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Hi, My Name Is Europe...And This Is What Happens When My 12-Step Program Fails

Tyler Durden's picture




 

Unaccustomed as we are to discussing the American Psychological Association's 12-Steps to recovery, Credit Suisse have produced a clarifying reduced set that enables us to better judge the road being taken by the heterogeneous set of deaf-dumb-and-blind monkeys currently 'solving' the European addiction issues. The critical underpinning, that we have tirelessly brought to the public's attention, is a fear that the illustrious leadership of our world are not even grappling with the real issues. CS tries to answer the following deeper questions: Are we recognizing the cost that is coming to the core, multiplying as we wait? Are we building credibility and starting to stem this overwhelming tide, or are we pretending, taking the target of our addiction from whatever source we can find it (latest target: the IMF) in the interests of a brief respite?

Policymakers, led by Chancellor Merkel, have started to recognize the existence and nature of the problem. We are irresistibly reminded of the steps towards recovery from addiction; the addiction in question being the par pretense and curing debt with debt.

 

Chancellor Merkel said last week, “The summit won’t be the final point where we regain the confidence of others, but it will be a stepping stone, a marker on the road. All of the sins of omission and commission of the past cannot be undone by waving a magic wand.”

 

This reduced set of 'steps' is required for investors to be confident that leadership are moving forward positively as opposed to hiding their stash in a top cupboard for later - or addressing the wrong issues.

Steps 0 to 2 seem most critical for now with Credit Suisse pointing to the following for Step 1:

...an acid test for any discussions, and the reason we expect disappointment, is whether the proposals:

 

1) Seek to cure debt with debt / confuse the markets into seeing solvency created for free / maintain the bezzle / damage credibility; or

 

2) The opposite and provide a visible mechanism for bringing costs of the order of a large fraction of a trillion euro or more to the core.

And Step 2 - acceptance that the market can help - is also very evident from recent actions:

the [CDS] ban may have a narrow target of the mythical “evil New York hedge funds” but is essentially a paper tiger, in our view. Unfortunately, it shows a mind-set of confronting markets, as does the truly bizarre proposal to regulate ratings agencies’ opinions of sovereigns.

 

Commission consultation on “eurobonds” suggests a slow change in this mindset, but we submit that, unless markets are enrolled as allies, rather than marks to be fooled in an ever-accelerating game of financial three-card Monte, which is what many proposals remind us of, progress is impossible.

In conclusion, CS wonders

are we recognizing the cost that is coming to the core, multiplying as we wait? Are we building credibility and starting to stem this overwhelming tide, or are we pretending, doing the sovereign equivalent of lending our clients money to buy our shares, as has emerged this week in one corner of the banking system. (Why? What’s wrong with that? We took the shares as security…)

 

So we anticipate disappointment, but we have the first glimmerings of hope that the long road back is being recognized.

 

Unfortunately, we do not think the market thinks in these terms just yet, and may even be pleasantly surprised (or at least caught in shorts) by some sort of crazy EFSF bidding process. The addiction would be fed, but the rush would not last for long, and the eventual cure will be even harder.

 

But one day we will not be disappointed; bullets will be bitten, cold turkeys endured and the markets will be enrolled as allies in a financial reconstruction effort not seen for 60 years. We do not want to be in the way of that rally, but it does not seem likely that it will come next week.

 

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Sun, 10/23/2011 - 21:45 | 1803166 tickhound
tickhound's picture

this is gettin' tired, bitchez.

Sun, 10/23/2011 - 21:46 | 1803172 Earl of Chiswick
Earl of Chiswick's picture
Hi, My Name Is Europe...And This Is What Happens When My 12-Step Program Fails

markets rise

Sun, 10/23/2011 - 21:51 | 1803185 spiral_eyes
spiral_eyes's picture

Hi my name is the World and a huge crash and disorder is what happens when Europe fails.

http://azizonomics.com/2011/10/23/surprise-surprise/

 

Sun, 10/23/2011 - 21:57 | 1803198 navy62802
navy62802's picture

And again. This is how wars start.

Sun, 10/23/2011 - 22:16 | 1803244 Michael
Michael's picture

What if Fort Knox is empty? How do we get our Gold back?

http://sgtreport.com/2011/10/brad-meltzers-decoded-fort-knox/

 

Sun, 10/23/2011 - 22:34 | 1803271 SilverDoctors
SilverDoctors's picture

Fort Knox IS empty...it was leased to the primary dealers who then dumped it on the market and purchased interest bearing T-bonds with the proceeds. Ain't no getting it back.

http://silverdoctors.blogspot.com/

Sun, 10/23/2011 - 22:41 | 1803287 Michael
Michael's picture

How about a couple of cruse missiles in the side of a Rothschild chateau? Or a daisy cutter bunker buster bomb/ That should open their stolen stash.

"Are we recognizing the cost that is coming to the core, multiplying as we wait?"

I've been waiting for the multiplier effect to kick in so the explosion of debt and default will explode supper nova style and there will be no banksters left alive.

Mon, 10/24/2011 - 01:44 | 1803518 steelrules
steelrules's picture

The only gold in Ft Knox is one room with some coin melt, the last people to be allowed in said the the gold they were allowed to see was a strange copper color.

 

Sun, 10/23/2011 - 22:01 | 1803208 midtowng
midtowng's picture

It reminds me a whole bunch of 2007 - after the credit markets seized up in late July, but the stock market kept rising until October.

That huge disconnect seems to be happening again, except the problem now is Europe instead of the MBS market.

Sun, 10/23/2011 - 21:48 | 1803180 X.inf.capt
X.inf.capt's picture

 

no kiddin'

can we get this party started....

Sun, 10/23/2011 - 23:31 | 1803352 tickhound
tickhound's picture

I mean what's left after you officially rule out the magic wand?

Sun, 10/23/2011 - 22:36 | 1803277 Quaderratic Probing
Quaderratic Probing's picture

They should declare Debt a GOD and just tell the world he works in mysterous ways

Mon, 10/24/2011 - 00:06 | 1803401 The Big Ching-aso
The Big Ching-aso's picture

“Fat, drunk and stupid is no way to go through life, son.”   Dean Vernon Wormer

 

Mon, 10/24/2011 - 07:22 | 1803689 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

It is amazing how many traders make it that way!

Mon, 10/24/2011 - 05:59 | 1803651 Azannoth
Azannoth's picture

I pretty much 'tuned out' this circus-merry go round is spinning far too long for it's own good

Sun, 10/23/2011 - 21:47 | 1803168 Earl of Chiswick
Earl of Chiswick's picture

or fall

Sun, 10/23/2011 - 21:46 | 1803170 X.inf.capt
X.inf.capt's picture

12 step,

yeah,

to be running up this bartab, theyve got to be drunk

or stupid

 

Sun, 10/23/2011 - 21:49 | 1803182 NumNutt
NumNutt's picture

Drunk, Yes. And now debating on the best way to skip out on paying the tab and leaving it with the owners of the bar...the tax payers.....

Sun, 10/23/2011 - 21:53 | 1803192 Al Gorerhythm
Al Gorerhythm's picture

The Gypsy 12 step.

First Marcozy, then joined by Merkill.

http://www.youtube.com/watch?v=T39kuFf5cWQ

No cares in the world.

Sun, 10/23/2011 - 22:03 | 1803213 weyes1
weyes1's picture

... or truly evil....

Sun, 10/23/2011 - 21:47 | 1803174 pauhana
pauhana's picture

CS might not be the first to go but it won't be spared, either.  Hope they listen to their own advice.

Sun, 10/23/2011 - 21:47 | 1803175 SilverIsKing
SilverIsKing's picture

More like 1,200 step and each step is the same.

Sun, 10/23/2011 - 21:48 | 1803179 apberusdisvet
apberusdisvet's picture

 

 

I HAVE ENOUGH DYSFUNCTIONAL IDIOTS AROUND ME ALREADY

 

Sun, 10/23/2011 - 21:52 | 1803188 I am Jobe
I am Jobe's picture

Soon USA will need this. Very soon.

Sun, 10/23/2011 - 21:52 | 1803189 zen0
zen0's picture

MERKEL

 

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Sun, 10/23/2011 - 23:57 | 1803387 Temporalist
Temporalist's picture

I read your whole post but I'd like a little more clarification.

Sun, 10/23/2011 - 21:53 | 1803193 knukles
knukles's picture

1.)We're not powerless over debt and our lives are totally under our control.
2.) Came to believe that Goldman Sachs could restore us to fiscal sanity.
3.) Made a decision to turn our will, lives, future, well being, health, welfare and sanity over to the care of an absolutely buttfuck insane incompetent bureaucracy
4.) Made a list of everything we've screwed up
5.) Thrown up our hands and taken 17,000 mg. Xanax, 300 50mg Ambien, 200 150-500 Vicodin, 1 bottle of Vick's NyQuil and washed it all down with 2 liters of vodka.

Say goodnight, EMU

Sun, 10/23/2011 - 21:57 | 1803197 I am Jobe
I am Jobe's picture

Wow wee are you ok after all the drug. I can get u some Lithium Carbonate

Sun, 10/23/2011 - 22:00 | 1803206 slewie the pi-rat
slewie the pi-rat's picture

must...go......shopping......la..ter...

nightnight

Sun, 10/23/2011 - 22:07 | 1803225 nmewn
nmewn's picture

5.) Thrown up our hands and taken 17,000 mg. Xanax, 300 50mg Ambien, 200 150-500 Vicodin, 1 bottle of Vick's NyQuil and washed it all down with 2 liters of vodka.

See...thats the problem right there...no one makes a decent PDA anymore, I've gone almost ten years not knowing Vicodin is like Valium!!!...all this time I could have been in a self induced semi-coma completely oblivious to the goings on.

Someone is gonna pay...dearly.

Sun, 10/23/2011 - 22:34 | 1803273 Yen Cross
Yen Cross's picture

  Silence is Golden!

Sun, 10/23/2011 - 21:53 | 1803194 I am Jobe
Mon, 10/24/2011 - 03:22 | 1803594 saiybat
saiybat's picture

Chinese avoid it by setting themselves on fire so their children will keep the house. They usually won't take it then because of the bad PR. There's no private property in China unless you are big business. You sign a 70 year lease when you buy property and chi-com can take it from you at any time. Property is more expensive in China than the US. Companies have the government deal with the people. That's communism for you.

Sun, 10/23/2011 - 21:55 | 1803195 buzzsaw99
buzzsaw99's picture

fertile imagery, it has everything.

 

codependence

enablers

denial

debtoholism

liver disease

detox quivers

hair of the dog

relapse

Sun, 10/23/2011 - 22:03 | 1803211 Yen Cross
Yen Cross's picture

Accountability, comes to mind? Ehhh! Yes BUZZ you are correct!

Sun, 10/23/2011 - 22:08 | 1803227 buzzsaw99
buzzsaw99's picture

the french whine that the greeks are ouzo-ing up all the booze-O. lol

Sun, 10/23/2011 - 22:46 | 1803299 SheHunter
SheHunter's picture

Synonym for Ouzo is Rut Juice.  Don't believe me?  Means you've never tried it.

Sun, 10/23/2011 - 23:09 | 1803332 Yen Cross
Yen Cross's picture

  Liver,  ( explendatures) , Aplore!

Sun, 10/23/2011 - 22:20 | 1803234 X.inf.capt
X.inf.capt's picture

lol.

hair of the dog...

we called it 'jungle juice'

after a trash can full of that stuff (20 liters of various alcohol and cut up fruit),....

our barracks almost got burned to the ground...

not remembering nothin'...just people tellin' me i was pukin' up black stuff...

12 guys in custody awaiting court martial...

yep, GOOD TIMES...

Sun, 10/23/2011 - 22:24 | 1803256 buzzsaw99
buzzsaw99's picture

Mix a quart of Everclear with a gallon of cheap punch (any flavor) and chances are good the law dogs will get involved at some point.

Sun, 10/23/2011 - 22:29 | 1803266 X.inf.capt
X.inf.capt's picture

no kiddin'

 

thats why i havent had a drink since i was 19...

thanks for the laugh, buzz...

Sun, 10/23/2011 - 22:44 | 1803294 Yen Cross
Yen Cross's picture

And you are all of 30?

Sun, 10/23/2011 - 22:55 | 1803310 buzzsaw99
buzzsaw99's picture

Oh behave! That would still be a respectable 11 years on the wagon.

Sun, 10/23/2011 - 23:15 | 1803336 Yen Cross
Yen Cross's picture

 Keep an eye on the  T10' Thursday!

Sun, 10/23/2011 - 22:15 | 1803243 Hulk
Hulk's picture

financial prolapse....

Sun, 10/23/2011 - 21:55 | 1803196 slewie the pi-rat
slewie the pi-rat's picture

psssst!  hey, bro!

can ya spare a large fraction of a Tril?

Sun, 10/23/2011 - 22:04 | 1803216 buzzsaw99
buzzsaw99's picture

soon all that will buy is one bottle of md 20 20

Sun, 10/23/2011 - 22:10 | 1803231 nmewn
nmewn's picture

Or Wild Irish Rose...with a coupon.

Sun, 10/23/2011 - 22:25 | 1803258 nmewn
nmewn's picture

lol...the bird bird bird...the bird is the word.

Sun, 10/23/2011 - 22:14 | 1803238 tickhound
tickhound's picture

at that price I may have to go lower end.

Sun, 10/23/2011 - 22:40 | 1803276 buzzsaw99
buzzsaw99's picture

lower end than mad dog? omg!

http://www.bumwine.com/md2020.html

Sun, 10/23/2011 - 22:59 | 1803319 tickhound
tickhound's picture

...with liberty and an affordable buzz for all plebes.

Sun, 10/23/2011 - 22:00 | 1803207 Yen Cross
Yen Cross's picture

Starts with the " Green", Toe Nails!           BOOOOO!

Sun, 10/23/2011 - 22:02 | 1803210 whoisjohngalt11
whoisjohngalt11's picture

 

World power swings back to America and Money ???  

http://heavenbounf.blogspot.com/

 is this for real new book claims we are on the rise ??? American Phoenix ? maybe with the right politics...

 

 

Sun, 10/23/2011 - 22:08 | 1803220 upWising
upWising's picture

Thanks Tyler.   Now that you have "12 Step Program" in the Article Title, GoogleAds is generating all matter of Rehab, Detox, Recovery, and Sobriety ads on all over the page.  

Hail technology.   

Sun, 10/23/2011 - 22:12 | 1803236 Yen Cross
Yen Cross's picture

I, personally am not what you are implying. I am in direction of the 12 steps of investing. Up wising/ might I make a suggestion?

 

    Thank You , ( I WILL) ... Take your panties back to the ( Liberal Quonset hut), and call me after your , HOPIUM injection!

Mon, 10/24/2011 - 09:43 | 1804038 s2man
s2man's picture

There are ad's?  Oh yeah, I'm running Ad Block Plus.

Sun, 10/23/2011 - 22:13 | 1803223 mynhair
mynhair's picture

Step 0 s/b:  drink heavily throughout Steps 1-12 where Eurotardation is concerned.

(Advice for the peanut gallery.)

Sun, 10/23/2011 - 22:29 | 1803264 Yen Cross
Yen Cross's picture

 mynhair ? Care to join the quorum?

Sun, 10/23/2011 - 22:44 | 1803296 mynhair
mynhair's picture

Sorry Yen, too busy cleaning my brakes with Everclear.  Works great as a drying agent.

Sun, 10/23/2011 - 23:20 | 1803339 Yen Cross
Yen Cross's picture

 Mynhair? Curiosity?   Are you still herding Cats?   Joking of coUrce!

Sun, 10/23/2011 - 22:15 | 1803226 Miles Kendig
Miles Kendig's picture

Welcome aboard CS.  Glad you could join us for some coffee, soft drinks or tea and clear eyed conversation.  Please continue to swing the ax, or try the chainsaw if your arms get tired.  Best wishes

http://www.youtube.com/watch?v=jOgLc15x9fw

Meanwhile, there is a fire to put out

http://www.youtube.com/watch?v=bYUrdMzbtUg

Sun, 10/23/2011 - 22:15 | 1803230 sIewie the pi-rat
sIewie the pi-rat's picture

Merkeling hIEr

        Concensus, Yah?

                           MiTTwocH

                                           ahhhhhhhhhhhh NicLass VEN r u going 2 DUMP ZHat BiTcH CarLA? Yah  VEn?

Sun, 10/23/2011 - 22:59 | 1803301 slewie the pi-rat
slewie the pi-rat's picture

my clone is backl  it's been a while

french domestic, too

zeroHedge and tyler's gold pieces are cited several times in today's Where in the world is the gold? from GATA'a chris powell

Sun, 10/23/2011 - 22:10 | 1803232 ISEEIT
ISEEIT's picture

Can you say "i will accept reality" 10,000 times in 15 minutes?

Me neither.

Nor shall they.

SAY LA VIVE' childhood.

Sun, 10/23/2011 - 22:10 | 1803233 El Gordo
El Gordo's picture

Please, just loan me some more money one more time and I promise I will not ever ask again....

Sun, 10/23/2011 - 22:18 | 1803248 yabyum
yabyum's picture

Gordo, would that be a burger or a beer? or a kilo of crack?

Sun, 10/23/2011 - 22:25 | 1803259 UP Forester
UP Forester's picture

I'd gladly pay you Tuesday for a hambuger today....

Sun, 10/23/2011 - 22:15 | 1803241 Yen Cross
Yen Cross's picture

 This has nothing to do with Merkeling!   Get with the plan Folks! The Tylers have!

Sun, 10/23/2011 - 22:15 | 1803242 ISEEIT
ISEEIT's picture

You were all much better off on your own anyway. I love Europe and I respect Europeans. I love your individual cultures and your own histories (yeah, even the French).

No shame in making an error.

Just move on.

Sun, 10/23/2011 - 22:15 | 1803245 YesWeKahn
YesWeKahn's picture

Folks, all this is non event. The stock market will continue to rally. US$ is dead because Bernanke is determined to kill it.

Sun, 10/23/2011 - 22:21 | 1803254 mynhair
mynhair's picture

It ain't dead, it's just resting!

http://www.youtube.com/watch?v=Oj8RIEQH7zA

Sun, 10/23/2011 - 22:25 | 1803257 ISEEIT
ISEEIT's picture

True.

But Hells bells:

It's Sunday night and we just wanna have fuuuun.

Sun, 10/23/2011 - 22:26 | 1803262 rosethorn
rosethorn's picture

Serenity now...insanity later.

Sun, 10/23/2011 - 22:27 | 1803263 CapitalistRock
CapitalistRock's picture

Gold. Silver. There will be a mad rush by all that goes viral. It happens like this. 1) prices rising. People want to know why. 2) masses learn it is because the fed releases trillions of new dollars into the system. 3). People see that the smart guys have been buying gold and silver for years, so they learn why. 4) the race to save with real money goes ballistic.

Gold is fairly valued at $15,000/ounce when fiat is redeemable for gold. This is so easy it almost feels like I'm stealing from all the sheep.

Sun, 10/23/2011 - 22:37 | 1803279 ISEEIT
ISEEIT's picture

Whatever Timmay. Now pull your pants up and do your job.

Mon, 10/24/2011 - 09:51 | 1804065 s2man
s2man's picture

From what I read, its not too bad if they can keep exporting the monetary inflation.  Its when the world realizes the FRNs are worthless, dumps them, and they are come rushing back home that the hyperinflation will hit.  Then, as folks try to convert the FRNs into anything tangible, the velocity sky rockets and things get even worse.  What is the word for hyper-hyper?

Sun, 10/23/2011 - 22:29 | 1803267 FischerBlack
FischerBlack's picture

Damien! It's all for you!

Sun, 10/23/2011 - 22:32 | 1803270 Yen Cross
Yen Cross's picture

 Lets' discuss the { 13 th' step}.   <> old skool  , Munsters Style!@@@

Sun, 10/23/2011 - 22:34 | 1803272 Reese Bobby
Reese Bobby's picture

Larry Fink want a European P-PIP with leverage provided by "Governments."  It is that kind of genius that warrants $50 million per year in pay...

Sun, 10/23/2011 - 22:37 | 1803278 void_ptr
void_ptr's picture

So once the 50% or 60% or whatever haircuts on Greek debt are realized, their fiscal situation will be vastly improved. With half the debt burden gone, I guess they will probably be AAA. So then they get to resume issuing all over again, right? Or will there be some rule that they, having just defaulted, aren't allowed to issue again until the people they ripped off get paid back?

Sorry I'm not ironic or sarcastic or funny, I just would really like to know.

Sun, 10/23/2011 - 23:04 | 1803325 CapitalistRock
CapitalistRock's picture

Yes, countries grow again after defaulting on their debt. 50% is not enough, however. There is no way they can repay 50% of their debt. Defaults are negotiated over and over and over. The first haircut will not be the last. In the end I expect Greece to fail to pay 95% of their debts.

Then Greece has a chance to grow. It's not a given. But possible.

The rest of the world pays the price for their bad debt. Growth is hampered outside of Greece.

Sun, 10/23/2011 - 23:25 | 1803347 void_ptr
void_ptr's picture

Thanks. I don't doubt your point about the size of haircut. But the implications I was thinking of was if their .gov spending was suddenly truncated to revenues with no new issuance, they'd have to cut spending in half, or some huge percentage. Imagine if the US fed spending was truncated to revenues. Everything cut in half, or half of everything zeroed, or some combination thereof. It would be enormously deflationary, depressionary. Sorry if I'm belaboring the obvious. Just a personal failing.

I'm dubious about the idea they would be allowed to continue to issue. The Germans have been fairly consistently opposed to being liable for other countries' debts in an open-ended way, and I think they see the moral hazard of just allowing Greece to carry on with spending ad libidum after the default. There's at least that much awareness of the reality of their situation. All the other PIIGS will be next in line, and I doubt Germany could recapitalize Deutsche Bank if they all default, let alone any other banks. I expect there will be strings attached to EFSF. It's interesting because real austerity, not the phony faux austerity Greece has practiced to date, will be a mini-preview of what is to come elsewhere, if sovereigns do not elect to ultimately attempt to print their way out.

Sun, 10/23/2011 - 22:38 | 1803282 erg
erg's picture

"It was the best of times, it was the blurst of times."

I thought that was pretty good for a monkey.

Sun, 10/23/2011 - 22:40 | 1803286 RiverRoad
RiverRoad's picture

Here we are:  Halloween is almost upon us and we're still whistling past the graveyard....

Sun, 10/23/2011 - 22:40 | 1803288 Hobo
Hobo's picture

with all this bad fundamental analysis why are the markets rising?

Sun, 10/23/2011 - 22:56 | 1803315 RiverRoad
RiverRoad's picture

Because our currency is crap.

Sun, 10/23/2011 - 23:35 | 1803356 Big Slick
Big Slick's picture

Very True. Recently I started wondering why some mavens keep emphasizing retention of capitalization.  If my capital is crap and getting more and more worthless (and I am already gold diversified), shouldn't I be invested in the Dow 30 just so I own something of relative value (ie a company) instead of toilet paper?   Serious question.

Mon, 10/24/2011 - 03:48 | 1803597 saiybat
saiybat's picture

You could put your money in a store of value. Used guns are a good store of value if you pay near market price even better if it's below. The price of guns go up with inflation so they hold their value really well. Ammo too. The only way the value would go down is if there is a massive import of surplus guns but that'll never happen. If the shit hits the fan or guns are outlawed then your investment just doubled. You can't lose. Get the latest edition of the blue book of gun values and start going to gun shows. Do all private sales because you don't want to end up in a database or pay sales tax.

Sun, 10/23/2011 - 23:06 | 1803328 CapitalistRock
CapitalistRock's picture

Markets are not rising. Dollar is falling in real terms. Markets appear to be rising because you mistakenly assume the dollar has fixed value.

It's much better to chart the markets in gold and not dollars. Then you see the real picture.

Sun, 10/23/2011 - 22:42 | 1803291 Thucydides
Thucydides's picture

Don't worry everyone everything turns out okay.  How do I know?  I am from the future.  I got here in a time machine that Tyler built (will build).  The solution was so simple as to be almost incredibly obvious. The Chinese paid off the Europeans debt who with the economic boom that resulted paid off the American debt that doubled the wave of world wide prosperity which between both paid the Chinese back with interest and enough to buy every one in China a round of drinks.

Sun, 10/23/2011 - 23:41 | 1803361 Big Slick
Big Slick's picture

Two questions time traveler Thucydides:

Who wins the World Series?  And why are your clothes all charred and burned??

Sun, 10/23/2011 - 23:51 | 1803381 Thucydides
Thucydides's picture

Rangers win on a seventh game ninth inning error made by the pitcher trying to catch a routine pop fly and so knocking the ball out of center fielder's glove allowing the winning run to score......everyone in the future wears charred and burning clothes...oh it slipped my mind, I forgot to mention the Third World War that resulted when the debt forgiveness party got out of hand.

Sun, 10/23/2011 - 23:57 | 1803386 Thucydides
Thucydides's picture

Rangers win on a seventh game ninth inning error made by the pitcher trying to catch a routine pop fly and so knocking the ball out of center fielder's glove allowing the winning run to score......everyone in the future wears charred and burning clothes...oh it slipped my mind, I forgot to mention the Third World War that resulted when the debt forgiveness party got out of hand.

Sun, 10/23/2011 - 23:06 | 1803329 topcallingtroll
topcallingtroll's picture

About the only ones worth reading nowdays are reggie and posts in tyler's column. Mad Hedgie was often good, not always. Testosterone Pit came on strong but apparently only has two things to say.

The level of knowledge difference between most of the tylers versus the secondary level contributors above his column) is huge.

Love the macro analysis even if they are sometimes one-sided.

Bring on more knowledgeable secondary contributors. Zero Hedge could use the depth, particularly more technical analysis or informed contrarian thought.

A little moralizing is ok too.

Thanks for asking my opinion.

Sun, 10/23/2011 - 23:12 | 1803334 topcallingtroll
topcallingtroll's picture

There was one guy who used to write somewhat frequently under tyler who was somewhat ignorant of market and economic theory, but i dont think i have seen him back in quite a while. The main one recently is superb.

Sun, 10/23/2011 - 23:25 | 1803346 Reese Bobby
Reese Bobby's picture

There should be a term for nut-sacks who reply to their own posts...

Sun, 10/23/2011 - 23:46 | 1803370 Big Slick
Big Slick's picture

I agree.  There should be.

Sun, 10/23/2011 - 23:48 | 1803371 Big Slick
Big Slick's picture

I'm from the future.  We do have a term for those nut-sacks.  We call them Reese Bobbies  :)

Sun, 10/23/2011 - 23:50 | 1803379 Big Slick
Big Slick's picture

Seriously, this site is awesome!!!  Just started reading it. 

Who is Tyler Durden?

Mon, 10/24/2011 - 00:13 | 1803418 tickhound
tickhound's picture

1st rule of fight club...

Sun, 10/23/2011 - 23:20 | 1803340 LookingWithAmazement
LookingWithAmazement's picture

Asian markets optimistic. No collapse. Let's stop the eurobashing. They will fix it on Wednesday. Then the PM-dump will start, growth will return and markets will soar.

Sun, 10/23/2011 - 23:21 | 1803342 Yen Cross
Yen Cross's picture

LAVA!!!!

Sun, 10/23/2011 - 23:23 | 1803344 barnabeg
barnabeg's picture

Am I the only one getting impatient? Let's just do this thing already. EU collapses, US collapses, derivatives market explodes, protests, chaos, communities come together becoming more self-reliant, people get off the hopium and consumerism, people rediscover what it means to be human, out with the old guard, in with the new, new system is established based on using technology and resources for the betterment of all? Or just bloodbath? Either way, let's get this show on the road. No?

Sun, 10/23/2011 - 23:27 | 1803350 Reese Bobby
Reese Bobby's picture

Cocaine is bad for you...

Mon, 10/24/2011 - 00:09 | 1803412 bill1102inf
bill1102inf's picture

If you wash the junk out with pure acetone its actually pretty freaking good.

Sun, 10/23/2011 - 23:26 | 1803348 apu123
apu123's picture

Don't worry everybody, the rumor to spur the Asian markets is out.  The headline on CNBC is that the EU will draw on credit provided by China and Brazil.  By DIJA open the rumor will be turn out to be false, but then the 2nd rumor of the day will be that the Russians are going to bail them out so it will be a rip-fest on the Dow.  Wait, didn't they try this same cycle a couple of weeks ago?  It will not matter, I think it will work again!  Rumors FUCK YEAH they are going to save the motherfuckin' day!

Sun, 10/23/2011 - 23:28 | 1803353 Yen Cross
Yen Cross's picture

   Over Lays I say! Haberdashery/ bubbles?   Long live Zero Hedge!   The writing is on the wall!

Sun, 10/23/2011 - 23:35 | 1803357 chump666
chump666's picture

You got two days of rallies (rangy at best), Mon, Tues, maybe Wends.  You have to factor in that after 1000yrs of European 'issues' (prejudices, vendettas, frustration, who has the best looking women -which is the Dutch, followed by Poland) they will begin to surface, hence the psychosis of the current BS from the current set of leaders in the EU.  Germany needs to make sure that the PIIGS and the banks that got greedy from PIIG toxic waste have to take a huge haircut.  Italy doesn't want to even think about taking on some pain, Greece is their mirror...this will keep Portugal and Spain sympathetic with Italy.  The markets (equities) are still thin volume wise, so, SHTF will happen say Thursday, or Friday when the Italians lose the plot completely, France gets threatened with a AAA downgrade and Merkel realizes that Germans are now wanting to know why their taxpayer monies are bailing out the French/German banks and underwriting French AAA (till it gets downgraded).  A house of cards that will collapse in a very short period of time.  On top of all that the Occupy protests grow as Europe reminds us all how they riot better than anyone else.

Mon, 10/24/2011 - 00:01 | 1803396 Yen Cross
Yen Cross's picture

 Chump ' Relax.

Sun, 10/23/2011 - 23:43 | 1803363 chump666
chump666's picture

...in saying that any market players here wanting to short, I'd stay sidelined till the top ranges show up.  Which could be pushing up to Aug 2011 resistance.

maybe end week...maybe... if China doesn't implode in the next few days.

Sun, 10/23/2011 - 23:43 | 1803366 Yen Cross
Yen Cross's picture

 It's  your turn in the barrel ( chump666) ).   We have Faith in you!

Sun, 10/23/2011 - 23:49 | 1803376 chump666
chump666's picture

yeah should be ok, can't see huge mega rallies here, they have been rangy at the best of times.  but i think we will creep into the Aug lows.  short the market timed for maybe Thursday/friday...but y'know there is beautiful chaos trade here.  don't want to miss this one. 

i think the end-of-the-world trade is coming, that is China. maybe end yr or early next yr

Sun, 10/23/2011 - 23:44 | 1803367 pomogranate
pomogranate's picture

um, what happened to the "better put on hedges ASAP Sunday evening?"  oh yeah, you'd have been down over 13 /ES points at the high so far (probably stopped out at that point) ... 10 points as we speak.

Sun, 10/23/2011 - 23:48 | 1803373 Yen Cross
Yen Cross's picture

  ZH crew. Respectfully. Quit spinning ! Thank You.  YEN

Sun, 10/23/2011 - 23:52 | 1803382 chump666
chump666's picture

Check out the brain of PIMCO...China will "dramatically slowdown" but won't crash!?!

F*ck me...

http://blogs.wsj.com/marketbeat/

Mon, 10/24/2011 - 00:00 | 1803392 Big Slick
Big Slick's picture

I just bot a ton of calls on ammunition (to open).  Never been exercised and only been dropped once...

(Alternatively, what's the market equivalent of writing covered ammo calls.  Think about it.)

Mon, 10/24/2011 - 00:11 | 1803398 Youri Carma
Youri Carma's picture

European Banks May Need €25 Trillion Bail-Out, Secret EC Document Warns

U.S. Rescue May Reach $23.7 Trillion

FORCE MAJEURE! – Call Void All Bankster Bogus Derivative Debts! Because paying off these trough fraud induced debts have become a technical and practical impossibility.

European Sovereign Debt – Can’t We All Just ‘Net’ Along?

Coming Soon: The $600 Trillion Derivatives Emergency Meeting

Mon, 10/24/2011 - 04:41 | 1803629 falak pema
falak pema's picture

This document proves all along that current euro crisis is a resurgence of 'under the carpet' hidden bank debts since the last 2008 crisis. THe document is dated 2/2009. Says it all, the Euro can kicking began as of then...

Mon, 10/24/2011 - 00:04 | 1803399 Yen Cross
Yen Cross's picture

Tarzan said it right!  Cheat Ya!

Mon, 10/24/2011 - 00:25 | 1803425 HungrySeagull
HungrySeagull's picture

Hi my name is Dixie, we and the Duke Boys have been trying to keep Hogg out of the Chicken Farm for a long time. It's easier to upset and be chased all over the county by that fat slob than to sit at home and quietly accept the loss of our way of life.

 

You Euros should know better... 2000 years of history. Sheesh.

Mon, 10/24/2011 - 02:38 | 1803575 slewie the pi-rat
slewie the pi-rat's picture

1.3934

(!)

Mon, 10/24/2011 - 14:50 | 1805365 HungrySeagull
HungrySeagull's picture

I had that coming didnt i?

 

Well sit a spell and wait a while.

Mon, 10/24/2011 - 01:54 | 1803542 Peter K
Peter K's picture

If I understand the point of this article, the Banksters have won. Euroland and the politicians are capitulating. ;)

Now that is what I call progress ;)))))))))

 

BTW. Socialism es muerte.

Mon, 10/24/2011 - 02:14 | 1803561 Wolf in the Wilds
Wolf in the Wilds's picture

This is my take on the whole EU summit and the farce that is the crisis and the markets

 

http://viewfromthewilds.blogspot.com/2011/10/panic-what-happens-when-reality-rips.html

 

 

Mon, 10/24/2011 - 04:29 | 1803622 Hobbleknee
Hobbleknee's picture

Now they're looking at Norway, which is completely outside the EU, and wondering if their oil fund can save the day.

Mon, 10/24/2011 - 04:37 | 1803628 falak pema
falak pema's picture

Norway is already deeply hocked (via its sovereign fund), upto its ears in PIIGS bonds. Can't ask them for more.

Mon, 10/24/2011 - 07:38 | 1803708 Medea
Medea's picture

"Unaccustomed as we are to discussing the American Psychological Association's 12-Steps to recovery"

 

Really? You run out this tired bullshit at least once a week. Less pop psychology cliches please.

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