Decision Time For Europe: The Definitive Presentation On The Future (Or Lack Thereof) Of The Eurozone

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Sun, 11/13/2011 - 22:52 | 1874542 slewie the pi-rat
slewie the pi-rat's picture

even the loose change in the couch is already spoken for...

Sun, 11/13/2011 - 22:53 | 1874544 bigdumbnugly
bigdumbnugly's picture

and trade derivatives of same.

Sun, 11/13/2011 - 23:24 | 1874591 malek
malek's picture

Ja! It's all the German's fault!

Sun, 11/13/2011 - 23:50 | 1874631 He_Who Carried ...
He_Who Carried The Sun's picture

Go read the interview with Bundesbank's Weidmann on ft/US and drive your eyeballs through some carwash in order to get rid of the 'blurrrr'...

"The role of the central bank is clearly defined. It is to ensure price stability and to support the competent authorities in ensuring financial stability. With this formulation, it is clear that the responsibility for financial stability lies with governments."

Mon, 11/14/2011 - 00:17 | 1874664 Goldman Hufs
Goldman Hufs's picture

Yep, nothing like a drug dealer calling his customer a junkie after he can't pay anymore without every acknowledging the fact that he was the one supplying the client with increasing dosages of smack over the years.

Mon, 11/14/2011 - 00:29 | 1874683 DeadFred
DeadFred's picture

A lot of people have a lot of fiat riding on what a small handful of German officials. How confident are you that they will do what is best for Germany and the world rather than what is best for themselves? There are a lot of ways to convince someone to turn on his/her countrymen. Take into consideration that most of this handful are politicians.

Mon, 11/14/2011 - 00:44 | 1874714 He_Who Carried ...
He_Who Carried The Sun's picture

Where did you grow up? Kongo Republic, Guatemala? This is Germany you're talking about, don't worry, they will defend their Bundesbank to the last!

Mon, 11/14/2011 - 08:24 | 1875110 jeff montanye
jeff montanye's picture

imo the fiscal union with austerity that the post holds out as a medium term "solution" will not survive even the vestigial democracy still extant in europe.  especially in even a "mild" recession.  the banks are insolvent.  the financial "services" industry really, really, wishes that were not the case. but it is.  and endless bailouts will not fix it.  ASK JAPAN!  

an organic recovery cannot happen until the banks are restrained and reformed and transparency re: counterparties is restored.  some major reregulation to control derivatives, end the possibility of many, many mf globals, separate "investment banking" from "commercial banking" and, not least, reform campaign contributions from corporations, etc. must be done.

imo the best on this subject:

Mon, 11/14/2011 - 07:25 | 1875055 spankfish
spankfish's picture

Nice coat rack.

Mon, 11/14/2011 - 20:27 | 1877582 malek
malek's picture

Maybe I should have added a /sarc tag to my post... In a time of Universal Deceit, telling the Truth is a Revolutionary act. Just like preaching austerity in an empire of gluttony.
Weidmann is correct, but he will be silenced or removed from his post quicker than you can imagine...

Sun, 11/13/2011 - 23:24 | 1874593 I think I need ...
I think I need to buy a gun's picture

so when are those european bankers going to turn their physical gold into real claims?



Sun, 11/13/2011 - 23:23 | 1874588 DosZap
DosZap's picture

#18, is the GOAL of the entire debacle.

Mon, 11/14/2011 - 03:58 | 1874928 Element
Element's picture

The numbers and the graphs mean nothing in a fiat whirld, the only thing in play is #18, it's the reason they don't want to see the Euro and EU Commission get de-fanged by eruo apostates leaving the flock.

"no! ... ramming speed!! ... we'll surprise it! ... and sink the iceberg instead!" - Ollie's epitah

Sun, 11/13/2011 - 23:50 | 1874630 The Big Ching-aso
The Big Ching-aso's picture



Just because they call it a union doesn't mean it is one.    The Euro situation is akin to New York and Wyoming willingly and enthusiastically becoming sister states.

Sun, 11/13/2011 - 23:57 | 1874639 tempo
tempo's picture

Or CA and Texas having common goal and objectives.  Of course, I am from CA and love receiving entitlements paid for by Texas.  Thank you Texas for the love.

Mon, 11/14/2011 - 02:02 | 1874837 knukles
knukles's picture

Well, SF and Houston could be sister cities.

Mon, 11/14/2011 - 02:15 | 1874856 longonSpam
longonSpam's picture

In what alternate dimension? Fuck Houston, fuck Texas and fuck das Bundesbank

Mon, 11/14/2011 - 08:00 | 1875081 paarsons
paarsons's picture

Good Citizens of Metropolis,

I no longer care about the Eurozone.

I just want a larger cock.

Is that too much to ask for?

Sun, 11/13/2011 - 22:56 | 1874550 monopoly
monopoly's picture

And have a nice day! Geesh,they are toast!

Mon, 11/14/2011 - 08:28 | 1875114 jeff montanye
jeff montanye's picture

what's this "they"?

Sun, 11/13/2011 - 22:58 | 1874553 bigkahuna
bigkahuna's picture

Is this the end of the beginning or the beginning of the end?

Sun, 11/13/2011 - 23:47 | 1874627 TheFourthStooge-ing
TheFourthStooge-ing's picture

Yes, yes it is.


Sun, 11/13/2011 - 23:00 | 1874554 RockyRacoon
RockyRacoon's picture

Looks like a depression is in order.   And the U. S. not be far behind.   That #14 chart is a buzz-killer, eh?

Sun, 11/13/2011 - 23:25 | 1874594 Freebird
Freebird's picture


Mon, 11/14/2011 - 00:07 | 1874652 Manthong
Manthong's picture

After the next big market drop, the Fed will be go for "throttle up".

.. or maybe more aptly, "warp factor 9".

Mon, 11/14/2011 - 08:44 | 1875139 jeff montanye
jeff montanye's picture

qe 1 and 2 were surprisingly impotent, imo.  got a weak recovery from 1 after a huge drop in gdp and a mild ramp up in equity prices from 2.  both now seemingly fading big time as republicans and obama here and bundesbank hawks and euro "visionaries" there compete to reduce debt through austerity.  

world fiscal policy is becoming contractionary in a deflationary, deleveraging depression.  monetary policy is zero bound, in a liquidity trap, pushing on a string, yadda, yadda.  

we have an epic but vain attempt to disguise near universal insolvency with an increasingly unconvincing facade fronting corruption, venality, fraud and theft on an unprecedented scale.

Mon, 11/14/2011 - 02:19 | 1874862 longonSpam
longonSpam's picture

At least it'd be honest, bring it on.. I actually kinda like bean soup and I have plenty of shoes when the beans run out.

Mon, 11/14/2011 - 03:57 | 1874931 UP Forester
UP Forester's picture

Good thing I'm going long canned venison....

Sun, 11/13/2011 - 23:00 | 1874557 LookingWithAmazement
LookingWithAmazement's picture

Eurozone: printing bitchezzzz!

Where's that hyperinflation? Or will the dollar crash after the failure of the Supercommittee and the unwillingness of Obama to cut big time?

Sun, 11/13/2011 - 23:04 | 1874562 Mike2756
Sun, 11/13/2011 - 23:08 | 1874565 vegas
vegas's picture

From where I sit, the forest is on fire.

Politicos long ago pissed away valuable credibility by dragging their collective feet; bringing out worthless trial ballons to see if the market would bite.

They are now left with no easy choices, and no time to make them. Don't expect a pretty outcome

Sun, 11/13/2011 - 23:12 | 1874569 lizzy36
lizzy36's picture

Yes, post election 2012, is looking more and more like post election 2008 (stock market wise).

But between now and then perhaps just lots of lots of foreplay? (UGH)

They will juggle these balls for as long as they can. The longer they do, the greater the chance they all fall at once (see fall of 2008).

Sun, 11/13/2011 - 23:13 | 1874571 Seasmoke
Seasmoke's picture

its going to be a spectacular crash !

Sun, 11/13/2011 - 23:14 | 1874572 Richard Whitney
Richard Whitney's picture

Regarding #18: Sounds OK to me. But surrendering sovereignity and fiscal unity is not a one-way street. The EU countries should also lose their national seats at international bodies, starting with the U.N.

Sun, 11/13/2011 - 23:22 | 1874587 BoNeSxxx
BoNeSxxx's picture

The U.N needs to be disolved.  Private.  Worthless.  NWO tool.

Mon, 11/14/2011 - 07:28 | 1875056 Oh regional Indian
Oh regional Indian's picture

Indeed Bone. BEcause along with the UN will disappear so many other alphabet agencies that are th ereal Vampire Squid.

World Bank, IMF, UNESCO, UNDP....... those are the tentacles. And now of course their Blue Helmeted Peace-keepers (Drug Trafficers, Child Rapists actually).....

But the UN is also just a front.

Secular Humanism, FTW!


Caveat Emptor

Sun, 11/13/2011 - 23:21 | 1874577 Freebird
Freebird's picture

Pictet are pretty darn good & not a primary dealer, so refreshing - tx, even if they are pond scum bankers

Sun, 11/13/2011 - 23:19 | 1874579 cowsense
cowsense's picture

More noise. They have already picked the stud that's going to oversee the EU. We'll all meet him soon.

Mon, 11/14/2011 - 00:40 | 1874707 DeadFred
DeadFred's picture

and be very unhappy about it. What could be worse than Goldman ruling the world?

Sun, 11/13/2011 - 23:22 | 1874580 DormRoom
DormRoom's picture

It's nice to hear how the EU is getting advice from JPMorgan.  The same outfit that advised Jefferson County, the largest Muni bankruptcy in US history.




Sun, 11/13/2011 - 23:21 | 1874584 catch edge ghost
catch edge ghost's picture

I liked the part about sovereignty.

Now I want someone to make little plastic green bankers for me to play with.

Sun, 11/13/2011 - 23:28 | 1874589 MrPalladium
MrPalladium's picture

Gotta love those short term measures!


"ECB interventions to be increased (SMP: 180bn)
EFSF guarantees (<300bn leveraged to 1,000bn)
IMF precautionary line of credit ($300bn currently available)
ECB large-scale guarantees (theoretically unlimited)"


Massive money printing to mop up all bad sovereign debt.

Money printing in the short term and then stern discipline later!!



Sun, 11/13/2011 - 23:31 | 1874601 gjp
gjp's picture

Yep, we promise we'll be good, but in the mean time we want unlimited guarantees ... The debt will never be paid. Stop pretending. The interest burden is killing the economy, not half-hearted austerity. F*** pictet and all other advocates of monetary destruction.

Sun, 11/13/2011 - 23:28 | 1874599 caerus
caerus's picture

usdx will go to 75...carry on

Sun, 11/13/2011 - 23:31 | 1874603 Tater Salad
Tater Salad's picture

Houston, we have a problem!



Sun, 11/13/2011 - 23:34 | 1874607 Caviar Emptor
Caviar Emptor's picture

Since Freidman, central bankers have insisted that capitalist economies could be in a state of permanent prosperity if the wizards were just allowed to practice their dark art. 

Well it's the future and we've got a huge hangover. The wizards are still mixing their potions.  

Mon, 11/14/2011 - 00:57 | 1874731 catch edge ghost
catch edge ghost's picture

Presume at least one or two of them over the decades in fact did understand math and knew that infinite growth is an impossibility.

An elaborate double secret central plan to transition to a sustainable era of zero growth could hardly not exist.

Sun, 11/13/2011 - 23:37 | 1874614 Georgesblog
Georgesblog's picture

The timeline is now dictated by the debt service schedule. Think of it as a margin call on the GNP of Europe.

Sun, 11/13/2011 - 23:40 | 1874618 pudding
pudding's picture

The european is just slow, too slow

Sun, 11/13/2011 - 23:40 | 1874620 twotraps
twotraps's picture

The Euro is a political construct....they are in a jam due to economic as much as politics.  They want the 'magic of the market' and hope it covers the promised social safety net.  It should be interesting to see what they come up with.  Its funny to see the phrase 'crisis management' lumpted in with the latest meeting.....seems this crisis is throwing Europe around like a rag doll!  Not inspiring much confidence.  Real question is how can we make money from this?? 

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