Guest Post: The Dynamics Of Doom: Why The Eurozone Fix Will Fail

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Mon, 07/25/2011 - 15:22 | 1491570 TooBearish
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Not gunna happen....wouldn't be prudent...NWO Pres G Bush I

Mon, 07/25/2011 - 15:22 | 1491571 TradingJoe
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Meanwhile on Bl(D)oomberg the spin has begun! "Gov can still pay its bills and pay interest", "Gov doing the right thing will raise debt ceiling in time", yada yada yada Jesus how much shit will/are Americans still able to take?!?!

Mon, 07/25/2011 - 15:36 | 1491627 carbonmutant
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Gasparino saying Obama told bankers August 2nd default won't really be a default- Zerohedge tweet

Mon, 07/25/2011 - 16:42 | 1491963 TruthInSunshine
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Merkel is toast (as is the 'Union of European Member States,' once word spreads far and wide).

After pledging to Germans that Germans would not have to bail out the PIIGS or Banks, the Greek default has now officially revealed that Germans are bailing out BOTH, bitchez!

To quote Joe Biden (Tyler, you may want to run with this), "[t]his is a big f*cking deal!":

Propping Up Banks, as Well as Greece


By Published: July 25, 2011

FRANKFURT — Europe’s latest plan to prop up Greece seems, on closer examination, to look suspiciously like a plan to bolster European banks....

...The irony, of course, is that Chancellor Angela Merkel of Germany went to Brussels last week vowing to make banks pay their share of the cost of aiding Greece. She inadvertently seems to have done them a favor instead.

Mon, 07/25/2011 - 15:22 | 1491573 mfoste1
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Mon, 07/25/2011 - 15:26 | 1491587 SheepDog-One
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The ONLY solution to ALL of this crap is HAIRCUTS! Thats all! End of story!

Mon, 07/25/2011 - 15:28 | 1491592 kito
kito's picture

nope, the head has got to go off with the hair.

Mon, 07/25/2011 - 15:29 | 1491597 SheepDog-One
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Well yea that too.

Mon, 07/25/2011 - 15:45 | 1491690 Long-John-Silver
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Guillotines Bitchez!

Mon, 07/25/2011 - 16:47 | 1492032 Amish Hacker
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Kind of adds new meaning to "basket case," no?

Mon, 07/25/2011 - 15:27 | 1491591 Transitory Disi...
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TPTB are either:

Stupid and incompetent,

Clever and deliberate,

They know some disaster is coming ie: Elenin, EQ's, Asteroid (remember that space rocks are now classified)

FEMA Camps are set up and ready for something

DUMBS (Deep Underground Bunkers) are prepared for something

They are following the plan that the pyramid on the dollar bill is complete by 2012 (count the blocks in the pyramid as 20yrs each starting at 1776) Pyramid being a ponzi / pyramid scheme.

I could go on......


DOOM to the MOON

Tue, 07/26/2011 - 00:38 | 1493486 old naughty
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I got all of what you say until I got to the last sentence. Why/What is the Moon?

Are you seeing things?

Either way, thanks for sharing.

Mon, 07/25/2011 - 15:28 | 1491593 SMG
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Today's weather forecast: cloudy with a chance of DOOOOOOOOOOM!!!!!!

Mon, 07/25/2011 - 15:29 | 1491596 HedgeAccordingly
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If a Euro falls in the middle of the night in a forest... does it make a sound?

Mon, 07/25/2011 - 15:30 | 1491601 agent default
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The way I see it, and I am a bit of a conspiracy theorist here, I think Germany is just buying itself time to prepare their exit from the eurozone or, they are preparing some sort of transformation of the eurozone.  There is no way the PIIGS can be rescued, and there is no way the core of the eurozone is bailing them out.  they couldn't afford it even if they wanted to.

Mon, 07/25/2011 - 15:33 | 1491618 knukles
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Dude... that's no conspiracy theory.  That's rational planning.
Like saying trying to escape from a burning building is conspiracy thoery.

Mon, 07/25/2011 - 15:31 | 1491606 carbonmutant
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Take the money and run...

Mon, 07/25/2011 - 15:35 | 1491619 Sudden Debt
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Mon, 07/25/2011 - 15:35 | 1491625 Transitory Disi...
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Sadly that is what Amy Whinehouse probably said :(

Mon, 07/25/2011 - 15:47 | 1491718 Long-John-Silver
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I hope that last hit was worth dieing for.

Mon, 07/25/2011 - 16:46 | 1492024 nodhannum
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There are no hits worth dying for.  Sort of reminds me of the scene from "King Rat" where the guy says to the doctor that's a fate worse than death...the doctor dryly returns son there is no fate worse than death.

Mon, 07/25/2011 - 18:02 | 1492229 legal eagle
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Obviously never been to a full length ballet.

Mon, 07/25/2011 - 15:41 | 1491654 TruthInSunshine
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Debt junkies all suffer the same fate, forever thoughout history, without exceptions.

In this crispy Ponzi scheme of fractional reserve banking planned economics, they should include an 'expiration date' for each participating economy.

A few simple functions of math should provide some fairly accurate guidance as to when the 'when' will be.

Mon, 07/25/2011 - 15:34 | 1491622 Id fight Gandhi
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Nothing good can come from usury, it's been known since the beginning of commerce.

Mon, 07/25/2011 - 15:46 | 1491698 The Profit Prophet
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"Neither a lender nor a borrower be." - Lloyd Blankfein

T.E.I.N. everyone!

Mon, 07/25/2011 - 15:47 | 1491713 tim73
tim73's picture

Outhouse USA is shouting to everybody, "you guys suck!". Just look under your collective asses, yanks. 

Mon, 07/25/2011 - 15:55 | 1491761 Caviar Emptor
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Debt forgiveness is one solution.

Cost forgiveness is the other: the debtors work for free. 

The endgame will involve some formula that mixes the two. 

Mon, 07/25/2011 - 16:21 | 1491906 FeralSerf
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The Germans get Greek slaves?  Hasn't a similar "solution" been tried in the past?

A question that is sure to come up eventually is: "What about sex?"

Mon, 07/25/2011 - 17:23 | 1492144 anony
anony's picture

What about it?

Miss Greece was winner!

Mon, 07/25/2011 - 15:57 | 1491770 AnAnonymous
AnAnonymous's picture

As belief in the system fades (When Belief in the System Fades March 12, 2008) and institutions lose their legitimacy ( The Three Ds: Delegitimization, Definancialization, Deglobalization July 1, 2011), then people naturally save more as insurance against an uncertain future.

Belief in the system? People save more?

A loss of belief for a currency happens when people refuse to be paid in this currency and matters most for essential goods.

Now Europe has a large service economy, which tops other kinds of economies. People in service has little interest blocking the payment of their services via the Euro (or any other kind of currency)

Wont happen. The triggering event would be that commodities rich countries no longer accept the Euro. Less unlikely to happen than for the USD but still unlikely to happen.

As long as the Euro buys, people have no cause to lose belief in the system.

Mon, 07/25/2011 - 16:32 | 1491967 Ye Ye
Ye Ye's picture

Agreed that austerity and bailouts are a fail.  However it is not clear the Euro needs to disintegrate ... after all California is f'd beyond belief over here but we're still using the dollar.  Pan-European bond issuance, stronger pan-European government, and net financial transfers from strong core to weak periphery would also get the job done.  Whether that's politically palatable to the core is unclear.

Mon, 07/25/2011 - 16:38 | 1491998 Ghordius
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Someone in the City decided Eurobonds and Eurotaxes rhymes deliciously with Fees and CDS.

Does the IMF need (yet) Worldbonds and Worldtaxes?

Mon, 07/25/2011 - 23:29 | 1493317 edotabin
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politically palatable or not, this is where it is headed.  When you have the Greek finance minister dismissing Moody's you know this is the plan.  I say they will go for it come hell or high water.


Mon, 07/25/2011 - 16:33 | 1491970 Ghordius
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This is not Smith's Best.

That talk about "slave bondage" is full crap. too much SM?

Nobody invades Greece if it defaults, in fact Smith himself wrote they should default.

Sovereigns default from time to time, it's a fact. Yes, the TBTF system is unstable and might crash. But they are not European, in fact they are transnational.

And this destabilize the export economy business? Mises would not approve.

Mon, 07/25/2011 - 16:46 | 1492025 Shameful
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Of course Greece should default, but wouldn't that require Greek politicians to act in the best long term interest of their nation? Please show me a group of politicians who are more concerned about the well being of their nation and not pillaging the placed, I'm interested in see this mythical unicorn. Simply put the politicos know that when default happens the gravy train ends, and that simply is unacceptable, better to kick the can for another day and steal what they can for the life after.

Mon, 07/25/2011 - 16:42 | 1492013 Shameful
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Of course the EU fix will fail.  Everyone is just playing for time and hoping to not be the first one to die.  First guy to fall loses.  Because every other player after that can point and say "Well, we were on the road to recovery, and then ___________ blew up" giving the local political class a free pass.  And even if 1st to die want to prolong it to feather ones won nest.  extend and pretend until there is no capital left.

Mon, 07/25/2011 - 17:24 | 1492145 aleph0
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@Charles Hugh Smith .. Short ,  to the core , and exact .

Your posts are much appreciated . Thanks.

Mon, 07/25/2011 - 17:57 | 1492221 PulauHantu29
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Jim Rogers commented today (I think it was to the NYT) that he is Bullish on the Dollar...very short term in expectation of a rush into dollars from the EuroFire. I agree with his assessment and added a handful of UUP today and will sell when it rises 10%...a quick buck.

Interestingly, he said he was bearsih on Treasuries...still..and is shorting them.

Mon, 07/25/2011 - 20:09 | 1492533 Spitzer
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Jim Rogers has been short term bullish on the dollar for 3 years now. What a shitty trade, closet deflationist.


Mon, 07/25/2011 - 18:32 | 1492294 MFL8240
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But he fails to mention that Goldman Sachs and JP Morgan can steal some Real Estate in Greece cheaply using taxpayer money.  

Mon, 07/25/2011 - 19:00 | 1492347 Species8472
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What matters is the source of the borrowed funds, savings or central bank inflation money. Paying it back with interest will not reduce available capital, provided it is paid back with real earnings and not funny central bank money


Mon, 07/25/2011 - 20:49 | 1492631 jack stephan
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The Wizard: The Children of Doom... Doom's Children. They told my lord the way to the Mountain of Power. They told him to throw down his sword and return to the Earth... Ha! Time enough for the Earth in the grave.

Tue, 07/26/2011 - 01:07 | 1493538 AnAnonymous
AnAnonymous's picture

Thati  is a good quote.

Tue, 07/26/2011 - 02:15 | 1493627 Peter K
Peter K's picture

Finally, a speaking truth to power moment :)

Tue, 07/26/2011 - 05:40 | 1493752 dervish
dervish's picture

europe is chasing the pink dragon, with germany beeing the pimp-dealer of the rest of europes debt-crackwhore-junkies. people here in germany are totally ignorant about whats actually going on in their country and/or europe and the rest of the world. they will enslave us all in a totalitarian single-money, single policy, single surveillance system NWO where the slaves will be visible, but the masters unknown, as they are today. order out of chaos bitchez! (that you control of course)

Tue, 08/23/2011 - 23:14 | 1593459 karmete
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Wed, 09/14/2011 - 03:32 | 1667027 chinawholesaler
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Sun, 09/18/2011 - 07:28 | 1681578 nickadam
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