The Federal Reserve's Protectorate Expands By One: L-Pap Is Officially In Charge

Tyler Durden's picture

This is not news, and was already broken over the weekend, but at least now it is official.


That said, while the EURUSD is obviously delighted that the ECB has just placed its first proxy to head a sovereign nation, perhaps PM is not quite the right title: how about Federal Reserve Viceroy for the Aegeo-Turkish region; or Annexation Tzar for the ECB. As a reminder, L-Pap's profile can be found here.

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pendragon's picture

surely this was already in the price of eur/usd??

CPL's picture

Not sure, what did the Ottoman empire use as a denomination?  That would be your answer now.

firstdivision's picture

LOL @ Yen and Euro!

Oh regional Indian's picture

There you go, Greece is now stabilized. Italy, soon to follow. Then Ireland. Then Portugal?

Then? Masterful plan these guys have, that you have to give them.


SheepDog-One's picture

Yea they got a new guy, same as the old guy but HEY just move the deck chairs around a bit....there! FIXED!

Oh regional Indian's picture

Seriously SD1. And it's not even musical.


jdelano's picture

I bet Draghi Merk and Sark are feeling pretty clever right now.  Wonder if they'll feel less clever when the Greeks revolt and depose L-Pap on live television?  

Mactheknife's picture

G Pap, L Pap, O Pap, T Pap....they are all BROKE Pap.

CPL's picture

Papsmear is coming next.

sabra1's picture

whom do they have from GS to replace that italian guy?

knukles's picture

Hold it....  He was never at Goldman....   Mayan calendar short count time...

Oh well.  Goldaman needs somebody to skullfuck.

fuu's picture

At least he knows where the bodies are.

"During his time as Governor of the national bank, Mr Papademos was involved in Greece's transition from the drachma to the euro as its national currency."

DormRoom's picture

One by one the Merkozy Politburo will be revealed.

SheepDog-One's picture

So then the whole problem with Greece was just G-Pap? WOW!

G-R-U-N-T's picture

"If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society."

-Jin Liqun, the supervising chairman of China's sovereign wealth fund

Absolutely damn right!

Europe is finished!


knukles's picture

A commie says that about a socialist.  What's this world comin' to?


Unprepared's picture

Gone are the days when leaders had beliefs and ideologies and sticked to them. Now they are just going with the least painful option.

kridkrid's picture

I don't know.  I think we tend to look back almost romantically about beliefs and ideology when it was all just propaganda (a lot of it, anyway).  It was propaganda at the time the ism's were being sold (both for and against) and it continued to be propaganda as life transitioned from current events to history.

G-R-U-N-T's picture

Indeed, it's fucked up, here's the whole quote...and he's dead on.


"If you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of the worn out welfare society. I think the labour laws are outdated. The labour laws induce sloth, indolence, rather than hardworking. The incentive system, is totally out of whack.

"Why should, for instance, within [the] eurozone some member's people have to work to 65, even longer, whereas in some other countries they are happily retiring at 55, languishing on the beach? This is unfair. The welfare system is good for any society to reduce the gap, to help those who happen to have disadvantages, to enjoy a good life, but a welfare society should not induce people not to work hard."

Jin Liqun, the supervising chairman of China's sovereign wealth fund

pods's picture

Said from the unofficial spokesman for the country that has brought you outgassing drywall, melamine pet/baby food, lead based toy paint, and plastic rice.......


CPL's picture

But they are the best death traps and hazards money can buy.

shortus cynicus's picture

Having a beautiful beach near you is a heavy disadvantage if you are trying to work hard.

Cheap wine, hordes of sexy young tourists aren't helping too.

Rainy northern countries can easily outperform southern ones, so they must pay their share.

f16hoser's picture

What was G-Pap's golden parachute worth? I'll bet he got 50M plus......

New Boss, same as Old Boss. Greece to get uglier quickly

YesWeKahn's picture

In the end, Greece is still bankrupt. It doesn't matter who is the puppet.

John Law Lives's picture

L-Pap is irrelevant.  The EU needs millions of new jobs to be created and spending curbs to ultimately get out of this mess.  More new debt creation will not solve their problems.

SheepDog-One's picture

Same as the US! Yet now all we concentrate on is new debt creation, and the next delivery of new debt after that one! Price it all in baby!

glepo's picture

Draghi: Phd MIT, GS

AngryGerman's picture

world government bitches

FederalReserveBankofTerror's picture

Fitting that the birthplace of democracy is also where democracy returned to die.

SheepDog-One's picture

We're goin down, to FullRetard Town! YEA baby!

spanish inquisition's picture

The Euro is the central bank consolidation crown jewel and they are not going to let it go without a fight. Most of the 20th century wars were fought to bring "rogue" currency nations into the fold. Libya was the latest to gain a private central bank. Uganda has US "advisors" being deployed, they can either come quietly and "privatize" their central bank or face a freedom and democracy uprising.

SheepDog-One's picture

Yea its all plainly obvious to see this all is not about anything but the next step, 1 world bank, 1 world currency, and 1 world govt. 

Troy Ounce's picture



Papademos to head government to oversee a crash course about tax moral for the occupied Greek population!

Good luck with that!


Bicycle Repairman's picture

If the USA now has their guy in there look for a large $ injection in 5, 4, 3 ....


Can kicked successfully.

mirac's picture

There too many PAPAs and not enough MOMMAs over there!

Manipulism's picture

Papademos is currently a visiting professor of public policy at the Kennedy School of Government at Harvard University. He was previously a vice president of the European Central Bank and also served as a senior economist at the Federal Reserve Bank of Boston.

He is a Trilateral Commission member.

Hansel's picture

I'm not understanding how one PM can resign and then install anyone they want in his place.  Is that how it works in Greece?

Spitzers Black Socks's picture

I find it interesting that they can just install someone who's not a member of parliament. Is that the way most parliamentary systems work? It seems like a loophole a dictator would find irresistable.

CitizenPete's picture

And download the numbers to excel:  

St. Louis Fed Launches the FRED Add-in for Microsoft Excel

CitizenPete's picture

This whole mess is a Pap smear.

slewie the pi-rat's picture



  • clowns
  • puppets
  • and slave masters
Pitchman's picture

The good ship "Money Power Central" has plowed into an debtberg of its own making and the band plays on.

The privately held Federal Reserve is the top regulator of to big to fail banks. It's creation of money out of thin air and lending it at interest to the sovereign is the most insidious of criminal PONZI schemes.

If we truely want to restore real Free Market Capitalism to the Republic, we must first eliminate the most pernicious corrupting force of all.  END THE FED.


Money Power And The Central Bank: Life Is But A MEME




Based on Ponzi dynamics, credit expansions and speculative manias are naturally self-limiting. Credit expansions expand exponentially until the debt they generate can no longer be serviced and the greatest fool has committed himself to the exhausted trend, and no one remains to push prices up further.

Central Banks, Bubbles And The Coming Unwind


Can you say; Counter Party Risk?  See how money, created out of thin air has exploded the worlds financial sector and how it can disappear as if it never existed:

Evaporation of Wealth on a Vast Scale: How $Millions - Trillions Can Disappear


- Inflection Point