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Full Barroso, Van Rompuy Letter Begging For G-20 Money

Tyler Durden's picture


With the question of who will fund the majority of the EFSF, or the €560 billion of the €1 trillion, still outstanding, and with China no longer the slam dunk "dumb money" everyone had expected it to be, Europe turns to the next biggest beneficiary of maintaining the ponzi - the entire G20 itself. Below is the letter just sent out from the two Eurostooges in which they make it all too clear that money talks, or Europe walks. "We will implement these measures rigorously and in a timely manner, and we are confident that they will contribute to the swift resolution of the crisis. However, whilst we in Europe will play our part, this cannot alone ensure global recovery and rebalanced growth. There is a continued need for joint action by all G20 partners in a spirit of common responsibility and common purpose." Too bad Bernie Madoff went to jail before he could send out comparable letters to his own investors who by implication would have become "voluntary partners" with a gun to their head.

Full letter:

Joint letter of European Commission President José Manuel Barroso and European Council President Herman Van Rompuy to their G20 partners ahead of the G20 Summit in Cannes (France), 3-4 November 2011

Last night, on 29 October, European Commission President José Manuel Barroso and European Council President Herman Van Rompuy have sent a letter to their G20 partners in order to summarise and explain Europe's comprehensive crisis response ahead of the upcoming G20 summit in Cannes on 3-4 November 2011. The letter states: "We will implement these measures rigorously and in a timely manner, and we are confident that they will contribute to the swift resolution of the crisis. However, whilst we in Europe will play our part, this cannot alone ensure global recovery and rebalanced growth. There is a continued need for joint action by all G20 partners in a spirit of common responsibility and common purpose." They call in this context for a renewed collective G20 spirit. The two Presidents also outline the EU's priorities for the G20 summit and stress that the Union's overall objective would be "to help restore global confidence, support sustainable growth and job creation, and maintain financial stability."

Full text of the letter:

"Dear G20 Colleagues,

The decisions we have taken in our G20 Summits to date have been crucial in steering us through the global financial and economic crisis. We have acted firmly and decisively with a sense of urgency and common purpose. In the current economic situation, with world growth slowing and the global economic outlook deteriorating, we need to renew this collective G20 spirit. So our overall objectives for the Cannes G20 Summit should be to help restore global confidence, support sustainable growth and job creation, and maintain financial stability.

Within the EU, we are taking all necessary steps to ensure the stability and growth of the euro area. The euro is at the core of our European project. On 26 October we agreed on a comprehensive set of measures to restore confidence and address the current tensions in financial markets. These measures include:

  • a sustainable solution for Greece. Our agreement puts Greece on track to reach a public debt ratio of 120 percent of GDP in 2020. The solution includes a voluntary agreement for a nominal discount of 50 percent of Greek debt held by private investors. This will ease market pressure on Greece and allow the country to continue its programme of reforms. We aim at concluding work on a second financial assistance programme by the end of the year.

  • a significant further strengthening of the resources of the European Financial Stability Facility (EFSF), which depending on the specific set-up is expected to leverage up to around 1 trillion euros. The subsequent ratification of the new European Stability Mechanism (ESM) Treaty will provide the euro area with a permanent instrument to support financial stability.

  • a coordinated plan to reinforce Europe's banking system. We approved a coordinated scheme to recapitalise banks across Europe and we are working to design an approach for medium and long-term funding of banks. Banks will be required to temporarily increase the ratio of highest quality capital to 9% after taking account of sovereign debt exposures. Supervisors will ensure that banks' plans for recapitalization do not lead to excessive deleveraging or undue pressure on sovereign debt markets.

  • determined action to ensure sustainable public finances and enhance growth. Euro area Member States that are experiencing tensions in sovereign debt markets will make a particular effort in terms of fiscal consolidation and structural reforms and we will accelerate our growth strategy notably by using the full potential of our single market of 500 million citizens.

  • strengthening euro area governance. We agreed to put in place a set of concrete measures to strengthen economic and fiscal coordination and surveillance within the euro area, going above and beyond the recently adopted package on economic governance.

We will implement these measures rigorously and in a timely manner, and we are confident that they will contribute to the swift resolution of the crisis. However, whilst we in Europe will play our part, this cannot alone ensure global recovery and rebalanced growth. There is a continued need for joint action by all G20 partners in a spirit of common responsibility and common purpose.

In Cannes we should aim for ambitious outcomes on eight priorities:

1) Restoring growth and tackling global macroeconomic imbalances. The EU's main contribution to Cannes is the above-mentioned package to ensure the stability of the euro area. But more needs to be done at the global level. Many of the distortions underlying the large pre-crisis imbalances are still to be addressed – including undervalued exchange rates in key emerging surplus economies, and insufficient domestic savings in some advanced economies. In Cannes, we need to adopt an ambitious Action Plan to address the short-term vulnerabilities the global economy is facing, and to strengthen and rebalance global growth over the medium-term. The discussion of the various risks to the global economy must be balanced, and all countries must take action. Given the ongoing tensions in global markets, we also need to continue to ensure sufficient resources for the International Monetary Fund to address crisis situations in a coordinated and comprehensive manner.

2) Making tangible progress on implementing the financial market reform agenda. Our internationally agreed financial market reforms must be implemented in full while ensuring a level playing field among all G20 partners. The EU is honouring its G20 commitments and has already launched the legal process for implementing the Basel III agreement. We look to all other G20 partners to deliver in this area and together we should accelerate work to advance on other agreed reforms, such as Over-The-Counter and commodity derivatives – where the EU is already moving – and bank crisis prevention and resolution on which proposals are currently being finalised. And further work is needed to extend the framework agreed on Global Systemically Important Banks to all Systemically Important Financial Institutions, effectively regulate shadow banking, and quickly move towards a single set of high quality globally accepted accounting standards. It is also time to make the necessary changes to the governance of the Financial Stability Board so as to underpin its monitoring function. At Cannes we should also make a clear commitment in support of the Global Forum's work on non-cooperative jurisdictions. The European Commission has recently presented a legislative proposal for a financial transaction tax in the EU. The introduction of a global financial transaction tax should be explored and developed further.

3) Making the International Monetary System more resilient. The current international monetary system, despite certain identified shortcomings, has on balance more than proved its worth in terms of global economic and financial integration. But there is scope for improvement and reform to strengthen economic surveillance by the International Monetary Fund. We should agree principles to guide G20 members in the management of capital flows and a roadmap for broadening the IMF Special Drawing Rights to facilitate the internationalisation of key emerging market currencies. Improving the cooperation between Regional Financing Arrangements and the IMF developing the Fund's toolkit to support countries during systemic stress are among the measures that we now need to address as a matter of priority.

4) Boosting trade as the most effective way to support global growth. We together with some of our partners have worked very intensively on the WTO Doha Round, but it is clear that the Round will not be concluded in 2011. This is depriving the global economy of a significant boost, and risks encouraging protectionist measures. We therefore want the G20 to commit to a roadmap for an active WTO negotiating agenda, in particular for least developed countries, as well as on broadening the scope of issues being considered by the WTO in order to address new global challenges. The G20 should renew its anti-protectionism commitment taken in Toronto and agree to ensure a global market and open trading system for raw materials that is sustainable and transparent and free from distortion. Cannes should also send a strong message to the WTO December Ministerial to finalise Russia's WTO accession by the end of this year.

5) Enhancing the social dimension of globalisation. As reaffirmed by G20 Labour and Employment Ministers the Cannes Summit should underline that employment and poverty reduction are at the centre of global economic policy coordination. Youth and female employment must feature among our top priorities.

6) Ensuring Food Security and Promoting the G20 Development Agenda and Innovative Financing. We need to address the global food security challenge by fully endorsing the Action Plan on Food Price Volatility and Agriculture agreed by G20 Agriculture Ministers. The G20 Development Agenda has become an important part of the G20 and we welcome this year's focus on food security and infrastructure. We look forward to discussing the report by Bill Gates on Financing for Development.

7) The G20 needs to tackle further the global climate and energy challenge and continue its fight against corruption. The G20 Summit will be an important opportunity to push for a successful outcome of the Durban Climate Conference (COP 17) and we welcome the initiative taken by the G20 to conduct further work on mobilising resources for climate change finance.

8) Improving global governance. Finally, we look forward to discussing the report on global governance by Prime Minister David Cameron.

The stakes for Cannes are high - for the credibility of the G20 and for each of its members. In the EU we have demonstrated our commitment to do everything necessary to restore confidence and growth. We look forward to a very constructive round of discussions with our G20 partners next week as together we take the necessary decisions to make a step change on the path of global economic recovery.

Yours faithfully.

Herman Van Rompuy José Manuel Barroso

Further information on the EU at the G20, including an online flip book with facts and figures:


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Sun, 10/30/2011 - 11:11 | 1826132 slewie the pi-rat
slewie the pi-rat's picture

Rumpoystilskin!  give us the children back!

the ultimate uber-elite entitlement:  global governance, BiCheZ!



Sun, 10/30/2011 - 11:21 | 1826159 Popo
Popo's picture

Does anyone else find it particularly inappropriate (if not offensive) when the unelected Mr. Rompuy proclaims to act with "common purpose" and "collective spirit"?

Sun, 10/30/2011 - 11:42 | 1826191 stopcpdotcom
stopcpdotcom's picture

This is what Common Purpose is up to in the UK:




Sun, 10/30/2011 - 13:27 | 1826385 ratso
ratso's picture

The letter is pathetic.  They are dreaming that there is a fairy godmother coming.  

The Eurozone will simply have to accept  very difficult financial terms for years because they were cowardly when they had to look the Greek thieves in the eyes and address their lies and theft.  Now they want the rest of the world to make believe along with them that the problems aren't as big as they really are and that all funds lent to the Eurozone will not just be thrown down the Greek, Portuguese and Italian ratholes.

Who will be so stupid as to put more money at risk in this mess?  

Sun, 10/30/2011 - 19:56 | 1827028 TheFourthStooge-ing
TheFourthStooge-ing's picture

Thus spoke Van Rumpy:

"We have acted firmly and decisively with a sense of urgency and common purpose to find a greater fool, a bagholder of last resort."


Mon, 10/31/2011 - 03:00 | 1827771 Buck Johnson
Buck Johnson's picture

Your exactly right, nobody wants to throw money down these ratholes including Spain and Ireland and other countries that are in the shadows waiting to explode along with others.  It's so funny that they plan to put 250 to 400 (I've heard so many different sums to this that I don't even think they are sure if they can get the money) which will be levereaged to 1 Trilion euros but they are running around to the rest of the world asking them for money.  Selling them bonds that are leveraged with the guarantee that if they fail the "possilbe" funded part will cover 20% of the failure.  Which all of that is on a foundation of toxic debt.  No on in their right mind would put money in this, no one.

Sun, 10/30/2011 - 12:43 | 1826293 Sean7k
Sean7k's picture

Absolutely. Fascism without the veneer of democracy, Rompuy is asking for greater central control over finance, labor,food, energy and the enviroment. Oh and China, let that damn Yuan rise, not a demand really, just another beggar bureaucrat with a meaningless threat- he has forgot the golden rule: he who has the gold, makes the rules.

Though China is worried they will be shut out of the gold derby while the US and Europe still hold most of the marbles.

Global financial coordination=global slavery and an end to fascism, as fascism requires imperialism and so we transition to totalitarian socialism. 


Sun, 10/30/2011 - 13:12 | 1826353 stirners_ghost
stirners_ghost's picture

Do you find it less offensive when elected officials speak in such terms? As if the voting preferences of some constitute an obligation for you? You should find Mr. Rompuy's declarations less offensive--he's no more threatening than a beggar.

Sun, 10/30/2011 - 11:36 | 1826183 Azannoth
Azannoth's picture

Just when you thought Europe could not sink deeper, you have 2 head cock-suckers beggin for money in the 'former colonies' yuk

Sun, 10/30/2011 - 11:45 | 1826193 Innocent Bystander
Sun, 10/30/2011 - 13:39 | 1826415 IQ 101
IQ 101's picture

That is an amazing video, I.B. 

I hope all Z.H.ers will watch it.

Sun, 10/30/2011 - 14:51 | 1826525 slewie the pi-rat
slewie the pi-rat's picture


thxz, good-lookin'!

Sun, 10/30/2011 - 11:54 | 1826203 The Big Ching-aso
The Big Ching-aso's picture

Rompuy just looking for another rump to hump.  

Sun, 10/30/2011 - 12:05 | 1826210 Zero Govt
Zero Govt's picture


Let Van Rompuy Eat Cake

Sun, 10/30/2011 - 11:13 | 1826140 maxmad
maxmad's picture

should be good for a 20 handle drop in the S&P once someone at the G-20 rips up the leter! 

Sun, 10/30/2011 - 11:47 | 1826195 maxw3st
maxw3st's picture

Can't wait for the futures market to open up today. Should be fun. But, if things run true to form this'll probably keep the Euro soaring for another week. I am fully prepared to keep my current short and add more to the pile at 1.45 and 1.50 as needed. The higher it goes the more profit will accrue on the way down. It was worth 1.10. With current prospects for prolonged recession that will decrease. 1.50 to parity would be sweet!

Sun, 10/30/2011 - 11:14 | 1826142 BurningFuld
BurningFuld's picture

Herman says: "Da giant debt bomb is about to go off" Now everyone please play nice and the flowers will be out it the spring and the birds will sing.

Sun, 10/30/2011 - 11:55 | 1826204 Schmuck Raker
Sun, 10/30/2011 - 11:15 | 1826145 erg
erg's picture

Brother can you spare €560 billion?

Sun, 10/30/2011 - 12:07 | 1826230 Zero Govt
Zero Govt's picture

The EC (European Communist Party) bankrupt again??

Eastern Europe 'genius' moves onto Western Europe ..i'm 'shocked' who wudda thunk it!!

Sun, 10/30/2011 - 11:16 | 1826146 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

Baroso, Merkel ,sarko, pap...I just hate these lefty, academic euro beurocrates so much and I'm getting so tired to death of them; at least in the uk our leaders are openly ruling class elitists, thugs...

Can't we just gas them already? why all the waiting?

Sun, 10/30/2011 - 11:37 | 1826185 theMAXILOPEZpsycho
theMAXILOPEZpsycho's picture

in fact add to that..I'd like to gas people who voted for them as well...

how can people actually vote?? We always say no one will vote in the next election (like after the iraq war and tony Blair's going round the world lying; yet then plenty still turn out for "their civic duty")

fuck it I think EVERYONE SHOULD DIE!!! for me and about 2000 well selected females...

Sun, 10/30/2011 - 13:49 | 1826431 ratso
ratso's picture

Don't imagine for a second that it is acceptable to say "I'd like to gas people..".

Sun, 10/30/2011 - 13:09 | 1826349 Freddie
Freddie's picture

As evil as they are - they are better than the Chicago muslim.  Nigel Farage is so right about this evil EU scum.

Sun, 10/30/2011 - 11:17 | 1826147 Top_Kill
Top_Kill's picture

A few more months of chaos and bureaucratic fumbling should advance the vatican backed global central bank. Everything is going forward as planned. We lose because they are experts in failure, which will only produce more of their solutions.

Sun, 10/30/2011 - 11:58 | 1826209 The Big Ching-aso
The Big Ching-aso's picture

Too many dykes and not enough fingers.    Or flannel shirts.

Sun, 10/30/2011 - 15:14 | 1826588 Elwood P Suggins
Elwood P Suggins's picture

From hopeium to Popeium!

Sun, 10/30/2011 - 11:19 | 1826148 Popo
Popo's picture

Von Rompuy said:

"We have acted firmly and decisively with a sense of urgency and common purpose. In the current economic situation, with world growth slowing and the global economic outlook deteriorating, we need to renew this collective G20 spirit. So our overall objectives for the Cannes G20 Summit should be to help restore global confidence, support sustainable growth and job creation, and maintain financial stability."


Yeah... well... that's not something you can just "decide", boys.  You see, you need to actually 'have' the cash,  or 'have a partner' with cash.   You've got neither and you're already patting yourself on the back for your "decisive", "firm" actions.  

And from all I can see -- even if your so-called "plan" did work out, it looks like you're much more concerned with "financial stability" than "sustainable growth" which you haven't actually addressed at all.

Sun, 10/30/2011 - 11:20 | 1826156 BurningFuld
BurningFuld's picture

Ah Financial to the Bankers ear.

Sun, 10/30/2011 - 11:41 | 1826190 maxw3st
maxw3st's picture

I didn't see your post when I made mine. I see we both see the same lack of any substance to claims of dealing with the issue of growth. This isn't referring to any left-wing or socialist agenda. It's about generating the revenue stream to handle the interest payments on all the debt. There is no plan for stimulating growth anywhere in the "plan" as proposed to date. So far it has all been about covering banker'$ a$$e$ so they can lock in their bonuses.

Austerity measures and principle reductions ("haircuts") are great for stabilizing the banking system at this point in time. They do not however; address the ongoing problem of financing that debt. The Euro-zone is no better off than the US when it comes to unemployment. In fact the US is beginning to recover, but the Euro-zone, due to Trichet's interest rate hikes and austerity measures, is sliding backward when it comes to GDP. They are headed for recession. All the refinancing measures addressed to date do not address the issue of growth at all (other than to assure it will decrease).

To top it off, Merkel,, seem to be determined to keep their currency some 30% overvalued. This is another effort that severely undermines any prospects of growth of either exports or tourism - two of Europe's major potential sources of increasing revenue. Talk about cutting off your nose to spite your face! Personally, I will remain short the Euro vs. the USD. I was only expecting a return to a more normalized 1.20 or so, but current behavior by ECB and EMU officials is beginning to make it look like zero bid is a distinct possibility.

Sun, 10/30/2011 - 11:57 | 1826208 BurningFuld
BurningFuld's picture

Careful Dude!

Sun, 10/30/2011 - 12:11 | 1826233 Hansel
Hansel's picture

Printing currency everyday would lead to sustainable growth and they would 'have' the cash.  Is that what you are recommending?

Sun, 10/30/2011 - 11:17 | 1826150 HD
HD's picture

Once I built a railroad...

Sun, 10/30/2011 - 12:21 | 1826243 Zero Govt
Zero Govt's picture

...and that was bankrupt too

Rail has been totally insolvent for 100 years ...only economic retards dumb (and corrupt enough) to prop up Rails bankrupt business model is, yes you've guessed it, politicians

not content with that red-ink sink hole the morons then added nuclear energy, green energy, electric cars, garbage incenerators and the Olympic Games to their investment portofio of totally insolvent garbage

how do politicians always end up totally bankrupt and in the sewer? ...any ideas!

Sun, 10/30/2011 - 12:43 | 1826295 Eally Ucked
Eally Ucked's picture

Obviously you don't know what is the rail. My advice for you is to go to Europe and use it. Eurostar for example with 2hr. travel from London to Paris. Do you think building rail track is more expensive than highway per mile, or maybe maintenance cost are lower for highways? Is it much more economical to use trucks to ship your stuff over thousands of miles? Is oil that cheap?

Sun, 10/30/2011 - 13:14 | 1826358 Freddie
Freddie's picture

Rail works in the US because it is mostly free market.  Passenger in the US does not work.  Who knows how much European rail loses.  It can work better because cities are closer. UK rail by and large is shit. Liberal facists want more passenger rail in the US because it would mean more union jobs and ticket conductors making $150,000.

Sun, 10/30/2011 - 16:15 | 1826693 Eally Ucked
Eally Ucked's picture

Travel from Toronto to Montreal (650km) takes close 6 hr and 450$, London -Paris 2hr10min for distance similar to it and 160$. Beside that train is leaving station every 1hr, so you can choose the most convenient for you. You can go shopping or to visit your favorite restaurant, if you wish, and go home. Trains are full so I don't see that they losing any money on that business. You can buy also cheap Europass for all trains in EU and travel where ever you want and when you want. Try to do it using your car and compare your costs. Of course they have much better city transport, and much cheaper too so you can get everywhere in the city in no time. Just try it.

Sun, 10/30/2011 - 11:20 | 1826154 breezer1
breezer1's picture

"i'll pay you tuesday for a hamburger today".

Sun, 10/30/2011 - 11:26 | 1826155 Quintus
Quintus's picture

I'll gladly pay you Tuesday for a Trillion Euros today....

Sun, 10/30/2011 - 11:21 | 1826157 Segestan
Segestan's picture

Socialist..... always attempting to build on a dream , a promise and a prayer. You would think Europeans would have figured it out by now , but just look at Asia Minor , the craddle of higher civilization itself, and it's a shit hole. Maybe this all has to do with people and not numbers?

Sun, 10/30/2011 - 11:50 | 1826198 XitSam
XitSam's picture

"8) Improving global governance. Finally, we look forward to discussing the report on global governance by Prime Minister David Cameron."

Excuse me? I am in a G20 country, our stuff is screwed up as it is, we don't need no global governance. Does the rest of the world minus the G20 have any say in this global governance?

Sun, 10/30/2011 - 12:04 | 1826223 Segestan
Segestan's picture

It's all kinda like Gods work.... you just have to have faith that you're leaders are working for you. You know... pretend.

Sun, 10/30/2011 - 11:22 | 1826160 Fips_OnTheSpot
Fips_OnTheSpot's picture

Kick the can, until pressure is so high, ESM can be ratified. Which will give _ANY_ financial souverignity just to non-elected assholes in Bruxelles. Including full immunity for housings and people within ESM. Dicatorship coming thru.

Sun, 10/30/2011 - 11:22 | 1826161 Schmuck Raker
Schmuck Raker's picture

Europe needs money ?!?! This is a job for...



Sun, 10/30/2011 - 12:16 | 1826238 slewie the pi-rat
slewie the pi-rat's picture

nice avatar 4 a beltway babee

i'm sorry, the super communists, er, committee is running a bit behind schedule.  aversion to cutting pork, same as europe, especially for goobermint "employees".  too little, too late, blahblahblah...

if the G20 can't handle this trifle, fuk europe!

Sun, 10/30/2011 - 11:24 | 1826162 maxw3st
maxw3st's picture
Notice that, even under the section referring to the restoration of growth, nothing is detailed, anywhere in the letter, that specifically addresses actions to be taken that will stimulate growth. Zerohedge is precisely correct in referring to all this as the continuation of a Ponzi scheme at the central bank level.
Sun, 10/30/2011 - 11:58 | 1826205 Rainman
Rainman's picture

The oligarchs survive by turning bullshit into a common currency.

And speaking of oligarchs, Der Spiegel's Schulz knocks it out of the park in defining America's Second Gilded Age.,1518,793896,00.html

Sun, 10/30/2011 - 11:26 | 1826164 Global Hunter
Global Hunter's picture

My common responsibility and purpose is to my family and home, it is definately not banks and their equally stupid and dangerous ponzi scheme.  These guys need to be jailed.  

Sun, 10/30/2011 - 11:25 | 1826165 achmachat
achmachat's picture

Dear Santa...

Sun, 10/30/2011 - 11:26 | 1826166 broke433
broke433's picture

This is indeed bullish until Italy's next auction.

Sun, 10/30/2011 - 11:31 | 1826176 Mike2756
Mike2756's picture

Snows always melt.

Sun, 10/30/2011 - 11:26 | 1826168 doggings
doggings's picture

bullish. FED bailout via IMF.  probably already going on. 

Sun, 10/30/2011 - 11:28 | 1826169 DormRoom
DormRoom's picture

10 word summary

"Iz suck ya dick for an EFSF crack rock"

Sun, 10/30/2011 - 11:27 | 1826170 broke433
broke433's picture

I realIzed everything is bullish until something fails even though it is clear that it will fail.

Sun, 10/30/2011 - 11:33 | 1826175 doggings
doggings's picture

failure is not allowed, therefore failure means bailouts which are bullish. 

the Euro bailout is 2 days old and already needs a bailout itself.

what a fucking farce. 

Sun, 10/30/2011 - 11:46 | 1826194 BurningFuld
BurningFuld's picture

That is simply because the bailout was not big enough. Get with the program already.

Sun, 10/30/2011 - 11:28 | 1826171 jcaz
jcaz's picture

"Hey, we're incompetent and we've mismanaged your money up till now, so give us lots more money, in the spirit of cooperation...."

"Hey, we know these train cars going to Auschwitz don't have any seats, but go ahead and get onboard, in the spirit of cooperation..."

Sun, 10/30/2011 - 11:29 | 1826174 Yellowhoard
Yellowhoard's picture

Europe reminds me of Cousin Eddie lately.

Sun, 10/30/2011 - 11:34 | 1826180 awkward squad
awkward squad's picture

Maybe Israel will bail out the Eurozone since China is being so difficult. There's absolutely no financial crisis in the Promised Land.


Sun, 10/30/2011 - 11:37 | 1826182 doggings
doggings's picture

11th hour sticksave..  its all gonna be OK

Sun, 10/30/2011 - 11:40 | 1826188 ZippyDooDah
ZippyDooDah's picture


Yours faithfully,

Bernard Madoff

Sun, 10/30/2011 - 11:42 | 1826192 apberusdisvet
apberusdisvet's picture


The can is now so loaded with BS that it would take a bulldozer to move it any further (kind of appropriate, dontcha think?)

Sun, 10/30/2011 - 11:48 | 1826196 makeyoumiss
makeyoumiss's picture


Sun, 10/30/2011 - 11:49 | 1826197 TradingJoe
TradingJoe's picture


Sun, 10/30/2011 - 13:53 | 1826383 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Short what?  The Euro?

The only metric that matters vs. the Euro is the Dollar, and the Dollar is in a world of hurt itself.  The US Government is about to pass 100% Debt/GDP (if it hasn't already), Americans have no savings and private debt is astonishing, unemployment is at its highest since the great depression, the government has no idea how to create jobs because they shipped them all over seas via NAFTA, etc, and the Military expands its wars, further burdening the budget.

Oil trades inversely the Dollar and peak production has already slammed into the House of Saud, this years ago, destabolizing the Swing Producer.  Now Russia is the Swing, and Russia peaked production over 20 years ago.  With supply short, oil's price will continue to increase, and because of quagmires such as solyndra, there is no alternative to oil when it comes to energy.  Due to a constantly increasing population, and no alternative form of similarly functioning energy, oil's demand, and price, are rising.

I know, it is tempting to short the Euro, and maybe the EUR/USD will retrace $1.35, but the DXY is being crushed by Bernanke, Timmah, and their Krazy Keynesian policie.  Nothing involved with the fiat ponzi is safe.  You want to long straddle?  Go ahead.  But short one or the other at your own peril.

Sun, 10/30/2011 - 11:50 | 1826200 williambanzai7
williambanzai7's picture


Sun, 10/30/2011 - 12:28 | 1826261 doggings
doggings's picture

haha - perfect visual combat technique on display there Mr Banzai ;)

Sun, 10/30/2011 - 11:52 | 1826202 onlooker
onlooker's picture

Europe unemployment is what? If it is similar to the U.S., jobs and business growth are necessary to ease the crisis. The oft reported “consumer” activities on TV business news are worthless with out jobs.


The banks increasing the reserves will tighten money for the population. Business, spending, and jobs will decrease.


If you have talked to those who lived the Great Depression in the U.S. the common phrase is “there was no money”. Tighter money for the population will knock a hole in every last life boat on this Titanic disaster. Money to the banks that does not arrive at the borrower is continued insanity. The banks keeping from the borrower every last penny that they get from the government continues the trip to hell in a hand bag.

Sun, 10/30/2011 - 12:01 | 1826211 High Plains Drifter
High Plains Drifter's picture

herman van rompuy , ss the president of the european council (which is the new roman empire)  and being the "good catholic" he is,  imho, is the appointed liaison between the new roman empire and the world church which is the old roman church located in the vatican in rome and he was chosen for his task by the kings of the jews, the rothschilds.......and that my friends, is a the old saying goes, i love it when a plan comes together ............the white europeans had better awaken from their slumber fast or they will find out the hard way, that nationalism is the key and race is the key and always was the key and this togetherness bullshit only works in the dreams of those who want one world government (some certain jews) because in their clouded talmudic and satanic minds, we are all just cattle anyway........

Sun, 10/30/2011 - 12:02 | 1826218 jmcadg
jmcadg's picture

IB - That is plain EVIL.

Sun, 10/30/2011 - 12:03 | 1826220 quacker
quacker's picture


Nobody wants violence. But these fools in Brussels are hell bent on having the people rise up and kill them.

Because it’s all so fucking important that the very richest people in the world get the snot wiped from their nose, a comfy pillow for their heads, given a big glass of milk and stack of cookies, sung a sweet little lullaby, and put to bed comfy in the knowledge that the world’s poor must pick up the tab for their gambling debts.


Sun, 10/30/2011 - 12:16 | 1826239 BurningFuld
BurningFuld's picture

Madame Guillotine is that you?

Sun, 10/30/2011 - 13:05 | 1826341 zippy_uk
zippy_uk's picture

The people need a default to get rid of debts they cannot possibly pay off.

Nothing like a revolution for creating a mega default - country under new management - all debts are now discharged...


Sun, 10/30/2011 - 12:06 | 1826228 disabledvet
disabledvet's picture

This is a good letter two years too late. It only has two concrete demands that i see: the need for a global financial "transaction tax" (good idea) and for Russia to be admitted to the WTO (working on that). The "food security" part seems downright odd but other than that basically it seems to be an entire page of "we're really not here to change anything." If you don't think there's a problem why look for a solution? Anywho the crux of the matter relative to Greece is that their banks have collapse and can't support their state. The same is now happening Europe wide with particular emphasis on Italy...a country not even mentioned here. Without banks being able to buy their sovereign nation's debt the country descends into anarchy and chaos and quite frankly these clowns look like a bunch of phucking retards who are only interested in how their personal portfolio is doing and not whether "that country next door survives total financial Armageddon." Did i miss something?

Sun, 10/30/2011 - 12:18 | 1826246 BurningFuld
BurningFuld's picture

Actually the food thingy is quite important. If you can provide free food to the whole population there is pretty much zero chance of revolution.

Sun, 10/30/2011 - 12:27 | 1826259 Zero Govt
Zero Govt's picture

just a small point... Van Rompuy appears to be all out of (other peoples) money to buy us cake

Sun, 10/30/2011 - 12:09 | 1826232 BoNeSxxx
BoNeSxxx's picture




Watch the sleight of hand going on here carefully.

 We need to address the global food security challenge by fully endorsing the Action Plan on Food Price Volatility and Agriculture agreed by G20 Agriculture Ministers. The G20 Development Agenda has become an important part of the G20 and we welcome this year's focus on food security and infrastructure. We look forward to discussing the report by Bill Gates on Financing for Development.

 Alan Watt has done an incredible job of discussing this aspect of the globalist agenda. While they distract attention with the banking and sovereign crisis, watch for more important, long-term policy agreements on food and energy.

Those in food-producing nations can plan on paying a premium for food as the 'surplus' is sent to developing nations at a discount.  If you think $ collapse is the lynchpin waiting to awaken the zombie hoard, think again.  Nothing gets the zombies away from their television sets faster than hunger.  Make no mistake about it, the above is globalist-speak for 'the coming food rations'.  It's all about cementing the control grid.

Hungry people are complacent and maliable people.

Sun, 10/30/2011 - 12:19 | 1826247 SheepDog-One
SheepDog-One's picture

Exactly its all to tightly chain everyone together as one, no one able to get out, in other words the New World Order prison planet.

Sun, 10/30/2011 - 12:45 | 1826283 Zero Govt
Zero Govt's picture

Prison Planet works so long as the Prison Officers have plenty of mulla to keep the prisoners happy

as i recall 'mighty' Uncle Sam fled litle old Vienam with their tails between their arseholes ...the Brits left Iraq bribing the locals for a peaceful exit.. the Yanks are still bribing the local Iraqi militia, sorry 'prinsoners', for a quiet life and you can bet the Taliban in Afghanistan aren't going to let the wimpering sliced-and-diced Yanks leave their country without fully extracting their piece of meat from those meat heads

How long will the NWO keep their throne? ...for as long as it takes the people to wake up, stop paying their taxes and sponsoring their own oppression, and until the guilotines are in position to take the elite down to the village centre for a 'little Surprise Party we threw to show our appreciation to our NWO Rulers'

... 'chop'

Sun, 10/30/2011 - 15:14 | 1826585 High Plains Drifter
High Plains Drifter's picture

and what was the pope doing last week? calling for a one world currency and a one world bank........i wouldnt expect anything else from the self appointed "head" of the "church"  it is interesting to note , as anyone can study , that over the last  1800 years or so, the popes over time, have given themselves more and more power and if anyone doesn't like it, then he or she is excommunicated or worse........papa is the daddy and the cardinals all dressed in red ( gee nice color huh) are the body of the "church" and to the pissants in this world they administer the wafer but refuse the cup, to the sinners out here in flyover country......oh, my what a universal "church" she is. is it any wonder that when people starting reading the Bible on their own , after the invention of the printing press, that they immediately started saying that the pope was the anti Christ?

so now as the day of the dark dawn approaches hpd will turn his eyes toward rome and watch them as they intrigue and do as they are told, like the good little sock puppets they are , as the days of one world government approach.  

Sun, 10/30/2011 - 12:18 | 1826244 slewie the pi-rat
slewie the pi-rat's picture

how does a full barroso measure up against a full monty?

Sun, 10/30/2011 - 12:56 | 1826323 Zero Govt
Zero Govt's picture


one is a stripper the other is an exposed Euro Emperor with no clothes

Sun, 10/30/2011 - 12:57 | 1826327 zippy_uk
zippy_uk's picture

You should see the YouTube clips of Nigel Farage tearing into Barros. He just has not got a clue how to respond, mainly beacuse he does not understand the bond market like Nigel Farage does. Embarassing AND scary.

Sun, 10/30/2011 - 12:21 | 1826248 SheepDog-One
SheepDog-One's picture

Amazing how just a few days ago this was all euphoria over the miraculous solution to it all...let the smoke clear for a minute though and nothings been fixed at all gee imagine that~

Sun, 10/30/2011 - 12:26 | 1826251 zippy_uk
zippy_uk's picture

Dear peasants - sorry I mean people of China.

As you know the global economic crisis has hit us Europeans very badly.

Of course, mistakes have been made, but we Europeans have the resolve and determination confront these issues. We have a plan, but unfortunately, we have a small problem. The plan needs 0.5 trillion Euros to have a chance of working. As luck would have if, it would seem your country has the required level of surplus to fund our deficit problem - sorry I mean deficit reduction plan.

We would therefore like to make the following offer - give us a half a trillion Euro "loan" and we will continue to buy your exports. Of course, we understand you have some reservations. We promise that these are "AAA" rated loans and at no point will they be used to prop up profligate states such as Italy or Greece, or be used as some sort of charge back on German resources already committed. Your money is entirely safe with us.

We take note also of your concerns of our generous social model. Of course there are culteral issues between our different peoples. We see an absolute red line - we need to spend massive amounts of money on the unemployed and / or working useless otherwise we could not secure enough support for this model. The fact that we pay our unemployed more than you pay your employed is not something we feel you should concern yourself with. Please note also, that while we love to buy your cheap consumer goods, there is absolutely no chance of agreeing full market access to our market as your companies employ slave labour at slave hours level of working. Not for us I am afraid.

By now, I am sure you see the logic of this arrangement. Please pop the check in the post at the ealiest opportunity. Don't worry about what happens next - we will take care of that from here.

Yours, (can't be bothered to work properly for a living) the EU / People of Europe.

CO Signed - Barroso and Rompoy, and sponsored by the hard working, tax suffering people of Germany.


Mon, 10/31/2011 - 01:30 | 1826286 cranky-old-geezer
cranky-old-geezer's picture



This is tacit admission Germany has said "no more", meaning Germany has had enough of this EMU nonsense and will soon be leaving, whereupon the Euro and EMU will collapse.

Now the Vatican is calling for a global central bank and currency.

The timing is perfect. Merkel will emerge as Chancellor of the 4th Reich with the Pope on the religious side, constituting the 7th (and final) phase of the Holy Roman Empire in typical church-state fashion.

It will be the end of USD's world reserve currency status and the end of America's world power status.

The 6 previous phases of the HRE never included east Asia and neither will this one. The quietly growing Asian Nuclear Alliance (of which Russia will be a major partner) will have no part of this HRE stuff. They'll reject the authority of Germany and the Vatican, thumb their noses at the whole HRE idea, and they'll have the largest nuclear arsenal on the planet (with fingers willing and ready to push the buttons) to make it stick.

Since oil supplies will be a major geopolitical concern, the HRE and ANA will butt heads in the middle east (after America has been kicked out).

There. Revelation has just been explained in a few paragraphs ...except the ending.

Sun, 10/30/2011 - 12:44 | 1826298 Flounder
Flounder's picture

What else would you expect from Barroso who amongst other things is a former leader of the Communist Party of the Portuguese Workers/Revolutionary Movement of the Portuguese Proletariat?

Sun, 10/30/2011 - 12:49 | 1826308 zippy_uk
zippy_uk's picture

Nothing like communist solidarity. Communist leaders of the world unite - and screw the people in the process...


Sun, 10/30/2011 - 12:56 | 1826325 Narcolepzzzzzz
Narcolepzzzzzz's picture

Please sir, can I have some more?

Sun, 10/30/2011 - 13:31 | 1826395 Zola
Zola's picture

Shame on all these people. When is Zerohedge City going to be born ? (i heard some billionaire in Cali is working on floating cities in international waters)

Sun, 10/30/2011 - 13:39 | 1826416 Freewheelin Franklin
Freewheelin Franklin's picture

Here is something I recently came across that I thought might be relevant:


"Felt quotes a writer who said: "The evils
of litigation abound. People of estates cannot
raise money, unless they dispose of them at half
their value. Individuals depending- on their
labor are forced to take for their toil from onehalf
to two-thirds in goods, while their creditors
imperiously demand cash of them. The private
bank* does not receive encouragement from the
legislative authorities. ^50,000 ought to be laid
out for building a bridge over Charles river, so
that workmen might be employed and currency
enlarged, as well as the public accommodated,
and ruin will come unless more bills of credit
are emitted." This was in 1719.

In 1720 trade was stagnant, and there was a
great cry for more bills. Let it be observed
how this complaint is heard again
every four or five years, although the amount
of paper was continually increasing. It is
the best instance in history of the way in which
a country "grows up" to any amount of currency.
Here was a sparse population in a new
country with untouched resources, and it seemed
to them necessary to have recourse to artificial
issues of currency to "make business brisk;"
to get up enterprises for the sake of "making
work ;" and to lay bounties on products in order
to enable the people to carry on production. The
distress was real, but it came from turning their
backs on what nature offered them gratuitously,
and violating the laws by which they might have
profited by these gifts.


"The influence which a
bad currency has on the morals of a people is
greater than is generally imagined. Numbers
of schemes for public and private emissions were
proposed as remedies. The only effectual one,
the utter abolition of the bills, was omitted."
Expeditions (wars) were favored for the purpose of
bringing about issues of paper, and public works
were advocated for the same reason."

- 1874


Sun, 10/30/2011 - 13:40 | 1826418 Freewheelin Franklin
Freewheelin Franklin's picture

Same shit, different time period.

Sun, 10/30/2011 - 13:59 | 1826441 kito
kito's picture

dracula von rompuy.........I vant to suck your blooooood...........

Sun, 10/30/2011 - 14:48 | 1826513 gwar5
gwar5's picture

EU: "The EU is TBTF. All your money is now belong to us, or the global economy gets it."


Sun, 10/30/2011 - 14:48 | 1826516 gwar5
gwar5's picture

EU: "The EU is TBTF. All your money is now belong to us, or the global economy gets it."


Sun, 10/30/2011 - 14:49 | 1826521 gwar5
gwar5's picture

EU: "The EU is TBTF. All your money is now belong to us, or the global economy gets it."


Sun, 10/30/2011 - 15:22 | 1826603 High Plains Drifter
High Plains Drifter's picture

not bad if i might say so myself, coming from ows. he made the ears of hpd perk up and listen. his message for the most part is pleasing to hpd, more or less, since it is the best thing i have heard out of occupy wall street since this thing started except the part toward the end when some big mouth communist yid came over and said his two about 7:50 on the tape...

Sun, 10/30/2011 - 21:21 | 1827140 f16hoser
f16hoser's picture

Uncle "Benny" to the rescue! My grand children appreciate the serfdom awaiting 'em. No wonder their scared shitless of Ron Paul. If he gets elected, the ponzi scheme ends........Buy PM's while you still can.

Sun, 10/30/2011 - 22:34 | 1827341 honestann
honestann's picture

Terminate fiat.
Terminate the EU.
Terminate the USSA.
Terminate all central banks.

Then finally, predators-that-be... terminate yourselves.

Sun, 10/30/2011 - 23:32 | 1827437 rhs
rhs's picture

One has to wonder to what extent, if at all, this was written for G-20 recipients. There is no real content, s why would they feel the need to summarize their positions and actions? I'm thinking this was intended more as a press statement, that these guys have made so many press statements they needed to give it a different look.

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