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Euro Summit To Be Delayed, Euro Plunges

Submitted by Tyler Durden on 10/20/2011 09:12 -0400

And the latest:

GERMAN GOVERNMENT DOESN'T EXCLUDE POSTPONING SUMMIT, WELT SAYS
WELT CITES PEOPLE CLOSE TO THE GERMAN COALITION, GOVERNMENT

If true, epic collapse coming as it means market shock and awe will be required to get everyone on the same page. On the other hand, when the news is reversed at 3:00 pm by the FT, expect the futures to soar by about 100 points.

From Reuters:

German Bund futures erased losses and equities slipped further on Thursday after a newspaper report stating that the German government did not rule out the postponement of this weekend's crucial EU summit boosted safe haven demand.

The Bund future rose to 135.43, up 34 ticks on the day while European equities extended losses, with the FTSEurofirst 300 index of top shares down 0.6 percent at 962.13 points.

Citing sources from both Chancellor Angela Merkel's centre-right coalition as well as from her government, the German Die Welt newspaper said the stalled negotiations on the possible leveraging of the euro zone bailout fund was the reason for the possible delay.

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Thu, 10/20/2011 - 09:13 | 1792362 ZeroPower

Guardian to report at 3pm summit will not be postponed.

Thu, 10/20/2011 - 09:14 | 1792370 gojam

Yet another slow news day.

Thu, 10/20/2011 - 09:25 | 1792438 Irish66

This is why they announced Gaddaffi dead today

Thu, 10/20/2011 - 09:38 | 1792473 Mr Lennon Hendrix

By killed, they must mean, "We found his gold."

And it only took days, not weeks.

Now the former pearl of Africa lies in waste. The people of the country are left with no infrastructure, and many have lost their lives.

All because of the Western coalition's views of one man and his nefarious ways.

But more than anything the NWO is making a point:

This way or the highway, man.

Thu, 10/20/2011 - 09:36 | 1792462 Manthong

It would have been nice to have a new gold bank. Instead we get a new hot spot.

In other the news, the market is up.. in Karachi.

http://www.reuters.com/finance/markets/asia

Thu, 10/20/2011 - 09:23 | 1792423 NorthenSoul

Yes, but they will "report" this as a "some say it won't be postponed" while writing (in the same sentence) that "sources close to the governement and ASOLs" (Adminsitration Senior OfficiaLs) were not "categorical" about the "non-postponment".

Thu, 10/20/2011 - 09:33 | 1792469 Jessica6

It's a weird world that 'Guardian readers' now sway markets. Unless one is completely unfamiliar with what 'Guardian reader' denotes.

Even Huffpo doesn't come close.

Thu, 10/20/2011 - 09:36 | 1792490 AbelCatalyst

This is exactly how the Germans will get back to the Mark and wipe out their Euro debt - dick around until it collapses on it's own... They need to look like they are supporting it so they can say, "there is nothing more we can do - we're going back to the Mark." If they had a real intention to support the Euro we would already have EuroBonds... It's all a show and the endgame for Germany is to move to the Mark... Look out below!!

Thu, 10/20/2011 - 09:50 | 1792579 Uchtdorf

A link, sir, to anything, from anyone, in any language, that substantiates your position (with which I agree, BTW), if you please.

My friends in high places (Bundes....) are very pale lately...more than normal.

Thu, 10/20/2011 - 10:02 | 1792633 AbelCatalyst

No link, just common sense - when the Euro blows up and they are using the Mark then their debt goes away. They will lose exports, but at this point it is about survival not growth. We're entering the endgame, which means decisions will be based on self preservation. The Mark is in the best interest of Germany when the goal is survival...

Just watch how things unfold - Germany will talk like they are supportive of the Euro, but all the ACTIONS will not - look for many strings attached to bailouts, their high court slowing things down, etc. It's easy to stall action and that is all Germany has to do... stall, stall, stall, until the Euro implodes...

Just watch the headlines through this lens and it will all become clear as to what they are doing...

Thu, 10/20/2011 - 10:20 | 1792714 Uchtdorf

Vielen dank.

Good wisdom here. Zerohedge must spread throughout Europe.

Thu, 10/20/2011 - 10:38 | 1792836 srsly-wtf

From what I read on FT, the Germans love the Euro because the Mark would appreciate substantially if they went back to it, making their exports more expensive.

Thu, 10/20/2011 - 09:15 | 1792371 Mongo

Good night Europe. Prepare for long nightmare.

Thu, 10/20/2011 - 09:23 | 1792424 Mr Lennon Hendrix

Put 'em to bed, Ringo!

Thu, 10/20/2011 - 09:15 | 1792374 littleguy

Euro politicians are total fucktards, fucking my fucking country right the fuck up chuffing duffuck.

Thu, 10/20/2011 - 10:11 | 1792663 NorthenSoul

The very definition of a clusterfuck. :-)

Thu, 10/20/2011 - 12:34 | 1793523 Zero Debt

It is totally insane indeed...

A leveraged buyout in the corporate world should meet a few criteria to be considered a good deal. The purchased firm should have valuable assets that form the collateral, stable positive cash flows that funds the financing and the ability to be expanded to ultimately reduce the leverage.

Enter leveraged bailouts in the context of a debt overhang, declining credit rating and falling tax revenues.

First, no valuable assets. Mark to unicorn egg sovereign bonds of perma-deficit governments that guarantees stable negative cash flows for the foreseeable future, declining collateral valuation due to currency debasement, partial or full default or a combination thereof, while finally an overall contracting economic environment. It makes absolutely the worst possible sense to leverage in this type of situation.

Thu, 10/20/2011 - 09:15 | 1792375 stateside

Where's Margaret Thatcher when you need her to pull Europe out of this mess? She'd kick a little ass and take names later.

stateside

Thu, 10/20/2011 - 09:19 | 1792399 gojam

Margaret Thatcher ?? Oh you mean Lady Gaga.

She's probably lying in bed dribbling on her pillow.

Thu, 10/20/2011 - 09:21 | 1792409 Harlequin001

You mean the first British PM elected in 1979 that send this country officially into the fiat abyss?

She should be shot on sight...

Thu, 10/20/2011 - 09:21 | 1792412 Mr Lennon Hendrix

Or she would get lucky and blow another North Sea oil bubble.

Thu, 10/20/2011 - 09:15 | 1792379 the not so migh...

they are waitng for calculators that can handle that many zeros

Thu, 10/20/2011 - 09:17 | 1792388 littleguy

it's definitely going to require some double precision floating point capability

Thu, 10/20/2011 - 09:16 | 1792382 Sequitur

CNBC and Cramer saying: blog reporting is "maddening." And saying IMF needs to "step in."

Attention CNBC: go fuck yourselves. Fuck the IMF and its bankers. None of these countries should sacrafice their childrens' future to pay off fat, reckless lenders.

Thu, 10/20/2011 - 09:19 | 1792397 Mr Lennon Hendrix

Global Cartels have never been ones to let a crisis go to waste.

Thu, 10/20/2011 - 09:25 | 1792435 jdelano

HAHAHA. I FUCKING LOVE ZERO HEDGE.

I love that the Tylers are a massive thorn point in the middle of a ballon-filled room. Fuck Cramer, fuck CNBC and all their lies and bullshit and attempts to forcefeed the American people a broken, insolvent and insidious ponzi of a market. Hilarious that one little blog telling just a little bit of truth is all it takes to spin them into a foaming at the mouth frenzy---GO TYLERS, you're like fucking kryptonite to the Superbullshit!

Thu, 10/20/2011 - 09:25 | 1792436 The Axe

Fuck Cramer and CNBC thats a nice way to start my day...thanks...

Thu, 10/20/2011 - 09:26 | 1792446 Ronaldo

Lets see how this effects your non-profit charitable trust, Cramer! "A bull market somewhere", please! In your dreams!

Thu, 10/20/2011 - 09:34 | 1792474 IrritableBowels

Good morning everyone. FUCK YOU CramerNBC. That is all.

Thu, 10/20/2011 - 09:16 | 1792383 Enkidu78

You couldn't script this stuff...

Thu, 10/20/2011 - 09:20 | 1792402 Tsar Pointless

...then again, they probably have.

Thu, 10/20/2011 - 09:31 | 1792459 ISEEIT

I've been thinking the same thing for quite awhile. Imagine the $$$ to be made by insiders of this game? There is also the additional benefit to this endless bullshit of scaring of the 'evil' speculators, particularly daytrading bears.

Thu, 10/20/2011 - 09:16 | 1792384 Stuart

Amazing. A bunch of complete clowns.

Thu, 10/20/2011 - 09:17 | 1792386 Lord Welligton

Beyond ridiculous.

Thu, 10/20/2011 - 09:17 | 1792387 lolmao500

Will the hangings begin already? I'm sick of waiting.

Thu, 10/20/2011 - 09:19 | 1792396 littleguy

Corporal, take these men outside to the long grass... you know what to do

Thu, 10/20/2011 - 09:17 | 1792389 Mr Lennon Hendrix

The levels of incompetence the policie makers will go through just to keep the EUR/USD in equalibrium is fascinating.

Thu, 10/20/2011 - 09:17 | 1792390 Gene8696

Silver sub -$30 today?

Thu, 10/20/2011 - 09:26 | 1792440 Mr Lennon Hendrix

See everyone at the coinshop!

Burn baby burn, fiat inferno!

Thu, 10/20/2011 - 09:18 | 1792395 jdelano

YAY!! Awesome.

This is the most boldfaced lie of an article I have ever read on bloomberg--the bs escalating to fever pitch which implies to me that all the unstable isotopes that make up "the market" are about to go hiroshima. Love how the second paragraph quietly drives a stake through the heart of the first one....

http://www.bloomberg.com/news/2011-10-19/american-express-profit-climbs-13-on-credit-card-spending-fewer-defaults.html

Thu, 10/20/2011 - 09:19 | 1792398 Fips_OnTheSpot

NOOOOOOOOOO!

Ok, I'll brace for impact - cu on the other side, guys

Thu, 10/20/2011 - 09:19 | 1792400 lizzy36

AWESOME!!

The agreement to agree is postponed because terms were not agreeable. Who could have foreseen that?

Mind you expect the leak at 3:00pm saying it is back on and a subsequent 2% rally.

Thu, 10/20/2011 - 09:20 | 1792401 Rumpelstiltskin

Major market drop today. Great if you're short.

Thu, 10/20/2011 - 09:20 | 1792403 hackettlad

rumour, rumour reversal, counter rumour

Thu, 10/20/2011 - 09:20 | 1792405 greenfire

The rats are scurrying in all directions. There's a circus in town tomoorw night. I think I'll go in lieu of a European vacation.

Thu, 10/20/2011 - 09:20 | 1792406 knight99

The Euro will hopefully come back to the 1.35 area and then 1.30 when this grand plan was announced. Once we get the annoucement we see a bounce then 1.15. If it plays out like that I will be a happy man.

Thu, 10/20/2011 - 09:31 | 1792408 shokdee

Have you heard about the temporal resonance field?

Studying the past did you notice the cycles, cycling cycles, history repeating, but will it repeat again? Looking at your favorite historical cycle, where are we now? Bobbing up? Or sliding down?

There is obviously a temporal resonant field, much like a morphogenetic field, that ensures that events that have happened will tend to happen again - if there is resonance.

Events will tend to happen, if they resonant with those that happened before. The more an event has happened the stronger its field. Powerful events from the future have a field so that similar events will tend to happen in the past.

The fractal properties of time create resonance at different time scales, an incident lasting years, might resonant with a process taking minutes. A split second event could slow down and repeat as a months long process - if they resonant.

Humans can tune into this field - a psychic ability - and pick up a particular resonating time frame. Feelings of sympathetic vibration that indicate attunement, accompanied by a sense of wonder and exhilaration. Humans can also surf a timewave, much as a surfer rides in front of the big wave. By creating a resonance in yourself for a future event - the strange attractor - you can surf in that direction, not just down a water tube.

Thu, 10/20/2011 - 10:56 | 1792943 viahj

Mayans...brilliant fuckers

Thu, 10/20/2011 - 09:21 | 1792410 ChickenTikka

More of the same?

Thu, 10/20/2011 - 09:29 | 1792411 williambanzai7

The lawyer said scheisse!

Thu, 10/20/2011 - 09:31 | 1792460 Squishi

her walk does remind me of hitler

Thu, 10/20/2011 - 09:45 | 1792534 Overflow-admin

HAHAHA that's a Masterpiece! I might print them at the same rate the EFSF needs grow and disperse them in the streets with your permise

Thu, 10/20/2011 - 09:22 | 1792418 Quintus

It's like watching a bunch of simpletons trying to comprehend the Dirac equation and refusing to admit that the damn thing is completely and totally beyond their understanding.

Hour after hour, day after day they struggle to grasp what's going on, but it's perfectly obvious to everyone watching that they'll never get there.

Just give up already, and set about dealing with the fallout FFS.

Sun, 12/04/2011 - 22:39 | 1945584 Tuffmug

Do not mistake manipulation and bargaining for better terms for stupidity and indecision. Most politicians are the among the greatest theives and fraudsters in our societies. This game is far from over.

Thu, 10/20/2011 - 09:22 | 1792420 caerus

what a farce

Thu, 10/20/2011 - 09:26 | 1792432 Josh Randall

Merkel got kicked in the ovaries last election cycle, she's not giving up any more money, this is all bluster. The effort for a "orderly derault" has already begun since they already have their D-Marks at Bernie's Print Shop being remade

Thu, 10/20/2011 - 09:34 | 1792475 CoyoteBlue

I keep thinking that Merkel or some other saxon will decide, "enough is enough" but it seems they all want to keep the snowball rolling. Of course, who wants to be in office when this all crashes down? Some one has to fill the nooses hanging from the lightposts.

Thu, 10/20/2011 - 09:25 | 1792434 John Law Lives

It would be interesting to see how the bots would react if two significant (but contradictory) rumors re. EU hit the wires at the exact same time. Bot wars!

Thu, 10/20/2011 - 09:29 | 1792456 pmcgoohan

Easy... they'd all go long

Thu, 10/20/2011 - 09:25 | 1792437 danger close here

es still green lolz, this is great. bad news market shrugs good news market rockets

Thu, 10/20/2011 - 09:32 | 1792458 Monkeyfister

Waitaminit!

I scrolled through all of the posts for 10/19, and Zero Hedge seemed to miss the release of the GAO Audit of the Federal Reserve-- released yesterday. http://sanders.senate.gov/imo/media/doc/d1218%20%282%29.pdf

And here is the Sanders report based on the audit: http://sanders.senate.gov/imo/media/doc/101911%20-%20THE%20SANDERS%20REP...

The GAO has determined that some serious hanky-panky has been in play at the FED. Seriously.

Enjoy the reading!

--mf

Thu, 10/20/2011 - 09:43 | 1792543 Note to self