Farage On EU Summit 'Breakthrough': "It's Not Credible; Nobody Believes You"

Tyler Durden's picture


Judging by the modest rallies in what was already hugely oversold risk asset markets in a perfectly timed illiquid 'holiday' mode, it would appear that, just as MEP Nigel Farage blasts his European Parliamentary leaders, "Breakthrough? Nobody believes you". The new bailout vehicle - the ESM - is doomed before it starts as he notes "the wheels are coming off" highlighting the legal challenges in Ireland and Germany, the Estonian Justice Minister saying it won't fit their constitution, but most fun of all, the erudite Englishman barks "the Fins and the Dutch seem to have broken the agreement that was made in the middle of the night". Perhaps the "little countries" don't have a say in Europe anymore as his frustration with Barosso and Van Rompuy in their self-congratulatory smugness is clear when he jibes that "The Euro-crisis appears to be insoluble" noting that their incessant public calls that the worst is over or finger-pointing and blaming others has made them "an international laughing stock". It appears, like us, Farage does not see this as a game-changer - concluding that vacations should be put on hold as "the markets will all but guarantee we'll all be back here in August".


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Tue, 07/03/2012 - 08:28 | 2583209 GeneMarchbanks
GeneMarchbanks's picture

"the markets will all but guarantee we'll all be back here in August".


Tue, 07/03/2012 - 08:34 | 2583218 LULZBank
LULZBank's picture

I think Tylers just posted this thread, today, for the LULZ!

Tue, 07/03/2012 - 08:37 | 2583234 trebuchet
trebuchet's picture

they must have done - "hugely over sold risk assets ... "   ??????????? WHAT????? with DJIA/SP a few % from their highs while we have ALL leading macro indicators except Personal consumption spending showing CONTRACTION???


probably Sarc LULZ

Tue, 07/03/2012 - 08:57 | 2583289 wang (not verified)
wang's picture

circa 2008 


So it was no small concern this spring when some experts questioned whether the rate's daily updates were rigged to be artificially low. Set LIBOR rates too low and borrowers might get an undeserved windfall -- at lenders' expense.


Tue, 07/03/2012 - 08:53 | 2583292 ptoemmes
ptoemmes's picture

Maybe if we just start thinking of the various equity indices as "count up" doomsday clocks.

S&P 1500 - BOOM (and not in a good way).


Tue, 07/03/2012 - 09:05 | 2583331 GMadScientist
GMadScientist's picture

An entirely different gold rush.

They say the men who tamed the west showed up with pennies in their pockets, but they neglect to mention they were also not unarmed.


Tue, 07/03/2012 - 09:12 | 2583344 Treeplanter
Treeplanter's picture

Oversold only because we live in Fantasy Land.  The people over there in Reality are laughing at us. 

Tue, 07/03/2012 - 09:21 | 2583360 DavidC
DavidC's picture

Quite. This is something that has had me totally bemused. 'The sky is falling in' and yet the Dow is under 500 points from its 2012 highs.


Tue, 07/03/2012 - 09:37 | 2583393 Max Hunter
Max Hunter's picture

and its 2002 highs as well.. Hmmmm

Tue, 07/03/2012 - 08:38 | 2583239 vast-dom
vast-dom's picture

Farage is the MOTHERFUCKING MAN! Too bad he can't gain control of this ship of duplicitous fools!

Tue, 07/03/2012 - 08:50 | 2583279 Ancona
Ancona's picture

Nigel is definitely the man, but it's too bad he's been branded a kook because he's not afraid to stray from the party line so to speak, and tell the fucking truth. Just like Ron Paul, he is laughed at because he goes against the grain of GovSpeak.

Tue, 07/03/2012 - 08:55 | 2583299 ptoemmes
ptoemmes's picture

But just think who has branded him a kook - or perhaps in a different setting a terrorist?!  The same one's who brand blogs like this as - whatever.

Predictable I'd say...

Tue, 07/03/2012 - 09:25 | 2583368 Treeplanter
Treeplanter's picture

Ron Paul is great at explaing the Grand Scam and he gets a lot of appreciation for that, Sarah Palin has praised him for it.  But he's also King of Pork and a blame America first guy.   His son is impressive and looks headed for leadership in the Senate.

Tue, 07/03/2012 - 08:54 | 2583295 paint it red ca...
paint it red call it hell's picture

he does not need control of the ship, just the scuttles.

Tue, 07/03/2012 - 10:00 | 2583491 Peter Pan
Peter Pan's picture

Here we are all heaping praise on Farage for speaking up. On the other hand we are content to pulverise the injustices from the comfort of our computer keyboads using pseudonyms.

I tell you fellow contributors that unless we speak up louder in our families, circle of friends, workplace and anywhere we can, Farage will not be able to do much more than he is doing.

Clearly we admire Farage but has he inspired us?

Tue, 07/03/2012 - 11:15 | 2583896 Moe Howard
Moe Howard's picture

Are you claiming my name Moe Howard is a pseudonym? Really?

Tue, 07/03/2012 - 11:18 | 2583912 Peter Pan
Peter Pan's picture

Because I have a soft spot for the real stooges, I admit you are the real McCoy.

Tue, 07/03/2012 - 11:37 | 2584025 merizobeach
merizobeach's picture

You make an excellent and fundamental point.

I had a brief career as an activist when I was young; I got the clear impression that the average public didn't care at all that I was trying to make an improvement in society, and many even felt some degree of disdain for my attempting to include them in my efforts.  Even things as simple as just registering voters.  I even once got arrested by police--cuffed and carted off--for peaceably circulating ballot initiative petitions at the "People's Fair" in Denver.  My point--the same as yours PP--is that apathy is a crippling mental illness when it takes hold in a society.  Finally, I figured I'd better just save myself rather than focus on a society that resented my efforts.  At least our efforts back in the day were successful, and medical marijuana, among other new laws, are on the books, in Colorado and other states.

Tue, 07/03/2012 - 08:43 | 2583260 LULZBank
Tue, 07/03/2012 - 08:56 | 2583300 slaughterer
slaughterer's picture

Too bad there is only one Nigel Farage.   The EU needs a whole army of them in every public office in every country.

Tue, 07/03/2012 - 10:27 | 2583625 _underscore
_underscore's picture

That's ma boy!  He absolutely twatted old Van Rumpy-Pumpy & Boracic. Those 2.5 minute slots have made NF - just the right amount of time for a full cadence & amen chord.

I'm sure  a 'clap-o-meter' would show increasing volume & duration over the past few years; the other delegates seem increasingly to wear that nervous & wan  fin-de-siecle Ceausescu smile.



Tue, 07/03/2012 - 08:30 | 2583211 cherry picker
cherry picker's picture

Farage is no dummy and he says it like it is, not what they would like to "spin".

He is like a man trying to push an ass with a carrot  :)

Tue, 07/03/2012 - 09:05 | 2583330 slaughterer
slaughterer's picture

Tyler, there was some interesting overnight developments with BuBa's TARGET2 ;-)

Tue, 07/03/2012 - 09:10 | 2583343 GMadScientist
GMadScientist's picture

"Put it on my tab, please." - Dancing Nancies


Tue, 07/03/2012 - 08:31 | 2583213 lordbyroniv
lordbyroniv's picture


Tue, 07/03/2012 - 08:42 | 2583254 DeadFred
DeadFred's picture

How is it that this guy hasn't got so depressed that he's written a farewell note and shot himself in the head, twice. Or a hotel maid or something. Then again maybe that's why Rompuy and Barroso looked so amused, they know about the contract with Sergey...

Tue, 07/03/2012 - 08:54 | 2583294 Killtruck
Killtruck's picture

Wasn't there some suspicious activity with an aircraft he was supposed to be flying on, not too long ago? Hmm...I'll look for the story and see if I can get you a link.

Tue, 07/03/2012 - 09:13 | 2583348 speedy
speedy's picture

He was in the plane when is crashed.


Tue, 07/03/2012 - 09:59 | 2583482 FEDbuster
FEDbuster's picture

He needs to stay out of hot tubs.

Tue, 07/03/2012 - 10:30 | 2583641 Element
Element's picture

Or, how to harpoon a rompy.

Tue, 07/03/2012 - 09:01 | 2583305 Zero Govt
Zero Govt's picture

Last days of Rome ...even Rompuy and Barroso have 'that look' of the EU Empire crumbling and no longer the arrogance of a deaf, dumb and blind bureaucrat safe in a cushy unelected job

The power is gone from Brussels, national Govts have taken it back, these turkeys are flapping in the wind aimlessly and Nigel obviously enjoys being at a turkey shoot

Tue, 07/03/2012 - 10:02 | 2583501 Antifaschistische
Antifaschistische's picture

DeadFred wrote "How is it that this guy hasn't got so depressed that he's written a farewell note and shot himself in the head, twice"

Answer:  Because he has safes in London stuffed with Silver and Gold.


Tue, 07/03/2012 - 19:28 | 2585545 zorba THE GREEK
zorba THE GREEK's picture

You have to love this guy. I only wish the U.S. had a dozen of him.

Tue, 07/03/2012 - 08:31 | 2583214 Bogdog
Bogdog's picture

Back in August? Try next week.

Tue, 07/03/2012 - 08:36 | 2583230 Cdad
Cdad's picture

August?  Try Thursday.

Tue, 07/03/2012 - 08:51 | 2583265 trebuchet
trebuchet's picture
<<<   BoE or ECB QE on Thursday?? <<<<  NO BoE or ECB QE on Thursday??
Tue, 07/03/2012 - 08:56 | 2583301 trebuchet
trebuchet's picture

Reasons for monetary accommodation in short run: 1. leading indicators saying economies are going down.... PPT dial-up time.  2. deflation leads to loss of control of monetary policy and signs are towards deflation atm 3. central banks' existence/current godlike status will wane of there is no inflation Reasons against:   1. Banks know it will ramp inflation/asset prices.  2. They want the politicians to carry on delivering at EU level,  who have not enough done so far. 3. They are stuffed to the gills with dodgy collateral and cant afford to "ease the rules" some more until there is a serious crisis. The deeper the hole they dig the harder it will be to get out of later 4. Some progress in Europe 5. Unemployment except for in basket case (PIIGS) is showing no signs yet of recession, personal spending not showing signs of contraction as yet what do people think? market is heavily skewed to buy side... 

Tue, 07/03/2012 - 08:31 | 2583215 USisCorrupt
USisCorrupt's picture

Is the World of Make Believe actually coming apart? It is time to free the Slaves. And most of all put an and to the FED along with all Central Banks. The Fractional Reserve Banking System is nothing but the largest Ponzi System in the History of Mankind. RIP !

Tue, 07/03/2012 - 12:16 | 2584206 Bogdog
Bogdog's picture

Ok then END THE FED. And replace it with.........who? Congress? At this point I'd just like to see an actual audit made public. Oh wait...maybe not. That might just crash everything instantly. A fetid Pandora's box best left locked up in the attic.

Tue, 07/03/2012 - 08:32 | 2583216 augie
augie's picture

NINE-teen times....

Tue, 07/03/2012 - 08:33 | 2583219 azzhatter
azzhatter's picture

I love that he says it to their face. Not like the weenie politicians we have here who sneak off to find a reporter to make their claims. Good on you Farage, keep the heat on these 2 clowns. Hopefully the citizenry of Europe is getting the message. Would love to see the 2 little commie pricks hanging from a lamp post along with all of ours.

Tue, 07/03/2012 - 08:33 | 2583221 q99x2
q99x2's picture

Paint it Black you devils

Tue, 07/03/2012 - 08:35 | 2583224 jez
jez's picture

All together now:


"Well, nothin' I do don't seem to work

Only seems to make matters worse . . ."

Tue, 07/03/2012 - 08:35 | 2583225 Howdan
Howdan's picture

GO NIGEL, GO! What an incredibly frank, articulate and intelligent man. Thank you for speaking up for us and for forcing some shred of democracy on the unlected shambles that is the EU.

Clearly your experience as a commodity trader shows - you could teach those incompetent crooks a lesson or two about finance.

You've definitely got my vote sir.

Tue, 07/03/2012 - 08:36 | 2583227 Chupacabra-322
Chupacabra-322's picture

Farage better get himself a food taster.  And real soon.

Tue, 07/03/2012 - 08:38 | 2583237 giovanni_f
giovanni_f's picture

Still crusading against the enemy (Europe) of his masters (city of london). Anything heard from Nigel Farage on the libor scam? You won't.

Tue, 07/03/2012 - 08:41 | 2583250 GeneMarchbanks
GeneMarchbanks's picture

*LOL* Truth is always funny.

Look at the idiots go, weeeeeeeeeee....!

Tue, 07/03/2012 - 09:29 | 2583378 AUD
AUD's picture

Nor did we hear a peep from Farage just a week or so ago with the announcement of the BoE's new 'liquidity facilities'. Of course when the Grand Old Lady of Threadneedle St does it, it's called prudent monetary policy, when the ECB does it, it's nothing but a Ponzi scheme.

And I note Farage is still taking those euro's as a EU parliamentarian. I hope he's doing the patriotic thing & converting them to English pounds.

Tue, 07/03/2012 - 10:05 | 2583512 Wakanda
Wakanda's picture

Not everyone casts a wide a net as Tyler.

Do NOT follow this link or you will be banned from the site!