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Germany Spoils Party After FinMin Says Second Greek Bailout May Need To be Revised
Just hitting Dow Jones, another set of cold hard factual bricks for the bailout rumor brigade. From Germany's FinMin Wolfgang Schaeuble:
- GERMAN FINANCE MINISTER: MAY NEED TO REVISE 2ND GREEK BAILOUT - Dow Jones
- GERMAN FINANCE MINISTER: DOES NOT MAKE SENSE TO SPECULATE ABOUT NECESSITY FOR ADDITIONAL DECISIONS ON GREECE: RTRS
- GERMAN FINANCE MINISTER: THE RECAPITALIZATION OF EUROPEAN BANKS IS NOT A MATTER FOR THE ECB BUT FOR MEMBER STATES
It appears the euro is now soaring on expectations of a rumor to refute this latest fact.
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(re the mis-spelling in the headline, channeling Al Sharpton):
"protest, we much"
EDIT: fixed fast. damn! :-)
all of us are overdue time to take a stand in favor of individual financial responsibility.
http://covert3.wordpress.com
is this why futures have turned upward?
Right. So let me get this straight - stawks are supposed to turn around this morning and silver can't catch a bid? I'm sure copper will just bust a 180 at some point and gold/silver will just get taken to the woodshed again.
on the notion that Dow 10K hats create jobs
Silver getting MOTHERFUCKING SLAUGHTERED. Now at 32$!
No, it just went on SALE!
pods
Makes you wonder what else is gonna go on sale here.
two possible outcomes
1) central banks let all the banks fail and depositors lose everything - silver and gold will take a shit
2) central banks launch TARP2,3,4,5, etc.+ QE3,4,5,6,etc. - silver and gold take off to the moon
play both sides. buy puts on the banks and buy phyz gold + silver
central banks let all the banks fail and depositors lose everything
And what do you think will be the value of their currencies when that happens?
less money in circulation = deflation on everything bitchez
The smart money still runs to gold in economic uncertainty.
That was true when currency was money because it was gold & silver. Money is now nothing when the debt behind it collapses = end of fiat regime.
Gold will take a shit on bank failures? There is a reason (not a logical one though) Roosevelt outlawed gold ownership in the 30's.
Under the rule of reverse logic, this would lead to lower PM prices because it would provoke an attack by central banks. I know PMs should go up, but they should have risen upon the SNB peg too, and they didn't. Surrender to the dog god of reverse logic all PM bitchez.
Central banks take all gold in nationalized institutions. Have a nice day!
Likely outcome :-(
a lady can never have tooo much gold & silver ! great, on sale, i'll buy more . ( thank the ZEROHEDGE people for teaching me correctly. )
Not in Aussie, Looney or Euro. Watch oil too. You're dollar focuses, not saying that's inappropriate cuz that's probably what you own it in, but it isn't in death throes everywhere today.
Wrong. Silver in loony : -8% at 33.88$ down... another 8%.
you mean not that "much" in Euro...
in 48 hours the equivalent of a Lotus Elise just went up in smoke for me. Lucky for me that my silver is for a very very long timeline and I wasn't expecting to liquify it any time soon...
Exactly, and that's why I held back cash for my son's college expenses. Physical is very dangerous if you are forced to liquidate at the wrong time.
I closed my paper, and still love my physical. By the time this is over, it will be worth a lot, and anyone without physical will be poor.
Start a solar panel mfg..."thingy" since "you have all that silvery stuff." That should net you a couple hundred mill. Make sure you an exit strategy tho!
"all your Euros belongs to us"
THE RECAPITALIZATION OF EUROPEAN BANKS IS NOT A MATTER FOR THE ECB BUT FOR MEMBER STATES
Yeah well Switzerland is screwed then since the banks are worth 394% of GDP.
Gold and silver on sale for Americans!
Spread the word.
Markets shrug off terrible news, expect release of rumor to refute 'no bailout for Greece'....back to carrot and stick world economic driver!
The bailout of Greece is NOT a done deal. Never was. Germans disapprove with 80% majority to be hog tied to the sinking ship.
Greece will default officially before Christmas. One US bank will implode over that for sure holding the counterparty risk on the CDS to Greek debt.
Of course Greece is not going to be 'bailed out', did I say otherwise?
Christmas? I thought the "formal" (never to be announced)...is it a bankruptcy?...would be finished by today.
its the end of the euro as we know it
You mean as we "no it"...as in "would you like a euro?" and you say "no."
Must have been a telephone conference call. That would explain the rally.
when will this all end? soon i hope, its all one big joke
This is the part Hal Lindsay warned about where the Central Banksters would chase gold and silver bugs out of their holdings, right before the big collapse.
THIS WHY HOLDING PHYSICALS AND NOT PANICING IS A MUST!
Spelling Police! Freeze TJ!
And stop panicking!
Sheep, I'm guessing that a lot of the downward price action in Au/Ag is being done by models that the hedge funds use. ie...as markets change the models tell them to allocate more (or less) to a particular asset. I have a hard time believing that the price action is coming from people like you, me, et al that are going to local coin shops and selling. Or put another way: it's just the paper players.
Yea its such a tiny market by comparison, I think its impossible people going into coin stores are causing -20% drops.
I keep thinking we'll hear some coordinated central bank stupidity this weekend (or soon enough)
Who is selling though? And in such large quanitites?
George Soros sold
http://www.telegraph.co.uk/finance/personalfinance/investing/gold/8524535/George-Soros-sells-his-gold.html
All i can see from that article is that Soros has sold pieces of paper and bought companies that produce lumps of gold.
Just google "George Soros selling gold" or "George Soros sold gold" and you get hundreds of links
http://www.prisonplanet.com/why-is-george-soros-selling-gold-and-buying-farmland.html
Jim Rogers take on that.
http://www.youtube.com/watch?v=9LXllftxlyw
<== Soros actually believes Gold is no longer a good asset to hold and is making an ordinary moving into other areas.
<== Soros is concerned that Gold ETFs are ephemeral paper that isn't actually backed by anything real, and is quickly switching into physcial assets like Mines and Farms before the ETF Ponzi Collapses.
They almost have to. Its just another last desperate lurch to maintain their power.
Heard a rumor of yet another idiotic Medley report doing rounds saying ECB should buy bank debt. My take is that ECB can do what ever the idiots want to extend the ponzi for a few monts and wipe their asses again with the Lisbon treaty but they can do it without Germany. And without Germany, well, there's no euro.
Fuck 'em and feed 'em fish heads.
This is probably going to be the last buying opportunity in PM's for some time to come. Blythe and Da Boyz are having their fling, but in the long run the fundamentals really do still exist. The demand for physical silver is outstripped by available supply, and the number of people holding paper promises cannot change that.
Pass me the bong please, I'm going to smoke up the last of this hopium.
This is freaking silly. Risk on???? WTF! Gotta be expectations of a pending FT/National Enquirer piece due out soon?
Not according to VIX. "Risk On" is not going to happen unless we hear that the Fed will print, print, print.
Euro soaring....like Icarus!
Euro - like dax faile at 61.8% fib retracement level. I expect both to swoon again.
Some of that 'free' Fed money (our future tax money) being put to use again.
Wait, what!? There is a SECOND Greek bailout?
It doesn't matter what Germany or any other member state of the EU does. Greece is done. First loss is always your best loss. If these policy dopes ever worked in capital markets EVER, they might understand that.
Here is the issue that matters. Greek citizens are not going to comply. Simple.
From Spiegal Online:
The group's slogan is as simple as it is stoic: "We Won't Pay."
These are not the people who weaseled their way into Greece's oversized civil service; these are people who put their money in the private sector, working 12-hour days, seven days a week. Or so Belitsakos says.
Standing in his small store, Belitsakos makes a sweeping gesture and says that the people in his movement no longer have a choice. "The state will kill us," he says. "We're acting in self-defense." Then he starts to do the math. Over the last two years, his sales have massively shrunk as 60 of the tavernas and restaurants he used to make deliveries to have terminated their contracts with him. At the same time, the government has raised the value-added tax (VAT) twice while imposing a never-ending series of new fees. He mentions the €300 ($406) one-time fee for the self-employed, a two-percentage-point boost in the VAT, a €180 solidarity levy for the unemployed and a property tax that is "easily a few hundred euros every year."
Belitsakos stresses that his plan is to refuse to pay any and all taxes and fees. If he has to, he says he will either go broke, to jail or both. He is convinced that there are thousands upon thousands who think just like he does and that, in the end, the Greeks will win this battle that they never chose.
The only question is what they really have to win.
This is a very powerful statement and something I have thought about for some time. The only thing that keeps you wedded to the system is the fear of them taking your house, or going to jail. With so many without homes, or excess loan to value, is the spectre of going to jail going to continue to command compliance with the tax laws? I say no. People will realize there are just too many tax protesters for the government to do anything about it. They won't pay.
when one loses everything he loses it
I agree with you. They will continue to not pay because they can't afford to pay, as so many other thousands cannot pay. Greece does not have jails large enough to stuff their citizenry in.
double post, sorry
Awww. Kind of like your first boyfriend then! Also opposing slogan said with equal German stoicism (and heavy accent as well!) yveeeesss yvouu vill....
Confiscation time approaches.
These clowns couldn't manage a flea circus. Cheap politicking, while the swine gnaw at each other's tails. GERMAN OFFICIALS: (1) Merkel: We stand by the Euro, and will offer 'help' for Southern Europe. ---> (2) We have come to an agreement with France about the terms of a 'rescue' package. ---> (3) Subordinate German Minister: No, no, Germany will not abide by the terms the agreed 'rescue' package, as it violates the German Constitution/Lisbon Treaty/whatever ---> (4) European credit market turmoil ----> (1prime) Merkel: We stand by the Euro, and will offer 'help' for Southern Europe --> RINSE AND REPEAT. If I were Merkel, I'd fire ol' Wolfie's ass! This ain't no party, this ain't no disco, this ain't no fooling around! What's the endgame here? A Neue DM, pushing the swarthies off of the boat????
It's all a show to stall for time while they buy up cheap gold. Enjoy the show and don't get spooked out of your long range position. People who just react to this craziness will lose their heads.
As to gold, all I'm seeing is a $100+ (200) drop in the making. The last one didn't last too long before it retraced.
Again the same rumor mill in full force to give the equity bubble few minutes breather. Wonder how France and AAA (looool) go together if they would announce the hundreath banks rescue in the form of TARP. And we all know what happens to the monster cdo called EFSF when the insolvent France finally loses it's top rating.
Everyone for himself from now on in EU:
GERMAN FINANCE MINISTER: THE RECAPITALIZATION OF EUROPEAN BANKS IS NOT A MATTER FOR THE ECB BUT FOR MEMBER STATES
Lights out France (and well almost everyone)!
This will not end well.
the Third and Fourth greek bail out scenarios are now being scheduled for the next G20 meetings on Oct 14 at PAris; where the July 21 provisional Greek package will be provisonally and MOMENTARILY approved, and then finally, November 3, at Cannes; where, Ultimately ALL will be revealed and the LAST revised greek package will be finalised along with the FINAL, FINAL and overlall plan to save Euroland. WHeeeeewwwww...
This was decided yesterday at the FAILED G20 meeting at Washington where EU and USA disagreed to Timy's call to HOT up the QE strategy in Europe. Germany said "Niet, We want to first solve debt problem."
So in the meantime as the Central banks CATS are away, the Market mice will play....
Now all is clear, may the roller coaster ride recommence...If perchance the markets push Greece to default in the meantime then we rinse and rebegin...
Things are getting scary in Germany.
The state sponsored media is pushing a new book called "Dare Less Democracy", which explains that democracy and democratic process is a threat to Germany!
http://germanywatch.blogspot.com/2011/09/democracy-is-threat-to-germany.html
I expect Greece to default over the Weekend.
Any truth to the rumors Schaeuble said the only way the bailout works is if Merkel takes a second job?
Any truth to the rumors Schaeuble said the only way the bailout works is if Merkel takes a second job?