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EU Goes From Monetary Union To Suicide Pact
Via Peter Tchir of TF Market Advisors
As alleged details are leaked about an alleged proposal to leverage the EFSF all I can do is cringe. I'm waiting for some actual details, but as far as I can tell, Europe is attempting go all in. It is going to make leveraged bets on itself. If it doesn't work, the senior debt holders will own Europe if the BRICs buy the senior tranche and will end in a fast and furious death spiral if the senior tranche is owned by the ECB or European banks. We may get a lift on the news. We are trying to rally on the back of the news right now. But if this plan goes ahead, even the slightest cold in the future will turn into the plague. There will be no strong countries left as they will have tied themselves to the PIIGS anchor with a Gordion Knot that will never be untied in time.
Haven't they seen what happens to SIV's? Are the so confident in an economic recovery that will risk it all at this time? If they get it wrong and it doesn't work, there will be no fall back.
All I can hope is they are tired and too happy with the late night "solution" and the markets initial reaction that after the initial euphoria, cooler heads, like Schaeuble, will prevail. This has the makings of an Epic disaster in the making.
The plans to ring fence Greece, to erect support for banks and other countries all made sense. Painful, but made sense. If this even manages to avoid pain, it ensures the next crisis won't be manageable.
I do like the idea that the EFSF is going to become an "investment bank". At least it is consistent with solving every problem with more of the same. The best part will be when they pay up to poach talent from the banks that they are bailing out. With Gardening leave in Europe it should take about 6 months before the first employee can start.
I will take a look at the details but in meantime, for first time in this crisis, am worried that not only are they doing something that won't work, but something that will make the problem intractable and ensure that the crisis ends worse than anything we had post Lehman.
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It's the pirates' motto: one hangs all hang. Good to see plundering Europe returning to its roots.
This and any other similar proposal is a terrifying solution. It is basically leverage on kicking-the-can, tying the fortunes of the structurally and nominally strongest to the dregs of the EU, increases the systemic impact of shocks and imbalances of any kind, and provides no incentives at all for the primary beneficiaries to restructure themselves, but continue with more of the same.
I never thought it would happen, but for the first time I'm actually sorry for the hardworking and frugal German people. The pain and changes that will ultimately be coming to your lifestyles will be an enormous shock. Unfortunately, the solution your government will have accepted will take all the rest of us down with you too.
show me a society that didn't plunder.
The last official act of any government is to loot the country/nation.
NO!
A Government Loots the Nation the Entire Time..
The Last Act! is to take the Last of the Money / Wealth that a Country has to offer.
and it is not the Government.. it is the Lobby / Money Behind the Government.
The only reason that America Owes Debt off shore is so that Banks on shore can collect fees..
So that the Share Holders of the Federl Reserve Bank can collect 6% on every dollar printed into circulation.
If America owed the Federal Reserve Bank $14 trillion in printed monies America would simply Not! pay the $14 Trillion.. so the debt has to belong to someone else other that ourselves.
The Fact that America has a 120% +++ amount of leverage on every U.S. dollar verse say the Chinese 1,200%+++ Leverage.. means that "We the People" are Transferring over 1,000% of our Wealth to China with every dollar they are allowed to invest into a U.S. Treasury (or other).
This is the biggest scam going and because the Value of the Yaun? is undervalued.. says Cable News in Heavy Rotation / 4 times an hour.. makes it so?
China services its debt or leverage on its Yaun / Renminbi thru production.
7 to 12 Cities a year are built that NO ON LIVES IN! and this is how China services its debt.
and the dumb ass people of America buy the story because it is repeated and repeated over and over again making China's Dollar "Strong like Bull!"
China's dollar is SHIT! and all of these Government Plants and / or STUPID Parrots should be rounded up and shot for Treason.
1. the Federal Reserve Bank that is OWNED by its Share Holders.. which are! Wall Street Brand Name Banks! are looking to gauge how much further they can push before the breaking point. And as dumb as the Populace is! I say they could bend things around Pluto and back more than once, without fear of upsetting the napping "Sheepish Consumers".
2. Wall Street communicated or transferred or moved ATLEAST! 11 Million manufacturing Jobs to China.
3. Wall Street which owns the Federal Reserve not only allows but promotes China's buying of America's debt with a Yaun or Renminbi that is Leveraged at over 1,200%.
4. The U.S. Dollar is Leveraged ATLEAST to 120%.. So China is picking up a 1,000% at par pricing plus, PLUS!!! Interest! FUCK YOU!
Now if this shit ain't Treason against the Sheepish Consumers of America! I don't know what the FUCK YOU COULD CALL TREASON THEN!
They all have to go... the system is corrupt and one man can NOT save it.. only "We the People" can bring back the rule of law..
Wall Street has NO LAW! and No Sworn Law Enforcement is capable of really putting in an honest day's Work!! and harassing poor people while Wall Street Steals Trillions and Washington DC send a HUGE portion of our Tax Base to China for Lobby Dollars does NOT COUNT!!
$16 Trillion Dollars???
http://info.publicintelligence.net/GAO-FedAudit.pdf
PLUS!!!
Wall Street Aristocracy Got $1.2 Trillion in Fed’s Secret Loans
http://www.bloomberg.com/news/2011-08-21/wall-street-aristocracy-got-1-2-trillion-in-fed-s-secret-loans.html
PLUS!!!
SEC Covering Up Wall Street Crimes?
http://www.rollingstone.com/politics/news/is-the-sec-covering-up-wall-street-crimes-20110817
Plus!!!
How about the $2.5 Trillion in Social Security Bailouts??
http://moneywatch.bnet.com/retirement-planning/video/good-news-on-social-security/478373/
here is the latest!
A former vice president for Citigroup pleaded guilty Tuesday to embezzling more than $22 million from the company and funneling the money to his personal bank account.
http://www.banktech.com/risk-management/231600907?cid=nl_bnk_daily
there's no real enforcement mechanism on this. if someone tries to march into greece or italy or spain with a piece of EU letterhead paper to take over a water system or land... he or she going to be met with a bullet or a torch or a guillotine.
the EU is backed by nothing, just like the Federal Reserve Note is backed by nothing.
this is a con job. exchanging worthless for worthless with whipped cream & a cherry on top is not a solution. this is just a means of defaulting via inflation rather than deflation & hope to get a little more out of this stupid system.
I dont see the Germans just shrugging it off and allowing this.
They will be sharing the same pain that the average tax paying, money saving, payment making,working American will be feeling. IMO
Ultimately, there are just three ways of dealing with runaway debt (Us + EU):
1) Pay it off. Not going to happen, given power of mass group entitlements and pluotocrat special interests.
2) Default. Not just yet, when you can still
3) Extend the Universal Ponzi by piling on more debt/funnymoney. Until you get....back to #2, with a far more destructive Crash. Probably summer 2012, which will co-incide with run-in to US elections, for an econo-political Perfect Storm.
This is a horrible idea, truly horrible. When this finally implodes, it will take Germany and France and even Britian with it. As you said, they tied the stronger economies to the anchor of the insolvent ones. There thinking is if they go down we all go down. The problem is that when the person or persons said that they didn't believe it would happen, this time it will happen.
Yeah, good point.
In our time European mafia dumping toxic waste off the shores of failed states sans government control like Somalia destroys the livelihood of fishermen thus turning them into pirates. Unchecked criminally dysfunctional behavior breeds more of the same obviously.
--ECB Proverb
Once formed, the new SPV will be called EURON. Recycle the Enron logo, but with the euro format e.
Williambanzai7 can really go nuts with this trick of theirs.
The doomsday weapon.
Euron - The Doomsday Weapon SIV/SPV - You could really get a lot of play out of that imagery.
http://en.wikipedia.org/wiki/File:Upshot-Knothole_GRABLE.jpg
You can use th pic of nuclear artillery. !
Beautiful. They don't even need to replace the n with a u, they can just flip it over.
The currency can be the Eurine.
And the Germans and any other solvent Europeans cry out "Don't piss on our heads and tell us it's eurin."
It should carry the 'Ask Why' motto that Enron utilized, also; very appropriate:
Enron Commercial - Ode To Why€URON™ - "Ask Why, Germany, Why?"
I said on another post, it's a hit not a suicide pact (and I meant it). The Fed or china will come out with all the EU gold and that's check mate. there will be blood.
Right, did people really think China was buying Euro debt because theyre such nice and generous guys?
it's the old 'monkey trap' idea.
http://www.godlessinamerica.com/monkeytrap.html
+1 good one
they can certainly roll some gold into this CDO if they want to find buyers...at least it then has some recovery value lol
A suicide pact? I guess that's about what we should expect from the mind numbed mental midgets of the EU leadership at this point.
Can I have the Eifel Tower after they go bust?
You say that now, but it's all fun and games until the Grand Canyon goes up for auction.
Suicide pact indeed...Europe is now like a Mission Impossible team, if one gets caught then everyone bites the cyanide capsule hidden in their tooth.
Yea this should end well...sure.
I can't help wondering if Ben and Tim have secretly bought in on this pact?
Where is Goldman? Surely they have fingerprints on this one too.
"Europe is now like a Mission Impossible team, if one gets caught then everyone bites the cyanide capsule hidden in their tooth"
Like the TBTF 4/25 banks and their web of derivatives?
It starts to look like a surprising experiment of institutional psychology..
...as long as I am not alone it's all right..
Right now, there is a man in Germany shouting to a crowd in a beer hall about irresponsible foreigners bringing the once-prosperous country to ruin. Most people are laughing, but some are listening. A short time from now, when he and others like him are proven to be right, and Germany's economy is in shambles, we'll find out if history indeed does repeat itself.
All true, except it is an out-of-work factory worker in Detroit doing all that.
The Germans know better. They'd kill that guy in an alley the next day. Americans, not so wise.
But we'll learn. Oh yes. Come back in 15 years and see how much we've learned.
uh...about the only people left in detroit are black
you forgot all about the large iraqi population in DEARBORN. i live on the other side of the state of michigan. the stories that i hear about DEARBORN garages .......... slaughtering & the bleeding of goats in suburban garages in DEARBORN, MICHIGAN so they can eat them. Can't they just go to the grocery store ! ? ......... no, it's NOT ALL BLACK in the DETROIT area. BUSH certainly did a nice job assimilating iraqi population & showing them what democracy was all about. people on the west side of MICHIGAN don't even dare go to that area.
I'm not weighing in on the whole ethnic/religious/political aspect of what you wrote, as I restrain my comments on ZH and elsewhere to economic matters, however...
...if you eat meat, the animal does have to die first, and in most parts of the world, it's done precisely this way.
Of course, we have automated turnstiles that decapitate our cattle and hogs on Big Agra Factory Farms now, except when the blades miss the mark (as they often do) and just lop off the snout or some limbs.
In spite of all the post-WWII propaganda, looking at old documentaries, one can see that German people indeed loved A. Hitler. Apparently, he has done some good things for Germany and German people.
Yes, the NAZI Germany has lost the WWII. Consequently, Hitler was responsible for the WWII defeat since, after all, he was the NAZI leader. No doubts, he was poorly educated and has made many serious strategic mistakes.
Once again, (the involvement into and the execution of WWI and WWII) Germany makes a terrible geopolitical blunder. The only good thing for Germany is that they will not have a war on two fronts since Russia is close to a collapse.
Unfortunately, for the last 300+ years, England has been the primary force responsible for the endless European wars. It is of interest that Hitler tried to make peace with England but Stalin has always considered England as his number one enemy.
You think The Feuher might have gotten a bad rap since the end of the "you know what"? Just askin.......
Who knows what to believe anymore. The EU & IMF have become really bad propaganda machines. They publish semi-positive BS Mon-Friday that gets contradicted Mon-Fri while they have a crises on the weekends or whenever NYSE is closed. If the Swiss weren't holding up the Euro it might be eighty cents by now. Are they actually looking to the BRIC's for financing? Isn't that like Russia and China conquering EU simply by buying it? I can see Putin riding into Paris, through the Arch de Defeat, standing in a convertable while the crowd cheers. The only problem for Russia and China is all the Europeans. But maybe they have some ideas on dealing with that issue. JMHO
Attention KMart shoppers. Silver clearance sale ending soon.
In the US we look at the ratio of Debt Service to Tax revenues. I wonder what is the equivalent in Europe...that is, the sum of each countries debt service versus the sum of each countries tax revenues. The last time I looked in the US it was +/-300 B debt service to +/-2 Trillion in tax revs.
LOLZ, wish in one hand and shit in the other. Rumors are much more effective without details.
More daily rumors of a 'new plan'...they probably have NO clear plan at all, as they realize putting out the carrot and stick daily is far more effective than any actual plan or solutions.
It's that damn Hansel! He's so hot right now.
I guess deperate times demand desperate measures. But the glaring thing about this is the degree of the deperation:))))They have really deluded themselves into thinking that the world will end if they don't save the Euro. Mind boggling!
PLAN IS TO USE EFSF SEED MONEY FOR EUROPEAN INVESTMENT BANK
If this bank collects most of the bad EU paper it could be used as a bad bank.
They are all already bad banks this would be worst bank.
They still have not fiqured out who will buy it and who will rate it....at least now its transparent...you know the Greek bonds you are buying are shit.....now they will hide it....and one more item...when the governments find out that they can get more money...are they going to cut expensies or just use more Eurobonds.....lol...they will triple their debt overnight.....what a joke..and Gold and Silver are down..lol...my Econ 101 has failed me with this...there is no sanity in the markets anymore...
And 11,000 gets broken again. Seriously adding all the ups after the downs of the past two months probably add up to over 10,000 points. The entire history of the Dow in a month.
I guess we'll see 11,500 by Wednesday and by the following Wednesday 10,700 will come again.
HAS to be at least 10,000 DOW points cumulative over just the last few months.
no need to poach any employees..they'll just outsource the activity to the bailed banks themselves. DB and GS's Q4 just got a nice pop syndication fees
'Are they so confident in an 'economic recovery' that theyre willing to go all-in and risk it all this time'?
Everyone knows you never go full retard. Europe just went full 'I am Sam'....you dont come back from that.
suicide pact or mexican standoff?
Uncle Ben will be disapointed in you Zero guys.
Erect support for banks...?????
Huh....???
FUCK YOU.
Fuck the banks.!
Fuck the banks, eat the rich. Motto for 2012.
Well, we might as well move to a deserted island and grow bananas, we have lots of experience in this field, ladies and gents! But, as I mentioned in a previous thread, it's end of month/quarter bonus time, again! So no surprise there, markets almost 11K on DJ and 1155 on S&P volume of course nowhere to be found but we know this all to well also!
I suggest, physicals, lots of ammo, food and a few "willing" chicks,(if one is not married!) and stay tuned for the BIG innevitable, coming soon to a doorstep near you :)))!
Still, Germans can't really be that stupid, ODER?!
This 'plan' will probably be refuted by the Germans this evening after market close.
Wise words once uttered 20+ years ago.
Double down on stupid.
Now its time to teach Austrain economics to my students and get the staff all pissed off. They hate me.
Du...
Du hasst...
Du hast mich...
Du...
Du hasst...
Du hasst mich...
Du...
Du hasst...
Du hasst mich...
Du...
Du hasst...
Du hasst mich...
Du...
Du hasst...
Du hasst mich...
Du hasst mich...
Du hast mich gefragt...
Du hast mich gefragt...
Du hast mich gefragt, und ich hab nichts gesagt!
Nein!
OK so now that Europe is 'fixed' and euphoria abounds all over the Eurozone (for today anyway)...back to the far worse US depression collapse again?
all currency is toilet paper. America's happens to be two ply and quilted.
Not surprising. If the ship goes down, the politicans and banksters do too, so absolutely all in. Anything to prevent reality from occurring. Can't imagine they buy more than a few months though.
If that. All these 'plans' now seem to have a lifespan of 24 hours or so now, or as soon as the first person realizes this screws them.
Rumor floating is reaching a critical mass. Seems to me it is a desensitizing exercise to reduce panic (mitigate the domino effect) that is sure to otherwise occur.
At this point it seems we have been shown all the curtains and now we are just waiting to see which one they select!
Upvote me if you secretly are a little giddy at the prospects of an even bigger EU implosion once this plan fails.
Hee, hee. Guilty!
Utter Franco-German hubristic claptrap.
Monetary Union for Dummies (part 41)
There are many desperate Eurocrats trying to save their precisous dream. They will prospoe ANYTHING hoping beyond hope to save it. So I suspect the kool-aid free officials will balk at nonsense proposals like these. The problem is the whole thing looks like a headless chicken that will run around for a minute then collapse.
We keep talking as if more QE-style bailouts would save the day if only the Eurocrats could get their shit together. But we KNOW bailouts won't work. Damned if you do and damned if you don't.
The failure of the EU will be a big, red mark and black blemish for those pushing a one world government.
If they can't manage to get part of a continent to run smoothly, in an integrated fashion, for more than 15 years, how in the hell are they going to implement such a unholy and evil scheme on the entire world?
OR, this is actually a vital part of the One World Govt plans, totaly tying the troublesome Eurozone together as one so when it goes down this time, theyre all chained together tighter than a Houdini straight jacket.
Jonestown, baby!
I just need 70-100 Nifty UP move tomorrow...n I will be out...come one Europe ...more leveraged rumours
well...if you're going to FAIL, you might as well FAIL BIG
go big or go home bitchez
JUMP!
from 30,000 feet (or Mars; take your pick) all this ado is about using tax payer money to try, yet again, to save banks so they can extend credit and keep the party going. Not going to work. the Economic hitmen have killed everyone like the bar scene in "Dawn to Dusk".
Yeah, big tit Salma, what a movie, always knew she was a dangerous vampire, now she's sucking a french guy, heheheh!
Is this an attempt at a controlled debasement of the Euro? Similar to what the Fed is trying to do here, are they trying to default by debasing?
The net effect seems like it would be the same. Of course, that would also imply we are almost ready for the hot-potato toss back to the US. Would play perfectly into the recent strengthening of the USD. Central bank circle-jerk goes on, waiting for China to implode.
Yes, they are taking turns debasing the currencies, and the hot potato is soon to come back across the Atlantic. The dollar couldn't strengthen forever, so now we know why gold and silver had to be forced down. They had to go down before the dollar took its turn to tank so that gold prices would stay below that critical $2000 level. This is looking like a nice rally in PMs is coming.
no, they are too dumb for that (that's the Fed's play). they are trying to avoid default and unintended consequences is debasement. Switzerland did it on purpose as did Brazil (maybe more then they expected), but the Eurozone is desperate for salvation to avoid repeats of pre WWII hyperinflation/post WWI depression, which, again, they will get anyway. they want there banks to survive, but they are zombies already, but AGAIN, European socialists are to stupid to notice.
The nature of unchecked politics creates a sort of manifest destiny within the design of the current monetary scheme (greed, power). The byproduct is a dumbed-down, dependant society. Nail in coffin. Absent the rug being pulled out from everyone's feet, the course has been plotted and laid-in.
United we stand so together we fall. Europe, just said it.
The ECB will obviously be the equity (bag) holder.
This "solution" provides breathing room for the ECB in that they will not have to "print" until their equity tranche of the CDO tanks. And that will take a while - perhaps as much as 2 years.
This has accurately been referred to as a "Hail Mary pass". And when it fails, the ECB will be left with no other choice than to print their way back to "solvency".
This is nothing more than a time-delayed form of Quantitative Easing, hidden behind the opacity of a complicated financial structure.
yeah...and the Fed has the negative cash rate to chase excess reserves into bonds, thus eliminating QE need for at least a year.
This isn't a bad-bank but a mad-bank
The Gordian Knot was never untied. It was unravelled, though, by an impatient fellow from the neighborhood. Cut through the bullsh ... er ... nonsense, so to speak.
- Ned
EFSF Plan in Europe is no free Ride
http://www.wallstreetexaminer.com/blogs/winter/?p=4220
I know, I know....Europe is a big deal. But why does it feel like a big distraction for the state-of-well-not-being of the United States? I, mean, Europe is solved then not solved. U.S. markets are just trading on that news alone....up/down, up/down, which begs the question? What about the United States?
You know, the place where the collective citizens don't believe the banks are solvent? With BAC, C, JPM and PD's all selling at abyss type price to book values? And where if one bank goes down the whole state of well being will not be all that well. And to think, we're propping GDP with 1+ trillion annually in unfunded defict spending, while the states are also more than broke....along with pensions, along with the American Spirit that is bankrupt and have spiraled down to a New Dumbness that reaches new nadirs of morbid curiosity.
Yet, the Dow, the proxy for all is good, skyrockets because Europe might look like AIG on steroids at the height of our financial crises?
The world is insane. Period.
Like I wrote above...now that the insolvent Eurozone is awash in euphoria on news that its tied itself to a tree and has a blindfold on....is it now time to turn back the attention to DEPRESSION USA once again?
Move along... nothing to see here...
Step 1: spend money.
Step 2: ????
Step 3: Profit.
this is lend-lease + Marshall Plan + Kelly's Heros...Fed is ripping the face off of Europe while the smoke is still in the air before China does.
This is all bs... Funny how all these rumours come into the market via countries that A) are about to default B) have a huge interest in some sort of "solution" (= kicking can)... NOTHING CAN/WILL BE ACCOMPLISHED IN EUROPE... There is no agreement, no unity, no solidarity, no political support, no sense of urgency, no creativity, no knowledge, no "balls". Just rumours and bullshit
I dont see Germany agreeing to tie itself to these millstones.
Of course... But markets take anything for truth as long as it is positive. Just wait. The drama will get much worse before there is any chance something constructive is open for discussion. Constructive = 40-70% haircuts for Greece/Portugal/Ireland + serious austerity in Spain/Italy/France + unwind of ECB portfolio + fiscal unity/eurobonds.
Not to worry everyone. When this starts to implode...PRINT PRINT PRINT. If you print it they will come.
Well we've also had 3+ years of print print print and that has done nothing either.
It's done nothing to fix the system. But it's done everything to reward the wicked, bail them out, and give them time to move onto another scam.
Yawn, more can kicking.
Barry will never get re-elected.
Stock market plunging....
Unemployment soaring...
Zero interest on savings...
Strong dollar smashing exports....
....
EU-dictatorship in full retard panic. They haven't even managed to ratify the enlarged EFSF in all the national parliaments. And now this, uh huh. Is anyone really that stupid to buy this nonsense? The numbers are growing each week while they claim there's really no problem. That they just want to guarantee ze stability and "growth". Wow, just wow, and you thought there was a limit for stupidity. It's a death trap destined to fail if it ever even sees the light of day. But it really confirms that EU/euro is not for people, it's for power hungry sociopaths who want to control the world.
the senior debt holders will own Europe..... Yea....sure....the EU will pull an Obummer and confiscate/seize the assets, the senior debt holders will senior bag holders....
Not to worry. Won't happen because, as Gartman says, "the good burgers of Germany won't allow it."
http://www.telegraph.co.uk/finance/financialcrisis/8790785/German-turmoi...
Depends if they 1) are properly informed of the consequences and 2) get chance to vote in time
And these folks should know all about Faustian Pacts :)
EU doesn't need to solve it's crisis. It merely needs to outlast the US reaching it's crisis.
But, we all go down together.
There are so many voices coming out of Europe and they are all saying different things.
They are no closer to dealing with the problem now then they were last year when the
Greek problem popped it ugly head up. There is no real union in place in the EZ or the EU,
only a cluster of various groups without clearly defined authority to act on behalf of all
the separate countries. In the U.S. even the two political parties can't agree on how to
deal with the debt problem or the jobs problem, and they speak the same language and
share the same nationality. What hope is there for Europe to come up with a solution to
their complicated problems in time to avoid a meltdown? Slim to none. The politics of
the world have made the world's problem unsolvable, so I guess we just wait and brace
for the collapse.
Fuck the germans! they bombed my grannies chip shop!
Euro-bonds will be announced soon.
While Zh laments, all of MSM exults as does WS about the good news of an EFSF miracle EU investment bank, to solve all problems, Eureka!
EU Official Says New EFSF Plan Is 'Well Advanced', Awaiting ApprovalRead more: http://www.businessinsider.com/eu-official-says-new-efsf-plan-is-ready-to-go-2011-9#ixzz1Z5o0a8jt
STOCKS SURGE ON EUROPEAN RUMORS: Here's What You Need To Know
Read more: http://www.businessinsider.com/#ixzz1Z5ovTNPm
Wait n see the miracle unfold!!
Where did all the money goethe?
They spenteth.
ask Faust, he knowethe.
My favorite headline today...Greek finance minister refutes rumors over 50pct haircut. Last week they were HIS rumors! Like an alcoholic that says " I promised to do what"??? I guess we can rule out the euro as a viable reserve currency. Amazing how these rumors always arrive the week italian or spanish debt is auctioned....and if the fed is reading....this is only a movie idea
Kick the can the size of an oil drum.
The speed of light has supposedly been exceeded, but the degree of craven corruption exhibited by politicians and banksters has definitely exceeded infinity. Amazing.
These guys are frigging nuts. They send Geithner packing because he was selling leverage.
Then they propose to lever up.
This would be hilarious if it wasnt so damn tragic for the people that are going to get royally assraped by this.
Yes. Geithnergate.
What it does is show just how desparete these folks are. If you haven't paniced up to now, start thinking about it:)