Europe Is Now Officially Bazooko's Circus - Italy To Provide €23.5 Billion In IMF Cash To Bailout Italy

Tyler Durden's picture

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pods's picture

Do these clowns collect a paycheck?

pods

Comay Mierda's picture

BAC = $4

.... and still too fuckin expensive.  Where is DICK BOVE BITCHEZ

gmrpeabody's picture

I don't believe we're in Kansas anymore....

Guy Fawkes Mulder's picture

 

 

"Lions, and tigers, and bears! Oh, my!"

"...How much do they pay you to screw that bear?"

ArgentoFisico's picture

And every news on TV puts it so seriously here in Italy...

 

Ghordius's picture

LOL! Yes, you are so right. They talk about it in such a solemn way...

Well, Italy was always and still is a big supporter of all thing beginning with Eur-

Banksters's picture

Circle meet JERK.

 

BITCHEZZZZZZ

 

This finance stuff is easypeasy!

 

Cheers!

OttoMBMP's picture

German gvmt wants BuBa to pay the German share to the IMF. But BuBa is independent and Weidmann didn't want to pay simply like that and with use of the funds limited to Eurozone bailouts. Would only pay if also non-EU countries (read: USA) paid in.

Has this changed? Have I missed something?

Nucking Futs's picture

Self-licking ice cream cone.

smiler03's picture

A great cartoon from Der Spiegel, what the Germans think of the British

http://cdn4.spiegel.de/images/image-295737-panoV9-fykc.jpg

MyKillK's picture

They get paid by the day. And many of them show up in the morning to collect their daily allowance check and then leave. No joke, a German TV show did a great show on it.

drink or die's picture

Looks like I picked the wrong week to stop sniffing ether.

Matt's picture

As long as its leveraged, it'll work just fine.

Sorry for the spam guys, but I'm starting up a bailout fund, looking for contributors. We each chip in $10K and bailout each other for $100K. Anyone interested, let me know.

vipobviously's picture

I would be happy to issue u a i.o.u. backed by the full faith and credit of the 100 g's I will receive via my bailout.

THIS IS A SERIOUS OFFER

Kiwi Pete's picture

Ok, first wire me the $100k and then I'll wire you back the $10k. You're not Nigerian are you?

GeneMarchbanks's picture

Aaaand now we can safely trade green...

 

gangland's picture

and they got that cash from germany via the ecb.

 

"My thesis is that, with the sustainability of euro integration now a pressing issue, capital flight has begun in earnest.

There is evidence that huge flows have left the "periphery" banks in search of the safety of German and other "core" institutions.

A fascinating Bloomberg article on Thursday ("Germany's Hidden Risk" by Peter Coy) introduced the term "Target2".

It's the name for the European Central Bank's suddenly important interbank payment system, which before the crisis was just a lowly bit of financial plumbing. The bottom line:  

Germany's Bundesbank - BuBa for short - has quietly, automatically lent 495 billion euros ($644bn) to the European Central Bank via Target2.

That lending has balanced correspondingly huge borrowings from Target2 by the central banks of weaker nations including Greece, Ireland, and Portugal - and lately Spain, Italy, and even France.

They are technically 'claims', not loans.

To find them you have to root around in the footnotes of the reports of the 17 national central banks of the euro zone.

As Bloomberg's Coy explains it, "Target2" is basically the system for tallying and settling obligations between euro region central banks. And, clearly, there's been lots of tallying and too little settling, as fellow euro central banks accumulate enormous debts to Germany's Bundesbank.

Say, for example, a wealthy Italian - or multinational corporation - decides it's now safer to park their euros in German bank deposits rather than to leave them in Italy. The fund transfer would see balances shifted to Germany, although the Italian bank (where the funds are exiting) would likely be suffering funding issues. So this transfer would require the local bank to borrow from the Italian central bank. Through the ECB's Target2 system, the end result would be a new payable claim whereby the Italian central bank owes euro funds to the Bundesbank.

It is my view that heightened euro disintegration risk has unleashed destabilizing capital flight - within the euro region and without. I'll presume the flow out of Italian, Spanish, Greek, Portuguese and other "periphery" banks to Germany will equate to only more astonishing growth in "Target2" balances. And I'm not sure why this wouldn't turn into a serious issue for the ECB, the Bundesbank and for an already unsettled German political landscape. The high standing in which the Bundesbank is held by the German people could be at risk.

For now, the ballooning of both the ECB balance sheet and claims owed to the Bundesbank will likely be a source of market worry, weighing further on the euro and creating greater momentum for capital flight out of the European financial system. "

 

http://atimes.com/atimes/Global_Economy/ML20Dj01.html

 

GeneMarchbanks's picture

All of that, you could have simply read at your local zerohedge. But thanks for taking up posting space though.

Calmyourself's picture

He is not pumping his own blog and frankly it was informative.  I for one do not have time to be here 24/7 or read the entire ever changing flow..  Green arrow

Vergeltung's picture

yeah, have not seen that here yet.

I got the Bull by The Horns - HELP's picture

That is why you only accept Euros with the Germans serial mark series. The German Euros are the only real cash left.

hambone's picture

And Spain's portion to save themselves???

Comay Mierda's picture

its ok, the bernank is flying his helicopter over there now...

Cdad's picture

In the words of brother Dog, "Let's light this crap candle.  Flash crashes everywhere, bitchez!" 

Rusty.Shackleford's picture

Dogs fucked the Pope, No fault of mine

knukles's picture

One of my neighbor's dogs was caught humping my other neighbor's baby Jesus.

Agent P's picture

I don't know whether to go with Cousin Eddie's "...if he does lay into you, it's best to just let him finish." or the Ricky Bobby's "Dear 8 pound 6 ounce baby Jesus..." for a comment.  Either way, I'll never be able to look at a Nativity scene the same way again.  Thanks for the laugh!

hedgeless_horseman's picture

 

 

+1 Hunter and +1 Depp

Although, you have to have read the book to catch it in the movie.

catacl1sm's picture

Is this what just scared the fuck out of the DOW?

TooBearish's picture

SO- I give u 1$ u give me 5$ back...nice trade

catacl1sm's picture

Jack and Jill went up the hill a buck and a quarter each. Jill came down with $2.50. OOHHHH!

RobD's picture

Dice man is that you?

San Diego Gold Bug's picture

Comedy of Fools!  This is going to blow up and the average person is going to get drilled!  Very sad! 

Tyler,  I saw this video on Turd's site.  Youget some Christmas love in the video!  Christmas Silver

Nozza's picture

This is just fraud. No attempt at hiding it. How do they get away with it?

pods's picture

Shhh, it's complicated.  Better not to ask.

And you dare not peek behind the curtain!

pods

Guy Fawkes Mulder's picture

 

 

Our fractional-reserve money creation system had this day baked into its cake.

It is a system that expands as rapidly as the consume-and-exhaust Petri dish economy and human population asks that it expand, and works wonderfully for that purpose during those (now bygone) years of macro growth.

The credit-money-from-debt, fractional-reserve money-creation system is a game of musical chairs. Or playing hot potato with hand grenades (trading the hand grenades for a profit each trade, as is the custom of the markets).

A bust follows every boom, be it on the local community level or the macro-economy level.

It's a mathematical result of there being always more debts on the books than money in existence. The decision was made -- for the sake of the non-negotiable way of life of the Western consumers and for the sake of the one-world financial-corporate-military empire -- that some institutions are "too big to fail" and we must therefore artificially induce the "boom" (grow the money supply) bigger to stave off the bust.

One could say it was fraud from the beginning, as some of the Schiff family did (see page 25 here). One could definitely call it fraud after 2008. Again, here we are again with a new level of fraud.

No attempt to hide it, except through the manipulative cultural propaganda and rhetoric of the media machine.

And yet: no need to hide it, either. It's like rape in the family. We Western consumers turn a blind eye to it because it's easier than looking at the truth of the situation.

How do they get away with it? The madness of crowds. Extra-ordinary delusions.

Those who live by numbers can also perish by them and it is a terrifying thing to have an adding machine write an epitaph, either way.

 

The Money Game

Jlmadyson's picture

We have entered the twilight zone.

lolmao500's picture

We've been in it for years.

Odin's picture

LMAO.... I was just laughing so hard while watching that clip at my desk I almost had to get up and walk out of the room... Perfect analogy, Bravo Tyler...

Mark123's picture

BAC just broke $5.  ooooooo.....nasty!

Gief Gold Plox's picture

I just love me some monday #Ref! humor. Thanks Tyler.

Mr_Wonderful's picture

BAC at $4.95. Surely the mommy of all harakiri capital infusions is imminent in the market.

SLOMO66's picture

*Italy will need to provide €23.5 billion.*

 

Are you shitting me?


machineh's picture

Seriously, the theory is that laundering the money through IMF will somehow leverage it.

More likely, it will drag down the IMF's credit rating along with Europe's.

This is a case of a drowning man pulling his would-be rescuer down with him. 

SLOMO66's picture

looks like Christine Lagarde might have some serious fucking brain rot. 

Do they honestly think anyone's buying this?