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The "Dumb Money" Refuses To Play Along: China State Media Says It Won't Rescue Europe

Tyler Durden's picture





 

A few days ago China telegraphed it refuses to continue to be seen as the world's rescuer and the dumbest money in the room. Many assumed China was only kidding: after all how would China let its biggest export partner flounder? And furthermore, all China does is provide vendor financing, right? Well, as it turns out, wrong, because to China the current state of Europe is far from the terminal crisis Europe is trying to make it appear. This is happening even as a thoroughly desperate and grovelling Europe, kneepads armed and ready, has said via the EFSF's Regling that it will even consider issuing Yuan-denominated bonds. Alas, China is less than impressed. As AFP reports, "China’s state media Sunday warned that the country will not be a “savior” to Europe, as President Hu Jintao left for an official visit to the region including a G20 summit. Hu’s visit has raised hopes that cash-rich China might make a firm commitment to the European bailout fund, but in a commentary, the official Xinhua news agency said Europe must address its own financial woes. “China can neither take up the role as a savior to the Europeans, nor provide a ‘cure’ for the European malaise. “Obviously, it is up to the European countries themselves to tackle their financial problems,” it said, adding that China could only do so “within its capacity to help as a friend." A friend, who at this point is quite sensible, and realizes far better deals are to be had down the line if one merely waits. That said, we are certain China is not the only one out there with an instant notification pending the second Santorini, Ibiza or the Isle of Capri hits E-bay.

More:

China’s Vice Foreign Minister Cui Tiankai said Friday that the G20 should focus on the sovereign debt crisis in “developed countries” and the growing pressure of global inflation.

 

He added that members should make efforts to stabilize financial markets and restore investor confidence.

 

For its part, G20 partners will also be looking to China to stimulate domestic demand, diversify its export-led economic model and allow the yuan currency to appreciate more freely so as to slim down its massive trade surpluses.

 

Another Chinese official has played down hopes of a breakthrough at the G20 meeting. Vice Finance Minister Zhu Guangyao, also speaking Friday, said investment in the European bailout fund was not on the agenda.

 

Beijing fears the financial risk of a major investment, which could also spark a domestic backlash as the Chinese public asks why they should bail out wealthier nations. Already, opposition to such a move is being expressed on the Internet, on China’s hugely popular weibos - microblogging sites similar to Twitter - and in state media.

The bold says it all. And for those to whom it is still confusing:

“China will only participate in a global program that is defensible to the Chinese people. So don’t expect a ‘bailout’ or ‘rescue’ from China,” China Macro Strategist for brokerage CLSA, Andy Rothman, told AFP.

 

China has been burned before on overseas investment. It bought stakes in investment bank Morgan Stanley and asset management firm Blackstone only to see values collapse in the 2008 global financial crisis.

 

“China was taken in. Once bitten, twice shy,” said independent economist Andy Xie, former chief economist for Morgan Stanley.

So, about that magical European box full of promises and quite empty of money...

 


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Sun, 10/30/2011 - 13:01 | Link to Comment achmachat
achmachat's picture

Rollercoaster time!
I was wondering if I could make my clients pay me in ounces of gold instead of fiat.

Sun, 10/30/2011 - 13:29 | Link to Comment Long-John-Silver
Long-John-Silver's picture

Back in '09 I put a sign up in my (Machine) Shop to stop people walking in with stuff they needed fixed. It reads:

 

Shop time is 2 Ounces Silver per hour plus tooling costs.

Gold is acceptable as well. WE NO LONGER ACCEPT USD.

 

 I've had a couple of people that actually came in with some small jobs and had Silver to pay me. Once I had a run of parts and was paid in American Gold Eagles. Putting that sign up was the best thing I ever did. It also stopped most people taking up my time wanting me to make a bracket or an adaptor and whining about my $80 an hour shop time when I quoted that. I would just as soon not deal with the public at large.

Sun, 10/30/2011 - 13:35 | Link to Comment trav7777
trav7777's picture

China is saying, plint rike we do

Sun, 10/30/2011 - 14:30 | Link to Comment TheLooza
TheLooza's picture

Chinese understand that the european plan is a completely wonton attempt to kick the can further down the road.

Sun, 10/30/2011 - 17:52 | Link to Comment buyingsterling
buyingsterling's picture

Wonton!

Sun, 10/30/2011 - 13:41 | Link to Comment achmachat
achmachat's picture

i think people here might accept that because of its novelty factor.

But I was just thinking... is it possible that it's an awesome tax loophole? If I get paid in, let's say 20 gold Canadian Maple Leafs, it's still officially a total of 1000 Canadian dollars, those coins being legal tender...

Sun, 10/30/2011 - 14:01 | Link to Comment seek
seek's picture

That's been tried. The IRS was not too keen on it: http://www.lvrj.com/news/46074037.html

If you research this you'll find Kahre ended up convicted with nearly 50 counts of tax evasion in 2009.

The wierd thing is he was found not guilty in 2007. (I guess the IRS isn't subject to double jeopardy limits.)

Sun, 10/30/2011 - 14:33 | Link to Comment saiybat
saiybat's picture

It's not about tax avoidance at all. If people are allowed to use real money for trade or in exchange for labor the whole ponzi will collapse. They're making an example out of him to send a message out to people trading in gold and silver. The only reason fiat currency is still used is because of force to preserve the ponzi and without force it's just worthless paper. Somebody tell me the definition of fiat.

You better believe they will come down hard on you because it's a threat to the entire ponzi.

Sun, 10/30/2011 - 14:48 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Exactly.  Once faith in paper is lost, the paper-pushing fucknuts lost the power.  Victums of their own greed if you ask me.  Crash the fucking system already so we can find out just what the "value" of everyone's labor really is.  Bring it!

Sun, 10/30/2011 - 14:59 | Link to Comment saiybat
saiybat's picture

They'll start convicting people for debasement of currency for criticising the ponzi before they bring in real money that has value (it's done in China which is a model state). They won't let go of fiat currency without a fight and if it crashes they'll just replace it with an even bigger ponzi.

Sun, 10/30/2011 - 15:18 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Eventually enough inefficiencies in the state system result in the failure of the system to deliver basic necessities.  At that point there is only one option.  People die.  No amount of bullshit (paper or otherwise) will "provide" anything if the resources are simply not there.  Sort of like praying for rain in a desert.

Sun, 10/30/2011 - 15:17 | Link to Comment lesterbegood
lesterbegood's picture

There is no law that requires you to file or pay income tax.

Sun, 10/30/2011 - 15:21 | Link to Comment achmachat
achmachat's picture

as shocking as this may seem to you, there is a world outside the US.
I can assure you that over here there is such a law.

Sun, 10/30/2011 - 15:38 | Link to Comment lesterbegood
lesterbegood's picture

I observed a jury trial of a Amercan citizen who was charged with 4 counts of failure to file. The jury found him not guilty because the prosecutor and the judge could not produce the law that required the defendant to file, despite being asked by the jury twice for the exhibition of such alleged law.

Sun, 10/30/2011 - 15:54 | Link to Comment sabra1
sabra1's picture

Timmy G.?

Sun, 10/30/2011 - 19:01 | Link to Comment eurusdog
eurusdog's picture

Well, why don't you try not filing or paying income taxes and see how that works out for you in the long run. Will give a new meaning to the term "bitchez" so readily used on this site!

Sun, 10/30/2011 - 17:30 | Link to Comment earleflorida
earleflorida's picture

that's rich,... clinton "Mark Rich"

Sun, 10/30/2011 - 17:17 | Link to Comment DCFusor
DCFusor's picture

Thanks for the tip, Long John.  I have a shop too - similar situation.

Sun, 10/30/2011 - 13:01 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

They're missing the investment opportunity of a lifetime!

Seriously though, no shit...

Sun, 10/30/2011 - 13:02 | Link to Comment SheepDog-One
SheepDog-One's picture

Whoever thought China was all-in on further funding Europes 50 year retirement and 6 months paid holidays at the beach was dreaming.

Sun, 10/30/2011 - 13:14 | Link to Comment Yamaha
Yamaha's picture

Prior Socialist India also get it - so we will hear "no soup for YOU"!

Sun, 10/30/2011 - 13:28 | Link to Comment malikai
malikai's picture

Women in China retire at 55. It's not about retirement or holidays. It's about posturing.

Sun, 10/30/2011 - 13:35 | Link to Comment Ag1761
Ag1761's picture

Unlike Greeks though, they start work in China at 5. I reckon they earn their retirement.

Sun, 10/30/2011 - 14:48 | Link to Comment john39
john39's picture

no jobs for them anyway.  besides, they are not getting rich off Chinese pensions.

Sun, 10/30/2011 - 17:59 | Link to Comment laomei
laomei's picture

In state owned enterprises and official positions... yep, retirement's set at 55 and that's a fairly hard stop with little exception.  For men it's 60.  What do women want though? To boost it to 60.  It's all about making room for the younger generation and it works out fairly nicely.

Sun, 10/30/2011 - 13:38 | Link to Comment mfoste1
mfoste1's picture

thought id throw this out there.....IMF planning new short term rescue fund.....http://www.yomiuri.co.jp/dy/business/T111029002454.htm

Sun, 10/30/2011 - 14:50 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yeah, is that the one where Italy won't be eligible for help? good luck with that.

Sun, 10/30/2011 - 13:05 | Link to Comment 0cz
0cz's picture

Well at this point in China's history; they can either be the dumb money or the no money like everyone else.  They already fronted the credit and are using propganda to keep their slaves from becoming angry that they eat 2 cups of rice a day while they are paying for Europe to eat 4. 

 

Sun, 10/30/2011 - 13:07 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

A bit off-topic but I know ZeroHedge readers will love this ...

On LiveLeak, video of a man and a woman having sex while skydiving, they start making love on the aeroplane, and jump while joined to one another, and a camera follows their love-making while descending ... softcore images only but some nudity, six minutes

Definitely the gonzo attitude that could fix the global financial crisis ...

http://www.liveleak.com/view?i=7af_1318741319

Found via a chain of links from the Drudge Report ...

Sun, 10/30/2011 - 13:14 | Link to Comment knukles
knukles's picture

Moral of the Story.
The parachute fails to open signifying Greece fucking the rest of Europe to death.

Sun, 10/30/2011 - 13:30 | Link to Comment FinHits
FinHits's picture

American proverb: If at first you don't succeed, try try again.

Greek proverb: If at first you don't succeed, skydiving is not for you.

 

Sun, 10/30/2011 - 13:31 | Link to Comment peekcrackers
peekcrackers's picture

@knukles hahahah

+1 so true

Sun, 10/30/2011 - 13:20 | Link to Comment smlbizman
smlbizman's picture

and i thought that was bird shit on my shoulder....

Sun, 10/30/2011 - 13:08 | Link to Comment valley chick
valley chick's picture

Surely they can find an "all will be fine" at G20 meeting rumor....

Sun, 10/30/2011 - 13:42 | Link to Comment Ag1761
Ag1761's picture

There will probably be a move to up the pickings by announcing expansion of G20 to G40. To join, new Members must promise 3 billion euro to the EFSF which they will leverage at 10 times and that will give them their 600 billion they are short. I think that sort of rumour might keep us going until next Monday.

Sun, 10/30/2011 - 13:12 | Link to Comment cowdiddly
cowdiddly's picture

Maybe the should consider importing Opium to dull the pain in Europe in exchange for PMs. Return the favor after alll these years.

Sun, 10/30/2011 - 13:20 | Link to Comment Uncle Sam
Uncle Sam's picture

Who says they're not?

Sun, 10/30/2011 - 13:12 | Link to Comment knukles
knukles's picture

Well lah-de-fucking-dah. 
Deus ex machina incarnate diminimus

Sun, 10/30/2011 - 13:13 | Link to Comment navy62802
navy62802's picture

Oh great, so the "China to the rescue" story can now be recycled at least one more time. That should good for a strategic pop in the markets when our wise overlords deem it necessary.

Sun, 10/30/2011 - 14:33 | Link to Comment TheLooza
TheLooza's picture

I had the same sad thought. Whether or not china ultimately participates, im quite confident that the possibility of chinese participation will cost me thousands (more) sometime this month.

Sun, 10/30/2011 - 13:14 | Link to Comment zorba THE GREEK
zorba THE GREEK's picture

Europe asking China for a bailout is like a Wall Street Banker asking a homeless begger

for $6 to buy his morning latte. 

Sun, 10/30/2011 - 13:16 | Link to Comment Zero Govt
Zero Govt's picture

no Chinese take-away for Van Rompuy and Burosso

...you can always 'Eat Cake' boys 

Sun, 10/30/2011 - 13:44 | Link to Comment Ag1761
Ag1761's picture

We can always eat Chinese, plenty to go 'round

Sun, 10/30/2011 - 14:58 | Link to Comment Troll Magnet
Troll Magnet's picture

nah, i'll pass. too much lead in chinese peeps.

Sun, 10/30/2011 - 13:17 | Link to Comment xcehn
xcehn's picture

There has to be some positive way of spinning this for the markets though. How about: China State Media Says Europe Fine Without Chinese Support.

Sun, 10/30/2011 - 13:18 | Link to Comment Yellowhoard
Yellowhoard's picture

At some point, the Chinese will say, "ship us all of your gold and we'll write you a really big check."

 

Sun, 10/30/2011 - 13:38 | Link to Comment peekcrackers
peekcrackers's picture

Agreed ..

or Hard landing on sand paper with your pants down

Sun, 10/30/2011 - 13:19 | Link to Comment Incubus
Incubus's picture

If China won't bail, bernanke will.  Have you seen his forearms? Motherfucker can bail out anything you throw at him.

Sun, 10/30/2011 - 14:51 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Yep, followed by another bloody civil war in the U.S.  Fucking brilliant.  Bring it.

Sun, 10/30/2011 - 13:19 | Link to Comment bank guy in Brussels
bank guy in Brussels's picture

There is 120 trillion in the world, roughly, in somewhat liquid investments, the total stock and bond markets: Private wealth, pension and insurance funds, et cetera ... a lot of institutional funds, but you also have the wealth holdings of the oligarchs around the globe.

Of that, 20 trillion plus in the EU, 20 trillion plus in America ...

As Nomura's Richard Koo points out, the game is really to recycle - squeeze - push some of that investment capital that is always floating around, into sovereign debt. There is always a lot of capital looking for a place to park.

Really, Europe mostly owes its debt to itself, and should find or solicit any needed new 'investment' contributions from its own private wealth stock, if these programmes are really going to be viable and appealing to anyone ... not from China or Brazil. Ditto the USA.

Sun, 10/30/2011 - 13:28 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

'Really, Europe mostly owes its debt to itself, and should find or solicit any needed new 'investment' contributions from its own private wealth stock, if these programmes are really going to be viable and appealing to anyone ... not from China or Brazil. Ditto the USA.'

Um...what? Put away the pipe until trading begins.

 

Sun, 10/30/2011 - 14:50 | Link to Comment RafterManFMJ
RafterManFMJ's picture

There is 120 trillion in the world, roughly, in somewhat liquid investments, the total stock and bond markets: Private wealth, pension and insurance funds, et cetera ... a lot of institutional funds, but you also have the wealth holdings of the oligarchs around the globe.

 

There has to be more than that - I've got 500 trillion in Zibabwe dollars alone. 

Sun, 10/30/2011 - 17:29 | Link to Comment squexx
squexx's picture

Best post of the week!!!!!!

Sun, 10/30/2011 - 14:52 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Is all that "wealth" marked to market or unicorns shitting skittles?  I call bullshit.

Sun, 10/30/2011 - 17:28 | Link to Comment squexx
squexx's picture

Correction, that $120 trillion is what the Rothschild's, their cohorts and lackies let you know about. Tel Aviv is the new center of world money laundering and general crime!

Sun, 10/30/2011 - 17:43 | Link to Comment earleflorida
earleflorida's picture

got, 'Amdocs?'

Sun, 10/30/2011 - 17:36 | Link to Comment earleflorida
earleflorida's picture

"show me da monay"

Sun, 10/30/2011 - 13:20 | Link to Comment SilverDoctors
SilverDoctors's picture

Meanwhile, the REALLY DUMB MONEY has now dumped nearly all of thier silver holdings.

Look for the next silver rally to be one for the ages, because Nearly All Remaining Silver is Now Held in STRONG HANDS!

http://silverdoctors.blogspot.com/

Sun, 10/30/2011 - 13:21 | Link to Comment Rhone_Ranger
Rhone_Ranger's picture

Rutt Row

Sun, 10/30/2011 - 13:22 | Link to Comment ArkansasAngie
ArkansasAngie's picture

My dumb money won't go either.  It likes my pocket.

 

 

Sun, 10/30/2011 - 13:23 | Link to Comment HD
HD's picture

...And now a short scene from stereotype theater:

EU: Come on China, don't be like that Baby - we just need a few trillion. We love you long time...

China: No, we no pay...you pay. YOU PAY NOW!

 

Sun, 10/30/2011 - 14:58 | Link to Comment RafterManFMJ
RafterManFMJ's picture

 

 

No tickee, no bailee

Sun, 10/30/2011 - 13:34 | Link to Comment bob_dabolina
bob_dabolina's picture

Maybe it's just me but every Chinese person I have ever done business with has been a PAIN IN THE ASS. 

This looks like the same thing. Europe is gona' get jerked  around several more times if they are really serious about this Chinese bailout BS.

Sun, 10/30/2011 - 15:09 | Link to Comment Troll Magnet
Troll Magnet's picture

i do biz with chicoms. one of the most dishonest groups of people i've ever dealt with. they'll totally screw you over for literally pennies.

Sun, 10/30/2011 - 16:00 | Link to Comment dark pools of soros
dark pools of soros's picture

so in addition to copying american tech, they also copy jewish business practices??  does that mean war?

Sun, 10/30/2011 - 17:17 | Link to Comment squexx
squexx's picture

No, it means the jooz will continue to play both sides and will continue to cheat and swindle everyone. Look at some of the people in the 99% protests. They see all these joo names on all sides of the problem.

But if anyone dares breathe the word "joo,"they  will scream "anti-Semitism" and bringing out their heavy propaganda words like "canard."

There is a Polish saying, "The joo cries out in pain as he hits you." Let's look at where the REAL problem is!

Mon, 10/31/2011 - 10:36 | Link to Comment dark pools of soros
dark pools of soros's picture

old country sayings ring truth of 1,000's of years

Sun, 10/30/2011 - 13:32 | Link to Comment Belarus
Belarus's picture

A friend, who at this point is quite sensible, and realizes far better deals are to be had down the line if one merely waits. 

Excellent point. Why should they buy the farm when they will eventually get the milk for free. Of course, the market will ignore any and all information until a market event transpires, such as bonds relentlessly rising for Italian, Spanish, Portugal, France or even German debt; a sudden bank run due to recaps taking too long, or social unrest growing far faster than even debt issuance needs.

At this point, I just don't think the market wakes up to reality until a market event happens. It will. The question is only "when." 

If you need alpha, buy silver heavily with stops far enough away you don't get intraday stopped out. If the market continues to run, expect silver to outperform substantially. 

Sun, 10/30/2011 - 13:37 | Link to Comment trampstamp
trampstamp's picture

No beef with you silver/gold bugs, but i think that bitch hits 37 in the SLV then re-tests back down to 27. But shit, fibs don't always work.

Sun, 10/30/2011 - 13:33 | Link to Comment peekcrackers
peekcrackers's picture

@ bob_dabolina

maybe it's just me but every Chinese person I have ever done business with has been a PAIN IN THE ASS.

right on right on !

+ 1

Sun, 10/30/2011 - 13:35 | Link to Comment reader2010
reader2010's picture

Regime change will have to be required in Beijing since those Yo-Yos refuse to go along with the NWO program. Warz will have to be required to purge those countries that refuse to conform

Sun, 10/30/2011 - 13:36 | Link to Comment hivekiller
hivekiller's picture

Socialism no work. Chop Chop! 

Sun, 10/30/2011 - 13:36 | Link to Comment Duke of Con Dao
Duke of Con Dao's picture

bet the Chinese didn't say no quite like Sharon Stone sez no in this clip. http://www.youtube.com/watch?v=xtv6HA7dd70

 

Sun, 10/30/2011 - 13:40 | Link to Comment ozziindaus
ozziindaus's picture

Maybe China has it's own problems to deal with. This has not become headline news yet because Wall street needs more fools piling into China before it rushes for the exits. Either way, the US and European economic woes will soon be sung from Asia. It's Japan all over again. 

http://www.macrobusiness.com.au/2011/10/chanos-china-slowdown-just-begin...

 

Sun, 10/30/2011 - 13:41 | Link to Comment peekcrackers
peekcrackers's picture

good I dont want Poodles and Noodles anway.

Sun, 10/30/2011 - 13:43 | Link to Comment tawse57
tawse57's picture

The only way either the EU or the US will solve their problems is by putting up trade barriers and stop buying cheap goods from China.

But the bankers don't want that as it will mean not making 300 bucks profit per iphone if iphones had to be made in the US or the EU with workers paid decent wages.

The snake is eating itself but it just can't stop devouring.

 

Sun, 10/30/2011 - 13:58 | Link to Comment A Man without Q...
A Man without Qualities's picture

"It is advisable that at the summit European leaders take heed of the voices of emerging economies, whose remarkable contribution to world economic recovery and growth deserves better understanding and reciprocal treatment."

 

http://www.reuters.com/article/2011/10/30/us-eurozone-idUSTRE79R1LG20111...

Sun, 10/30/2011 - 14:04 | Link to Comment Segestan
Segestan's picture

Wow... and Europe thought the whole world saw it's new vision of a global circle jerk. Oh well .

Sun, 10/30/2011 - 14:06 | Link to Comment Hearst
Hearst's picture

European Bailout Fund Could ‘One Day’ Issue Bonds in Yuan, Regling Says

 

http://www.bloomberg.com/news/2011-10-29/european-bailout-fund-could-one-day-issue-bonds-in-yuan-regling-says.html

Sun, 10/30/2011 - 14:12 | Link to Comment steelrules
steelrules's picture

This is just more of the pushing of China into a corner, I foresee China speeding up their flight from western paper into precious metals.

So as the saying goes "Keep stacking" because this won't end well in the west.

Sun, 10/30/2011 - 14:18 | Link to Comment Ag1761
Ag1761's picture

Green tea brewing, about to boil over on property prices. Remind us of anything recent..

 

http://globaleconomicanalysis.blogspot.com/2011/10/shanghai-homeowners-s...

 

http://www.shanghaidaily.com/article/?id=485501&type=Business

 

 

Sun, 10/30/2011 - 14:56 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

china is being coy and wants to be courted with productive assets

like debt slaves

or is it just slewie thinking they protesteth too much, here?

 

Sun, 10/30/2011 - 15:17 | Link to Comment malikai
malikai's picture

“China will only participate in a global program that is defensible to the Chinese people."

This line says it all to me. It says something like: "let them go the way of Argentina. We'll see them on the other side and help pick up the pieces when the valuations are better".

Sun, 10/30/2011 - 16:47 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

imo, the last time the chinese told the truth

moses had not yet been born

and the europeons are almost as bad!

Sun, 10/30/2011 - 16:56 | Link to Comment peekcrackers
peekcrackers's picture

I think the same slewie .. I think that china is playing a great game . coy They know the paper game is going to bust.

Sun, 10/30/2011 - 15:00 | Link to Comment tactical sanity
tactical sanity's picture

China is buying gold and silver as aggressively as they can without letting the world know...they certainly find that preferable to bailing Europe with new and risky debt....

 

Sun, 10/30/2011 - 15:02 | Link to Comment ziggy59
ziggy59's picture

ahhh Grass-HOPE-R Timmy Qhoi Chang- you are FU!  Time for you to go...

Sun, 10/30/2011 - 15:03 | Link to Comment f16hoser
f16hoser's picture

Then I guess NATO needs to invade/occupy China. Gold back Yuan? Gahdaffi wanted a gold back dinar. Just saying....

Sun, 10/30/2011 - 15:13 | Link to Comment malikai
malikai's picture

That would be suicide.

Sun, 10/30/2011 - 15:59 | Link to Comment moskov
moskov's picture

Then NATO can say bye bye to the world

Sun, 10/30/2011 - 15:05 | Link to Comment ziggy59
ziggy59's picture

uh oh..I hope China has HAARP proof buildings..

Sun, 10/30/2011 - 15:42 | Link to Comment lolmao500
lolmao500's picture

Nobody should give Europe money. Let them fix their own damn problems, if they can't too fucking bad.

Sun, 10/30/2011 - 15:52 | Link to Comment beatus12
beatus12's picture

Nobody has any real funds to save someone else,

best to let the collapse happen and begin again.

I think the benefits are far too generous i.e.,

does a family in Ireland really need (outrageous) 90,000/yr?

of social benefits??? - read that stat in the

Irish Times recently. Comare US or Canada about

14,000/yr. Also an average pension per month of 3200Euro

is very generous. How about some meaningful

sacrifices?

 

 

Sun, 10/30/2011 - 16:14 | Link to Comment Zero Govt
Zero Govt's picture

how about a complete sacrifice and dump the State drip-feed in the trash and stand on your own 2 feet

going half way of trimming socialism is like saying you like a little bit of stupid 

Ron Paul wants to trim Govt too, he wants a little less stupid

Dump Govt ...let's try no stupid for a change

Sun, 10/30/2011 - 16:52 | Link to Comment eaglefalcon
eaglefalcon's picture

who needs the chinese when Benny has a wonderful tool called the print press

Sun, 10/30/2011 - 17:32 | Link to Comment SheepDog-One
SheepDog-One's picture

Why is Benny so shy to print these days, if its such a slam dunk and all.

Sun, 10/30/2011 - 20:26 | Link to Comment eaglefalcon
eaglefalcon's picture

he secretly gave european banks 14 trillion in 1998, whats the problem giving the greeks 1 trillion this time?

Sun, 10/30/2011 - 18:04 | Link to Comment laomei
laomei's picture

Hmmm... maybe China should do something about all that stolen treasure on display in Europe, the weapons embargo and market economy status before offering the EU some RMB-based bonds to help it out of it's current problems.  6 months later we can add some more items to the list as well.... how about some colonies and ports?

Sun, 10/30/2011 - 18:19 | Link to Comment YHC-FTSE
YHC-FTSE's picture

Next up to play the bailout game: Russia. My guess is, the msm will just roll off random countries that will bail out the Eurozone every week until the collapse. And don't be so sure it'll be Europe which collapses first. Almost every major fiat Ponzi is vulnerable, and the only thing that is keeping it going is cash flow. One general strike, one civil war, or mass refusal from the citizens to pay taxes, and the Ponzi collapses. Japan is the stubborn exception, but only because its population does not believe in civil disobedience of any kind, even when they are being irradiated by their own government.

Sun, 10/30/2011 - 18:40 | Link to Comment Fozzy Slippers
Fozzy Slippers's picture

Taxes. Poeple don't realize how much taxes they pay everyday. And everyone consumes. Stop the flow of goods, the National guard steps in and takes over the job.

The Gov owns the corporations and vise versa. A vicious circle. How are you going to deal with them? Set back and watch your football or go buy more junk at Khina Mart?

Sun, 10/30/2011 - 19:00 | Link to Comment DosZap
DosZap's picture

National guard steps in and takes over the job.

National Guard is regular folks dude, they have real families ,jobs, and careers.

How long you think they are gonna stay risking losing everything they own?.

There is no protection for the military people under this .gub, never has been ,never will be.

Like I ave said, they trian you to kill for them, and die, lose limbs, and become Quads, only to kick your ass to the ditch.

For the life of me I see no reason for anyone wanting to join anymore.

Have to take them to court to even have a chance at winning back, what was yours to begin with.

Sun, 10/30/2011 - 19:11 | Link to Comment msmith
msmith's picture

This may prove to be a major disappointment for the markets and be a major catylis to the next bearish move.  An intermarket analysis shows that we may be very near to a significant turn in the markets.  After another possible push in "risk on", the bears are looking to gain control with a strong "risk off" move for the longer term.  Here is a look at the ES, DX, and GC.  http://bit.ly/tckY8L

Sun, 10/30/2011 - 20:31 | Link to Comment Critical Contrarian
Critical Contrarian's picture

If we keep thinking inside the box of the system created by the owners one will never be able to figure out the way things work. All is not what it seems.

By 2012 China will be hard pressed to keep their growth rate above 7%. They require a minimum of 8% to maintain socio-economic stability. They will have enough of their own problems in the near term to be able to help anyone. 

Sarkozy's "pass the hat around" routine is smoke and mirrors. Feinting weakness to obscure strength is very Sun-tzu. Since no one actually declares the truth in their financials and reserves (all countries), it is safe to assume that Europe has what it needs. All is drama. All is Greek. 

Mon, 10/31/2011 - 00:58 | Link to Comment greensnacks
greensnacks's picture

China advocates Europe borrow in renminbi

Commentary: If you want a friend in Beijing, get a dog

 

"It was a mistake for the European authorities to give the impression that Regling’s visit was part of a post-summit funding spree. Publicity surrounding his journey to Beijing immediately after the Brussels summit was bound to raise expectations to unmanageable heights."

http://www.marketwatch.com/story/china-advocates-europe-borrow-in-renmin...

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