Guest Post: It's Your Choice, Europe: Rebel Against the Banks or Accept Debt-Serfdom

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Sun, 12/04/2011 - 15:39 | 1944520 LookingWithAmazement
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Last week the whole system was saved again.

Sun, 12/04/2011 - 15:59 | 1944601 falak pema
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every week is thanksgiving in Europe. We will go from outside central bank to central bank, except the ECB kept under lock and key by Merkel. She is using debt serfdom of all of europe to save her own future by getting others to bail out the club med countries. Merkel's spiel is very simple : its our banks but its your money that has to be printed to save them. Now the Nixon phrase is on the other shoe : Our banks your problem !

Mon, 12/05/2011 - 00:05 | 1945737 trav7777
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we'll need to start saving this system every other day it seems

Mon, 12/05/2011 - 07:53 | 1946117 Harlequin001
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'It's your choice, Europe; choose wisely. If you want a model for sanity and growth, look to Iceland. They renounced their unpayable debts and debt-serfdom, and let the market reprice their currency, debt and risk. '

Who are you kidding? If the rest of the world did what Iceland did the world would be in revolt. Iceland got away with it for now because the rest of the world is still printing and borrowing to delay the collapse and hide Icelands defaulted debt on the balance sheet of its banks. The harsh reality of bankruptcy has not yet visited Iceland, but it is on its way...

The nightmare is past for them; they chose wisely...' You must be fucking joking...

Sun, 12/04/2011 - 16:01 | 1944606 knight99
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It wasnt saved dumbass it just bought them a little more time. When is the last time CB around the world saved anything? The Bernak is either a fking moron or criminal psychopath. 7.7 trillion in guarantees, 13 billion straight to the banks for profits?? What do the banks do instead of raising capital in 2010 when they had a chance. They paid RECORD BONUSUS. Tax payers what’s left of them get screwed middle class is stuck with negative wage growth and standard of living when inflation in real products (gas and food ) is going higher by the day.

Only thing I can say is I am gald I live in a tax free country where politicians dont fking waste my money bailing out the bankers.

 The only thing you should be "lookingwithamazement" is your stock account getting smaller while you hold your soon to be worthless portfolio.

Sun, 12/04/2011 - 16:45 | 1944733 Michael
Michael's picture

What can't be repaid won't be repaid.

I say, Let the banksters and oligarchs go bankrupt and eat tuna fish sandwiches.

Sun, 12/04/2011 - 18:21 | 1944944 topcallingtroll
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I take it knight 99 doesnt understand sarcasm. One of the common signs of obsessive compulsive personality or even more serious mild autism such as asperger's.

Sun, 12/04/2011 - 22:16 | 1945527 JungleJim
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Read somewhere that there's a lot of lead in tuna fish, oh ...., maybe it was mercury.

Mon, 12/05/2011 - 08:00 | 1946123 Harlequin001
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Plutonium and cesium now I believe...

and Pacific tuna is particularly 'green' because you can fillet it 24/7 without the need for artificial lights because it glows with an erie blue glow at night...


Mon, 12/05/2011 - 01:23 | 1945854 Ahmeexnal
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Heads on a pike don't need to eat.

Sun, 12/04/2011 - 16:51 | 1944745 sqz
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I am gald I live in a tax free country

You live in the Cayman Islands? :)


Mon, 12/05/2011 - 01:24 | 1945857 Ahmeexnal
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Yanomami Nation in the Amazon Forest.

Sun, 12/04/2011 - 17:19 | 1944817 BigJim
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The use of the word 'again' in 'Last week the whole system was saved again' implies irony.

Sun, 12/04/2011 - 20:28 | 1945235 BigDuke6
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Thank you BJ.

Its ironic that on a thought provoking site such as ZH that irony is usually met with aggression.

COI - i am a big fan of MDB.   Read his posts - they are pure gallows humour.

Do you understand that?  Its like the 'Life of Brian' bit at the end where they are being crucified and Brian says - 'I can see my house from here...'  Its the realisation that you are fucked and why not have a laugh.

Junking irony makes you dimwitted so have a think about it first.

Mon, 12/05/2011 - 08:17 | 1946134 Ghordius
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Irony, sarcasm - all under the attack of the netetiquette imposing the view that you are supposed to attach /sarc tags...


To the article: I still have the impression that Smith, like others, view the EZ problem through an American lens...

This "Debt Serfdom" meme, for example.

Another two I really like: 1. "The Euro is flawed" and 2. "Net exporters create unfair imbalances"

In a full gold system you would have to rewrite them into:

1. "Gold is flawed, you can't have one sort of money for the whole world" and

2. "Net Exporters want our gold / shrink our money supply"

Sun, 12/04/2011 - 17:28 | 1944834 YBNguy
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Eurozone Winter?

Mon, 12/05/2011 - 00:14 | 1945749 Buck Johnson
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You hit it right on the head, right on the head.  All that money 13 trillion and all those guarantees 7.7 trillion could have been used to rebuild our society and our economy for a new golden age and we could have led the world in this new age.  Orbital manufacturing, new powersystems, new rocket propulsion systems, colonization of our star system from our new technologies and more.  This may sound like science fiction, but eventually we will have to do this anyway might as well start the new age.

Sun, 12/04/2011 - 15:40 | 1944521 Sockeye
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Love the time bomb graphic. Just need to add some short little fuses burning brightly.

Sun, 12/04/2011 - 15:43 | 1944530 GeneMarchbanks
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In February, the iTalians will be in some pain.

Mon, 12/05/2011 - 08:20 | 1946141 Ghordius
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nah, by January the Italians (what is iTalians meant to be, anyway? The word is now a couple of millennia old) are Out Of Trouble until August 2012

just have a look at the financing needs and you'll see what I mean. But they have to get out of December, first...

Sun, 12/04/2011 - 15:44 | 1944538 agent default
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Debt serfdom it is.  The europeans are as spineless as it gets.  In the end they will lose both their money and their freedom and rightly so, if you accept being held hostage by these scumbags instead of sending them to the gallows tree, you deserve to get steamrolled, just like they will.  Americans, are you paying attention here, or did Wallmart just put something extra shiny on discount offer?

Sun, 12/04/2011 - 15:48 | 1944549 Collapse is imminent
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Stocks are shiny and cheap, everyone should buy some. /sarc

Sun, 12/04/2011 - 15:49 | 1944558 Dr. Kananga
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By the time Americans learn to pay attention, it may be too late.

Mystery company buying up U.S. gun manufacturers

"In recent years, many top-selling brands - including the 195-year-old Remington Arms, as well as Bushmaster Firearms and DPMS, leading makers of military-style semiautomatics - have quietly passed into the hands of a single private company. It is called the Freedom Group - and it is the most powerful and mysterious force in the U.S. commercial gun industry today.

Never heard of it?

You're not alone. Even within gun circles, the Freedom Group is something of an enigma. Its rise has been so swift that it has become the subject of wild speculation and grassy-knoll conspiracy theories. In the realm of consumer rifles and shotguns - long guns, in the trade - it is unrivaled in its size and reach. By its own count, the Freedom Group sold 1.2 million long guns and 2.6 billion rounds of ammunition in the 12 months ended March 2010, the most recent year for which figures are publicly available.

Behind this giant is Cerberus Capital Management, the private investment company that first came to widespread attention when it acquired Chrysler in 2007. (Chrysler later had to be rescued by taxpayers). With far less fanfare, Cerberus, through the Freedom Group, has been buying big names in guns and ammo."

Sun, 12/04/2011 - 17:15 | 1944806 slewie the pi-rat
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what's that smell?


Sun, 12/04/2011 - 19:49 | 1945143 hardcleareye
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Bechtel... Provokes a  response in me similar to Steve Martin in Dead Men Don't Wear Plaid to the words "cleaning women".

Mon, 12/05/2011 - 07:45 | 1946108 falak pema
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Bechtel and Bohemian Grove blues, when Ronald Reagan and Tricky Dicky talked world order and deregulation over a golf course way back in 1970s. It paid dividends to Bechtel, as two top Bechtel Oligarchs were in RR's first administration :  Weinberger and Shulzt. Bechtel invented politically slanted 'financial engineering' in the Oil Patch, in Iran and Saudi. They were the original model on which the Bush-Cheney Houston Clique then built the Halliburton model ratcheting up the 'financial engineering' with political payout to unforseen levels. 

Bechtel, Halliburton-Cheney, Koch Bros, the Oil services lobby money line; riding on the coat tails of the MIC-Oil lobby bonanza trail. Since the late 60's. 

HCE,  now you can take your stuff off and play at being Kim B...

Sun, 12/04/2011 - 17:17 | 1944813 bugs_
bugs_'s picture

Cerberus also bought Dyn-Corp

Sun, 12/04/2011 - 21:10 | 1945337 Bring the Gold
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Living up to their namesake and guarding the gates of Hell.

Sun, 12/04/2011 - 15:45 | 1944540 rambler6421
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Eh.  It's time to liquidate the malinvestment.  If any of you follow Jim palast, he claims that this is the goal of the IMF (to rape and pillage these countries) so the elite can gobble up assets for pennies on the dollar.

Sun, 12/04/2011 - 16:30 | 1944686 sabra1
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exactly, but these authors just don't get it! all is going as scripted, to finally bring the US to third world status. hence, a new second word status will be created, worldwide. WAKE UP PEOPLE, DON'T YOU WANT YOUR WORLD BACK?????

Sun, 12/04/2011 - 15:46 | 1944541 Gringo Viejo
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OFF TOPIC: Just read that Swiss America which has produced 2 television commercials advocating the purchase of precious metals, has been denied on-air access by ALL major TV networks. Source:

Sun, 12/04/2011 - 15:54 | 1944574 GeneMarchbanks
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GE no likey silver...

You're... what? Surprised?

Sun, 12/04/2011 - 18:05 | 1944906 Temporalist
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Here you go:

Obama and Ben: Part 1 "The Inflatocracy"

Obama and Ben: Part 2 "The Wizards of Oz"

Sun, 12/04/2011 - 15:48 | 1944550 Apeman
Apeman's picture

I want to rebel, but I'm surrounded by sheeple. The mojority still hasn't got a clue what's going on. Courtesy of the pro-EU media.

Sun, 12/04/2011 - 16:32 | 1944690 sabra1
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for a crash course people, check out

Sun, 12/04/2011 - 19:10 | 1945061 Al Gorerhythm
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Your position is akin to Ron Paul's. He'd like to make changes but is surrounded by the TBTF"s bought and paid for lackeys.

Mon, 12/05/2011 - 01:12 | 1945836 Econolingus
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Rebel against what?

Figure that out, and then maybe you can help the "mojority" see the light.


Sun, 12/04/2011 - 15:48 | 1944552 JustObserving
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Where is the US time bomb?  According to, our debt and unfunded liabilities are growing at $23.6 billion a day, or $8.6 trillion a year.  Yet, the super committee could not agree to cuts of $1.2 trillion over 10 years.  I suspect the debt action is far more vigorous on our side of the Atlantic. We are bigger, better debt-serfs in the US of A. 

Sun, 12/04/2011 - 15:56 | 1944557 electricgorilla
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COMING SOON: Hungary's Death Spiral

Sun, 12/04/2011 - 16:00 | 1944603 slewie the pi-rat
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serfdom ain't so baaaaad...

Sun, 12/04/2011 - 16:01 | 1944605 yabyum
yabyum's picture

The US is in the same boat, that boat is sinking quick.

Sun, 12/04/2011 - 18:35 | 1944977 Carlyle Groupie
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Scuttle the bish before Slewie the PieRat takes over.

Sun, 12/04/2011 - 16:04 | 1944612 smoked
smoked's picture

tyler hard to keep a  lit on lithuanian witches HEbrew

Sun, 12/04/2011 - 16:07 | 1944625 SilverIsKing
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Sounds like you'd better be buying your guns now cause his consolidation shit seems like a ploy for gun control at the manufacturer level. Either that or these guys know a growth business when they see it.

Sun, 12/04/2011 - 21:14 | 1945340 Bring the Gold
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Clearly the former. They buy a Merc group like DynCorp that undobutably will head up police actions in the Western World and they buy up gun manufacturers?


Everything Cerebrus touches is more than a little on the darkside. Definitely not the friend of the little guy, I'm not even a gun fan and I find this alarming. 

Sun, 12/04/2011 - 16:11 | 1944635 Tom Green Swedish
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The USA has trillions more in assets than liabilities, its the liquidity that people are worried about. I would really like to see a comparison of all major countries balance sheets; ie total assets / to debt, not just the GDP thing. The macroeconmic theory just points to one thing. Its like one part of the credit equation. For example if I make 45,000 dollars a year and have 45,000 dollars in debt, but I also have 500,000 dollars in assets, does it really matter that I have 45,000 in debt?

Its all about the stock market and "their story" to manipulate markets. All they care about is short term things. Quarterly Earnings / Yearly Growth, so they can trade stocks. In this case they are using countries now to trade the stock market. What do countries debt and growth have to do with private industry, other than interest rates? In all reality it would be smart for these countries to default on their debt, especially if they have more assets.

Sun, 12/04/2011 - 16:55 | 1944759 Teamtc321
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Mid way through Mr. Bass's interview there are some chart's that you are looking for.

Sun, 12/04/2011 - 17:27 | 1944833 BigJim
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...For example if I make 45,000 dollars a year and have 45,000 dollars in debt, but I also have 500,000 dollars in assets, does it really matter that I have 45,000 in debt?

Bad analogy... here's a better one: For example, if my neighbors make 45,000 dollars a year, and have 45,000 dollars in debt, but I have 500,000 dollars in assets that they can steal through inflation, taxation, or outright confiscation, does it really matter that they have 45,000 in debt?

Well, it may not matter to my neighbors, but it certainly fucking matters to me.

Sun, 12/04/2011 - 18:38 | 1944958 Waterfallsparkles
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They cannot steal Real Estate Value thru inflation.  Yet, the value of your Mortgage Loan decreases with inflation as the value goes up with inflation.

Remember that there was not a period in the last 50 years where Real Estate actually went down.  Only in the last 3 years with all of the Bad loans sliced and diced into Finance vehicles.

So, own Real Estate, owe a Mortgage and you will be fine.  The Real Estate Appreciates and the value of the loan depreciates.

Got it?  Buy Real Estate.

Sun, 12/04/2011 - 19:14 | 1945069 Al Gorerhythm
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... as your currency is slowly destroyed. Got it? Buy gold and other fungible PMs.

Do NOT follow this link or you will be banned from the site!