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When you own other people's shit, it doesn't stink any less.
quote of the day. thanks for the laugh
Sprott buying $1.5 billion in silver.
sounds like 15 million silverbugz about to get fleeced
Stay calm everyone, because The Bernanke & Gang are really Johnny On The Spot, having just issued their final rules on U.S. Bank stress tests today, and also reviewing capital requirements of said institutions.
I'm very glad that they're acting so urgently with the very real possibility that these banks may have uber exposure to Euro Zone liabilities, and given that EU counterparties of said banks may be on the cusp of hyper-implosion within hours/days/weeks.
Thanks for being....you....Bernank.
That is the strangest correlation I've heard. Paper BUgs or Physical bugs?
Pretty interesting though. But Silver aside.... the plan is pretty obvious now. Hurt a bank. A big bank in trouble always puts a few smaller ones in a death spiral.
From there to a Greece/Italy style take-over is a few weeks work. France is definitly a FFFFpiG. But it's nto going down either. Not France, not Italy. Too big to Fail.
More important, WHY has Belgium not had a government for so long? What is it intended to be?
More important, WHY has Belgium not had a government for so long? What is it intended to be?
ORI, isn't it apparent? The prettiest pig ever to have lipstick applied by a central banking cabal; or in more popular parlance, the Death Star, from which Dearth Blankfein will strip the remainder of the wealth from the far-reaching provinces to shower the local hookers with gifts.
Fascinating, eh Zhandax? Heart of the EU cannot have a government. It's a tell, for sure.
a puppet can not be the puppet master - Oz dines on mussels
My understanding was that the political situation in Belgium was down to a largely unreported schism between the Flemish (Dutch-speaking) and the Walloons (French-speaking), mostly down to significant cultural differences, the insane institutions created to support these differences in the different regions, and economies of Flanders and Wallonia moving at entirely different speeds -- and the fact that economically-successful Flanders does not like having to pay for struggling Wallonia, nor does it like its left-leaning policies that are funded on its dime.
Belgium will, most probably, undergo some sort of partition in the next few decades; they are a perfect example of how the concept of multi-culturalism simply does not work.
This is all rather interesting in light of the current EU fiasco. If Belgium, a founding member of the EU and the host to the HQ, cannot keep a simple dia-cultural geographical space functioning within one political entity, then how the hell is the EU ever going to manage Euro-federalism or any kind of transferunion?
Thanks Quiet and that surely is the reason the people have. Or have been given. But, given that it si the permenant home of the EU HQ, makes my Spsenses tingle. Wicked designs and all!
The Wallon / Flemish divide underwent an inversion with the rise of the Germand and Dutch economies.
Historically it was the aristocrats and bourgeois who spoke French; the farmers and workers spoke Flemish.
Much like ireland, the european institution is changing all that. The powerhouse of Brussels (the city)
is now 10% expats, who bring in the lion's share of the wealth and are making local politics irrelevant.
though it is telling that expats are charged the most in taxes, up to an enormous 57%, which seems
like a clear violation of european directives of fairness and equality for all residents.
But that's Belgium for you. Fairness has never been part of the equation. In fact they actively created
artificial class and caste distinctions in The Congo and Rwanda in the colonial days. It's a wee little
kingdom producing a smidgen of energy, steel, and exporting blood diamonds and small arms worldwide.
Oh, and it runs a small financial laundering and tax evasion scheme on the side ala luxemburg/liechtenstein.
Dexia for example was basically created to allow Belgian savings caisses and credits to speculate in the
eurozone big leagues. It's thus up to the Belgian crown to nationalize and patch the problem if it blows up.
Like a lot of old europe, it's sitting on old wealth and does not produce or participate enough in the modern
economy and is thus due for a dowsizing or rather rightsizing. I put Italy, Austria, Nederlands in that list too.
That's basically the essence of the european problem: class warfare, with old aristocrats hanging on to
the vestiges of accumulated but unproductive wealth, artifically skewing it against the productive areas.
To fix this there needs to be more integration, more migration, less protectionism, more restructuring.
I believe in the virtue of waste as health indicator, much like the fanciful plumage of the birds of paradise.
in geopolitical matters, this waste is manifest in maintaining a costly ostentatious military. You can clearly
see that the credible european states are Great Britain and France. Coupled with Germany (banned to do so)
as an economic powerhouse this comprises the core of europe. everything else is due for a downsize.
Time to sell some looted art and heritage buildings and head back to more productive work.
As the wider equity market declines, PM prices will follow for while until the supply/demand metrics correct. I can only hope silver would decline so I can back my truck up to my dealer and load up! Silver supply is tightening and with countries like China subsidizing the gold and silver purchases to it's citizens as it prepares for the next leg down, it doesn't take a rocket scientist to figure out that any decline in PM prices will be very temporary.
Good! Let the ZOMBIE BANK starve rather than throwing more QE-stylee-human-flesh chum at it!
You can't make a human out of a zombie, but zombies are exclusively made out of humans. It's called DENATURING or some such thing.
France at AA is generous.
thanks for a great post. p.s. now that i think about it, that rating was much vaulted wasn't it? too bad the signatures were in disappearing ink.
Pathetic, that every shoe has dropped, the writing is all over the wall (floor and ceiling too), and I can't hear my self think over the fat women singing, but central banks are still trying to 'keep it together'.
I can only think of 2 buy recommendations at the moment, PM (make god damn sure you take delivery!) and FAZ.
Please assume crash positions.
FAZ is certainly the move.
My most recent buy, today, was a Smith & Wesson .45 ACP, Model 1911. It will be fondled as often as my silver.
You could get it silver plated and ask Max Keiser to engrave his signature on it.
atlas shrugged, but bernanke took over; atlas was too much of a bitch. You think bernanke is at his limits? He can prop up the solar system if he wanted to. Now, who wants to bail out Uranus?
(voice of Mr. Ed the Talking Horse)
Fr AA nce
Do the kids get this?
Have you ever heard of a talking horse?
He's talking his way right into the glue factory.
Thanks for the reminder of the great Mister Ed! Hadn't recalled the famous song in a long time:
A horse is a horse, of course, of course,And no one can talk to a horse of courseThat is, of course, unless the horse is the famous Mister Ed
Go right to the source and ask the horseHe'll give you the answer that you'll endorseHe's always on a steady courseTalk to Mr Ed
People yakkity yak a streak and waste your time of dayBut Mr Ed will never speak unless he has something to sayA horse is a horse, of course, of courseAnd this one'll talk till his voice is hoarse
You never heard of a talking horse?Well listen to this:
"I am Mister Ed!"
They finally figured out that when you owe a bank 100,000 euros it's your problem. But if you owe a bank 100 million euros, it's the banks problem.
when banks owe 100 billion euros to each other, then you have world economic crisis
Shouldn't you multiply that by at least 100? They repurchased crap that didn't exist for the last several years.
+ synthetic CDO
"They finally figured out that when you owe a bank 100,000 euros it's your problem. But if you owe a bank 100 million euros, it's also your problem."
Just a little amendment there...
And .... If a bank owes you anything it's your problem.
Has anything the EU tried been even remotely sucessfull?
Seems allt he plans get touted inth e press as the end of the financial crisis, only to come back to the headlines days and weeks later as they all come unspooled...
Who are they trying to fool?
Everyone. Themselves, included.
Yep. And don't ya get it yet? This is a human failure. Label it as 'systemic' if you prefer but the fact is that this is precisely what has always, and WILL always happen when power is placed in the hands of to few.
The very concept of world government and specifically consolidation ( taxation) at our Federal level ought to be the turn off of the century.
Stupid, misinformed, and ignorant 'illene' Loves to rally for more of this suicidal bullshit. Leftist bullshit leads to lower standards of living 'on a long enough timeline'.
Call it 'science', call it math, call it whatever you prefer. The FACT is that freedom FROM government benifits individual humans.
It's not rocket science.
Smartest thing I've read in a long time.
Euro SOARS on anticipation of another hopium wedgie of cash
(yes that makes as much sense as the reality!)
I'm certainly glad our Dexia 11/04/11 RON paper reached maturity.
You can only polish a turd so much. Someone will bite it another day.
Don't worry, Bove says our banks will be fine in the stress test. Sooooooo, sell everything? He's like Costanza, if every instinct he has is wrong, then the opposite must be right.
King Albert II Go and tell your master that we have been charged by God with a sacred quest. If he will give us food and shelter for the night he can join us in our quest for the Holy Grail.Taunting French Guard Well I'll ask him, but I don't think he'll be very keen. Ah, he's already got one, you see!King Albert II What?Sir Gallahad He says they've already got one!King Albert II Are you sure he's got one?Taunting French Guard Oh yes. It's very nice!
Monty Python & The Holy Grail (except the king was Arthur, not Belgium's Albert II)
Monty Python +1
Holy Grail +1
Sorry, only +1 button.
Q: What is your name?
Q: What is your quest?
A: Sta-beel-i-tee of ze Euro and of ze bahnks.
Q: What is your favorite color?
A: Yellow. No, blue, um.... GREEN! AAAAaaaaahhhh!
In other news, Van Rompuy dismissed these developments as "only a flesh wound."
Tahrir Square rages on: http://www.ustream.tv/channel/live-from-tahrir-square
For some reason, I think they're beyond worrying about pepper spray and I can't seem to locate the peoples library anywhere.
I wonder if they're having a general assembly meeting tomorrow and what's on the agenda.
I'll take Tahrir Square for 100$ please Alex to block.
Just need China to do their bullsh*t PMI fudge get a smallish rally so I can fix a index short. Looks like this market is getting ready to have it's guts fall out.
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