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EU Officials Admit Lagarde Was Right on EU Banks

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Tue, 09/06/2011 - 09:11 | 1637939 DefiantSurf
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and yet another shocker...too funny


Tue, 09/06/2011 - 09:15 | 1637958 Tijuana Donkey Show
Tijuana Donkey Show's picture

It's the pinky action that makes the shocker unique....

Tue, 09/06/2011 - 09:19 | 1637977 prophet
prophet's picture


Tue, 09/06/2011 - 09:20 | 1637978 Pool Shark
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Don't worry; they'll find the Euro bailout money... somewhere...


Tue, 09/06/2011 - 09:36 | 1638042 DefiantSurf
DefiantSurf's picture

I love that clip...too funny

Tue, 09/06/2011 - 15:37 | 1639254 macholatte
macholatte's picture

Yes. Very Good.  Thanks.

Tue, 09/06/2011 - 09:12 | 1637945 Racer
Racer's picture

"how to capitalise weak banks"

Translation: How can we squeeze more money from pensioners and poor people to give to us deserving bankers

Tue, 09/06/2011 - 09:16 | 1637961 SheepDog-One
SheepDog-One's picture

Thousands, even millions or billions of people can die we dont care, as long as us phony banksters are kept ultra rich!

Theyre at the end of their rope here where world war is the only option.

Tue, 09/06/2011 - 09:32 | 1638034 Esso
Esso's picture

Yeah, looks like it. Shit, that's gonna suck.

Tue, 09/06/2011 - 09:15 | 1637953 GFORCE
GFORCE's picture

So Ackermann was wrong? Or just thinking of his bonus?

Tue, 09/06/2011 - 09:15 | 1637955 Snidley Whipsnae
Snidley Whipsnae's picture

Avoid the rush... Go long physical now... Fiat to be printed to oblivion...

Tue, 09/06/2011 - 09:18 | 1637971 SheepDog-One
SheepDog-One's picture

Go long metals and dont forget the auto-loading kind either.

Tue, 09/06/2011 - 09:23 | 1637994 LawsofPhysics
LawsofPhysics's picture

I agree Snidley and would only add that this includes anything of physical value from PMs to a fishing pole.

Tue, 09/06/2011 - 09:16 | 1637962 Lord Welligton
Lord Welligton's picture

They are preparing for the inevitable Greek default and consequent fallout.

Tue, 09/06/2011 - 09:17 | 1637965 Central Wanker
Central Wanker's picture

Reverse bank robbery in the making...

Tue, 09/06/2011 - 09:24 | 1637999 mendigo
mendigo's picture

perfectly put

think Social D - "end of the world as we know it, and I feel fine"

Tue, 09/06/2011 - 09:17 | 1637967 lizzy36
lizzy36's picture

It would seem like the EU has decided to go with Lagardes Euro 200B vs Goldmans Euro 1T.

Lesser of the two evils.

Tue, 09/06/2011 - 11:25 | 1638376 slewie the pi-rat
slewie the pi-rat's picture

i had the same thought, lizzie

200B is a joke, tho

maybe tyler's headline was sarking, too?

Tue, 09/06/2011 - 09:18 | 1637970 Jendrzejczyk
Jendrzejczyk's picture

...and the world just keeps getting scarier.

"Turkey says it is "totally suspending" all trade and military ties with Israel as relations between the two countries continue to worsen.

Turkish Prime Minister Recep Tayyip Erdogan announced the freeze Tuesday, a day after Turkey ordered all senior Israeli diplomats to leave the country by Wednesday."


Tue, 09/06/2011 - 09:22 | 1637989 SheepDog-One
SheepDog-One's picture

Really, buy our bonds! Hey we're good for it! 

Tue, 09/06/2011 - 09:19 | 1637976 dcb
dcb's picture

This is code. the answer is ewasy. run the press, insure deposit, let the bondholders and equity holders take the loss. what this means is:

must figure out a way to keep bond and equiy holders whole.

Tue, 09/06/2011 - 09:20 | 1637980 SheepDog-One
SheepDog-One's picture

Another ZH contributor talking about the media non-reporting of the ship sinking....dont worry about the financial media theyre the trailing indicator and will do whatever it takes to keep people (401K pensioners) from piling into the 'sell' pen.

Tue, 09/06/2011 - 09:24 | 1638002 LawsofPhysics
LawsofPhysics's picture

What wait, is there really anyone still left in the buy and hold pen?  I thought we all left the building a while back?

Tue, 09/06/2011 - 09:27 | 1638010 Stumpy
Stumpy's picture

I personnally buy and (try to) hold core assets, while trading satellites positions. Let's see what it will do...

Tue, 09/06/2011 - 09:32 | 1638032 Moneyswirth
Moneyswirth's picture

Wait a minute.  They said a few weeks ago that the banks were "fine"!  I guess when you're sunbathing on the island of Sardinia you don't want to be bothered with the impedning collapse of your Eurozone pipe dream.  Now that holiday is over, it's austerity time.


Tue, 09/06/2011 - 09:34 | 1638036 j0nx
j0nx's picture

Here's an idea: what about recapitalizing the people and letting the banks fail you fucks? Why people stand for this shit as it happens time after time is sooo beyond me. Bah Bah.

Tue, 09/06/2011 - 09:42 | 1638062 DefiantSurf
DefiantSurf's picture

while your proposal sounds good on paper (no pun intended) it wouldn't help the overall structural issue of unbacked currencies

Tue, 09/06/2011 - 09:52 | 1638084 j0nx
j0nx's picture

Yeah I know but the fact that they never mention it is what pisses me the fuck off. It's always we gotta bail out the banks and somehow the money is found to do that time after time but never anything for the people. A few foodstamps or 99 weeks of UE benefits if you are one of the lucky 10% that can actually qualify for that shit. If not then you get DICK except for debasement of your currency, stangnant wages, expensive food and gas and an under water home in a neighborhood FILLED with illegal alien floppers with no possibility of reaching par within the current decade. Yet we all sit around and piss and moan and take it so whatever...

Tue, 09/06/2011 - 10:06 | 1638145 DefiantSurf
DefiantSurf's picture

Wow, don't candy coat it, tell us how you really feel!


Tue, 09/06/2011 - 10:38 | 1638236 j0nx
j0nx's picture

I thought I just did?

Tue, 09/06/2011 - 09:48 | 1638079 BurningFuld
BurningFuld's picture

You saw how the Egyptians and Libyans revolted and overthrew their governments because of the corruption and concentration of money at the top with just a few people? Guess what? It's happening to you right now!

Tue, 09/06/2011 - 09:54 | 1638100 Moneyswirth
Moneyswirth's picture

Yeah but we have American Idol, Dancing with the Stars, Jersey Shore and iPads to distract us, and Hot Pockets and McDonalds happy meals to keep us full!!

Tue, 09/06/2011 - 10:08 | 1638152 Instant Wealth
Instant Wealth's picture

I'll have 2 number 9's, a number 9 large, a number 6 with extra dip, a number 7, 2 number 45's, one with cheese, and a large soda.

-Big Smoke-

Tue, 09/06/2011 - 10:26 | 1638204 Bicycle Repairman
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"I's gonna be a hygene technician.  Jes' another steppin' stone to greatness!!!"

- OG Loc AKA Jeffery

Tue, 09/06/2011 - 09:59 | 1638126 The Vizier
The Vizier's picture


Tue, 09/06/2011 - 10:04 | 1638138 eurusdog
eurusdog's picture

At only 13x leverage for the US, might we just be the best looking pig in the room?

Tue, 09/06/2011 - 10:25 | 1638200 topcallingtroll
topcallingtroll's picture

EU officials arent ignorant. They were liars.

Lying in furtherance of monetary and fiacal policy may produce short term gains, but eventually results in lack of confidence and loss of control.

Dumb socialist central planners. I am so ready for socialism and the lying bureaucrats who support it to implode upon its own contradictions.

Tax eaters beware! We are gunning for you!

Tue, 09/06/2011 - 15:48 | 1639280 macholatte
macholatte's picture

EU officials arent ignorant. They were liars.

Quite a bit of both.

The mantra is this: don't speak the truth because the people can't handle it and all hell will break loose and you don't want to be responsible for harming innocent lives (or any of a hundred variations of that theme).

At the end of the day, the people CAN handle the truth and simply choose to do nothing about it, as has been demonstrated time and time again. So it is indeed silly to lie about what's happening. There are no consequences.


Tue, 09/06/2011 - 14:17 | 1638938 AustrianEconomist
AustrianEconomist's picture

The end of the great debt experiment is nearing and everything is pointing towards a big credit crash coming up. The world’s monetary system needs to be backed by gold in order to move forward with a sound financial system that does not allow banks create money out of thin air. Money should not be based on debt, but on sound intrinsic value.

Check out the latest from the Capital Research Institute (CRI): The Debt End Game


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