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European Crisis: Your 1 Minute Update

Tyler Durden's picture


This is where we stand right about now.

  • Future of the euro area — German Finance Minister Schäuble and former ECB president Trichet float proposals on the future of the euro area – an elected EU president, political union, “federation by exception”. While more integration is likely as a response to the current crisis, progress is not likely to be quick.
  • France and the fiscal compact — German FM Schäuble and Eurogroup chairman Juncker are confident that French President Hollande and German Chancellor Merkel will find a common position on the fiscal and growth pact. New French FM Moscovici says France will not ratify the pact unless it includes ambitious commitments to promote economic growth. However, with results of the French public finance audit due on 1 June, fiscal consolidation may get more airtime in the legislative election campaign than during the presidential one.
  • EU bank resolution scheme: The head of the banking unit at the EU Commission indicated that a crisis management proposal to wind up failing banks would be adopted by the EU on June 6.
  • Spain — Economy secretary Fernando Jimenez was quoted by Reuters on Thursday saying that, with Spain having done everything necessary in terms of fiscal policy adjustments and structural reforms, "we think that there should be some type of reaction from the ECB". He denied the story run in El Pais that Bankia has lost over €1bn in deposits, around 1% of retail and corporate accounts, in the past week. LCH.Clearnet hiked Spanish bond margins (>1.5 years) on Friday. 
  • Moody's downgrades 16 Spanish banks. Spanish government approves 2012 budgets for 16 out 17 of the autonomous regions. In the process, Spain discovered that its 2011 budget deficit was not 8.5% of GDP, but 8.9%. Oops 
  • Netherlands: Some details on austerity measures. According to De Telegraaf, the austerity package will include measures worth €16bn and taking into account the impact on the economy and also €1bn of extra spending, the government will expect a reduction in the budget deficit of €12bn.
  • Greece — Fitch downgrades Greece rating from B- to CCC. Fitch said that should new elections fail to result in a mandate for a new government to continue austerity measures, a Greek exit from the monetary union would be "probable".One poll shows New Democracy back in the lead... Other poll shows Syriza still in the lead.
  • Ireland — Opinion poll shows junior coalition party Labour losing support. According to a Millward Brown opinion poll in today’s Irish Independent, the
    governing Fine Gael party is on 34% (down 2 points since the general election), but its coalition partner Labour is down four points to 15%, losing voters to opposition Sinn Fein (up seven points to 17%) or to Independents (up one point to 18%). Opposition Fianna Fail remains on 17%. Satisfaction with the coalition is at 29%, with 65% dissatisfied and 5% Don’t Knows. PM Enda Kenny’s satisfaction rating is at 42% (52% dissatisfied), while Labour leader Eamon Gilmore gets a satisfaction rating of 33% (56% dissatisfied).
  • Sweden — FSA sidesteps rules to foster corporate debt. Scandi currencies hit by risk aversion. The FSA is allowing corporate debt traders to keep daily bond and pricing data to themselves even though they are required to follow the same transparency rules, which apply to sovereign and mortgage debt, Bloomberg reports. According to the FSA, this compromise is taken out of necessity as regulators work out how to support a burgeoning market. “Sweden’s corporate bond market is pretty small with few trades and low liquidity. We would like to see a better working, more transparent market, but we do not see our job as regulating the creation of a market,” FSA said in an interview with Bloomberg.
  • Hungary — Pressure to rise before loan talks can proceed. The fact that Hungary holds up the start of the negotiations on one minor issue suggests that the government is still gambling, hoping that it can either avoid a deal or – more realistically – loosen conditions as the deepening crises in peripheral  Europe may ease international lenders’ stance towards Hungary.

The above mostly via Citi's Jurgen Michels.

  • But the most important: episodic rumors, news, and speculation about bank runs in various stable and not so stable European countries.

Heeeeere's Cramer:



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Sun, 05/20/2012 - 22:16 | 2446238 CPL
CPL's picture


Sun, 05/20/2012 - 23:21 | 2446346 knukles
knukles's picture

How about collapse of epic proportions....

From the above text:

"The FSA is allowing corporate debt traders to keep daily bond and pricing data to themselves even though they are required to follow the same transparency rules, which apply to sovereign and mortgage debt"  

Carry on, nothing to see or hear, because nobody's gonna tell you shit.
A Bid?
What's a Bid?
Some fucking German newspaper?

Mon, 05/21/2012 - 00:10 | 2446440 Alea Iactaest
Alea Iactaest's picture

The hen is interested. The pig is committed.

Mon, 05/21/2012 - 05:15 | 2446675 The Alarmist
The Alarmist's picture

Interesting? The Reader's Digest version is,

"Europe saved. Nothing to see here. Risk-on. Have a nice trading day!"

Sun, 05/20/2012 - 23:56 | 2446410 Bunker Boy
Bunker Boy's picture

That is all you have to say? Interesting? The financial world is falling apart and it is interesting! Must  be a university economics prof with tenure. Funny thing about  tenure, the salary will dissolve with the break-up of society. Then you will be truly interested.

Mon, 05/21/2012 - 00:53 | 2446492 TBT or not TBT
TBT or not TBT's picture

In a word, popcorn!

Mon, 05/21/2012 - 00:19 | 2446453 Peter Pan
Peter Pan's picture

A one minute summary is good but a one minute resolution to this whole bloody mess would be better and more productive.

Mon, 05/21/2012 - 00:56 | 2446496 TBT or not TBT
TBT or not TBT's picture

Even suppressed orbit ICBM's can't be that quick.   We are still dependent on newtonian physics here.   SLBMs would take many minutes to launch all tubes, and eight to twelve minutes in flight with detonations staggered.   Gonna say it can't be done.

Mon, 05/21/2012 - 05:42 | 2446691 mvsjcl
mvsjcl's picture

Newtonian physics? Wasn't that made optional on 9/11?

Sun, 05/20/2012 - 22:16 | 2446239 AC_Doctor
AC_Doctor's picture

Cramer is usually a douche nozzle but seems to nail one finally...

Sun, 05/20/2012 - 22:25 | 2446256 CPL
CPL's picture

He's unfortunately historically late to the party...repeatedly.

Sun, 05/20/2012 - 22:38 | 2446281 Ragnar24
Ragnar24's picture

He "nailed it" only to foment sheeple into "begging for more printing".  it's an emergency! we must act! print for the children (or rather on the backs of future children)!

Sun, 05/20/2012 - 23:02 | 2446326 Harlequin001
Harlequin001's picture

It would all work if it wasn't for the Germans...

Yeah Jim, course it would. If only the Germans would print more money, we'd all be saved...

Sun, 05/20/2012 - 23:10 | 2446334 Michael
Michael's picture

Lots of nice high quality colorful pictures of 4,300 tons of gold in London, no one knows who it belongs to.

Stash of £156BILLION in gold bars"Found" Stored Underground in London Still Not Explained

Read more:

Mon, 05/21/2012 - 00:51 | 2446486 FeralSerf
FeralSerf's picture

Yamashita gold.

Mon, 05/21/2012 - 01:04 | 2446510 francis_sawyer
francis_sawyer's picture

Yup ~ That foto isn't of gold below London (look at the posters on the wall)... It's supposedly Yamashita gold (& I think that warehouse is in the Philippines)...

Anyway, it's an old foto...

Mon, 05/21/2012 - 04:22 | 2446634 Disenchanted
Disenchanted's picture




Even if that gold were under London it wouldn't be benefitting the people or the country. From Michael's link:


Cash-strapped British people will breathe a sigh of relief when they see these impressive treasure troves.

Despite the financial crisis, it seems the country still has some money left in the Bank of England's vault beneath London.

Read more:
Mon, 05/21/2012 - 09:09 | 2447062 The Watchman
The Watchman's picture

"Nailed it" but how many innocent people have been led to tie their soon to be vaporized money in shit because of this A-HOLE.

Sun, 05/20/2012 - 22:45 | 2446298 navy62802
navy62802's picture

Still a douche nozzle. Even a broken clock is right twice a day.

Mon, 05/21/2012 - 00:19 | 2446454 shuckster
shuckster's picture

When he's on record, he has to trumpet the usual dialogue, when he's off, he speaks his mind. Stating that he sees bank runs, that's unusually candid 

Mon, 05/21/2012 - 00:37 | 2446467 redpill
redpill's picture

Yes but he only says that couched in warnings over lack of "coordinated action" (read: money printing).  So he may be right about the bank runs, but he's only saying it to goad central bankers into printing money.  Not exactly the most admirable of motivations.


Mon, 05/21/2012 - 09:12 | 2447071 The Watchman
The Watchman's picture

That's my read too. It's time to scare the sheeple into calling their congressmen begging them to print, print, print.

Sun, 05/20/2012 - 22:17 | 2446242 Capitalist
Capitalist's picture

When did Cramer becomes a bear? I'm still waiting for another meltdown:

Sun, 05/20/2012 - 22:20 | 2446249 barliman
barliman's picture


Oh goody!!!

Jim Cramer is the economic adult at the table.

I'd be curious if the other participants had any questions or insights but then I remember this is NBC and all curiousity vanishes.


Mon, 05/21/2012 - 00:33 | 2446462 upWising
upWising's picture



Mon, 05/21/2012 - 04:46 | 2446652 Disenchanted
Disenchanted's picture








Mack (see Urban Dictionary)




with Howdy Doody hosting...

(Howdy Doody - wooden headed puppet)

Mon, 05/21/2012 - 07:01 | 2446766 lakecity55
lakecity55's picture

Nothing But Communists.

Sun, 05/20/2012 - 22:21 | 2446251 The4thStooge
The4thStooge's picture

Cramer is bearish? Fuck so this is the bottom then?

Sun, 05/20/2012 - 22:28 | 2446261 JackT
JackT's picture

Isn't that what they want you to think?

Sun, 05/20/2012 - 23:32 | 2446371 hedgeless_horseman
hedgeless_horseman's picture



They don't want you to think, just buy FB.

Sun, 05/20/2012 - 22:33 | 2446274 fourchan
fourchan's picture

yea btw what happened to cramers housing bottom countdown calendar?

Sun, 05/20/2012 - 23:29 | 2446364 Money 4 Nothing
Money 4 Nothing's picture

Who gives a fuc what Cry-more thinks, housing hasn"t bottomed yet to this day.

Sun, 05/20/2012 - 22:34 | 2446275 fourchan
fourchan's picture


Sun, 05/20/2012 - 22:27 | 2446260 JackT
JackT's picture

He's about a week behind. 

Sun, 05/20/2012 - 22:32 | 2446271 ihedgemyhedges
ihedgemyhedges's picture

Think you meant to say he is a weak behind...............

Sun, 05/20/2012 - 22:33 | 2446276 Dapper Dan
Dapper Dan's picture

What worries me is what are Cramers handlers  planning now,  how can this new direction benefit them?



Sun, 05/20/2012 - 22:36 | 2446279 Whoa Dammit
Whoa Dammit's picture

It's half time in Italy...See the second slide in the photo gallery below. (not making fun of the earthquake by any means, but this photo is surreally appropriate.)

Sun, 05/20/2012 - 22:42 | 2446284 SDRII
SDRII's picture

card game?

Mon, 05/21/2012 - 01:46 | 2446541 waylon153
waylon153's picture

Krugman was right!  Think of all the jobs and materials Italy needs now.  Bullish and we should see a nice boost to Italy's GDP. 


Or, was this "planned" by too many bunga bunga parties "accidentally" shifting tectonic plates?  Huh, huh?  You be the judge.....  /sarc 

Sun, 05/20/2012 - 22:38 | 2446280 q99x2
q99x2's picture

Who spiked Cramer with truth serum?

Sun, 05/20/2012 - 23:08 | 2446332 Gidas19
Gidas19's picture

Cramer found this website called ZH

Sun, 05/20/2012 - 23:25 | 2446355 knukles
knukles's picture

Krugman tipped him off.

Sun, 05/20/2012 - 22:38 | 2446282 SDRII
SDRII's picture

Serbian election: pro Euro Tadic loses in "stunner"





Sun, 05/20/2012 - 22:40 | 2446283 williambanzai7
williambanzai7's picture

He actually said something that surprised me today: Romney is a job destroyer, not a job creator.

I know Romney is a job destroyer, I was just surprised Cramer said it.

Sun, 05/20/2012 - 23:05 | 2446308 Dr. Engali
Dr. Engali's picture

Why are you surprised? he has been on Obama's band wagon from the beginning. Didn't junk you by the way. Just asking.

Sun, 05/20/2012 - 23:26 | 2446356 Xkwisetly Paneful
Xkwisetly Paneful's picture

As much of a job destroyer as aged satirists who post pics on the internet.

What is it that you actually do know?

Job killer, absolutely hilarious, since egregious capitalists by nature exploit human labor,

it is fairly fucking hysterical reading one is a job killer.

Oh the folks who make $240/month possess the same lack of unique or valuable skills that the locals do so the jobs were exported?   It's hard to exploit labor when the largest exploiter-the government charges 35% on full time hires and the education system puts out people who don't even have enough skill to be exploited.


Mon, 05/21/2012 - 02:02 | 2446552 PhattyBuoy
PhattyBuoy's picture

... guess that makes you "unemployed" .

Sun, 05/20/2012 - 22:40 | 2446285 Cabreado
Cabreado's picture

Beware the all-purpose Tool.

Sun, 05/20/2012 - 22:41 | 2446289 otto skorzeny
otto skorzeny's picture

in cramer we trust- his "Housing has bottomed" call years ago was spot on

Sun, 05/20/2012 - 22:47 | 2446301 midgetrannyporn
midgetrannyporn's picture

i can't watch that ass clown.

Sun, 05/20/2012 - 23:06 | 2446312 Cult_of_Reason
Cult_of_Reason's picture

China Buyers Defer Raw Material Cargos

Chinese consumers of thermal coal and iron ore are asking traders to defer cargos and – in some cases – defaulting on their contracts, in the clearest sign yet of the impact of the country’s economic slowdown on the global raw materials markets.

China's Towering Metal Stockpiles Cast Economic Shadow

When metals warehouses in top consumer China are so full that workers start stockpiling iron ore in granaries and copper in car parks, you know the global economy could be in trouble.

Sun, 05/20/2012 - 22:54 | 2446313 Dr. Engali
Dr. Engali's picture

They are setting the stage for" Obama had it all fixed the Europe fucked things up".

Sun, 05/20/2012 - 23:14 | 2446338 StychoKiller
StychoKiller's picture

Found at Harvey Organs blog (WRT JP Morgan):

[quote] Some of the swaps sold by U.S. banks were bought by European lenders trying to reduce exposure to the five so-called peripheral countries.  Since it’s considered insurance, a German bank can subtract the value of the contracts it purchased on Spanish debt from the total value of its holdings, with the understanding that if Spain doesn’t make good on its payment, the CDS underwriter will pay instead. [emphasis is mine] [/quote]


What this tells me is that the CBs are spray-painting lipstick all OVER themselves, trying to look more solvent than they actually are!

Wouldn't ya just luv to know how big the JP Morgan crater really is?

Sun, 05/20/2012 - 23:26 | 2446360 Alpacanio
Alpacanio's picture

Try, 78 Trillion....

Sun, 05/20/2012 - 23:29 | 2446363 knukles
knukles's picture

Ya' know, when the whole fucking world is added together it's Hedged, netting to Zero.

Go figure


Tue, 05/22/2012 - 14:37 | 2446499 FeralSerf
FeralSerf's picture

Or in other words, the Earthlings don't owe the Martians a damn thing.

Tue, 05/22/2012 - 14:37 | 2446501 FeralSerf
FeralSerf's picture


Mon, 05/21/2012 - 01:02 | 2446506 TBT or not TBT
TBT or not TBT's picture

And momentum is conserved.   And mass+energy is conserved.    Promises, on the other hand, are frequently not conserved, er, kept.

Mon, 05/21/2012 - 07:34 | 2446839 Cosimo de Medici
Cosimo de Medici's picture

Actually, it is not hedged.  Fractional reserve banking makes it not so.  I think you know the drill. 

Mon, 05/21/2012 - 09:18 | 2447091 The Watchman
The Watchman's picture

"VAPORIZED" it's the new thing.

Sun, 05/20/2012 - 22:58 | 2446321 dust to dust
dust to dust's picture

 When your in denial everthing is OK. Crash and Burn.

Sun, 05/20/2012 - 23:14 | 2446340 YesWeKahn
YesWeKahn's picture

For the first time, Cramer doesn't want you to buy a stock.

Sun, 05/20/2012 - 23:20 | 2446350 Amish Hacker
Amish Hacker's picture

Cramer sounds like he's blaming the Germans for wanting austerity (Boooo!), while everyone else wants growth (Yaaaay!). Interesting how the false dichotomy is being set up: austerity vs. growth. Once you get people thinking only in those terms, no one will notice that "growth" really just means higher levels of debt.

Sun, 05/20/2012 - 23:27 | 2446362 goldfish1
goldfish1's picture

blaming the Germans for wanting austerity (Boooo!), while everyone else wants growth (Yaaaay!)

Good summary of the weeks talking points.

Mon, 05/21/2012 - 00:46 | 2446480 CrashisOptimistic
CrashisOptimistic's picture

Yes, except more government spending running up debt clearly hasn't generated growth.

You see growth?  Look at the 10 year Treasury and ask yourself if that's possible with growth.

Sun, 05/20/2012 - 23:42 | 2446390 Jim in MN
Jim in MN's picture

Off topic, but just so folks know...Ron Paul coup in Minnesota completed over the weekend.  32 of 40 delegates.  Rep. Michele Bachmann 'graciously' given a seat by Paul forces at the last minute.

Ron Paul backers complete weekend sweep in Minnesota

ST. CLOUD, Minn. -- The Ron Paul revolution has completed its sweep over the Minnesota Republican Party convention here.

Paul backers won 12 of 13 Republican National Convention delegate slots filled in balloting Saturday, May 19, at Rivers Edge Civic Center.

They might have taken all 13 seats if one of the Paul state delegates had not graciously conceded the final slot to Rep. Michele Bachmann.

The results mean 32 of Minnesota's 40 national delegates to the Republican convention in Tampa, Fla., in August will be committed to Paul. Supporters of the Texas congressman and presidential candidate won 20 of the 24 national delegate slots filled at Republican congressional district conventions earlier this spring.

The vote was a well-organized coup by the Paul newcomers over longtime party activists.

Sun, 05/20/2012 - 23:42 | 2446392 Born-Again Bankster
Born-Again Bankster's picture

Cramer was screaming don't touch BAC when it touched $5 last fall.  If he continues bearish rants, I'm loading PCLN calls.

Sun, 05/20/2012 - 23:46 | 2446396 loveyajimbo
loveyajimbo's picture

Is the new bernanke/Krugman definition of "growth":     "Giving massive sums of newly printed cash to banks/casinos, have them keep it, and hope something magically changes"??

Sun, 05/20/2012 - 23:53 | 2446407 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Growth is the appearence, an inflationary mirage.

Europe is getting most headlines, and the US government has never had a budget under Obama.  12 o'clock and all is well.

Mon, 05/21/2012 - 01:04 | 2446509 TBT or not TBT
TBT or not TBT's picture

but, but iPads!   With retina displays!  

Mon, 05/21/2012 - 09:21 | 2447097 The Watchman
The Watchman's picture

I'm calling for helecopter drops directly to the sheeple this time. 

Sun, 05/20/2012 - 23:56 | 2446411 adr
adr's picture

Futures are up 60 points. The "market" is expecting the printfest to end all printfests tomorrow. We have entered the stay out of the market at all cost stage. Sure Priceline could go to $5000, but you won't even to be able to buy a tank of gas to celebrate.

The truth could be seen last week. On Tuesday gasoline was $3.48 at stations near me. Oil fell all week to just over $90. Yet on Friday gasoline at every station was $3.89. More expensive than $110 per barrel.

The hedge is higher prices for everything. Bankers must be saved at all cost. The rest of the economy be damned.

We'll see what Facebook does tomorrow. Morgan Stanley may have made the buy of a decade to close the market Friday.

Mon, 05/21/2012 - 00:01 | 2446424 chump666
chump666's picture

I don't think a print job will be help, most is the Fed doing the mother of all FX swaps, then the ECB prints and you might as well write off the whole of Europe (riots/bombs/war/total mayhem).  But we have a two way destruction forming Europe and China (crash), nasty each way.  Printing may not offset a china collapse.

We are in the final leg of the great reset. 

Short squeeze now, which is kinda good, because the market will resume selling in a few days or so.  Fix positions on tops etc.

This is the doomsday trade.

Mon, 05/21/2012 - 00:49 | 2446485 CrashisOptimistic
CrashisOptimistic's picture

Printing is done to LOWER RATES.  When you're at an ALL TIME RECORD low of 1.7% on the 10 year, there clearly is no reason to QE. 

As for oil, ask yourself what it means when the only way the price can fall is if growth and consequent oil consumption falls.  

I'll help you.  It means there's not enough coming out of the ground per day to fuel that growth.  And the bad news is, that's forever.

Mon, 05/21/2012 - 02:03 | 2446550 chump666
chump666's picture

 I agree.  As for money printing + goverments spending,  well that has been the biggest money print/goverment spend up in the history of capitalism before and after 2008 (more so).  They smashed rates lower, completely distorted the bond/credit markets, screwed the private sector by real inflation on interest (credit), tax, insurance, operational costs, encouraged spec greed trades ala JPM etc.  So as for QE3, well, I think the Fed are going for the sleight of hand (eveyone misses it except for Zero Hedge) again as such they did with the FX Swaps, OP Twists and gawd knows what  those manics will come up with.  Big worry is the ECB, if Italy and Spain allow themselves to be lubed and boned by that insane Italian and Germany provides the dildo, I think Europe will just collapse, one by one, core countries through to the crappy poor ones. Such a mess and so badly handled by all the idiots over there the mind boggles.  But it gets better, China is getting frisky with the rest of Asia (geopolitical) goggle India/Philippines/Japan disputes with China.  So, I'd lock in conflicts from Asia to Europe in the next year of so - major ones.

In the meantime the financial system is at a total breaking point.

Mon, 05/21/2012 - 06:41 | 2446732 Mentaliusanything
Mentaliusanything's picture

crash iso , clear thought is a precious gift. you nailed it all in one. They would request that you would not say it too loudly. It might panic the masses !

Sun, 05/20/2012 - 23:57 | 2446413 chump666
chump666's picture

Listen to Spain nutso lunatic finance minster, "ECB should print." 


Spanish, not only are you leaking money but your inflation will rip into anything left in your accounts/investments.  Europe gives the green-light to the ECB and 100% a war will break out and not outta some backward eastern Europe country.  Try core countries, like the bad ole days. 

Old Europe redux.

History repeating.




Mon, 05/21/2012 - 01:06 | 2446512 TBT or not TBT
TBT or not TBT's picture

History can only ryhme here, and only vaguely, because Europe is full of geezers.   Not much war is possible when you have so few youth.

Mon, 05/21/2012 - 06:57 | 2446754 lakecity55
lakecity55's picture

They can sub it out to the muslim population and have a real head-losing war.


Kramer reminds me of Lenin; there is a resemblance...

Mon, 05/21/2012 - 03:30 | 2446612 slackrabbit
slackrabbit's picture

Of he thinks they should print - most people have a better understanding of ecnomics than him. He's a politico easy answer are always the best answers..

Mon, 05/21/2012 - 00:44 | 2446476 rzero
rzero's picture

I can actually enjoy Cramer when he isn't on Mad Money as he can be much more of a straight shooter than others in financial TV land (months ago when filling in on the CNBC morning show he started yelling "Get WTI off the screen! It doesn't mean anything anymore! Gasoline tracks Brent!").

However, here he is playing to the side of himself that tries to manipulate sentiment with optimistic predictions, then when he realizes a negative scenario is inevitable, he "predicts" the negative scenario so he can take credit for the prediction.

Additionally as someone commented above, he's trying to incite more printing/borrowing/bailouts, as "Germany wants austerity, not growth", as if decades of stimulative monetary and fiscal policy isn't what has gotten the world into this situation to begin with.

Mon, 05/21/2012 - 00:45 | 2446479 devo
devo's picture


*fires up bag of popcorn*

Mon, 05/21/2012 - 03:27 | 2446609 slackrabbit
slackrabbit's picture

goof idea, you bring the pop corn I'll bring the bear....anyone got any deck chairs?

Mon, 05/21/2012 - 04:20 | 2446632 Jendrzejczyk
Jendrzejczyk's picture

Won't the bear eat all the popcorn?

Mon, 05/21/2012 - 23:56 | 2449726 MsCreant
MsCreant's picture

At least he won't rearrange the deck chairs.

Mon, 05/21/2012 - 00:52 | 2446488 MsCreant
MsCreant's picture

He has no idea how bad it is out there....

Mon, 05/21/2012 - 00:55 | 2446494 MsCreant
MsCreant's picture

We have Armagedden, we have Armageddon...

Mon, 05/21/2012 - 01:15 | 2446517 RockyRacoon
RockyRacoon's picture

It's about time!

Mon, 05/21/2012 - 23:56 | 2449727 MsCreant
MsCreant's picture

As if...

Mon, 05/21/2012 - 04:33 | 2446638 Jendrzejczyk
Jendrzejczyk's picture

They have to have hidden the Allstar Can-kicker in the locker room till the end of the game. They'll bring him out shortly, right...Right?

Mon, 05/21/2012 - 02:52 | 2446584 misterc
misterc's picture

In other news, new Berlin airport construction site lost over 200 million euro (mtm) on swaps.
Before even a single plane landed!

But yeah, I forgot, we are the prudent country and shit.


Mon, 05/21/2012 - 02:54 | 2446585 Olympia
Olympia's picture

How is it possible that the European Union allows the weak states to enter the international money market and borrow the money they need without help – based on their own potentials? How is it possible that the “chain” of interests of euro can let its weak “links” exposed to outside pressuresHow is it possible for a “herd” with common interests to let each “ship” defend itself against the wolves, without help, and its general security threatened? How is it possible for Greece, which represents a minor 3% of the Eurozone’s economy, to be allowed to threaten the other 97% of that economy, due to the latter’s weakness?

The European Union should be the one borrowing from the national banking system – thus dealing with profiteers itself based on its overall potential – not its weak “links” alone. The latter should be under the EU’s protection and constant monitoring. They should borrow from it at a subsequent time and if they became victims of profiteering, the problem should be kept in the bosom of the euro. Domestic profiteering should bring profits to Europe’s influentials, therefore bring profits in the euro area, and not threaten it.

From the Wall Street Crash of 1929 to the Global Financial Crisis of 2007


Authored by Panagiotis Traianou

Mon, 05/21/2012 - 03:09 | 2446593 GernB
GernB's picture

It seems like being "pro growth" is just a slogan. I cannot see how it is, in any way, a solution to the current economic problem in Greece. Maybe another way to put it is it seems like the desparate ramblings of people who have disconnected with reality. A reality in which austerity cannot be avoided because the people spending money are not producing enough to pay for everything they are spending. You can't avoid making ends meet forever and the longer you avoid it the deeper and more severe will be the austerity needed to pay back what has been spent.

Mon, 05/21/2012 - 03:09 | 2446594 celticgold
celticgold's picture

its about time for MFC!


Mon, 05/21/2012 - 03:26 | 2446607 cnhedge
cnhedge's picture

what the economy can tell us about the election

Is the Euro area Credibly on Target?

Mon, 05/21/2012 - 03:29 | 2446611 Inthemix96
Inthemix96's picture

Just before 8:30am here in England, and with the same bunch of fuckwits at the wheel as in every other country in Europe, there will be no change today folk.

The wankers running the show here couldn't organise a piss up in a brewery.

Mon, 05/21/2012 - 04:22 | 2446625 ebworthen
ebworthen's picture

Is that Cramer telling it like it is?

Wow, those times living in his car may be coming back to him (?).

The citizens of the Western World will reject banker "austerity" because their piece of shit politicians couldn't say no to the gambling wanker banker fuckshite's bailouts and their own lust for mammon and power.

Socialize bank losses onto me and my children and grandchildren will you?

You just lost your right to serve, to speak, to lie, to pretend, to equivocate, and to bullshit!

Guess what politicians!?!?  Your heads are in the noose and you don't even see it or feel it!

Bankers - you don't even deserve a hanging; buried in sand up to your necks and fire ants maybe, but not a decent hanging or swift guillotine.


Mon, 05/21/2012 - 04:55 | 2446667 saulysw
saulysw's picture

GFC 2.0 is just geting warmed up for a really eye popping second half of 2012.

Yes, I know. GFC 1.0 never ended.

Mon, 05/21/2012 - 05:03 | 2446671 flacorps
flacorps's picture

Keystone firemen...

Mon, 05/21/2012 - 05:21 | 2446680 The Alarmist
The Alarmist's picture

Cramer is like a Magic Eight Ball ... should be used for entertainment value only.

Mon, 05/21/2012 - 08:26 | 2446929 djsmps
djsmps's picture

Did Cramer just call the bottom in housing prices?

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