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European Finance Ministers Driven To Despair As Reality Returns
The release of the Troika report (stating the what-we-all-know that is much larger haircuts will be needed for any type of debt sustainability) seemed to bring events this weekend in Europe to an early halt, according to SudDeutsche. As the sheer mathematical certainty of the event horizon that is Europe these days is slammed at light speed into the foreheads of the European cognoscenti, we finally see some actual frustration, foot-stomping, and 'throw-your-teddy-bear-out-of-the-pram'-ness. The Telegraph reports on some choice turns-of-phrase among the leading players, our favorite being:
"It was grim. The worst mood I have ever seen, a complete mess," said one eurozone finance minister.
But it only got better from there, with several of the major movers feeling the need to express their frustration (and what is German for Schadenfreude?) at the lunacy of what SudDeutsche reports was in the Troika debt sustainability report (via Google Translate).
The numbers that the Troika on Friday evening on the debt situation in Greece is presented, have altered the agenda of the Euro-Finance completely. Really wanted the department heads to advise [if] they need to convince the country's private creditors to agree on a bigger discount on the bonds held by them, than the previously planned 21 percent.
But the "if" was suddenly a "how high?". Because the inspectors of the Greek lender describe in their "debt sustainability report," a scenario that far surpasses any fears. The country needs even under "normal" conditions, so if everything goes as planned with the reforming and saving, at least 252 billion euros , by 2020 to get back on its feet.
If the economy collapses further, state enterprises can not be privatized as hoped, nor do the reforms [produce the] € 444 billion needed to [please] the inspectors. So it is suddenly clear: the euro rescue fund EFSF is hardly sufficient for more countries to save, and his successor, the latest from 2013 operational ESM also not good.
...
"It is clear that a substantial debt cut is necessary," however, said Swedish Finance Minister Anders Borg....
The Exchequer George Osborne sharply criticized the actions of the euro partners: "The crisis in the euro-zone causes major damage in many European economies, including Britain," he shouted in Brussels, adding: "We have had enough of short-term measures, it enough, paving draufzukleben that bring us through the next few weeks. " Europe must tackle the causes of the crisis. Used to be a comprehensive and lasting solution to the crisis, so that growth in Europe could begin rising again.
... The Luxembourg Foreign Minister Jean Asselborn announced immediately to resist. "What we need now is rest and no whip," he said.
A stronger economic cooperation is also possible on the basis of existing treaties. "It is important that we do not open another front," said Asselborn. "It can not be that domestic political considerations of even the greatest country outweigh everything."
It was clear that the reality of the size of loan required to 'solve' Greece alone will likely leave the cupboard bare:
Jan Kees de Jager, the Dutch finance minister, told colleagues: "We've got to get real. People are talking about new defences but with one gulp the whole €440 billion could be gone, leaving the eurozone with no protection at all."
Schaeuble-to-Everyone:
According to insiders, Wolfgang Schaeuble, Germany's finance minister, could not resist taking an "I told you so" approach - he had been, after all, the first to call for an "orderly" default for Greece 18 months ago, at a time when the cost of such a move was less than one third of the price today.
"Schaeuble is a man who does not mince his words, whose reputation for harshness and arrogance is well earned. He was, frankly, unbearable," said one diplomat.
And Baroin (France) to IMF swiftly followed by Lagarde (France/IMF)'s slapdown:
Francois Baroin, the young and inexperienced French finance minister,
attempted to hit back, complaining that the IMF's default medicine would hit
France the hardest; the country's banks are highly exposed and could
threaten its "untouchable" AAA rating.
But Mrs Lagarde, who had held his post until taking up the IMF job this
summer, "shut him up" by brandishing the report and pointing to it
its detailed figures. "She really slapped him down - and in perfect
English too, a language he cannot speak," said a diplomat.
We suspect many of the attendees (finance ministers) have not actually spoken to one another, read any serious research, or even attempted to comprehend the whole-versus-the-single sub-optimal decisions they face (until very recently) as their voluminous outbursts were incredible:
"Their shouting could be heard down the corridor in the concert hall where an orchestra was about to play the EU's anthem, Ode to Joy," said an incredulous EU official.
It did not stop there as the pointlessness of the meeting was highlighted as it became increasingly clear that the good old Franco-German comradeship may be fraying at the core and at the edges and without them.
Finance ministers - including George Osborne, the Chancellor - expressed frustration on Saturday that their emergency meeting could take no decisions of substance until Mrs Merkel and Mr Sarkozy had buried the hatchet.
"This Ecofin meeting has been reduced to an academic seminar, an exercise with absolutely no purpose," complained one finance minister. complained one finance minister.
For those expecting any solution that is more than a simple kick-the-can hold-your-breath for the final solution, we suggest hedges asap on Sunday night as it is crystal clear that nothing of substance will be created soon and furthermore, we wonder whether this is some elaborate global game to force the Fed to rescue everyone by flooding it with greenbacks.
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Sure, why not? They are going to print to infinity, what's 8billion but small change.
Some poetry while you ponder your poignant if cowardly PC posts.
http://www.youtube.com/watch?v=Aba1dVLVSFg
Definitely bullish for Monday's DJIA. Fiat will flee to a perceived better place. CBs will need to order more cotton, pulp, and ink as liquidity will need to go to the moon. It may work...for a while.
Aye Carumba! Where's Berlusconi for entertainment when you need him?
For national security reasons the EU will rachet up the printing presses in order to 'save' the people. Funny becuase that's what the US has been doing and will do again very soon. End Game Bitchez!
Now that's entertainment.
Das Spiel ist aus.
"Ich bin nicht zufrieden!"
My Euro shorts are not looking so silly now.
EXACTLY
I don't kow about that..
http://www.google.com/imgres?q=lederhosen&hl=en&sa=X&rlz=1W1ADFA_en&biw=1396&bih=665&tbm=isch&prmd=imvns&tbnid=doA7zzDCyEu0xM:&imgrefurl=http://www.bierboothaus.com/product/RI6084/Mr-Meister-Lederhosen-Oktoberfest-Adult-Costume.html&docid=F-hHsLiaIWTIpM&imgurl=http://static.zoovy.com/img/bamtar/W1811-H3711-Bffffff/costumesltd/rasta_imposta/ri6084_mr__meister_lederhosen_oktoberfest_adult_costume.jpg&w=1811&h=2000&ei=7qGjTuWgIcbpgQe24JyXBQ&zoom=1&iact=hc&vpx=261&vpy=143&dur=4880&hovh=236&hovw=214&tx=112&ty=157&sig=103620457733711587605&page=1&tbnh=150&tbnw=125&start=0&ndsp=16&ved=1t:429,r:9,s:0
I have a neon green bananna hanger from Nice. Hear tell they're back in vogue!
That's a shame.
What does Mr. Assless-born mean by "rest and no whip"?
I thought it's Asselborn, or Ass-born, as in "Poopy-turd"....
FED to the rescue! Bailout Everyone but the American public. The corruption and kick the can down the road is beyond sickening.
ROFLMAO - "they have to convince private creditors to take a larger haircut" - actually they don't. Greece can default - as it should - the banks can all collapse - the stockholders/bondholders/investors/elite can take a bigger hit - the Euro can collapse - the entire international f--king system can burn.
Lots of pain all around - but most of the people will not be jumping off buildings/drowning themselves in their yacht pools/drowning their sorrows/etc.
Good Riddance to the current version of the Elite!!!!!!!!!!!!
magic helmet
Oh my - reading those quotes I got a gut reaction that human nature is going to unravel faster than GDP/debt ratio.
Seriously this is all on incredibly shaky ground. Reading those quotes I got first feeling of fear of a social unwind - that dominated my rooting for some market movement aligned with my positions. That doesnt happen oftent.
Either the play is ideally rehearsed and executed or I am totally shocked not only about the incompetency of Eurocrats but about the lack of professionalism. The lacks and even more embarassing, the statements by EU finance ministers will send the worst possible signal to markets. NOt only are they kicking the can, it now becomes very clear under the amounting pressure that it really was pure pretending, noone has actually a clue about a feasible approach, not to speak of a solution. It that really turns out, the guillotines should be set up, as that is absolutely irresponsible behavior. It is by now more than clear to any six-year-old that the market appreciates transparency and truth and drastically punishes pretending or fraud. If those statements did not just increase the price dramatically.
I could not believe, but Tyler, I have to admit, they are behaving like spoiled kids. What an embarassment and declaration of bancruptcy for European political culture.
They are trying to kick the can but it is stuck on the end their foot and they can't agree how to get it off. The EuroFloatsum are thinking about just continuing to walk around with the can on their foot, and deny to everybody that there is, indeed, a big stinking can of Greek Sheep and Italian Pasta and Portuguese Sausage and Spanish Paella and French Crepes and Belgian Waffles and Irish Beef stuck on the end of their foot.
"Can on my foot? What can? I don't see any can. I can't smell any food rotting! Everything is fine!"
Schaeuble-to-Everyone: According to insiders, Wolfgang Schaeuble, Germany's finance minister, could not resist taking an "I told you so" approach - he had been, after all, the first to call for an "orderly" default for Greece 18 months ago, at a time when the cost of such a move was less than one third of the price today. "Schaeuble is a man who does not mince his words, whose reputation for harshness and arrogance is well earned. He was, frankly, unbearable," said one diplomat.
So I take it that he is the only one with any common sense.
I fucking Schaeuble'd you so!
Schaeuble is Tyler Drüden.
"when the cost of such a move was less than one third of the price today"
I think Europeans like to pay more for things anyway.
...we wonder whether this is some elaborate global game to force the Fed to rescue everyone by flooding it with greenbacks.
Force the fed? That's laughable. There is nothing the fed would like better than to print another few trillion clownbux and give it to the eurobanx. They are all just one big happy family, as happy as a yiddish bedbug in a rug I tells ya'!!
Come on now!
I still would like to see Juncker bend down on one knee in front of Merkel, plead and promise martial law tomorrow morning if "this bill is not passed" before that.
don't touch my junck bitchez! the germans were singing as they walked out of the meeting:
http://www.youtube.com/watch?v=t7Vme9jUhlo
http://www.stumbleupon.com/su/2QM8T8/reichrolld.com/
Ohmygod - It really shouldn't have, but it cracked me up. Kudos!
Thanks!
But any Eurobank bailout would not remain in the banks accounts, it would immediately be redirected to US banks and US and UK hedge funds. Oh, another argument, why the EUR resists to bailout and the FED would be more than happy to.
Happened before in the Asia crisis a little more than a decade ago. Default threats, IMF (aka FED) bailing out sovereigns, bailouts being transferred back to meet liabilities to US entities, currencies crashing, chaos, but the general public indepted to the IMF and the contracts promising elite-friendly deregulation.
Not with Merkel, though, if she only survives (politically).
I didn't see Tyler make a reference to the finance minister who snuck out to see the unicorn movie. That's the only thing that surprised me.
Further evidence that history repeats itself:
Hauntingly similar to an old story I've heard about the White Star Line
http://heavenbounf.blogspot.com/2011/10/excuse-me-but-who-hell-said-they-could.html my question here is who the hell gave the BOA the right to shift it's EU debt to Fed and thus to us??
The BOA is half-owned by the Jesuits (from what I've heard, over 10 years ago, they held 51%) ... so they don't need anyone's permission.
And the other 49% belongs to Martians...
better make that the jewsuits.
Thy Weapon of War: The Jewish JesuitsThere may be some truth in that.
But, going back further, the jews aren't from Judea, either. They've been frantically digging all over Israel, especially since taking over in 1948, looking for archaeological evidence of their past ... and have yet to find one shred of evidence to support their biblical (Torah) beliefs and claims. They never will ... their origins lie elsewhere.
Readers may also be interested to note that Muhammad was tutored by Augustinian monks (predecessors of the Jesuits) and that they would have written the Koran for him (he was illiterate). False flags and patsies are nothing new.
Hilarious! Now when do they throw Greece to the wolves? In the name of European solidarity of course
No need for despair--go ask Alice:
"When logic and proportion
Have fallen sloppy dead
And the white knight is talking backwards
And the Red Queen's "Off with her head!"
http://www.youtube.com/watch?v=jIyMBuM5AVw
Good God! Is it time for the Fat Lady and the Fork?
How long do these barking idiots keep on without making anything happen? For Christ's sake, make a decision and go with it! All this dithering shows EXACTLY what the "leadership" of the world is; spineless assholes that are all self important.
These fucking idiots could not plan a clusterfuck if everyone was already naked and oiled up!
Time for the elite to take it up the poop shoot.
They have avoided the only logical outcome - Greek default for too long!
This is exactly the plan. Let the population suffer until anything proposed will be accepted gladly.
with a "you said we could" refrain when that scam breaks up as well.
a free-repeater if you will. People are dum
"Today American's would be outraged if U.N. troops entered Los Angeles to restore order; tomorrow they will be grateful. This is especially true if they were told there was an outside threat from beyond, whether real or promulgated, that threatened our very existence. It is then that all peoples of the world will plead with world leaders to deliver them from this evil. The one thing every man fears is the unknown. When presented with this scenario, individual rights will be willingly relinquished for the guarantee of their well being granted to them by their world government."
Kissinger's Infamous QuoteThose aren't The Real Elite. They're only the vice-elites.
Great minds speak about ideas. Lesser minds talk about things. Small minds talk about other people. This bunch are not Great Minds. They're worried that the maid they just fucked is going to go public.
But 'if' was suddenly a 'how high'
So it is suddenly clear: the euro rescue fund EFSF is hardly sufficient for more countries to save, and his successor, the latest from 2013 operational ESM also not good.
just love those google translations
That has struck me as odd too... We have been hearing "no haircuts" all friggin summer and then all of a sudden they are discussing percentages. There should be quite a few more banks tanking brutally. There would be in function market...
This group must take a deep breath and get back to doing what's WORKED for the past two years.
They need to roll up their sleeves, get to work, and focus on discussing possible scenarios whereby an approach to solving the Greece and other Euro Peripheral's financial dilemas might be considered at a future date. They must IMMEDIATELY begin to formulate the makings of a posiible future bold plan; nothing else will suffice at this point.
NO. The only "plan" that is needed is to let those idiots with this lousy investing and the lousy financial instruments and had the stupidity to take on the risk to, in fact "realize" that risk consequence. They ned to "realize" the losses, that is why you are supposed to do research, and know what you are investing in. If you don't you lose. Others win. The Market has been making those who invest on sound fundamentals "lose".
These idiots took the money and took the risk, they lost. Get over it, empty out thier banks accounts, send bad people to jail, or outright hunt them down and beat them or make them leave the planet.
Sorry, but capitalism is a "big boys" game, and you don't always win.
Banks need to be "re-educated" about "monetary responsibility" and "risk" and "safe investments".
Seems as lying, bad (illegal) accounting practices, corruption and outright theft are the "business plans" of modern financials and banks.
They need to DIE A HORRIBLE AND LOUD DEATH.
No, no, a thousand times no.
They must restore confidence within the Eurozone. They should immediately make a joint proclamation that they will have the preliminary makings of a bold, definative plan ready for discussion perhaps as early as March or June.
They should immediately make a joint proclamation that they will have the preliminary makings of a bold, definative plan ready perhaps as early as March or June.
They should have a PROCLAMATION to have PRELIMINARY makings for BOLD PLAN to lay out a GRAND STRATEGY, and (this should not go over well in the EuroZone) a "FINAL SOLUTION".
I like your sarcasm.
"preliminary makings of a bold, definative plan ready for discussion perhaps as early as March or June". I enjoyed that. Thank you.
The problems in the US are because of the AIG moment, not the Lehman moment. It was then that capitalism turned into only protecting the existing rich
"They need to DIE A SLOW, HORRIBLE, GROTESQUE AND LOUD DEATH.
Fixed it for you...
I get the sense bankers need fundamental reeducation regarding the basic ideas of effective price/risk arbitrage. How could Greece yield more than Germany if any sovereign had the same (expected to be 0) default probability. Just ignorant. Or put differently, perky move to accept different prices for the same risk while engineering highly complex derivative risk arbitrage portfolios.
+1,000,000!
Time for the "big shot capitalists and bankers" to play the game called capitalism! Tose asshole gambled big and lost, now they demand that sovereign governments [i.e. the taxpayers] make good all their losses.
Tell the speculators to "fuck off", you invested to make big profits, instead you got big losses. You need to realize those losses and go bankrupt. Instead they seek to bankrupt the 99% to save the 1%.
It is things like this that cause bloody revolutions like the Russian and French revolutions. Huge bloodbaths. Do we really want to endure that in order to try and save the elite 1% who are now insolvent but for their ability to steal every dime the 99% has via their control of government and central banks??
No, we can make it pretty bloodless, all we have to do is target and shoot all bankers and finanical idiots. The politicians will get the message, They are yellow and have no backbone. Right now they are betting on the public to remain 'hinged".
The public "unhinged" and bnet on blood because the real problem was corruption, and well, shit meets fan and bankers die by the truckoald.
Good riddance in my book!
Oh, dear ... MDB is baaaaack.
time is running out, just a little bit more bullshitting to go.
more bullshit = more time
and they have a lot of bullshit
Time to double down my friends...
Tyler, please write an article on the very last paragraph (rference to the Fed). It may seem obvious but I am curious how that game of chess will play out and its possible scenarios
Two words: space cash.
Print, print, print those euro bills
Print, print, print until you've cured all your ills
Tell the Germans they better pray
'Cause inflation's on the way
But we gotta print those extra euro bills
There. Everything solved. Time for a Pork Chop.
You mean time for pigs knuckles, Munich style.
No sauerkraut? I'm walking out!
Call me when you get a better caterer.
http://www.youtube.com/watch?v=9ekxUBQdddg&feature=related
omg ha ha perfect. This thread has been loaded with hillarious shit.
Dissing my favourite movie ever! Damn you: http://www.youtube.com/watch?v=7qWbcosJdtU
My best read ever I think. I can´t really decide what part I prefered, it could be the fact the Belgian finance minister left to see a friggin cartoon, "The Secret of the Unicorn" to boot, or that Juncker let von Rumpoy forbid him to smoke inside so he stepped outside.
"The Secret of the Unicorn? Now all we need are some rainbows and pixie dust and we all settled, aren´t we?
It is a Tintin movie, and thus of great significance to Belgium.
eLIE weasel is a complete fraud as is the holohoax, how surprising.
Elie Wiesel Cons the World
Where is Elie Wiesel's claimed Auschwitz Tattoo?
Ernst Gauss (ed.): Dissecting the HolocaustYou must be fucking kidding? The EU and the Euro is at a pivotal point in it´s history and Belgium needs to yank the finance minister from an EcoFin meeting to award Steven Spielberg some nonsense medal? Is the finance minister the sole member of government? Have the after twohundredsomething days of non-government only gotten around to appoint a finance minister or what am I missing?
It is a Tintin movie, and thus of great significance to Belgium.
... and therefore to the world!
It's Archduke Ferdinand all over again ... like a butterfly flapping its wings in Mexico, a frickin' Tintin movie brought down the euro.
Seriously it is clear that they haven't done a bit of basic work until last week. All the policies that were cheered by cnbs but actually analyzed and found lacking here are coming back to bite them.
They should hire zh
"He was, frankly, unbearable," said one diplomat."
Fucking A
THAT'S what I have been waiting for!!!
FINALLY a German with some balls to tell the frogs how it's going to be....
it sounds like the one frog was getting it from lagarde too. LMAO!
Finally some 'Deutschland Uber Alles' in the good way ;)
http://www.youtube.com/watch?v=s2IaFaJrmno
The best thing that could happen to Europe and the world right now is to have two or three of those guys get their enormous egos bent out of shape to the point they say "I'm never going to go along with that little <insert ethnic slur here>, ever, EVER!"
Let the thing crash and burn sooner rather than later when the cost will be so much more.
Correct.
Better now when Europe can adjust rather than later when adjustment is no longer an option and the solution is far less palatable.
Schaeuble kicks Sarkozy in the van Rumpy.
Let the thing crash and burn - agreed
sooner rather than later when the cost will be so much more - Not agreed. I think the cost is the same. Everything. Later will just be in devalued currencies.
The only problem I see with resetting the system is that its a global economy with global finances. When one falls, we all fall, leaving a global vacuum of leadership and creating the opportunity for a global fix. The OWO. But perhaps that is the plan...
The guy with the money is unbearable - shocking :)
Yep ... the little frog should hop on down to his local 'Occupy' movement and complain about the 'haves'!
"we wonder whether this is some elaborate global game to force the Fed to rescue everyone by flooding it with greenbacks."
Bingo. Line up a set of events resulting in a mutual crisis under which the US hoi polloi will be begging for printing.
Tyler is excellent at identifying crisis drivers such as debt ceilings, BAC's 53T derivatives debacle, etc.
Funny thing about the article's last paragraph referencing the Fed rescuing everyone by printing greenbacks- So, the Euros, Russians, and Middle East can dog the dollar again, talking about how diversification is needed with the reckless printing machine. No thank you!! Bail yourselfs out!
As far as the 5 stages of grief are concerned, are they moving from denial to anger?
From Wikipedia: http://en.wikipedia.org/wiki/K%C3%BCbler-Ross_model
The stages, popularly known by the acronym DABDA, include:[2]
Denial is usually only a temporary defense for the individual. This feeling is generally replaced with heightened awareness of possessions and individuals that will be left behind after death.
Once in the second stage, the individual recognizes that denial cannot continue. Because of anger, the person is very difficult to care for due to misplaced feelings of rage and envy.
The third stage involves the hope that the individual can somehow postpone or delay death. Usually, the negotiation for an extended life is made with a higher power in exchange for a reformed lifestyle. Psychologically, the individual is saying, "I understand I will die, but if I could just do something to buy more time..."
During the fourth stage, the dying person begins to understand the certainty of death. Because of this, the individual may become silent, refuse visitors and spend much of the time crying and grieving. This process allows the dying person to disconnect from things of love and affection. It is not recommended to attempt to cheer up an individual who is in this stage. It is an important time for grieving that must be processed.
In this last stage, individuals begin to come to terms with their mortality, or that of a loved one, or other tragic event.
It is well known that the five steps do not necessarily occur in that order. I'd say we have had denial, and some bargaining, and now some anger. Only two left to go, after those play out.
It does look like were heading for a depression, so I guess we should just accept it? That good?
Who is this we? :P
Some should have a hyperinflationary depression, others perhaps even mild deflation.
Luckilly this 'collapse' won't last long, and we can rebuild from there.
Acceptance! They are finally in acceptance :)
Well done sir!
Hah! Make that great depression.
If these stages pertain to politicians' response to Banker's demands, I would say we are in "Acceptance"
If it took them that long to move to stage 2, they are either characterized by above average ignorance or it tells us something about the scope of consequences.
Thanks for the review of the stages. This is helpful as I deal with the huge bill the IRS just sent me. I'm transitioning from stage 4 to 5. I kinda liked stage two though as I contemplated arming myself and telling the IRS to come get their (my) money. Sort of like the Spartan answer to the Persians at Thermopoly. Fighting is always sexier and more honorable. However, reality has prevailed and I don't want to die like the Spartans, either. There's no greater cause here.
BTW, never take a loan from a 401k if there's a chance you will get laid off. Terrible things happen to your money. Actually, my lesson is to not have anything in a government controlled account anymore. Besides the rules and penalties that hit you if you don't do exactly as the government says, you get the central planners as in this article planning how to raid your money for the greater good as they define it.
Therre's more advantages in owning gold coins than just inflation hedging.
Best wishes.
Yes, you are absolutely correct in that. That is part of my plan.
#5 came before #4 for me, personally. I've been prepping for a while now, and have a reasonably respectable stockpile and plan in place- but for whatever reason, the last two months or so have been nothing but a bleak, gray haze. That is where a formula helps- we know what is happening, and what the inevitable result is, so it's good to have a strategy to lean on.
Without the strategy, I would not have the energy to keep pressing on. Sometimes autopilot is ok- it keeps me from saying fuck it and buying some shit to feel better. (And let's be honest here, folks- we've all been conditioned to believe that a good life is built around buying shit- to the point that actual savings feels painful to many Americans.)
Ah well, fuck it. I probably can't win- but that's no excuse to stop trying.
Here is a visual aid from Homer Simpson http://www.youtube.com/watch?v=s6mh8SX_sXs
Central Banks had better actually have all that gold they say they do... or this break down gets REAL .
Gold might be a player if there were a global government decision to arrange it so and 10 years transpired to execute the decision.
No such decision has occurred. ATMs do not dispense gold. Walmart doesn't accept it for payment.
Gold is not a player in the forseeable future until such a decision is made.
Heh. You think such a decision would be made public?
Anyhow...
http://tinyurl.com/68k4zqt - ATM's
http://tinyurl.com/5tb7nwh - Walmart.
;)
Laughing my ass off at the thought that someone would actually accept debit card purchases for gold - at any location on the planet.
I can see myself standing in line over and over again filling my pockets with coins using my Societe Generale debit card.
Awesome - this is the funniest fucking place on the interwiblles, bar none.
Keep global government out of it!
We've had state governments fail (eg. California, Greece) and we've had federated governments fail (eg. EU, US), so now you want a global government (the UN) to make the 'fail' really big!?! Google "definition of insanity"!
They probably actually have paper claims to gold which may be oversold by a factor of 40 by some measures. Paper gold is just as good, right?
It doesn't matter if central banks have gold or not. Currencies they issue aren't redeemable in gold ...nor silver nor anything else.
"had better actually have"?
WTF?
The probability of any of the major central banks actually having the physical that they so claim is next to fucking nill, the Null Set, zero, zilch, fucking nada, nope, don't bet on it and good fucking luck.
None will have their alleged reserves audited, examined, inspected, weighed, assayed, glimpsed at, opened for inspection, verified or proven.
Why The Fuck Not?
What seems to be the problem, officer?
Well your about to get whipped.
Hope you enjoy it.
The country needs even under "normal" conditions, so if everything goes as planned with the reforming and saving, at least 252 billion euros , by 2020 to get back on its feet.
This is no longer Keynesianism. Keynes never advocated governments going double the national GDP in debt.
This is pure pirate-style looting, governments sucking all possible wealth from current and future generations of the nation's citizens under the cover story of "trying to get back on their feet".
If the economy collapses further, state enterprises can not be privatized as hoped, nor do the reforms [produce the] € 444 billion needed to [please] the inspectors.
This comment reveals the sheer insanity of their "trying to get back on their feet" cover story. Greece stays on the edge of default, not even able to pay interest on their national debt, their economy is in shambles, people rioting continually, now government employees rioting, and those clowins still have fairytale fantasis of Greece coming up with 444 billion of austerity.
Don't laugh at the EZ. Our congress can't even come up with 1% spending cuts.
It never was.
As you rightly point out it was wholesale looting from the start.
This is not going to end well.
You're right, it won't end well.
You, me, all of us are being looted dry ...along with our children, grandchildren, etc, by OUR government, AS we speak, and the FED is the entity enabling the government to do that ...why the Fed was created in the first place.
With the original limited supply gold & silver redeemable currency, the government couldn't loot everybody dry. They had to seek funds in credit markets like everyone else, pay prevailing interest rates, etc.
The Fed with its printing press and unlimited supply of non-redeemable currency allows the government to borrow everybody's wealth till everybody's broke.
The purchasing power of your paycheck, my paycheck, everybody's paycheck has dropped 1/3 since '08, ...assuming no raises ...and that's a pretty good assumption these days ...unless you're a government employee of course.
It won't end well for us. But the government (and bankers) will party along just fine.
As you rightly point out it was wholesale looting from the start.
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The US has been a story of looting, extorting the weak, farming the poor.
US style. It is how things happen in the US world order.
Oh good.
Can we have another French Civil War.
Please Please.
Duplicitous back stabbing lot that they are.
Can't beat Hillary!
http://www.cbsnews.com/video/watch/?id=7385396n
This just makes me ill. Forget about rule of law and all that. ... And before any one pounces on me. Long term socialist type and supports unions though am leaning towards RP these days (not a typical ZH) ... this clip just disgusted me to the nth degree. Veni, vedi, vici? No.
She's a psychopath. Relishing in death.
Nothing to do with Qaddafi at all.
She just loves it.
These m'f'ing insiders (like Hilary) are now getting so cocky that they're on the home stretch to global control that they're just blatantly rubbing our noses in it!
Heard Hillary serves a mean plate of Branch Davidian BBQ. Finger lickin good.
Thirty-five years of fronting for Murder Inc. have given the formerly pretty, idealistic college girl the hideous visage of Dorian Gray.
Her fangs are growing as her face turns to jaundiced Jello and her low-slung cellulitic undercarriage reaches Mack truck proportions.
All hail the syphilitic War Whore, red in tooth and claw!
nailed it.
they can't hide what's on the inside forever. time to shuffle off to your "reward" you cunt.
Christine Lagarde is French born and raised. While she was educated in France and the US whe has also worked extensively in the states. In addition, her parents taught many French students the English language. Hardly headline news that she could dress someone down in English. How many ways can you say stabiliteee.
The French can spell?
It's worse than I thought.
Balzac. Nice one, QN.
Stuh Bill Ity.
Stab-Bill It (He-He-He).
Lagarde giving English lessons to Ecofin: Please read from sheet, "I am Sofa King, we Todd Ed"
Ecofins: I am Sofa King, we Todd Ed
Lagarde: Faster
Ecofins: I am Sofa King, we Todd Ed
Lagarde: Not so fast, loses its meaning
Ecofins: I am Sofa King, we Todd Ed
Schaeuble: Yes you fucking are
Duplicitous back stabbing lot that they are.
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They are duplicitous as they are converts to US citizenism and duplicity is a trait required by US citizenism.
But the duplicity certainly does not lie in that way as IMF Lagarde is IMF and France Barin is France.
The duplicity lies more in the way they might pretend being at loggerheads to hide they are working together behind the scenes or something like that.
Cheap propaganda is really a hardcore feature, US citizens are addicted to cheap propaganda.
Now a civil war, when the duplicity feature leads to conclude they are staging a quarrel.
In the meantime, to satisfy the new nobility of the world, US citizens, blood is spilled so that those new nobles, who make wish for a return of the previous types of nobility, can enjoy their cheap propaganda and avoid facing reality.
The Big US citizen mangler machine...
as machiavelli said, 'let us pretend to be enemies".
profit big by arming both sides and rebuilding the destroyed infrastructure
after the plebes have slaughtered each other.
The Banker Explained 'Occupy America ScamSlammed in the forehead. WOW, a jolt to the conscious thinking. ZH'ers thinking in REAL TERMS.
You'd better believe the game for the past two years has been....when is the US going to blink and fork over the dough? They figure that playing with our markets, month after month, week after week oughtta do it.
Yes but the NYT reports;
07:18PM European Officials Shaping Greek Rescue and Effort to Aid Banks.
MSM will burn in hell for their lies and deciept.
Does anybody actually read that?
i never click a link to the ny slimes.
http://tinyurl.com/133x
never click tinys either
OK you guys are making me laugh - and I need it - thanks!
Been waiting for this:
http://www.youtube.com/watch?v=2aQ8DUHMg7o&feature=related
Wonder no more.
These people are to self important to think that someone else can save them.
They are a bunch of ill educated school teachers and lawyers who had nothing better to do than go into politics during the summer holidays.
They created the mess.
If the USA has any sense they'll stay the hell out of it.
We can't stay out of it. Our banks hold the CDS on that mess.
Oh wait, GS said we have minimal exposure... Nevermind.
"Mrs Lagarde...really slapped him down - and in perfect English too, a language he cannot speak," said a diplomat."
Translation of modern finance terms into the many languages of the EU has impeded common understanding of the EU debt crisis over the past months. This weekend's EcoFin meeting collapsed because the EU translation service could not translate into 17 different languages Lagarde's diagnosis of the EU debt crisis as a "clusterf*ck".
In an emergency response to this failure to translate, the International Signage Directorate in Brussels was summoned to prepare visual aids to translate "clusterf*ck" for the EU finance ministers.
Remember that that android Lagarde is responsible for most of this.
Never trust the Vichy.
Rumour has it that the visual aid is an illustration of a daisy chain of eurocrats with their heads up each others' asses.
"Schaeuble-to-Everyone:"
Nay...
"Schaeuble-to-'Confederacy of Dunces':"
desperate finiMinis
of wisteria lane, BiCheZ!
It is a group of little minds with fat heads, devoid of creative thought due to having been directed to do and say everything in their adult life by a puppet master. The master may own the first bribe or extortion, or may just be the custodian of the various bribes necessary to get the plastic flesh to dance. Really a lot like MBS when you think of it. Everyone knows its every component is and always was based on crime, but someone has to make the fraudulent legal claim. And someone has to tell it's weasel what to bite.
>>So pointless was the gathering, that Didier Reynders, the Belgian finance minister, left early to attend the world premiere of the new Tintin film, The Secret of the Unicorn.
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>> "This Ecofin meeting has been reduced to...."
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I thoguht I read: "The EUcoffin meeting".
Time for serious hair cuts all around.
For the first time in a decade, I am letting my hair grow long. I already have enough for a hairband.
Make of it what you will.