the identification of the group which is defined as "people with disabilities" rather than simply a sister.  Interesting how it always works this way.         

Mon, 11/21/2011 - 14:09 | 1899308 malek
malek's picture

There is a difference between being snarky, and being just plain annoying.

Tyler's post made me laugh hard twice, MDB is just plain stupid (ironic meant or not).

Mon, 11/21/2011 - 11:57 | 1898637 in-Credible Banker
in-Credible Banker's picture

Dude - calm down.  It is just satire.  WTF?!?!?!?

I have a handicapped CHILD and am actually resentful you would compare MDB's posts to such a situation.  Are you nuts??   

Mon, 11/21/2011 - 12:28 | 1898808 Ahmeexnal
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Didn't know Blythe had an older brother.

Mon, 11/21/2011 - 11:23 | 1898499 Saro
Saro's picture

Top men.

Mon, 11/21/2011 - 11:25 | 1898511 Jim in MN
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LOL, besides, where is Davos again?  Not sure what 'advice' the Swissies are missing here....

Mon, 11/21/2011 - 12:21 | 1898579 The Big Ching-aso
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A Swiss bank these days is like Swiss cheese.    Tasty but still full of holes.

Mon, 11/21/2011 - 13:17 | 1899102 Ghordius
Ghordius's picture

nah, Credit Suisse is not Swiss, it's First Boston Bank with a cheesy wrapper...

just look at the names of the analysts...

Mon, 11/21/2011 - 13:37 | 1899187 bentaxle
bentaxle's picture

And any banker is 90% wind, 10% criminal?

Mon, 11/21/2011 - 11:53 | 1898621 in-Credible Banker
in-Credible Banker's picture

MDB...........you are one funny MOFO.  Keep em coming!

 

LOL!!!!

 

 

Mon, 11/21/2011 - 12:10 | 1898691 MolotovCockhead
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Verbal diarrhea.............Coming from a milliondollarAnus!

Mon, 11/21/2011 - 21:06 | 1900905 kill switch
kill switch's picture

Your motivation is clear.

Mon, 11/21/2011 - 10:49 | 1898331 Shocker
Shocker's picture

There is more and more talk of the Euro collapsing. This can't end well

Mon, 11/21/2011 - 10:51 | 1898343 Buckaroo Banzai
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Hopefully they can get the 'droid programmed with the appropriate message

http://www.youtube.com/watch?v=gmVr0Hs0UaI

Mon, 11/21/2011 - 11:35 | 1898554 i-dog
i-dog's picture

 

"do it, or we pull the trigger and blow it all up to hell."

This is the message I'd like to send them:

http://www.youtube.com/watch?v=PyT4H11maeM

Mon, 11/21/2011 - 10:52 | 1898346 LawsofPhysics
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Certainly not when most of the paper-pushing fucknuts and American financials book their "profits" from the shell game in Euros.

 

hedge accordingly.

Mon, 11/21/2011 - 10:55 | 1898358 Shocker
Shocker's picture

Exactly, The affects will be felt everywhere. Companies/ Banks/ Market everyone has exposure to the euro.

Wonder what addition shocks it will have to our fragile economy

http://www.dailyjobcuts.com

.

Mon, 11/21/2011 - 13:52 | 1898402 The Limerick King
The Limerick King's picture

 

 

The message is clear: "Print or Die"

Now surely these Banksters don't lie

Our markets they busted

Now they want to be trusted

If this wasn't so funny I'd cry!

Mon, 11/21/2011 - 10:58 | 1898376 SWRichmond
SWRichmond's picture

Here's what I want to know: the Swiss went "all in" with their peg to the Euro.  If the Euro blows up, what happens next?  Hmmmmmmmmmmmmmm?

Mon, 11/21/2011 - 11:32 | 1898543 swiss chick
swiss chick's picture

Thats a really good question! no one seems to know or care...

Mon, 11/21/2011 - 12:27 | 1898799 DoChenRollingBearing
DoChenRollingBearing's picture

Indeed, a good question.  + 1 to you both.

Mon, 11/21/2011 - 11:48 | 1898578 i-dog
i-dog's picture

If they're smart, they'd remove the peg.

So they'll probably keep the peg.

(If ... errm, sorry, when ... the Globalists succeed in crashing the global financial system, they will no longer need a separate money-laundering operation in Switzerland. The Swiss are being sold down the river with the rest of us.)

Mon, 11/21/2011 - 10:59 | 1898378 mayhem_korner
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All eyes are on Merkel.  I'd wager the big banks have dartboards with her face on 'em.  I wonder what the "let the ECB print" bribes being thrown her way look like these days.

Mon, 11/21/2011 - 11:03 | 1898396 GeneMarchbanks
GeneMarchbanks's picture

It's not just Merkel, see below.

Mon, 11/21/2011 - 11:05 | 1898410 mayhem_korner
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Thx.  Some irony here with the German's position in this currency world war, no?

Mon, 11/21/2011 - 11:18 | 1898464 GeneMarchbanks
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mk,

German psyche is a tricky thing. As I've said all along the fear factor in 'printing' €'s is a big unknown. Analysis has its limits. What would be an epic irony, IMHO, is if the German's use all this world-wide anti-Goldman sentiment and throw a massive monkey wrench into the banking complex.

Mon, 11/21/2011 - 10:56 | 1898353 GeneMarchbanks
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'Such determination could only be the product of the deep institutional memory the ECB has inherited from its ideological parent, the German Bundesbank. In their shared orthodoxy, printing money to buy government debt is the first step down a slippery slope that ends in hyperinflation -- a scourge that, between the two world wars, combined with punitive reparations to undermine the Weimar Republic and make way for the rise of Nazism. As German Economy Minister Philipp Roesler recently put it, it is in Germans’ “genetic code” to avoid printing money: “You can’t make the mistake of giving in to this pressure. You’ll never get out of it, and that would be the end.”'

I also invite you warmly to read the comments section for such brilliant analysis as:

'Jasenka Petrujkic in reply to PERALTA STONES 1 hour ago That is impossible. A currency, whether it is backed by promise of gold or grain, reflects human need to  exchange with other humans. It receives its intrinsic value from our socialness, our connectedness. You may believe that each and every one of us is an individual, independent of all others, but nobody, and especially not ultra rich, lives off their own production.' Just... wow.
Mon, 11/21/2011 - 15:48 | 1899421 Reptil
Reptil's picture

The article is wrong on 4 counts:

First, Germany was actually doing quite well, after a rough time, dealing with the WW1 aftermath. It was making pacts with Poland etc, but then "someone" decided to kill Rathenau, who was the brains behind this recovery. (who benefits?)
Then, after stopping monetising debt the country recovered fairly quickly which is completely missed in this article. That ended the hyperinflation, because trust was restored, not refusal to allow defaults! It's telling that most do not know the difference between inflation and hyperinflation. It's the corruption that undermined the euro. NONE of the rules were abided. If they'd print, this would not be solved: The euro would lose trust, and there'd be the biggest gold/silver rush in modern history.

Thirdly, no, austerity is not part of Keynes' ideas, but neither is ridiculous leverage, that has now resulted in insolvency. THAT is the problem. Which can only be solved, as the main article points out, by defaults. Otherwise everything will be dragged into the hole. IT'S JUST TOO BIG A HOLE TO PAPER OVER. Arguably, that's a goal for some: Everyone into the hole except for themselves. And some sheeple buy that; because they think "money will be replaced soon". (yeah with RFID chips)

Fourthly, the US economy after the second world war needed a boost, the Marshall plan was part of this buildup of civil economy, production carried it along, for quite a while. Reparations to be paid by Germany were halted, as long as Germany was not united. This allowed a new economy to be built, while debt, created by politicians (when Germany was defeated a second time) was suspended by those same politicians. NONE of this is possible to accomplish on short notice, in the present financial structure.  The proposed (?) "new Marshall plan" would be built on...... more debt, more payments, and over a longer period. Instead of pointing at the "Wirtschaftswunder", one should point at Japan's "lost decade", because that, EXACTLY that, will happen, if Germany (the last one standing) succumbs to the bankers too. MORE debt in public accounts, no fresh new start, and thus.. more austerity. With two differences. Japan has eaten most of it's own debt with a trade surplus and it's population STILL puts it's trust in feodal hierarchy structures. Europeans lost that, a couple of centuries ago.

edited for clarity.

 

Mon, 11/21/2011 - 10:48 | 1898323 Antifederalist
Antifederalist's picture

Credit Suisse:  europe is falling apart.  Gee,  ya think....

Mon, 11/21/2011 - 10:48 | 1898324 deepsouthdoug
deepsouthdoug's picture

Is it 'Credit Suisse goes for broke', or Credit Suisse goes TO broke?

Mon, 11/21/2011 - 10:48 | 1898325 Jim in MN
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I wonder what Germany will do with France's ultra-hazardous nuclear reprocessing facilities under a New Fiscal Union (New FU--there, coined it)? 

Shut it down.  No mas subsidies!

Mon, 11/21/2011 - 11:14 | 1898458 LeBalance
LeBalance's picture

the nuclear industry in this environment may have funding problems/maintenance problems as a result of fiscal shocks. the outcomes and care provided to these high maintenance facilities is (unfortunately) crucial for life on this planet. And it will be for the next 50,000 years.

It does not matter that you did not sign up for the task, the task must be accomplished because the consequences are too high.

this is a similar, but real, MAD card to that played by banksters.  Their MAD card though is one that they recycle constantly in the endgame in order to steal more.  In the case of the fiscal situation it is less painful long term to force the collapse, plan ahead for it, regulate it, but see it through.

Mon, 11/21/2011 - 11:23 | 1898502 Jim in MN
Jim in MN's picture

Yes but you forget the part where you agree to retire the nuclear fuel cycle, THEN pay for the safety and security forevermore.  I know that both of those things will take a very long time.

Remember, when in a hole, first stop digging.

As for fiscal policy, the thing is to admit to debt impairment and take the losses.  All else is just making it worse.  That is the 'Japanification' debate.  By protecting bondholders, taxpayers and productive elements of society are damaged for extended periods of time.  Lost Decades and the like are the result.

Again, when in a hole.....

In some ways it seems that ZH as a website is asking the question, 'is humanity really capable of operating the complex systems we have become dependent upon, given fat tail/black swan risk events?'  And the single biggest answer is, 'CORRUPTION is the seed of the collapse and it does not look good'.  Whether the nuclear or financial systems are the topic of discussion.

Mon, 11/21/2011 - 10:49 | 1898332 midtowng
midtowng's picture

Wow! That's like saying "We are predicting the End Of The World As We Know It".

Isn't their a rule that the truth can only be spoken on Friday afternoons and weekends?

Mon, 11/21/2011 - 10:49 | 1898333 LawsofPhysics
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The subliminal message is clear.  The swiss are out and will assume their neutral role for the duration of WWIII.  Hedge accordingly.

Mon, 11/21/2011 - 12:02 | 1898654 Miss Expectations
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I know not with what weapons World War III will be fought, but World War IV will be fought with sticks and stones.
Albert Einstein

Mon, 11/21/2011 - 10:50 | 1898337 San Diego Gold Bug
San Diego Gold Bug's picture

Pull your extra cash out of your bank or money market fund and buy gold!  This will kick the boys right in the nuts!!  Bring on the bank runs!!!

Mon, 11/21/2011 - 10:51 | 1898342 wombats
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What would the end of the Euro mean for PMs?  Bullish or bearish?

Mon, 11/21/2011 - 10:55 | 1898359 San Diego Gold Bug
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Bearish at first due to massive liquidation of funds and the run to the "safe dollar".  Then it will turn very bullish as the dollar starts to come apart due to massive injections of capital by the fed to prop everything up.  There will be a stampede to all hard assets when Benny B.  prints, prints and prints!

Mon, 11/21/2011 - 10:56 | 1898367 mayhem_korner
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Kinda like Neo's rebirth in The Matrix.  Short term pain, but bullish in time no doubt.

Mon, 11/21/2011 - 10:53 | 1898344 Zaydac
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Ok, let's get this straight.

Nobody knows what is happening.

Nobody knows what to do.

"Once you move into the sphere of concerns about sovereign debt, there is no answer; there’s no backstop.....Dealing with a banking crisis was bad enough. This would be worse."

(Mervyn King, Governor of the Bank of England, 13 May 2010)

Mon, 11/21/2011 - 11:03 | 1898399 Zero Govt
Zero Govt's picture

Spoken by serial-crone Mervyn King... the man who hasn't seen anything coming (but stays in his job) and hasn't done anything (yet stays in his seat)

... the 'regulator' of British banking that left the goaposts wide open ...the systemic guru that has the biggest concentration of banking monpolies on the globe ...the Governor that stood by as those banking monopolies got boiled down to even fewer monopolies with even greater systemic risk... whose banks projections have never been accurate during his entire time in office ...whose inflation target has never been hit ...who says nothing that British banks are multitudes larger than the UK economy whoch he doesn't see as any problem

...telling us there's "no backstop to sovereign debt" that like Bernanke he helped and indeed encoutaged by giving the British Govt more on the national credit card 

take nothing from this moron and his utterly corrupt central (monopoly) bank

Shutter the Bank of England ...now

Mon, 11/21/2011 - 11:10 | 1898437 lolmao500
lolmao500's picture

the systemic guru that has the biggest concentration of banking monpolies on the globe

Isn't that switzerland? Concentration of banks VS GDP?

Mon, 11/21/2011 - 19:53 | 1900730 Zero Govt
Zero Govt's picture

there's dozens of banks in Switzerland ...there's 5...no, no, sorry now 4 in Blighty

(not including hundreds of nameplate banks in both countries)

British banks are fat diseased dinosaurs cosseted by decades of that protection racket, Govt, and its Regulatory bower constrictors to strangle all banking competition at birth. The British Govt and Merv the Swerve have exactly what they grew, the biggest concentration of risk in the fewest number of monoply dumb-fuk institutions:

Systemic Risk by Govt design writ 5 times larger than the British economy ...a colossal corrupt shambles ...what Govt always delivers 100% of the time (see British healthcare, education, water, electricity, nuclear, transport, green energy, military wars, roads, housing, yabba yabba) 

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