Full Letter From Merkozy To Van Rompuy

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Wed, 12/07/2011 - 10:33 | 1954584 Iriestx
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TLDR; Bend over, spread your cheeks and give me two good coughs.

Wed, 12/07/2011 - 10:37 | 1954601 Oh regional Indian
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TLRS (Too Long, Read Some)...

"We need more binding and more ambitious rules and commitments for the Euro area Member States."

Whoa! That leapt out at me. Regardless of context, look at the underlying iron fist.

Amazing chutzpah, amazing. 

ORI

/the-plan/

Wed, 12/07/2011 - 10:52 | 1954616 TruthInSunshine
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Rest In Pieces, (Jan 4, 1999 - December 7, 2011)

 

Timmay just sealed the death of the with a wet, sloppy kiss, as only the Jeetner can definitively do, since Timmay has a perfect .000% batting average. From The New York Times (virtuous disseminator of Goebbelfied news): Geithner Sees 'Progress' in Efforts to Shore Up Euro

 

And then this: 

Germany Doubtful About Euro Meeting 

 

Wall Street Journal - 1 hour ago A more likely scenario, the official said, is that the 17 euro-zone countries, together with "four or five" other EU countries, would separately agree to ...
Wed, 12/07/2011 - 10:57 | 1954698 Hard1
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This letter reads as "We now really need urgently to begin to try to think about how to solve this mess"

And all they can do about it is hold summits to see if someone magically comes with in idea. The proposals of the "architecture" are

-To hold summits twice a year

-To hold monthly summits during the crisis

-To create agroup to implement the ideas from the summits (if any)

WOW!

 

Wed, 12/07/2011 - 10:58 | 1954718 TruthInSunshine
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They are making a pre-announcement that they are planning on booking a conference room, depending on certain contingencies, to potentially discuss the matter further, at an unspecified, future time.

And they confirmed that this is definitely the case.

Wed, 12/07/2011 - 11:02 | 1954722 Hard1
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Maybe they just want to have lots of "working" lunches and dinners at the summits and enjoy the lobster, the steak and the wine

Wed, 12/07/2011 - 12:22 | 1955019 The Big Ching-aso
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These are the things they should've figured out from the get go instead of this fly-by-wire-blind BS.    What competent Euro country would sign up to being overseen and governed by a bunch of incompetent arrogant assholes?      They have enough of those types in their own governments as is and they don't need more of the same outside help.

The whole thing is ridiculous.

 

 

Thu, 12/08/2011 - 04:28 | 1957638 Nussi34
Thu, 12/08/2011 - 04:28 | 1957639 Nussi34
Wed, 12/07/2011 - 10:42 | 1954633 High Plains Drifter
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that is like making hindus , muslims and sikhs , live together in peace.........

Wed, 12/07/2011 - 15:23 | 1955728 CatoTheElder
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After reading this letter and finding it extraordinarily lame, I had to check elsewhere to determine whether or not it was a spoof. It is indeed genuine.

http://www.telegraph.co.uk/finance/financialcrisis/8941290/Fostering-fis...

Do they really think more rules will fix things? Really? As in the US, the problem is not a paucity of rules and regulations, but enforcement. The problem is rampant, widespread and overt disregard of existing rules and common sense requirements.  And this has been the case since the inception of the Euro. Greece and Italy would not have been admitted but for turning a blind eye to their fiscal profligacy. Without enforcement, rules and regulations - even good rules and regulations with the best of intentions -- are counterproductive.

Do Merkozy really think that markets will find calls for more meetings re-assuring? Van Rompuy may be stupid enough to think so, but Merkel? This letter is just so lame that it's a wonder to me that it was released for publication. Why did they do this?

Wed, 12/07/2011 - 16:25 | 1955940 TheFourthStooge-ing
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The endless, self-important verbosity makes me think that they just took a bureaucratese word list and fed it to a perl script.

 

Wed, 12/07/2011 - 10:35 | 1954587 SirPlayomic
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Where's Mr Farage when you need him?

www.greedion.com

Wed, 12/07/2011 - 10:35 | 1954588 HedgeAccordingly
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Not a very sexy open in the CASH -http://hedge.ly/tvh9yw

Wed, 12/07/2011 - 10:36 | 1954593 FL_Conservative
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Since when can politicians fix an economic problem?

Wed, 12/07/2011 - 10:39 | 1954613 Iriestx
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Since when do they do anything but CAUSE problems?

Wed, 12/07/2011 - 10:49 | 1954667 Sudden Debt
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POLITICIANS ARE EXCELENT ECONOMIC PROBLEM SOLVERS!!!

other country's economic problems that is... never at home...

THEY should, THEY must, IF ONLY THEY would.....

 

Wed, 12/07/2011 - 10:36 | 1954595 hedgeless_horseman
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...all necessary measures to stabilize the euro area as a whole will have to be taken.

Eurobonds.

Wed, 12/07/2011 - 10:39 | 1954612 GeneMarchbanks
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I'm still not buying it hh. Stall, then stall some more.

It can't work. A common Treasury here is beyond imagination...

Wed, 12/07/2011 - 11:22 | 1954691 hedgeless_horseman
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The current crisis has uncovered the deficiencies in the construction of EMU mercilessly. We need to remedy those deficiencies.

Yes, it is hard for anyone to imagine being sold into slavery, nevertheless, it does occur, sometimes quickly, and sometimes over generations (boiling frogs).

Wed, 12/07/2011 - 10:46 | 1954651 SheepDog-One
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So Eurobonds have hit the wall 3 times, so 4th time is the charm?

Wed, 12/07/2011 - 10:57 | 1954712 WonderDawg
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What's magic about Eurobonds, anyway? All the underlying countries are on negative credit watch, and likely to be downgraded once we have "official" confirmation of recession in Europe. What would the bonds be rated? AAA? Sure. Why not? Put a guarantee on the box, that'll fool everyone.

http://www.youtube.com/watch?v=l8jIIPocqUU&feature=related

 

 

Wed, 12/07/2011 - 12:02 | 1954942 knukles
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Si senoirgie,
Weza de peeples of ah da European a Union are a gonna seella dese bondies and garantee them with oura countriesa creditees.  So whassa madttah wid a data, a ha?  Esss like a we all guarntees a the whople a thing instead of a dah little bittie teencie tiny a pieces and ah Bingo as a day say atta da old a ladies a homea everybody wins a big.

Wed, 12/07/2011 - 10:37 | 1954597 GeneMarchbanks
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Well written letter considering the people who wrote it are, in fact, batshit insane.

Wed, 12/07/2011 - 10:38 | 1954605 Oh regional Indian
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Precisely GeneMB. Because they did not write it. :-)

ORI

Wed, 12/07/2011 - 10:46 | 1954650 Global Hunter
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this line is bat shit crazy "A ministerial Eurogroup and a reinforced preparatory structure to prepare and implement the decisions taken by the summit and ensuring the current functioning."

Wed, 12/07/2011 - 10:37 | 1954598 scatterbrains
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ot: anyone else pick up on that SPY close on 11/11/11 ?  That's right bitches   12[6.66]  

Wed, 12/07/2011 - 10:50 | 1954666 TruthInSunshine
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11-11-11 is a date which reoccurs every 100 years (every 300 years for it to fall on a Friday), when written in a 2-digit year form.

I want a theory as to why, that fluffs my biases against the cancer and disease that is all things The Bernank.

 

Wed, 12/07/2011 - 10:38 | 1954603 High Plains Drifter
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new treaty by 2012????  wtf?  

Wed, 12/07/2011 - 10:44 | 1954642 SheepDog-One
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They dont get it, or are backed into a corner big time...markets do not care about some 'treaty' or other, no markets are starved for more piles of free printed up fiat and demand them delivered NOW!

Wed, 12/07/2011 - 10:39 | 1954608 Sophist Economicus
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OMG!   This is a bureuacrat's wet dream.   Frameworks, summits, new rules and regulations, lots of travel, more staff to lord over, businesses to threaten AND lots of 12 year old girls (or boys)....

Wed, 12/07/2011 - 10:44 | 1954609 i-dog
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  "We need more binding and more ambitious rules and commitments"

 
When the previous sets of rules and commitments have been flagrantly broken, just issue more rules and more commitments. Good plan, Fräulein!

These stupid fucks need to be red-carded off the field!

Wed, 12/07/2011 - 10:40 | 1954617 Global Hunter
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I really was laughing at the twice a year summits and the monthly euro summits.  I'm not sure how more posing for cameras and talking will fix insolvent but then they're so much smarter than the average man or woman.

I wonder if they know the game is up themselves or whether they're even dumber than that Von Rompuy looks.

Wed, 12/07/2011 - 10:40 | 1954619 Azannoth
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"Mr President,.." I stopped there Von Rumpelstiltskin is not an Elected President of anything

Wed, 12/07/2011 - 10:40 | 1954620 tmosley
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Are you sure this wasn't written by Ayn Rand?

Wed, 12/07/2011 - 10:41 | 1954621 High Plains Drifter
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i think if it was as simple as the eu going bankrupt they would do it and then push the restart button. but they can't . the problem is in the area of 700 trillion in notional derivatives..........

Wed, 12/07/2011 - 10:47 | 1954625 falak pema
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words from Merkozy, sticks and stones from the MArket/GS cabal. Iron fist and velvet glove.  Paper, stone, scissor...as BK says so wisely, unfortunately the markets usually have the last word. But is this a real market or is it a command economy bowing to US Oligarchs. Geithner IS in Europe. SO, the iron fist is out there somewhere...whose is it?

BTW : the rumour that no private sector haircuts in Greece is now toast as this confirms current deal for Greece as per previous agreement with 50% private sector haircuts. Tell me if I'm wrong on this!

Wed, 12/07/2011 - 10:42 | 1954630 SheepDog-One
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They dont get it....markets do not care about vague promises, markets want piles of free crack cocaine money delivered NOW!

Wed, 12/07/2011 - 10:45 | 1954645 Cangoroo
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Not now, yesterday or last week

Wed, 12/07/2011 - 10:50 | 1954678 SheepDog-One
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Yea and theyve been promised more free money for 12 months! If a MIRACLE is not performed very soon this whole shit heap is goin down big time! And I dont think they can print, somethings preventing it.

Wed, 12/07/2011 - 10:48 | 1954661 High Plains Drifter
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and i think that is exacly what the addict will receive............they have no choice. either they do it or it is game over. perhaps it is still a bit too early with the racalcitrant americans not falling in line like they are supposed to........it is a dirty job. someone has to do it the  world looks at us to do the job i am afraid. the europeans, with their culture of always living under strong governments and having the european mindset of not being free, will do whatever they are told, unless it comes to the point of hunger etc. the wild card in the deck is the americans.  they just are not real sure yet if we will completely go for it all. but we are close and they know we are close, but they need more time, imho. they need more time. so that is why i say they need to continue this financial charade a while longer while they tie up a few loose ends here in the states..........

Wed, 12/07/2011 - 10:52 | 1954687 SheepDog-One
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It will have to be a MIRACLE amount, 1 or 2 trillion certainly wont impress anyone...it would have to be $8 trillion, at least...and THEN we're right back to where we are now.

Wed, 12/07/2011 - 11:03 | 1954745 youngman
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You are right,....8 trillion now...that just puts out todays fire...and forever in the future as no one will have cut anything....and expenses will skyrocket.....its that decision they have to make..they might want to study the Iceland data today....but they won´t

Wed, 12/07/2011 - 10:42 | 1954632 Sudden Debt
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MEETINGS!! WE NEED MORE MEETINGS!!

SOMEBODY PLEASE INFORM THE CATERING!!

 

Wed, 12/07/2011 - 10:44 | 1954638 WineSorbet
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Your comments and your icon never cease to crack me up.  Thanks!

Wed, 12/07/2011 - 11:16 | 1954790 VisualCSharp
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DOMOKUUUUUUUUUUUUN

He likes TV. :)

Wed, 12/07/2011 - 10:43 | 1954635 WineSorbet
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One currency to rule them all.

Wed, 12/07/2011 - 10:43 | 1954636 Cangoroo
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Rejoice and let the printing commence.

Wed, 12/07/2011 - 10:44 | 1954643 spanish inquisition
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HAHA.. "the adoption by each euro area member state of rules on a balanced budget" Didn't Goldman already have "workarounds" on this that have already been used for Greece?

Increased financial regulation and a financial transaction tax? Sure, the banks will write it up and that will be in the title line.

Wed, 12/07/2011 - 10:47 | 1954648 reboot this mofo
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It's time to arrest these parasitical, murderous, criminal schills posing as leaders of the free world.

Then when we done with them, it's on to the lizards.

 

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