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The Global Moral Hazard Dawns: Merkel Says "It Must Be Prevented That Others Come Seeking A Haircut" As Ireland Cuts GDP Forecast
Just about 48 hours after it was duly noted as the greatest threat to the Eurozone in the post bailout world, Germany finally grasps the enormity of what global moral hazard truly means. As we said before, the biggest risk facing Europe, and by that we mean undercapitlized French banks (all of them) obviously, is not Greece or what haircut is applied to the meaningless €100 billion in Greek debt when all the exclusions are accounted for. It is what happens when everyone else understands they now have a carte blanche to pull a Greece at will. And while until now we had some glimmer of hope there was a behind the scenes agreement for this glaringly obvious deterioration to not manifest itself, Merkel just opened her mouth and proved our worst fears wrong. As Reuters reports, "Chancellor Angela Merkel said on Friday it was important to prevent others from seeking debt reductions after European Union leaders struck a deal with private banks to accept a nominal 50 percent cut on their Greek government debt holdings. "In Europe it must be prevented that others come seeking a haircut," she said." Too late, Angie, far, far too late. Because, just as expected, here comes Ireland and literally a few hours ago, launched the first warning shot that will imminently lead to what will be demands to pari passu treatment with Greece. Next up: Portugal, Spain, and, of course, Italy, which however won't be faking its own economic slow down.
From Business Week:
Ireland's government may cut at least 1 percentage point off its 2012 economic forecast, as a global slowdown curbs the country's export-led recovery, according to two people familiar with the matter.
Finance Minister Michael Noonan said last month that the country may cut its gross domestic product forecast from 2.5 percent, published on April 29. The government details its medium-term budgetary outlook on Nov. 4 and may lower the forecast, according to the people who declined to be identified because the figures haven't been finalized.
“Work is under way on the medium-term fiscal statement,” said Eoin Dorgan, a spokesman for Noonan, declining to comment on the growth forecasts.
Slowing global economic growth and Europe's debt crisis is hampering the region's recovery. French President Nicolas Sarkozy said yesterday his country's economy will grow by about 1 percent next year, as he lowered an August forecast of 1.75 percent. In Ireland, Noonan has said the government may need more than the planned 3.6 billion euros ($5.1 billion) of budget savings, though “not an awful more,” to hit its 8.6 percent fiscal deficit target.
“Ireland is showing the characteristics which are required to put the economy back on the right track,” Brian Devine, an economist at NCB Stockbrokers in Dublin, said in a note on Oct. 26. “However, one must not forget that Ireland is recovering from the largest credit and housing bubble in OECD history.”
Indeed, Ireland is just the beginning in the global race to sequester what remaining global put funds remain, a race which will end with the ECB unleashing the printer, and, as Albert Edwards predited yesterday, with Germany making a decision whether or not to leave the Eurozone.
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WTF, how is Italy supposed to afford their Maseratis if they don't get a haircut too?
http://www.telegraph.co.uk/finance/financialcrisis/8856149/Italian-govenment-buys-19-Maserati-supercars-despite-austerity-cuts.html
This is to help car makers.
Got gold?
http://www.abc.net.au/news/2011-10-27/one-tonne-coin/3604466
Thank you - you just made me come in my pants.
OT ... you grabbed some FAZ ? Thx...
I was waiting for FAZ to hit 40.
I'm glad I didn't place that order as now I'm sure 35 is quite possible. However, with things moving as fast as they are, I might have to buy at the close today.
Yepp, thx ... Learned a lot from your hints.
Me dumb, but volume low and some of Berlusconis Banks didn't got a shot. ( Applause on the left arm frantic ). 36 is good enough, ( me not qualified, but trying )....
Easy, Bunga Bunga just promised, for realz, that he will raise the retirement age for some by 2 years between "now" and 2026.
Fucking charade. Discuss the relief of the symptom, too much debt, but not the cause, the disease, living way the fuck beyond ones' means.
See, nothing the fuck changes.
It's a grandstand of circle jerks.
Forget reading The Daily Platutude.
It's over, done, bad news, gone, beyoond redemption.
The fundamental raison d'etre for the EU has become ridicule.
Don't worry. Our finance minister just discovered 24 bn Euro by accident. We will pay for it. An unfortunate miscalculation over at Hypo Real. Accounting error - happens basically every day...what a clown show.
http://www.spiegel.de/wirtschaft/soziales/0,1518,794694,00.html
Blutorgel -.-
they found the 40 billion bucks missing in Iraq. GPS has a trace on Bin Hidin in the Indian Ocean. Nasa has found evidence of other odd footprints on the Moon, some on top of those of our honkeys, The swiss have found part of the 400 billion stolen from citizens of Deutschland from 33 to 45, in an old vault of course. Amelia Earhardt is back from her vacation. The Beatles 84th album goes Uranium selling 100 trillion copies.
I get my news from the Onion. At least they tell you its BS upfront. Too bad it ain't.
LOL - now it is not only 24 bn - Spiegel just informed readers in an update that it is now 55 bn - out of nowhere. Just appeared.
This gets better and better.
Egemen Bagis, Turkey’s chief negotiator with the European Union, has criticized Germany, along with France, for seeking to sell military equipment to Greece while pressing the government in Athens to make drastic public spending cuts as a result of its dire financial crisis.
http://www.nytimes.com/2010/03/30/world/europe/30iht-turkey.html
Damn! I thought Greece would buy some frigates made in Italy, as usual!
Nope its France. Israel and the U.S. are in the game too.
According to information obtained by SPIEGEL, France wants to deliver two to four new frigates to the Greek navy and to allow the highly indebted nation to postpone payment of the €300 million ($412 million) purchase price per ship for the next five years.
http://www.spiegel.de/international/europe/0,1518,792189,00.html
Is Greece readying to spend millions and millions of dollars to buy advanced weaponry from Israel despite the economic crisis? According to reports coming from Tel Aviv and Washington, the answer is “Yes!”. Executives of Israel’s defense industry are reportedly talking to Greece’s Armed Forces about a possible multimillion-dollar sale of advanced weaponry in Athens and Greek military officials talk in Tel Aviv about the purchase of unmanned aerial vehicles.
http://www.keeptalkinggreece.com/2010/12/14/is-greece-buying-weapons-from-israel-despite-the-economic-crisis/
Daniel Cohn Bendit- president of European Greens/ European Free Alliance Summarizes it nicely. We're Hypocrites!
http://www.keeptalkinggreece.com/2010/12/14/is-greece-buying-weapons-from-israel-despite-the-economic-crisis/
Italians are good dressers. For high defense officials Maseratis go very well with their 7-stars military uniforms.
Ireland should have done an Iceland and told the Banks to fuck off. Instead it decided to bail out the Banks and shaft its own people. Having got the taste of that, if they can also shaft the German people as well, so much the better..................
So only Greece gets any debt relief? That seems completely fair.
In other news, the European Union (EU) is changing its name to the Federation of Undeserving Countries Killing the Economy of Deutschland (FUCKED).
Fitting acronym redpill
Isn't it possums that play dead ?
PIIGS play Possums (sounds like the title of a great new reality show)
Greece is done, it's down to PIIS.
dude, the germans played a role in getting their eurozone counterparts in the debt mess to begin with. their hands are not clean. and i dont just mean the shit on their hands from all that ass fisting they do over there.
You are totally clueless.
eurogold
To Whom are you refering?.
If me, you sir are the one without a clue.
Right you are! Now Italy, Spain, Portugal will be knocking at the door with their hands stretched out!
Germany must leave the EMU and tell everyone to go fuck themselves!
What are you, a divorce lawyer?
Nah, he's just been married for over an hour.
First soft, first that was served.
kinda like Obummer's new housing plan which will only be available to people with underwater mortgages held by Fannie and Freddie...fuck everyone else, right?
Just be patient. We will all have our opportunity at his program by the time he is done.
More like a buzz cut.
More like a decapitation.
Flowbee. Do it yourself at home!
stole my line , SERF!
or is it get in line and haul out the clippers bitches.
3X long
powder wigs.
Oh yeah, and Ireland was supposed to be SAFE money- LOL!!
This is gonna be priceless- literally.
Nobody, but NOBODY, could have predicted that other cash-strapped countries would want similar
haircuts ; )
Make mine a Tony Curtis!
Will the Grecian Formula work and how many doses are needed!
Clyde Clyde .................
save them Slovenia!
Slovenia, Slovakia... What's the difference?
..
Simple ... from the day one was Slovenia paying in and Slovakia getting checks from the €U...
In the meantime r both fucked.
Makes a difference to them. Check out a map.
Good luck with that Merkel. Give one participant a free ride while telling the others that they are stuck. If there is anyone left toiling away to pay their mortgage, regardless of country, you now know exactly what a sucker you have been. Crash the system already and let's find out exactly who's labor is of any value. I promise compensation will find it's way back to people who are actually worth a shit.
Come on dude, you know the score just as well as Merkel and everyone else in position of authority. Not one person didn't see this coming; on the contrary, they all knew it was coming, but proceeded apace regardless.
Since CogDis is apparently taking a (brief) hiatus, I shall paraphrase something he was fond of quoting, to wit "we exchanged a heart attack for cancer". IOW, every day is another day to live. It doesn't matter about other falling dominoes, such as Ireland, et al lining for some 'Greek style treatment'.
It only matters that the system lives another day. The day market facts finally force acceptance is when the system actually dies. It can't possibly survive the degree of deflation explicitly built into such a mountain of debt. So it will fail.
With that in mind, all this day-day news flow & analysis is just BS. It's a binary problem for the PTB- die now or die tomorrow. So, why not live another day? The day it dies is when real competition, real value-add, real cost/benefit analysis begin once again. If you're a money-changer, why would you ever want to get down into the gladiator pit and fight for survival?
Living just fine. Best line in any movie "get busy living or get busy dying". Chance will always favor the prepared mind, period, and as you point out, it really is up to chance. This is a trading site by the way, and when the market swings like this, you can bet your ass that it becomes important to those who make a living doing it.
Quoted from Shawshank Redemption. Yes an excellent movie... Time tou view it again soon.
Dyin ain't much of a livin.
http://youtu.be/C3Oa2tLrWqY
Exactly...just how are they going to do that? Answer: they are not. Just more platitudes from an intellectually bankrupt group of politicians.
Smoothing is applied to everything.
Pain will be avoided everywhere and for as long as possible in every segment of society.
It's human nature, and hope.
Couldn't have said it better. Good one.
Couldn't have said it better. Good one.
cant wait for the Amerikan haircut
you'll be waiting forever. with Europe looking like this treasuries are the only game in town. global liquidity of $100 Trillion has only one place to go: UST and US$. No matter how bad we look they look worse.
I can think of lots of other places for it to go, silver, gold, beans, oil, natGas, bullets. Shall I continue?
go ahead, but your LawsofPhysics doesn't include lawoflargenumbers and if $100Trillion chased beans we'd all be eating sand. fact remains NOTHING on Earth or Moon or Uranus (your's too) can accommodate $100T except US$. Doesn't make it good, just makes it so.
You assume that prices have to stay the same. Don't get angry DP, articulate better.
Look. Everyone knows that gold and silver are not backed by the Fed. They said it on TV.
for now the world wants fed backed paper.
If debt obligations were trued up today, how many of those $100T (pick a number) would be free from lien, Mr. Superhero, Sir. All debts must be settled (by someone). Once you get that basic tenet straight, you'll realize what is meant by the market levitating on false hopium.
The only reason there are ANY dollars available to chase the Risk On paradox is because the can-kicking has prevented them from being called home.
'nuff said.
zero. you're off topic, he asked for US T haircut. won't happen. all cash is loaned into existance. called fractional reserve banking and we're drowning in it. Hyperinflation is on the way, but UST won't be haircut, just inflated away.
Misread. Regrets.
IMHO, there will be no effective difference between a hyper-inflationary collapse and a hyper-deflationary collapse. In neither will the current fiat survive.
When Money Dies.
See traderjoes comments, the endgame is the same, you (or I) simply won't recognize the "sell-off" when it happens, the paper will simply be dead, the "price" will be irrelevant. I guess I should have said the value of the paper goes to zero.
I can absorb any number of trillions $, I issue doodoos in exchange, will you be my first client?
Call us back when your doodoo is backed by the FED.
either the USSA debt gets a haircut with a chainsaw, or the fed will just print into hyperinflation zimbabwe-style. dont count on "austerity" to reign in deficits, you can see how effective that approach is in europe
Yep. Hey, at least now real estate will make a rebound as anyone with any capital to spend makes a dash to more survivable areas or areas that will not be so cluttered with riot traffic.
False dichotomy.
The USSA is way beyond the point where a haircut, even with a chainsaw, would do any good. Decapitation wouldn't even be enough for debt of this magnitude - it has to be cut down at the knees.
Comay Mierda
Comay, EITHER one of those have only one outcome.
War in the streets.
Americans will not accept it......................period.
FAR too many have seen the graft,theft and corruption to simply eat shit and die.
The Internet has made that 100% a certainty.
November 23rd is the next red letter day. US side of the pond. We'll see just how feasible it is for our little super committee to hack away at entrenched debt interests.
When the US gets it's haircut there will be hair flying all over the place
That is the truth.
That is why the whole world has agreed to make the dollar the worlds kife preserver.
The PIIGS are racing to wipe off the lipstick.
Step right up and get yer 50 - 75% off soveriegn debt savings coupon!!! Hurry! Supplies are limited and only available on a first come first serve basis!!!
It really is amazing to watch this disaster playing out. History in the making.
Frame by frame. Like Inception level 3.
Totally agree. I don't think anyone could write a better script than the reality we're living in. I always have to pinch myself to remember that I'm NOT sleeping.
You re not sleeping, but the 99+% of the sheeple are dreaming of humans hopping fences..
Wow! This is such a joke! It would be much funnier if hundreds of millions of people's financial futures were not being tossed around like a new yo yo!!!!!!!!!!!
Stop the government price control on stock market. Class action lawsuit. Many here who rightly short market would have claim.
"Veterans Win $7.4 Million Settlement in Federal Debt Collection Class Action
Washington, DC: A $7.4 million settlement has been reached in a class action lawsuit brought against the United States government by military veterans.
The suit alleged that the government's methods of recovering debt owed by veterans for purchases made on military bases was not acceptable because the debts incurred had reached the 10 year statute of limitations.
In 2007, Julius Briggs, a disabled army veteran, filed the lawsuit after the US government kept about $2,300 in tax refunds to pay down a $1,857 debt he incurred buying uniforms and other items on base in 1993.
According to media reports, some 6,700 former military will receive $10,000 each from the settlement, which was approved in court Thursday, January 28th.
The Wall Street Journal has reported that the class action is the first to challenge a federal agency's debt collection tactics.
Ummm...who would arbitrate that claim? And how would a judgment rectify the underlying problem? Take your time...
Mr Julius Briggs asked same question, but he have courage. Not status quo mayhem_korner who needs his government support in stock market.
Mr. Briggs didn't just get mad on blog, he filed suit against government, and now in short time he won and money paid out to other veterans in his same situation. He did good job.
Sorry, I thought I was conversing with someone logical. Move along.
You try to discredit because you obviously need government to keep bailing you out.
My brothter in law is attorney and class action lawsuit is possible. For those interested in pursuing it...One way for lawsuit against SEC, collusion and fraud.
whstlblwr
They will damn sure let you die and kill for them, but pay righteous benefits, and money stops the show.
All the while we have given Trillions to Foreign Aid, and we still do not take care of our own soldiers.
I wish they would all go on strike, and say we quit, come on home.TAKE us home.
Wouldn't tpiss off anyone excepct the .gub.Gotta be the sorriest SOB's on the planet, make Bankers look good.
Sister-in-law and husband, new baby, hard working savers in Central Europe almost ready to buy a house..."financial advisor" told them to go for a big loan as they won't have to repay the loan when the banks fail...hubby wanted to buy gold but it's very expensive now, he was told.
None of us are in Kansas anymore.
what the shit? Take a out a big loan and buy gold.. you'll get 100x the house later, when the banks fail :)
XLF now down $0.009 per share on the news.
Government manipulations
Discrimination? Or maybe Merkel just has a Greek fetish.
Edit: ick.
Dammit. Why did you do that? Do you know how long that image is going to stay in my mind?
UFA
Well, with a name like "DonutBoy," I gotta believe it might have been there already. 8D
Further proof that the EU EFSF agreement is a joke. Not enough Euros to bail out all of the PIIGS unless the ECB fires up the printing press.
CNBS better get ready to start bashing HFT algos again after being silent on them during this massive run up.
Unintended Consequences 101.
Unintended, maybe...foreseeable, definitely.
Paradoxical. If you foresee a consequence and do it anyway, then it's not unintended.. it's purposeful.
UGrev
Been preaching that here for pushing 2yrs,maybe some are finally getting IT.
This is what was intended to start with.
Ask your 8 yr old.
You're correct. But if those that can foresee the consequences aren't the same as those empowered to execute, and the latter create the unintended consequences...that's where I was really going with the comment.
I still find it hard to believe these kids talking "haircuts".
The word of the day for Baby Banker Talk....or what.?
The real words for "hair cut" for the bond holder are "ripped off"
and when your CD"s don't pay ou with a 50% "rip off" you were also "kicked in the nuts".
Lets talk like adults here.
take the "deal" or we send in ze panzer bitch!
adult enough for ya?
Da Yermans vill find aus dat moral hazard relates not to zee big mushrooms, ja?
Angie's barbershop!
[just posted comment on Reg Middleton's post]
Fraudulent contracts are not enforceable by the public courts, unless they are deemed enforceable by private intimidation or by government authority [fiat].
This is not a new situation. About 150 years ago, Charles Dickens wrote about failure to do Due Diligence:
Panks [debt collector]: “A person who can't pay, gets another person who can't pay, to guarantee that he can pay. Like a person with two wooden legs getting another person with two wooden legs to guarantee that he has got two natural legs.” [Charles Dickens' Little Dorrit ]
Fraud committed by persons/corporations who claimed to be responsible for Due Diligence and thus cannot claim ignorance when they accepted known amounts of debts/liabilities greater than their total assets.
Dont worry, we got this shit handled....well as long as there are no more debt problems at all anywhere in the future, nevermind bleeding all over the Eurozone. Greece got their bailouts, and thats the end now we close our books.
German taxpayers must be really excited about this.
A glorious opportunity (obligation?) to bankroll everybody in Europe.
It looks like this European Debt show will be going on for a long long time. I guess we will need lots of popcorn for this show!
Gotcha covered:
http://www.ht-express.com/catalog/catalog_detail.asp?CID=100&PI=14661
Oh what a tangled web we weave when first we practice…central banking.
Oh boy....
Now greece (govt) can aford to keep paying the Central banks(private) all that interst they owe ,with thier new found wealth.
Bend over you say...
The politicians discover moral hazard mere hours after the Streeters discovered it. Everybody's growing up.
Angela Merkel said that when she was still wearing the blue velour powersuit she wore at the EU Summit.
I think I have some a basement tape of her talking this nonsense. in the meantime, here's
Angie in a pre-conference pow-wow... http://www.youtube.com/watch?v=MSB21EZQNkA
[must admit, those dancing Nazis steal the show]
I think Merkel is getting a little ahead of herself here because she is working on the assumption that this farce, in part or in whole, is actually going to be implemented. which appears to be very much up in the air at the moment...
Typical baby behavior.... *Cries* how come my brother got ice cream and I didn't??? *Cries* Same thing with debt haircut. *Cries* How come we don't get Greece debt haircut? *Cries* It's not fair! We'll act like a jackass (taking on more debt and less taxes) till we get our haircut! *Parent is forced to give ice cream to the other PIIGS* Europe is screwed.
The architects of the haircut obviously were never parents... or didn't learn from their own experience.
bought more DOG today, it cant be possible im going to ride this all the way to dow 13,000????? :(
If the people of Ireland take this, then ...and I never though t I would say this...they deserve the parliament they get.
They should just say 'f**k you' and let the chips fall where they may.
What qualifies this ugly, dumb, b*tch to say anything?
Why should i even give 1 second of my time to listen to these proven murderer and liar?
You guessed it ... her dumbness . She bought an teleprompter long time ago.
Just to remind the audience: she learned every fuckin' word of Reagan's speech from the debatte with Carter and presented it to the german sheeple in the franchise of the TV show ( vS. Mr. Gazprom Schröder ).
Her main competence ist to say nothing, almost all the time.
Merkel to the bankers "forget activating your CDS ,with the Feds help we are going to bid your stocks up to offset your Greek haircut." Should be good for 48 hours
Ha Ha Ha. Moral Hazard times 4.
They really dug themselves a big hole.
Lets throw them some new shovels so they can dig their hole deeper!
Italy or Spain are currently the rock and the hard place. The euro is squeezed in between. Not a nice threesome at the moment.
But Italy, lol me not. Spain at least they try to solve things. Bunga Bunga Berlusconi and his other italian smooth talking, lazy ass, manipulative, corrupt and greedy friends will have no problem digging a hole for the entire eurozone and sing merry songs while the fan collapses with all the shit they just threw at it. Seriously people, they are italian. They live with mummy til they are 40 and they are told they are pretty in pink. Come on! These guys are brought up believing 10-12 hail marys every sunday and 10 gold coins in the church coffers free them from their dirty deeds, and If the church wont fix it mummy will.
Metaphor here: mummy = Merkel.
I have tried to work with Italians several times, every single one of them was a cheat, a scum bag or both. I am sure there are good italians too besides the Amarone wine, dont get me wrong. I just havent met any.
Italy... You fuck us all up, for that you have to say a collective and unison 209 hail marys. If that isn't punishment enough I don't know what is.
When corruption is endemic and viewed as normal you get this culture.
Russia
Italy
Nigeria
Greece
Mexico
USA USA USA USA.
Maybe if we hurry Merkozy can toss out the first pitch tonight or at least give a stiring renditon of go d bless the fed.
Still think it's funny that a 50% loss is being called a "haircut." It's not even a buzz cut, it's a scalping.
following the rules for accounting + bankruptcy = morality = let the chips fall, assholes, these are our agreements & laws
making shit up and bailing out the loser-cronies w/ public funds = wtf?
let's all wecome germany to: The Plantation Edition of WTF!
Not only is Greece getting debt forgiveness, but any new debt will come cheap with an EFSF insurance wrapper. So PIIS are stuck with their existing debt and no EFSF wrapper. Last but not least, the concept of a sovereign CDS governed by ISDA has died. There is no private insurance available. PIIS yields will blow-out, forcing EFSF wrappers on all PIIS sovereign debt in the next emergency meeting.
When do Klink and Schultz show up?
I owe nothing !
Meanwhile in California.
Jerry Brown gets the green light from the Feds to cut MediCal by 10%.
So goodbye to healthcare for American aged and poor.
Trillions for banksters. Death for the Poor.
Why more people are not in the streets is truly amazing.
People are in the streets, but theyre not breaking shit ...yet.
Cut welfare and food stamps and unemployment and then we'll see it.
Moral hazard me hole - there is no Germany , there is no Ireland - there are just banks - sometimes these banks operate and benefit one host country , sometimes they don't.
Ireland is bailing out private entities - its money supply has been declining month on month for 3 years (check the Irish central bank money & credit figures) - why is that ?
Our GNP has delined nearly 25 % - why is that ?
The European investment bank has allocated no new funding for 2011 in this shithole , only Ireland and gigantic Malta is in this position.
Our "sovergin" debt is external and we are also being prevented from defaulting on privite credit deposits with the help of inside crony bankers.
We are being eaten alive from the legs up - its the core feeding off the edge to survive.
We are running a marginal current account surplus in a era of sky high energy prices for Christ sake - and Ireland is the most car dependent country in Western Europe with little domestic energy resourses !!
Well said. And I sympathize
Me too.
Ahem, your new choice of gov is not really helping, too...
I regret your old gov bailed out AngloIrish...
Extortion by auto-sabotage ... bitchez
http://www.secretswekeep.com/the_self-sabotage_top_20.htm
Any sovereign writedown without negative implications for all concerned will result in other nations boosting debt in order to get the same deal.
No, this is an option for Ireland, perhaps Portugal and hopefully not Belgium.
Moral Hazard All Over Again, Part II
Fucking amazing. Worldwide, the bankers and politicians get the money, coddle the deadbeats and liars whilst the honest hard working chap gets fucked.
Dr. Knukie's new Civics Class.
Kids, grab eveything you can, now, fuck your buddy, sell your mother on the street corner to take it up th e bung for a buck, run for public office and screw your freinds along the way. If necessary, jsut resort to violence. There are no things such as morals, ethics, principles and civility. Thye're fiction. You alone are your own God. Do as You Will. All others are here to be enslaved by you. Confiscate, cheat and lie, keep secrets well hidden and punish those who betray your feality. By death. Thou shalt be named Caasar, and it shall be good.
It continually amazes me how really smart people continue to outsmart themselves!
I see three things at play here:
1) France gets Germany to force Grecian formula onto Europe
2) France gets downgraded
3) Germany gets out of the Eurozone, goes back to the Deutschmark
By 2014-15 the EFSF will most likely be up to 10-15 Trillion euros.
CDS Spreads on Bloomberg
http://www.distressedvolatility.com/2010/07/nice-to-see-cds-quotes-credit-default.html
We are seeing the delusional pursuit of Utopia. That maniacal obsession demands surrender to rebellion against final authority.
http://georgesblogforum.wordpress.com/2011/10/28/the-never-never-land-of-socialism-update-10282011/
When and if this whole farce implodes, anybody that's short these markets will also be be buying a fleet of bullet-proof maseratti's to drive around in.
If anybody can fuck her over the boys from Dublin can, its in the nature of the Irish to push until they get what they want
didn't they already cave in
Just the government. The people had no say in it.
"its in the nature of the Irish to push until they get what they want"
They still don't have Northern Ireland.
There isn't anything that is going to put humpty dumpty back together again now. They can superglue the wrapper, but the guts are spread all over.
OT - anyone else observed today that SDS isn't tracking to S&P (2x inverse) Both S&P and SDS running negative today- weird shenanigans?
Hey (M)Urkel!
One kid gets a free haircut... the other four motley crew members are going to want a free haircut...
We don't need a PhD from Leipzig to figure that one out there Heir (M)Urkel...
I asked my 8 year old what he'd do out of 2 choices that I gave him.
Son, if you let someone borrow money from you and when you went to get back your money and they said they couldn't pay you back, what would you do?
1. let them pay you back 50% of the money or
2. take a payment in equal value of some item like a TV or computer.
He asked me how much he let them borrow.. and I thought for a second then replied "5 dollars". He said.. that's not a big deal, I'd take 2.50 and I wouldn't let them borrow any more. Then I asked "How about $500.00?". He replies "I want my money back.. I need a new laptop though, so I'd take #2 in the form of a laptop".
Then I said.. "Ok, lets say you knew they weren't going to pay you back when you loaned them the money".. He replies "Why would I do that? that's stupid.. "
There ya go. EIGHT year olds know how to run finances better than these fucking idiots..