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As Europe's Most Pathological Liar Departs, Questions About Europe's Band-Aid Union Reemerge

Tyler Durden's picture




 

We doubt many tears will be shed over the now official departure of Europe's most embarrassing political figurehead: the head of the Euro-area finance ministers, one Jean-Claude Juncker, whose presence did more documented damage to the credibility of Europe than... well, we would say virtually anyone else, but then again since everyone else in the European pantheon is a shining example of DSM IV-level sociopathology, we are kinda stuck. But anyway: Juncker is finally gone "he’s tired of Franco-German interference in managing the region’s debt crisis." And while the decision was known for a while, the ultimate catalyst is rather unexpected, and exposes just how frail the entire Eurozone is: “They act as if they are the only members of the group,” Juncker said today at a podium discussion in Hamburg." If this is coming from the man who admittedly lies for a living, we can't imagine just how bad the truth about the internal fissures within the Eurozone must be. Actually, we can.

As a reminder, from exactly one year ago:

On Friday the misinformation floated about the Greek expulsion event hit a fever pitch: while we correctly speculated that nobody would be expelled from the Eurozone, the amount of conflicting info was at an all time record, with glaring inconsistencies between various quoted authoritarians. Now, courtesy of the WSJ blog, we learn that, for the first time in history, a spokesman for Jean Claude Juncker, the PM of Luxembourg, and the head of the Eurogroup council of eurozone finance ministers, admits openly to having lied to media outlets. "In a phone call and text messages with two reporters for Dow Jones and the Wall Street Journal, Mr. Schuller repeatedly said no meeting would be held. He apparently said they same to other news outlets; at least one more moved his denials on financial newswires. Of course, there was a meeting–although not, apparently, to talk about Greece quitting the currency, which would be an extreme step to say the least. Mr. Juncker even said a few words to reporters who had hustled to Luxembourg to stake out the gathering. So why the lie? “I was told to say there was no meeting,” said Mr. Schuller, reached by telephone Monday. “We had certain necessities to consider.”

 

Necessities? Why yes: such as perpetuating the now open lie that is the ponzi market: "Evening in Europe is midday in the United States. “We had Wall Street open at that point in time,” Mr. Schuller said. The euro was falling on the Spiegel report, which had overhyped the meeting. “There was a very good reason to deny that the meeting was taking place.” It was, he said, “self-preservation.”" And there you have it: the Eurozone itself now admits that it will sacrifice credibility at the expense of a few FX pips and a few basis points in the ES.Everything else is smoke and mirrors. And people think that central bankers will consider the threat of inflation should the Russell 2000 ever retrace back into bear market territory...

 

And it gets even more surreal:

Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said “not at all.”

 

When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”

 

Mr. Juncker has voiced support for the practice of lying before.

 

The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.

 

Asked whether such deliberate misinformation would undermine the market’s confidence in future euro-zone pronouncements, Mr. Schuller, lamenting that the market had practically no confidence in pronouncements already, said "not at all.”

 

When Mr. Juncker, or European Central Bank President Jean-Claude Trichet, or French Finance Minister Christine Lagarde says something to the markets, Mr. Schuller said, “nobody seems to believe it.”

 

Mr. Juncker has voiced support for the practice of lying before.

 

The Web site EUobserver has video of Mr. Juncker, at a conference on economic governance in April, expounding on the practice and reasons for lying in financial and economic communications.

 

On the tape, Mr. Juncker says he has “had to lie” and, speaking about touchy economic topics, “When it becomes serious, you have to lie.”

 

At this point Europe no longer even attempts to hide that everything is one big lie, and that should the truth emerge the market will crash more than ever in history. And why would the US be any different? It woulnd't which is why we can now safely say that pretty much any information coming out from the government and its proxies that has a stock market impact is false until proven true. Of course, for everything else, one can blame the conspiratorial blogs...

***

This was a year ago, back when Europe still had some credibility, and people actually cared about news headlines. Now, no matter if it flashes red on Bloomberg or not, not even the algos bother to move the EURUSD by more than a few pips. Because even in politics, actions ultimately have consequences.

 

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Mon, 04/30/2012 - 20:38 | 2387010 MFL8240
MFL8240's picture

Need a departure of Obama, Geithner,  and Bernanke to round out the circle of clowns.

Mon, 04/30/2012 - 20:54 | 2387054 TheFourthStooge-ing
TheFourthStooge-ing's picture

“When it becomes serious, you have to lie.”

At least Juncker was honest about that, which is more than we can say for Debt Bro, Timmah Jeethner, the Bernank, land whale Larry Summers, et al.

 

Mon, 04/30/2012 - 21:51 | 2387181 WAMO556
WAMO556's picture

Or was he lying when he said that???

Mon, 04/30/2012 - 22:34 | 2387250 TheFourthStooge-ing
TheFourthStooge-ing's picture

Yes, he was being serious.

 

Tue, 05/01/2012 - 00:22 | 2387425 Ahmeexnal
Ahmeexnal's picture

Spain hits a dead end:

http://www.irishtimes.com/newspaper/finance/2012/0501/1224315406400.html

 

 

The government of Mariano Rajoy, the prime minister, after floating, then scrapping, the idea of a Nama-style “bad bank” when first elected, has begun again to discuss the possibility of placing problematic property loans into one or more specialised asset management companies, officials say.

While no further details have emerged of the structure of such a troubled asset fund, officials have been at pains to stress that the term “bad bank” is a misnomer, as no state money would be used, as in other examples seen in Europe.

Analysts have been quick to point out that, while Nama used state money to take assets from banks at a discount, a Spanish equivalent that did not use state money would struggle to enforce the write-downs required, because to do so would risk forcing the weakest lenders into needing vast amounts of additional capital.

If the idea is to avoid the ignominy of an IMF bailout, then, without an alternative funding source, this is pure fantasy,” said James Ferguson of Westhouse Securities. “The proposal seems to illustrate just how absent of ideas the Spanish authorities have become.”

Mon, 04/30/2012 - 22:03 | 2387200 vast-dom
vast-dom's picture

Co-morbid symptoms and subsequent additional diagnosis:

 

 

The Diagnostic and Statistical Manual of Mental Disorders fourth edition, DSM IV-TR, a widely used manual for diagnosing mental disorders, defines borderline personality disorder (in Axis II Cluster B) as:[1][13]

A pervasive pattern of instability of interpersonal relationshipsself-image and affects, as well as marked impulsivity, beginning by early adulthood and present in a variety of contexts, as indicated by five (or more) of the following:
  1. Frantic efforts to avoid real or imagined abandonment. Note: Do not include suicidal or self-injuring behavior covered in Criterion 5
  2. A pattern of unstable and intense interpersonal relationships characterized by alternating between extremes of idealization and devaluation.
  3. Identity disturbance: markedly and persistently unstable self-image or sense of self.
  4. Impulsivity in at least two areas that are potentially self-damaging (e.g., promiscuous sex, excessive spending, eating disordersbinge eatingsubstance abusereckless driving). Note: Do not include suicidal or self-injuring behavior covered in Criterion 5
  5. Recurrent suicidal behavior, gestures, threats or self-injuring behavior such as cutting, interfering with the healing of scars (excoriation) or picking at oneself.
  6. Affective instability due to a marked reactivity of mood (e.g., intense episodic dysphoria, irritability or anxiety usually lasting a few hours and only rarely more than a few days).
  7. Chronic feelings of emptiness
  8. Inappropriate anger or difficulty controlling anger (e.g., frequent displays of temper, constant anger, recurrent physical fights).
  9. Transient, stress-related paranoid ideation, delusions or severe dissociative symptoms

It is a requirement of DSM-IV that a diagnosis of any specific personality disorder also satisfies a set of general personality disorder criteria.


International Classification of Disease

The World Health Organization's ICD-10 defines a conceptually similar disorder to borderline personality disorder called (F60.3) Emotionally unstable personality disorder. It has two subtypes described below.[25]

F60.30 Impulsive type

At least three of the following must be present, one of which must be (2):

  1. marked tendency to act unexpectedly and without consideration of the consequences;
  2. marked tendency to quarrelsome behaviour and to conflicts with others, especially when impulsive acts are thwarted or criticized;
  3. liability to outbursts of anger or violence, with inability to control the resulting behavioural explosions;
  4. difficulty in maintaining any course of action that offers no immediate reward;
  5. unstable and capricious mood.
F60.31 Borderline type

At least three of the symptoms mentioned in F60.30 Impulsive type must be present [see above], with at least two of the following in addition:

  1. disturbances in and uncertainty about self-image, aims, and internal preferences (including sexual);
  2. liability to become involved in intense and unstable relationships, often leading to emotional crisis;
  3. excessive efforts to avoid abandonment;
  4. recurrent threats or acts of self-harm;
  5. chronic feelings of emptiness.
  6. demonstrates impulsive behavior, e.g., speeding, substance abuse [26]

The ICD-10 also describes some general criteria that define what is considered a personality disorder.

Mon, 04/30/2012 - 22:41 | 2387269 TheFourthStooge-ing
TheFourthStooge-ing's picture

BPD sounds suspiciously like an advanced economics degree from some Ivory League school like Princeton, Hartford, or Yale.

 

Mon, 04/30/2012 - 20:42 | 2387029 Muppet Pimp
Muppet Pimp's picture

Just some brainstorming here, but give me a chance:

Building Blocks for US free market solution (it takes a village guys, step up or .gov is going to continue to make our lives miserable) to our woes:

1. Under emergency legsilation eliminate the minimum wage & insurance requirement (and all the other red tape) tomorrow (for the jobless at minimum).  For god sakes lets put people to work.

2. Capital owners in this country, its time to step up.  In exchange for certain emergency legislation, prohibiting frivoulous lawsuits,minimum wage, etc. Stand up and say we together will get this country back to work without .Gov's help.  Give your fellow man a job if you can afford to do so.  This includes individuals.  I will have a jobless raking leaves on my lawn tomorrow if the Politico's can free me from fear of lawsuits, tax evasion, etc.  No I cannot start a business to have yard work done, but I can put a rake and cash in a mans hand that needs a job.

3. Hire the homeless guy to sweep the parking lot ASAP without fear of government making it too expensive for you to do so.  He needs the money and .gov says we cannot give it to him without getting the high hard one.  This is Bull and we need to put a stop to it enact the GD legislation NOW, enough with this Krugman crap.  This is not who we are.  The founders are rolling over in their graves.

4. Drop the partisan walls between us.  When we buy into the idea that our neighbors are our enemies they have won.  We are freaking Americans that have been (and continue to be) screwed by the Red and Blue teams.  Show them the door.  We do not need them, if we don't act on our own they will continue to make us miserable.

Etc. Etc.  Just getting started.  I know I will put someone to work tomorrow, but sadly I cannot at this point.  Lawyers on the radio all the time inciting the freeloaders to call and take something from somebody.  We can do this together a hell of a lot better than .Gov is doing.  Rise up capital owners. Demand that our government get the GD stick out of our hind ends and let us help our fellow man.  Enough is enough.  Rise up people.

 

Mon, 04/30/2012 - 20:56 | 2387045 LetThemEatRand
LetThemEatRand's picture

Are you an owner of something who has a real world example of the problems you've listed interfering with your business, or are you just spouting platitudes.  FYI, there are already multiple laws against frivolous lawsuits.   P.S. Are you also against child labor laws?  

Mon, 04/30/2012 - 21:02 | 2387067 Spacemoose
Spacemoose's picture

i practiced law for many years.  in my opinion, most lawsuits are simply legalized extortion.  you seem to be out of touch with the business world as i know it and i'm curious to know what type of job you have.  do you work for a living? 

Mon, 04/30/2012 - 21:12 | 2387085 LetThemEatRand
LetThemEatRand's picture

I own a business.  I've discussed on ZH many times what kind.  You?

So who should decide which lawsuits are valid and which are not?  Right now, we have a system of courts including elected judges and ultimately juries who decide this question.  There are laws on the books in all 50 states directing that any lawyer who files a frivolous lawsuit can himself or herself be held liable for the other side's costs and fees.  The suit is to be thrown out if it lacks legal or factual basis.  If an individual commits fraud in filing a lawsuit, there are criminal laws on the books already addressing that as well.   Do you think you personally would be better at regulating this?   Or do you think some government bureaucrat should decide rather than the Court system?

Mon, 04/30/2012 - 21:14 | 2387100 nmewn
nmewn's picture

"I own a business.  I've discussed on ZH many times what kind."

I've asked many times before...I'll ask again.

What kind of business do you own?

Mon, 04/30/2012 - 21:16 | 2387108 LetThemEatRand
LetThemEatRand's picture

Exactly how many brain cells does it take to figure it out (aside from taking time to read past posts)?  Do you need me to spoon feed you?

Mon, 04/30/2012 - 21:21 | 2387121 nmewn
nmewn's picture

Is it that hard to just tell me?...you know I think you're a florist...lol.

You're making me think you're hiding something.

Mon, 04/30/2012 - 21:23 | 2387128 LetThemEatRand
LetThemEatRand's picture

Who would hide something on a website where you are communicating with people who themselves are anonymous, and who routinely discuss the necessity of stockpiling bullets?  

I don't tell you only because it amuses me that you can't figure it out.  What kind of business do you own again?  I forget.

Mon, 04/30/2012 - 21:28 | 2387139 nmewn
nmewn's picture

Ah ah ah...I never...ever...mention my business when making a point. I don't feel the need to...you do. For some as yet unexplained reason.

What is your business LTER?

Mon, 04/30/2012 - 21:34 | 2387155 LetThemEatRand
LetThemEatRand's picture

I make the point because so many non-business owners on this site complain endlessly about things that I know -- as a business owner -- are not the problem.   Just like Rand herself, who did nothing but sit around and write about what everyone else should do with their businesses.  Isn't it interesting that her entire psychology of selfishness can be explained by the fact that her own silver spoon was snatched away when she was young.  Despite this, she made millions writing books for people who claim to hate academics who ... write books.

You show me yours and I'll show you mine.   

Mon, 04/30/2012 - 21:41 | 2387170 nmewn
nmewn's picture

This has nothing to do with Rand...thats your trip, not mine.

Answer the question...its not like I'm asking for your friggin address...lol.

Mon, 04/30/2012 - 22:00 | 2387182 LetThemEatRand
LetThemEatRand's picture

I am a Florist, although I prefer flower arranging professional.  Or something else.  I suppose you'll never know if you don't want to take the time to read my prior posts or simply deduce the answer from our many exchanges.  It should be extremely easy.  Or you can simply tell me about your business and I'll tell you about mine.

I bring up Rand because it is her followers who generally have absolutely no idea what running a business means.  They read a few books that celebrate selfishness and sociopathy and viola, they have all the answers.  Did you see that Paul Ryan has disavowed Rand now that he's in the national spotlight?  Seems you can't get the majority of the national Red Team vote and reject all forms of religion other than money and greed.   Perhaps in a few years that too will be possible given the path we are on as a society.  

Mon, 04/30/2012 - 22:02 | 2387201 nmewn
nmewn's picture

No, in fact as you already know, I don't waste my time reading your prior posts...florist has always worked for me.

Now, tell me about your employees...you provide health insurance benefits as an incentive to work for you...yes or no? Or do you keep them on part time?

And we still have to deal with "your property rights" don't we?...from a long forgotten thread ;-)

Mon, 04/30/2012 - 22:09 | 2387215 LetThemEatRand
LetThemEatRand's picture

"I don't waste my time reading your prior posts."

Then I shall not waste my time responding to your current ones, Winker. 

Mon, 04/30/2012 - 22:16 | 2387222 nmewn
nmewn's picture

As they say, don't go away mad, just go away.

Just for you...;-)

Mon, 04/30/2012 - 22:21 | 2387230 LetThemEatRand
LetThemEatRand's picture

Anyone who quotes Motley Crue is okay in my book and deserves a plus 1, even if he is a Winker.

Mon, 04/30/2012 - 22:44 | 2387276 nmewn
nmewn's picture

lol...fair enough...plus one.

Until next round ;-)

Mon, 04/30/2012 - 20:52 | 2387047 Hansel
Hansel's picture

I'm sick of the mantra of putting people to 'work' for the sake of increasing GDP.  Soldiers and mercenaries 'work,' but their work is murdering people.  Lobbyists and politicians 'work'; why not make everyone a politician?  Rentiers 'work' by skimming profits.

I say clean house.  Prosecute the criminals including the torturers, war criminals, fraudulent financial MBS packagers and trusts, everyone involved in MERS, etc.  Let the work come naturally from a purged environment.  But Holder is intentionally worthless and complicit, so I won't hold my breath.

Mon, 04/30/2012 - 21:07 | 2387082 Muppet Pimp
Muppet Pimp's picture

If .Gov wants solutions, then put commercials on TV tomorrow telling the citizens of this country to hire a babysitter, get your lawn mowed by the out of work next door neighbor, etc without fear of tax evasion, lawsuits, etc..  We are being regulated to the point that we are now regulated from solving the problems in an old school free market manner.  We have reams of forms to fill out and red tape to the point we cannot help our fellow man.  This is not what this country is about.  The Krugmans of the world are intent on turning us into Europe and Obama is all about it.   Time for the capital owners to come together and say "We got this" or they can look forward to having .GOV do it to all of our detriment.  Enough is enough people.  Time to help our fellow man and get .gov out of our freaking ass.  It is so obvious what is happening here.  I am disgusted, absolutely disgusted.  Either we come together and fix it or we are going to be miserable.  The former is the obvious choice.  This country is becoming an absolute disgrace.  Listening to Krugman go on and on about how we cannot make it without the teat shoved in our mouth is sickening, absolutely sickening.  If the captial owners do not band together and say we will fix this get the F out of the way, I suppose we deserve the European fate that Obama has promised. 

Sad thing is we are probably past that point.  Really truly sad people.  We can do better than this.

Mon, 04/30/2012 - 21:10 | 2387087 LetThemEatRand
LetThemEatRand's picture

"Time for the capital owners to come together and say "We got this" or they can look forward to having .GOV do it to all of our detriment."

Do you mean Enron, Lehman Brothers, MF Global, or someone else?

Mon, 04/30/2012 - 20:45 | 2387035 vmromk
vmromk's picture

I pray the other PATHOLOGICAL LIAR here in he U.S. (a.k.a. Bernanke) would do the same and depart.

 

Mon, 04/30/2012 - 21:10 | 2387088 slewie the-pi-rat
slewie the-pi-rat's picture

other???????????????????????????

 

as in singular "other"

 

best you get some kneepads vmromk

PATHOLOGICAL LIARS occupy  board rooms, political caucuses, Wall Street, local town counsels, msm etc. 

sociopaths occupy these same institutions but at a more senior level

and our friends the psychopaths occupy the most senior levels along  with  their  narcissistic cousins and megalomaniacal uncles and aunts

 

 

Mon, 04/30/2012 - 20:53 | 2387049 banksterhater
banksterhater's picture

FUMIGATE THE ASSHOLE

Mon, 04/30/2012 - 20:54 | 2387053 destiny
destiny's picture

What do you mean the most pathological liar in the UE ?? I can give you lots of other names, they actually all fight to get the first place !!!! 

Mon, 04/30/2012 - 20:56 | 2387059 Chartist
Chartist's picture

there was a time in Europe when they burned people at the stake for much less.

Mon, 04/30/2012 - 20:57 | 2387060 Jendrzejczyk
Jendrzejczyk's picture

Is Nigel Farage dancing a jig or what!!!

Mon, 04/30/2012 - 20:59 | 2387063 eddiebe
eddiebe's picture

No accountability at all.

Mon, 04/30/2012 - 21:03 | 2387066 fleur de lis
fleur de lis's picture

I'm still amazed that Corzine is walking around outside a jail cell, smirking like the cat that ate the canary, not even required to return the looted money or assist in its location and return. Why do they lock up petty car thieves and let professional pathological power abusers skate? They only have to look up his tax returns and get after him on some infraction the same way they harass ordinary people. 

Mon, 04/30/2012 - 21:05 | 2387075 Hansel
Hansel's picture

Corzine raised over $500,000 for Obama in the first quarter of 2012.  That's why.

http://www.barackobama.com/2012-first-quarter-volunteer-fundraisers

Mon, 04/30/2012 - 23:33 | 2387375 theTribster
theTribster's picture

I hear Corzine can really suck dick, they can't wait for him in prison his soon to be new home. Either that or a coffin.

Mon, 04/30/2012 - 21:05 | 2387072 carbonmutant
carbonmutant's picture

Well, he only lied when it was serious...

Mon, 04/30/2012 - 21:42 | 2387172 gwar5
gwar5's picture

The Chinese laugh in our general direction.

 

In his book "Civilization", historian Niall Ferguson explores the reasons for the ascendancy of the West over the last 500 years in 324 pages.  He also wastes no time suggesting up front in the introduction that lack of the same 6 ingredients will result in the opposite effect. But there is one ingredient that is the glue.

6.  The work ethic -- the moral framework and mode of activity derivable from (among other sources) Protesant Christianity, which provides the glue for the dynamic and potentially      unstable society created by apps 1 to 5.*     -- Civilization, 2011. pp 13. 

 

*Apps 1-5 = competition, science, property rights, medicine, and the consumer society.

Tue, 05/01/2012 - 00:27 | 2387434 Non Passaran
Non Passaran's picture

Juncker sniffs glue.

Mon, 04/30/2012 - 21:45 | 2387176 CryingBear
CryingBear's picture

BERNANKE SHOULD BE CHAIRMAN OF THE FEDERAL RESERVE AND PRESIDENT OF THE UNITED STATES AT THE SAME TIME.

Tue, 05/01/2012 - 04:55 | 2387570 Nukular Freedum
Nukular Freedum's picture

Oi, thats a relief. I thought you said "Band Aid reunion" for a moment then!

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