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EuroFAIL - Video Explaining EuroTALF As Dealer Of Last Resort

Tyler Durden's picture




 

Yes, we have written and written on the topic of the levered-EFSF / Geithner-fest / EuroTALF seemingly ceaselessly, and still some are confused. So here, in a brief 3 minute video, is an explanation of how the ECB plans to make money appear out of thin air, and how all shall be well. Alas, if you are right now thinking that this plan relies on nothing but credibility, and are confused because the ECB has none left...you are correct.

From INETeconomics (and their YouTube channel):

 

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Wed, 09/28/2011 - 03:24 | 1717601 Goldtoothchimp09
Goldtoothchimp09's picture

anyone know why the futures suddenly just surged??

Wed, 09/28/2011 - 06:15 | 1717725 cossack55
cossack55's picture

Because The Herd has not seen/does not understand above video.

Wed, 09/28/2011 - 09:14 | 1718043 covert
covert's picture

people are preparing for secure productivity instead of mindless commerce.

http://expose2.wordpress.com

 

Wed, 09/28/2011 - 10:04 | 1718216 Let them all fail
Let them all fail's picture

Because investors have become more comfortable that Europe will solve its problems without significant chaos and that our economy is no longer dependent purely on credit to grow GDP, duh.

Wed, 09/28/2011 - 10:09 | 1718240 Eric Cartman
Eric Cartman's picture

I decided to go long for 15 minutes.

Wed, 09/28/2011 - 03:30 | 1717606 Peter K
Peter K's picture

Barroso speaking. More Unicorns and Pixie Dust...:)

Wed, 09/28/2011 - 03:36 | 1717612 Goldtoothchimp09
Goldtoothchimp09's picture

I really should be sleeping...but i just can't wait for the casino to open...er -- the stock exchanges to open

Wed, 09/28/2011 - 03:32 | 1717608 geekgrrl
geekgrrl's picture

So how is this different from Three-card Monte?

Wed, 09/28/2011 - 03:38 | 1717614 Goldtoothchimp09
Goldtoothchimp09's picture

I don't know Monte - does he have any good insider info on stocks?!  sarc off

Wed, 09/28/2011 - 04:51 | 1717665 TheFourthStooge-ing
TheFourthStooge-ing's picture

So how is this different from Three-card Monte?

There are really only two differences:

1. EuroTALF has more fee-extracting intermediaries.

2. You have better odds of winning at Three-card Monte.

 

Wed, 09/28/2011 - 03:42 | 1717617 yabs
yabs's picture

this is the reason for 6t percent surge in euro stocksw?
wtf?

Wed, 09/28/2011 - 03:50 | 1717622 Tic tock
Tic tock's picture

...and once this starts, how is it supposed to stop?

Wed, 09/28/2011 - 04:53 | 1717668 TheFourthStooge-ing
TheFourthStooge-ing's picture

Step One: Collect Underpants.

Step Two: ???

Step Three: PROFIT!

 

Wed, 09/28/2011 - 05:28 | 1717693 UP Forester
UP Forester's picture

Damn underwear gnomes....

Wed, 09/28/2011 - 06:16 | 1717727 cossack55
cossack55's picture

Think 1939

Wed, 09/28/2011 - 03:57 | 1717625 KP69
KP69's picture

http://www.latribune.fr/actualites/economie/international/20110928trib000652367/les-details-du-plan-secret-allemand-pour-sauver-la-grece-.html

In French but 5 points (apologies for poor translation)

1,Greek public assets placed in common structure (equivalent to Treuhand)
2,Structure purchased by ans EU Institution to oversee privatisation
3,EU pays €125bn for assets,Greece uses money to buyback bonds
4,EU invests €20bn in assets to increase value assets
5,Privatisation profits paid to Greece by 2025

Wed, 09/28/2011 - 04:09 | 1717635 Mentaliusanything
Mentaliusanything's picture

A cunning plan indeed, But my friend If Greece don't get the $8,000,000,000 they DESPERATLY NEED when the rents due in a few weeks then every lender has a problem.

Well may G- Pap beg the Germans to "invest in the future of Greece" your money is safe and all that impassioned Clap trap ..... If they don't get the money from the Lenders to Pay the loan due back to the lenders then its TIT's UP.

You may resume your shuffing the Titanic deck Chairs.... me I'm putting on Floatation devises 

Wed, 09/28/2011 - 05:26 | 1717690 Weisbrot
Weisbrot's picture

 

 

 

This is why you dont lend large sums of money to welfare recipients

 

Wed, 09/28/2011 - 03:59 | 1717626 Potemkin Nation
Potemkin Nation's picture

Nothing more than a shell game to hide risk.

Wed, 09/28/2011 - 04:06 | 1717632 Portugal
Portugal's picture

"... plan relies on nothing but credibility, and are confused because the ECB has none left..."

Do you realy want to compare ECB's / Trichet / financial credibility with the FED's / Bernanke / Financil Credibility ? Do you know what Credibility means?

From Wikipedia:

Credibility refers to the objective and subjective components of the believability of a source or message.

Traditionally, credibility has two key components: trustworthiness and expertise, which both have objective and subjective components. Trustworthiness is based more on subjective factors, but can include objective measurements such as established reliability. Expertise can be similarly subjectively perceived, but also includes relatively objective characteristics of the source or message (e.g., credentials, certification or information quality).[1] Secondary components of credibility include source dynamism (charisma) and physical attractiveness.

 

Wed, 09/28/2011 - 04:29 | 1717656 HedgeAccordingly
HedgeAccordingly's picture

any idea why the futures are spiking? silver moved quite a bit as well as ES nearly 16 points straight up in an hour... 

 

http://www.hedgeaccording.ly/2011/09/late-day-s-chart-update_28.html

Wed, 09/28/2011 - 04:34 | 1717659 Soul Train
Soul Train's picture

truly amazing. My thought for these one minute spikes - BOTS and 1 minute SMA divergences. It's getting to be extreme Vegas.

 

Wed, 09/28/2011 - 05:28 | 1717692 Weisbrot
Weisbrot's picture

1>Things typically dont go down in a straight line

2>Dead Cat Bounce players

Wed, 09/28/2011 - 04:32 | 1717657 Soul Train
Soul Train's picture

so is this supposed to get the greeks back to work and making good money?

what nonsense. Emperor without clothes.

Wed, 09/28/2011 - 04:33 | 1717658 lewy14
lewy14's picture

What I get from the video is that the ESFS is the new AIG. This isn't a bug, but is intended as a _feature_. #facepalm.

Wed, 09/28/2011 - 04:48 | 1717664 DrStrangelove
DrStrangelove's picture

Great video!!

 

Wed, 09/28/2011 - 04:59 | 1717673 DrStrangelove
DrStrangelove's picture

I'll try and promote the mans video on the tube... good econ channel

Wed, 09/28/2011 - 04:59 | 1717674 DrStrangelove
DrStrangelove's picture

I'll try and promote the mans video on the tube... good econ channel

Wed, 09/28/2011 - 05:01 | 1717675 DrStrangelove
DrStrangelove's picture

http://nationaleconomist.blogspot.com/

 

GO TO YOUR METALS DEALER AND...

BACK THE TRUCK THE FUCK UP!!!!!!!!!!

 

 

http://nationaleconomist.blogspot.com/

Wed, 09/28/2011 - 05:31 | 1717695 Weisbrot
Weisbrot's picture

 

 

I prefer the PSLV and PHYS - no storage issues -

unless Canada gets more socialist than the USSA

 

Wed, 09/28/2011 - 06:21 | 1717731 cossack55
cossack55's picture

Possibly problematic if "collapse" is uber-rapid, delivery and all that.  As to storage, 4" PVC with caps in 2' lengths with some dessicant. Voila.

Wed, 09/28/2011 - 06:01 | 1717713 I am a Man I am...
I am a Man I am Forty's picture

this is the dumbest fucking thing i've ever heard, what nonsense

Wed, 09/28/2011 - 06:11 | 1717720 Die Weiße Rose
Die Weiße Rose's picture

ENRON: The Fed was the smartest Guy in the Room

EUROPE: Bernanke and Geitner are Deus ex Machina (better than Enron)

EFSF  = Euro scripto ex Deus- Machina

Occupy Wall Street rediscovers the radical imagination

The young people protesting in Wall Street and beyond reject this vain economic order.

They have come to reclaim the future !

• Police tactics attacked as officers pepper-spray women
• Occupy Wall Street: the protesters speak

http://www.guardian.co.uk/commentisfree/cifamerica/2011/sep/25/occupy-wa...

 

 

Wed, 09/28/2011 - 06:22 | 1717721 falak pema
falak pema's picture

this whole scheme is based on buying time in the hope that future governMent revenues through growth will pay back the private banks and alleviate the money creation.

There are ONLY TWO WAYS AVAILABLE TO MANAGE DEBT/MONEY CREATION : WRITE DOWN OF DEBT OR TRUE ECONOMIC GROWTH TO PAY OFF THE DEBT.

Given the structural asymmetry of the world today, we have the debt pump working on full throttle PRECISELY IN THOSE REGIONS WHERE THERE IS NO GROWTH POTENTIAL.

So this scheme is doomed to failure as the BRICS, where the growth potential is,  will not pay for first world debt with their fiat  riches. ANy belief that  their growth can fuel the debt effacement in first world is bad math. It simply can't be done due to the assymetry, the mountain of accumulated debts and the relatively puny growth pump of DCs; growth pump which will go into grid lock as well if first world goes into deep depression.

We have no choice : reduce debt and CHANGE THE PONZI FINANCIAL STRUCTURE OF CORRUPTED FIRST WORLD (USA/EU) TO SURVIVE IN FUTURE.

WHO CAN DO IT? ENTROPY ALAS, SEEMS THE ONLY INEVITABLE AND INEXORABLE ROUTE! 

Wed, 09/28/2011 - 06:23 | 1717735 cossack55
cossack55's picture

The nice thing about entropy is that it can be embraced and utilized, as was pointed out in that BBC video by a trader that spoke truth.

Wed, 09/28/2011 - 06:51 | 1717767 tradewithdave
tradewithdave's picture

Today's Soros video lesson in the abandonment of free will in exchange for false dichotomy of open and closed economies was brought to you by Karl Popper's theory of falsifiability and Milton Friedman's monetarist approach. 

http://tradewithdave.com/?p=6164

http://tradewithdave.com/?p=5993

Dave Harrison

www.tradewithdave.com

Wed, 09/28/2011 - 06:51 | 1717768 THE DORK OF CORK
THE DORK OF CORK's picture

Watched their intro trailer - it strikes me as the credit empires bid to stay in the credit game by co -opting naive / ruthless young people into THEIR  vision thing.

Trust will never be regained by this Dork - the parasite has been exposed ,all efforts have been made to protect credit rather then the remaining bits of the physical economy.

Wow this is a many headed Hydra.

 

Wed, 09/28/2011 - 06:53 | 1717770 RunningMan
RunningMan's picture

Video is confusing, as when he eliminated the bond buying, they didn't erase the money printing that paid off the private investor...

Wed, 09/28/2011 - 07:17 | 1717791 youngman
youngman's picture

Who thinks this stuff up....really.....isn´t there anyone in the room who will stand up and say.."this is really sturpid"......chirp...chirp...I didn´t think so....its called group think....live and on fire right now...

Wed, 09/28/2011 - 07:25 | 1717802 golfrattt
golfrattt's picture

This shell game reminds me of Enrons' LJM and 'Raptor'..

Wed, 09/28/2011 - 07:43 | 1717836 UGrev
UGrev's picture

Do you think I should send this to them? 

http://www.gamespot.com/pc/strategy/medieval2totalwar/cheats.html (3rd cheat)

Do NOT follow this link or you will be banned from the site!