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G-20 Pledges Strong, Coordinated (Sisyphean) Response To Global Challenges [UPDATED With Full Text]

Tyler Durden's picture


Ironically, French minister Baroin says that the G-20 will release a statement in response to sovereign debt risk (after dinner of course). Having read the full text (below), there is, as we suspected, nothing of substance; rather a collection of the various actions that are pending in Europe (EFSF), US (Obama Jobs Bill), Japan (Fiscal measure), and EM (decoupling will save us all).


Via Bloomberg:








And some further thoughts / stating of the obvious:





And then some interesting diversions:




but of course the Japanese couldn't let it go without one quick stab:








Isn't it nice when we all get along? Well the response by the markets has been absolutely lackluster so far.


Full text of statement:

Wire: Bloomberg First Word (BFW) Date: Sep 22 2011  23:20:12
G-20 Pledges ‘All Necessary Actions’ to Safeguard Banks (Text)

Sept. 22 (Bloomberg) -- The following is a reformatted communique released today in Washington by Group of 20 finance ministers and central bank governors.


We, the Finance Ministers and Central Bank Governors of the G-20 are committed to a strong and coordinated international response to address the renewed challenges facing the global economy, notably heightened downside risks from sovereign stresses, financial system fragility, market turbulence, weak economic growth and unacceptably high unemployment.


We are taking strong actions to maintain financial stability, restore confidence and support growth. In Europe, Euro area countries have taken major actions to ensure the sustainability of public finances, and are implementing the decisions taken by Euro area Leaders on 21 July 2011.


Specifically, the euro area will have implemented by the time of our next meeting the necessary actions to increase the flexibility of the EFSF and to maximize its impact in order to address contagion. The US has put forward a significant package to strengthen growth and employment through public investments, tax incentives, and targeted jobs measures, combined with fiscal reforms designed to restore fiscal sustainability over the medium term. Japan is implementing substantial fiscal measures for reconstruction from the earthquake while ensuring the commitment to medium-term fiscal consolidation.


Heightened downside risks have also made the economic environment for emerging markets and developing economies more challenging and they are adjusting their macro-economic policies accordingly to maintain stability and sustain growth. The contribution of the emerging market economies to global growth will increase as these economies as a whole move towards more domestic led growth, including through structural reforms and enhanced exchange rate flexibility to reflect economic fundamentals. We reiterate that excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability.


We are committed to supporting growth, implementing credible fiscal consolidation plans, and ensuring strong, sustainable and balanced growth. This will require a collective and bold action plan, with everyone doing their part. We are working together to put in place for the Cannes Summit such an action plan of coordinated policies with both short term decisions and a medium-long term perspective.


We commit to take all necessary actions to preserve the stability of banking systems and financial markets as required. We will ensure that banks are adequately capitalized and have sufficient access to funding to deal with current risks and that they fully implement Basel III along the agreed timelines. Central Banks will continue to stand ready to provide liquidity to banks as required. Monetary policies will maintain price stability and continue to support economic recovery.


We will review progress made in implementing the commitments made today at our next meeting.


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Thu, 09/22/2011 - 22:59 | 1699791 metastar
metastar's picture

Let them FAIL!

Let the rule of law be restored!

Punish the guilty.

Let the savers rebuild the world!

Thu, 09/22/2011 - 23:05 | 1699809 TruthInSunshine
TruthInSunshine's picture

Gotta' love the French talking of how coordinated action will save the world financial markets when France and the overwhelming majority of nations having representatives making similar claims are bankrupt.

The coordinated actions of the bankrupted will save the day...

Thu, 09/22/2011 - 23:15 | 1699833 Seize Mars
Seize Mars's picture

Gotta' love the French talking of how coordinated action will save the world financial markets when France and the overwhelming majority of nations having representatives making similar claims are bankrupt.

The coordinated actions of the bankrupted will save the day...

Right on.

You see this is Keynes all over. "Aggregate Demand" is code for "spending without saving is good in general, even though it may be bad for an individual actor." This is the nature of a Keynesian robot. When a bunch of broke, lying sociopaths aggregate their resources, they will of course bail everyone out and save us from volatility. Back in their own lairs, of course they are insolvent!


Thu, 09/22/2011 - 23:37 | 1699867 CompassionateFascist
CompassionateFascist's picture

"20 dwarves took turns doing headstands...20 dwarves...20 dwarves...20..."

                                                                                 - Bugs Seigel

Fri, 09/23/2011 - 00:04 | 1699933 nope-1004
nope-1004's picture

Ok, the Bloomberg release above:  Is it just me, or is that the same speach writer that Benocide uses?

Sure sounds like Federal Reserve talk.  Or are they all cut from the same sociopathic fecal matter?


Fri, 09/23/2011 - 01:05 | 1699985 Spirit Of Truth
Spirit Of Truth's picture

The talk is the same because it's all the same game, i.e., uphold collective confidence by telling ever grander lies to convince the world the fiction of banking system solvency is true.  The modern 'Wizards of Oz' believe extraordinarily dangerous monetarist delusions that through jawboning, printing money and like interventions they can manage the 'animal spirits' of markets.  This, of course, is a farce, and we are starting to see the consequences of the mass insanity driven by central banks.  Ultimately what's been inflated is not just the money supply and prices.  What's been inflated to untenable heights are irrational expectations and false hopes.  It's all about a false collective faith in Mammon IMHO....a faith doomed to a most tragic upset. My belief is that there is only one 'Central Planner' in whom we should place our trust and faith. That "In God We Trust" appears on our currency is darkly ironic to say the least. To what 'god' does this refer?

Fri, 09/23/2011 - 01:45 | 1700028 Jack Napier
Jack Napier's picture

The god they refer to is the light bearer as Albert Pike would put it. The one looking down from atop the pyramid on the back of the US $1. So many names, yet all false in the same manner. He's also sitting atop the the top-left corner of the border around the top-right '1' on the front side of the dollar, Moloch, as the Bible mentions. This masquerading devourer giving power to the occultists who value money more than their own souls is not one to be trusted. His number can be found by adding up all the numbers in the numerological sun square, which shows who is in charge of this world of sun-worshipping luciferians, whether they know what they are or not. Be not of this world and you may find your name in the book of life by the blood of the lamb.

Fri, 09/23/2011 - 06:23 | 1700249 Green Leader
Green Leader's picture

There are far too many Mammon worshippers in Zero Hedge and all they are trying to do is figuring out how to save their wealth.

We should all be preparing for a lifestyle like in earlier times:





Fri, 09/23/2011 - 07:46 | 1700360 Winisk
Winisk's picture

Good link.  Thanks.

I had a discussion with a teacher concerning how to best educate children for future employment.  They recognize they're not good at predicting future workforce requirements but then she immediately assured me that children need to be groomed for an increased reliance on technology.  I suggested that we are perhaps approaching peak technology for the average person and that there should be an emphasis on pioneering skills if they actually wanted to prepare for the future.  From her expression I swear she thought I was pulling her leg.   


Thu, 09/22/2011 - 23:27 | 1699866 Snidley Whipsnae
Snidley Whipsnae's picture


Coordinated response? That is bankerspeak for more beat down of PMs... with coordinated printing to boot.

So intent are they on saving their fiat currencies, selling into PM markets the only real asset they have, that they will end this charade with nothing in their vaults.

Perhaps the new PMs owners would like to purchase some used bullion vaults? Should be bargain priced soon.

'Liquidate them all!' ... Mellon

Fri, 09/23/2011 - 00:07 | 1699935 EscapeKey
EscapeKey's picture

The inflation is synchronous, so the majority of people are none the wiser.

And yes, for those investing in gold - as both Greenspan and Volcker have previously stated - central banks (should) stand ready to lease gold in the event it should rise. It'll be fun to see how they'll coordinate it all, now that India and China ramp up their physical purchases.

Fri, 09/23/2011 - 00:18 | 1699954 HoofHearted
HoofHearted's picture

All of your gold are belong to us...and we still have trillions of your dollars and T-bills to spare. So, all of your national parks are belong to us. All your monuments...bitchez. We'd all better learn Chinese.

Fri, 09/23/2011 - 00:20 | 1699957 EscapeKey
EscapeKey's picture

Yeah, let's just see how the Chinese situation evolves, as private debts start blowing up all over the place.

There's a metric fuckton of bad debt in China, in the event you don't know. China's like the Japanese miracle on fucking steroids.

Fri, 09/23/2011 - 01:43 | 1700064 slewie the pi-rat
slewie the pi-rat's picture

damn, E_K!

slewie just loves it when you talk that way!


Fri, 09/23/2011 - 05:10 | 1700224 saulysw
saulysw's picture

Slewie, don't get too excited. EscapeKey, if I'm not mistaken, is a guy -- despite the Avatar pic. So, relax, please!

Thu, 09/22/2011 - 23:11 | 1699820 Edward Fiatski
Edward Fiatski's picture

I see your price discovery proposal and raise you a thermonuclear world war for the purpose of "Let the savers rebuild the world!" Because nothing short of that will flush the system, which is imbedded in peoples' minds first and foremost.


Thu, 09/22/2011 - 23:50 | 1699900 prains
prains's picture

I see your price discovery proposal and raise you a

no sir! I raise you one dipshiticus 1.45 masquerading as IQ145 he is the rebuilder of all the world if only the malcontents would listen. really, just buy into the bounce and all will 

be rediscovered.

Thu, 09/22/2011 - 23:49 | 1699896 Incubus
Incubus's picture

Uhh, buddy: "they" are the savers.


Why do you think we're in a credit crunch, despite trillions being stuffed into the economy? 


Lol if you think the "savers" are virtuous and will right any sort of wrongs.  They'll rebuild it just the way they like it when everything gets tossed out.  And you fools will be parading around like you won anything.  You guys sure showed those windmills.

Thu, 09/22/2011 - 23:02 | 1699794 caerus
caerus's picture

the myth of sisyphus...

might i also suggest shelley's poem...

To suffer woes which Hope thinks infinite;
To forgive wrongs darker than death or night;
To defy Power, which seems omnipotent;
To love, and bear; to hope till Hope creates
From its own wreck the thing it contemplates;
Neither to change, nor falter, nor repent;
This, like thy glory, Titan, is to be
Good, great and joyous, beautiful and free;
This is alone Life, Joy, Empire, and Victory.

shelley - prometheus unbound

Fri, 09/23/2011 - 00:33 | 1699979 Dugald
Dugald's picture

Ah yes I remember him......was Long on Liver...ha!

Fri, 09/23/2011 - 00:35 | 1699980 caerus
caerus's picture


Thu, 09/22/2011 - 23:00 | 1699796 1835jackson
1835jackson's picture

blah blah blah...all politcians are fucking muppets


Thu, 09/22/2011 - 23:41 | 1699836 DeadFred
DeadFred's picture

To think that they killed perfectly good electrons to give us such an empty bag of wind.

Fri, 09/23/2011 - 00:04 | 1699931 Zgangsta
Zgangsta's picture

Sir, you have besmirched the good name of Muppets!

Thu, 09/22/2011 - 23:02 | 1699802 Lone Deranger
Lone Deranger's picture

Let's all print money together.  WooHoooooo!!!!  Greece will be saved, no worries for Italy.  Let's party.

Thu, 09/22/2011 - 23:20 | 1699844 kito
kito's picture

@lone---as a gold holder, im actually a bit concerned, as europe is not printing. theyve made it quite clear they wont go the way of the americans. europe is looking quite deflationary. there is a good chance that the stronger eu countries will protect their banks as the piigs default. thats quite a bit debt destruction without hyperinflation, which doesnt seem bullish gold to me.  

second, ben is NOT printing, and there is no political will in this country for fiscal stimulus.  i also dont see any political will for this country to bail out BAC or CITI. it just wont be allowed to happen. quite frankly this also doesnt bode well for gold holders. more debt destruction without the presses. a key question that nobody has asked is this--does ben want to destroy fiat and the economy by printing--or would he rather sacrifice the economy for the betterment/survival of the fiat dollar by refraining? im starting to think the latter may just be possible. 

Thu, 09/22/2011 - 23:30 | 1699868 Dingleberry
Dingleberry's picture

Stick around kito. Ben will print. ECB will print (excuse me, issue bonds or something like it). And there will be secret swap lines (again) to europe as well. Banks will be forced into shotgun weddings with Fed backing, if necesary. Wait til Dow goes under 10k.  Then you will see a change of heart.  If Ben doesn't print, he will be admitting that the 3 trillion he brought on his books was a wasted experiment.  Ain't happening.  He has gone on record about his view of deflation. Print or die. Of course, death will also come if we print, just later on.

Thu, 09/22/2011 - 23:56 | 1699913 DeadFred
DeadFred's picture

Ben really, really wants to print, it's in his nature. I think he just had a mutiny in the FOMC. This minimal intervention had three dissenting votes. I think this is all that fourth dissenting vote would vote for. His policies aren't working and he's lost control of the Fed. He's not long in this job. It would have worked better for him to just postpone the decision. We've been on hold with all this negative news yet the market pulled off a series of mini rallies, why? Because in the back of everyone's mind was 'what will the all powerful Fed do to fix this'. The curtain is pulled back now so the holding pattern is over.

Thu, 09/22/2011 - 23:30 | 1699873 reader2010
reader2010's picture

Gold is the ultimate hedge against SHTF. 

Thu, 09/22/2011 - 23:47 | 1699893 abalone
abalone's picture

All gold is the ultimate ZH phalanx symbol

Thu, 09/22/2011 - 23:55 | 1699914 Incubus
Incubus's picture

we've got midas eating prunes with his sphincter pried open

Fri, 09/23/2011 - 00:00 | 1699924 abalone
abalone's picture

Does that mean gold will run..Hmmm bullish

Fri, 09/23/2011 - 00:24 | 1699966 CrashisOptimistic
CrashisOptimistic's picture

I'm not a gold hater or a gold lover.  

But you guys need to stop depending on it.  It's not going to save you.  Nothing is.  Thinking it will might destroy whatever tiny chance you have.

Fri, 09/23/2011 - 00:28 | 1699970 freeasabee1
freeasabee1's picture

on the side of the old zerohedge blog site it says: " things you own end up owning you" just saying, and i do own PM

Fri, 09/23/2011 - 00:39 | 1699982 abalone
abalone's picture

Believe or not I depend on the USD just like the rest of the world's economy. There I said it we are all USD dependent & doesn't the world know this fact today

Thu, 09/22/2011 - 23:45 | 1699888 Snidley Whipsnae
Snidley Whipsnae's picture

After the fiats fall gold will be there, along with silver and the other PMs and commodities... arable land, high grade jewels, some art, etc...They will all do relatively well.

Or, you can always bet on paper fiat. That will do well till it doesn't... Then go to zero. PMs don't go to zero, hence the qualifier 'relatively well'.

Ben has expanded the money supply no end but there is little velocity... Looks like a serious deflationary depression which may morph into hyper inflation if the Fed/central banks proceed apace...

As a Joker in the deck...The possibility remains that some big holder of US Ts heads for the door.


Thu, 09/22/2011 - 23:56 | 1699915 kito
kito's picture

Everybody is so sure ben will print, but he sees no benefit from it anymore. He may actually be envisioning the end here, and he knows that since either road leads to implosion, better to try to save the fiat. Deflationary collapse has a better chance of fiat survival than a hyperinflationary one

Fri, 09/23/2011 - 01:14 | 1700022 AustriAnnie
AustriAnnie's picture

Except it isn't up to Ben.  He is not calling the shots.  He's the whipping boy.  He takes orders, and follows them, then he becomes the scapegoat later when excuses are needed.

TPTB do not care about saving fiat.  They care about their political survival from one moment to the next.

Thu, 09/22/2011 - 23:50 | 1699902 Mutatto
Mutatto's picture

I'm with you Kito. Hyperinflation will destroy the CBs. They know this. That's not an option.

Printing as long as you can WAS an option, for awhile. It's not really an issue of printing the money so much as siphoning off the revenue to pay the debt. GDP is just not growing fast enough to cover the interest expense. And it never will be again, at these debt levels.

I think the rules of the game are about to change.

CB's will have to choose between sacrificing the current creditors or bailing them out, thus sacrificing themselves down the road.

Self preservation, it's not a hard choice to make. Especially with congressmen breathing down your neck.

Even if the global economy miraculously recovers, it could never support the current debt, because rates would move up too. The damage done to balance sheets in the last 3 years is irreversible.

Massive defaults causing massive dollar destruction is the only way out, imo.

That said, given the right amount of panic, I suspect Ben would try to print again, because, well that's the only thing he can do.

I am not really sure how we get from "printing" to "staring at computer screens w blank faces and open mouths"...

I suspect the market will take care of that.

Fri, 09/23/2011 - 00:04 | 1699932 Snidley Whipsnae
Snidley Whipsnae's picture

"Printing as long as you can WAS an option, for awhile."

I don't think we know how much the Fed has printed.

Remember when they did away with M3?

Fri, 09/23/2011 - 00:12 | 1699948 nope-1004
nope-1004's picture


You said

I'm with you Kito. Hyperinflation will destroy the CBs. They know this. That's not an option.


Massive defaults causing massive dollar destruction is the only way out, imo.

Your first sentence is deflationary.  Your second is inflationary.  Dollar destruction is not deflation, but hyper inflation.

So, wtf?



Fri, 09/23/2011 - 00:16 | 1699950 EscapeKey
EscapeKey's picture

Well, technically, it's either. But considering it's "destruction", does it really matter?

Fri, 09/23/2011 - 01:12 | 1700019 Mutatto
Mutatto's picture

<Dollar destruction is not deflation, but hyper inflation.>


Printing more money caused the value of it to be less, inflation.

Destroying the money will raise the value of the remaining dollars relative to everythng else, deflation.

When I said "Dollar destruction" I was referring to debts being written down/off, destroyed.

I consider credit to be money, at least, until it is no more.


Perhaps you are thinking of dollar destruction as the loss in value of the dollar, which is not how I am using the term.  I rarely see dollar destruction discussed in that way, but I know some people do think in those terms.









Fri, 09/23/2011 - 00:58 | 1699999 mcguire
mcguire's picture

when your first name is helicopter, printing is the only option...

what is it to the fed to let equities get slammed for a couple of months?  it achieves a goal, gets the politicians in line... 

there will be pain until they scream "save us"..

but in the end, he will print.

Fri, 09/23/2011 - 01:19 | 1700029 AustriAnnie
AustriAnnie's picture

"in the end, he will print"

Or else he might suffer a "heart attack" all of a sudden and be replaced.  Certain banksters need their bailouts, and they will get them.  Politicians need the banksters to get bailed out so they can fund their campaigns.  

Thu, 09/22/2011 - 23:53 | 1699906 Cliff Claven Cheers
Cliff Claven Cheers's picture

Europe will be the last country standing.

Fri, 09/23/2011 - 00:10 | 1699941 CenTexNate
CenTexNate's picture

I think you mean the first continent flattened by the coming wrecking ball called "The Nightmare on Keynes Street." Also, I hate to break it to you, but Europe is not a country.

Fri, 09/23/2011 - 00:18 | 1699955 EscapeKey
EscapeKey's picture

I'm not so sure. Europe might be the first casualty, but if Europe goes, there is absolutely ZERO chance the US will still be standing for any amount of time, so who's counting.

Britain seems to be strangely disconnected from all of this. Our deficit is horrible, debt situation out of control, and the banks are on the hook for billions, if not trillions. But at least we can print as we see fit.

Fri, 09/23/2011 - 01:02 | 1700005 mcguire
mcguire's picture

we can print as we see fit, but we have a special penance that no other country/union has, namely the inevitable loss of "world reserve currency" status.. 

Fri, 09/23/2011 - 01:22 | 1700031 AustriAnnie
AustriAnnie's picture

......and inability to fund massive military presence globally....

Fri, 09/23/2011 - 01:27 | 1700035 EscapeKey
EscapeKey's picture

Oh give me a fucking break about that "reserve" status. Once the realization kicks in that you won't pay back your debts in an honest way, the "reserve" status won't be worth jack shit.

And the US needs a constant inflow of capital. You can print currency, but not capital.

Fri, 09/23/2011 - 01:51 | 1700080 slewie the pi-rat
slewie the pi-rat's picture


Fri, 09/23/2011 - 00:23 | 1699965 jimmyjames
jimmyjames's picture


 quite frankly this also doesnt bode well for gold holders. more debt destruction without the presses. a key question that nobody has asked is this--does ben want to destroy fiat and the economy by printing--or would he rather sacrifice the economy for the betterment/survival of the fiat dollar by refraining? im starting to think the latter may just be possible.


I agree with that-it should be currency positive if debt is destroyed-

The problen though is that the defaults will only be transfered and that will hit balance sheets "somewhere" and it will be Banks/Pension/MMMF's etc

It is default risk that keeps gold powered up-because-we really do have TBTF entities and after blowing a few trillion already-i cannot see them admitting that it did absolutely no good-

I think this is what the G-20 are eluding to with their "all together now" statements-

There can be "no" hyper-inflation in a floating competing currency system "provided" the devaluations/printing is carried out in coordination-

Of course it devalues all currency in sync-especially against gold-


Fri, 09/23/2011 - 00:46 | 1699994 Quantum Nucleonics
Quantum Nucleonics's picture

Today's market action was all about printing.  The market has become addicted to free cash from Uncle Ben.  They are going to hammer the equity markets till they get what they want.  A crashing equity market makes it impossible to put lipstick on the pig that is consumer sentiment.


EU will eventually be forced to print as well.  When Greece defaults, a chain of events will be triggered that will force it.  The alternatives are even worse, from the ECB's perspective.  That's why they've tried so hard to pretend Greece, et al are not bankrupt.

Fri, 09/23/2011 - 01:00 | 1700003 TeresaE
TeresaE's picture

You are high, please pass some this way.

Europe may not "print" (yet), but they sure as hell have been gobbling up Ben's printed dollars that were secreted away under the guise of TARP or QE1, 2, or whatever they choose to call it. 

The fed was completely monetizing ALL treasury debt from Dec last year through at least March, and thanks to the convoluted "third party' buyer system, they probably still are.

Their stated balance sheet has increased by leaps and bounds.

Congress continues to spend trillions above what you are told they do, this money comes from somewhere.

And yet oh-so-many "smart" people refuse to see reality.

Want to prove me wrong?  Get Benny to let Ron Paul audit his books.  Put up or shut up.

But you can give me a break, Ben not printing?  Too funny, we left the choice of "to print or not to print" a half decade back.

Oh yeah, final thought, Europe will eventually be hit by hyperinflation, it is inevitable when the fallout from our coming collapse will show just how completely interconnected the contagion really is.

In the meantime, Ponzi on

Thu, 09/22/2011 - 23:04 | 1699808 freeasabee1
freeasabee1's picture

i wonder how big the rock their rolling is?  The myth of sisyphus was a great book by Albert Camus,

chapter 1: an absurd reasoning

chapter 2: the absurd man

chapter 3: absurd creation

that seems to fit the situation well

Thu, 09/22/2011 - 23:47 | 1699894 Snidley Whipsnae
Snidley Whipsnae's picture

"The Plague" A Camus 1947

In reference to bankers of course.

Thu, 09/22/2011 - 23:58 | 1699907 caerus
caerus's picture

what a great book...i would also add kafka's unfinished masterpiece "the castle" 

Fri, 09/23/2011 - 00:02 | 1699925 Snidley Whipsnae
Snidley Whipsnae's picture

"what a great book"

Camus left very little about human nature unrevealed... but revealed sublimely.

Fri, 09/23/2011 - 00:05 | 1699934 caerus
caerus's picture

"the guest" is appropriate, i think, given our present situation

Fri, 09/23/2011 - 00:30 | 1699974 HoofHearted
HoofHearted's picture

"No Exit" also seems apropos, but then that would be Sartre...

Fri, 09/23/2011 - 00:33 | 1699978 caerus
caerus's picture

ah yes...the wall is one of my absurd!

Fri, 09/23/2011 - 00:11 | 1699944 freeasabee1
freeasabee1's picture

love kafka, nihilism seems to rule  this present world...not that thats a bad thing....Nietzsche kind of forsaw that

Fri, 09/23/2011 - 00:25 | 1699967 caerus
caerus's picture

nietzche was a bold thinker whose ideas were perverted by evil men...shame

Fri, 09/23/2011 - 00:30 | 1699975 freeasabee1
freeasabee1's picture

i agree with you, i'm also a huge fan of i said, he foresaw the nihilism...its exciting times we live in

Fri, 09/23/2011 - 05:55 | 1700237 spdrdr
spdrdr's picture

Nietzche couldn't teach ya 'bout the raising of the wrist.....

Thu, 09/22/2011 - 23:05 | 1699810 Conrad Murray
Conrad Murray's picture

As history continues it's rhythmic seduction of the ignorant, here is a nice piece for those few who genuinely want to better understand the world -

Fri, 09/23/2011 - 01:25 | 1700034 AustriAnnie
AustriAnnie's picture

"As history continues it's rhythmic seduction of the ignorant"

True, and beautifully phrased!

Thu, 09/22/2011 - 23:07 | 1699814 carbonmutant
carbonmutant's picture

We're out of money so global press releases will have to do....

Thu, 09/22/2011 - 23:07 | 1699815 EscapeKey
EscapeKey's picture

Asian markets have decidedly swung.

It's a little known fact that the entire global economy can be fixed by releasing an endless amount of misleading statements. </clavin>

Thu, 09/22/2011 - 23:07 | 1699816 At120
At120's picture

We shall bring forth the Eurobond -- whether you like it or not!  Monetize?  YES WE CAN!



Thu, 09/22/2011 - 23:08 | 1699817 Josh Randall
Josh Randall's picture

Time to start collecting Bright Orangy/Yellowish $500's out of every monopoly box to use in helping out those in need -- thats about the equivalence of their plan

Thu, 09/22/2011 - 23:11 | 1699819 macholatte
macholatte's picture

Aren't such statements by the G-20 somewhat redundant? Afterall, what would you expect them to say, "Holy Shit. We are so screwed!"


In America, there's a failure to appreciate Europe's leading role in the world.
Barack Obama


Thu, 09/22/2011 - 23:12 | 1699822 espirit
espirit's picture

"Pass that hot potato the other way", says Timmah.

So it shall be.

Thu, 09/22/2011 - 23:13 | 1699827 PulauHantu29
PulauHantu29's picture

Printing more EU notes...bankers must get their bonuses this year...better then last year ...after all, the butler needs a raise.....the yacht needs refurbishing (2010 is so out of date!) mercedes for the kids....and so on.

Thu, 09/22/2011 - 23:14 | 1699829 Blorf
Blorf's picture

Japan is going to mend it's finances everyone! Our 22 year long nightmare is over!

Wait, they're going to help bail out Europe too?

Get serious please, next thing you'll tell me scientists found a particle that travels faster than light. Oh... Well, that's bullish for HFT algos.

Fri, 09/23/2011 - 00:43 | 1699988 Arkaenun
Arkaenun's picture

60ns over 500 miles? That was the retardedest thing I read today...

Thu, 09/22/2011 - 23:14 | 1699830 williambanzai7
williambanzai7's picture

Talk is cheap. Euro babble is cheaper.

Fri, 09/23/2011 - 00:41 | 1699984 Joseph Jones
Joseph Jones's picture

When all is said and done, more is usually said...

Thu, 09/22/2011 - 23:15 | 1699832 zorba THE GREEK
zorba THE GREEK's picture

Where are the details? I guess all 20 nations have to agree on details. That shouldn't take long,


Thu, 09/22/2011 - 23:24 | 1699858 Conrad Murray
Conrad Murray's picture

We have to pass the bill so that you can find out what is in it.

Fri, 09/23/2011 - 01:06 | 1700010 TeresaE
TeresaE's picture

zorba, I have an inside man, here are the details:


Internal Memo, Not for Public Release

Please discuss and return your vote

1.  We are screwed

2. Oh my freaking god!  We are so fucked!  Cash out your personal fortunes and buy gold!

3.  Print, print, print away.  Print until the presses burn and 90% of my net worth is in gold and pensioners are eating bugs out of each other's hair.

There you go, don't tell anyone.

Thu, 09/22/2011 - 23:17 | 1699837 straightershooter
straightershooter's picture

That what's ineluctable is inevitable.....


First, Euro zone,

Then, the US,

Then, the G7 ( Euro zone plus the US/Canada, plus Japan).

Now, the G20 ( add BRICks?)


What's next?

Look, the ultimate issue is: Bad credit can't get credit from banksters, and good credit don't want credit from anyone, which, makes all banks in run-off mode at best, a bank run at worst.

Can G20 make banksters grant credit to borrowers who categorically can't and won't repay and Can G20 make good borrowers to apply credits they absolutely don't want?



Thu, 09/22/2011 - 23:21 | 1699848 espirit
espirit's picture

I'd like to take a loan for $500 uh $50 million dollahs, but nobody will lend.  Promised to pay off and all...

Thu, 09/22/2011 - 23:20 | 1699841 Cliff Claven Cheers
Cliff Claven Cheers's picture

Tyler, i've been given you some love, clickin the shit out of the ads on the side.


Thu, 09/22/2011 - 23:49 | 1699842 Mercury
Mercury's picture

What if Bernanke's seemingly lackluster Op Twist is really a specific attempt to drive (private) funds toward European banks...and it's not really intended to be a US policy at all (other than a defensive move)?

There will be a public freakout if he tries to lend directly to Euro banks again like he did in '08 but maybe by driving long term UST rates even lower he can indirectly make (he hopes) Eurodollar market options more attractive for cash looking for a home.

That swap line is standing ready too...

Any Eurodollar desk jockeys out there that see/feel anything along these lines?   I mean, isn't it weird that Europe is imploding,  it's kind of a big deal and BB has been pretty mum about it in public?

Thu, 09/22/2011 - 23:21 | 1699845 Cartman
Cartman's picture

Leaders from 20 bankrupt countries to discuss ways to avoid going further into bankruptcy.  Double bankruptcy is not an option.  Possible tools discussed included: 1) laying the points with the Patriots for the rest of the season, 2) pitching a new reality series "G-20, G-Money", 3) taxing prostitution (with an exemption for political and economic leaders of course), and 4) moving the decimal one space to the right on all the indexes.  Birinyi, Biggs, and Doll all confirmed that this is very bullish for equities, particularly option 4. 

Thu, 09/22/2011 - 23:22 | 1699849 reinman60
reinman60's picture

Yada Yada

Thu, 09/22/2011 - 23:23 | 1699851 Dingleberry
Dingleberry's picture

QE to INFINITY......Bitchez!!!  What the fuck is so hard about understanding this economic fait accompli????  We crossed the Rubicon long ago. The die has been cast.  No stopping it now, until the entire system fails.  Get cranking Ben and ECB!!

Thu, 09/22/2011 - 23:25 | 1699861 Mugatu
Mugatu's picture

Everyone sing together now:

"We are the World, we are the children"


When does the video come out of the G20 singing along?  Maybe a Christmas Special in our future?

Thu, 09/22/2011 - 23:26 | 1699862 Hacksaw
Hacksaw's picture

Where's the austerity plan for the EU and the European banks? How many jobs will be lopped off and how much are their salaries, bonuses, and pensions going to be cut? Come on I thought we all were on this austerity train together.

The G20 bailing the EU out means the US Fed and 19 back slappers.

Thu, 09/22/2011 - 23:26 | 1699864 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

They said the same thing a month ago.

Thu, 09/22/2011 - 23:27 | 1699865 JW n FL
JW n FL's picture

EU Banks Infected

Uploaded by on Sep 22, 2011

Fears about another global financial meltdown, continue to grow. Stocks plummeted today, with the Dow Industrial Average at one point falling as much as 527 points. In Europe, Standard & Poor's downgraded the ratings of seven Italian banks and headlines were running wild, about French banks looking for cash in the Mideast, although BNP's CEO denied those claims. This week finance ministers from the BRICS nations are meeting here in Washington at the IMF. But how much good could they really do? Economic Analyst, Gonzalo Lira weighs in.

Thu, 09/22/2011 - 23:37 | 1699884 Conrad Murray
Conrad Murray's picture

Your style can be a bit off-putting at times(excessively long posts), but your information is nearly always of interest. Just wanted to say thanks for taking the time to spread the word. It is appreciated.

Thu, 09/22/2011 - 23:57 | 1699918 JW n FL
JW n FL's picture



show us your Tits!

I mean no problem.. I try to share interesting stuff and then you do have to suffer me stiring the pot time to time.. sorry, but it can not be all work! I have to be able to have a lil fun from time to time!

its all the Joooooo's fault! LOL!!

Thu, 09/22/2011 - 23:29 | 1699871 Bow Tie
Bow Tie's picture

whenever its a 'response' its already too late...

Thu, 09/22/2011 - 23:30 | 1699872 High Plains Drifter
High Plains Drifter's picture

well now its a g20 problem. isn't that nice.....

Thu, 09/22/2011 - 23:34 | 1699874 Flyairman
Flyairman's picture

sorry guys, totally off topic but had to share:

I was frightened by the volatility in the markets today so I stayed up extra late to watch the Mad Money re-run @ 11:00 p.m. EST.  I was so relieved when Cramer said: "Timmy won't let there be a European Lehman", "There will no disaster this time",  "Tim took Lehman off the table". Thank goodness, I can sleep peacefully now.

he's such a douche . Who the piss watches that trash??  When I hear him spewing his venom, I have to rock myself in the corner (full fetal position of course) just to keep myself from throwing my frosty bottle of Blue Moon deliciousness at the 65 inch plasma. 

Fri, 09/23/2011 - 00:00 | 1699923 J in Vegas
J in Vegas's picture


Fri, 09/23/2011 - 00:02 | 1699926 EscapeKey
EscapeKey's picture

Cramer told people to buy Bear Sterns, literally days before they went bust. What else do you need to know?

Thu, 09/22/2011 - 23:33 | 1699877 Flyairman
Flyairman's picture

Short version for the reading impaired... "Fuck Cramer and his lies" nuf said.

Thu, 09/22/2011 - 23:33 | 1699878 totem
totem's picture

Two years ago, I would have read that and thought "ah, they have a plan!"

A year ago, I'd have read that and thought "I hope they have a good plan..."

Now I read dribble like this and realize "They either don't understand what's going on, or they have no idea what to do about it."

It's a kind of financial enlightenment.. thanks all.

Fri, 09/23/2011 - 00:03 | 1699929 EscapeKey
EscapeKey's picture

They DO have a plan. The plan is to continuously have mini-crises in the Eurozone, followed by the US, only then to go back again, thereby milking investors a little bit at a time as they switch seats.

The game ends when they are no outside investors left, or they no longer can be milked. Then the system collapses.

Fri, 09/23/2011 - 01:41 | 1700061 Yen Cross
Yen Cross's picture

 Relax/   Get Macro...

Thu, 09/22/2011 - 23:34 | 1699879 Forgiven
Forgiven's picture

G-20:  "Don't move or else we'll pull this bazooka out of our pocket!  Seriously!  We mean it."




You may wear a nice suit, carry fancy business cards, drive european luxury vehicles to your fancy office in the haute district of the city, but when your business is selling paper and there are not takers, you're just a clean shaven snake oil salesman.

Thu, 09/22/2011 - 23:36 | 1699880 Pancho Villa
Pancho Villa's picture

This is all so familiar. As if somehow, it had all happened before... Nah! Must be my imagination.

Fri, 09/23/2011 - 01:32 | 1700043 AustriAnnie
AustriAnnie's picture

Tulips and toilet paper.  All that is left after people realize this time is not different.

Thu, 09/22/2011 - 23:45 | 1699889 lizzy36
lizzy36's picture

Fucking EU can't coordinate and now the G20 is going to?

Fool me once shame on you fool me twice, and i buy CDS on your sovereign shit show.

Fri, 09/23/2011 - 00:02 | 1699928 Cliff Claven Cheers
Cliff Claven Cheers's picture

Lizzy you are one of the most financially astute avatars here. I am always impressed with your imput.

Fri, 09/23/2011 - 00:42 | 1699986 lano1106
lano1106's picture

So true. Canada and England wants austerity while IMF and US thinks the problem requires fiscal stimulus. The only middle ground that can be use for coordination: do nothing


Thu, 09/22/2011 - 23:49 | 1699897 Michelle
Michelle's picture

Jawboning often has impact, sadly, I think it will be very short lived.

Thu, 09/22/2011 - 23:52 | 1699904 chump666
chump666's picture

The G20 are a bunch of total morons. They must have being doing drugs at the dinner...bad ones.  Their brains have turned to mush.

Good for a 10hr meltup...

And f*cking Japan...jeez.  That country is so close to going down the toilet: *AZUMI SAYS EUROPE HASN'T REQUESTED JAPAN AID EFSF FACILITY.

Japan aint saving anybody they're done.

Thu, 09/22/2011 - 23:53 | 1699908 Peter K
Peter K's picture

If the G20 can just get the wording right on this communique, I think we can finally put this crisis of confidence to rest. :)

Thu, 09/22/2011 - 23:57 | 1699917 chump666
chump666's picture

...and the f*cking french.


Thu, 09/22/2011 - 23:59 | 1699920 JW n FL
JW n FL's picture



no longer is it! "EAT THE RICH!"


it is eat the frogs! or french! (I am half french so fuck off any french pussies who want to whinne about how bad their pussies hurt)

Fri, 09/23/2011 - 00:11 | 1699946 chump666
chump666's picture

yeah but I love French women...

2nd to Spanish women. 


Fri, 09/23/2011 - 00:07 | 1699936 Caviar Emptor
Caviar Emptor's picture

An important massage (sic) from the G20 Minister of financial entertainment: 

In this communique I shall jawbone the impending market collapse using as bombastic language as possible and try to make it sound like we will take all your toys away if you do not comply. Remember, we have the power of many many angry bankers in Gucci loafers to back us up. And if pushed we can also say "No more Jersey Shore for you!" 

Fri, 09/23/2011 - 00:12 | 1699947 algol_dog
algol_dog's picture

Nationalization of the European banking system is right around the corner ~

Fri, 09/23/2011 - 00:19 | 1699949 agrotera
agrotera's picture

G-20, sons and daughters of Sisyphus.


Fri, 09/23/2011 - 00:17 | 1699951 MFL8240
MFL8240's picture

If they can all get fucked and the hell out of the way the sytem will fix itself, its simply called supply and demand.  We dont need bankers, planners or more liberal ideas, we need all of these scumbags gone.

Fri, 09/23/2011 - 00:17 | 1699953 CenTexNate
CenTexNate's picture

Anybody ever feel like your the guy that got out of Plato's Alegory of the Cave and tried to go back in and tell everybody else that everything they've ever known is a lie, and no one will listen. I feel like that every single day now. I see the puppeteers putting shadows on the wall and nobody realizes that they are just being tricked into thinking that what they are seeing is real. 

Fri, 09/23/2011 - 00:21 | 1699961 Mac1492
Mac1492's picture

To anybody who cant sleep tonight , there is some good theater on cpan 

and if ur into dominatrix which is a given since the american citizenry love to be bent over by these people...just a heads up that pelosi is looking extra bossy and sexy so enjoy 

Fri, 09/23/2011 - 00:52 | 1699997 Joseph Jones
Joseph Jones's picture

Where oh where is another Flight 77 when we need one?  Please let it hit its mark this time...

Fri, 09/23/2011 - 00:27 | 1699969 Demogorgon
Demogorgon's picture

Fuck 'em all.

I'm so tired of hearing the same old bullshit from our oh-so-brilliant academics in charge. Just let it collapse/deflate so we can get on with our lives.

Fri, 09/23/2011 - 00:29 | 1699973 mfoste1
mfoste1's picture

this is all one big shit sandwich

Fri, 09/23/2011 - 00:36 | 1699981 John Law Lives
John Law Lives's picture

Money printing = epic failure

The REAL solution to global debt woe is sustained global job creation coupled with spending curtailment.  Central planning and money printing will not solve underlying problems.

Fri, 09/23/2011 - 00:45 | 1699990 Demogorgon
Demogorgon's picture

I agree. Unfortunately, we passed that point of no return long ago. Math is an unrelenting bitch that always wins.

Fri, 09/23/2011 - 00:39 | 1699983 HD
HD's picture

ENDLESS BS. The market moves exclusively on rumors, lies, and intervention. The fact that statements like this actually work (in the short term) still amazes me. People will believe anything but the truth - we had a massive credit bubble and now there will be significant losses and deflation of asset prices as a result. Why is that so difficult to accept?

Fri, 09/23/2011 - 00:48 | 1699987 hejss
hejss's picture

They don´t seem to understand the most fundamental. More growth => Higher oil price => Recession again


A redefenition of GDP is needed unless they prefer half of the worlds population to starve because it´s to expensive to eat.

Fri, 09/23/2011 - 01:06 | 1700011 Peter Pan
Peter Pan's picture

You are perfectly right in saying we need a redefinition of GDP. The things we include in their such as weapons, gambling, cigarettes etc give an artificial and bloated number with little in reality to support it.

Fri, 09/23/2011 - 00:43 | 1699989 Caviar Emptor
Caviar Emptor's picture

MSCI all country world index entered bear market today

Tonight Kospi down 4% Taiex 3%

Fri, 09/23/2011 - 00:45 | 1699991 frugartarian
frugartarian's picture

G20 meeting dialogue:


Anyone got extra cash? 

Unanimous response: nope

ahw crap..

Fri, 09/23/2011 - 00:45 | 1699992 Bansters-in-my-...
Bansters-in-my- feces's picture

Via me.....

Bunch of delusional fuck tards.

By coordinated they mean raises for bankers and peas for the pee ons.

Fri, 09/23/2011 - 00:45 | 1699993 Peter Pan
Peter Pan's picture

All this reminds of those movie scenes where the wounded soldier wakes up screaming because of the pain. The nurse gives him a little water, an injection and a pat on the head and calms him down. In the next scene he dies.

Fri, 09/23/2011 - 00:51 | 1699995 Bansters-in-my-...
Bansters-in-my- feces's picture

If these are our brightest ,there sure are some dim bulbs walking around.

Lights out.

Fri, 09/23/2011 - 00:59 | 1700001 Cliff Claven Cheers
Cliff Claven Cheers's picture

Are you Velo Babe?

Fri, 09/23/2011 - 01:17 | 1700026 chindit13
chindit13's picture

Sisyphus had his rock replaced with Larry Summers.  That's why it requires a concerted effort by the entire G-20.

Fri, 09/23/2011 - 01:27 | 1700036 Yen Cross
Yen Cross's picture

 if?   What would be the alternative?


       Diamonds/SARC (:

Fri, 09/23/2011 - 01:29 | 1700037 Peter K
Peter K's picture

In my humble opinion, Euroland needs to fund the EFSF to the tune of 3.5 trillion. China his 3 trillion, but has it's own issues. Japan has trillions, but also has issues. So then the question turns to who has trillions to spare? The answere is simple..... wait for it..... Robert Mugabe. :) Yes? Therefore, if the EU could get a statement from Zimbabwe that it will actively back the EU, the problem will be solved :) 

Fri, 09/23/2011 - 01:33 | 1700045 EscapeKey
EscapeKey's picture

What the fuck is all this crap about "if we pick a large number, all problems will be solved".

Well, crony capitalist Paulson picked $700bn. That wasn't big enough. When do people realize you need to solve the derivative of the debt issue, ie the deficit. But hey, that involves cutting stuff like free shit for socialists, and which politician would want to do that? Especially when an election is upcoming?

Fri, 09/23/2011 - 01:36 | 1700049 Yen Cross
Yen Cross's picture

 In my humble opinion you are correct. I don't readily respond. The dysfunctional 17, need to come together!

Fri, 09/23/2011 - 01:31 | 1700040 IMA5U
IMA5U's picture

and so the rumor mill begins again


man the last few days was fun.  now back to the bullsh1t 

Fri, 09/23/2011 - 01:33 | 1700046 Flocking swans
Flocking swans's picture

Mr. Davis got the best sissyfuss right here:

Fri, 09/23/2011 - 01:44 | 1700063 Milton Waddams
Milton Waddams's picture

We shall solve this crisis with words.  Yes, you read that correctly- WORDS!  Words are the answer, specifically words like 'stability', 'growth', 'implementing', 'actions', 'ensure', 'strong',  et cetera, ad infinitum, ad nauseum.  Yes friends, it is WORDS that will solve this global emergency!  WORDS!!!

Fri, 09/23/2011 - 01:44 | 1700065 Yen Cross
Yen Cross's picture

Ahh heck crossing the " Date line " 


                          Let's see how the disparity from main line China works out?

Fri, 09/23/2011 - 01:45 | 1700068 chump666
chump666's picture

Asia just sold on the G20 'nothing'.  The markets are looking so heavy, like a grind down...rather than capitulation.  A short sharp sell would be good.  This looks like a crumbling mess.

Fri, 09/23/2011 - 02:17 | 1700120 slewie the pi-rat
slewie the pi-rat's picture

fr wiki:  G-20 major economies - Wikipedia, the free encyclopedia,(paste):


Bring together systemically important industrialized and developing economies to discuss key issues in the global economy.

...and...they did!!!  those finiminis are pretty groovy, huh?   the NWO should be proud of these sophomoric,  sisyphean, nanny asswipes! 

the chairsatan goes to the mound and throws a greased-up spitter about heightened downside risk and before the sun sets on the fiatsco of tomorrow, the whole w.w.pitching staff.con is using brylcreem and drooling on their own balls!

Fri, 09/23/2011 - 02:24 | 1700126 dalkrin
dalkrin's picture

Just as the velocity of status-quo threatening news is ramping up, I am reaching my limit as to how much more financial reporting, analysis, and re-hashing I can handle.  I've got my own modest rented quarters, a gun, ammo, silver, food and water.  My brain more than anything cries out for rest, relaxation, and escape.  Intend to go for a run tomorrow, then Saturday I devote myself to a shamanistic undertaking, in getting baked out of my situation by my weed-laced edibles.  The drug quickens my reptilian mind, letting me gain new perspective on all that transpires in our world.

Fri, 09/23/2011 - 02:31 | 1700137 Ye Ye
Ye Ye's picture

I first read that as


and I thought "wow.  did tyler edit that or did the media suddenly grow a pair?"

Fri, 09/23/2011 - 05:10 | 1700223 sabra1
sabra1's picture

G-20 meetings are really a cover to have all the puppet strings replaced! of course, a reminder to all puppets, " if you want your families to make it to the holidays, OBEY!!!!."

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