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ECB Getting Angry That People Can See Right Through Central Bank Lies

Tyler Durden's picture




 

Today's hilarious commentary comes from the ECB's own Jurgen Stark, whose blood pressure has obviously peaked and at this point it is just a matter of the realization that ECB (and other Central bank lies) no longer work filtering through to reality.

  • ECB'S STARK SAY NOT CENTRAL BANK'S JOB TO FUND DEFICITS (but, but, MMT says debt, and hence central bank monetization thereof, does not fund deficits. Heck, MMT says monetization does not exist...hmm)
  • ECB'S STARK: UNRESPONSIBLE TO CALL ECB A `BAD BANK' (right: the correct word is "overdue")
  • ECB'S STARK: ECB HASN'T TAKE ON AS BIG RISKS AS OTHER CEN BANKS (right: the risk the ECB has taken does not even fit on the same axis compared to other banks)
  • ECB'S STARK SAYS NOT CENTRAL BANK JOB TO LOWER RATES FOR DEBT
  • ECB'S STARK SAYS ECB BOND BUYS DON'T CREATE INFLATION RISKS
  • ECB'S STARK: BANKS USING PSI HAVE FULL GUARANTEE OF NO LOSS

And the kicker

  • ECB'S STARK: ALL DEVELOPED ECONOMIES HAVE PUB FINANCE PROBLEMS- said otherwise, it's everyone else's fault

If we were betting men and women, we would say this is the ECB capitulating.

 

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Fri, 08/19/2011 - 12:06 | 1577659 Mongo
Mongo's picture

ECB = European Crony Banksters

Fri, 08/19/2011 - 12:32 | 1577809 slaughterer
slaughterer's picture

ECB's STARK SAYS: MERKEL BETTER SAY NO TO EURO-BONDS OR I WILL PISS IN HER BEER.

Fri, 08/19/2011 - 12:59 | 1577938 Fed_Printstone
Fed_Printstone's picture

Poor Angela. She won't be able to afford another beer since according to Mr. Stark "ALL DEVELOPED ECONOMIES HAVE PUB FINANCE PROBLEMS"

Fri, 08/19/2011 - 12:16 | 1577665 SheepDog-One
SheepDog-One's picture

LOL! 'HEY all you damn peasants are NOT supposed to be looking at our ham-fisted clownish actions that any of YOU would go to prison for life over, and calling BS on it! This is making us gods on earth highly irritated!'

 

Fri, 08/19/2011 - 12:21 | 1577721 Smiddywesson
Smiddywesson's picture

Zero credibility means the next currency standard must be backed by gold. 

Nobody is going to accept their useless paper when they have no credibility.

Fri, 08/19/2011 - 12:43 | 1577885 sun tzu
sun tzu's picture

Many currencies have collapsed and there is still no gold standard

Fri, 08/19/2011 - 14:40 | 1578353 FlyPaper
FlyPaper's picture

Well, except for Iceland a couple of years ago, and Belarus in May 2011, I'm not recalling a lot of currency collapses per-se (slow devaluations yes).  

IMO there won't be a gold standard: and if it happens, it opens the perfect opportunity for guberments to seize citizen gold which is likely why they'd do it.  Central banks and politicians do not like being told "no" for all their charming spending; and the banking cartels make money off this game.  Why would they want to end it?

 

Fri, 08/19/2011 - 12:08 | 1577668 LawsofPhysics
LawsofPhysics's picture

LOL.  If the ECB could just suspend those laws of physics, everything would be just swell.

Fri, 08/19/2011 - 12:11 | 1577676 Joe Sixpack
Joe Sixpack's picture

It's not for the lack of trying.

 

Even massless particles (like photons) get real heavy when they approach the speed of light.

Fri, 08/19/2011 - 12:19 | 1577716 CosmicBuddha
CosmicBuddha's picture

Sorry to be both a pedant and a geek, but photons are light and they always travel at the speed of light. However, they do gain mass due to their energy, so as their frequency increases so their mass increases.

Fri, 08/19/2011 - 12:23 | 1577736 Version 7
Version 7's picture

They do not 'gain' mass. They have a mass equivalent, as every form of energy. (It's where E=mc^2 comes in, basically.)

Fri, 08/19/2011 - 13:27 | 1578009 CosmicBuddha
CosmicBuddha's picture

I am sorry but they do gain mass, that is what the equation is saying! Energy and mass are equivalent. When something gains energy it gains mass, not mass equivalence.

 

http://en.wikipedia.org/wiki/Mass%E2%80%93energy_equivalence

 

If you actually read my post I say their mass increases as their energy increases, i.e. as their frequency increases. A photon of blue light has more mass than a photon of red light. Are you disputing this?

Fri, 08/19/2011 - 12:23 | 1577739 Smiddywesson
Smiddywesson's picture

I for one like those asides because you can learn a lot from them.

thanks

Fri, 08/19/2011 - 12:09 | 1577671 AccreditedEYE
AccreditedEYE's picture

'bout time someone is catching on and saying it publicly. Repeat after me:  De...fau...lt.  That wasn't so hard was it? BS

Fri, 08/19/2011 - 12:12 | 1577685 SheepDog-One
SheepDog-One's picture

Gimme a D!....gimme an E! ....gimme an F!!....

Fri, 08/19/2011 - 12:14 | 1577678 SheepDog-One
SheepDog-One's picture

'Banks have guarantees of no losses'? Why should they have that? Off with their damn heads! Sick of this world where fractional reserve fiat BUMS in $3,000 suits get guaranteed high profits, and guaranteed no losses, ever, no matter what their actions!. Blood boilin time!

Every day I have basically a guarantee of loss at any minute. These people are unfukinbelievable.

Fri, 08/19/2011 - 12:22 | 1577729 knukles
knukles's picture

Now hear this.  Now hear this.
Member banks are guaranteed no losses.
Member banks are guaranteed no losses.

The disenfranchised innocent peasantry will pay.

Maintain Current Course.
Damn the Outcome.
Full Keptocratic Speed Ahead.

That is all.

Fri, 08/19/2011 - 12:36 | 1577847 slaughterer
slaughterer's picture

ECB'S STARK SAYS: DO NOT EXPECT ANOTHER WEEKEND BOND BAILOUT PLAN FROM US TO PROP UP THE MARKETS NEXT WEEK.  I AM GETTING LAID AFTER A Ü 40 PARTY THIS WEEKEND. 

Fri, 08/19/2011 - 12:25 | 1577756 Smiddywesson
Smiddywesson's picture

They were $4000 suits three years ago. God knows what the top of the line costs today.

Fri, 08/19/2011 - 12:11 | 1577679 Long-John-Silver
Long-John-Silver's picture

It's that sinking feeling they get when they realize the crowd with the pitch forks and shovels are coming for them.

Fri, 08/19/2011 - 12:11 | 1577680 Hondo
Hondo's picture

If it's not there job then why have they and continue to do it???

Fri, 08/19/2011 - 12:12 | 1577682 speconomist
speconomist's picture

PSI, what's that?

Fri, 08/19/2011 - 13:57 | 1578142 MichaelG
MichaelG's picture

Judge Anderson & pals?

Fri, 08/19/2011 - 12:12 | 1577683 IMA5U
IMA5U's picture

but as Andrew Barry of Barron's said

 

Time to Buy

Fri, 08/19/2011 - 12:13 | 1577688 LeBalance
LeBalance's picture

ECB's Jurgen Stark says: "We all have powder up our noses and phlebitis, its a bankster thing. Everyone else does it. Why are you looking at me?"

Fri, 08/19/2011 - 12:14 | 1577690 plocequ1
plocequ1's picture

I see right through it. Thats why i am going to cook me some pancakes. Pancakes rule. Fuck waffles

Fri, 08/19/2011 - 12:15 | 1577695 Calculated_Risk
Calculated_Risk's picture

Stinks of the same desperation as the tree hugging facists...

Aliens may destroy humanity to protect other civilisations, say scientists

http://www.guardian.co.uk/science/2011/aug/18/aliens-destroy-humanity-pr...

 

"Green" aliens might object to the environmental damage humans have caused on Earth and wipe us out to save the planet. "These scenarios give us reason to limit our growth and reduce our impact on global ecosystems.

 

 

REALLY?! Aliens care about global warming?! Fucking gore would be proud!! If anything they would want to kill us off to exploit our resources without a fight.

Fri, 08/19/2011 - 12:23 | 1577737 tip e. canoe
tip e. canoe's picture

maybe the real point of the article is not to defend one assertion or another, but rather to inject the alien meme into a topic that is highly divisive in order to generate eyeballs, and thus further spread the meme.   also witness Krugman's remarks earlier this week, coincidence?

don't forget, the medium IS the message.

Fri, 08/19/2011 - 12:31 | 1577803 Calculated_Risk
Calculated_Risk's picture

I agree, what better false flag than to blast lasers from space (satellites), and blame it on some aliens that hate us for our freedom.

Fri, 08/19/2011 - 13:18 | 1577999 tip e. canoe
tip e. canoe's picture

not sure of the technology or propaganda used, but something tells me we haven't seen the last of the Norway Spiral, especially if the slumbering masses continue to awake.

Fri, 08/19/2011 - 12:28 | 1577770 Smiddywesson
Smiddywesson's picture

If I were an alien, I'd let us continue to do the job ourselves

 

Fri, 08/19/2011 - 23:01 | 1580054 StychoKiller
StychoKiller's picture

ALL truly intelligent aliens are staying as far away as possible from this planet!

Fri, 08/19/2011 - 13:27 | 1578034 gwar5
gwar5's picture

 

What the aliens would really say: "What happened to all the atmospheric carbon?? When we were here 50 million years ago the atmospheric CO2 was 2500 ppm, and now it is only 388 ppm."

 

 

Fri, 08/19/2011 - 12:15 | 1577701 Version 7
Version 7's picture

The place is getting unlivable and the rats come out of the woodwork. Ain't so Jurgy? Another leader. According to current definition, knows everything but what to do.

Fri, 08/19/2011 - 12:16 | 1577704 Sudden Debt
Sudden Debt's picture

This is indeed the emotional reaction one expects from someone who's throwing in the towl.

 

Fri, 08/19/2011 - 12:25 | 1577750 oogs66
oogs66's picture

cannibalization is the last resort...they are eating their own now

Fri, 08/19/2011 - 12:28 | 1577776 Whoa Dammit
Whoa Dammit's picture

...Or knows he is about to be made redundant.

Fri, 08/19/2011 - 12:19 | 1577706 baby_BLYTHE
baby_BLYTHE's picture

Central Banks are indeed very powerful institutions. Should we really believe Bilderberg attendee Rick Perry's rhetoric on Bernanke & the FED?

A young Alexander Emerick Jones once asked a former Texas Governor, George W Bush, during a press conference if he should indeed go after the Federal Reserve Bank. Immediately after questioning, Jones was forcibly removed from the conference, with his armed ripped behind his back (to which to this day has not fully recovered) and arrested outside on the premises. The crime? A simple question in a society that supposedly guarantees free and open speech.

http://www.youtube.com/watch?v=3NhmZSdmY0s

Fri, 08/19/2011 - 12:37 | 1577855 Vic Vinegar
Vic Vinegar's picture

Fuck asking slewie a question today. 

BB you are the best.  Shine on you crazy diamond.

Fri, 08/19/2011 - 13:01 | 1577941 Waffen
Waffen's picture

I was there with Alex that day. The guy is 100% legit.

Fri, 08/19/2011 - 13:09 | 1577968 baby_BLYTHE
baby_BLYTHE's picture

cool. Do you work for Alex?

Fri, 08/19/2011 - 14:03 | 1578170 Lazlo Toth
Lazlo Toth's picture

JFK.

Fri, 08/19/2011 - 12:22 | 1577724 firstdivision
firstdivision's picture

ECB'S STARK: ALL DEVELOPED ECONOMIES HAVE PUB FINANCE PROBLEMS

Translation: Yes, all developed economies are a ponzi scheme.

Fri, 08/19/2011 - 12:21 | 1577728 Internet Tough Guy
Internet Tough Guy's picture

ECB'S STARK: WHO LET YOU IN HERE. SECURITY.

Fri, 08/19/2011 - 12:24 | 1577745 Internet Tough Guy
Internet Tough Guy's picture

ECB'S STARK: I ALWAYS TALK THIS WAY IN A SCREAMING FLAT MONOTONE DEVOID OF HUMANITY. I AM A GOOD BANKER. WHY DO YOU ASK

Fri, 08/19/2011 - 12:23 | 1577741 azengrcat
azengrcat's picture

PONZI GUY SUPERMAD.  NEXT UP RAGE QUIT?

Fri, 08/19/2011 - 12:24 | 1577746 oogs66
oogs66's picture

they are turning on themselves..the end is near....

Fri, 08/19/2011 - 12:25 | 1577753 Iriestx
Iriestx's picture

The ECB having their period?

Fri, 08/19/2011 - 12:27 | 1577769 Miles Kendig
Miles Kendig's picture

ECB Stark does his central banker best at framing the "let's boost confidence" meme. Next he'll blame Osama bin Bernanke for undermining the pan European stability the ECB is laboring to defend with misty moats and soapbox fortifications

Fri, 08/19/2011 - 12:28 | 1577777 buzzsaw99
buzzsaw99's picture

ECB'S STARK: UNRESPONSIBLE TO SAY MY PANTIES ARE IN A 'WAD'.

Fri, 08/19/2011 - 12:28 | 1577780 Tunga
Tunga's picture

Even the ECB is down with the Friday fun here! It's going to be a glorious weekend. Unless the aliens attack of course.

Fri, 08/19/2011 - 12:38 | 1577860 marcusfenix
marcusfenix's picture

meh...might be better, same end result just a quicker way to get there, I will take the alien death ray over slow, painful starvation, disease and all the other things associated with a fiat driven societal collapse...

Fri, 08/19/2011 - 12:35 | 1577844 Dick Darlington
Dick Darlington's picture

Lies, lies and damn lies. Denial, denial and damn denial. Blaming others, blaming others and blaming the damn others.

Yes, this is in the heart of the europonzi. They have nothing else to offer. And the people don't want what they're offering anymore. These fiat-lords are trying to preserve their sweet little system which gives them all and nothing to the people. Big change is on it's way and it will eventually wipe out the bankster class and the small elite in Brussels. Euro as such is fighting it's last battle which it's destined to lose. The end game is near.

Fri, 08/19/2011 - 12:35 | 1577845 dcb
dcb's picture

No matter what happens the tax payer will end up eating it to bail out the bankers. if the germans and those with some sense decide not to keep funding the bailouts, then the ecb will do it by buyinb bonds, and then the countries involved will have to bail out the ecb in proportion of their economcies, so the germans will get screwed then as well.

Fri, 08/19/2011 - 13:23 | 1577852 jjsilver
jjsilver's picture

What a great business (usury) model. Create money (debt) out of nothing and charge the people (slaves) interest for something that never existed until you signed on the dotted line!!

Fri, 08/19/2011 - 12:42 | 1577879 marcusfenix
marcusfenix's picture

Biden just told the Chinese US debt is "nothing to worry about"...

"it's cool china, we got this"

why do they even let this man speak?

Fri, 08/19/2011 - 23:05 | 1580068 StychoKiller
StychoKiller's picture

Has "The Creature From Jekyll Island, a Second Look at the Federal System", 5th Ed., G. Edward Griffin, ISBN:  978-0-912986-45-6

been translated into Chinese?

Fri, 08/19/2011 - 12:51 | 1577909 CTG_Sweden
CTG_Sweden's picture

 

My impression is that the most simple solution to the debt crisis in Europe is that the ECB lends Greece, Italy and Spain the money they need at a near zero interest rate. After all, Italy´s and Spain´s government debt to GDP ratio is not worse than for the US. The ECB does not have to borrow money from others in order to do so. They can just print the money and then lend it to Greece, Spain and Italy.

I can´t understand why the ECB should lend money to these countries in a roundabout way by first lending the money to banks which then, in their turn, lend the money to the countries mentioned above. By lending money directly to these countries the banks wouldn´t have to be jeopardized. It would probably also be easier to remit these countries debts in the end if the banks are not involved.

However, in order to prevent similar crisis from happening again, I think that some European banks have to go bankrupt due to irresponsible lending. All equity must be gone in the end. Otherwise, they will just continue in the same way after the taxpayers have bailed them out.

Another problem is that Greece and Spain most likely will continue to spend money they don´t have if they think that the ECB and/or other EU members will bail them out once again. Therefore, I think that the euro and also the ECB should be phased out within 5 or 10 years. But I doubt that will happen. Instead, the politicians will say that we need a European government that can limit public expenditure and improve tax collecting in Greece and Spain. The worse the crisis get the more they can strengthen the case for a more closely integrated Europe. Politicians in Sweden used a similar method in the early 1990s in order to force people to vote yes to EU membership. First, they pegged the Swedish krona to the Ecu (the forerunner to the euro). Then they raised interest rates to 500 % in order to defend the exchange rate which caused thousands of bankruptcies and massive unemployment. Then they said that Sweden needed EU membership in order to prevent that from happening again. And people bought it. I think that there may be a rather simple solution to problems Greece, Spain and Italy have caused, but I´m not so sure that leading European politicians want it. If they can choose between the simple solution and an economic disaster which takes 20 years of austerity (which, however, results in a more closely integrated EU), I think they prefer the latter alternative.

Perhaps someone will argue that the ECB can not print money and give, near zero interest loans to Greece and Spain without creating a single country out of the EU. Well, that´s also what I´ve been told before. But I have not seen solid explanation for that so far.  

(Note: Sweden has still not dropped the krona in favour of the euro. What happened was the the floating exchange rate which followed the 500 % interest rate failure helped Swedish exports recover which saved Sweden since the Swedish economy depends heavily on exporting goods.)     

 

Fri, 08/19/2011 - 14:50 | 1578392 FlyPaper
FlyPaper's picture

Ja, men:  The ECB can't just print money because the Germans won't let them.  That's the key difference between the US FED (god save us all) and the ECB which has to deal with "real" money.   

Fri, 08/19/2011 - 13:06 | 1577954 Dick Darlington
Dick Darlington's picture

08-19 12:57: ECB's Stark says the ECB intervenes because markets don't...

Lol! These academic central planners are criminally insane. The correct phrase goes: "Markets don't work because ECB intervenes." Stark, please, go find a job from Lidl or something. I bet You would be an ace filling the empty shelves.

Fri, 08/19/2011 - 13:13 | 1577981 cranky-old-geezer
cranky-old-geezer's picture

'08 collapse triggered by consumer real estate debt collapse.

'11 collapse triggered by sovereign debt collapse.

That's it. You can't go any higher. Sovereign debt collapse is the end game.

Never in human history have there been so many central banks issuing so much paper currency governments can borrow and accumulate enormous debt.

Never in human history have so many national governments been at sovereign default.

Paper currency is the problem. Central banks can print it and loan it out till every government on the planet is up to their eyeballs in debt.

That's where we are now. Cascading sovereign defaults. One after another.

What do central banks do? Print MORE currency and loan it out, trying to postpone those sovereign defaults, while out-of-control national governments keep borrowing and spending, going even deeper in debt.

It can't go on much longer. Even with near-zero interest rates. A worldwide sovereign debt collapse is coming. Which means worldwide currency collapse and central bank collapse.

So yea, panic is a daily thing now.  One sovereign debt crisis after another. Coming faster and faster.

(ok, repost from earlier thread, but very appropriate here)

Fri, 08/19/2011 - 13:19 | 1578000 bernorange
bernorange's picture

I'm convinced!  Mr. Stark is full of virtue and devoid of blame.  Cheers to the hero!

Fri, 08/19/2011 - 13:24 | 1578020 digalert
digalert's picture

Tell you what...

You lie and I'll swear to it.

Fri, 08/19/2011 - 13:33 | 1578056 jack stephan
jack stephan's picture

Lucian: You may have killed me cousin, but my will is done regardless.

Fri, 08/19/2011 - 13:59 | 1578149 YesWeKahn
YesWeKahn's picture

Sure, printing money doesn't create inflation. What does?

Mon, 11/21/2011 - 16:22 | 1899875 PrinceDraxx
PrinceDraxx's picture

A lack of things to buy with the excess cash.

Fri, 08/19/2011 - 14:23 | 1578271 faustian bargain
faustian bargain's picture

Sounds like Stark didn't sleep at a Holiday Inn Express last night.

Fri, 08/19/2011 - 14:50 | 1578390 Bansters-in-my-...
Bansters-in-my- feces's picture

Fuck you,you piece of shit Bankster.

Fri, 08/19/2011 - 14:56 | 1578411 Motley Fool
Motley Fool's picture

I'm sorry Tyler. You have completely misinterpreted this one. I don't see you make mistakes often, so I will point it out.

Fri, 08/19/2011 - 15:23 | 1578500 youngandhealthy
youngandhealthy's picture

Tyler what T F R U thinking....or smoking? On the one hand U R hammering the FED for monetizing with QE and on the other U R firing at the ECB which is not monetizing but buying and moping up.

 

What do U want? Gold? Oil? Condoms?....man U R an angry little bastard...Mom 'n pop bad at U as a kid?

Fri, 08/19/2011 - 17:16 | 1579066 THE DORK OF CORK
THE DORK OF CORK's picture

Well if they defaulted on shadow bank debt which is truely massive in Europe thanks to the ECBs credit binge we would not have to enter such large public defecits to pay those parasites.

Responsible central bank me hole - there is no such thing.

I was stupid enough to shift my deposits up to the 20,000 insured limit in 2007 yet they backstopped EVERY FUCKING THING !!

I will never make that mistake again - they will inflate everything first before their banking buddies are touched.

Fri, 08/19/2011 - 20:21 | 1579668 Hephasteus
Hephasteus's picture

"ECB'S STARK: ALL DEVELOPED ECONOMIES HAVE PUB FINANCE PROBLEMS- said otherwise, it's everyone else's fault"

 

So you're saying. It's everyones fault that you use a bullshit mathematical accounting system. But argue the fuck out of anyone who calls you on your bullshit and call them crazy or consipiracy theorists.

IT'S ALL YOU GODDAMN CENTRAL BANKERS FAULTS. IT'S ALWAYS GOING TO BE YOUR FAULT AND YOU WILL NEVER BE ABLE TO DEFLECT BLAME WITHOUT RETARDING THE ENTIRE POPULATION OF THE PLANET FOREVER. WHICH YOU FUCKERS WILL TRY TO DO WITH DRUGS AND POISONS. YOU PIECES OF SHIT!!!!!

Now quit talking shit about things that don't mean shit like people don't know.

http://www.youtube.com/watch?v=OG1ipWqgT1E

 

Sat, 08/20/2011 - 05:53 | 1580538 Mountainview
Mountainview's picture

This Stark sound good to me....

Sat, 08/20/2011 - 08:21 | 1580686 MarcusAurelius
MarcusAurelius's picture

At certain points in history usually during very tough times people could count on a leader that would ralley the people in the right way and stimulate feelings that all were working together. That politicians and world leaders lie is a forgone conclusion now. It has been a very long time since I remember a good leader at all. One that you could count on to tell you the "real story" aka. Ron Paul.

       Our society has grown used to being lied to. It now accepts it as being normal. Only when we revalue our own value system will this change. As zero hedge points out, the lies are so transparent now that even a baby could see through them. This stems from a faulty belief system. I sure hope that people stand up for what is right because you won't get it from those that pass themselves off as leaders.

Sat, 08/20/2011 - 14:55 | 1581687 tip e. canoe
tip e. canoe's picture

maybe that's because we don't a leader, but a public servant with integrity & humility.

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