France Resets The Rumormill: "No Plan To Recapitalize Banks" ... Until Tomorrow

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Sun, 09/25/2011 - 09:08 | 1707161 Firing Pin
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I wonder how long before gold starts to soar again. Man, if I had 600 oz of gold and a free weekend, I'd...

Sun, 09/25/2011 - 09:22 | 1707186 Crisismode
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If you had 600 oz of gold you wouldn't be announcing on a medium that can trace your IP.

Sun, 09/25/2011 - 09:34 | 1707216 flacon
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If you want to understand Russia's take on all this, please watch the following video:


Russia's Finance Minister Aleksey Kudrin discussed with RT Russia's plans of dealing with the world's economic challenges.

Sun, 09/25/2011 - 10:02 | 1707277 BigJim
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I fell asleep about half-way through. It's pretty much the boiler-plate 'everything is fine' with our holdings of foreign debt, isn't it?

Sun, 09/25/2011 - 10:10 | 1707302 eisley79
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If he had 600 ozs of gold, there would already be a record of him buying it, and if he really cared about zerohedge having his IP he could just use proxies...

Sun, 09/25/2011 - 09:37 | 1707219 Firing Pin
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I'm on 4 layers of Tor bitches! If you trace me back, it brings you to an empty 6 pack in a deserted canyon in the Badlands.

Sun, 09/25/2011 - 10:34 | 1707365 Weisbrot
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if TARP had been used for its STATED PURPOSE Perhaps things would not be this way now


this is the way of corruption at the highest levels



Sun, 09/25/2011 - 09:23 | 1707187 GeneMarchbanks
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... be taking a piss into the collective mouths of central bankers?

Sun, 09/25/2011 - 09:31 | 1707208 BorisTheBlade
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... call yourself The Magnificent Wizard of 600 oz?

Sun, 09/25/2011 - 09:08 | 1707162 Cassandra Syndrome
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following rumors first from the FT then from someone we don't even remember who



Sun, 09/25/2011 - 09:15 | 1707165 Earl of Chiswick
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and here is the clusterfck that his the Banque de France (something straight out of Banzai's genius  mind by the looks of it)


and this (so don't fck with them)

The Banque de France was created on 18 January 1800 by Napoléon Bonaparte

and this, which says it all

The Banque de France opened for business on 20 February 1800, even though all of its capital had not yet been paid up.

Sun, 09/25/2011 - 09:28 | 1707193 GeneMarchbanks
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If I recall, we recently had "Stress tests" for European banks, we got a green light. All is well, sure a couple undercapitalized Greek, Portugese banks but we're looking good. Now, if they come out and openly admit that they're shoveling digi-cash at the French banks it would probably only add to the already panicky 'markets', no?

Something stinks and it's much worse than that cheese those bastards eat...

Sun, 09/25/2011 - 09:33 | 1707210 Fips_OnTheSpot
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This "stress" excluded a greek default. Figures, eh?

Sun, 09/25/2011 - 09:47 | 1707251 Bicycle Repairman
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"Stress tests"

Shssssssh!  That didn't happen.

Sun, 09/25/2011 - 13:24 | 1707800 Landrew
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You sir, have the palate of a pig! French cheese is of the best of the world! Maybe you should put down the smokes? Say what you will about the French government, banking industries, but to insult the wine and cheese you would appear to be an imbecile!

Sun, 09/25/2011 - 09:17 | 1707177 ISEEIT
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Interesting article concerning the EUR and the FT.

Sun, 09/25/2011 - 09:42 | 1707235 Mr_Wonderful
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The central historical error of the modern Financial Times concerns the euro. The FT flung itself headlong into the pro-euro camp, embracing the cause with an almost religious passion. Doubts were dismissed. Here is the paper's Lex column on January 8, 2001, on the subject of Greek entry to the eurozone: "With Greece now trading in euros," reflected Lex, "few will mourn the death of the drachma. Membership of the eurozone offers the prospect of long-term economic stability." The FT offered a similarly warm welcome to Ireland.

Sun, 09/25/2011 - 10:06 | 1707291 BigJim
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The FT is the Establishment rag of choice.

Column after column of fat, greasy-looking money-changers praising past government intervention and regulation, and constantly calling for more.

The front-page is useful for its news content, but the analysis is just standard Keynesian swill (with the honorable exception of a few writers like Gillain Tett)

Sun, 09/25/2011 - 11:30 | 1707489 Dick Darlington
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Let's consider the remark made by Danny Alexander, Chief Secretary to the Treasury, that those he labelled as anti-European isolationists or nationalists were "enemies of growth".

Hehee, sounds like Finland's prime minister Jyrki Katainen, eurofanatic to the bone.

Sun, 09/25/2011 - 09:20 | 1707179 BlackSea
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Ironically "Noyer" means "to drown" in French....

Sun, 09/25/2011 - 09:32 | 1707201 Zero Govt
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No kidding?!!

In Latin 'Bernanke' means constant fuck ups in ever decreasing circles

Sun, 09/25/2011 - 09:38 | 1707224 BorisTheBlade
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In Latin 'Bernanke' means constant fuck ups in ever decreasing circles

Who knew Latin had an expression for a downed helicopter long before it was invented.

Sun, 09/25/2011 - 09:33 | 1707211 falak pema
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Noyer : to drown, also, the walnut the family of oak, etc. used for making tables, furniture. 

So MR Noyer has double meaning : is he solid or is he drowning?!!

Sun, 09/25/2011 - 09:40 | 1707231 Dick Darlington
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Or it could also mean that he's a plant. Vegetative state of mind.

Sun, 09/25/2011 - 09:45 | 1707243 Cheesy Bastard
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It means he's a witch.  Burn Him!

Sun, 09/25/2011 - 09:21 | 1707182 Fips_OnTheSpot
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WE ARE SO SAFE!! Except when we ARE NOT.


Bottom line.

Sun, 09/25/2011 - 09:35 | 1707189 Zero Govt
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I wish to return to a place called 'Sanity' ...away from retail bankers 30 years of leveraged 30/1 money fabrication (fraud), centralised monopoly money counterfeiting (more theft, more fraud) and this whole house of credit (debt) cards collapsing and what the delusional morons in 'authority' cluck around like headless chickens trying to repair (it's unrepairable, got it?)

I've found that place, thy name is Gold and Silver.. Thank you for some real "stability", not the one Trichet, Bernanke and Euro/US politicians windbag about and is most definately the most unstable place anyone could be right now!!!

The lunatics have taken over the asylum, let the lunacy continue Gold, then get some popcorn and enjoy the asylum blowing up around you

Sun, 09/25/2011 - 11:30 | 1707488 BigJim
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Now that the action has calmed down a bit, I think TPTB may have fucked up royally with their recent pummellings of gold and (particularly) silver.

Yes, I understand they want to erode PM's reputation of being safe-havens. I think they think: "if we can manipulate the price down now, when everyone in authority is saying the economy is on the brink of collapse, then, when Greece defaults, and the world doesn't end, PM selling pressure will increase."

But the fundos haven't changed, and we're down 40% on Ag since May. Unless they can magic up a shedload more physical silver, just looks like a buying opportunity to me.

Sun, 09/25/2011 - 09:29 | 1707195 Dick Darlington
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It's just getting plain idiotic in France and Europe.

Tyler, you are way too kind in describing the situation in France and in Europe.

What comes to Noyer he just plays by the rules set out by the EU-dictatorship. 1) Lie 2) Deny 3) Lie more 4) Deny everything and say we are fine. Then comes the "crisis management" part: 5) Panic 6) Make fatal mistakes.

In Europe next year there will be something like 125 bn government guaranteed bank bonds including the ones issued under France's SFEF-vehicle coming due. One just wonders what's gonna happen to France's AAA-rating (lol) when the grim reality really starts to kick in. In addition to the massive toxic banks France's public finances are a mess. Even if Noyer still lies and denies everything we can say good bye to France, the monster CDO, and eurozone. Happy Sunday!

Sun, 09/25/2011 - 12:52 | 1707708 GottaBKiddn
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Each day the pattern of collectivism moves the banks of the world closer to nationalization. The bankers have been given more than enough rope to hang themselves, by proving that they are unfit to be trusted with global finance. Soon they will be controlled by fewer and fewer of the elite, those who know what is best for us.

Sun, 09/25/2011 - 09:30 | 1707203 ArkansasAngie
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I wish they'd just quit trying to make this in my best interests.

That's the rub ... it isn't in my best interest.

They want a bailout so bad they can taste it ... but to bail themselves out again would be the straw that broke the camel's back.

No more bailouts.  This is about the rich and their cohorts trying to stay on top of the pile.

Not from my pocket

Sun, 09/25/2011 - 09:35 | 1707217 MFL8240
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What happen to President clown he is AWOL on Europe and the collapse he engineered in the financial markets? Is the telepromter broken??   He finally has something to take credit for and nowhere to be found.  The US is out of their ever-loving minds if they consider this trash for another 4 years.

Cloward and Pivens would be proud of their protégée.  Performed to perfection!!

Biden most likely inside a bottle of Jack Daniels or at the tanning salon?? Lol!  This is quite amusing if not so serious.

Sun, 09/25/2011 - 10:09 | 1707298 rpodraza
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He's golfing again.

Sun, 09/25/2011 - 09:36 | 1707218 lolmao500
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LOL if they do not recapitalize them, they'll all go under. So LIARS LIARS PANTS ON FIRE.

Sun, 09/25/2011 - 09:48 | 1707253 Curtis LeMay
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So, in the very same interviewChristian Noyer, the head of the Bank of France, was asked to comment on reports about a plan to recapitalise French banks, to which he reponded:

"There is no plan, and we don't need one"


if banks expressed the need for it, or in the case of an "extraordinary event", they could appeal to a public support mechanism created in 2008.

It can't be both, there is no plan...and there is a plan.

This guy is actually the head of the Bank of France??

Heaven help us all if he's indicative of the caliber of big-shots running our central banks.

Maybe Jean Claude "Credit Lyonnais" Trichet can help Christian out? Oh wait...

Sun, 09/25/2011 - 11:24 | 1707478 RSloane
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They lied except when they didn't. They obfuscated except when they didn't. They planned except when they didn't. They've been terribly consistent.

Sun, 09/25/2011 - 18:10 | 1708631 Muddy1
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This isn't hard to understand.  There is no plan and we don't need one."  Why not?  Because we have had a mechanism in place for almost 3 years to handle difficult situations.  He's talking two different things: a plan vs a mechanism.  It's government speak, splitting hairs as my dad used to say.  Noyer was thankful that noone asked for an explanation because he wouldn't have been able to give one. 

Sun, 09/25/2011 - 09:49 | 1707255 Cheesy Bastard
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When Noyer's ancestors moved to France, they dropped the AN off the front of thier name.

Sun, 09/25/2011 - 09:51 | 1707260 Bicycle Repairman
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Can I say that the whole Euro project was about creating an entity to challenge American hegemony?

Sun, 09/25/2011 - 10:02 | 1707278 Seize Mars
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Can I say that the whole Euro project was about creating an entity to challenge American hegemony?

No, I think the reality is even stupider than that. I think it was a device for the French to dominate German banking. That's it. Also, an opportunity for some morons to drive around in limousines, acting important. Anyway take a look at this excellent book:



Sun, 09/25/2011 - 09:51 | 1707261 oogs66
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maybe all the French Elite want to buy the dip but forgot to on thursday so want another chance?

Sun, 09/25/2011 - 10:06 | 1707283 Firing Pin
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France is known for 3 things: the Eiffel tower, romantic settings, and banks on the verge of collapse. With the entire western world going under, how long before our (western) governments demand our gold to back their newly issued "gold backed bonds" or new gold-backed currency (or some other form of this). Of course the governments will wrap their seizure of your metal in the you know (and as Samuel Johnson famously said): "patriotism is the last refuge of a scoundrel." If you don't think they'll take your gold, why not? They've done it before and they will need it to back their now bankrupt economies/currencies.  A friend of mine last week said "there is no way Americans would let the government seize their gold...they would rebel."  Well, Americans currently, and subserviently let the TSA see their wives and daughters naked in an X-ray when they come to get your gold, THEN you'll rise up? 

Sun, 09/25/2011 - 10:17 | 1707316 ricksventures
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with black foot soldiers in white afluent hoods confiscating everything of value 

each foot soldier gets:

weed and coke all he wants (and as a bonus Stanford made cocain, not street, one of the highest quality in the world and they really do make coke) so they can work "hard"

10% of daily loot

all you can bang white afluent chicks (you can put their fathers heads on your government provided SUV or his Beemer)

'Mericans are such a pussies, most will not fight back and they really cant agains drones anyways unless they like the smell of "BBQ" in the morning.....



Sun, 09/25/2011 - 10:29 | 1707334 Volaille de Bresse
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"This "stress" excluded a greek default. Figures, eh?"


These stress tests excluded EVERYTHING problematic. Even a bum living under a bridge could have passed it... "Let me see : 3 rusted tin cans, an empty wine bottle, and a soiled mattress... Congratulations, SIr! Your assets are worth 74,000€!"


Thank you Barroso!

Sun, 09/25/2011 - 10:35 | 1707367 SilverDoctors
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Anybody able to find any silver at their local coin shop this weekend?

Local Coin Shop Open Thread- Any Silver to be Found?

Shops around here have all been completely cleaned out!!

Sun, 09/25/2011 - 11:36 | 1707508 Grimbert
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I live in England, and coin shops are few and far between. Silver is subject to 20% VAT so it's not worth buying bullion here. However gold is tax-free. Our local shop, Spinks, always has a couple of dozen bullion coins on display as well as plenty of numismatic stuff. The bullion is mostly Krugs, sovereigns and fractions of the above.

Every month for the last 2 years since I became aware of the musical chairs that is Fiat money I have been buying either a gold sovereign or a half sovereign, or maybe 1/10 krugerrand for variety. I persuaded my wife to buy her first sovereign yesterday. We went to the shop to be told that all the bullion was sold. The tray was full, but the shopkeeper said that someone had bought all of them. This has never happened before.

She sold us a proof sovereign in a presentation case for the bullion price, I guess it doesn't pay to piss off your regular customers, but I wonder what there'll be next month.

Sun, 09/25/2011 - 10:46 | 1707386 BarryG
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Siemens just moved between E4bn-E6bn from French banks to the ECB.

Sun, 09/25/2011 - 11:05 | 1707434 All_Is_Well
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Why should this surprise anyone! The lying is implicit, the truth won't be told until recap is well underway!

Sun, 09/25/2011 - 11:09 | 1707445 CrashisOptimistic
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have a solid capital base, comparable to other European banks and they are profitable ... None of them is hiding any toxic assets."



Which he can say if he believes his Greek holdings will be bailed out, or if they are hedged with unrecorded swaps.


The real issue in his quote is to remind the world what is in US bank inventory.  Not A Thing Has Been Done To Address Non Performing Residential Mortgages In The US.

Sun, 09/25/2011 - 11:15 | 1707460 Kina
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If your one of the recently well off Chinese with maybe 50,000 or 100,000 in your bank account and your watching what is now going down in the US and Europe and Japan.....and you just know the shit is now hitting the fan....what are you going to do?


All those billions of privately held funds in Asia watching the shit go down in the West. I wouldn't be rushing out to buy stocks. On the contrary I would be selling out and parking cash eleswhere. The remnibi is pegged to the USD so gold and silver a looking kinda cheaper now. Maybe the USD can get stronger while the focus is on the Europeanes dancing around naked....but you know eventually the fucked US economy needs to print or go into reverse plug-hole.


If I were that Chinese guy in Shanghai I would be buying a few more bars of gold and silver.



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