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Explaining How The Just Announced ECB Market Rescue Pledged 133% Of German GDP To Cover All Of Europe's Bad Debt
Two weeks after Zero Hedge readers were informed about it, slowly the sell side is coming to the realization that not only will the EFSF have to be expanded (that much was known), but that Germany, and specifically the outright economy, will be on the hook by an unprecedented amount of money. And expanded it will have to be: not by two, not by three, but by a cool four times, to a unbelievable €3.5 trillion which according to Daiwa's Head of Economic Research, Grant Lewis, is an act which will be necessary to convince financial markets of euro area resolve to save Italy and Spain. Says Lewis: "France, Germany contribution to EFSF’s capital would increase to 80% if Spain, Italy had to drop out of guarantee structure. France, German contingent liabilities would be > 50% of GDP if EFSF expanded; added to France, Germany current debt may trigger downgrades to both countries." Yes... and no. As we explained when we referred to a far more accurate and complete report by Bernstein, merely a €1.5 trillion expansion in the EFSF, would mean that Germany is on the hook to the tune of €790 billion or 32% of German GDP. If France is downgraded, Germany essentially becomes the sole backstopper of the entire Eurozone, to the tune of €1.4 trillion or 56% of its GDP. Now let's assume Daiwa is correct, and the full amount under the EFSF has to increase to €3.5 trillion. That means that Germany "contin[g]ent liabilities", in the worst case scenario where France again gets downgraded, and it likely will eventually, would surge to about €3.3 trillion, or an insane 133% of German GDP!
Now let's put today's events in perspective.
Basically what just happened an hour ago, is that the ECB gave a green light to use the SMP program to buy Italian and Spanish bonds: the two countries which recently put themselves into a self-imposed capital markets exile as we reported earlier. The problem is that the SMP's unsterilized purchasing capacity is de-minimis and it is merely a stopgap until the sterilized EFSF is enacted in its final form. The question is precisely what this final form will be: will it be €1.5 or €3.5 trillion. Nobody knows yet which is why Rehn refused to answer the question twice already today.
Either way, let's assume EFSF gets clearance. At that point the SMP gets deactivated, and EFSF takes over.
And here is where Germans get angry, because explicitly they end up backstopping everyone in europe! And the cost to them becomes 133% of their entire economy in a worst case scenario, which of course in this centrally planned world, is now guaranteed.
So the ball is now basically in Germany's court: will the German export sector be ok with leaving the country on the hook to a complete implosion once the final European house of cards implodes, or, will German practically once again take over, and tell the ECB, the bureaucrats and every other insolvent European country to go shove it, in the process bringing back the D-Mark and returning to a life of quiet contentment without a customs, cultural or monetary union.
Oddly enough, our money is on the latter.
PS. In the meantime, short Bunds (or to borrow a Gartmanism, go long gold in Bund terms) ahead of the market's realization that peak risk transfer from the periphery to the core is now in process.
PPS. A fully funded EFSF will need to issue €3.5 trillion, or $5 trillion in debt. Repeat: $5 TRILLION.
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It has never been of German interest to work for the Russians (and that´s what they mean when they talk "natural born partners" and a neutral Germany).
Heh. Wasn't it the Germanic tribes that made Slav the root of the word Slave?
Germans may hate Russians in the Summer, but in Winter they must be friends.
http://ec.europa.eu/energy/energy_policy/doc/factsheets/mix/mix_de_en.pdf
Therefore my house has this nice, luxurious fireplace (plus lots of solid, dry beech-wood stored in the garden).
S&P at 1211, up 43 points from 1168 bottom. Near term bottom is in. Trade accordingly
The rock solid bottom is ZERO... play their game, feed their monster
But nice scales of justice anyways...
His are bigger than yours
we're starting to get a picture of what the cash management function was like at Enron a couple of months before collapse.
Germans should riot.
I can hardly keep up with this alphabet soup of programs.
Interesting, but Germany has an option on Euro at this point, no? They basically control it via their "backstop decisions". I believe the question is; "Is the German export machine willing to 'give up' its control of the EUR by returning to the D-Mark?". If Germany can avoid giving up that control, and continue to keep the EUR in checkto their liking (i.e. keep it in a range that is suitable to their exporting needs), why wouldn't they? Of course this is playing with the proverbial fire considering there is the German public to deal with. However, I think we all know by now that the general public is generally easier to manipulate than a currency. Just a thought...Germany does what it to keep their EUR option until it is no longer plausible; I'm sure they'll figure something out.
There will be blood ...
Cum over here big boy. For a few extra euros, I'll make you feel extra good.
http://news.yahoo.com/photos/mermaid-sighting-in-hamburg-1312462841-slideshow/
On the one hand, you wonder where they got that much money other than printing. On the other hand, you know they will have this "fund too big? fund too small." loop back at themselves shortly. For now, I need to find a good market level to sell the tiny position I have left.
Funny that this is all announced on the day when German industrial production missed at minus 1.1%. And Italian GDP met.
LOL, German economy is supposed to float all of Europe now? I give it a couple hours before this ridiculous FARCE sinks in and markets resume their downward spiral.
Just have to keep the farce in effect till US markets close so they have cover to the weekend...huge binge of hookers, coke, and liquor at the hamptons and they will figure it out monday.
sigh.....i wish i was in the hamptons this weekend too....
You know it - cause only assholes investing other peoples money go long here. Friday afternoon after lots of down days with the bullshit seeping into even MSM headlines - nobody wants to be exposed to a weekends events only to to be stuck on Sunday afternoon watching Asian markets puke then staying up half the night watching futures tank.
It was worth it to see Simon Hobbs soil his pants over this announcement. He made the comment that it doesn't matter where the money comes from, it's a game changer. Hilarious stuff.
Did Simon really use the word "game changer"? Funny how Brits Americanize their language when overseas.
No I think Simon really said 'I suck major dick'.
Yes, and he even put his pom poms down to hold up the press release.
If Germany maintains its current position it will need all the rescuing in the world itself.
The cost of losing the battles and winning the war is maintaining the unweildy empire. And so Germany retracts reinstates the Mark and essentially buys up whatever it wants in the EuroZone with expoentially increased purchasing power!
Long live the Euro!
They've already broken our constitution. So what? They will do it again. SPD, CDU, Greens, FDP - they are politicians and they don't care about normal people. Champagner socialists - they will join their Maoist friend Barroso, the Haiku poet van Rompuy and all the other jokers...
In the end - we will be blamed for the outcome - we are already being blamed for the problems in Greece. Do you know that the ordinary German has lost a staggering 22 % of his income since the introduction of the EUR. Every German that is not earning 4000 EUR has lost income since the introduction of this crap currency. Sure, our companies are doing well and they want to protect this currency - the media whores are defending the EUR like their CNBC brethren. FAZ and Der Spiegel are a bit more critical - ZEIT is waving the EURO flag like the rest of the state controlled media.
They did not ask the German population about the EUR. Germany is not a democracy. Sure, we vote and elect - but in the end it does not matter. And so they will break our constitution again. This won't end well. There is a lot of anger here.
PY-129. Right on, brother. Love the term of abuse for it, and how it is spoken in the different dialects.
TEURO!
That is very, very true, PY-129-20. Lots of anger.
The fact, that Schaeuble of the ruling CDU is asking for a change of the German constitution again and again, to have the Bundeswehr ready for riot control when all goes wrong, makes the picture complete. The draft system has already been sacked, lately.
" blamed for the outcome - we are already being blamed for the problems in Greece. Do you know that the ordinary German has lost a staggering 22 % of his income since the introduction of the EUR"
That my sir is what the price is to be paid for modern day financial alchemy as the central bankers endlessly through their purchased politicians now globally work to monopolize all money and use to wage as a weapon of war. The bankers try to print production but really they print personal wealth on promises of future production of first the citizenry but eventually the citizens offspring. It allows them to arrange like chess pieces the geopolitics of the world and none of them have spent a day making a shirt, mining for gold, creating a product that is offered up to the free markets.
They siphon..they parasite and shave much like gold shavers of ancient Rome. That is why no nation should be permitted to leave a metal standard based upon actual productivity that can be measured in the free market and bartered against all other PRODUCTIVITY. When you hand over the capability to create an illusion to stop gap deflating prices you are left with a cartel that becomes the equivalent of a monetary heroine dealer. They peddle the monetary heroine with promises of US retaining our standard of living collectively and postponing belt tightening in the household and they tell us IT WILL LEAD TO FUTURE GROWTH.
In the end it cements itself into promises that must be repaid with generations of labor and it grows exponential in order to kick the can to your great great grand kids..And then come the cuffs of austerity or higher taxes or slavery. Either that or it devolves into war. That is why money printing is not only dangerous but a poison when handed over to private interests with allegiances only to themselves at the expense of the global populace..and all the while..THEY CREATE NOTHING.
I do however recall the last time Germany was ordered to make payments that were unsustainable. If it were not for the Treaty of Versailles Hitler would never had possessed a political platform to accomplish what he had.
Bottom line is: Take risk..be prepared to lose it all or gain much but never can you come hat in hand to others asking for them to socialize your losses.
Very nicely said.
So, in order to save the EU, everbody must go bankrupt?
No, it´s in order to save the american supremacy. They just cant stand a competitor(euro), so they want to blow it up. So far unsuccessfully, but, they´re trying very hard....
The only reason to form an EU is to challenge the US.
All is fair in love and war.
good joke
Going long over the weekend, doesn't make a lot of sense.
being "in" anything that's electronically traded up, down, sideways doesn't make a lot of sense.
today even less than yesterday and probably the coming weeks.
the gold stash I'm looking at is mine and I control if I want to stash it this way or that way or drop it on the floor if I like.
fun!
The market is untradeable at the moment and coming from a junkie like myself that's saying something. It hinges, on almost an hourly basis, upon which mandarin (as in 'Bureaucrat') is running his mouth at any given moment. No positions into the w/e here.
It’s the fiscal pincer movement...fuck sake, if Merkel can convince the Germans to buy into that then she has more charisma than Hitler.
LOL
You see Hitler got as far as he did because he had popular support, none of the current politicians have this but they don't need it, they rigged the game so that no matter what happens they get
what they want, and always get 'replaced' by some1 who will continue the policy no matter what the immidieat political consequences
Sure Hitler screwed up a lot of things I would not wish for 'his' return but he was honest and did what he said he would do and people genuinely loved him for it,
he had more support and people behind him all the way to the end than any of today politicians can ever dream of
Sure Hitler screwed up a lot of things
That is a slight understatement.
I also recall multiple plots to assasinate him. So much for "being loved" right to the end.
Umm, thoroughly decent chap, one or two flaws but nothing huge, was a shame though that he tried to slaughter everyone, things could have been so different…but they were never meant to be different. Fascism gives everyone what they want, that’s how it starts, politics becomes so polarized in a crisis that the masses fall into the trap of believing in a possible nationalist utopia, with no repercussions. But when they are all fully indoctrinated over a generation, mobilized and worshipping at the pathetic alter, then the real fun and games can begin with the fascist doctrine. I think you are over looking a thing or two mate, for everything a price.
http://history.eserver.org/fighting-fascism/
Curiouser & curiouser.
Well, that settles it, I am starting my weekend early. I don't want to soil my conciousness with anymore of their bullshit. have a great weekend everyone, the driving range beckons...
everything is fixed , thank god, I was getting worried.
Don't know if you intended it but I love the double meaning. I salute you.
Why even keep up the appearance of the charade? Markets have to go down to get more QE like a heroin addict begging for methadone. Is this all just so the banksters can say they got rich within the rules?
What a rigged system. Too bad our artificial laws don't allow people to do what nature would demand of the monsters running our world. Again, within the rules which allow seemingly infinite dodging of consequences.
Get ready for QE1,368 or something similar.
Sounds funny, but won't happen.
Governments have been overthrown for less.
Ah, now I know why they placed all these police officers around the Bundestag.
War on terror my arse.
Here's my suggestion:
Let's kick the U.S. army parasites that are currently tainting German soil with their presence out of our country.
What do these child molesters and war criminals want here anyway ?
A bunch of lawless thugs who are fighting Corporate America's wars as mercenaries.
You know 3 months ago they shot 2 of them in the head.
That was funny.
Quite the post rewrite there.
That's what the Poles, Russians, French, Belgiums, Greeks, and a few other nationalities said last century.
Keep reading this thread!
Franken_Stein here goes on a TEAR later on! A real bender!
He hates Amercians and Jews. He must have been getting drunker by the minute as he writes downthread. Awesome anti-Jew and anti-American. Maybe he will collect more junks than anyone else here at ZH.
As a German I do not agree with you. Where do you live? You are from East Germany. Don't get me wrong about this, but you don't have a fucking idea about American soldiers in Germany.
In my part of Germany literally nobody wants to see the US soldiers leaving. Sure, money plays an important role in this and many of the cities depend on that money. Do you know Pirmasens? Ever been there? You know what happened to that city when the Americans left? It's a smaller version of Detroit. I've never seen a more depressing town in former West Germany.
But it's not only about money. Believe it or not - many of them are welcome here. I've seen Germans helping out Americans and Americans helping out Germans. We are allies and friends here. Sure, not everything is rosy and mistakes are made by both sides. But if you think that Americans are not welcome here, you are absolutely wrong. In all the years I've never heard a critical word about them or their presence here - never. I am not lying to you. Do you know that Americans build infrastructure in some German cities? Infrastructure that is still being used by Germans?
And I guess you've never spoken to an American soldier. You think they are all sheeples; some of them are; but most of them are not. If I would be an American taxpayer - I would demand that they close more bases here and elsewhere - that they stop the wars and focus more on the American people - about their needs and so forth. Stop this TSA madness and close most of the useless Anti-Terror agencies. As a German in a region where most Americans are stationed (and I am not depending on them) I would be sad to see them leaving - over the past years I've met a lot of interesting people from the States.
And on a side note: Yes, there are war criminals among American soldiers (like in every other army on this planet) - but it's unfair to judge every American soldier by this - as it is unfair to say every German soldier in WWII was a war criminal. There is more than just black and white.
"Americans" aren't the problem.
They're just people. They can't help what's happening, to anyone else but in their name.
Thanks for posting this. Imagine, we are appreciated somewhere. My husband was stationed in Germany, he loved it, Germany, and the German people. I'd love to go as a tourist with him as my guide.
Beyond that, your post was thoughtful and balanced and I appreciate you.
A lot of what you say is very true. When I was there we returned all of the facilities at Nurnberg to the Germans. But before we did that, we upgraded and remodeled/refurbished all of it. Even after the turnover, I spent a lot of time in Nurnberg, and most everyone I dealt with welcomed us warmly whenever we were around the town. It is sad to hear the fate of Pirmasens though. I believe the time of empire for US should be over and we should not be anywhere occupying anything just based on the fact we are broke. The whole NATO thing as a guise to keep troops in Germany after the cold war is over, too. I am sure many Germans and Americans will be sad to hear those facts, but they are facts. There was a time when it was prudent to occupy after the war but the time of the US empire has passed the only question is will it be ended voluntarily, or will it be ended through defeat at the hands of our next trumped up foe. I am sure most of us Americans would prefer to end it voluntarily lest we be handed defeat and have to live occupied like we have done to others. Unfortunately our "leaders" are delusional to believe it cannot happen here, so they will keep it going until we people have to endure the inevitable collapse and possible occupation at the hands of others who might not be as nice as we were when we won the wars.
Danke.
I bet what you say is true, not many people in Germany resent the Americans, that only shows you how low the German nation has fallen,
any foreign soldier on my soil is an enemy (even if they are building things and acting friendly) 1 order from the top and your at war and
the enemy is sitting in your backgarden, no sane nation would allow this. Things might have been different during the Cold War but 10+ years after
there is no justification for tens of thousands of soldiers(There are more American soldiers in Germany than Iraq!) on German soil, alle raus und zwar plötzlich!
The $h*t-moutain is piled so high now that it's causing $h*t-quakes.
Let the algos have their squeeze before the weekend. This is coming back to haunt them just like every other quack solution since 2008.
Are you a Trailer Park Boys watcher? Just saying, everything they say is about shitstorms, shit troopers, shit hawks, shit quakes.
They will get this game down the road for a couple more years until they get the SDR functioning properly then we will get the big reset...
Germany, what an interesting 66 years this has been.
To be honest I can smell the us treasury in the Bundesbank - their decisions are irrational at best , me thinks the company has infiltrated the ECB or maybe it was always there............
Th treasury boys wants to implode the Euro - and it looks like its minions will get their way.
Its sad really........the BIS or the Anglo boys.....its that all there is ?
Spot on, this is a blatant frontal attack on the euro and coming straight from our "friends".
what´s all that complaining about the eropeans? They are much more efficient than the us. Just for instance ,germ. ,france,italy,austria and the netherlands are not more than one third of us population,but producing two thirds of american GDP.
So when exactly do the Panzer's take to the streets along with the Weremacht to re-establish the borders of the Fourth Reich?
The Euromorons are stuck with doing things the wrong way, no doubt years of trying and failing to assemble Ikea furniture with the wordless instructions.
Instead of working on the debt margins where a rate guarantee might be had for a piddling few billion euros, the Euromorons assume the various debts are now instantly and completely worthless and must be replaced 'en masse' with shiny new Franco-German debt.
Yes, that will indeed convince the markets for EU members' bonds ... that the Euro establishment has completely lost its collective marbles.
No wonder everyone is bailing out of the market! The speculators are just as bad, creating by their actions the conditions they desperately seek to remedy. Where are the capital controls?
The failure for the EU to market a European bond within a European bond market is the limit of asininity. Look to (bankrupt) America: it times of trouble what does it sell in the trillion$ to eager refugees with upturned, fluttering hearts? Treasury bills, notes and bonds, in an American bond market. Right now the entire USA economy nothing more or less than servicing its own massive debts! Where are the EU bonds, bills and notes?
Up Charlemagne's ass where they do nobody any good.
Jezzus Christ, the stupidity is enough to make me into a moslem!
Is it Stupidity Steve ? .. come on even a Dork knows they must print new euros - no its something else , I think its the company to be honest - they have even infiltrated the French executive , not sure about their CB though.
www.youtube.com/watch?v=zk3A6WgifJo
I'll pledge a few trillion if it helps the banksters any.
Cyber Threat Resembles Pre-9/11 Terror Threat, Says Former CIA Counterterrorism Chief
Government leaders don't understand the gravity of the threat of cyber attacks or the implications, ex-CIA official tells Black Hat attendees.
http://www.wallstreetandtech.com/data-security/231300305?cid=nl_wallstreettech_daily
************************************************************
On Aug. 4, BIDS saw volume hit 136 million shares, its fifth day with more than 100 million shares traded since the dark pool first passed that milestone on July 21. BIDS' average daily volume in July was 72 million shares, up from about 65 million shares in June. (BIDS double counts its volume, a standard practice for dark pools.)
http://www.tradersmagazine.com/news/bids-new-highs-dark-pool-ats-108013-1.html?ET=tradersmagazine:e974:55405a:&st=email&utm_source=editorial&utm_medium=email&utm_campaign=tm_weekly_080511
Good for PMs
Time for a new Global order, question is, who is #1??
The Germans must pay.
If they utter so much as a peep of protest, the international banking cabal will start mentioning WWII and the 'Holocaust'.
Yes, you can already hear the whispers in Paris, as France pays a 90-basis point spread over Germany to borrow:
'LE BOCHE PAIERA!'
Nonsense. When this (artificial) panic is over (after QE3 is announced), Italy will be able to finance itself via market in the same way as 3-4 months ago.
Today's lies brought to you by:
OPERATION KEEP S&P ABOVE 1200 UNTIL BENNIE CAN LOAD THE HELI
Europe safe, the can has been truly launched down the road...now, that little problem with the US Dollar, who'sfirst? Looks like it's the US to go. I saw Schiff recently proclaiming EURO would be safe until USD collapses first.
And when I say kicking U.S. war criminals out of Germany, I means this:
http://www.ramstein.af.mil/
What THE FUCK are you doing in MY COUNTRY ?!
Importing your stinking American WAY OF LIFE, which is nothing but a fucking joke ?!
I'm not aware that the Bundeswehr is running any bases in Idaho !
We should publicly burn American flags here.
Same goes for the Japanese.
WeOur nation existed 1000 years before any Mayflower landed on the shores of Amerika, 1000 years before Jamestown was founded.
We were kicking the Romans out of Colonia/Cologne.
Why are we under occupation of such a cultureless warmonger nation led by stinking, fucking hymietown Jews ?!
Ami go home !
Ami go home !
Ami go home !
And take your stinking Joohoos with you !
Damn boy calm down there. Stop seizing other countries and it will be safe for the US to leave you alone. Seems Germany has been at Peace for nearly 70 years thanks to the good old US of A.
BTW, you can now thank us for rebuilding Germany after WWII. And for protecting your sorry ass from the Soviets. And the Berlin Airdrop of 1947 so Daddy and Mommy didn't starve.
And finally, of course you can thank the USA for the Zero Hedge message board for you personally to hang out at.
You rebuilt Germany(Europe)? Dont drink that much. The whole Marshall plan was worth $13 billion. You cant rebuild a small town for that, never mind a (completely destroyed)continent.
Keep reading everyone for more AWESOME DRIVEL from Franken_Stein!
Better thank Stalin for the Marshall plan. If it wasn't for him moving west the Germans would have continued on 700 calories a day till they were gone. Besides, if the U.S. didn't help rebuild Germany who would be selling submarines with intercontinenal nuclear missiles to Israel?
Right on, kick them out, you got my support.
The substance of your little rant is the self evident reason the huns must be supervised lest they unite behind another lunatic tribal chief. Too much herd instinct can be a bad thing.
Those "Amis" are on the Czech border protecting you from those Com........er, that's right, the Czechs are now in Nato? Well, I'm sure you Germans don't mind paying the U.S. for that protection even if you don't need it.
I can see you are worked up here but could you answer a question as honestly as possible for me?
How many Germans would share your a opinion?
btw I am not American.
The Sun is shining. The DOW is up. Zero in Office just had a birthday party for the ages. Would could possibly go wrong?
Any You Tubes for Obama's 50th made public yet?
Or the NBC nightly news bit with Tyler from last night?
WORLD BANKER MAKES STUNNING CONFESSION
http://www.youtube.com/watch?v=mOwZwkhFemQ
THE FORMER PRESIDENT OF THE WORLD BANK, JAMES WOLFENSOHN Explains how Americas Production / Manufacturing has been and is continuing to be cut into pieces and moved off shore. This is very much worth your time, if you are from the West or planning on living in the West.
http://www.youtube.com/watch?v=mOwZwkhFemQ
America was sold off to the World.
***** “Over the last ten years, China has mounted the biggest challenge to the U.S. manufacturing sector ever seen, threatening producers of steel, chemicals, glass, paper, drugs and any number of other items with prices they cannot match. Not coincidentally, the United States has lost an average of 50,000 manufacturing jobs every month during the same period.” *****
http://blogs.forbes.com/beltway/2011/02/14/intelligence-community-fears-u-s-manufacturing-decline/
The United States has shipped over 7 Million Manufacturing Jobs to China in the last 11 years.. along with those 7 Million Manufacturing Jobs the Tax Base that those 7 Million Manufacturing Jobs Represent. If you look at a 25% tax bracket for $50,000 dollar average pay.. over 10 years.. works out to $7 Trillion Dollars or Half our National Debt.
http://www.youtube.com/watch?v=6a0zhc1y_Ns
Former World Bank President: Big Shift Coming
James Wolfensohn, former president of The World Bank and CEO of Wolfensohn and Co., addressed Stanford Graduate School of Business students with details about his work at the World Bank during its transition years and how the equation between developed and developing countries is changing. Wolfensohn claimed that in the next 40 years, a global power shift will see today's leading economic countries drop from having 80% of the world's income to 35%.
Related Article: http://gsb.stanford.edu/news/headlines/vftt_wolfensohn.html?cmpid=yt
Global Speaker Series: http://www.gsb.stanford.edu/gmp/speakers/index.html
Recorded: January 11, 2010
The Government was Paid by these Lobby Whores to allow these Jobs to go to China. Bush signed the WTO Treaty but don’t get to worked up because Obama did NOTHING to change it when he had control of the House and the Senate.
http://www.politifact.com/truth-o-meter/promises/obameter/rulings/promise-broken/?page=1
Centralize ethics and lobbying information for voters
"Will create a centralized Internet database of lobbying reports, ethics records, and campaign finance filings in a searchable, sortable and downloadable format."
>> More
http://www.politifact.com/truth-o-meter/promises/obameter/rulings/promise-broken/?page=2
Allow five days of public comment before signing billsTo reduce bills rushed through Congress and to the president before the public has the opportunity to review them, Obama "will not sign any non-emergency bill without giving the American public an opportunity to review and comment on the White House website for five days."
>> More
http://www.youtube.com/watch?v=VebOTc-7shU&feature=related
Fall of the Republic HQ full length versionSorry JW, even if what you post is useful you've lost all credibility with me.
JW you are a man I respect since the beginning of my presence on ZH, and whose credibility is so sincere it smells of Thomas Paine. As for all these 'alzheimered' shills who prefer to side with their wallets and not with their ethical values, that are the hallmark of what the true America was once, I want to laugh in order not to cry when I read their hype.But then that's life.
Bwahahahahaha.
caveman...where's your womaaan no cryyyy?
I thought that was the best sarcasm of the week.
1
470 US millionaires paid no tax in 2009
http://www.presstv.ir/detail/192544.html
US millionaires are now paying about one-quarter less of their income in federal taxes than they did in the mid 1990s.
Good.
falak pema,
You are too kind!
But it is nice to hear something nice once in a MILLION complaints!
Let ALL Hope and Pray that some kind of common sense will grip the nation..
Honestly coming up with just the right amount of truth that people want to hear is more difficult than it sounds. I have been mixing and matching, as you know.. but I honestly thought I would have had better results by now. Luckily I am hard headed and believe deeply the only way to effect any kind of lasting change is thru educating the idiots! So filling their heads with Meme's that will last longer than their readers digest mentalities would normally allow for is my goal. Garbage in and thus garbage back out, let’s hope that I can find a way to compete with garbage! if I am half as smart as I like to think I am, it should have been task long ago complete. But I bounce along in the dark in spite of the stubbed toes! maybe one day I will find just the right amount of truth on just the right subject that people will suffer and gain perspective from.
My Sincere Thanks for not only the nod but as well caring enough about others to be paying attention in the first place. You are a good man and there are not enough of you to go round it seems now days.
My Best to You and Yours now as always, JW
"or an insane 133% of German GDP!"
Japan has Debt to GDP over 200% and nobody calling it
Insane..
All ECB needs is a Euro Union Bond.. Not the situation like they have right now.. 1 Union Currency and each country has separate Bonds, then need only 1 single Bond to fund whole Euro debt. Period. With the ability to monetize Debt
via QE. It's easy to implement. This way borrowing
rates will be kept LOW for all members.
P.S.
Shorts get bulls poke in the A$$ at close..
More to come Monday.
bullish!
It seems like DEM, ITL, FRF, PTE, ESP and others are all coming back...I remember the pre EUR days when base rates in ITL were 16% and DEM was 3.5%...
This is an unbelievable F. mess!
So basically the one large and healthy economy in the eurozone is being dragged under to prop up all the sick and dying PIIGS.
Sounds reminiscent of 2008 in the USA.
welcome to socialist facism.
This weapon is Napalm Bitchez.
Germany is voluntarily going to pay higher interest rates in order to save the rest of Europe. RIGHT...sounds like Merkle wants to jump off that cliff she's hiking as well.
Rush is quoting this article right - crediting ZH. Something about a leaking dyke!
yes, leaky dykes need Depends.
Hi Siggy, sorry, did not see your comment...way to go!
Hello everyone, Rush just quoted Tyler Durden. Zero Hedge is getting major exposure. Congrats to Tyler (s).
Tyler should get some Bennie Bucks for Rush's use of his Intel.
At least someone knows where to get the real news eh?
This is easy to solve. Italians and Spaniards just have declare default and detonate the CDS bombs in London and New York. After that Yanks and Brits will be screaming like stuck pigs because of their dear FIRE economies going down in flames :) Little "fuck you" from Italy..with love!
It's only money. Actually, guarentee's. It's not like the German's will actually have to pay the dosh in. What's the big deal ;)
Chewing gum in a leaking dyke!!!
This isn't the first time Rush quoted Tyler. Actually, that is how I found this site. Tyler the ditto head, gotta love it:)
TD - now go for a link on DRUDGE ! smoke those rickety servers...
France and Germany one bailout away from fiscal crisis:
http://www.wallstreetexaminer.com/blogs/winter/?p=4143
actually Gross on Bloomberg this AM let it 'slip' that France is on his radar using the analogy of toe cancer metastasizing to the chest cavity
So now what do we call the high-yield nations of Europe?
The BF'd PIIGS? (Belgium France -- Portugal Ireland Italy Greece Spain)?
I've been partial to Portugal-Ireland-Greece--Spain-Hungary-Italy-The-rest. Still trying to fold in Belgium, France, Denmark ...
I'm sure that Sudden Debt will have an amusing view about what is going on in Belgium.
- Ned
Tyler, what do you think it is worth to China to see the dollar continue to crawl? The ECB could never have gotten this far without them!
it means they will, as long ago predicted, be able to simply buy us, then disarm us, if they merely exercise patience and discipline. its us that are war-crazed.. the chinese understand it as a fiscal exercise: war is messy and uncertain, and the favorite tool of banksters who hold no loyalty to any political entity. we will cheapen our nation to the point that china can buy up the companies that essentially drive the DOD - the contractors and subcontractors that build the war machine, then they will be able to get our natural resources for cents on the dollar... so to speak. America is a very wealthy country in terms of natural resources and the banksters intend to lock it all up, as they did our gold reserves, but the chicoms will contend with them for it. one is Babylon, the other is The Beast that ultimately plots her destruction.
I wish someone could explain to me that when we print our currency go down but when Europe prints the EUR surges? Seem ludicrous to anyone else?
More proof that this is not sustainable.
it all a games, all gamed. No fundamentals need apply.
Me too - I never understood that.
Server burped
Bad server, bad server!
I just edited out about 2k words:
One side likes civilisation, and has worked hard (oh, so very hard) to make it work.They are involved, and have spent a long time having the majority say in keeping the game going. You might mock their wine growing and higher culture, but you can't say you've all not enjoyed the run. You can diss the 1%, but they worked hard to give you iPods and keep the masses happy whilst they bred. The irony being that the 'evil bad guys' of the internet are actually on the good guy side (albeitly, maximising their enjoyment whilst running the ponzi).
The other is focused on something a little more developed, and sees the intel on planetary resources, biosphere and developmental psychology as a reason to start over. When you're getting out-bred, and chances are that the 2.0's will be subject to pogrom sooner or later, it is better to strike first. Evolution 101. And sadly - even if you don't believe in evolution, evolution believes in you. Often fatally.
Europe has a better chance at #1 than the USA [insert my 2k words now] - sadly, #2 doesn't care and is gaining momentum. Wait.. did I say 'sadly'. /trollface
Must Read
8 Reasons Young Generations Around the World Will Not Stand Up or Fight Back for Change....
http://seenoevilspeaknoevilhearnoevil.blogspot.com/2011/08/8-reasons-you...
OT: 2 min video...hilarious...
http://www.youtube.com/watch?v=W0Uju3tYS2s
Awww fucking snapp muther fuckers!!1
Biggs is bullish, time to mortage my granny and go triple short this market biathhhchh!!!
Barton Biggs, a managing director with Traxis Partners, dismissed Thursday's sell-off as "another Wall Street flash crash panic" and said that, despite the recent spate of weak data, he still believes the U.S. economy could show real growth over the next couple of quarters.
"I'm sorry I can't get bearish here," Biggs told CNBC Friday. "There's too much fear and too much panic selling. There's too much momentum-oriented selling, and I don't think the global economy's going to collapse.
Tight stop-loss limits and high frequency trading contributed to the selling once the market started to cascade downward, Biggs said.
"This another Wall Street flash crash panic, and I think it's overdone," he said. "Any long-term investor ought to be buying stock."
Lumber futures agree with Biggs.
Why do Jews even exist ?
I don't see any point in their existence.
Here's why:
They want to be so smart, yet they believe in God, or Jahve as they call it.
An idiotic concept.
This simple proof will show you that there cannot be such thing like God, simply by constructing a logical contradiction:
In order to be a God or God-like entity by generally accepted human standards, one must fulfill the following preconditions:
1. Be immortal
2. Be almighty
Now according to the Bible, whose Old Testament, the Book of 5 Books, is the Pentateuch, which is the Torah:
1. God created the universe and the Earth in 7 days
2. God destroyd Sodom and Gomorrah
So God can Create and Destroy.
Since he is almighty, he must therefore be able to:
1. Create anything
2. Destroy anything
Now one simply has to ask:
Can God create something, that he cannot destroy ?
A) If YES, then there is at least one thing, that God cannot destroy.
B) If NO, then there is at least one thing, that God cannot create.
Hence God is not almighty.
Hence God is no God.
Hence there is no God.
The same contradiction can be reached when one asks:
Can God destroy himself ?
If YES, then God is not immortal, hence no God.
If NO, then God cannot destroy anything (See 1st contradiction), hence is no God.
Quod erat demonstrandum
But the Jews and any other Christian idiot wants to tell me, he has found the highest truth.
Fucking MORONS !
Didn't Jesus say:
You cannot serve me and mammon at the same time.
Then why do we find so many Jews among the paper gamblers, especially the Rothschilds ?!
And why do you Americans send us your mormons and your fucking Scientology assclowns into our cities and towns ?
I've been asked numerous times by American Christians who show up here when nobody invited them.
We don't need your indoctrination !
I think you're lost dude - the religious nut job site is the next door down on the right.
Maybe it's just me, but I thought Jesus also implored us to remove the log from our own eye before we citicize the splinter in our neighbor's eye.
Take your garbage and get packing!
Jesus didn't even exist.
Just because some asshole wrote it in a stupid book, doesn't mean it's true.
The whole biblical story is a made up farce, a lie !
Fucking church !
Fucking Christianity.
Chriustians are just child molesters, look at all the child rape scandals.
are you drunk and poetic or sunk and despotic?
Hey, you brought it up bro..
You and your mentor sure have a lot in common. Now shut up, work and send money to Greece, idiot..
Keep reading for more AWESOME DRUNKEN RANTING from Franken_Stein!
- $1650 to the Jew hater.
Methinks it's about time for Tyler to ban your sorry ass!
Grow a pair.
When you hit -50, you cease to exist. You can either act like a carebear and fear the junks, or post confidently, and ride the times you hit -14 or -29.
[Hmph. Does -50 even do anything now? Grump]
Damn bro, you had folks going for a while but you had to take it over the top. You jumped the shark, you are so outed.
Uber Troll!
It was funny when Cosby did the same shtick: "Is God so powerful that he can make a rock that he can't pick up."
Yours? Not so much.
- Ned
I guess I need to tell Governor Perry to just chill some cash... Texas will be able to buy Germany on the cheap in a couple of years...
Texas will have spent all their cash on water by then...
China will buy Germany on the cheap in a couple of years - maybe.
Wall Street's worst stock plunge in three years unfolded in a relatively orderly manner, as market safeguards put in place after last year's "flash crash" appeared to have done their job.
Despite significant glitches hitting European markets and a few minor headaches in the U.S., participants gave high marks to the complex electronic-trading network that suffered a meltdown in May 2010.
"The markets were very similar from a macroeconomic standpoint as they were on May 6 of last year, and obviously things performed much better," said Joseph Cangemi, managing director of electronic trading for Convergex Inc. "We could have had ...
I can never understand why the German speaking nations teamed up with countries like Greece, italy, Portugal.....seems their cultures are too disparate....not to mention their work ethic and economics.
They didn't team up. It was a shotgun marriage arranged by the global elite
Will Germans do anything about it? Not unless they start feeling some of that economic pain (possibly due to QEIII weakening the dollar vs. Euro). It's a race to the bottom currency war. Of course, fear sets into the market every once in a while, but one does get the feeling the wheels are starting to fall off.
Isnt this extremely bearish for the euro?? The us market HAS NOT fallen far enough for QE3 yet. Either an announcement of a 3.5 trillion euro fund or the announcement of German unwillingness to participate will be super bearish for the Euro, wont it? Im shorting euro into the weekend. thoughts?
I'm glad that we got rid of all these Rubinsteins, Blumenthals, Silbermanns, Kohns and Levins.
Look how fine we are doing without them.
For 60 fucking years we had no monetary fraud anymore.
So the rule of the day must be:
If you want your money to be sound, get rid of your local Jews.
In any other case, you're fucked as a nation, because you are the host that has been befallen by a parasite that is sucking the lifeblood out of your nation with their financial gimmicks !