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Is The Euro Summit Already A Failure Following An Early EcoFin Meeting Cancellation?

Submitted by Tyler Durden on 10/25/2011 08:45 -0400

The European farce descends into surrealism and gortesque tragicomedy. Just out of the FT's Brussels Blog which discussed what appears to be an early cancellation of the critical EcoFin (not to be confused with Euro Coffin) meeting: "A letter sent last night by Jacek Rostowski, the Polish finance minister, makes an [EcoFin meeting doubtful]. Since Poland currently holds the European Union’s rotating presidency, Rostowski is charged with convening a meeting of all 27 EU finance ministers tomorrow ahead of the big summit to lay the groundwork for a final agreement. But officials tell Brussels Blog the so-called “Ecofin” council meeting is now likely off, and in a letter to Jean-Claude Juncker, the Luxembourg prime minister who chairs the group of 17 eurozone finance ministers, Rostowski makes it appear the cancellation is due to a failure to agree on outstanding issues." No.... they couldn't agree??? Nobody could have possibly foreseen this. Nobody.

Here is Rostowsky's letter:

As things stand at present, I understand that the full package may not be ready by Wednesday, 26 October. Were this the case, the presidency would need to postpone the Ecofin council meeting by a day or two. Therefore I would like to ask you to keep me informed on when the remaining elements of the package will be completed by the Eurogroup so that I can convene the Ecofin meeting as promptly as possible.

And more from the FT:

An Ecofin council meeting ahead of the summit is specifically called for in the conclusions of Sunday’s summit, which say Ecofin must “finalise this work” on a bank recapitalisation plan before the Wednesday gathering.

Other officials told Brussels Blog that there is a growing belief that any meeting of Ecofin or Mr Juncker’s eurogroup is superfluous, since heads of government will have to make all the major decisions Wednesday night anyway. But cancelling meetings of finance ministers ahead of time may not augur well for what’s to come.

What this means is that as we get closer with each day to a "free fall" Greek bankruptcy, the only weapon left for the global central bankers will be the bazooka option: namely wanton, gratuitous printing of money, Weimar republic flashbacks be damned. Which is why, for once, Gartman's bullish sentiment on gold may actually not be a contrarian indicator...

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Tue, 10/25/2011 - 08:47 | 1807628 Fips_OnTheSpot

Agreement is overrated

Tue, 10/25/2011 - 08:54 | 1807647 HelluvaEngineer

Success. Failure. It matters not. Stawks go up. Even NFLX.

Tue, 10/25/2011 - 09:00 | 1807670 slaughterer

NFLX is an anticipatory indicator for global markets on Thursday morning.

Tue, 10/25/2011 - 09:30 | 1807766 Use of Weapons

NFLX is about to launch in the UK, where the remaining part of Blockbusters still works as a model.

I suspect a few people are betting on the same bloodbath for Blockbuster happening over the ocean, and it'll rise - people shouldn't forget, however, that most non-urban places are still only on 3-6 megs / sec if they're lucky, and bandwidth caps in the UK are not very generous, esp. for the 'cats & grannies' demographic.1

1. In fact, with the retail model that runs in the UK, I suspect Netflix owners of the stupider variety will hit a wall of pain when they see their ISP's demands for the extra bandwidth costs after their first month's subscription splurge. But that's a different story

Tue, 10/25/2011 - 09:33 | 1807780 chubbar

OT, but anyone here interested in what Obama stuck in the "jobs bill"?

http://ppjg.wordpress.com/2011/10/23/18485/

"Hidden in that worthless jobs bill was the Border Perimeter and Security Act between the US and Canada. As I understand it, US and Canadian troops will be (are being) stationed along both sides of the border with Canada to make sure no terrorists (you) or criminals (you) slip across that border in either direction without the government knowing it and identifying you biometrically . This Act was actually the crux of the “jobs” bill; a bill constructed and used as a front to cover up and to pass quietly what is another assault on the public by government and to further the global intent to identify absolutely every citizen on the planet and to hold that identity information in a global data bank accessible by virtually any agency of any government in the world in real time.

“WASHINGTON — Prime Minister Stephen Harper and U.S. President Barack Obama are seeking a sweeping deal to establish a North American security and trade perimeter, opening talks Friday that could lead to jointly operated Canada-U.S. border facilities, an integrated entry-exit system to track travelers and the deployment of “cross-designated” law enforcement officers to intercept terrorists and criminals.”

This so-called security act will require biometric identification of all you tourists and business travelers (suspected terrorists) from each respective country. This will be especially helpful in furthering the efforts to establish a global identity system and coercing individuals into submitting biometric information in order to travel.

“The Canada and U.S. governments plan to put in place “common technical standards for the collection, transmission and matching of biometrics” to screen travellers in real time.”

This would be in addition to the FBI’s intent to build a massive identification system reported by EPIC.org :

FBI Seeks to Build Massive Identification System. The Federal Bureau of Investigation awarded a $1B, 10-year contract to design, develop, document, integrate, test, and deploy the Next Generation Identification (NGI) System to Lockheed Martin. This new database will expand on the current fingerprint-based system; the FBI will increase its collection and storage not only fingerprints but also iris scans, palm prints and facial images. The FBI is also in talks with the U.K. police to establish a unified database for the tracking of this biometric information. The U,K. has said that the new NGI System could easily be integrated with the U.K.’s current Ident1 database. Critics have highlighted the problems created by such massive system that would share data, including inaccurate or fake information. (Feb. 14"

Yeah, let's concentrate on the Canadian Border where NOTHING is happening and ignore the fucking drug war, killing of border agents, gun running (by our gov't) and millions of illegals streaming over the Mexican Border. Can this get any more blatant???