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German Government Speaker Speaks
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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L.I.B. (let it burn) already
Finally, some clear direction out of Europe. /s
One Word: Größenwahn [megalomania].
Auf Wiedersehen Bitchez
They will talk in Brussels. Straight talk. And talk and talk and talk and talk.............
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
Hopium is a powerful and sinister drug.
I just need one more hit while I'm waiting for the Change to kick in...
More future tense, less current credibility!
What a charade.
I think we crossed the charade state line a few hundred miles back, we're now deeply into farce territory.
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.
I will gladly pay you next Tuesday for a rescue today.
Can you afford to pay next Tuesday's price for today's rescue?
Ass-clowns, the whole lot of them.
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.
"GERMANY'S SEIBERT SAYS MORE WORK IS REQUIRED ON EURO PACKAGE"
I think Gropeon has a special on penis pumps right now.
What he means is : We are not done printing Marks yet.
Interesting thing about changing currencies, it needs to be done as fast and unexpectedly as possible to minimise economic cost. So, you never know ...
To the German people, Welcome to the Occupation.
It does sound like they have just about finished dicking around trying to get the go ahead from these obstructionist elected bodies.
Nice R.E.M. reference. May they rest in peace.
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.
Incredible, I agree - 40 dow points there in just 60 seconds!
As usual, retail stocks could care less about Europe.
Most are still bonering up off the lows, no pullbacks whatsoever.
'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?
ROBOTRADER: "input does not compute, buy LULU"
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.
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.
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.
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.
I think it just goes to show that algorithms don't learn from experience, humans do (well, sort of.)
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
Like reid and palosie....don't read this just approve it BITCHEZZZS
Zee German's still leading the world in wheelbarrow manufacturing?
actually, just manufacturing. which is why you and i (will soon) need a wheelbarrow for our currency
no more. This is now an American domaine.
Sunrise Medical owns it all now.
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?
Thank you, that was all the market needed
scheisskoft Why don't you dump your Bed Bath and ripoff... like every officer in the company.....
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?
"SCHEISSGKOOFT" would be a whole sentence, in saxon ... kinda statement of robo's deals ... methinks.
lol, 'do Röbö hod wiedör Schääs gegooft', but apart from this, Leipzig is one of lovliest cities I have seen so far, serious.
Let's loan them the bernank.
You need a meeting about the meeting to produce a plan to make a plan.
Situation normal: all FUBARed up!
The PPT knew what was coming that's why they stepped in an hour ago.
Brought to you by people whom thought Hasselhoff's music was enjoyable
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.
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....
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.
> 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:
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.
Like boiling frogs. Er, ah, sorry about that Mr. Sarkozy.
It's all about the collateral...
At least they told the truth about when they were going to make the announcement
> 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.
Sounds a lot like the Euro just got told, 'Good Riddance'
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.
No summit ... higher markets ... why worry?
This is what happens when everyone is short waiting for a repeat of 2008
"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...
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.
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.
America: Land of the caged and home of the paranoid tattletales.
"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"
2 weeks, this shit will be done by then.
The debt ceiling window. Installed on every pariiament building. Something else to ignore.
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?
Market is confusing now.
Buy or sell?
Both
EFSF = european financial stability FAIL!
and yet the ecb rate sits at 1.5%
the eurotards will disappoint next week fer sure bitchez!
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'.
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...
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.
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
Nothing about the lunch menu in that document?
NO SOUP -- THE TRANSYLVANIAN DELEGATION WALKS OUT IN PROTEST!
Wait, Wait, That's what the Wednesday meeting is for...
Seems like they are running out of smoke to blow up everyone's collective asses.
hmmm...had a nice sleep...the market does not seem to be trading on fundamentals...goodnight all
Lotsa Love
Rip Van Winkle
nor has it in 3 years
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.
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.
Hmmm. Makes one wonder who won WWII.
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.
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 ...
Seems Bernie has a lot to learn from europe.
He needs trillions to prop up the market, Merkozy only to announce a new meeting
EU Said to Weigh Combined $1.3 Trillion Fund
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?
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.
When reality finally sets in, the fall will be epic.
we are saved
/sarcasm
"Should be good for 50 EURUSD pips higher."
Looks like 136.6 to 137.8 to me. Totally unfucking believable.
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.
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
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.