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"Dexia's Funeral Will Be Announced On Sunday" As "Weakest Link" Slovakia Prepares To Bury The Euro

Tyler Durden's picture




 

A few days ago we mocked the market's naive belief that a loose union of 17 different countries and hundreds of separate political organizations, each torn by thousands of unique interests and lobby groups, can all agree unanimously in the pursuit of the common monetary (read: banker) good, over that of their own people. Yet that did not stop stocks from enacting the second weekly massive short covering squeeze, in 3 weeks, purely on hype, rumors, innuendo and lies. And just like the last time the market soared by nearly double digits in a few short days, only to plunge when hopes of a quick resolution were mercilessly dashed, Monday has all the makings of another epic risk off day. Because while all it takes is a rumor (of a plan for a plan) to start a squeeze, we are about to get some very nasty actual events which will demand immediate and forceful intervention by the powers that be, something which Europe (and the US) has proven is virtually impossible. The events in question are, as Reuters reports, that i) "Dexia's Funeral Will Be Announced On Sunday" and, as Bloomberg reports, that ii) Slovakia’s ruling Freedom and Solidarity party won’t back the overhaul of the European bailout mechanism after Prime Minister Iveta Radicova rejected the party’s conditions for approval, a lawmaker said. Said otherwise, bonds are currently thanking their lucky stars the bond market is closed because not only will Europe have to deal with the headline risk that the weakest link in Europe, the tiny country of Slovakia, can scuttle the entire second Greek rescue operation, and thus, lead to the expulsion of Greece from the eurozone following its bankruptcy, but this will have to take place as Europe fights the stem the contagion resulting from the collapse and nationalization of the first Greek bank, which nobody, nobody, could have foreseen.

First, on Dexia via Reuters:

France and Belgium are expected to finalise plans this weekend to break up Dexia, which helps finance hundreds of towns in both countries and became the first European bank to fall victim to the euro zone crisis.

 

Dexia, whose board is likely to meet on Sunday, was forced to seek government help earlier this week after a liquidity crunch hobbled the lender and sent its shares into a tailspin.

 

The bank's implosion has added to investors' worries about the solidity of European banks and has coincided with increased European Union talk about coordinated action to recapitalise banks across the continent.

 

The burden of bailing out Dexia also prompted Moody's to warn Belgium late on Friday that its credit rating could fall.

 

The ratings agency also cited the prospect of higher funding costs and weak economic growth as reasons for putting Belgium's Aa1 government bond ratings on review for possible downgrade.

 

France and Belgium have guaranteed Dexia's financing, paving the way for a new rescue for the bank, which is struggling to wind down billions of euros in toxic assets accumulated during an overambitious expansion plan.

 

But there were signs that the details of the rescue were proving troublesome, as a Dexia board meeting originally scheduled for Saturday slipped back to Sunday.

 

Still, a source close to the talks was confident the bank's future would be determined before the opening of markets on Monday morning.

 

"The need to rescue Dexia is symbolic of the uncertainty that characterises the banking sector," said Eric Galiegue, president of Valquant, an independent research firm. "Who would have imagined that a bank so linked with European construction would end up being dismantled?"
"Dexia's funeral will be announced on Sunday," the source said.

Summarizing the above: nobody has any clue what the proper response here is nor how the market will react.

And as for the second key event just unveiled...

Slovakia’s ruling Freedom and Solidarity party won’t back the overhaul of the European bailout mechanism after Prime Minister Iveta Radicova rejected the party’s conditions for approval, a lawmaker said.

 

The party, known as SaS, insists its three coalition partners agree to two conditions before it will back the enhancement of the euro region’s bailout fund, the European Financial Stability Facility, in a parliamentary vote Oct. 11, said Jozef Kollar, head of SaS’s parliamentary caucus. “If the solutions we have put forward aren’t accepted then we will not vote for the EFSF,” Kollar said in a debate on state Slovak Radio today.

 

Slovakia and Malta are the only countries that haven’t yet ratified the key element in the European Union’s plan to prevent the region’s debt crisis from spreading. The Slovak row risks sinking the EU plan, which needs the unanimous consent of all 17 euro members to come into force.

 

SaS is calling for the creation of an inter-party committee that would have a right to veto individual EFSF disbursements. It is also demanding that Slovakia doesn’t participate in the European Stability Mechanism, a permanent rescue vehicle set to come into force in 2013. SaS will negotiate “until the last minute” with its coalition partners, according to a statement posted on the party’s web site today.

 

Smer, the largest opposition party, has said it won’t support the EFSF overhaul unless the government steps down.

For those who are still confused, here is what is going on:

The bailout plan that was proposed in July, and was supposed to be operational by the start of September, has still not been ratified, and now the smallest European country is holding the entire continent, its currency, and frankly the Fed, which will have to step in and bailout Europe, hostage.

In the meantime, the first actual core bank casuality is about to go 6 feet under, and unleash a falling house of cards of unpredictable consequences, which will likely make the "fear and loathing" chart presented previously double in a very short time.

And in this environment, where the decisionmakers in Europe are objectively about 2 years behind the curve, are paralyzed into inactivity and torn asunder by warring political parties, the market actually believes that some actual "solid" policy intervention can about to take place?

...

Oh yes, "Dexia is fine"... The stress test (the second one) said so.

 

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Sat, 10/08/2011 - 15:02 | 1753218 Caviar Emptor
Caviar Emptor's picture

This is clearly the fault of evil speculators. 

And btw, Tyler, Slovenia and Slovakia are 2 different places. 

Sat, 10/08/2011 - 15:09 | 1753224 GeneMarchbanks
GeneMarchbanks's picture

Slovakia is the one although I'm sure Slovenia can't afford this either but just do what they're told...

Sat, 10/08/2011 - 15:10 | 1753227 Caviar Emptor
Caviar Emptor's picture

Ahh, Slovenia, how we pine for your shores (and money)

Sat, 10/08/2011 - 15:16 | 1753240 DoChenRollingBearing
DoChenRollingBearing's picture

Slovenia has shoreline?

Sat, 10/08/2011 - 15:19 | 1753244 GeneMarchbanks
GeneMarchbanks's picture

Northern Adriatic. Nothing special...

Sat, 10/08/2011 - 15:36 | 1753272 Grimbert
Grimbert's picture

We drove to Croatia 2 summers ago. We were driving past Trieste and the kids knew we were coming up to the border. It said 'welcome to Slovenia'. Quote of the holiday (after driving through 6 countries already): 'I've not even heard of this country'.

It took us half an hour to get to the Croat border, and we were only in the country that long because we had to avoid buying a 6-month vignette to use 10 miles of motorway.

Sat, 10/08/2011 - 15:45 | 1753286 frenchie
frenchie's picture

you must be american right ?

Sat, 10/08/2011 - 16:28 | 1753321 Cynical Sidney
Cynical Sidney's picture

somebody please remind me again, why are we talking about slovenia? tyler said nothing of slovenia? slovenia was among yugoslavakian states that declared independence when ussr went kaput back in '91. slovakia was the one that broke away from czechoslovakia afterwards. tyler's made a great point about slovakia being a small country; when it comes to negotiating bankster bailouts, the smaller you are, the more crazy and reckless you'd have to be.

"Europe fights the stem the contagion resulting from the collapse and nationalization of the first Greek bank, which nobody, nobody, could have foreseen."
if you have the common sense to foresee that bankrupt TBTF companies will be nationalized, you are a 'nobody', your voice will never be heard, your opinions will not count, as banksters and their political puppets continue to divert public money from more bailouts.

"the smallest European country is holding the entire continent, its currency, and frankly the Fed, which will have to step in and bailout Europe, hostage."

why is slovakia vilified when it's the banksters who are holding everyone hostage. praises goes to slovakia, it's fighting for its rights it's doing what's right.

Sat, 10/08/2011 - 18:18 | 1753488 disabledvet
disabledvet's picture

didn't say what the conditions were for saying yes. also the "Czech" part is not part of the euro-zone as it has it's own currency...the "koruna"... though it is a member of the EU. Interesting history as well. I've never been to Prague but I hear it's quite beautiful. It was a big location for the information age folks after the Soviet Union collapsed. I imagine that still is true.

Sat, 10/08/2011 - 22:40 | 1753906 Troll Magnet
Troll Magnet's picture

parts of prague are indeed quite breathtaking but other parts feel rather desolate and you can tell they still haven't fully recovered from wars. definitely worth checking out though.

Sun, 10/09/2011 - 03:39 | 1754224 Smithovsky
Smithovsky's picture

Black Monday!

Sun, 10/09/2011 - 09:12 | 1754378 Going Loco
Going Loco's picture

"parts of prague are indeed quite breathtaking but other parts feel rather desolate and you can tell they still haven't fully recovered from wars. definitely worth checking out though."

Sounds like New York city.

Sat, 10/08/2011 - 19:35 | 1753589 FeralSerf
FeralSerf's picture

<<"the smallest European country is holding the entire continent, its currency, and frankly the Fed, which will have to step in and bailout Europe, hostage.">>

Speaking of not knowing anything about geography, since when is Slovakia the smallest European country?  What about Malta and Luxembourg, both EU countries?   Or Lichtenstein, Andorra, San Marino or Monaco?  They're Europe too, but not EU.

Sat, 10/08/2011 - 20:27 | 1753667 defencev
defencev's picture

 Not only that. The very idea that Slovakia stops anything is an absolute nonsense. The author seems to be obsessed with various Armagedon-type scenarios none of which is going to happen. Crawl back to your cave, count your Gold and keep quiet:nothing drastic is going to happen.

Sat, 10/08/2011 - 21:18 | 1753765 macholatte
macholatte's picture

The Mouse that Roared ..... or in this case.... got the biggest bribe for its vote.

Yes, there's a very big bribe being negotiated. The deal will close, the can will be kicked and the stubborn folk from the arguably smallest, insect size country will get a huge payoff.

 

As I grow older, I pay less attention to what men say. I just watch what they do.
Andrew Carnegie

 

Sat, 10/08/2011 - 22:00 | 1753848 erg
erg's picture

Newton's 2nd law of thermodynamics with a Chopin chaser.

Sun, 10/09/2011 - 03:58 | 1754234 Karl Tashjian
Karl Tashjian's picture

A contrarian trolling ZH. Fascinating!

 

I think the truth lies somewhere between you and Tyler, defencev.

Sun, 10/09/2011 - 15:24 | 1755308 matrix2012
matrix2012's picture

And don't miss the VATICAN either...no matter how holy and religious it may look like, it has all the functions and wealth as a state except the uniformed army...and banking center as well :D

Sat, 10/08/2011 - 23:51 | 1753999 Michael
Michael's picture

It would take too long for me to explain to you how I knew this day would come. I'm still looking for the original thread where I made this prediction a couple weeks earlier.

"October 10th, 2011 is the stock and bond market day of total world market devastation. Black Monday and Black Tuesday next month beginning October 10th will be market devastation of biblical proportions. You may think the plunges in this September are the big one, you are wrong, that's next month. Yes it is going to happen sooner rather than later."

http://www.zerohedge.com/news/charting-two-centuries-business-booms-and-depressions-1775-1944

Sun, 10/09/2011 - 02:16 | 1754174 Michael
Michael's picture

Spread the wealth, right?

President Hu Jintao is having to stare down claims that human-induced climate change is an elaborate American conspiracy.

Read more: http://www.smh.com.au/world/chinese-sceptics-see-global-warming-as-us-conspiracy-20111007-1ldl1.html#ixzz1aGLJwhS8 Chinese sceptics see global warming as US conspiracy John Garnaut

October 8, 2011

Read more: http://www.smh.com.au/world/chinese-sceptics-see-global-warming-as-us-conspiracy-20111007-1ldl1.html#ixzz1aGKes4Bw

Sun, 10/09/2011 - 06:33 | 1754285 ISEEIT
ISEEIT's picture

LOVE IT MICHAEL!

I've been calling out the globalist bullshit from day one. Think central banking is a scam? Global warming/ climate change is the cherry on top, the final nail in our coffin. These sick fucks truly do desire a total lockdown prison planet. Think I'm crazy? Fine, get on the train then.

Sun, 10/09/2011 - 15:45 | 1755389 matrix2012
matrix2012's picture

WHO has the Sydney Morning Herald? Oops...just recall it, the famous NEWS Corporation, or even more famous name, Rupert Murdoch. I'm still much amazed with their sophisticated phone investigation :D

Sun, 10/09/2011 - 18:37 | 1755745 o2sd
o2sd's picture

Wrong, but thanks for playing. SMH is owned by Fairfax, not News. Scumbags yes, but a different group of scumbags.

Sun, 10/09/2011 - 09:21 | 1754393 RSloane
RSloane's picture

I'll be holding you to it, Michael. Until tomorrow, +1 for not backpeddling and putting your call out there.

Sat, 10/08/2011 - 16:36 | 1753342 Grimbert
Grimbert's picture

*ouch* my son was 12 and is English - these new countries will keep popping up with very similar names - slovenšcina vs. slovencina.

I can't get the 'v' on top of the c.

Sat, 10/08/2011 - 16:43 | 1753350 buzzsaw99
buzzsaw99's picture

'I've not even heard of this country'.

 

You read that and thought he was American? :roll:

 

Watch at 2:56 and learn how an American would say that:

http://www.youtube.com/watch?v=bJJHSsLhE24

Sat, 10/08/2011 - 17:32 | 1753425 Bob
Bob's picture

Exactly.  WTF is a "vignette" or a "motorway," anyway?

Sat, 10/08/2011 - 17:36 | 1753433 buzzsaw99
buzzsaw99's picture

i suspect vignette is some kind of salad dressing.

Sat, 10/08/2011 - 21:21 | 1753771 UP Forester
UP Forester's picture

I thought it was a short story....

Sat, 10/08/2011 - 21:56 | 1753838 ISEEIT
ISEEIT's picture

That or Slovakian slang for va jay-jay?

Sat, 10/08/2011 - 23:05 | 1753933 DeadFred
DeadFred's picture

That there balsanic vignette can be right tasty stuff.

Sun, 10/09/2011 - 01:52 | 1754146 Cynical Sidney
Cynical Sidney's picture

that's balsamic vinaigrette, means vinegar with added salad oil; vignette are old portraits of people found in books, with its background color slowly fading into the pages; in creative writing, vignette is a 'defining picture'.

Sun, 10/09/2011 - 05:08 | 1754262 Grimbert
Grimbert's picture

Yeah, that would be the type they sell at border crossings.

Sun, 10/09/2011 - 06:06 | 1754277 bartek
bartek's picture

Motorway - a road for motorcycles.

Sat, 10/08/2011 - 17:52 | 1753442 legal eagle
legal eagle's picture

Euro trash -- so fucking arrongant.  Can you Frenchie, name every US state and every capital of every US state?  I did not think so.  Can you name the US rivers, the great lakes?  No, again. hmm.  How about the Regions of Russia?  Do you know where Turkmenistan versus Tartarstan is? What is the capital of Tartarstan and why is it famous?  I see, no again.  I cant help it your forefathers, who invented the inferiority complex know as the Nepolean complex (which you obviously have), lost so much of your land that what is left is so small it is hard to forget, even when we try.

I happened to have lived in Switzerland, and happen to know all of the countries in Europe, but that is because I lived there fucker.  Europeans tend to complain that Americans do not know geography, my experience is they know just as much geography as Euro-trash, just different geography.  And the French with their harry women and small dicks who know the least seem to complain the most.

Sat, 10/08/2011 - 18:03 | 1753471 Motley Fool
Motley Fool's picture

Ignorance doesn't have a nationality.

Sat, 10/08/2011 - 18:16 | 1753486 Lord Welligton
Lord Welligton's picture

Though it apparently has a "Legal Eagle".

Sat, 10/08/2011 - 18:28 | 1753500 Idiocracy
Idiocracy's picture

'harry' women?  Mr Eagle, to what law school did you go?  

Sat, 10/08/2011 - 18:47 | 1753527 legal eagle
legal eagle's picture

Caught a typo, wow arent you brilliant!

Sat, 10/08/2011 - 18:58 | 1753538 Lord Welligton
Lord Welligton's picture

Are you old enough to be on this site?

Where's your Daddy?

Sat, 10/08/2011 - 22:51 | 1753916 Troll Magnet
Troll Magnet's picture

legal eagle,
i'm american and i can tell you that i will NOT be able to name capitals of all 50 states or many great lakes of ours, etc. i'm not proud but many americans are provincial if not downright stupid. how else can you explain bush-bush-obama? and judging by ron paul's 10% support, i am pretty confident that at least 90% of americans are indeed fucking dumb. again, not proud but it is what it is.

Sun, 10/09/2011 - 00:21 | 1754052 maxw3st
maxw3st's picture

Well said Troll Magnet. It's good to see I'm not alone. I probably can name all 50 states and their capitals as well as the great lakes, most, if not all, of the countries in Europe, and the same for Africa. But, I grew up moving around a lot and have never had the benefit of being able to become provincial. The rest of your statement is right-on. Europeans, by and large, are still as Chauvinistic as they were during the Victorian era and so are no different than the average American in that regard.

When you have a government that spends 30 years dumbing down the education system you are going to get things like Bush-Bush and complete ignorance as to what Ron Paul's message is or what its roots are. The fall of an empire is a sad thing-when it's where you live.

Sat, 10/08/2011 - 19:31 | 1753583 Dugald
Dugald's picture

Nah! think you are just sloppy.....

Sat, 10/08/2011 - 18:30 | 1753507 buzzsaw99
buzzsaw99's picture

ouch

Sat, 10/08/2011 - 18:45 | 1753522 legal eagle
legal eagle's picture

Yes, of course, more euro-trash with a superiority complex.  English I suppose, the worst.  Have you ever heard of dentistry?

Sat, 10/08/2011 - 18:50 | 1753530 buzzsaw99
buzzsaw99's picture

in the name of the usa, please stop. how many countries do you intend to insult with your redneck stereotypical bs?

Sat, 10/08/2011 - 18:55 | 1753534 Lord Welligton
Lord Welligton's picture

Apparently as many as his ignorance allows.

However, I am Irish.

As was Wellington.

Though that would be way beyond the education of the "Legal Eagle".

Sat, 10/08/2011 - 19:30 | 1753581 BurningFuld
BurningFuld's picture

I'm from Canuckistan and the capital is Beer. Any questions?

Sat, 10/08/2011 - 20:59 | 1753729 catacl1sm
catacl1sm's picture

Pabst Blue Ribbon

Sat, 10/08/2011 - 21:22 | 1753778 UP Forester
UP Forester's picture

Nah.  Labatt Blue, as long as you're not in Utah.

3 point beer sucks, eh?

Sun, 10/09/2011 - 09:28 | 1754406 BandGap
BandGap's picture

God I love the UP, and Yoopers will one day rule the world.  I think we have infiltrated the entire 57 states and will soon launch a coordinated domestic overhaul directed at world domination.  Or drink a shitload of beer and brandy waiting for it all to come to a crashing halt.

20 acres in Iron County, aka, Fortress Yooper

Sat, 10/08/2011 - 23:11 | 1753943 DeadFred
DeadFred's picture

How ironic.

Sat, 10/08/2011 - 21:34 | 1753794 Crisismode
Crisismode's picture

What is the capitol of the Province of Molson?

How many hockey players can fit into the Toronto Dominion Bank headquarters executive bathroom?

What ever happened to the Yukon Territory?

Why do all the famous Canadian entertainers migrate to LA?

In what famous Montreal hotel did Trudeau bang Barbara Streisand?

What is Nova about Scotia?

And finally, for the winning question, When did Diana crawl?

Breathlessly waiting for your answers.

 

Sun, 10/09/2011 - 09:11 | 1754377 stev3e
stev3e's picture

Yes it does - Ignorakia - its the smallest country in Europe.

They have their own currency.

Sat, 10/08/2011 - 18:28 | 1753502 knukles
knukles's picture

Really, the French with their small women and hairy dicks. 
Based upon personal experience, I'd add smelly, too.
And also remember when one crosses the border from Switzerland or Germany into France.  Looks like the roadside from JFK to Manhattan...shit all over.

Sat, 10/08/2011 - 20:48 | 1753711 Marzen
Marzen's picture

Eh,  still not as impressive as Switzerland into Italy.

 

Sat, 10/08/2011 - 19:05 | 1753544 Lord Welligton
Lord Welligton's picture

"just different geography"

That would be what geography?

Jesus wept.

I have met and kown many Americans in my time.

Some are now friends.

Some were Irish/American gobshites from the off.

You on the other hand are what is worst in America ........ the Idiot/American.

 

Sat, 10/08/2011 - 19:44 | 1753599 donsluck
donsluck's picture

Who is Jesus?

Sat, 10/08/2011 - 20:11 | 1753641 knukles
knukles's picture

My gardner. 
And his crew are the 12 disciples.
And my house cleaners names are Fatima and Guadalupe.
Better than a Pope in the eye with a sharp scpetre.

Sat, 10/08/2011 - 20:20 | 1753657 Lord Welligton
Lord Welligton's picture

His gardner.

Sat, 10/08/2011 - 21:00 | 1753731 Schmuck Raker
Schmuck Raker's picture

A cuple more not good spellers hear Idiocrazy!

U want I shude hold em' fer ya?

Sat, 10/08/2011 - 19:43 | 1753598 donsluck
donsluck's picture

I think it was decided the writer was American because he apparently drove everywhere, which made it very likely to be true.

Sun, 10/09/2011 - 01:30 | 1754128 Prometheus418
Prometheus418's picture

Yeah.  Fuck you too.

I am getting pretty fucking tired of the "Blame America First" crowd that has been making the rounds here.

Let me clue you into a little factoid, you subhuman elitist fuck.  America made the world you live in.  While we may have our problems, and those problems have grown in the past couple of decades, we are still the people that imagined, designed, and built the entire world that you live in.  You would have nothing that resembled the modern world were it not for the men and women who were brave enough to leave the nest and move to the new world generations ago.

The United States are the only eugenic experiment that could ever have worked, and worked it has.  Whenever a person felt trapped and persecuted anywhere on this planet in the last 235 years, they sold all they had (when required,) left their homes and in many cases, their families, to cast their fortunes across an ocean to come here- the shining city on the hill.

Yes, those intrepid souls and thier descendants invented the automobile, electricity, liquid fuel, space travel, computers and every other thing you use every fucking day.  Excuse us for continuing to use those things which our forefathers invented and spread across the world to lift you stupid fucking savages out of your lives of darkness and poverty.  Without America, you have no voice on the internet, you have no electricity, you have no oil and you have no cars.  What you would have had, those of you who stayed put and hoped for the best, is a mule and a thatched hut.  Once a year, you would assemble along the roadway hoping to steal a sidelong glance at your glorious ruler, while you kneel in the mud in your rags, hoping for a single glimpse of a better world before you returned to your duties at the pig farm.

Do we drive cars?  Yes, we do.  We also have money- because money comes from productive work, not socialist whining about how the world never gave you a fair shake.  We have our problems, but you arrogant euro-centric fucks don't have one word to say about them.  You can start talking when you pay us back, in full and with interest, for all the extraordinary gifts the rebels of the world have given you.  While the rest of you cringing, worthless slaves argue about how much your government should give you, we debate whether or not the government should even continue to exist.  Even our fat, slovenly Wal-Mart denizens fight for freedom, in their own little ways- and when the storm rages, and the winds carve the flesh from their bones, they- even they, will remember the promise that lies latent in their very blood, and they will stand among us once again to fight for a world fit for men to live in.

We're not the fucking 99%.  We've seen the elite, and they are us.  There are a few who go too far, and have taken too much- and they will hang in the public square for their abuses, but those who remain are still the sons and daughters who left the old world and carved the most powerful nation the world has ever seen out of nothing.  We've mixed our races, and left the weak to die time and time again, and those who have survived, no matter what the television (which we also invented) might tell you, are the cream of the human race- even the dullards amongst us.

So go back to eating your fucking baguettes and enjoy riding on your trains.  Sleep securely tonight- because you know that America is the champion of the human race, and when the chips fall, we will come once again to free you from those things that you were too frightened to confront.  Stop praying to god, and pray that your Uncle Sam survives his current malaise- for if we, the elite microcosm of the world, fail, the rest of you will surely die.

You wonder why the Greeks protest first?  It's simple- when you eurotrash speak out, you know it is a game.  You might get a bit of tear gas, and spend the rest of the evening in the bar bragging about it with your friends- but we don't roll that way.  When revolution comes to these shores, every man, woman and child will fight to the death to save our way of life.

That's Lady Liberty for you- she might not always mind her P's and Q's, but she's got a mean uppercut.

Sun, 10/09/2011 - 02:30 | 1754184 AnAnonymous
AnAnonymous's picture

Here's another sample of the genius of US citizens.

so:

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::
I am getting pretty fucking tired of the "Blame America First" crowd that has been making the rounds here.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

and just after

,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,
Let me clue you into a little factoid, you subhuman elitist fuck. America made the world you live in.
,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,,

Absolutely true. This is a US world order.

And as such, it justifies fully the 'blame US first' because they are the one that set the current world order. Blame games (as US citizens love them) targetting countries like Zimbabwe are funny but totally disconnected from reality.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Yes, those intrepid souls and thier descendants invented the automobile, electricity, liquid fuel, space travel, computers and every other thing you use every fucking day.

!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Automobile was not invented by a US citizen. I think it was invented by a french guy. But usually, people like Daimler, a German, are considered pionneers.

Electricity was not invented. It is a natural phenomenum and as such discovered.

Very little US contribution and one that could have been disastrous in the mid term with Edison wanting to monopolize electricity distribution and who was luckily twarted by Tesla, a Croatian.

Etc...

As usual, too much to correct.

But yeah, this is a US world order, the current economic crisis has its deep roots in the US (as so many previous financial crisis) and causality principle, huh, put the fingers on the causes, not the symptoms.

The US is not the solution, the US is the problem.

Sun, 10/09/2011 - 05:29 | 1754263 johny2
johny2's picture

Tesla was a serb, not croatian. And the USA and EU are parts of the same empire. 

 

 

Sun, 10/09/2011 - 05:50 | 1754272 Poetic injustice
Poetic injustice's picture

Too long to read. But:

"Do we drive cars?  Yes, we do.  We also have money- because money comes from productive work,"

nowadays is outright lie :P

 

Sun, 10/09/2011 - 06:10 | 1754278 bartek
bartek's picture

Europe is on the verge of collapse because Americans sold them trillions of dollars worth of housing toilet paper backed my worthless, shoddily constructed one-door-two-windows boxes for speculators.

Sun, 10/09/2011 - 09:07 | 1754373 gillimus
gillimus's picture

Best fucking rant, ever.  Some may complain about lost US productivity, but we can still talk some serious smack.

Sun, 10/09/2011 - 09:16 | 1754386 Motley Fool
Motley Fool's picture

There is a lot of truth in what you have said, and also a lot of falsehood. I'm gonna give you a green because the falsehood is obviously not intentional and springs from ignorance.

 

America was a great country, the best, the most free, before it was usurped by the fucked up ideology called socialism. It can be a great country again.

Sun, 10/09/2011 - 10:01 | 1754470 Going Loco
Going Loco's picture

 

"Yes, those intrepid souls and thier descendants invented the automobile, electricity, liquid fuel, space travel, computers and every other thing you use every fucking day. "

Well Prometheus, you have clearly demonstrated the typical arrogance of the typical ignorant American....

The automobile: invented more-or-less simultaneously in several places. The first self-propelled road vehicle was invented by Cugnot (France) and the first successful gasoline-powered cars were invented and patented by Daimler & Benz (Germany)

Electricity: The experimenter Gilbert (England) coined the word electricity; Faraday (England) invented the first electric motor. And yes there was Franklin (America). What exactly did he invent that is in everday use (oh yes, the lightening conductor)

Liquid fuel: In use since antiquity but the first oil refinery was built by Lukasiewicz (Poland)

Space Travel: First man in space? Gagarin (Russian)

Computers: Never heard of Turing (England)?

"and ever other thing you use every fucking day": Perhaps you are thinking of the condom - Fallopius (Italy) 

Wrong on all counts Prometheus.

 

Sun, 10/09/2011 - 11:45 | 1754710 jez
jez's picture

"Computers: Never heard of Turing (England)?"

I'll see your Alan Turing and raise you one Charles Babbage (1791-1871) of London. Father of the computer. What a story:

http://en.wikipedia.org/wiki/Charles_Babbage

Sat, 10/08/2011 - 20:13 | 1753645 malek
malek's picture

Can you name all 16 German states and their capital? Swiss cantons? Franch départements? Thought so. Sucker.

Sat, 10/08/2011 - 21:57 | 1753844 ISEEIT
ISEEIT's picture

Brilliant.

Sat, 10/08/2011 - 23:27 | 1753967 Cathartes Aura
Cathartes Aura's picture

And the French with their harry women and small dicks

fascinating observation legal eagle - have you actually seen the French harry their women with their small dicks?

pics or it didn't happen, *snigger*

Sat, 10/08/2011 - 23:28 | 1753968 CompassionateFascist
CompassionateFascist's picture

There are all sorts of good people in Europe. But none of them live in Froggyland.

Sun, 10/09/2011 - 01:25 | 1754113 jez
jez's picture

"Europeans tend to complain that Americans do not know geography . . ."

I once knew an American who thought that Thai was the national language of Taiwan. Insisted on it.

"Do you know where Turkmenistan versus Tartarstan is? What is the capital of Tartarstan and why is it famous?"

Do you mean Tatarstan?

Yeah, wait a minute . . . didn't "Nepoleon" pass through it on his way to Moscow?

Sun, 10/09/2011 - 11:35 | 1754683 Which is worse ...
Which is worse - bankers or terrorists's picture

31 thumbs up versus 29 down. I would like to see the 60 of you all kill each so we can make the world a better place.

By this I mean: no one gets out alive. 

Sat, 10/08/2011 - 22:55 | 1753924 Richard Whitney
Richard Whitney's picture

An American wouldn't use the word 'vignette', nor would an American likely use the term 'motorway'. That person is most certainly English.

Just by your smug, arrogant and unwarranted comment, you must be a continental zeropean.

Sun, 10/09/2011 - 05:16 | 1754264 Grimbert
Grimbert's picture

The other clue was that by the time we got to Slovenia we had driven through 6 countries. The drive from the channel tunnel to the Belgian border gives you just long enough to empty the ashtray.

Sun, 10/09/2011 - 12:05 | 1754753 jez
jez's picture

"An American wouldn't use the word 'vignette' . . ."

That seems a rather harsh view. Some of them must have some facility in foreign languages, surely?

Sat, 10/08/2011 - 19:53 | 1753610 Zeroexperience2010
Zeroexperience2010's picture

Actually they also have highway vignette for 1 or 2 weeks ;)

It's quite nice to visit, Ljubljana is worth a weekend stay (by then you had time to visit most of it).

Sun, 10/09/2011 - 05:18 | 1754265 Grimbert
Grimbert's picture

They didn't when we went. Just missed out. My attitude was like well I've already paid for their roads so why should I pay a second time?

Sat, 10/08/2011 - 22:10 | 1753863 chindit13
chindit13's picture

But did you see Simon Black, Sovereign Man, on your travels?

Sat, 10/08/2011 - 18:29 | 1753504 Newsboy
Newsboy's picture

Slovenia is nice, like Austria, but with a coast (with unusally clean water), and they just speak the wrong language, but cool folks. Nicer views from the trains, and less hassle.

Slovenia is in poor financial condition.

Slovakia, nothing to write home about, but better basic finances.

 

Sat, 10/08/2011 - 18:38 | 1753517 Viliam
Viliam's picture

SLOVAKIA...

Sat, 10/08/2011 - 16:42 | 1753362 papaswamp
papaswamp's picture

Neither can Bulgaria...and they are having some serious internal issues. 

Sat, 10/08/2011 - 17:41 | 1753440 cossack55
cossack55's picture

At least we won't have to suffer the "canceled Czech" jokes.

Sat, 10/08/2011 - 18:20 | 1753492 disabledvet
disabledvet's picture

that's right. "because the problem is in Slovakia!" (insert giggle here.)

Sat, 10/08/2011 - 17:00 | 1753386 smlbizman
smlbizman's picture

a simple question....will this put downward pressure on the metals?

it seems that when liquidation has to occur down must be the temporary effect....please let me here your thoughts on this

Sat, 10/08/2011 - 18:10 | 1753480 Hulk
Hulk's picture

Nobody in their right fucking mind will predict what metals will do at this point. Drink if you got em...

Sun, 10/09/2011 - 09:58 | 1754474 PhD
PhD's picture

I disagree. Few if any are more predictable than the desperate man with limited options.

The liquidity squeeze will cause downward pressure on metals and this for the simplest reason imaginable.

Path of least resistance.

In facing a need for cash the banks and funds face two options, sell or borrow. As borrowing is becoming impossibility the only option remaining is selling assets.

In choosing what to sell the banks/funds have limited options

1.  bonds

2.  stocks (and similar)

3.  PM

The question is then, what action would have the least impact on the overall value of their portfolio?

Given that bonds are expected to rise in the short run, selling these is unwise.

Stocks on the other hand is very likely to fall in the short run, however, by selling these this act would create more downpreasure on the market as the volumes of trading is as low as they are, liquidating these is likely to lead to a need for further liquidation and a further reduction in the overall value of the portfolio.

Hence, even though PM are the only assets that is expected to have value in the long run, these will be sold as the selling of these will have the least impact on the portfolio value in the short run.

In conclusion:

PM's will fall in price in the short run as desperation causes banks and funds to sell long to cover short.

Question: will this create an increase in the supply of physical?

This I doubt and the coming collapse in prices will most likely be the last chance to protect yourself from the coming currency collapse. Waiting for prices to fall however is however a huge gamble as the collapse may come sooner than anyone expects.

 

 

Sat, 10/08/2011 - 19:14 | 1753558 Rome is burining
Rome is burining's picture

The question rather should be:  Will central banks and corrupt government continue to do their utmost to suppress their price or at least create the impression that metals are not adequate stores of value?  Yes.  Will Russia, China, and India, along with other persons who understand the true nature of monetary metals continue to buy?  Yes.  5 years from now gold will be $5,000.00 an ounce and silver $265.00 no matter what transpires in the interim (minus a massive EMP blast over Chicago, Bejing, Moscow and Paris or a world over ebola outbreak). Buy, my son... Buy.  

Sat, 10/08/2011 - 19:48 | 1753601 donsluck
donsluck's picture

In my humble opinion the time of official government price suppression of PMs is over. It's every man for himself at this point.

Sat, 10/08/2011 - 21:31 | 1753789 UP Forester
UP Forester's picture

The suppression will be over when the Morgue (80% Au derivatives) and HSBC (20% of same) go near belly up, Israel bombs Iran, Cumbra Viejo lets loose, a CME wipes out all circuitry, Seattle gets wiped out a la Sendai or (choose another Black Swan Event)....

Sat, 10/08/2011 - 22:40 | 1753905 Manthong
Manthong's picture

I vote for the Yellowstone caldera blowing.. or maybe Michael Moore undergoing a gravitational collapse and sucking in the solar system.

Sat, 10/08/2011 - 23:31 | 1753973 DeadFred
DeadFred's picture

Scary thought, the Michael Moore one.

Sun, 10/09/2011 - 01:32 | 1754131 jez
jez's picture

You notice that he never makes any movies about food shortages.

Sun, 10/09/2011 - 04:37 | 1754252 Western
Western's picture

The point where silver becomes impossible to source may be less than a month away.. apparently Saudi Arabia and the UAE have no silver to be purchased anywhere.

And those countries are rather lavish in their deregulation of precious metals sales, so they're big hubs for pm retail.

Link

Sat, 10/08/2011 - 19:55 | 1753618 WonderDawg
WonderDawg's picture

Were you one of the people here back in the spring, predicting silver at $100+ by the end of this year? I don't remember, there were plenty of silver bitchez back around April. I do know I wouldn't bet on your predicitions, especially with the trend now being down. Maybe gold will be $5000 and silver $265 (weird number, but whatever) in five years, but it will be cheaper than it is now for a long time before your prediction ever comes true. Hold cash and buy PMs when the plunge is complete, which it is definitely not. Silver will be below $20 and gold will be below $1200 long before they see $50 and $2000, respectively. IMO.

Sat, 10/08/2011 - 21:48 | 1753824 Crisismode
Crisismode's picture

" Silver will be below $20 and gold will be below $1200 long before they see $50 and $2000, respectively. IMO."

 

Silver will be below $20. and gold will be below $1200. when a loaf of bread is 50 cents and a gallon of gasoline is $1.25.

 

I'll take the other side of your bet gladly.

Sat, 10/08/2011 - 21:53 | 1753836 WonderDawg
WonderDawg's picture

My bet or your bet? If it's my bet, what's the wager? I'm talking PMs and dollars, not bread and gas.

Sat, 10/08/2011 - 22:23 | 1753882 WonderDawg
WonderDawg's picture

Winner gets the title of "Nostradamus" and loser gets the title of... Cramer

Sat, 10/08/2011 - 23:34 | 1753975 DeadFred
DeadFred's picture

Fight club rules will apply

Sat, 10/08/2011 - 23:23 | 1753958 I only kill chi...
I only kill chickens and wheat's picture

PM's, FRN's and Bread/Petrol are all part of the circle. The point is the dollar cost of PM's is irrelevant, It's just how much of something else you could get if you exchange PM's for $ or widgets, whatever the baker will take for a loaf of bread. How many loaves would you get.

Sat, 10/08/2011 - 23:44 | 1753989 WonderDawg
WonderDawg's picture

I made a specific statement, crisismode said he'd take the bet. That's the bet, not a bunch of other elements that are part of the circle. I pay for my PMs with dollars, so if I can get more PMs by waiting for the price to drop, that seems smart to me. If I'm wrong, I'm Cramer. If I'm right, I'm Nostrafuckingdamus.

Sun, 10/09/2011 - 06:16 | 1754282 Western
Western's picture

You're an idiot.

Sun, 10/09/2011 - 09:34 | 1754412 WonderDawg
WonderDawg's picture

Why? Because I try to employ discipline in my investing and trading? Because I'm objective about gold and silver? Because I recognize that PMs are subject to market influences, they rise and fall, and I want to maximize my purchases? If that makes me an idiot, so be it. Bitch.

Sun, 10/09/2011 - 18:17 | 1755702 Western
Western's picture

The way you set up your bet... nothing to do with PMs. Just wasn't intelligent, it was downright blasé.

Sun, 10/09/2011 - 18:42 | 1755754 WonderDawg
WonderDawg's picture

It has everything to do with the direction of PM prices. Try to pay attention. Reread if you need to.

Sat, 10/08/2011 - 22:37 | 1753893 slewie the pi-rat
slewie the pi-rat's picture

junk the satanic heretic <dawg>, BiCheZ!

Sat, 10/08/2011 - 23:06 | 1753936 WonderDawg
WonderDawg's picture

LOL No shit, Slewie. You know my stance on PMs, I'm non-emotional. I've got some stacks, and I'm not selling, but I'm waiting for them to find a bottom before loading up any more. I'm objective about them, and I see them dropping in a deflationary depression, in which we are in the early stages. But to each his own. But the PM bugs are so easily tweaked, it's kind of amusing.

Sat, 10/08/2011 - 23:36 | 1753977 DeadFred
DeadFred's picture

It doesn't matter if you're right or wrong, you're still a heretic! Enough said.

Sun, 10/09/2011 - 01:08 | 1754109 slewie the pi-rat
slewie the pi-rat's picture

<===thumbs up! he lives to troll again!

<===no mercy!  throw the infidel-dawg to the bears!

Sun, 10/09/2011 - 01:52 | 1754154 Hulk
Hulk's picture


GD Slewie, yo know the Dawg is right...neither of your choices applies...

Sun, 10/09/2011 - 11:39 | 1754659 slewie the pi-rat
slewie the pi-rat's picture

ok.  i changed my vote to thumbs up.  HaHahaha!  here is the N/A paste from nostrafukingdamusdawg: 

Hold cash and buy PMs when the plunge is complete, which it is definitely not. Silver will be below $20 and gold will be below $1200 long before they see $50 and $2000, respectively. IMO.

my response:  Gahhhaaghhhhrhhh!!!

but he's not a troll; at least not @ zH.  i just hope he's wrong!  ultimately the role/value of silver in the US monetary "system" is a Constitutional, not a "market" question;  at least in the USA.  but my calls have failed by ten bucks/troy oz already and all my friends who finally listened to me are now completely under.freaking.H2O and want to kill me, but i've always being a loner-outcast and sometimes even cast myself out, most often after a fabulous face-plant

maybe that is what #OWS is about:  after 100 years of lawlessness and (wink-wink) the greate$t good for the greate$t number, paper is in failure.  the citizenry has been so "enchanted" by the hypnagoguery of the demagogues and the ever-renewing paper-hanging of the "bullion banks",  the "central" banks, "Federal Reserves", "ECBs", "world banks", banks of "international settlements", and "international monetary funds" ALL operating in secrecy and espousing "transparency" while inexorably approaching that "enron moment of truth" which is brought to us, today, by "Dexia's Funeral" a short novel co-authored by dickens, twain, balzac, and conan-doyle

realmoneyinduckburg.pic

hava fun day

peace

Sun, 10/09/2011 - 12:18 | 1754794 WonderDawg
WonderDawg's picture

Hey, thanks, Slewie. Nope, not a troll, just an observer. I know you'll keep the score, too. If I'm wrong, you'll be there with the documentation, and I'm good with that. Shiver me timbers.

Sun, 10/09/2011 - 01:48 | 1754147 Hulk
Hulk's picture

Yep and ditto Dawg...

Sun, 10/09/2011 - 09:19 | 1754390 WonderDawg
WonderDawg's picture

Thanks, Hulk, but watch it now, you'll be getting junked, too. Don't worry, it doesn't hurt and it's kind of funny.

Sun, 10/09/2011 - 11:27 | 1754668 slewie the pi-rat
slewie the pi-rat's picture

i got you up to 17, so far!  L0L!!!

now:  where tf is ori?

Sun, 10/09/2011 - 12:19 | 1754795 WonderDawg
WonderDawg's picture

LOL Hey, now, just because you like to fuck with me, don't group me with ORI.

Sun, 10/09/2011 - 01:37 | 1754134 Prometheus418
Prometheus418's picture

I'm still a silver bitch, bitch- and the year ain't over yet.  We'll talk about it on Jan. 1st, 2012.

(Though I did green ya on Slewie's impromptu survey- live to troll another day, I always enjoy a heretic.)

Sun, 10/09/2011 - 02:25 | 1754177 Socrate
Socrate's picture

How could somebody be as disconnected from reality...

Sun, 10/09/2011 - 11:39 | 1754692 Which is worse ...
Which is worse - bankers or terrorists's picture

The question should rather be: they have been doing this for 6000...what is your plan to change it?

Sat, 10/08/2011 - 17:38 | 1753437 mfoste1
mfoste1's picture

more like "this is the clearly the fault of evil speculators, so lets punish the taxpayers!"

Sat, 10/08/2011 - 21:40 | 1753808 hannah
hannah's picture

Borat: Although Kazakhstan a glorious country, it have a problem, too: economic, social, and Jew.

Sat, 10/08/2011 - 22:14 | 1753870 chindit13
chindit13's picture

Tugs at your heart when you see things are so bad in Europe that these two countries are forced to share six out of eight letters.

Sat, 10/08/2011 - 23:07 | 1753937 Troll Magnet
Troll Magnet's picture

man, it's getting tougher and tougher to see all the people who have no idea what's going on in the world right now. i met a very nice couple this evening and i wanted to engage them in a conversation about politics and finance but just couldn't bring it up. everybody's gonna suffer when SHTF and it's going to be painful. some more than others. i just hope we don't let bankers and politicians get away. we will all have to make them pay. those cocksuckers.

Sat, 10/08/2011 - 23:48 | 1753991 covert
covert's picture

political turmoil is everywhere

http://expose2.wordpress.com

 

Sat, 10/08/2011 - 15:04 | 1753219 Fips_OnTheSpot
Fips_OnTheSpot's picture

DEFCON: 1

Sat, 10/08/2011 - 15:13 | 1753233 Chris Jusset
Chris Jusset's picture

How many more sticksaves until DEFCON 1 actually materializes?  This house-of-cards is wobbling violently, yet remains intact.

Sat, 10/08/2011 - 16:55 | 1753379 DormRoom
DormRoom's picture

middle games are about position.  end games are a lot faster after offensive/defensive positions are placed.  Dexia was the first move in the end game.

 

It will be over by New Years.

Sat, 10/08/2011 - 21:58 | 1753846 Crisismode
Crisismode's picture

New Years, what year?

 

Methinks not 2012.

 

Too soon.

Sat, 10/08/2011 - 17:59 | 1753467 j0nx
j0nx's picture

This economy is like the Galactica on its last warp jump when the whole ship wobbled violently as it came out of FTL. Somehow it keeps getting us where we are going though but it's just a matter of time before the ship implodes upon exit from FTL.

Sat, 10/08/2011 - 18:29 | 1753505 knukles
knukles's picture

So why'd they leave Ft. Lauderdale?

Sat, 10/08/2011 - 21:03 | 1753734 catacl1sm
catacl1sm's picture

Galactica would have held up a whole lot longer if they hadn't used it to ram a base ship.

Sun, 10/09/2011 - 01:40 | 1754138 Prometheus418
Prometheus418's picture

What the fuck are you even going on about?

Sat, 10/08/2011 - 16:34 | 1753347 Duuude
Duuude's picture

 

SMER(F)'s: 1

 

 

Sat, 10/08/2011 - 15:06 | 1753220 DoChenRollingBearing
DoChenRollingBearing's picture

Has the main act finally arrived?  Will the fireworks REALLY start?  Has Humpty-Dumpty not just fallen, but is cracking up?

Looks like this coming week may be the most interesting yet.  Got gold?

EDIT:

Awesome, I finally figured out how to vote an article.  Please recall that bearings do not have neurons...

Sat, 10/08/2011 - 15:11 | 1753230 French Frog
French Frog's picture

I think that Prime Minister Iveta Radicova will receive a phone call and soon after she will reject her own rejection and the merry-go-round will carry on for a bit longer

Sat, 10/08/2011 - 21:33 | 1753795 UP Forester
UP Forester's picture

Maybe HER helicopter will suffer a catastrophic engine failure sometime soon....

Sat, 10/08/2011 - 15:15 | 1753237 Sudden Debt
Sudden Debt's picture

Like lost, there's always a sequel.

But belgium gets to much attention. Pastor bank in spain needs somespotlight to.

Sat, 10/08/2011 - 15:17 | 1753241 DoChenRollingBearing
DoChenRollingBearing's picture

Sudden Debt, great seeing you again!

Sat, 10/08/2011 - 16:45 | 1753368 papaswamp
papaswamp's picture

Yea Spain and Portugal are a serious mess..and their banks...not sure the Germans and French really know what they have wandered into.

Sat, 10/08/2011 - 17:01 | 1753387 knukles
knukles's picture

SD!  I've been pining! 
My inspiration has returned.
Bet you got lost for a while in one of them Amsterdam coffee houses, eh?
Come on, you can tell Uncle Knukie...

Sat, 10/08/2011 - 19:38 | 1753593 LeBalance
LeBalance's picture

"coffee" ain't what was written on that house's door.

Sat, 10/08/2011 - 18:23 | 1753496 disabledvet
disabledvet's picture

tell us about the contract negotiations with CNBC? We were told by "some guy" that you were going to appear on CNBC as a sock puppet. As THAT sock puppet actually. PERMANENTLY!

Sat, 10/08/2011 - 18:39 | 1753518 Roger Knights
Roger Knights's picture

Now the question on everyone's minds and lips will be, "Who's next?" That's how it goes in every meltdown--like in 2008.

Sat, 10/08/2011 - 19:19 | 1753567 Rome is burining
Rome is burining's picture

Remember Deutsche (or is it Duchea bank?) is levered ONLY 49 to 1

Sat, 10/08/2011 - 15:07 | 1753222 GeneMarchbanks
GeneMarchbanks's picture

Dexia! They passed the stress tests no problem. Incredible turn of events.

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