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German Government Speaker Speaks

Tyler Durden's picture




 

Steffen Siebert on the tape:

  • GERMANY'S SEIBERT SAYS MORE WORK IS REQUIRED ON EURO PACKAGE
  • GERMANY'S SEIBERT SAYS EU AIMS TO REACH ACCORD IN TWO STAGES
  • GERMANY'S SEIBERT SAYS EU AIMS FOR EURO AGREEMENT `NEXT WEEK'
  • SEIBERT SAYS `APPROPRIATE' GERMAN LAWMAKER PARTICIPATION NEEDED

And this, because the German parliament is not worthy:

  • SEIBERT SAYS MERKEL TO INFORM PARLIAMENT AT `APPROPRIATE TIME'

More promises; more future tense, more uncertainty and more complete chaos.  Should be good for 50 EURUSD pips higher.

And here is Peter Tchir's latest cynical take on events:

More Summit Headlines, More Rallies on the Same Story

Summit going ahead as planned (we already bought the plane tickets and the rooms are booked, and I told the spouse they could come).

Follow up summit would be before next weekend (ummmm, the Summit may last a day or two longer than planned, unless we can figure out some other cool location to host a follow up one - imagine the frequent flyer points)

I think it should be clear to everyone, that for the past several months no one has been working on details.  No detailed plans were ever leaked to reporters because there were no details.  No one thought to assign a couple of grunts with a slide-rule the task of figuring out how plans would work, and what the possible consequences were.  Last week, some people with computers started to model up the strategies.  They worked with lawyers to make sure they were legal.  Guess what?  There are problems with each and every strategy.  Ignoring the legal implications of any, there are the potential dire consequences if some of the plans embarked on fail.  And they will fail long long long before the maturity of any guarantees expire.

In the meantime I do think the mock pitch of EFSF as a Hedge Fund is sadly what is being sold.  Here at 1210, I just don't see the need to be long.  Success is built in, and everyone of these headline induced rallies sucks in more longs, and takes out more shorts.  Remember the "Debt Ceiling" window?  That Monday rally lasted all of about 15 minutes.  Even if the EFSF delivers, I doubt how much upside is left.

As much as we may laugh at the politicians, they must be getting a kick out of watching the same rumour move stocks over and over.  Effectively the first time the rumour came out the SPX was about 1080.  Now the same rumor still moves the market and we are at 1210.  They must be laughing at the market, and deep down realize why the market needs to be bailed out, because we desperate to buy on anything, and reluctant to sell ever.  More and more people are sending around the Lucy and Charlie Brown cartoon.  I can understand why.

 

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Thu, 10/20/2011 - 13:42 | 1793882 HITMAN56
HITMAN56's picture

L.I.B. (let it burn) already

Thu, 10/20/2011 - 13:42 | 1793892 flacon
flacon's picture

Finally, some clear direction out of Europe. /s

Thu, 10/20/2011 - 14:28 | 1794190 PY-129-20
PY-129-20's picture

One Word: Größenwahn [megalomania].

Thu, 10/20/2011 - 13:43 | 1793883 Cassandra Syndrome
Cassandra Syndrome's picture

Auf Wiedersehen Bitchez

Thu, 10/20/2011 - 13:42 | 1793884 misterc
misterc's picture

They will talk in Brussels. Straight talk. And talk and talk and talk and talk.............

Thu, 10/20/2011 - 13:43 | 1793901 FinHits
FinHits's picture


A little less conversation, a little more action please
All this aggravation ain't satisfactioning me 
A little more bite and a little less bark 
A little less fight and a little more spark 
Close your mouth and open up your heart and baby satisfy me 
Satisfy me baby 

Thu, 10/20/2011 - 13:42 | 1793886 Manthong
Manthong's picture

Hopium is a powerful and sinister drug.

Thu, 10/20/2011 - 13:46 | 1793922 Clorox Cowboy
Clorox Cowboy's picture

I just need one more hit while I'm waiting for the Change to kick in...

Thu, 10/20/2011 - 13:42 | 1793887 CClarity
CClarity's picture

More future tense, less current credibility!

Thu, 10/20/2011 - 13:42 | 1793888 Ryman1075
Ryman1075's picture

What a charade.

Thu, 10/20/2011 - 13:46 | 1793925 taraxias
taraxias's picture

I think we crossed the charade state line a few hundred miles back, we're now deeply into farce territory. 

Thu, 10/20/2011 - 13:42 | 1793889 adr
adr's picture

hahahhahahhah hah ahahahahah

I announce to announce my announcement of an announcement that some future announcement will announce that all is well.

As for now, that announcement is good enough to tell you all is well, resume vapor volume market levitation.

Thu, 10/20/2011 - 13:49 | 1793948 machineh
machineh's picture

I will gladly pay you next Tuesday for a rescue today.

Thu, 10/20/2011 - 14:23 | 1794165 Long-John-Silver
Long-John-Silver's picture

Can you afford to pay next Tuesday's price for today's rescue?

Thu, 10/20/2011 - 13:43 | 1793896 jarboejl
jarboejl's picture

Ass-clowns, the whole lot of them.

Thu, 10/20/2011 - 13:43 | 1793897 Clorox Cowboy
Clorox Cowboy's picture

Herr Seibert, please.  There's no need to spell out anything.  We the people trust you implicitly.  Take all the time you require.  Just send us the bill when you're all done.

Thu, 10/20/2011 - 13:43 | 1793902 fuu
fuu's picture

"GERMANY'S SEIBERT SAYS MORE WORK IS REQUIRED ON EURO PACKAGE"

I think Gropeon has a special on penis pumps right now.

Thu, 10/20/2011 - 13:52 | 1793977 agent default
agent default's picture

What he means is : We are not done printing Marks yet.

Thu, 10/20/2011 - 14:29 | 1794016 sqz
sqz's picture

Interesting thing about changing currencies, it needs to be done as fast and unexpectedly as possible to minimise economic cost. So, you never know ...

Thu, 10/20/2011 - 13:50 | 1793903 hedgeless_horseman
hedgeless_horseman's picture

 

 

  • SEIBERT SAYS `APPROPRIATE' GERMAN LAWMAKER PARTICIPATION NEEDED

  •  

    To the German people, Welcome to the Occupation.

    Here we stand and here we fight
    All your fallen heroes
    Held and dyed and skinned alive
    Listen to the Congress fire
    Offering the educated primitive and loyal
    Welcome to the occupation

    Thu, 10/20/2011 - 14:42 | 1794250 Things that go bump
    Things that go bump's picture

    It does sound like they have just about finished dicking around trying to get the go ahead from these obstructionist elected bodies.   

    Thu, 10/20/2011 - 14:44 | 1794258 Ned Zeppelin
    Ned Zeppelin's picture

    Nice R.E.M. reference.  May they rest in peace.

    Thu, 10/20/2011 - 13:43 | 1793904 Belarus
    Belarus's picture

    What ever happened to the market hating uncertainty? Oh, almost forget, there is only one market: one for HFT's. For everyone else, good luck. 

    Thu, 10/20/2011 - 13:48 | 1793941 reload
    reload's picture

    Incredible, I agree - 40 dow points there in just 60 seconds!

    Thu, 10/20/2011 - 13:45 | 1793909 RobotTrader
    RobotTrader's picture

    As usual, retail stocks could care less about Europe.

    Most are still bonering up off the lows, no pullbacks whatsoever.

    Thu, 10/20/2011 - 13:50 | 1793957 SheepDog-One
    SheepDog-One's picture

    'Most are still bonering up off the lows, no pullbacks whatsoever'

    Well gee if there are no pullbacks, then how did they get to lows?

    Thu, 10/20/2011 - 13:59 | 1794014 viahj
    viahj's picture

    ROBOTRADER: "input does not compute, buy LULU"

    Thu, 10/20/2011 - 14:08 | 1794075 adr
    adr's picture

    There are no retail stocks anymore. The numbers these phony corporations put up are as far away from retail reality as possible.

    The Kepler observatory will pick up signs of the giant ball of ass each quarterly report comes from in a couple thousand years.

    Or do you really think each Lulu store really sells over $20k in inventory every day?

     

    Oh I get it when a report comes out saying a European announcement will be announced and Lulu stock jumps $2 that means this retail stock could care less about Europe. Oh no, I think that means this retail stock actually trades on BS European rumors just like the rest of the racket.

    OPEN YOUR EYES MAN, YOU CAN'T BE THAT DUMB.

    Thu, 10/20/2011 - 13:46 | 1793918 Aductor
    Aductor's picture

    The biggest charade is that US market participants are so stupid that they cannot look through this. Not the first time, not the second, not the N:th time around. You cannot find a better example of what defines stupidity.
    Anyone with at little experience of how EU institutions (does not) work, can tell that this will fail miserably.

    Thu, 10/20/2011 - 13:48 | 1793940 Belarus
    Belarus's picture

    I've been kina thinking i'm the stupid one. I mean there hasn't ever been a clearer trend; market down: buy. Rumor in: ramp up. Sell. Market Down, buy. Rumor out, sell. 

    I really am the stupid one thinking protection of captial with fundamental factors against the entire system matters. Hell, I should just BTFD.

    Thu, 10/20/2011 - 13:54 | 1793991 Aductor
    Aductor's picture

    I should have learned by now to sell the European close. When the morons are left to their own, the market will rip higher. Always.

    Thu, 10/20/2011 - 14:46 | 1794263 Ned Zeppelin
    Ned Zeppelin's picture

    I think it just goes to show that algorithms don't learn from experience, humans do (well, sort of.) 

    Thu, 10/20/2011 - 13:46 | 1793919 fizz
    fizz's picture

    It's so frustrating that the capital markets continually give these morons the benefit of the doubt. Rally 20 handles on the s&p in anticipation of this news, and as always its just pushing the end game down the road. Just crush everything already

    Thu, 10/20/2011 - 13:46 | 1793920 max2205
    max2205's picture

    Like reid and palosie....don't read this just approve it BITCHEZZZS

    Thu, 10/20/2011 - 13:46 | 1793923 AmazingLarry
    AmazingLarry's picture

    Zee German's still leading the world in wheelbarrow manufacturing? 

    Thu, 10/20/2011 - 15:00 | 1794302 dugorama
    dugorama's picture

    actually, just manufacturing.  which is why you and i (will soon) need a wheelbarrow for our currency

    Fri, 10/21/2011 - 03:01 | 1796133 supermaxedout
    supermaxedout's picture

    no more. This is now an American domaine.

    Sunrise Medical owns it all now.

    Thu, 10/20/2011 - 13:46 | 1793927 NDXTrader
    NDXTrader's picture

    As has been said many times on ZH before...this will continue until the market punishes the can kicking with an immediate 50 point drop in the ES. There is no workable plan, but the market has responded everytime to this nonsense, so why not keep doing it?

    Thu, 10/20/2011 - 13:47 | 1793930 junkyardjack
    junkyardjack's picture

    Thank you, that was all the market needed

    Thu, 10/20/2011 - 13:47 | 1793931 The Axe
    The Axe's picture

    scheisskoft      Why don't you dump your Bed Bath and ripoff...  like every officer in the company.....

    Thu, 10/20/2011 - 14:16 | 1794129 wandstrasse
    wandstrasse's picture

    gave you 1 uptick for the creation of the word 'SCHEISSKOFT'... sounds good..  no meaning required. just out of curiosity: Is it to be an adjective or a substantive?

    Thu, 10/20/2011 - 15:08 | 1794337 NoClueSneaker
    NoClueSneaker's picture

    "SCHEISSGKOOFT" would be a whole sentence, in saxon ... kinda statement of robo's deals ... methinks.

     

     

     

     

    Thu, 10/20/2011 - 16:18 | 1794591 wandstrasse
    wandstrasse's picture

    lol, 'do Röbö hod wiedör Schääs gegooft', but apart from this, Leipzig is one of lovliest cities I have seen so far, serious.

    Thu, 10/20/2011 - 13:47 | 1793935 Little John
    Little John's picture

    Let's loan them the bernank.

    Thu, 10/20/2011 - 13:48 | 1793936 machineh
    machineh's picture

    You need a meeting about the meeting to produce a plan to make a plan.

    Situation normal: all FUBARed up!

    Thu, 10/20/2011 - 13:48 | 1793937 taraxias
    taraxias's picture

    The PPT knew what was coming that's why they stepped in an hour ago. 

    Thu, 10/20/2011 - 13:48 | 1793946 Josh Randall
    Josh Randall's picture

    Brought to you by people whom thought Hasselhoff's music was enjoyable

    Thu, 10/20/2011 - 14:20 | 1794147 wandstrasse
    wandstrasse's picture

    but but but... in the US you all drive speaking and miracle-doing KITT cars like Knight Rider ... if you do not, please do not tell me, I would fall into a deep depression.

    Thu, 10/20/2011 - 13:49 | 1793950 sheeple2012
    sheeple2012's picture

    so the announcement that there was going to be an announcement sent the S&P up 15, then after the announcement of pretty much nothing pulls back 5... wash rinse repeat... at this rate we'll be back to new highs in a couple weeks....

    Thu, 10/20/2011 - 13:49 | 1793951 zerozulu
    zerozulu's picture

    Chinese communalism as we know is gone. Russian Socialism as we know is gone. It is time for American capitalism to go, as we know it.

    Thu, 10/20/2011 - 14:13 | 1794110 flacon
    flacon's picture

    It is time for American capitalism to go

    That's what Michael Moore keeps saying. 

     

    How about some common sense - Can you imagine if we applied the ancient Hammurabi Code to BANKERS? It's not capitalism that has failed, but the rule of law that has failed. Read this:

     


    Building codes have a long history. What is generally accepted as the first building code was in the Code of Hammurabi which specified:

    • 229. If a builder builds a house for someone, and does not construct it properly, and the house which he built falls in and kills its owner, then that builder shall be put to death.
    • 230. If it kills the son of the owner, the son of that builder shall be put to death.
    • 231. If it kills a slave of the owner, then he shall pay, slave for slave, to the owner of the house.
    • 232. If it ruins goods, he shall make compensation for all that has been ruined, and inasmuch as he did not construct properly this house which he built and it fell, he shall re-erect the house from his own means.
    • 233. If a builder builds a house for someone, even though he has not yet completed it; if then the walls seem toppling, the builder must make the walls solid from his own means.

    Thu, 10/20/2011 - 13:49 | 1793952 redpill
    redpill's picture

    Only two stages?  It needs to be more complicated than that.  We need probably 6-12 stages, so that it becomes so utterly confusing that the German people don't realize how fucked they are getting.

    Thu, 10/20/2011 - 14:47 | 1794266 Ned Zeppelin
    Ned Zeppelin's picture

    Like boiling frogs.  Er, ah, sorry about that Mr. Sarkozy.

    Thu, 10/20/2011 - 13:50 | 1793961 carbonmutant
    carbonmutant's picture

    It's all about the collateral...

    Thu, 10/20/2011 - 13:50 | 1793963 Bear
    Bear's picture

    At least they told the truth about when they were going to make the announcement

    Thu, 10/20/2011 - 13:51 | 1793973 totem
    totem's picture

    > EU AIMS TO REACH ACCORD IN TWO STAGES

    Where each stage will be split into two MORE stages, ad infinitum...

    To better picture the EU process, imagine each planning stage as being a Tribble.

    Thu, 10/20/2011 - 13:52 | 1793975 Tic tock
    Tic tock's picture

    Sounds a lot like the Euro just got told, 'Good Riddance'

    Thu, 10/20/2011 - 13:52 | 1793976 MarkS
    MarkS's picture

    There are no details because the Germans and French still fundamentally disgree on an approach.  There is no plan, there are the Germans and the French positions, that is all.  The french are trying to make the Germans blink...how do you that is going to work.

    Thu, 10/20/2011 - 13:53 | 1793984 Bear
    Bear's picture

    No summit ... higher markets ... why worry?

    Thu, 10/20/2011 - 13:54 | 1793992 broke433
    broke433's picture

    This is what happens when everyone is short waiting for a repeat of 2008

    Thu, 10/20/2011 - 13:55 | 1793993 youngman
    youngman's picture

    "More promises; more future tense, more uncertainty and more complete chaos. "...no its more like another week.....they just bought another week....and what is more funny...is Liz Clayborn on CNBC was announcing the market moveing rumors from the EU should be happening soon....lol....I wonder if FT is selling more papers because of the rumores...

    Thu, 10/20/2011 - 13:57 | 1794006 Temporalist
    Temporalist's picture

    I still don't get how France plays a part in this "bailout" when their banks are broke and their country's debt to GDP is higher than they projected at 86.2% showing their incompetence and excessive spending.

     

    Wolfgang Schauble said in the Handelsblatt that they must not rule out Greek default.

     

    They're fucked.

     

    Thu, 10/20/2011 - 13:59 | 1794015 TheLooza
    TheLooza's picture

    what the fuck are these lying liars up to:

     

    http://www.bloomberg.com/news/2011-10-20/eu-leaders-said-to-consider-com...

     

    oh thats right. fucking rumor floating bullshit.

     

    fucking hopium crack dealers.

    Thu, 10/20/2011 - 15:12 | 1794354 IrritableBowels
    IrritableBowels's picture

    America: Land of the caged and home of the paranoid tattletales.

    Thu, 10/20/2011 - 13:59 | 1794017 slaughterer
    slaughterer's picture

    "GERMANY'S SEIBERT SAYS EU HAS INVITED A PRESS BRIGADE OF TABLOID JOURNALISTS TO THE EU SUMMIT TO PROVIDE LIVE COVERAGE"

    "GERMANY'S SEIBERT SAYS FRAU MERKEL WILL BE GIVING A LIVE PAY-VIEW INTERVIEW TO STEVE LIESMAN DURING THE EU SUMMIT"

    Thu, 10/20/2011 - 13:59 | 1794019 Cone of Uncertainty
    Cone of Uncertainty's picture

    2 weeks, this shit will be done by then.

    Thu, 10/20/2011 - 14:00 | 1794020 Piranhanoia
    Piranhanoia's picture

    The debt ceiling window.  Installed on every pariiament building.  Something else to ignore.

    Thu, 10/20/2011 - 18:28 | 1795056 schadenfreude
    schadenfreude's picture

    Sarkozy now has lost his power to establish a debt ceiling, because the Socialists won't accept that. And if France doesn't accept it, do you really believe Italy and Spain are going to add a debt ceiling into their constitution?

    Thu, 10/20/2011 - 14:00 | 1794025 paul_Liu
    paul_Liu's picture

    Market is confusing now.

    Buy or sell?

    Thu, 10/20/2011 - 18:29 | 1795062 schadenfreude
    schadenfreude's picture

    Both

    Thu, 10/20/2011 - 14:00 | 1794026 crash_davis
    crash_davis's picture

    EFSF = european financial stability FAIL!

    Thu, 10/20/2011 - 14:02 | 1794037 buzzsaw99
    buzzsaw99's picture

    and yet the ecb rate sits at 1.5%

     

    the eurotards will disappoint next week fer sure bitchez!

    Thu, 10/20/2011 - 14:04 | 1794045 Tic tock
    Tic tock's picture

    Along with toady's landmark foreclosure decison, the US financial arcitecture is now officially in emergency - the reset has begun. A Credit Deriviatives Disaster should be about to break, at which point the small news should be about JPM and the other Large Merchant Banks. The bigger news should be about the new proedures to stabilise the Global Bond market - I strongly urge ZH readership to think about how we fund Adminstrative functions - Gold and Silver - the poor will become further exploited the longer this Chaos continues, any success in  a new architecture will be  related to it's starting position because this isn't 'theory'.

    Thu, 10/20/2011 - 14:07 | 1794066 FinalCollapse
    FinalCollapse's picture

    This shows how far apart they are. They need to schedule the second meeting ahead of the first meeting. The two stages is a smoke screen to cover their total disagreement. They will just talk, and talk, and talk...

    Thu, 10/20/2011 - 14:13 | 1794113 machineh
    machineh's picture

    Next Tuesday, we'll learn that the Weds. meeting is just a 'pre-meeting meeting' to negotiate the agenda.

    It is resolutely decided that all measures will be in place by next July, 2012.

    So just relax.

    Thu, 10/20/2011 - 14:12 | 1794102 carbonmutant
    carbonmutant's picture

    Euro Summit Statement "Leaked" Draft Looks Like Swiss Cheese; 10-Point Proposal for More Meetings

    There were six items actually pertaining to the Eurozone crisis in the draft. None of them had any details.

    However, there were 10 items pertaining to agreements to meet more often, including plenty of details regarding ad-hoc meetings, who gets to be the chairman, special working groups, preparatory bodies, additional consulting groups, and heads-of-state protocols.

    http://tinyurl.com/43jb2w8

    Thu, 10/20/2011 - 14:16 | 1794132 machineh
    machineh's picture

    Nothing about the lunch menu in that document?

    NO SOUP -- THE TRANSYLVANIAN DELEGATION WALKS OUT IN PROTEST!

    Thu, 10/20/2011 - 14:18 | 1794139 carbonmutant
    carbonmutant's picture

    Wait, Wait, That's what the Wednesday meeting is for...

    Thu, 10/20/2011 - 14:12 | 1794105 Randall Cabot
    Randall Cabot's picture

    Seems like they are running out of smoke to blow up everyone's collective asses.

    Thu, 10/20/2011 - 14:13 | 1794114 Lady Heather...UNCLE
    Lady Heather...UNCLE's picture

    hmmm...had a nice sleep...the market does not seem to be trading on fundamentals...goodnight all

    Lotsa Love

    Rip Van Winkle

    Thu, 10/20/2011 - 15:04 | 1794323 dugorama
    dugorama's picture

    nor has it in 3 years

    Thu, 10/20/2011 - 14:14 | 1794119 Mutatto
    Mutatto's picture

    This is looking like the Middle east peace process. 

    They seem to be negotiating on what to talk about.

    Working out the details isn't even on the table yet.

     

    This will clearly go on forever until they are forced to act.

    As was previously stated, the rumors seem to be a workable solution for now.

     

    Thu, 10/20/2011 - 14:26 | 1794141 Big Ben
    Big Ben's picture

    It seems there are two approaches to dealing with the euro crisis:

    1. Bail out the sovereigns. Then there is no need to bail out the banks.

    2. Bail out the banks and let the sovereigns fail.

    All this talk about bank recapitalization plus the rumors about much higher haircuts for Greek debt, tends to suggest that the Germans are leaning more towards option #2.

    However, no French or German politician wants to go down in history as the person who killed the euro. So it is also possible that the Germans will also agree to a token effort to bail out the sovereigns, so that they can say "See, we did our best to save the euro, but it just wasn't possible." Also, kicking the can down the road for another year or two would give Germany more time to plan and prepare for a smooth exit from the euro.

    Thu, 10/20/2011 - 14:24 | 1794170 pelican
    pelican's picture

    Hmmm. Makes one wonder who won WWII.

    Thu, 10/20/2011 - 14:27 | 1794184 apu123
    apu123's picture

    I think the politicians on both sides of the pond are just going to buy time with repeated rumors for as long as they can.  It costs them very little, their clients in the banking and investment sectors are making money and will probably have a good bonus season everybody that matters is happy.  When the rumors stop working they will have the CEOs, politicians and banksters in the lifeboats then they can scuttle and sink what is left of the worlds economy and let the proles deal with the disaster they created.  You can see this when BofA moved its trillions of toxic derivatives over to the FDIC protected side of their operation.  Why make those big clients take the hit when you can make somebody pay for it with their online account deposits.  No harm, they will be made whole by the FDIC.  Until everybody is in the lifeboats keep pouring the sugar on the public, awesome unemployment numbers, Quadaffi killed wild west style, Chazz Bono, Lyndsay Lohan, FUCK YEAH.  You might be lucky if 1 out of 10 people in the U.S. even know this is going on. 

    When Taco Bell goes under and the reality TV industry goes then there will be blood.

    Thu, 10/20/2011 - 14:31 | 1794201 Nobody For President
    Nobody For President's picture

    Not directly on topic, or is it?

    This is kinda cool - a scientific look at TPTB:

     

    http://www.newscientist.com/article/mg21228354.500-revealed--the-capitalist-network-that-runs-the-world.html#bx283545B1

     

    No surprises to ZH folks, but check it out anyhow ...

    Thu, 10/20/2011 - 14:58 | 1794294 Alvaro de Esteban
    Alvaro de Esteban's picture

    Seems Bernie has a lot to learn from europe.

    He needs trillions to prop up the market, Merkozy only to announce a new meeting

    Thu, 10/20/2011 - 15:03 | 1794321 srsly-wtf
    srsly-wtf's picture

    Everything this bad, and the market still up.  Makes me think if ANY progress or plan is announced, we will shoot up.  Is it all just tied to the dollar? 

    Thu, 10/20/2011 - 15:12 | 1794355 xcehn
    xcehn's picture

    Who cares, really.  It's not a solution and everybody knows it.  Euroland isn't going to weather this, and the global economy is going to collapse. The European puppets are working to make sure the banks get as much from the people as they can before the system collapses. 

    Thu, 10/20/2011 - 15:39 | 1794458 markar
    markar's picture

    When reality finally sets in, the fall will be epic.

    Thu, 10/20/2011 - 15:45 | 1794485 bigun
    bigun's picture

    we are saved

    /sarcasm

     

     

    Thu, 10/20/2011 - 16:03 | 1794554 FL_Conservative
    FL_Conservative's picture

    "Should be good for 50 EURUSD pips higher."

     

    Looks like 136.6 to 137.8 to me.  Totally unfucking believable.

    Thu, 10/20/2011 - 16:18 | 1794620 Mark123
    Mark123's picture

    What I don't understand is what people are waiting for?  There is just loads of debt out there that will never be repaid in real terms. 

     

    No matter how much money you print, debt you issue, accounting rules you change etc, it does not change the fact that a lot of wealth was wasted and is GONE.  I fget teh sense we are all playing musical chairs waiting to see which sucker is left holding the bad debt.  Who thinks it will be the old money people of Europe?  Not me.

    Thu, 10/20/2011 - 18:07 | 1794983 tkinfo
    tkinfo's picture

    Maybe Merkozy thinks we will all get so tired with the back and forth that we will just get bored and move on to the next best thing. Except of course for the rising rates in Italy and Spain...

    http://www.thebeareconomy.com

     

    Fri, 10/21/2011 - 03:23 | 1796146 supermaxedout
    supermaxedout's picture

    Its crunch time now.

    This morning in German TV.

    There was a video conference a few days ago with Merkel, Obama and his serf Sarkozy. Trying to bring Merkel in line by all means.

    France wants money printing by the ECB. This was the blunt demand by Lagarde and Sarkozy, while Germany is resisting.

    Yesterday evening Merkel wanted to give a press conference. Her car stopped 100 meters away from the building. She sat there on the phone one hour. Then the car turned and the press conference was cancelled.

    This morning very early at 7 am which is very unusal Merkel had already a party meeting in Berlin with the top people of the CDU fraction. I think other parties are doing the same.

    Its blackmailing time now, thats my impression.

    The CIA agent Sarkozy briefed and backed by Washington is now taking final action.  There are not many possibilities left.

    Either 1) The French accept that the printing press is not started. But this is not probable because its not France what is at the table its the US through their agent Sarkozy. And the US have a firm plan to kill the Euros status as a stable currency.

    2) Germany accepts the US demands. Thats at least now not possible because Merkel has no mandate to do so. This would need a alteration of the German constitution and and alteration of ECB statuites. So this can not happen now.

    The only logical explanation I have now is the following:

    The US know, that Germany can not accept their (Sarkozys) plan. So Srakozy is going to proclaim that he has to act on Frances interest first and that is to prevent the economoc catastrophy for France.

    The only thing he can do, is that France is leaving the Euro. Sarkozy can do this quite easily becasue the Frenh president has more or less uncontrolled power. In that respect he is even in a better position than the US president.

    So this is now the final action of this CIA coup. France is thretening to leave the Euro in order to weaken or even kill the Euro.

    Great Plan, Well executed. Only the result will not help anybody, except the Washington establishemnt and Wall Street.

    Angela dragonkiller go.

     

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