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Euro Plunges After Draghi Says Eurobanks Have Liquidity Crisis, Finland And Spain FinMins Say No Need For EFSF Expansion

Tyler Durden's picture




 

The EURUSD as expected, is now in free fall mode, following a plethora of statement out of place, after coming ECB head Draghi says the bank in Europe have funding problems (aka a liquidity crisis), the Finland FinMin has said he does not want an expansion of the EFSF nor does he expect a solution on the collateral "row", saying a Deal on EFSF Collateral is uncertain, and lastly, Spain's Salgado has said there is no need of "quantitative amplification" of the EFSF. In other words, with the EFSF leverage meeting imminent, it appears that pretty much nobody aside from France, and some Econ PhDs, are banging the table on using a 10x expansion, knowing all too well that just as Nomura explained last night, such a move is equivalent to money printing and invites nothing short of hyperinflation if and when it all goes wrong.

 

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Mon, 10/03/2011 - 11:12 | 1733118 maxmad
maxmad's picture

Plunge, Bitchez!

Mon, 10/03/2011 - 11:19 | 1733142 russki standart
russki standart's picture

Euro and Dollar are controlled by the same group of criminal banks. It does not matter if the Euro declines and dollar increases or visa versa; they make money whilst the rest of us play in this rigged casino. 

Mon, 10/03/2011 - 11:26 | 1733172 Weisbrot
Weisbrot's picture

 

 

 

they say liquidity crisis

dont they really mean solvency crisis?

Mon, 10/03/2011 - 11:36 | 1733200 Ahmeexnal
Ahmeexnal's picture

Buy more silver Balboas.

Mon, 10/03/2011 - 11:37 | 1733202 Popo
Popo's picture

Please dear Lord,  let some dumbass "rogue" trader at UBS blow the bank up (again) on this currency move...

Mon, 10/03/2011 - 12:08 | 1733357 Nate H
Nate H's picture

Unlikely the Lord cares about your out-of-money puts. Possible, but unlikely

Mon, 10/03/2011 - 11:14 | 1733125 speconomist
speconomist's picture

Spain's Salgado is the last monkey sitting at the table. Just use her words to have fun, it isn't relevant whatever she says.

Mon, 10/03/2011 - 11:21 | 1733151 Alvaro de Esteban
Alvaro de Esteban's picture

Has she really a seat at the table??

You are too polite

Mon, 10/03/2011 - 11:52 | 1733288 PaperBear
PaperBear's picture

a child seat.

Mon, 10/03/2011 - 11:15 | 1733128 junkyardjack
junkyardjack's picture

I expect a retraction of this statement within 20 minutes which will send markets into a rally followed by a meeting where they will do nothing

Mon, 10/03/2011 - 11:54 | 1733294 Instant Wealth
Instant Wealth's picture

Sad, but true.

btw: German FinMin Schaeuble ruled out leveraging, too, but even the dumbest media feel, it is just the usual trick of creating maximal uncertainty (puzzling the markets). Doing the bluff, while all the cards are on the table is so freakin´ stupid.

Mon, 10/03/2011 - 17:08 | 1734622 agent default
agent default's picture

What bluff? It will be mess either way they implement it.

Mon, 10/03/2011 - 11:16 | 1733132 doomandbloom
doomandbloom's picture

How about a 'Debt Jubilee'

http://www.cnbc.com/id/44752775

Federal policy makers, they suggest, should broker what amounts to an out-of-court settlement between institutional bond investors, banks and consumer advocates - essentially, a "great haircut" to jumpstart the economy.

The notion of a Debt Jubilee dates back to biblical Israel where debts were forgiven every 50 years or so.

Mon, 10/03/2011 - 11:43 | 1733238 slackrabbit
slackrabbit's picture

How about an 'In Court' settlement - its called bankruptcy!

 

Mon, 10/03/2011 - 12:40 | 1733508 BobPaulson
BobPaulson's picture

Debt Jubilee=Bondholder Haircut. Volunteers?

Other terms for debt jubilee: Default, bankruptcy, restructuring. 

It is a good idea that reckless lending and reckless borrowing be punished when non-performing paper goes stale. Of course, the Goverbanks are doing everything to spread that pain to you and I.

Mon, 10/03/2011 - 11:17 | 1733133 maxmad
maxmad's picture

Dollar is confused:  It knows its garbage and that Uncle Ben is trying to kill it, but yet sheeple keep buying it.... hmmmm..  Dont squeeze the Charmin, dont squeeze the dollar

Mon, 10/03/2011 - 11:16 | 1733134 PicassoInActions
PicassoInActions's picture

ANy clues when BOJ will interfier? I got stucked wiht JPY crosses and need to get out the trade.

 

Mon, 10/03/2011 - 11:29 | 1733181 mfoste1
mfoste1's picture

close your trades

Mon, 10/03/2011 - 11:32 | 1733188 PicassoInActions
PicassoInActions's picture

i agree with you... but then i afraid i will miss out on the intervetion. Should be a nie lift if BOJ will get in.

They cant hold their currency too strong either.

Mon, 10/03/2011 - 12:06 | 1733349 CapitalistRock
CapitalistRock's picture

Japan has WAY too much debt for BOJ to ever do any serious intervention. Their hands are tied.

Mon, 10/03/2011 - 11:17 | 1733135 vib
Mon, 10/03/2011 - 11:18 | 1733137 Smiddywesson
Smiddywesson's picture

Poppycock.  I don't believe a single thing they say.  They will print because it is both their nature, and because they have no other alternative.  If they want to keep the system from imploding, and continue to buy cheap gold, they have to continue to debase their currencies and print.

The can kicking isn't over yet.

Mon, 10/03/2011 - 11:22 | 1733154 maxmad
maxmad's picture

Yep... Because nobody in Europe knows what hyperinflation looks like!

Tue, 10/04/2011 - 09:56 | 1736849 Smiddywesson
Smiddywesson's picture

The politicians who are owned by TPTB can be expected to do what they are told.  If the "nobodies" don't like it, they will obfuscate and print on the sly.  There's a reason the EFSF is so complicated.  They want to keep everyone in the dark.

Maybe you're right, but the fact that they've carried a basket case like Greece for so long, while Greece has spit in their faces, tells me exactly where this is going.  They WILL print.

Mon, 10/03/2011 - 11:18 | 1733139 spartan117
spartan117's picture

Damn, there goes our export business here in the US.

Mon, 10/03/2011 - 11:27 | 1733173 Rainman
Mon, 10/03/2011 - 14:41 | 1734013 Muddy1
Muddy1's picture

This won't work as the dollar is strengthening against other currencies.  They can't afford to come here.  Oh wait, I can afford Europe.  Send Michelle to Target.

Tue, 10/04/2011 - 05:52 | 1736290 swiss chick
swiss chick's picture

GET RID OF THE TSA FIRST!!!!

Mon, 10/03/2011 - 12:58 | 1733607 mick_richfield
mick_richfield's picture

I think these events will eventually be very beneficial for US exports.

We mostly export financial bullshit and US Marines, don't we?

Mon, 10/03/2011 - 11:18 | 1733141 Blorf
Blorf's picture

This article needs more TROIKA.

Mon, 10/03/2011 - 11:19 | 1733144 anony
anony's picture

That is one pretty beautiful chart.....

Mon, 10/03/2011 - 11:21 | 1733149 azzhatter
azzhatter's picture

Draghi follows up with a "just kidding" 20 minutes later

Mon, 10/03/2011 - 11:21 | 1733152 qussl3
qussl3's picture

So Draghi is basically saying he's going to be giving the banks all the "liquidity" they need to get through this "crisis" no?

Mon, 10/03/2011 - 11:26 | 1733170 maxmad
maxmad's picture

Nope!  He's pulling the Xerox!

Mon, 10/03/2011 - 13:03 | 1733625 mick_richfield
mick_richfield's picture

Why is it that when I hear the phrase "all the liquidity they need", I always think of the destruction of Atlantis?

In a day and a night of cataclysm, Atlantis received all the liquidity it would ever need.  --  Plato .

Mon, 10/03/2011 - 11:24 | 1733160 tim73
tim73's picture

Outrageous! Europeans refuse to leverage up. We all know path to riches is to gamble everything and your dog, lose it all and wait for the goverment to reload your stash.

Mon, 10/03/2011 - 11:24 | 1733166 1835jackson
1835jackson's picture

Like it or not we headed for a one world Government...it is written.

Mon, 10/03/2011 - 11:34 | 1733192 walküre
walküre's picture

The world ruled by a one size fits all criminal syndicate of Rothschilds and Windsors?

Over my dead body.

Mon, 10/03/2011 - 11:24 | 1733168 maxmad
maxmad's picture

So now Germany printing their D-Marks makes total sense!  Implosion, Bitchez!

the Finland FinMin has said he does not want an expansion of the EFSF nor does he expect a solution on the collateral "row", saying a Deal on EFSF Collateral is uncertain, and lastly, Spain's Salgado has said there is no need of "quantitative amplification" of the EFSF. In other words, with the EFSF leverage meeting imminent, it appears that pretty much nobody aside from France, and some Econ PhDs, are banging the table on using a 10x expansion, knowing all too well that just as Nomura explained last night, such a move is equivalent to money printing and invites nothing short of hyperinflation if and when it all goes wrong.

Mon, 10/03/2011 - 11:49 | 1733278 Stoploss
Stoploss's picture

BINGO.

Germany is about to say good luck with the euro, we're done.

Mon, 10/03/2011 - 11:28 | 1733169 Mercury
Mercury's picture

 

Michael Lewis (finally) sees the big picture and tries to lay it out in his new book

 On his meeting with Kyle Bass of Hayman Capital while researching his last book (The Big Short):

 

As he laid out his ideas, I had an experience I’ve often had while listening to people who seem perfectly certain about uncertain events. One part of me was swept away by his argument and began to worry the world was about to collapse; the other part suspected he might be nuts.

“That’s great,” I said, already thinking about the flight I needed to catch. “But even if you’re right, what can any normal person do about it?”

He stared at me as if he’d just seen an interesting sight: the world’s stupidest man.

“What do you tell your mother when she asks you where to put her money?” I asked.

“Guns and gold,” he said simply. So he was nuts.

“But not gold futures,” he said. “You need physical gold.”

He explained that when the next crisis struck, the gold futures market was likely to seize up, as there were more outstanding futures contracts than available gold. People who thought they owned gold would find they owned pieces of paper instead. He opened his desk drawer, hauled out a giant gold brick and dropped it on the desk. “We’ve bought a lot of this stuff.”

At this point I was giggling nervously and glancing at the door. I made my excuses and took my leave of Dallas, and more or less dismissed him. When I wrote the book, I left him on the cutting-room floor.

Mon, 10/03/2011 - 11:30 | 1733183 pettolicious
pettolicious's picture

Yep, I read Boomerang last week too...I can see how Lewis found Bass "crazy" - he saw all of the Euro issues 4-5 years ago.  That's one enlightened bastard.

Mon, 10/03/2011 - 11:28 | 1733175 rambler6421
rambler6421's picture

Euro Crash Bitchez!

Mon, 10/03/2011 - 11:49 | 1733251 Money 4 Nothing
Money 4 Nothing's picture

Keep this to yourself, but Germany is dusting off their Deutschemark printing plates.

Mon, 10/03/2011 - 11:28 | 1733176 alien-IQ
alien-IQ's picture

signs of Euro collapse fading should begin to appear in about 2 minutes...when European trading closes and the American robots take over.

Mon, 10/03/2011 - 11:34 | 1733193 PicassoInActions
PicassoInActions's picture

would be nice to have a little lift.

No need to crash everything in one day.

Mon, 10/03/2011 - 11:29 | 1733177 buzzsaw99
buzzsaw99's picture

I'm confused. Does this mean I should buy emerging markets, or not?

Mon, 10/03/2011 - 11:40 | 1733221 Snidley Whipsnae
Snidley Whipsnae's picture

Ask the Swissy Central Bank how their currency peg to the Euro is working out...

Mon, 10/03/2011 - 12:21 | 1733420 lunar
lunar's picture

....just horrible - paper-mountain getting bigger and bigger....

Mon, 10/03/2011 - 12:28 | 1733456 slewie the pi-rat
slewie the pi-rat's picture

the same thought came to me as:  can do_chen get filthy rich sending the SNB roller bearings for their printers?

remember how tyler always usta show us how the ES would go up in lock-step w/ the euro as the US was "reflating"? well, now this is almost as good as watching the home super8 movies being run backwards!

Mon, 10/03/2011 - 11:29 | 1733179 HedgeAccordingly
HedgeAccordingly's picture

nothing like a good monday morning plunge 

Mon, 10/03/2011 - 11:31 | 1733182 williambanzai7
williambanzai7's picture

That chart is actually Obama's poll numbers. All you need is one chart. Just keep changing the captions.

Mon, 10/03/2011 - 11:42 | 1733230 Snidley Whipsnae
Snidley Whipsnae's picture

+1 ... Good one William!

Mon, 10/03/2011 - 12:24 | 1733441 anony
anony's picture

Economical, frugal, and sane.  What's not to love aboot it?

Mon, 10/03/2011 - 11:30 | 1733184 Cone of Uncertainty
Cone of Uncertainty's picture

As if EUR/USD means anything anymore.

Mon, 10/03/2011 - 11:30 | 1733185 Larry Darrell
Larry Darrell's picture

Someone should tell Liesman.

Mon, 10/03/2011 - 11:30 | 1733186 slackrabbit
slackrabbit's picture

Nothing to see here: Call in the Dream Police

http://www.youtube.com/watch?v=MjMCaw4qzjg

 

Mon, 10/03/2011 - 11:35 | 1733187 slaughterer
slaughterer's picture

Draghi's 20 PAs were spotted at the Frankfurt Office Max buying 2,000 HP toner cartridges today at 11:00am.  

Mon, 10/03/2011 - 11:32 | 1733189 walküre
walküre's picture

The Euro should rally. When there's a shortage of Euros, it means it has more value than whatever the other currency is called which is available en masse to everyone.

That is pure and simple economics 1:1. The scarcity of any product drives the price of that product higher, not lower.

Forget the noise about Greece. This is all bullshit. The Fed is out of bullets, America is broke and the only survival for the US is to incite havoc everywhere else.

Euro could be backed by gold and the criminal syndicate of the UST, the Fed and Wall Street would still smash dash the world with dollars ad infinitum backed by nukes and threats.

The US is de facto the worst criminal offender in the league of rogue states.

Something has to give, and soon.

Mon, 10/03/2011 - 11:40 | 1733220 Dr. Engali
Dr. Engali's picture

 

The scarcity of any product drives the price of that product higher, not lower.

 

Not when it's a product that nobody wants.

Mon, 10/03/2011 - 11:45 | 1733246 tim73
tim73's picture

"Nobody wants"...what the fuck are you talking about. Euro is used by almost 400 million people for payments, so it is definitely wanted. Shove your dollars into your ass.

Mon, 10/03/2011 - 12:01 | 1733321 Dr. Engali
Dr. Engali's picture

Did you forget to take your medication this morning? Maybe you should try some anger management. Bottom line is that we are witnessing the Euro faults. You can't have a currency where the producers (Germany) have to carry the takers ( Greece, Italy, Spain, Portugal). As far as dollars go, it's best days are behind it. All fiat will burn eventually.

Mon, 10/03/2011 - 12:27 | 1733453 Danielvr
Danielvr's picture

The Euro should rally.

Yes, if it were euro-liquidity that the European banks need. But they need dollars, and so they are at the mercy of the FED which is the only central bank that can create them. It's high time that we in Europe take oil and commodities off the dollar and free ourselves from America's stranglehold. Basically, the U.S. can bankrupt our banks simply by withholding its global trade and reserve currency from us. That's an insane situation, particularly because our downfall could save the US and its USD for a few more years, when billions worth of wealth would leave the euro in panic and move into the dollar.

Mon, 10/03/2011 - 12:52 | 1733577 walküre
walküre's picture

Why do they need fucked up US Dollars?

Because of Benny's pretty face or because the world's largest nuclear arsenal is there to protect the reserve currency status?

The US is shoving DOLLARS into the world's throats and asses and if the world refuses to take the crap paper, it will be either CIA infiltrated revolt or a declaration of war.

US needs to be knocked of that pedestal and fast.

Mon, 10/03/2011 - 13:07 | 1733638 Danielvr
Danielvr's picture

Why do they need fucked up US Dollars?

To pay for our oil, metal and other imports. Yes, it is insane that 13 years after the introduction of the Euro we are still paying for those in dollars, and keeping ourselves dependent on a party that has every incentive to kill our economy. 

Mon, 10/03/2011 - 14:03 | 1733887 GCT
GCT's picture

You poor poor Europeans tried to play a war game and lost face it.  No one wants your Euro's because you need the USA to back them up.  I love Europe but alot of this you brought on yourselves.  Blame the US for all your fucked up problems you like.  Still we will be standing while you burn.

Europe has been trying for years to replace the Greenback and now you are failing.  Hell you cannot even mount a good attack on a country without running out of bombs.  Call the USA to bail your asses out once again.  Currency wars are wars but I guess your elites did not get it.  So they sold your asses down the fricking river. 

I usually do not rant but I am tired of everything in the world that is wrong is the USA's fault, when you dumbasses wanted to play a game you could and still cannot back.  Drink your wine, eat your cheese, and stay out of the way.  Anyone with half a brain knows Greece will default while you all feed them and they enjoy spending your money.  Rant off

Have a good day!

Mon, 10/03/2011 - 15:13 | 1734101 falak pema
falak pema's picture

europe needs a true hard dikked leader... we only have, as Sol Sanders says,..."sissies"...who kow-tow to US FED BS. Merkozy is not up to the challenge. I hope the Germans have plan B up their "you know where". Or Greece will be the hors d'oeuvres of Euro meltdown.

Mon, 10/03/2011 - 11:35 | 1733190 DormRoom
DormRoom's picture

end game is near.  German or Greece exit imminent.  The Euro project was to lift up Europeans through economic trade, and a common currency.  Instead, falling living standards, and  a noose of debt looms over each European.

Mon, 10/03/2011 - 11:38 | 1733208 walküre
walküre's picture

End game is near for the criminal syndicate running the US.

Europe is probably going to be one of the more hospitable and healthy places to live going forward.

US is becoming one gigantic prison. A fence to the South and now they're talking about a fence to the North. Wake up!

Mon, 10/03/2011 - 12:23 | 1733436 lunar
lunar's picture

hmmmm.....ex Goldman Draghi running soon the ECB - nuff said

Mon, 10/03/2011 - 13:00 | 1733617 walküre
walküre's picture

I'm sure many European inquiring minds will want to know that when the time comes.

Mon, 10/03/2011 - 11:35 | 1733197 Dick Darlington
Dick Darlington's picture

Finland FinMin has said he does not want an expansion of the EFSF nor does he expect a solution on the collateral "row", saying a Deal on EFSF Collateral is uncertain

If there's no collateral, something that's actually meaningless, and she will put Finnish tax payers at risk lending more money to the banana republics or french banks, it will be GAME OVER for her political career and for her party, social democrats, too.

Mon, 10/03/2011 - 11:36 | 1733199 Flounder
Flounder's picture

Having lived in the Netherlands under the guilder and visiting again after euro conversion I know the locals feel they were smacked in the face with inflation by the conversion.  They will not want to be smacked again.  Their euro leaders may be pounding the table for EFSF expansion, but the citizens are cringing.  Those leaders pounding the table the loudest are the ones representing the banks with the worst sovereign loan exposure.  I just can't see what rabbit they can pull out of their asshats to save their precious banks now.  The people know inflation and will fight back.

Mon, 10/03/2011 - 11:40 | 1733217 walküre
walküre's picture

Bullish for the Euro in the long term if it can survive the crisis.

Europeans have a tendency to emerge much stronger out of any crisis.

What I would like to see is a COMMON EUROPEAN effort to FUCK THE US deep and hard.

Mon, 10/03/2011 - 12:16 | 1733396 Cosmicserpent
Cosmicserpent's picture

Stronger after a crisis? You mean like WWI?

Mon, 10/03/2011 - 11:40 | 1733216 THE DORK OF CORK
THE DORK OF CORK's picture

The euro needs to fall - this is what happens when Goverments refuse to stem the real bleeding in the Euro - the export of our money to Arabia in exchange for the spice.

If taxes don't rise on cars & fuel- the currency will do it in a more brutal fashion.

Given that the dollar still holds its reserve status we must do the adjustment that America quite rationaly refuses to do.

Mon, 10/03/2011 - 11:41 | 1733228 Jim in MN
Jim in MN's picture

Negotiate 50-70% haircuts

Tell banks no profits or bonuses for a few years

Tell bondholders and shareholders 'caveat emptor, dudes, sorry'

Wipe hands on pants

COME ON PEOPLE!!!

Mon, 10/03/2011 - 11:46 | 1733259 tahoebumsmith
tahoebumsmith's picture

And so you have it, the 3.08 TRILLION dollars that the FED loaned to European Banks has now been squandered just like the 8 TRILLION that the 5 big CRONIES got here in America. Fighting a debt crisis with more debt is the kiss of death especially when you're giving it to a bunch of money junkies that are only in it for themselves. There won't be another next time, they totally have destroyed any chance there was to save this economic depression. And with close to 16.8 TRILLION dollars on the hook, this will only lead to one very ugly war. The 1% are going to have a hard time playing hide and seek from the disgruntled 99%. Time to pony up the facts and start waving the white flag for the sake of further damage control at this point....Here are the facts from what did come out of the watered down version of HR1207... And less then a year later the artificial prop is already failing... Imagine the horror we would be facing if the full scale audit was allowed?

The U.S. Federal Reserve gave out $16.1 trillion in emergency loans to U.S. and foreign financial institutions between Dec. 1, 2007 and July 21, 2010, according to figures produced by the government’s first-ever audit of the central bank.

Of the $16.1 trillion loaned out, $3.08 trillion went to financial institutions in the U.K., Germany, Switzerland, France and Belgium, the Government Accountability Office’s (GAO) analysis shows.

Out of all borrowers, Citigroup received the most financial assistance from the Fed, at $2.5 trillion. Morgan Stanley came in second with $2.04 trillion, followed by Merill Lynch at $1.9 trillion and Bank of America at $1.3 trillion.

Nuff said...

Mon, 10/03/2011 - 11:59 | 1733318 walküre
walküre's picture

It's all by design.

The EU could have dealt with the problems if:

a) Greece hadn't been fudging their books with the help of Goldman Sachs

b) EU banks wouldn't have been weakened by financial warfare from Wall Street

 

Mon, 10/03/2011 - 11:51 | 1733284 slackrabbit
slackrabbit's picture

And while this si all going on....does anyone know how much money BNP lost in their Russion bussiness.

I cant find any news on it...but 'we are pulling out of retail banking in Russia'

Its not in the news - apart from Jovanovic mentioning it to Max Keiser http://www.youtube.com/watch?v=m4NHm9SgEQw  ; everyone is concentrating on their greek debt side - any ideas?

Mon, 10/03/2011 - 11:55 | 1733299 walküre
walküre's picture

Remember in which country the banks offered massive amounts of cheap credit to anyone with a heartbeat. Remember in which country then these banks packaged the debt and sold it with approval of their own rating agencies.

Think of a computer virus, a so called "Trojan" and how it slowly eats through the entire system and how it corrupts every program on the computer that had been running properly before the infiltration.

From that same country banks aided and assisted Greece to fudge their books and get more credit.

Oh and to wrap it all up, the introduction of the Euro, the massive credit expansion at home and abroad was all in the aftermath (or close before) of an alleged terrorist attack which if anyone dares to look past the bullet-ridden official report does indeed look more like an inside job!

I said it before and I will say it again. The US FEDERAL RESERVE in collusion with so called reputable Wall Street banks is causing the pretext for yet another war. After the economic benefits of the "war against terror" are fading into the dustbin of history, the next move is to destroy Europe from within, incite hate and anger among various groups of Europeans to make a BET that the factions will soon turn on each other - again. And why not? It worked so well in the past - TWICE.

The world is riddled with a cancer that has its origin on Wall Street. There can only be one solution to get rid of it and change the future, making sure the world has a chance to become a better place if not for ourselves, maybe for our kids but surely for our grandkids.

Mon, 10/03/2011 - 12:17 | 1733404 s2man
s2man's picture

I was thinking of getting a PhD.  What does that take, like a week or two?

Mon, 10/03/2011 - 12:42 | 1733520 Debt-Penitent
Debt-Penitent's picture

I was thinking of getting a PhD.  What does that take, like a week or two?

Ehhhhxcellent dilbert reference.  The 10.1.11 strip was the best yet.

http://sgtreport.com/2011/10/dilbert-october-1st-2011/

Mon, 10/03/2011 - 12:23 | 1733435 Peter K
Peter K's picture

Hyperinflation? All it will take is the Chairsatan pulling the lines to the eurozombi banks. What are the odds that Ben will cut his losses faster than he can say D E X I A? :)

Mon, 10/03/2011 - 12:33 | 1733476 besnook
besnook's picture

on the one hand it is hard to believe some central bank types hesitate to prescribe printing money money to escape a a debt/liquidity/solvency crisis. on the other hand, the counterintuitive hand, europe and the euro would be much stronger if greece, spain, italy, portugal and ireland all reorganized and effed the debt holders(usa banks,too).  it would be ironic if europe forced reorganization on usa banks instead of the usa .gov that should have 3 years ago.

Mon, 10/03/2011 - 15:53 | 1734267 Youri Carma
Youri Carma's picture

Slovak Government says ‘NO’ to EFSF (google trans from German) http://tinyurl.com/6jhgtfy

Wed, 10/12/2011 - 15:53 | 1766938 karmete
karmete's picture

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