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Europe Goes Full Bailout Retard: EFSF Rescue Capital To Be Officially Double-Counted
Europe has officially entered the Tropic Thunder zone, where one, forget one thousand , monkeys armed with one simple solar-powered calculator, can come up with a better plan than (JP Morgan-advised) Europe. Because as we pointed out on Thursday, "nothing changes the fact that with €100 billion set aside for bank recaps, a woefully low number and one which will do nothing to assure investors that banks have sufficient capital, there is still not enough cash to "guarantee" all future issuance" - well it appears that Europe finally did the math which led us to conclude that the EFSF is DOA. So what is Europe's solution? Why double counting aid already pledged of course: "EU bank plan may include aid already pledged to bailout states-sources." Uh, what? "A drive to lift bank capital across Europe by up to 110 billion euros ($153 billion) is expected to include the roughly 46 billion euros already pledged to Ireland, Greece and Portugal to help their lenders, EU sources told Reuters....Another official confirmed the intention to count money already earmarked for banks in Ireland, Greece and Portugal in any recapitalisation plan. "The problem with shock and awe numbers is that it implies that the money is there," said one official, reflecting on ministers' reluctance to set public goals for recapitalisation. "But governments don't have the money."... Just as was repeated here over and over and over and over... And yes, that red stuff shooting out of the place where your head was a few second ago, is blood. It is now Europe's official "plan" (for at least the next 2-3 hours) to use mystical, magical money, which is somehow double-counted to bail out both a bank and a country at the same time...
Ugh:
If over a third of the EU's bank recapitalisation drive, which investors hoped would inject more than 100 billion euros of fresh money, is accounted for under old bailout programmes markets are likely to react with disappointment.
It would effectively shrink the overall package, designed to protect EU banks from the fallout of a Greek default and ease their borrowing difficulties amid a creeping credit freeze, from more than 100 billion euros to something around 60 billion.
It would also rest the burden for EU bank recapitalisation in large part on Spain, Italy and France, which one official said together accounted for roughly 45 percent of the overall shortfall found in recent checks of EU banks by supervisors.
The matter is due to be discussed in the run-up to Wednesday's second summit of European leaders and countries may yet change tack to increase the planned boost for banks.
...
Well, it's official: the lunatics have taken over the Titanic.
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qe 4 the fed can forgive all of the student loan debt because .......it is the fed.....
http://www.webofdebt.com/articles/qe4.php
full bailout retards? what about ellen brown? this is what happens when a lawyer discusses finance....
It has never been about bailing out countries, that's just the cover story. It has always been about bailing out the banks.
This the real front line in this Currency war. It is a war of survival between the EU and the Banks. While it appears the banks won the war in the US, in the EU the outcome is still not decided.
"Alas, there is no outcome that saves both the banks, and guarantees future European sovereign issuance under the currently contemplated structure. None."
http://www.zerohedge.com/news/ft-reports-europe-sacrifice-its-banks-bail...
Agreed. The only interesting question is how we keep Ben from playing in this cess pool.
The carbon tax plan has gone south. The unicorns have been rapidly dying on icebergs, while learning that their CDO is under performing.
OWS entitlement is still the focal point to preserve confusion. Once it gets cold, will the streets be filled? Burr, I'm cold. Back to my parents basement.
Comedy:
I'm entitled to other people's money
so we now have plan for a plan to come up with a plan that now involves money that has already been spent and still more money that apparently nobody actually has...
well at least the Euro bailout has enterianment value...for now.
Well, this is a carbon copy of OUR LEADERSHIP, why would we expect them to be different?.
It's like you have $50.00, in $1.00's.
And you count it, and recount it, separate it, and add by fives, and tens, until you reach $50.00, and you do it again, thinking magically it will somehow have made compound interest just from HANDLING.
Like talking it to death,the patient is in the ER, w/ a ruptured aorta, and the surgeons are fighting over who tries for the save, only to find he's DEAD,when they decide.
OOOPSY!
But isn't that the way the masters of the universe make the big money with their complex financial instruments? By shuffling money?
Oh wait...
An IOU for money is just as good as money in ponzi land. In the end, it all gets printed.
And we need to face the reality of what JPM can do with a 400B deposit using fractional reserve banking. That 400B deposit can become a 16 trillion dollar loan with the stroke of a pen. It is magic.
IOU's actually go for twice the amount these days
Quinvarius
What like OUR system?............leveraged at 20:1 now?
Besides who cares if they can do the loan, it's still never going to be paid off at all.
This is like Brer Rabbit n the Tar baby.
IF JPM does take it on, don't come crying the Unca Sammy, for a bailout.
You gonna play Suicide ball make dat loan!
@"Europe Goes Full Bailout Retard: EFSF Rescue Capital To Be Officially Double-Counted"
am i the only one who can see the obvious flaw in
all this. the official double-count could easily
be increased to an official-quadruple count. there,
twice the protection for the same amount of work.
i should be retained here and receive an hefty service
fee.
Why would a Wookiee, an 8-foot-tall Wookiee, want to live on Endor, with a bunch of 2-foot-tall Ewoks?
That does not make sense! But more important, you have to ask yourself: What does this have to do with this case? Nothing. Ladies and gentlemen, it has nothing to do with this case! It does not make sense! Look at me. I'm a lawyer defending a major record company, and I'm talkin' about Chewbacca! Does that make sense?
Ladies and gentlemen, I am not making any sense! None of this makes sense! And so you have to remember, when you're in that jury room deliberatin' and conjugatin' the Emancipation Proclamation, does it make sense? No! Ladies and gentlemen of this supposed jury, it does not make sense! If Chewbacca lives on Endor, you must acquit! The defense rests.
How much of Endor have you seen kemosabe?
Fuck man... you make Slewie look sane....
It sounds as if you've gone Full-Retard.
Never underestimate the power of human stupidity.
Robert A. Heinlein
Never underestimate the stupidity of the US legal system:
http://www.southparkstudios.com/clips/103454/the-chewbacca-defense
Animal House 2011.
Toga! Toga! Toga!!!...LETS GO!!!
John Belluchi could have raised more cash than Papa Poo -Poo. Great comment nmewn.
Does this mean the Germans are going to bomb Pearl Harbor again? (Merkel: I'm telling you we can take them this time!)
Sounds like Dexia consulted on this one.
Europeans.
Your leaders, bankers, EU butnuts and who ever the f*ck else have gone completely insane.
[sarc]Logically gold and silver will trade down overnight...[/sarc]
I had my guitar amp worked on. I can now turn the volume to 11 !!!
Stonehenge in danger of being stomped by midgets.
Stonehenge, where the demons dwell,
and the banshees live, and they do live well.
I did too
But for some reason the 1 level no longer works?!
:)
EU is fine since US corporations hold about $2 trillion in cash.
Oh wait. That belongs to US corporations. Oh never mind. It's s big number. Let's talk big numbers with confidence.
Gold. There's gold bars in the world. The EU is saved again.
Nice broadside over the weekend ZH
Arr
Financial anarchy - we're done with the "tastes great" part, now on to the "less filling" denouement...
Maybe Banzai can do a visual of "Retards in Leotards". Would be very amusing to see Sarkozy, Timmy and the rest tiptoeing to a French/German waltz.
Shades of Freedie Mercury and Queen.
Who'd a ever thought that a skin and bones guy who used to jump around in a jester harlequin leotard from a band named Queen woulda been gay?
One interesting feedback from Brussels :
The final meeting venue was specifically delayed from Sunday to Wednesday on the express demand of Cameron backed by Sweden and Poland, all non euro group members of EU, to ensure that NON Euro members had an express escape clause provision included that would require they have access to final draft wording, impossible in previous time frame, now included in schedule to wednesday. This completes germany's additional demand to have draft ratified by bundestag before final signature Wednesday. It gives them more time to nail down EfSf contours etc. So not only is the EU a four headed beast it also has eight legs, and 17 hungry dikks.
falek,
This completes germany's additional demand to have draft ratified by bundestag before final signature Wednesday.
Germainia doesn't give one whit.They have their own presses and mints running 24/7 now, printing, and coining Douchemarks.
'Douchemarks,' LOL!
Got panty liners?
http://www.spiegel.de/politik/ausland/0,1518,793523,00.html
Sarko had a harsh dispute with Cameron about the Euro, accusing Cameron that he would hate the Euro and had missed the opportunity to shut up. This whole affair caused a delay of 2 hours.
Sure, that's what they say, but the real reason is that they all wanted to go see the new Tintin movie.
Even the bailout fund is leveraged. HAHAHAHAHAHAHAHAHAHHAHAHA!
magic helmet
Every week since the summer has been the week when the action happens. Every week I disappoint myself believing in truth. So this week I couldn't give a shit and will look to see the EURUSD rise like a phoenix. S&P eye up 1300, the Dow kissing 12000 and beyond and gold and silver to be drip down to $1600 and $30 respectively.
With this in mind we should then get a proper crash - shit I jinxed it.
Germany pushes for the 60% haircut is to ensure the Germans don't set Frankfurt alight in a weeks time.
'governments don't have the money'... I've heard that before. Let me think, oh yes, it was Steve Wynn in his rant on unstainable deficits
set to photos and film... http://www.youtube.com/watch?v=kwID0Ib3_ZM
also a first, I think in the use of sun bears as placeholders for the great unwashed...
duke
Euro has almost recovered.
ES down around 10, but I bet the dippers show up tomorrow.
Do you realize how irrelevant you are? I wonder...
you obviously didn't get the joke.
That was " hillarious" ! Buy the " Gates of Hell "! Arrrr!
Yeah, the honeydippers.
http://www.urbandictionary.com/define.php?term=honeydipper
It will work and work well if only the bloggers and meddling tin foil hat wearing kids who read them would get back in their ugly vans and move along.
You're all behaving as if the math is off somehow. But none of you have the first idea, just as an example, how many chickens were beheaded. There's so much much deep meat in the dark end of the pool. (k = .007x - u)
ima guess by wednesday or thursday, the savior will have thrown the money counters out of the temples for g000000000000000d.
Futures opened down almost 1/2 of 1 percent! Wait, they're climbing. Fuck it afterall.
EDIT: Futures racing back to parity. Expect an IN-YO-FACE pump job...per usual.
Saudi Arabia faces backlash over appointment of likely heir apparent to country's throne
Prince Nayef, who has been interior minister for more than 40 years, was appointed second deputy prime minister two years ago, a post which made him second-in-line to the throne currently occupied by King Abdullah.The two men's brother, Crown Prince Sultan, died on Saturday, leaving Prince Nayef almost certain to step into the role.
Prince Nayef has been on record opposing such liberal reforms as allowing women to vote, and has also overseen a tough crackdown on opposition in the wake of this year's Arab Spring.
http://www.telegraph.co.uk/news/worldnews/middleeast/saudiarabia/8844567...
Hurray!
Nothin sexier than a woman in a Niqab.
Very sexy women
"i'm Timmy Jeethner and I approve of this message!!"
Just print already!
I am tired of this shit.
I will take a crack at it(Edit:being fully retarded that is). #1) Print $200B and put in the bank. Write $2T in bonds backed by $200B and have them pay say 5%. Who are you going to sell them to? California. They have no money you say, have them pay you in IOU's that they were handing out earlier. Use the IOU's to buy insurance against the bonds that you sold to California, other IOU's the banks can hold as "assets". Package up the insurance in a SIV and sell it back to California, only this time get the cash back that you were paying them as interest .....#2) it gets kind of sketchy here but obviously leads to #3) Profit.
It depends on what the definition of IS is.
gold gonna go full celente
This was a productive weekend!
I think I finally managed to match them!
Now I have a really superb forecasting /history study interest tool . Have a look at exercise behind matching GREAT DEPRESSION and GREAT RECESSION timelines for the first time ( once I managed to patternalize ( ?) OUT FED's grip on USA stock market prices) and, as usual, better visibility charts plus explanations here:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=34732#p34730
And here:
http://saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=34732#p34732
The supplement chart for rereading the history of GREAT DEPRESSION and rethinking the future as time line can be extended as well:
http://farm7.static.flickr.com/6055/6273870574_8de9d22b08_o.png
http://farm7.static.flickr.com/6217/6273870954_52bd042a99_o.png
http://farm7.static.flickr.com/6232/6273871980_62a22ec234_o.png
"Let the monkeys solve their own problems"
This does not constitute a solution, I feel. Grumble. Grumble. Grumble.1
http://www.youtube.com/watch?v=FOHJUrcVdJk
"Well, it's official: the lunatics have taken over the Titanic." ahahaahahahaahahahahahah!
The Loan Boat http://www.youtube.com/watch?v=mSFb3ItC2QAThe lunatics/banksters have been ghost-piloting the SS WORLD for quite awhile it appears....
JEESH!
I can't believe this shit! Keynesian economics makes it clear that this must work.
WTF?
Maybe if we all double down on punishing those who emit CO2?
What if we take their money?
WTF!!!
What do you mean I must pay! Fuck you. I will not pay!
This is not CO2 coming from my mouth you lunatic. CO2 is a dangerous pollutant. I am a VIP of Europe.
Someone call the authorities. I will not stand for this nonsense!
Professor Krugman is due to arrive any minute.
Surely he will save the day?
hey TD, i'm sure you're aware that slide is highly politically incorrect.
Do'nt worry,be happy.
http://www.marketwatch.com/story/europe-leaders-tout-progress-on-debt-crisis-plan-2011-10-23
"J P Morgan-advised Europe"????!!!! Well that explains EVERYTHING!!!!
And tomorrow the broken idiotic markets will recover at some point when it is announced that Merkel and Zarkozy got a room together in Frankfurt.
Perhaps, ZH readers should take pause and think a little. Nobody is as stupid as ZH comentators seem to think EU bureaucrats are. I've learned that when the behavior of a perfectly intelligent person seems crazy or "Full Retard", there's usually something they know that you don't.
EU Bureacrats know what's wrong and what they have to do. It's just that NONE of them want to pay for it. This whole charade is just brinksmanship over who's going to pick up the tab. Obviously, everybody, but how much for each? So they all sit around looking stupid waiting for an even stupider guy to promise to pay his share.
It's no different from our own deb ceiiling debate. Everybody knows what's going to happen, its just that nobody want to get blamed for any of it.
The EU is going to print at least one trillion euros and prop up their banks as greece, portugal, ireland, spain and italy default on their bonds. Although there is a lot more than a trillion in debt, not all of it will defualt, and there will be .50 on the dollar from the debt that does go under.
The question is, will it work? What if they end up needing a lot more than a trillion? Or will more and more debt go toxic and default and take the banks down anyway? But, that's a problem for a different day.
my take on this article is that it's a response to obvious accounting gimmicks that are trying to be swept under the rug, and for the most part are remaining hidden from 98% of the global population.
it's not a sidelong jab at the stupidity in general of the bureaucats. it's a statement on what they think they can get away with.
question: is there a credit event and
what unwinds and how much goes onto the
taxpayer tab and who else loses their deposits
or other investments? they must be hashing
these things out and making preparatory and
predatory moves.
.
i have no answers.
.
Chicago - Does Anybody Really Know What Time It Is?
http://www.youtube.com/watch?v=tBuUUBrC9eQ
If this were simply a matter of resolving debt and bad loans I would agree with you. However, this is WAR.
Here we are at the beginning of the 21st Century with a trade war/currency war developing between England (and her bitch, the USA), and Germany. Oddly enough, in the first 10 years of the century, just like the 20th Century. History doesn't repeat, but it sure does rhyme.
The Russians are confused because they want to side with Germany against USA/UK, but they cannot swallow their Russian pride and forgive Germany for the LAST war.
The French are doubly confused, because they want the Euro to succeed, but they don't want a political union with GERMANY the dominant player.
So far, Germany invaded Iraq with oil drilling equipment and loans, and convinced Hussein to switch oil sales to EUR. USUK invaded with troops and saved the USD (and repudiated the loans, hows THAT for financial warfare).
USUK then attacked the EURO southern flank by assisting Greece, Portugal and Spain with borrowing more money than they could possibly repay, but hiding those debts with complex financial derivatives. Germany counterattacks by suggesting that bondholders take a haircut, and Greece is no longer allowed to issue any bonds.
USUK then counterattacks through the IMF. DSK wont be their bitch, so they eliminate him with a maid and some rape charges. Then they install their stooge LaGarde, who scuttles the Greece 'living within their means' plan, and proposes that Germany bail out the whole of Europe.
Right now, USUK holds the upper hand. If the EUR is to survive, Germany will be effectively bankrupt, and their population will tear the place apart. If Germany pulls out of the EUR, the EUR dies and the USD/GBP is saved (for a little while anyway), and Germany's exports collapse.
Since either scenario will cause political, economic and social chaos in Europe, obviously EU politicians are keen to avoid making a decision for as long as possible.
(Hallucinating the future follows->)
However, in the end, they will surrender, and in the ensuing chaos, Russia and China will become strong on Europe's weakness. Europe will eventually realise who caused their demise (USUK), and NATO will weaken and eventually be disbanded. Despite their temporary victory, USUK will continue to decline, while wealth and power will continue to shift to the East.
I too believe we are at war financially. Challenge here is I can't seem to sort out who is calling the shots. Just because the i-banks are all holding guns doesn't mean they are in charge, it only makes them mercenaries. Not innocent, per se, but not running the show *necessarily*. I don't believe it is the 1%, or even the 0.1%. Leaves too many that have no idea what is happening either. So who does? If it is no one (like I believe), then this war is far*more*likely to end up with someone accidentally hitting the nuke button (either financially, or possibly literally) and bringing the whole thing down. Oops, we ruined the global economy. Reboot.
Kudos, nice theory and interpolation.
Oh. Build a mark to fantasy gobal monetary system and wonder why no one lives happily ever after. Better chance of juggling sweaty old sticks of dynamite and not having them blowup, than having the illusion of debt based currencies having value not dissappearing; becoming worthless over night. Now how does that thief in the night come?
The global economy is running on fumes and within months all hell breaks loose. Zerohedge readers will have already de-banked before that happens.
They just don;t have anyone like Obama to calm them down and lie. Nuf said, what is the conference in which Odumba is speaking , Tyler?
They should go ahead and count TARP, Lehamn and AIG money while they're at it. They might actually be able to take some cash out of the deal Bailout Refi!
I would not give those banksters a single cent for gambling away their customer's money in a casino.
re-introduce the guillotine.
Each time I read one of these posts I keep thinking:
In the end all they can do is print more Euros.
Any opinions? Am I off here?
Print more Euros == Going Full Retard
Yep, print more Euros, I think that is all they can do. Yet, it continues to enslave everyone World wide with insurmountable Debt which they cannot pay.
The only people or entities that make out are the Banks as they hold all of the notes printed from 0.
Like when they financed the Wars between 2 Countries. They always won as the held the Debt. Whether it was from the Victor or the Loser.
...and hence when you print more Euros, how is this Euro/USD positive. This question has been a problem for me for some time now.
Its not. It just means they can extend and pretend as long as they can print.
Its the reason to have hard assets, esp gold.
Who really pays any attention to what these assholes say or do? Any intelligent person with only half of brain knows that the situation is mathematically impossible to fix. They are just cowards doing anything they can not to get caught stealing everyone elses money. Every move they make digs them deeper and deeper into the hole. They eventually will run out of ways to dig and will just bury themselves. This has been coming for along time, just remember it has only been 3 short years since Sept 08 and since then every Western Country responsible for the Global meltdown has quadrupled their debts buying spackle and paint to cover up the truth. Sooner then later it will be game over, the clock is ticking and no matter how hard they try to slow it down the hands just seem to move faster and faster...
http://www.usdebtclock.org/
me no spek inglish
Pass my Jobs bill NOW or you'll pay the piper.
Stool Cleaner
Let me be clear, (WTF)" Win The Future" is your only Hope. LOL
Maybe Zero Hedge readers can get out and enjoy life and stop worrying.
Futures hardly down on the Europe "non-agreement"
Yeah, it was 90 degrees today out at the motocross track, perfect weather, not a cloud in the sky. Went to Lowe's afterwards, and they already have Xmas trees for sale inside the store. Looks like everyone is already getting pretty amped up for the holiday season. Lots of pent up demand out there.
How did you find time during your keyboard campaign?
Morgan Stanley, Travelers, etc. up 40% - 50% in just a few weeks
RobotTrader - Sun, Oct 23, 2011 - 11:25 AM
Meanwhile, more newly-minted "millionaires" in India drive record sales of $750,000 Lamborghinis
RobotTrader - Sun, Oct 23, 2011 - 04:13 PM
Markets will be down less than 2% tomorrow
RobotTrader - Sun, Oct 23, 2011 - 02:20 PM
Yesterday:
Zero Hedge will spin this weekend's talks as negative no matter what
RobotTrader - Sat, Oct 22, 2011 - 07:31 PM
Can robots get pwned? Apparently yes.
The first rule of the Fight Club, always protect this site by exposing poster's bullshit that is meant to discredit Zerohedge.
My rule, not Tyler's. :>)
I wish everyone saw through your eyes, Robo. Would be bliss.
Getting a bit nervous now robo?
The air is kinda thin up there, eh robo?
OK Robo, gave you green for telling everyone here to go out and enjoy life, also to stop worrying. Speaking for myself, I don't worry about this stuff, I treat it as a challenge...
Hulk, may you trade well tis week. You hold the forum with " Vigilance"...
Keepup good work !
1+1=4
This new math has me flummoxed.
OT but Libya's new leadership just declared the country an Islamic state, subject to Sharia law. All illegal loans null & void.
http://www.newsmax.com/Newsfront/gaddafi-sharia-islamic-law/2011/10/23/i...
Heckuva job Obammie!
Off Topic?
Maybe not. It could be that you have just identified the only answer left for the EuroZone:
Sharia Law!
"All illegal loans null & void."
Just find an honest Mullah you can pay (bribe) to declare whatever you need to have voided!
Angela Merkel: "Sprechen sie Deutsch?"
"Nein?" - "Ja, dann lernen sie mal schnell, Herr Geitner, Herr Bernanke und Herr Obama!"
Translated from the German by Christopher Sultan:
On Thursday morning, the members of parliament initially found the English version in their in-boxes. As long as there was no German text, Brüderle said, he would not convene the members. Kauder agreed. Kauder and Brüderle knew that they could not take this to their parliamentary groups. Instead, the CDU parliamentary leader spoke with Merkel and made it clear to her that there would be no approval under these circumstances. The consequence was unprecedented confusion.
Unfortunately, the German chancellor told a group of stunned men, she would not be able to make a decision on the euro bailout fund at the European Union summit on the following Sunday, because she needed the approval of the German parliament, the Bundestag, first. The German Bundestag, for its part, is equally determined to ensure that its right to control the budget is not undermined. After all, the German government is juggling astronomic sums which, if they ever come due, will substantially limit the financial leeway of future generations.
so there you go - if you can't speak or understand German, then go talk to Bernanke, Geitner or Obama Potus ex Drone-Machina and read up on some fundamental rules of economy or democracy, with an explanation of how to pay back 15 trillion USD in national US Debt (100% of GDP) by getting deeper and deeper into more Debt ??
10/23/2011A New Hurdle for Europe
German Parliament Slows Euro Rescue Decisionshttp://www.spiegel.de/international/europe/0,1518,793440,00.html
Guess I should site my source. Sorry Biker.
http://wallstreetbear.com/board/index.php
http://opinion.financialpost.com/2011/10/20/the-greek-collapse-a-must-se...
It is quite long.
They have to do what ever it takes. No Country in the European Union can take a default. Unfortunate that Goldman got Greece in the Union in the First place. They had no business being in the European Union. Now they are taking down the whole system.
Thank you Goldman. There goes the Squid again trying to take down all of Europe on their engineered getting Greece in the union and then buying protection on the fail.
Don't wait for a collapse when the meeting on Wednesday ends in a fight with no solution. All trouble has been priced in. No collapse. You know.
Clive Maund Disagrees
the governments are comming
.
the governments are comming
"comming"
Missed. Twice.
But the MSM is telling me it is all going to be sorted about be Wednesday.
I read it on MarketWatch so it must be truthful. Even the hopium hitting the Aussie share market... up 1.6% already.
MW should be saying that any EU agreement looks pretty much stuffed and has descended into farce.
And the MSM wonder why people turn to blogs to find some truth.
LOL
I'm just one or two of these cockamamie ideas away from believing that Keynesian economics and for-profit central banking really are the answer.
It seems that leveraged, mark-to-pixie dust Ponzi events, though as difficult to understand as quantum physics, may actually have some merit. Otherwise, any one of these sureal announcements would cause a worldwide economic collapse. Like traveling faster than the speed of light to go backward in time, maybe we just need to expand the money supply at warp speed to return to a state of normalcy.
Europe said they would not lever-up as Timmy wanted, and this does make some sense. Why let Goldman take a cut for some leveraged product when you can just ultra-count what you have without the commission? I think this is progress.
Why have they not suspended mark to market like the US did?
The trouble is, if the ECB Prints then the German electorate will be prey to a lurch to the right.
If the French etc get crushed by austerity then the mediterranean fascists get a look-in.
You want german facists of french fascists? ...
Are those new milkshake flavors sold at the drive-through of the Fed?
Before we throw in the towel on this latest rumour, should we first let them turn over their Community Chest card? :D
http://www.youtube.com/watch?v=PdMuzsBYZjk&feature=related
Bob Dylan - Highway 61 Revisited [studio-1965]
The current aglomeration of States, called the European Union, is unable to form a collective consensus to print huge sums of freshly minted money to hand to bond holders, banks and lying governments, unlike the USA whose "leaders" rolled over and did as they were told. The machinations of WHY the Euros are stalling this thing out does not make any difference. Those tricky folks are making it look like they are inept, when in fact they are being passive agressive in denying bailouts by other means.
IMO Kyle Bass has it right, the markets will destroy what is worthy of distruction, and that includes the over spenders and liars in the southern tier.
Let the fun begin!
"Europe Goes Full Bailout Retard"I hate to beat ZH to a news story but Europe has been on 'Full Bailout Retard' since 2008.
My inside sources (a janitor in a Brussels brothel) tells me Trichet et al are actually on:
'Full Bailout Retard Suicide-Socialist Spastica'
...and have been for 7 weeks ..yes we're talking full on delusional dimentia away with the fairies all eating fruit cakes (fuking serious eh?)
...and as Europe splinters, cracks and separates (ok explodes) into acrimony the only place for fagged-out senile spent old failed Emperors (EC Commissioners) and to keep the retards quiet is a High Security Funny Farm
<<A string of European bank collapses is dead ahead. And like the Arab Spring, they will trigger an economic disaster for American banks.>>
says Paul Farrell
http://www.marketwatch.com/story/eu-bank-failures-will-crash-wall-street...
nice to see an 'expert' mirror my own feelings for many months
who is "1st" to go between Europe and America is a line call of little relevance.. when one blows (up) the other over leveraged sack of indebted banking crap the other side of the Pond will blow (up) same time too
OK, let me see if I understand this correctly:
Everyone is shaking their heads in disbelief when the ESFS announces that it will double-count funds, yet the practice of fractional reserve banking seems normal.....
Strange times we live in, indeed.
I believe the more precise term is "insane", though "strange" certainly applies too.
OK, how about:
"Strangely Insane"?
The plan is imaginary money + invisible global tax (i.e. hyper inflation).
Middle class is going to pay for this.
Didn't you hear? Monsanto genetically engineered a Euro tree. Unfortunately, they also created a derivatives bug that eats the money as soon as it blosoms. However the tree's worth quadrillions!
"However the tree's worth quadrillions!"
In debased currency notes.............
Oddly, if you remember the movie... the crazy Chinese guy liked Simple Jack, and the full retard thing... so maybe it'll play out that China likes real life retardation of endless bailouts as well.
The guillotine must be raised before it can go CHOMP! Can you hear the pulleys turning?