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Emergency Meetings Galore: ECB To Hold Crisis Conference Sunday, G20 To Hold Call At 2230 GMT Tonight
For a world that has supposedly largely priced in the US downgrade, the amount of emergency conference calls this weekend is a little disturbing. First, tonight at 22:30 GMT the G20 deputy finmins will hold a conference call It to "exchange of information and opinions." Next tomorrow sometime the ECB will hold a separate call in "response to the latest developments in the euro zone's debt crisis, an ECB source said on Saturday." Somehow we think the tangential topic of the historic US downgrade may also be breached. And, as always, the market is sure to be delighted with the outcome of this latest political hodge podge of responses to what is increasingly shaping up like a market perfect storm of epic proportions.
From Reuters:
Deputy finance ministers from the Group of 20 leading economic powers will hold a conference call on Saturday to discuss the crises in Europe and the United States, a Brazilian finance ministry official said.
The official told Reuters the call was scheduled for 2230 GMT.
"It will be an exchange of information and opinions," the official said by e-mail without providing further details.
Investors are eager to see signs of a coordinated policy response among major economies, which might prevent the crises from spreading or getting worse.
And also from Reuters:
The European Central Bank will hold a conference call on Sunday to discuss its response to the latest developments in the euro zone's debt crisis, an ECB source said on Saturday.
Italy's pledge to speed up austerity measures and whether the ECB should buy Italian government bonds could be discussed but the call's focus would be on the broader situation in the bloc, the source said.
Two sources earlier said ECB President Jean-Claude Trichet was due to hold a teleconference over the weekend, and that the ECB remained divided over whether to buy Italian government bonds.
Add Germany's opposition to make a "GDP-for-Italian entitlement benefits" distressed exchange and the fan is on full blast just, waiting for the latest batch of excrement to hit.
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Panic Bitchez!!!!!!....crap we're on fire...arrrrghhh!
die Scheiße hat den Lüfter getroffen
Excellent!
Not necessarily..
What he said could be translated as TFHS.
The Fan hit the Shit!
...which is equally messy..... or wait....
I heard that Mexico is now building fences to keep poor refugee Americans out.
Imagine that. May have to bribe the MEXICAN Border Guards to let us in...
Once in Mexico, it's easier to get to South America if Team USA locks down.
This one deserves a thread of it's own:
http://www.theblaze.com/stories/pretty-darned-f-cked-former-obama-econ-chair-talks-downgrade-with-bill-maher/
And.. "like a seventh grade boy" has meaning on so many levels.
Ja, mein Herr, das hat sie!
+100
If this sort of thing continues, high officials will be missing their golf dates, and dinner with the mistress, on the weekends; personally, I wouldn't put up with that kind of shit.
Very bullish.....for tradition.
very bullish for cash $$$.
bull-ish
Yeah, it is very bullish that the CREDIT that backs the dollar was downgraded.
Fuck what a stupid comment but the poblem is that stupid fucks like you are the majority of the market so you might get your dead cat bounce in the dollar on Monday. I doubt it will be as big and as long of bounce as 2008 though.
Spitzer - it could be a bait & switch operation to protect the Euro.
The fact that the ECB is not printing money to bail out Italy is disturbing - Italy would be servicing less debt then Germany if it had American interest rates.
More like, "hey look at me, not over there," but yeah, I had the same thought but dismissed it as the tin hat weighing heavy on my head.
We give them too much credit and make up stories because THEY DON'T TELL US THE TRUTH and we must fill the narrative vacuum with something or implode!
Tinfoil Hats bitchez!
As you wrote on another thread MsC:
SJGR. Yes indeed.
Trichet see's the reserve currency up for grabs and he knows that it is not going to take much to out wit bernanke. He prints a bit, raises interest rates, lets countries bond markets blow up ect. This is all long term positive for the Euro.
It would be a real shocker if the ECB came out on Sunday night saying they were going to raise rates and at the same time they would not bail out anybody else. That would seriously fuck over Benocide's plans for QE5000.
I wouldn't count it out. It is more likely that they raise rates and do some minor bailouts. The raising of rates would cause capital to rush to the EU which would help the whole situation.
stultus magnus est
Spitzer, what are you smoking to be so sanguine about Europe and the ECB? Wish I had some because from here inside the EU projekt, things are quite bleak.
I'll repost some of what I wrote on another thread.
The ECB does not control much of anything, not policy and not much of the gold, that belongs to the sovereign nations themselves: Portugal 421.5 tons, Netherlands 674.9 tons, etc. The ECB only has 553.3 tons or 30 billion USD worth. If you think Portugal will give up its gold horde for a bunch of ECB paper, well, I hope you would be wrong but anything's possible with politicians.
Our massively overvalued € aside, the mechanisms of "Europe" to deal with a crisis of the magnitude of Italy and Spain being far beyond US-levels of bankrupt (which we have know about for well over a year) simply do not exist. Italian debt at 120% GDP, that's the 3rd largest country in the EU. Here in Austria, the number of people with mortgages to pay in CHF is simply astounding and in our next-door neighbor, Hungary, it is even more dismal. Guess who is the "Countrywide" in this situation, Bank Austria, owned by Unicredit.
The national identities within Europe will agree to cooperate but will not allow truly painful sacrifice of its citizenry for the well-being of another nation, because at the end of the day, European Parliament doesn't matter at all. Germany et al have our own elections to consider and the "political will" often bandied about by punditry can be replaced with Right-Wing nationalist parties at the next election cycle and "poof" the European projekt will vanish like so much smoke, and the EUR will be good for stoking fires alongside the USD, especially after Germany closes all of its nuclear plants and becomes even more reliant on Russia for energy.
it's etc. asswad as in et cetera from the Latin for "and so on"...don't fuck with latin...
the biggest "poblem" is that irony is lost on idiots...thanks
Very bullish . . . for shiny jewelry - gold, silver, platinum, diamonds, emeralds, rubies. Start sewing them into your clothing - but no getting on airplanes!
worldwide deflationary collapse seems unavoidable.
Worldwide Ponzi revelation seems unavoidable.
These 'elite leaders' could start meeting and talking to each other 24 hours non-stop and still produce nothing of substance.
Bitcoin market is open for business 24-7 and is registering a 33% decline.
The FED and ECB will put their best hyperinflationary foot forward before the collapse. Whether it is deflationary or inflationary, we end up in the same place. Deflationary depression would be quicker, more fair, and easier to manage than hpyer-inflationary.
So... Long Dec31 gold, long Sept FAZ for hedge in case of liquidity run? -_-
doublepostnegative
Berlusconi will offer up some of his whores as collateral
That is an italian bail out I can buy into.
whatever happened to Cicciolina?
"ladies...who would like to ride the berlusconi pony? seriously?"
Wow, they really are taking any kind of trash these days.
they are in a quicksand....better for them to not make any unnecessary movements now...if they do they will take the all of us down...
sadly there is no such thing as quicksand
a creation of Hollywood
No, hydrogels exist, it's the sinking into them uncontrollably that's fiction.
ya ya with a name like snowball, you'd know
I stand corrected
OBLAHma, BernBLAHnank, GeithnerBLAH, TrichetBLAH, MerkelBLAH, SarBLAHkozy, BLAHberlusconi...
BLAH, BLAH, BLAH, BLAH.
TALK, TALK, TALK, TALK.
WORDS, WORDS, WORDS, WORDS.
NOISE, NOISE NOISE, NOISE.
GRUNT, GRUNT, GRUNT, GRUNT.
A quote from The Bourne Identity is appropriate to all the talkers, the TOTUS, and all other BLATHERERS:
Damn do I love my PM's today
+ $1660 and green.
Gold was mostly sold out in the early morning of our local coin show, today. What was left (scraps) was selling at a $2200/ounce. Highly unusual for these guys, I have known them for 5 years. Silver was variable (hot and cold) depending on dealer.
I am wondering where the flight to safety will be Monday and highly suspect it will be to gold. However, I would be suprised to see the dollar fall much. We'll see.
This is it Bitches , freegold serfdom or Dollar reserve serfdom - the Dollar Bitches Vs the Freegold Whores.
I am a Gold trollop but will take dollars on Monday if they can pay my bills........................................
Dollar Bitches vs. Freegold whores... Quite a choice there DoC. I see you (correct?) over at fofoa, excellent comments.
Yeah, on Monday I will take either money, and get even more prepared.
Ugh.
Silver. it's not magic. it's rational. it outperformed gold hugely over the last ten years. you can own it a bullionvault.com; read all about it on their website.
"Investors are eager to see signs of a coordinated policy response among major economies, which might prevent the crises from spreading or getting worse."
LMAO
Yeah, that quote was what stood out for me too. The world would be a better place without coordinated policy. Globalization has been so bad for the world.
Right. And god help us all in that event.
It has been neither good nor bad for "the world". It's a code word for send all your money to China; propaganda to the contrary not-withstanding.
The only thing they have to coordinate is to quash any panicked gold buying by their fellow co-conspirators.
They are having a monkey shit fight at what time of the night? Isn't that a little late to keep monkey's up in the evening, they need their sleep?
This may cut into their sexual assault hobby and their prostitute time as well.
THIS IS TERRIBLE NEWS!!!
It's ok dude. They're doing a call so it can happen between the raping and pillaging.
the one true sign of crisis is if Roubini opens up his site to non-subscribers like he did in 2008
roubini.com
I, personally, will never go to that man's site again.
I was an avid contributor to the site until, at one point, Roubini made a post that basically said the only way to save the world was massive QE. I posted that QE would become a mechanic that would end up only prolonging the pain by artificially holding up the economy, and that it would require a second, third and nth round of additional QE to infinity.
I then suggested the NR should rethink his position, lest he go down in history as having predicted one downturn only to suggest a solution that was clearly destined to fail in the long run.
For that post, I was banned from the site, basically for suggesting that not everything NR said was by definition perfect, and that the man himself could never be questioned.
At this point, I think I can claim that I was right, and that he was wrong, and that banning me from the site (only later to ask me repeatedly to return) was bullsh**
If he isn't open to constructive and well thought out criticism, why should I contribute. It was through that good fortune that I came to ZH and have been here ever since.
--Brian
The only person I know who was banned from Roubini's site was that really angry guy John ... what's his face ... it will come to me
or maybe your referring to this, if so my deepest sympathies
(and don't be deceived, there are some "disappeared" here at ZH too)
These disappeared users always leave a ghost of themselves.
I think they were banned or something like that.
For example, this one. Click on a name of any user in this page. You will be redirected to his posts.
However, with the one above you get some error message. There are ban hammers everywhere.
John Ryskamp was the name of the guy I was thinking of who was banned with great fanfare at the old RGEmonitor Roubini blog
You got to give Roubini credit for explaining his rationale as far as I know he was the only one banned from RGE you gotta love that word 'scatological'
Oh and it seems that Roubini set up a (non subscription) blog site apart from Roubini.com - wonder who's there?
http://www.economonitor.com/
Two days ago I get this mail from RGE:
Roubini Global Economics strategy clients were recently sent the following piece that RGE strategists Gina Sanchez and Ibrahim Gassambe published on August 1, 2011 alerting them to the change in growth outlook which was not yet priced into the markets.
Keep Your Eyes on the Macro Data
“It is clear to us from Friday’s [July 29, 2011] market reaction that the market has still not fully discounted the awful growth picture because if it did, the S&P would be a lot lower than it is trading.”
Let Roubini Global Economics help you stay on top of the global economy by becoming a client today.
Roubini is a Tool.
TPTB are just coordinating their stories lest one of them slip and say the wrong thing in public. They are probably also coordinating the controlled demolition of BAC on Sunday. Never let a "crisis" (even a manufactured one) goto waste Bitchez!
ATM money, bitchez!
del.
conference calls are sooooo hot right now...
Conference calls are very hot now, for example:
Timmy in call to Merkle: We will send you $3.5 Trillion newly printed U.S. dollars right now for you to bail out Europe.
For which we will keep all your gold that we are storing for you. Okay?
"Fire in 'da Hole!!!"
"Man your battle stations!!!"
I'd like to put some fire in your hole nasty girl. Respectively.
i think you spelled that wrong. then again maybe you're a moron.
robo, why havent you told which stocks will fly up monday following tomorrows QH1 (Quantitative Heaving-we are past 'easing' into anything at this stage)? rumor has it the central banks will be injecting 20 trillion units of heroin/dollars into the worlds bloodstream. should we go with tech stocks? what do your omnipotent charts tell us? dont hold back robo
short selling will be illegal
blah...blah..."evil speculators"...blah...
Not illegal. I just heard they will tax it more than going long. Short all you want but da guv gets 90%.
The game of 'pass the parcel' at Obama's birthday party is going to be fucking Biblical...
[edit]
Hot from the desk, Putin gets his invite - http://i.imgur.com/7S5D7.jpg
LOL
The G20 should just call Hugh Hendry, and ask him and his wolf pack, to please stop.
Can Europeans function without summer vacation? Isn't August holidy built into their consitution? They have never had to work so hard. Bet you they wish they had let Greece fail last year!
The IMF says we avoided economic problems,
http://www.imf.org/external/np/sec/pr/2011/pr11301.htm
Sounds like a joke of the day...
NewsFlash USA:
DHS declares S&P terrorist organization.
now that's good stuff...
Not sure if Merkel has balls.
she has a decent pair of tits - shame about the rest.
www.youtube.com/watch?v=XTpZLf3VIyw
Maybe big enough for the Teutonic Tribe but not enough for the Irish , Iberians , Italians , Greeks , French etc etc.
Print bitches - the fiscal fiasco is so over.
Ha ha the video!
Maybe we now know why George W. Bush gave her the mini-massage that had everyone so mystified???
My bankerette in 2007 told me:
"Don't worry, they'll just print the money."
Her days are numbered; the German people are sick of her.
Emergency meeting at O'Blarnahan's stat! First round on me. Go Eagles!
Monday: Green shoots!
Will they serve pizza and pass out the ...
http://www.k-y.com/?utm_campaign=KY%25202009%2520-%2520%2520Branded%2520...
I'm sure one talking point at all these meetings is how to suppress the price of Krugerrands.
Archduke Ferdinand....Assassination....World War 1....
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/01/archduke-ferd...
Eight Reasons Young Americans Don't Fight Back: How the US Crushed Youth Resistance
""The ruling elite has created social institutions that have subdued young Americans and broken their spirit of resistance.
Traditionally, young people have energized democratic movements. So it is a major coup for the ruling elite to have created societal institutions that have subdued young Americans and broken their spirit of resistance to domination....""
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/8-reasons-you...
OT: 2 min video...hilarious
Wrong Side Up...
http://www.youtube.com/watch?v=W0Uju3tYS2s
So many events...such a confluence forthcoming.
One can't help but wonder if tptb are colluding in some Bilderbergian way.
Maybe trading a little silver for alot more lead is warranted.
Again and again, Conference call with Sarkozy and Obama, and the german Michel pays the bill.
The EU is Versaille without war, Germany is paying for everyvone.
Not sure where markets will go (other than equities down), but one thing I will predict: a week from now, there will be fewer freedoms for the average person. (Hopefully only slightly fewer)
"enquiring minds want to know" :
why tf don't these people ever take care of this shit during the week?
I can't wait to see the futures tomorrow night. All currencies should be down at least 2% across the board, except for the Yen and Swiss Franc.
If there's still a Yen carry trade, there won't be within 48 hours. The unwind of the carry trade should force mass liquidations across the board, including a temporary sell-off in commodities. Once that's over, commodities will skyrocket as buyers pile in to take advantage of the dip.
This will be a huge buying opportunity for commodity traders.
All participants are advised to wear Depends; plenty of air fresheners will be provided...
Pop-Corn and arm chairs........
Yee Haw...!!!
mish of global economic analysis couldnt have summed up the coming meeting any better:
Summary of Meeting Agenda
Few details have been released on the "secret" meetings but I have a list of agenda items in advance.
Did you guys know that beer drinking is on the decline in GB?
The royal pint is in serious trouble!
China calling for a new stable global reserve currency.
http://www.reuters.com/article/2011/08/06/us-eurozone-idUSTRE7712HB20110806
I'm gonna call 911. That would actually be hillarious. Save me motherfucker! My 40lk's gettin crushed! Well there went the first 12 pack. A little later I load up the cooler on the 4wheeler, grab the gun and head to the creek. It's rather stress relieving.
SuperGay20 good luck.
.
Hard for me to believe the USA is collapsing at the same time as the EU without some deliberate coordination and plan.
The USA doubled it's national debt in just 5 years. That's too stupid to do, and unbelievable, unless it was purposefully done to create a new WRC.
We knew that day would come but it's quickening now.
Just imagine the catering and alcohol bill for this shindig. Also, no hotel maid or street walker will be safe.
sounds like my kind of party ...
http://www.youtube.com/watch?v=8rrG1VRfIKs&playnext=1&list=PL90EF4246EEE...
RIP BILL COOPER, WHO COINED THE TERM SHEEPLE OVER 20 YEARS AGO
Ok..G7 rich f-ups now call G20 for a meeting. Since G7 will soon be Emerging Markets, G7 now calls the suckers G20 to discuss a solution for their f-ups.
Brazil Bovespa is down over 23.60% YTD and its currency overvalued against USD, kiiling exports..Q3 on the way and more pain..
G20 guys can't print money like Bernie and gang. A lot of these G7 counties should be BBB..
The reality of our sad condition is unfolding, no hiding anymore..
ECB: Our 1913 ponzi scam has been exposed. We need to lockdown the internet. Too many terrorist have caught onto our plans. LOL
The car bouncing off the guard rail just found a weak spot and punched through. Lets get it over with once and for all. They'll print some more, and assure this, guarantee that, but we all know the count - they're holding a pair of two's and its show your cards "all in" time. Fear and glee. Who would've thought Germany would be the lynch pin a year ago....two years ago. Watch these fuckers blame it on something like China or business investment or whatever. Guess we find out whose been swimming naked next week when the tide goes out, eewwwww!
The conferences are being held for the purpose of announcing good news, just before Asian markets open on Sunday. Does anybody really think that the ECB, etc. will announce bad news tomorrow? Not likely, given that Obama has been consulting directly with Merkel, Sarkozy, et al since Friday.
Make no mistake, the two main topics of the G20 discussion will be:
1. "Don't panic, just keep buying gold slowly"
2. "Which one of you fu#ks is buying more gold than their share? It's you China, isn't it?"
http://www.youtube.com/watch?v=jon3q6me5Sg crime of the centuary
This is a side issue but just to make sure we go into total crazy land From the Turkish Prime Minister Tayyip Erdogan gave a stark warning to Assad on Saturday that his country's patience is running out with Syrian regime over its bloody crackdown on protesters.
"Our patience s running out. Therefore I am sending Turkish foreign minister to Syria to hold all the necessary talks there," Erdogan said. I think Turkish troops are going to go into Syria ... Welcome to the party pal.
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