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As Final EFSF Details Emerge, German FinMin Says Bail Out Fund Won't Halt Crisis

Tyler Durden's picture


Some (non-news!) final details are coming out from Europe this evening on the EFSF structure, size, and funding. We provided a framework for understanding the entity this morning, along with some views on just how successful it would (or would not) be. EFSF CEO Regling stated that various approaches will be used simultaneously, providing the entity with more funding flexibility, which is odd since in the next breath he notes the decision to tap the short-dated debt markets in December (seems with all that flexibility you might want to go a little further out). The current lending capacity is EUR 440bn, and they expect a 20-30% partial protection approach meaning they could theoretically leverage around EUR 250bn by around 3-4x. What is most ironic is German FinMin Schaeuble's comments, via The Telegraph, that "although Europe desperately needed a fund "capable of action", plans for the EFSF were too "intricate and complex" for investors to understand", further noting that the fund won't stem the debt crisis.

But maybe the most damning statement comes from the architects of the fund themselves, Regling and Juncker, who said that it is "not possible to give one number on EFSF leveraging" and that the "EFSF firepower will be less than EUR1 trillion ". Case closed.

EFSF 10Y yields are around 4% currently - almost 150bps wide of the mid-September levels. Perhaps this helps explain the need for short-term funding.


Full EFSF Statement (in which there is nothing new and realistically no specifics):


Brussels/Luxembourg – Euro area Finance Ministers agreed on 29 November on the terms and conditions to extend EFSF’s capacity by introducing sovereign bond partial risk participation and a Co-Investment approach. Ministers also adopted amended EFSF guidelines concerning intervention in the primary and secondary debt markets and precautionary credit lines in order to use leverage. Klaus Regling CEO of EFSF commented “Both options are designed to enlarge the capacity of the EFSF so that the new instruments available to the EFSF can be used efficiently”.


Under the partial risk protection, EFSF would provide a partial protection certificate to a newly issued bond of a Member State. The certificate could be detached after initial issue and could be traded separately. It would give the holder an amount of fixed credit protection of 20-30% of the principal amount of the sovereign bond. The partial risk protection is to be used primarily under precautionary programmes and is aimed at increasing demand for new issues of Member States and lowering funding costs.


Under option two, the creation of one or more Co-Investment Funds (CIF) would allow the combination of public and private funding. A CIF would purchase bonds in the primary and/or secondary markets. Where the CIF would provide funding directly to Member States through the purchase of primary bonds, this funding could, inter alia, be used by Member States for bank recapitalisation. The CIF would comprise a first loss tranche which would be financed by EFSF.


Chris Frankel CFO and Deputy CEO of EFSF commented “Following extensive discussions with investors covering all types and geographical regions, a number of them have given their positive views and signalled their willingness to participate.”


EFSF will now implement these two approaches to be ready early in 2012 to use them effectively in the context of the guidelines for the new instruments on market interventions.


EFSF will be able to use both leverage options simultaneously. The final amount of “firepower” achieved through the use of the options will depend upon the concrete use and mix of the instruments and particularly the exact degree of protection between 20% and 30%. EFSF has currently a lending capacity of €440 billion and firm commitments regarding Ireland and Portugal totalling €43.7 billion.


EFSF is also expected to finance a second aid programme for Greece and fulfil tasks such as financing recapitalisation of financial institutions in non-programme countries. Without knowing the exact amounts needed, EFSF should be able to leverage own resources of up to €250 billion. Deployment of either instrument using leverage will only be made following a request from a Member State. Any support from the EFSF will be linked to strict policy conditionality, monitoring and surveillance procedures.


So, in summary, after extensive discussions with probably every sucker sovereign wealth fund in the world, the highly complex structure credit product and its various entities will only be able to find private funds via short-term debt markets? And that is what will save us all? Forgive our incredulity as we tend to agree with Wolfgang that this won't work.


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Tue, 11/29/2011 - 18:58 | 1927839 kengland
kengland's picture

They already said they were planning on levering it up 3 to 4 times? Why is this news being repeated as if it new? Why is the media laping it up as if it's new? I suppose tomorrow we will read that Merk and Sark will be meeting to discuss what to do about Greece?

Tue, 11/29/2011 - 19:07 | 1927865 Mike2756
Mike2756's picture

They are going to give Greece more money. Lesson for the rest to come up with their own extortion plan.

Tue, 11/29/2011 - 19:36 | 1927955 phungus_mungus
phungus_mungus's picture

Why would anyone in their right mind, firstly... believe any of this and secondly buy into it?

What are these idiots smoking?!?!?!?

Tue, 11/29/2011 - 19:37 | 1927956 Mike2756
Mike2756's picture

Doesn't look like the currency markets are buying it.

Tue, 11/29/2011 - 20:13 | 1928031 phungus_mungus
phungus_mungus's picture

Exactly... its like these fools are on another planet or soemthing.  

Tue, 11/29/2011 - 21:25 | 1928201 bank guy in Brussels
bank guy in Brussels's picture

Actually, there may be, very cleverly, a new Swiss - German currency shortly. Germany may be putting out failing, un-workable, un-sustainable ideas on purpose, because Germany is secretly planning to exit the euro before Greece does, and Germany is stalling participating in a euro plan when Germany knows it won't be there.

Germany getting ready to leave the euro, explains the German 'No' to most solution measures, why Germany is suggesting ridiculous solutions ... why Germany is exacerbating the crisis ... which Germany will shortly solve.

A super-strong Swiss - German currency which would soon be among the world's favourites.

The Swiss franc is already pegged to the euro, and if Germany, and perhaps some other northern countries leave the euro, the Swiss would obviously shift their peg to the new German money.

Switzerland could solve its own drastic problem of the upward pressure on the value of the Swiss franc, by buying a lot of German bonds to help re-capitalise German banks. The Swiss and new German currencies could stabilise together as a linked pair.

It all makes sense. It is cheaper for Germany to re-capitalise its own banks (which would collapse from the debt they hold in euros on the other countries), than it is for Germany to promise to pay for all of Europe to infinity.

And this way the southern countries could keep the euro, the European central bank could inflate for them, they could print like Ben Bernanke, they could have cheaper currency to attract tourists and export, et cetera.

This is a fit-the-dots explanation for why Chancellor Angela Merkel and the German leadership are acting so strangely ... so obstructionist to possible solutions to the euro-zone ordeal ... saying things that rather makes things worse ... pretending to support ridiculous pipe dream plans for 'supervising' Europe ... offering up a laughable EFSF programme.

In the UK Telegraph, Ambrose Evans-Pritchard has been suggesting this for quite a while, Germany leaving the euro as the best solution for everybody, leaving the southern countries with a currency deflation option to rescue themselves.

In a few days Germany will lead a meeting which will establish procedures by which countries could exit using the euro ... theoretically they have Greece in mind, but maybe indeed, Germany is secretly preparing its own exit, as already suggested here on ZeroHedge by Alexander Gloy of Lighthouse Investment Management.

It is of course unusual for Germany to be so bold in this way ... but maybe it is time for Germany to be bold again.

Tue, 11/29/2011 - 21:57 | 1928240 Captain Kink
Captain Kink's picture

i like it.  Why not include Norway, and perhaps some other northern players?

I was teaching a bunch of Chinese executive bankers today (don't ask) and had spent a good hour on a segway into the euro crisis, and describing the current state of affairs and possible resolutions.  This is similar to what I surmized.  there really is no saving the rest.  "teenagers with credit have to cut em off and kick 'em out of the nest." - this was the summary of one of the "students". I recognized at that point that it may be Germany who leads the way.. they may be working on the manner in which the generic member might be allowed to exit (or even as far as criteria for excommunication) and while all the world assumes they are enabling the exit of the southern proflilgates, they utilize the mechanism only to recreate a brand new alliance with the northern members who would have followed suit. It was a great exercise and really helped me to crystallize my own feelings on the subject.  

Wed, 11/30/2011 - 04:12 | 1929040 i-dog
i-dog's picture

Germany joining with the Swiss (the German hill tribes) makes sense. Joining with the Scandinavians, also makes sense. However, remaining on their own with the DM after leaving the EZ also makes sense (since any departure from the Euro will involve contagion all round).

But Rome (and therefore Snark-cosy) won't like that at all. Totally counter to their overall strategy and would set them back well over a century. Bring it!!

Wed, 11/30/2011 - 00:04 | 1928587 Tsunami Effect
Tsunami Effect's picture

bank guy-  great analysis and it seems like the most plausible solution... the "good euro" / "bad euro"

that would also enable the weakest to get liquidated/default without crushing the german and swiss banking duopoly.

greece is like what, 1.5% of the EU economy?  no banking just debt to the banks.  foreclose on private property, negotiate land/hard asset backed bonds for the rest with the govt.

you would create a bifurcated system where the weak countries have to pay a higher yield, but their "bad euro" is devalued to the point where they can export a lot more than swiss/germans! 

it is the best idea i have heard in two years.

i knew those crafty swiss were up to something when they made that peg!

Tue, 11/29/2011 - 20:18 | 1928042 johnu78
johnu78's picture

The whole global economy just needs to collapse so that way we can start over with something new, and hopefully something that will be far more stable than the bullsh*t economic system we have today.



Tue, 11/29/2011 - 20:33 | 1928082 kito
kito's picture

dow futures up 25 points!!! its 7:32 pm, do you know where your shorts are?

Tue, 11/29/2011 - 21:23 | 1928194 rocker
rocker's picture

You must have been watching CNBC's Fast Money when some jerk who looked like PEE WEE HERMAN's brother said the Dow is going to 20,000.

Even if they have to liquidate all of Italy.  No, I am not making it up, you can't make this shit up.

Tue, 11/29/2011 - 21:59 | 1928270 Captain Kink
Captain Kink's picture

what happens to the market under hyper-inflation?  20,000 would be easy.

Tue, 11/29/2011 - 21:21 | 1928185 candyman
candyman's picture

"RIGHT, takes an awful long time to be proven, in my experience."  patience, at times can be unbearable...

Tue, 11/29/2011 - 22:31 | 1928340 knukles
knukles's picture



A broken watch is right twice a day.
Believe me, I'm a professional.

Tue, 11/29/2011 - 23:38 | 1928501 alex_g
alex_g's picture

No Shit

Tue, 11/29/2011 - 19:44 | 1927972 Schmuck Raker
Schmuck Raker's picture

As always, the MOST important detail is STILL missing: WHOSE MONEY?

Tue, 11/29/2011 - 20:26 | 1928065 dumbfounded
dumbfounded's picture

Best laugh of the day yet !! I know that's sad but thanks anyway !!

Tue, 11/29/2011 - 20:55 | 1928131 Blank Reg
Blank Reg's picture

Dude! Don't be a buzz kill!

Tue, 11/29/2011 - 21:16 | 1928175 Terminus C
Terminus C's picture

Ummm, that question is obvious, yours.

Tue, 11/29/2011 - 19:15 | 1927883 TruthInSunshine
TruthInSunshine's picture

Even with rumors, there are only so many ways, mathematically speaking, to spin variations off of the initial one.

Hence, they're really stretching now.

I expect many more rumors, each one having even less credibility, and being greeted with incrementally more sarcasm, than the last one.

We've been able to peer into the minds of EU Member States, and most of us who are objective can honestly say that we've merely confirmed that the experiment of trying to patch together a union in what is an extremely diverse (economically, poitically, socially) Europe, sharing a common currency, was just an inherently flawed idea destined to fail.

In the simplest terms, the only way to hold the EU together as it now stands is a) to print so much common currency that inflation literally rises for European consumers and businesses to the point that the resentment that now already exists between Member States explodes, and it all fails anyways; or b) see creditors of EU sovereigns, banks and counterparties to derivatives take massive haircuts large enough to render many of them insolvent, given their exposure to the aggregate liabilities of EU DebtApocalypse.

The snake oil salesmen are claiming that the EU can be held together via the ECB, Eurobonds, etc., etc., but their claims can be dismantled systematically, because the solvent in the EU will not see their lives ruined by the reckless (and if their leaders, in some sort of push to keep a continued globalization on its tracks push this issue too forcefully, they will see uprisings in the heart of Europe).

Tue, 11/29/2011 - 19:20 | 1927903 NotApplicable
NotApplicable's picture

You seem to be forgetting war. War is always a good motivator. Especially ones involving the three major religions of Europe. Then after the wars, the weary will settle back into yet another totalitarian union of sorts, only this time with a common fiscal policy to match the common currency.

Oh, and none of us are objective. All perspectives contain bias.

Tue, 11/29/2011 - 19:24 | 1927919 TruthInSunshine
TruthInSunshine's picture

Yes, that uprising in the heart of Europe was an implicit reference to the sort of unrest that often is a precursor to wars; internal or external ones.

I honestly believe what are now fringe political parties are going to make a big comeback in Europe because of the crisis in the EU, which has only just begun. No matter how tolerant people claim they are, when their economic livelihood is suffocated in order to bail out those whom they see as reckless and undeserving, they get very angry.

Tue, 11/29/2011 - 19:28 | 1927945 NotApplicable
NotApplicable's picture

It's like it's 1930 all over again. I can hardly wait to see what kind of monsters get empowered this time.

Tue, 11/29/2011 - 19:32 | 1927951 TruthInSunshine
TruthInSunshine's picture


Hitler is a great example.

I am often reluctant to bring up political history, and try to stick to economic matters, because there is such a wide range of heated opinions on WWII and the events leading up to it, but I do not think Hitler would have been enabled had such crushing reparations been not been imposed on Germany post-WWI.

Those reparations literally put Germany into a deep depression, led to the hyperinflation Germans experienced, and radicalized the population.

Tue, 11/29/2011 - 19:43 | 1927968 Mike2756
Mike2756's picture

We have debt reparations this time around.

Tue, 11/29/2011 - 20:30 | 1928075 NotApplicable
NotApplicable's picture

Well, you have to bring up history, as it's repeating before our eyes. Same exact play as before, impoverish one group at the expense of another, then incite both sides as to who's to blame.

Better yet, doing it all from the safety of a bank, far, far away.

Tue, 11/29/2011 - 22:20 | 1928315 GOSPLAN HERO
GOSPLAN HERO's picture

The Treaty of Versailles screwed the Germans after WWI.

... it made the world safe for National Socialists (Nazis) and Communists. 

Tue, 11/29/2011 - 22:23 | 1928326 FMR Bankster
FMR Bankster's picture

Reparations were a big part of it but it was more complicated than that. Europe had a history of land grabs after wars and after WW1 almost 25% of all Germans were living on lands taken from Germany or in onclaves outside German soil. It's part of the reason there wasn't a bigger push back against Hitler's first moves.

Wed, 11/30/2011 - 09:33 | 1928744 TruthInSunshine
TruthInSunshine's picture


The Treaty of Versailles is what gave rise to the imposition of massive financial impositions in the form of reparations (quite literally so large that they could never be paid back without debasing German money, causing hyperinflation and resulting in an epic economic depression - we're talking the 90% going to bed hungry type depression).

Perhaps the most humiliating portion of the treaty for defeated Germany was Article 231, commonly known as the "War Guilt Clause," which forced the German nation to accept complete responsibility for initiating World War I. As such Germany was liable for all material damages, and France's premier Georges Clemenceau particularly insisted on imposing enormous reparation payments.

The burdensome reparations, coupled with a general inflationary period in Europe in the 1920s, caused spiraling hyperinflation of the German Reichsmark by 1923. This hyperinflationary period combined with the effects of the Great Depression (beginning in 1929) seriously undermined the stability of the German economy, wiping out the personal savings of the middle class and spurring massive unemployment. Such economic chaos did much to increase social unrest, destabilizing the fragile Weimar Republic.


Treaty of Versailles, 1919


Gosplan, land/territory issues did, in fact, play a big role in giving rise to the ultranationalist right which heralded the rise of the Nazi Party. But I'd maintain that the everyday, crushing poverty seen, felt and lived by almost all Germans, as a consequence of staggering reparations, played a larger factor in the destabilization of Germany and the subsequent rise of Hitler.

Tue, 11/29/2011 - 19:39 | 1927959 phungus_mungus
phungus_mungus's picture

There is alot of truth and plenty of danger to your statement. 

History is replete with examples of some of the worst tyrants this world has seen, and nearly all of them came from Europe... 

Tue, 11/29/2011 - 22:49 | 1928369 Tompooz
Tompooz's picture

"History is replete with examples of some of the worst tyrants this world has seen, and nearly all of them came from Europe... "

That is a very Euro-centric view.   Have a good look around the world though the last century.  

How about the future? Where will the next global tyrant hail from?

Wed, 11/30/2011 - 09:21 | 1929049 i-dog
i-dog's picture


The wars of the last century (two centuries, actually) were engineered to serve globalist political ends ... with hand-picked and financed dictators (Napoleon, Hitler, Lenin/Stalin, Mao).

The next war (if any) that will accompany a collapse of the globalists' dream will not have such a single leader, just many local warlords (eg. Somalia) - each trying to grab some local power, with local support, out of the mess.

The people of the various nation states and cultures should prepare to implement local representative governments as quickly as possible upon a collapse.

Tue, 11/29/2011 - 19:49 | 1927906 Dr. Richard Head
Dr. Richard Head's picture

Off topic, but retail fantasy about to come crashing down as conference calls within the REDACTED store retail operations tell of forthcoming retail store closings. End of January to be last days of operation for another block of stores. No article to confirm as information is fresh. I guess consumers can only buy so much stuffed REDACTED shit.

Wed, 11/30/2011 - 01:18 | 1928776 walküre
walküre's picture

They need more theme parks to sell peddle their over priced completely obsolete junk ... /sarc.

Tue, 11/29/2011 - 19:24 | 1927918 macholatte
macholatte's picture

...the solvent in the EU will not see their lives ruined by the reckless... they will see uprisings in the heart of Europe.

That is presuming that the sheeple have a voice and choose to use it. Unfortunately, as we have already seen in the cases of Italy and Greece, without agitation by a union, the sheeple will continue to graze. The oligarchs have nothing to fear but fear itself.... as long as they stay out of Iceland.

Wed, 11/30/2011 - 09:44 | 1929495 TruthInSunshine
TruthInSunshine's picture

I agree.

Although I always want to go to a place where events are taking place, so as to credibly judge the true state of affairs (I did this at the peak of the housing boom and bust, via traveling to Phoenix, Las Vegas, Miami & St. George, Utah, and three of these cities post-bust), traveling to Europe is not going to happen anytime soon - but word is that there is very deep resentment brewing in Germany and the select few solvent EU states, while we've all at least seen the tape of riots in Greece, Spain & even the UK, all being directly or tangentially related to the austerity measures proposed by particular governments and the EU, itself.

I personally believe that we'll see a lot more social and political unrest in the EU, because austerity is more likely to prevail (sorry to dash your hopes, Paul Krugman) over bailouts, as bailouts simply means a debasement of the Euro, dramatic inflation, and much larger relative destruction of living standards in donor EU Member States (e.g. Germany). Economic theory is one thing, but economic reality, where one can't be the baker who eats all their inventory of cakes and is able to avoid bankruptcy is possible, is another.

Tue, 11/29/2011 - 21:57 | 1928260 Real Money Wins
Real Money Wins's picture

Personally i think they should just ask Santa Claus for a big ole sack of cash...Problem fixed! I mean after all Santa started out by putting coins in childrens shoes...So he must be loaded right. Ta da Christmas bailout!!!!!

Tue, 11/29/2011 - 22:07 | 1928274 Captain Kink
Captain Kink's picture


Well said.

What strikes me is that we here in the US don't have the same options....we will be bailing out our banks, our profligate citizens and our profligate government for a very, very, long time.  I already work until mid September before I make a dime for myself and new family ( after paying off the govt and my ex wife).  How much more do they think we can take?

Tue, 11/29/2011 - 22:56 | 1928387 Teamtc321
Teamtc321's picture

"How much more do they think we can take?"


Captain you ask a very good question that imo should be front and center. It appear's, the patient's of the patient are getting very thin indeed.   

Tue, 11/29/2011 - 19:24 | 1927920 The Big Ching-aso
The Big Ching-aso's picture



This sucks.   It used to be rumors alone could solve everything.   Now we're having to deal with facts generated by the ones that started the rumors.

I don't know what factual rumors to believe in anymore.

Tue, 11/29/2011 - 19:39 | 1927958 NotApplicable
NotApplicable's picture

Don't worry, as a matter of fact, I hear there's rumors of upcoming factual rumors that are going to fix it all, they've just got to get everyone aboard first, just as soon as they finish spinning the rumors from their last fact-finding mission, when lo and behold, they found no facts. But they're sure that they're there, somewhere, and they're sure that they'll find them somehow. They're not so sure they can agree on what they are, though.

Or so I've been told.

Tue, 11/29/2011 - 20:36 | 1928089 Manthong
Manthong's picture

It's not the factual rumors of plans that I am worried about, its the rumored facts of plans which are of concern.

Tue, 11/29/2011 - 20:42 | 1928105 disabledvet
disabledvet's picture

plus the media get's to pile on and tell anyone who thinks otherwise "is a complete nut case." thank God for that!

Tue, 11/29/2011 - 21:01 | 1928146 Buck Johnson
Buck Johnson's picture

This is just a rehash of the original plan with promises backed with nothing that they might be able to do something, and  the markets didnt' take off.  Because they know two things.  One, who is going to buy these bonds that the EFSF is selling?  They tried twice to sell EFSF bonds to fund the instrument and both failed miserably and at a small bond offering.  And two, where is the money coming from to fund the 440 billion or 250 billion that will be leveraged.  Since they can't get the G20 (remember a few weeks ago) to fund it and the private sector isn't funding via the bond purchases (failed bond auctions), where are they getting the money from.  They are playing make believe and have no way of forcing anyone to give them money, they couldn't even get he private banks to take the 50% "voluntary" cut that they wanted (I bet anything that the banks shot back that they would get their money from the swap insurance voluntary or not).  They aren't trying to save greece or Italy or Spain and the others because they are good guys.  They are trying to keep these countries from defaulting and having the banks who lent to them go get the insurance money on all this toxic debt and the US doesn't have the money for it.



Tue, 11/29/2011 - 18:58 | 1927845 Barry Freed
Barry Freed's picture

That and a 50 cents will get them a phone call.

Tue, 11/29/2011 - 19:01 | 1927853 Long-John-Silver
Long-John-Silver's picture

Pay Phones still exist? 

Tue, 11/29/2011 - 19:03 | 1927859 CPL
CPL's picture

Just in movies

Tue, 11/29/2011 - 19:22 | 1927912 NotApplicable
NotApplicable's picture

There's still one in the stairwell of my building at work. I can't recall the last time I've seen someone use it, other than to pile their stuff on while talking on their cell phone.

Tue, 11/29/2011 - 19:29 | 1927946 macholatte
macholatte's picture


Check to see if it's got a dial tone. If not, steal it and sell it on e-bay as an antique. The fact that it was stolen will add value. Just be sure to replace it with a shelf and nobody will notice it missing.



Tue, 11/29/2011 - 19:49 | 1927986 Long-John-Silver
Long-John-Silver's picture

Make sure you empty the coin box. It's quite possible it contains pre 1965 Silver coins.

Tue, 11/29/2011 - 18:58 | 1927846 i love cholas
i love cholas's picture

meh, fail

Tue, 11/29/2011 - 18:58 | 1927847 Hober Mallow
Hober Mallow's picture

At least someone honest talking some sense... and maybe trying to steer Germany out of inflation.

Tue, 11/29/2011 - 18:58 | 1927848 stop.snitching
stop.snitching's picture


Tue, 11/29/2011 - 18:59 | 1927851 Long-John-Silver
Long-John-Silver's picture

Really?! Shocking, just shocking!

Tue, 11/29/2011 - 19:01 | 1927854 topcallingtroll
topcallingtroll's picture

Too intricate and complex for investors to understand?

Tue, 11/29/2011 - 19:05 | 1927861 CPL
CPL's picture

Gimme two sock puppets, an inner tube, some bananas and I can make it happen.

Tue, 11/29/2011 - 19:01 | 1927856 SHEEPFUKKER

Just fucking decide already!!! Global depression or hyperinflation. 

Tue, 11/29/2011 - 19:08 | 1927868 hambone
hambone's picture

Why limit ourselves...we can have both...really only question is in which order?

Tue, 11/29/2011 - 19:11 | 1927882 SHEEPFUKKER

We absolutely can have both.  Eating cake. 

Tue, 11/29/2011 - 19:19 | 1927899 Manthong
Manthong's picture

They should follow the lead of the Fed and just improve their communications.

That should make everything OK.

Tue, 11/29/2011 - 19:24 | 1927913 hambone
hambone's picture

Well said - new communication from FED / ECB to tax payers of the world = SUCK IT BITCHEZZZZ (while my banker friends enjoy your back door)

Tue, 11/29/2011 - 19:40 | 1927963 SHEEPFUKKER

The least they could do is supply the lube. 

Tue, 11/29/2011 - 23:09 | 1928425 Tompooz
Tompooz's picture


"The least they could do is supply the lube." 

"Nope. You gotta pay the postage for your tax returns"

Tue, 11/29/2011 - 19:14 | 1927890 G_T_A_44
G_T_A_44's picture

The Global Depression has already begun. The latter (Hyperinflation) to follow in due time.

Tue, 11/29/2011 - 19:08 | 1927872 CPL
CPL's picture

Fish or cut bait?

Boxers or briefs?

On the pot or off the pot?

Tomatoe or Tomato?

Zuccini or yo weenie?

Let's call the whole thing off...


At least we know one thing, the leverage stacked on leverage on leverage has the subtle decay feature built into it.  They are bleeding to death and there isn't a computer powerful enough on the planet to calculate infinity with interest.

Tue, 11/29/2011 - 19:12 | 1927884 G_T_A_44
G_T_A_44's picture


Tue, 11/29/2011 - 19:08 | 1927863 Rainman
Rainman's picture

yup, a baffling blizzard of bullshit is the solution...sounds like something a D-grade sophomore would come up with just to get the paper done. He knows he'll flunk anyway.

Tue, 11/29/2011 - 19:23 | 1927914 Manthong
Manthong's picture

That approach seems to work pretty well for a certain C.I.C.

Tue, 11/29/2011 - 21:12 | 1928168 bigkahuna
bigkahuna's picture

If you cannot dazzle them with brilliance......Baffle them with bullshit.

Tue, 11/29/2011 - 19:08 | 1927870 Mentaliusanything
Mentaliusanything's picture

At least someone was Honest ...

Its the Debt stupid...

and until that is fully adressed the bomb ticks louder and louder

Tue, 11/29/2011 - 19:08 | 1927874 johngaltfla
johngaltfla's picture

Well, the Europeans did cure the Greek crisis after all.

213 times in 2 years.

214 coming soon.

Heck, if that ain't success I don't know what is.

Tue, 11/29/2011 - 20:45 | 1928109 Zero Govt
Zero Govt's picture

Success in political circles is kicking the can of crap onto someone elses watch

by that measure Trichet was a fuking genius to retire last month and hand over the steaming turd

Tue, 11/29/2011 - 19:09 | 1927876 dpr10
dpr10's picture

we were holding our breath for this..another 2 option scenario that may or may not be operational by early 2012???hahahaha..

Tue, 11/29/2011 - 19:09 | 1927878 JPM Hater001
JPM Hater001's picture

Honestly, for all the doom and gloom you'd think something would be lying on the floor in rubble by now.

I'm becoming so hopeful of the future I planned a ski vacation for February. Fucker better not collapse before then.

Tue, 11/29/2011 - 19:10 | 1927880 G_T_A_44
G_T_A_44's picture

"There Is No Way Out!"

It is mathmatically impossible. While ALL eyes and Ears remain 'pinned' on Eurozone, REMEMBER, the wick was 'Lit' domestically in the US, more specifically, Broad & Wall, as well as DC.

The 'Boomerang Effect' awaits in the forthcoming.

Very simply, it's Inflate (Infinite Global QE) or DIE (Widespread Global Defaults).

* $700 + Trillion OTC Derivative Apocalypse

* Global Bond Market Implosion(s)

* Global Currency Crisis'

Nevertheless- We move one day closer to Global Hyperinflationary Depression.


That is all folks!

Tue, 11/29/2011 - 19:10 | 1927881 TradingJoe
TradingJoe's picture

It won't work but it'll do wonders for the Santa rally hehehehehe!!!

Tue, 11/29/2011 - 19:19 | 1927898 LooseLee
LooseLee's picture

We already got the Santa Rally in Oct; topped on the 27th....

Tue, 11/29/2011 - 19:12 | 1927885 Fazzie
Fazzie's picture

I am more solvent than Ireland, and can get loans cheaper too. Since they are apparently pitching in 40 bil along with Portugal, then what the heck, its that time of year, put me down for a couple billion too!

 Now according to central planning logic if everyone with a credit rating above belly-up would help out wouldnt the EFSF be flush with cash and the PIGGS saved for good?

 I wont even demand the blarney stone as collateral.

Tue, 11/29/2011 - 20:46 | 1928112 disabledvet
disabledvet's picture

how 'bout you and i go in on a rescue. i've got a twenty sittin' in front of me at the bar right now. i even think it's mine. could be Corzine's though...i don't know.

Tue, 11/29/2011 - 19:13 | 1927887 chump666
chump666's picture

Good for a day or so of rallies.  End yr rally?  We gotta go low before that.

Tue, 11/29/2011 - 19:17 | 1927896 dpr10
dpr10's picture

it seems like you are a few days late for the rally::))

Tue, 11/29/2011 - 19:30 | 1927947 chump666
chump666's picture

No, I sold my short contracts before the current's topping out.  I am thinking in starts to sell into Dec.  Then maybe an end yr rally.  Another low soon.

Thanks to European BS induced volatility. But I am looking at China/Asia for major bear signals/end of the world etc

Tue, 11/29/2011 - 20:00 | 1928000 chump666
chump666's picture

like this:

* Korea's industrial output fell 0.7% over the month of October,

Tue, 11/29/2011 - 19:14 | 1927891 jcaz
jcaz's picture

Jeez, seems pretty simple to me-  too late, too little, the ESSF is still three steps behind......

Tue, 11/29/2011 - 19:17 | 1927893 vast-dom
vast-dom's picture

Until STRUCTURAL ISSUES are explcitly addressed, not limited to funduhmentals, no measures will work. Period. And the ONLY way to address said issues is via a PURGE.


That goes for both INTERNATIONAL MARKETS as well as MENTAL ILLNESS in general.


All other responses are disingenous, injurious and deceptive. 


Tue, 11/29/2011 - 19:32 | 1927949 NotApplicable
NotApplicable's picture

A.k.a. "political"

Tue, 11/29/2011 - 19:21 | 1927908 Tao 4 the Show
Tao 4 the Show's picture


"The hostile takeover of Europe that is being accomplished without shareholder representation is too intricate and complex for the public to comprehend. However, the EFSF, which was only designed as a decoy to distract shareholders attention, has served it's purpose satisfactorily at a lower cost than was originally anticipated."

Tue, 11/29/2011 - 19:21 | 1927909 Coldfire
Coldfire's picture


Tue, 11/29/2011 - 19:25 | 1927926 Scalaris
Scalaris's picture




Shocking. I thought that doing nothing would at least yield some results. 

Attn Mr Schaeuble: No Printo - No Mas.



Tue, 11/29/2011 - 19:25 | 1927929 NotApplicable
NotApplicable's picture

What's all this about Germans and failed final solutions?

Tue, 11/29/2011 - 20:27 | 1928067 walküre
walküre's picture

LOL +6 million

Tue, 11/29/2011 - 19:32 | 1927950 mac768
mac768's picture

... and the doomed Euro currency does nothing but stare at the abyss in front of it :)

Tue, 11/29/2011 - 19:33 | 1927952 F22
F22's picture

Did he say the architects of the plan were Ringling and Barnum?

Tue, 11/29/2011 - 19:39 | 1927960 non_anon
non_anon's picture

ho hum, what's new

Tue, 11/29/2011 - 19:41 | 1927962 BlueStreet
BlueStreet's picture

Death by a thousands cuts.  Enough of this bullshit already, let's get on with the endgame.  My popcorn is getting stale and the beer flat. 

Tue, 11/29/2011 - 19:49 | 1927981 walküre
walküre's picture

Deflation is a good thing. Looking forward to it. The world financial system needs an enema and most cultures can use a good cleanse.

Tue, 11/29/2011 - 20:06 | 1928016 walküre
walküre's picture

Deflation is a good thing. Many Americans had to tighten their belts and live in their personal Depression.

Time for the Rich to learn that lesson too.

Nothing is for granted.

Tue, 11/29/2011 - 20:19 | 1927984 razorthin
razorthin's picture

I still don't understand what the big fukking deal is.  You set all liabilities to 0; take database offline; backup the database; destroy all prior backups; bring db back online.  If that's too much work for you, just truncate table ponzi_tx go.

Tue, 11/29/2011 - 19:49 | 1927985 chaartist
chaartist's picture

what happened here?

Tue, 11/29/2011 - 19:52 | 1927992 Ostapuk Ivano
Ostapuk Ivano's picture

Whats the consensus on a bank holiday date? Curious because I need to get an ACOG for my ar15.

Tue, 11/29/2011 - 20:03 | 1928007 Teamtc321
Teamtc321's picture

I can see this being drug along for atleast another year, maybe more. 

Tue, 11/29/2011 - 20:03 | 1928008 Beaver_Valley
Beaver_Valley's picture

The way the Germans put their foot in it with the press always makes me think that they're playing chicken using the € instability to stop the currency increasing too much in value, as a manipulative alternative/complement to QE. USA and brits have not talked down the $ and the £, they've just printed - the €zone has got away with less of that for the moment.

But if it was a deliberate "oh we have a problem" devaluation strategy, then they seem to be losing control of it because the structural problems are real! All the same, methinks the lady (Merky the cheese eater) doth protest too much.


Tue, 11/29/2011 - 20:06 | 1928015 Pancho Villa
Pancho Villa's picture

Long as I remember The rain been coming down.
Clouds of myst'ry pouring Confusion on the ground.
Good men through the ages, Trying to find the sun;
And I wonder, Still I wonder, Who'll stop the rain.

I went down Brussels, Seeking shelter from the storm.
Caught up in the fable, I watched the tower grow.
Five year plans and new deals, Wrapped in golden chains.
And I wonder, Still I wonder Who'll stop the rain.

Heard the singers playing, How we cheered for more.
The crowd had rushed together, Trying to keep warm.
Still the rain kept pouring, Falling on my ears.
And I wonder, Still I wonder Who'll stop the rain.

Tue, 11/29/2011 - 20:50 | 1928116 disabledvet
disabledvet's picture

that doesn't sound like you Pancho. Here try this one:

Tue, 11/29/2011 - 20:07 | 1928017 Mark123
Mark123's picture

What a mess this is becoming.  Some people I listen to who I respect are cautioning that there is a major problem brewing in the credit markets and to position yourself very carefully (mostly cash).  They are not bears, but their recommendations have been pretty darn good over the past 10 years of mayhem.


What we need to keep in mind is that there is a lot of very nasty stuff that has gone on in the financial world over the past few decades and things are not as they seem.  Unlike the 1930's I do not think we have a honest body of financial expertise to come in and clean this up.  That just leaves us with the 3rd world option.  Study what happened in Argentina....and apply that on a global basis.

Tue, 11/29/2011 - 20:52 | 1928125 disabledvet
disabledvet's picture

like a hundred million from MF Global showing up at the JPMorgan branch in London? In the age of terror no less? Noooooooo. What could be wrong with that? I mean if the real JP Morgan had this done at his bank he personally chop your balls off and shove 'em down you fat phucking mouth!

Tue, 11/29/2011 - 21:07 | 1928152 Mark123
Mark123's picture

I think the big surprise will be what has been going on between central banks....all in the name of stabilizing the system of course!

Tue, 11/29/2011 - 22:24 | 1928328 Captain Kink
Captain Kink's picture

and make sure the "cash" is not in a money market fund (they are 40-50% invested in the debt of european banks)...hold cash deposits or use the mattress.

Wed, 11/30/2011 - 01:06 | 1928745 Teamtc321
Teamtc321's picture

Audit The Federal Reserve Reveals 16 Trillion in Secret Bailouts


Audit The Federal Reserve Reveals 16 Trillion in Secret Bailouts

Audit of the Federal Reserve Reveals $16 Trillion in Secret Bailouts

The first ever GAO(Government Accountability Office) audit of the Federal Reserve was carried out in the past few months due to the Ron Paul, Alan Grayson Amendment to the Dodd-Frank bill, which passed last year. Jim DeMint, a Republican Senator, and Bernie Sanders, an independent Senator, led the charge for a Federal Reserve audit in the Senate, but watered down the original language of the house bill(HR1207), so that a complete audit would not be carried out. Ben Bernanke(pictured to the right), Alan Greenspan, and various other bankers vehemently opposed the audit and lied to Congress about the effects an audit would have on markets. Nevertheless, the results of the first audit in the Federal Reserve’s nearly 100 year history were posted on Senator Sander’s webpage earlier this morning.
What was revealed in the audit was startling:
$16,000,000,000,000.00 had been secretly given out to US banks and corporations and foreign banks everywhere from France to Scotland. From the period between December 2007 and June 2010, the Federal Reserve had secretly bailed out many of the world’s banks, corporations, and governments. The Federal Reserve likes to refer to these secret bailouts as an all-inclusive loan program, but virtually none of the money has been returned and it was loaned out at 0% interest. Why the Federal Reserve had never been public about this or even informed the United States Congress about the $16 trillion dollar bailout is obvious - the American public would have been outraged to find out that the Federal Reserve bailed out foreign banks while Americans were struggling to find jobs.
To place $16 trillion into perspective, remember that GDP of the United States is only $14.12 trillion. The entire national debt of the United States government spanning its 200+ year history is "only" $14.5 trillion. The budget that is being debated so heavily in Congress and the Senate is "only" $3.5 trillion. Take all of the outrage and debate over the $1.5 trillion deficit into consideration, and swallow this Red pill: There was no debate about whether $16,000,000,000,000 would be given to failing banks and failing corporations around the world.
In late 2008, the TARP Bailout bill was passed and loans of $800 billion were given to failing banks and companies. That was a blatant lie considering the fact that Goldman Sachs alone received 814 billion dollars. As is turns out, the Federal Reserve donated $2.5 trillion to Citigroup, while Morgan Stanley received $2.04 trillion. The Royal Bank of Scotland and Deutsche Bank, a German bank, split about a trillion and numerous other banks received hefty chunks of the $16 trillion.
"This is a clear case of socialism for the rich and rugged, you’re-on-your-own individualism for everyone else." - Bernie Sanders (I-VT)
When you have conservative Republican stalwarts like Jim DeMint(R-SC) and Ron Paul(R-TX) as well as self identified Democratic socialists like Bernie Sanders all fighting against the Federal Reserve, you know that it is no longer an issue of Right versus Left. When you have every single member of the Republican Party in Congress and progressive Congressmen like Dennis Kucinich sponsoring a bill to audit the Federal Reserve, you realize that the Federal Reserve is an entity onto itself, which has no oversight and no accountability.
Americans should be swelled with anger and outrage at the abysmal state of affairs when an unelected group of bankers can create money out of thin air and give it out to megabanks and supercorporations like Halloween candy. If the Federal Reserve and the bankers who control it believe that they can continue to devalue the savings of Americans and continue to destroy the US economy, they will have to face the realization that their trillion dollar printing presses will eventually plunder the world economy.

The list of institutions that received the most money from the Federal Reserve can be found on page 131 of the GAO Audit and are as follows..

Citigroup: $2.5 trillion ($2,500,000,000,000)
Morgan Stanley: $2.04 trillion ($2,040,000,000,000)
Merrill Lynch: $1.949 trillion ($1,949,000,000,000)
Bank of America: $1.344 trillion ($1,344,000,000,000)
Barclays PLC (United Kingdom): $868 billion ($868,000,000,000)
Bear Sterns: $853 billion ($853,000,000,000)
Goldman Sachs: $814 billion ($814,000,000,000)
Royal Bank of Scotland (UK): $541 billion ($541,000,000,000)
JP Morgan Chase: $391 billion ($391,000,000,000)
Deutsche Bank (Germany): $354 billion ($354,000,000,000)
UBS (Switzerland): $287 billion ($287,000,000,000)
Credit Suisse (Switzerland): $262 billion ($262,000,000,000)
Lehman Brothers: $183 billion ($183,000,000,000)
Bank of Scotland (United Kingdom): $181 billion ($181,000,000,000)
BNP Paribas (France): $175 billion ($175,000,000,000)
and many many more including banks in Belgium of all places
View the 266-page GAO audit of the Federal Reserve(July 21st, 2011):

FULL PDF on GAO server:
Senator Sander’s Article:

Tue, 11/29/2011 - 20:08 | 1928018 Missiondweller
Missiondweller's picture

Kicking the can down the road.


Wouldn't want to wreck Christmas after all.

Tue, 11/29/2011 - 20:09 | 1928020 youngman
youngman's picture

And tonight a big strike in show who is boss....the unions take control..they want their pensions and they want them now....and free of course..with not much work...and healthcare too...

Tue, 11/29/2011 - 20:09 | 1928023 Stack Trace
Stack Trace's picture

All of this debt is owed to someone by someone else. Snicker.

Why can't we have a never ending cycle of credit expansion and money printing? I thought that was the ticket to endless prosperity.

The EFSF is complicated because it provides the cover the wizard needs to do what he does best: PRINT BITCHEZ.

/sarc off

Tue, 11/29/2011 - 20:13 | 1928024 Caviar Emptor
Caviar Emptor's picture




As Cain Drops Out, Pro-adultery Voters Shift to Gingrich Biggest GOP Voting Bloc, Experts Say

“Even when we were supporting Cain, a lot of us were supporting Gingrich behind his back,” the adulterer said.  “I guess that’s how we do.”


Tue, 11/29/2011 - 20:54 | 1928129 disabledvet
disabledvet's picture

"but he was truthful about it." say what? i thought we went through three Speakers of the House because of this b.s.

Tue, 11/29/2011 - 21:08 | 1928158 jackinrichmond
jackinrichmond's picture

one by one, they drop out... in the end our man ron will be standing alone.. 

i wonder who would win..  ron or barry ?

Tue, 11/29/2011 - 20:11 | 1928027 lizzy36
lizzy36's picture

Well they are going to "consult with the IMF about bi-lateral loans".

Only one tiny problem....NO European Institution has voluntered to contribute loans to the IMF "SO FAR".

Tue, 11/29/2011 - 20:22 | 1928054 NotApplicable
NotApplicable's picture

Not to worry, once the realization that there is no spare money to pony up becomes obvious to all, the IMF will be allowed to become the printer of last resort. ZIRP for friends, "market' rates for enemies.

Tue, 11/29/2011 - 21:11 | 1928164 disabledvet
disabledvet's picture

IMF can't lend to an institution which the ECB in fact is. "They're trying a work around" is what i heard today. My question is this: what's wrong with the Fed bailing Europe out too? I'm being serious here. I mean Germany thought they could buy Greece for 5's cost them 100 billion or something like that and they haven't accomplished a single thing. Is "Greece" more expensive now? It doesn't appear to be. So why not have the Fed "buy them"? I mean it seems like a lot better deal than GM or Chrysler bailouts which ultimately cost 10's of thousands of Americans their jobs and didn't result in any more efficient technology that would truly change our dependence on imported oil at all--at least any that we couuld afford as consumers. Of course Wall Street made billions off the deal--as did the UAW which got sigificant interests in the car companies once the bond holders were royally screwed. Plus the political class didn't solve a phucking thing and got to shove it down "those dumb ass Americans" once again since it we aren't still addicted to gasoline how the hell can we keep Los Angeles solvent? Right now "buying Greece and having all of America move there" sounds pretty good.

Wed, 11/30/2011 - 01:27 | 1928800 smiler03
smiler03's picture

+1 but I have absolutely no idea why!

Tue, 11/29/2011 - 21:41 | 1928234 Lord Welligton
Lord Welligton's picture

NO European Institution has voluntered to contribute loans to the IMF "SO FAR".

Nor will they.

They want the IMF to "magic up" the money.

Particularly that slime-ball Sarkozy.

After all it's his banks that are bust.

Wed, 11/30/2011 - 02:41 | 1928951 Peter K
Peter K's picture

Enter the ECB :)

Tue, 11/29/2011 - 20:16 | 1928040 rambler6421
rambler6421's picture

1 trillion?  Leverage it up 40 times like Corzine.

Tue, 11/29/2011 - 20:19 | 1928045 Racer
Racer's picture

Ah with this

, German FinMin Says Bail Out Fund Won't Halt Crisis

and the bank downgrades, I sense a PPT insprired short squeeze.....

Tue, 11/29/2011 - 20:23 | 1928047 Stack Trace
Stack Trace's picture

New Financial Ponzi Scheme:

I will borrow at 4% interest rate against the equity on my house which is a depreciating asset.

Take borrowed funds and lever them up to secure a loan from another financial institution, say another bank.

Take this levered money and buy a bunch of french debt.

Take this french debt and use it as collateral for an even bigger loan from yet another bank.

Now I will continue this process until I have levered up on layers of German, Italian, Irish, Spanish, and Greek debt as well. Eventually I should have several billion Euros in debt all secured by my modest home in Dallas Texas. All the debt will be serviced and secured and nothing more to worry about. How is this different than the other crazy plans that have been concocted?



Tue, 11/29/2011 - 20:24 | 1928059 Racer
Racer's picture

Oh you are an ex Goddam Suckers man, yeah you know what you are doing alright

Tue, 11/29/2011 - 20:24 | 1928060 NotApplicable
NotApplicable's picture

Other than the size of your house, not at all.

Tue, 11/29/2011 - 21:17 | 1928177 walküre
walküre's picture

That's really all there is to it. In a nutshell.

You know what cannot be levered? Food. You can't lever food and create more of it in the process.

The yield of a hectare is consistent. A cow can have only one calf per year. There's a limit to our madness.

Sucks, doesn't it?

Wed, 11/30/2011 - 01:29 | 1928803 smiler03
smiler03's picture


Tue, 11/29/2011 - 20:21 | 1928052 howswave5workin...
howswave5workingforyou's picture

Wouldn't worry too much my little bears. Market in Europe has already resigned EFSF to the bin. It's now about 9th December and what you get in return for handing sovereignty to the Germans regarding budget spending. A change of language? Stand behind euro? Aggressive buying of bonds? ECB and other agencies to work on Eurobonds? Much more to happen in coming weeks.

Tue, 11/29/2011 - 20:22 | 1928055 midgetrannyporn
midgetrannyporn's picture

Schaeuble is full of it. What he means is that the plan isn't complicated enough to bamboozle investors. Yet.

Tue, 11/29/2011 - 20:33 | 1928083 walküre
walküre's picture

If this was a plan for America, it would be an easy sell on Wall Street. Nobody would understand it of course.

All that matters is, does it make money? And it would be sold to main street.

Tue, 11/29/2011 - 20:30 | 1928074 Piranhanoia
Piranhanoia's picture

They announce that HP printers can be remote controlled to catch fire.

Governmental der Euroship is making so many threats about certain collapse

Call for you Mr. The Bernanke

Tue, 11/29/2011 - 20:36 | 1928087 Zero Govt
Zero Govt's picture

"German FinMin Says Bail Out Fund Won't Halt Crisis"

 So the 'fix' won't fix it 

This is looking good Gentlemen, looking good


Tue, 11/29/2011 - 20:35 | 1928088 Undecided
Undecided's picture

Land of the free...


Drones cleared for domestic use across the US

Tue, 11/29/2011 - 20:38 | 1928096 Zero Govt
Zero Govt's picture

President O ...a man of the people

Tue, 11/29/2011 - 20:45 | 1928111 Lord Welligton
Lord Welligton's picture

A man of the Drones.

Tue, 11/29/2011 - 22:05 | 1928282 Kali
Kali's picture

crap.  I've been seeing a train parked by metro area.  All kinds of hummers, rocket launchers, other stuff.  Been sitting there a couple weeks now.  Wonder what is up with that?  Anybody else seeing idle trains with military hardware all over it parked near major metro areas?  Just sitting.  Waiting.

Wed, 11/30/2011 - 00:58 | 1928726 Cathartes Aura
Cathartes Aura's picture

drones with loans, courtesy Homeland Security. . . who are not a bank, so. . . backed by. . . taxpayers! 


Tue, 11/29/2011 - 20:38 | 1928095 I am a Man I am...
I am a Man I am Forty's picture

"too intricate and complex for investors to understand"

translation => investors knew they were going to be the fucking bag holders and declined to to throw their money at such toxic bullshit

Tue, 11/29/2011 - 20:42 | 1928102 Lord Welligton
Lord Welligton's picture

And also "investors" whatever the fuck they are know that the European Union is nothing more or less than a lying bunch of Communist shit.

Tue, 11/29/2011 - 21:15 | 1928173 disabledvet
disabledvet's picture

i listened today on how "anyone who thinks the euro is going to zero is a complete nut job." really? how about "it's been worthless since the first day it was minted" then? i mean do i look like a currency trader? do i sound like a currency trader? do i give a phuck about "relative value"? i mean not even a comment on the insanity of 300 percent interest on 1 year Greek paper? i'm done shouting at the t.v. now i'm telling them "take your clothes off and start dancing when you say that."

Wed, 11/30/2011 - 02:39 | 1928947 Peter K
Peter K's picture

But was it ever anything else, me Lord?

Tue, 11/29/2011 - 20:44 | 1928103 tom a taxpayer
tom a taxpayer's picture

Yes, I am a Man I am .  "Euro area Finance Ministers agreed on… introducing sovereign bond partial risk participation and a Co-Investment approach." Sounds like a wimpy EU version of the  Bear Stearns High-Grade Structured Credit Fund and the Bear Stearns High-Grade Structured Credit Enhanced Leveraged Fund.


Tue, 11/29/2011 - 20:44 | 1928107 Lord Welligton
Lord Welligton's picture


Just end this shit now and let's get on with the 21st Century.

The European Union is dead.

Bury it.

Piss on the grave.


Tue, 11/29/2011 - 20:39 | 1928097 Lord Welligton
Lord Welligton's picture

Enough of this shit.

The Euro is dead.

That is all.

Make plans for the non-existence of the Euro.

Tue, 11/29/2011 - 20:49 | 1928114 tom a taxpayer
tom a taxpayer's picture

Seems only fitting that there be a proper Irish wake for the Euro a la James Joyce's Finnegans Wake:

"The fall (bababadalgharaghtakamminarronnkonnbronntonnerronntuonnthunntrovarrhounawnskawntoohoohoordenenthur-nuk!) of a once wallstrait oldparr is retaled early in bed and later on life down through all christian minstrelsy. The great fall of the offwall entailed at such short notice the pftjschute of Finnegan, erse solid man, that the humptyhillhead of humself prumptly sends an unquiring one well to the west in quest of his tumptytumtoes: and their upturnpikepointandplace is at the knock out in the park where oranges have been laid to rust upon the green since devlinsfirst loved livvy."

Tue, 11/29/2011 - 21:13 | 1928169 Lord Welligton
Lord Welligton's picture

Never read it.

Now I know why.



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