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Highlights From G-7 Statement Which Basically Says That The Plunge Protection Team Just Went Global

Tyler Durden's picture


Highlights from the just released G-7 statement:

  • G7 Says Will Take Every Action to Stabilize Financial Markets
  • G7 says it will commit to secure liquidity in market
  • G7 will cooperate closely on currency market actions
  • G7 says it will be in close contact next few weeks
  • G7 says disorderly moves in markets hurt economy
  • G7 says currency rates should be decided by markets

But the winning bullet point of the year is...

  • G7 says currency rates should be decided by markets

As the G7 commences the biggest market intervention in history to prevent the final Ponzi unwind...

Full statement from G-7:

The Finance Ministers and Central Bank Governors of the G7 on Monday made the following statement ahead of the opening of trade in Asian markets and following the downgrade of U.S. debt on Friday:

In the face of renewed strains on financial markets, we, the Finance Ministers and Central Bank Governors of the G-7, affirm our commitment to take all necessary measures to support financial stability and growth in a spirit of close cooperation and confidence.

We are committed to addressing the tensions stemming from the current challenges on our fiscal deficits, debt and growth, and welcome the decisive actions taken in the US and Europe.

The U.S. has adopted reforms that will deliver substantial deficit reduction over the medium term. In Europe, the Euro area Summit decided on July 21 a comprehensive package to tackle the situation in Greece and other countries facing financial tensions, notably through the flexibilisation of the EFSF.

We are now focused on the quick and full implementation of the agreements achieved. We welcome the statement of France and Germany to that effect. We also welcome the statement of the Governing Council of the ECB.

We are committed to taking coordinated action where needed, to ensuring liquidity, and to supporting financial market functioning, financial stability and economic growth.

These actions, together with continuing fiscal discipline efforts will enable long-term fiscal sustainability. No change in fundamentals warrants the recent financial tensions faced by Spain and Italy.

We welcome the additional policy measures announced by Italy and Spain to strengthen fiscal discipline and underpin the recovery in economic activity and job creation. The Euro Area Leaders have stated clearly that the involvement of the private sector in Greece is an extraordinary measure due to unique circumstances that will not be applied to any other member states of the euro area.

We reaffirmed our shared interest in a strong and stable international financial system, and our support for market-determined exchange rates. Excess volatility and disorderly movements in exchange rates have adverse implications for economic and financial stability. We will consult closely in regard to actions in exchange markets and will cooperate as appropriate.

We will remain in close contact throughout the coming weeks and cooperate as appropriate, ready to take action to ensure stability and liquidity in financial markets.


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Sun, 08/07/2011 - 19:48 | 1534571 slaughterer
slaughterer's picture

G7 1 : ZH 0

Sun, 08/07/2011 - 19:54 | 1534580 Quixotic_Not
Quixotic_Not's picture

Quixotic_Not 5,430 oz. : slaughterer -0-

Sun, 08/07/2011 - 20:03 | 1534602 narapoiddyslexia
narapoiddyslexia's picture

Slaughterer sold his gold last week. Ha! Nanner nanner nanner . . .

Sun, 08/07/2011 - 20:53 | 1534623 Threeggg
Threeggg's picture

From the Webster's Dictionary


Law . a secret understanding between two or more persons to gain something illegally, to defraud another of his or her rights, or to appear as adversaries though an agreement:


Sun, 08/07/2011 - 21:43 | 1534857 Michael
Michael's picture

G7 says currency rates should be decided by markets

Isn't that what Dr Ron Paul has been saying about interest rates for the past 30 years?

These fucking markets manipulators are so going to get what they deserve with a complete and total worldwide economic collapse of biblical proportions.

Mon, 08/08/2011 - 01:34 | 1535939 global
global's picture

We are all going to get what they deserve. 


And before someone jumps on this with a comment about owning Gold, gold is a means of transfer...if they other guy aint got fuck all to transfer to you in return for your gold, what good is it?  Yes it sill store some value and is clearly better for that purpose than fiat, but value is relative and its going down with the "wealth" of the world.

Mon, 08/08/2011 - 02:33 | 1536062 IQ 145
IQ 145's picture

---"rates should be decided by markets"; they figured that out all by themselves, ehh? I'll be damned.

Sun, 08/07/2011 - 21:55 | 1534924 g
g's picture


"Quixotic_Not 5,430 oz. : slaughterer -0-"


Your post there is probably going to take the top spot of all posts I have ever seen posted at ZH. I have been here for a few years long before I ever started posting. I am still LMFAO.

Sun, 08/07/2011 - 22:42 | 1535077 Quixotic_Not
Quixotic_Not's picture

Glad to be of service  ;-)

P.S.  I was over on TF when it started and read ZH too, converting over only this year as a poster...

Can't believe the tyrannical insanty I put up with via Karl, what an incredibly self-deluded A$$HOLE!  Should have fled that shithole (aka ticker forums) before!

Sun, 08/07/2011 - 22:55 | 1535137 g
g's picture

I am a ZH convert now, this is the only econo-blog, that I post on anymore, although I read quite a few still. The trolls are everywhere and provide for amusing comment. Once again great post.

Sun, 08/07/2011 - 19:56 | 1534593 fuu
fuu's picture

Since I lack any buttons beyond reply:



Sun, 08/07/2011 - 20:03 | 1534604 d00daa
d00daa's picture

still puking up blood from last week?  got any more shitty calls for us donkey?

your trolling sucks as bad as your calls.  momofader is much better.


Sun, 08/07/2011 - 21:14 | 1534722 Placerville
Placerville's picture

I agree - I really appreciate ZH's info and insight, but I think it's too fatalistic at times.

Never underestimate the ones with the printing presses.

Mon, 08/08/2011 - 02:40 | 1536071 TruthInSunshine
TruthInSunshine's picture
by Placervilleon Sun, 08/07/2011 - 21:14#1534722

I agree - I really appreciate ZH's info and insight, but I think it's too fatalistic at times.

Never underestimate the ones with the printing presses.


"Never underestimat[ing] the ones with the printing presses" as a strategy is viable because of the long historical streak of consistent, fundamental successes they've had in all matters economic, right?



Mon, 08/08/2011 - 06:13 | 1536230 BigJim
BigJim's picture


Though the REAL powers that be - the Rothschilds, Lombard, Morgans, et al, seem to do quite well.

Sun, 08/07/2011 - 19:49 | 1534575 doomandbloom
doomandbloom's picture

Arent all these 7 nations deeply in debt?!


Are they still important to any economic decisions of the world??

Sun, 08/07/2011 - 20:56 | 1534635 Growyourownfood
Growyourownfood's picture

Not Caaaanadaaaa

30% debt to gdp, bitches. And falling. Want some pancakes?







Sun, 08/07/2011 - 21:45 | 1534869 disabledvet
disabledvet's picture

i think you mean "not the livestock, George...
the big boys are moving--but so are the bank robbers:

Sun, 08/07/2011 - 21:46 | 1534874 oldpond
oldpond's picture

That's because our banks are regulated.  How do you like your free market now?

Sun, 08/07/2011 - 22:15 | 1534991 Mec-sick-o
Mec-sick-o's picture

I agree to our NAFTA partner, we also had our own bank loot back in 1994.  I'm a bit worried on the pace manufacturing is coming back from China, still too slow for my taste.

Mon, 08/08/2011 - 06:18 | 1536233 BigJim
BigJim's picture

LOL, what 'free market' would that be then?

Here, do us all a favour and educate yourself:

Sun, 08/07/2011 - 19:54 | 1534576 Spitzer
Spitzer's picture

Can/will  they hold down gold ?

Why didn't they just pay somebody at S&P to just shut the fuck up then ? I think this is a  behavioral economics ploy. Similar to the FRBNY changing fees for deposits 

They wanted the downgrade to lower the dollar. The keynesians think productive industry will just fall out of the sky with a lower dollar. They forgot that productive industry is capital intensive and a lower dollar will starve America of capital when she needs it most.

Sad what these mental cases are doing to this country.

Sun, 08/07/2011 - 21:04 | 1534676 jdrose1985
jdrose1985's picture

If "they're" so hell bent on lowering the leper with the most fingers, "they're" doing a piss poor job of it!

Crude oil priced in fiatscos has plummeted which is indicative of the ultimate risk off scenario we are headed for.

Gold can go to 10kUSD and if crude is at $60, gold is something other than an inflation hedge.

Some might wish to rethink what's going on and what crude is trying to tell you...

To initiate currency debasement/inflation the USD/Crude link must be broken or all attempts are lies being promoted as truth.

Mon, 08/08/2011 - 01:33 | 1535935 Spitzer
Spitzer's picture

 Gold IS something other then an inflation hedge smart guy.

And if you think that the USD is the best of the worst then you need your head examined.




So make the case that the USD is better then the Euro.....I am waiting....


Mon, 08/08/2011 - 02:58 | 1536094 Ghordius
Ghordius's picture

I'd love to make the case against... I just can't...

Mon, 08/08/2011 - 10:04 | 1536236 BigJim
BigJim's picture

I hear what you're saying, but - for the moment - the USD is the currency you need to buy crude oil. And the chief reason for that is US military superiority - as long as the satraps sitting on Middle-Eastern oil rely on the US to maintain their tyrannies, they'll do as Uncle Sam says - ie, keep demanding USDs for payment. That in itself provides a bouy to the USD's value that the euro lacks.

Of course, that's a mixed blessing, because its artificially high level has led to the decimation of our manufacturing sector. I guess you can't have everything :-P

Sun, 08/07/2011 - 19:51 | 1534577 camoes
camoes's picture


Sun, 08/07/2011 - 19:54 | 1534582 Abitdodgie
Abitdodgie's picture

Thank god finally they are letting the markets be free to decide the rates , got to go my unicorn has its head stuck up its ass

Sun, 08/07/2011 - 21:43 | 1534858 Harlequin001
Harlequin001's picture

I bet that's gonna hurt...

Sun, 08/07/2011 - 23:58 | 1535482 StychoKiller
StychoKiller's picture

In other wordz:  "Raping of the Spanish/Italian peasants will continue until morale improves!"

Mon, 08/08/2011 - 01:28 | 1535923 combatsnoopy
combatsnoopy's picture

ITALY is part of the G7.  The same Italy that was cornered by subsidized Wall STreet with their interest rate and credit default swaps.  Without TARP and QE, these interest rate and credit default swaps would've been cancelled had the banks been allowed to fail, like they were with Lehman Brothers.

So now the banks are begging Italy to save them.   


All I got to say is, "KARMA'S A B*TCH"! 

Tue, 08/09/2011 - 07:07 | 1536511 mayhem_korner
mayhem_korner's picture

Best avatar I've seen (except Sudden Debt)!

Since you're senior to me in time here at ZH, I will respectfully find another.

Carry on, sir.


EDIT:  ...and the new look - WWI Ace yields to Gossamer

Mon, 08/08/2011 - 02:39 | 1536067 IQ 145
IQ 145's picture

Sir; in order to have a safe and happy Unicorn, the US Veternary service reccomends you replace his horn with "anal beads". Cheers.

Sun, 08/07/2011 - 19:54 | 1534583 FoieGras
FoieGras's picture

Why is ZH not reporting that Crude Oil is getting pole axed? We've had a news story on every $1 move up to $100. Now we plunged $20 and haven't heard since. Wonder why?

Sun, 08/07/2011 - 20:54 | 1534627 Stormdancer
Stormdancer's picture

So why don't you enlighten us with some pearls of wisdom on the topic?  I'm sure you must have some....ZH has been a little stretched covering current newsflow don't you think?

So, c'mon dude?  Give it up!  Tell us what's up with oil!  We wait with bated breath......

Sun, 08/07/2011 - 21:50 | 1534894 Michael
Michael's picture

The answer is simple;

Unemployed people don't use a lot of gas driving back and forth to work everyday. Nor do people drive around a lot and go shopping because of their low wages.

Sun, 08/07/2011 - 21:57 | 1534933 j0nx
j0nx's picture

I don't know about you guys but gas hasn't done shit but go up for me and is still $3.79 a gallon for 87 octane. It should be $2.79 by now but it isn't...

Sun, 08/07/2011 - 22:20 | 1535009 cosmictrainwreck
cosmictrainwreck's picture

exacto-knife. can you spell "hahahaha ya sleazy peons...fooled you, didn't we?" so what if we're paying 30% less for shareholders to answer to, ya know?

Sun, 08/07/2011 - 19:55 | 1534588 nmewn
nmewn's picture

More press releases! Wheres my pen! My kingdom for a pen!!!

Sun, 08/07/2011 - 22:20 | 1535012 Mec-sick-o
Mec-sick-o's picture

You can take my horse ;)

Sun, 08/07/2011 - 19:57 | 1534592 qqqqtrader
qqqqtrader's picture
  • " G7 says currency rates should be decided by markets "


    Sun, 08/07/2011 - 19:57 | 1534595 winning
    winning's picture

    VERY BULLISH for my ink and paper ETF ... WNNING !!!!!!!!!!!!!!!!!!!!!!!

    Sun, 08/07/2011 - 21:17 | 1534739 snowball777
    snowball777's picture dropped your molars, Charlie.

    Sun, 08/07/2011 - 19:58 | 1534596 Danno Anderson
    Danno Anderson's picture

    The Great Liquidation continues and nothing is going to stop it.  The European Financial Stability Fund or EFSB just admitted they don't have enough resourses so another fund the SMP or Securities Markets Programme must take over.   It's not going to work.


    Sun, 08/07/2011 - 20:01 | 1534598 FunkyMonkeyBoy
    FunkyMonkeyBoy's picture

    When does the violent uprising by the people start?

    Its the only proven solution, right?

    Or did i accidently skip over a succesful historical period where sitting idle, apathetic and docile removed fascist tyranical governments?

    Sun, 08/07/2011 - 21:27 | 1534792 LawsofPhysics
    LawsofPhysics's picture

    red leader standing by...

    Sun, 08/07/2011 - 21:38 | 1534833 nmewn
    nmewn's picture

    When they're doing such a wonderful job all by themselves...just stand aside ;-)

    Sun, 08/07/2011 - 21:59 | 1534943 j0nx
    j0nx's picture

    Seems the blacks as usual have already started and as usual someone forgot to tell the whites.

    Sun, 08/07/2011 - 22:17 | 1535003 Oracle of Kypseli
    Oracle of Kypseli's picture


    Best revenge is to buy Gold and Silver, when they are defeated and demoralized, then you strike. keepyur power dry for a bit. 

    Mon, 08/08/2011 - 06:38 | 1536240 BigJim
    BigJim's picture

    When does the violent uprising by the people start?

    Most of 'the people' believe they are the government.

    Try talking to the average voter about the shortcomings of majoritarian democracy. It'll be a very short conversation.

    There's not a lot of point violently overthrowing your government if the people will just install a new one exactly like it ten minutes later.

    We need to educate, educate, educate... otherwise, we risk exchanging one bad form of governance - oligarchic fascism - for a worse form - communism, Pol-pot stylee.

    Sun, 08/07/2011 - 20:02 | 1534600 chump666
    chump666's picture

    p { margin-bottom: 0.21cm; }

    G7 intervention?  They got no ammo left, huge deficits right across the EZ. And France, UK will be next to get a rating downgrade; that and China's liquidity/debt crisis is now in effect.

    What happens now is the system starts to cannibalize it's self and become more chaotic, banks downgrade banks, rating agency's downgrade countries etc etc.  The pricing markets go into more turmoil (as UST are finally seen as going into junk territory).  It gets really messy now.  Also social problem riots, tensions. 

    Any country that dares to print or throw money wasteful stimulus will get downgraded to junk within days. The pain trade is ahead and the system has to unwind/reset.


    Mon, 08/08/2011 - 06:40 | 1536248 BigJim
    BigJim's picture

    They'll print. It's the least worst option (for them).

    Sun, 08/07/2011 - 20:02 | 1534601 slewie the pi-rat
    slewie the pi-rat's picture

    the PPT already was global!

    this is fabulous!

    Sun, 08/07/2011 - 20:54 | 1534628 Hansel
    Hansel's picture

    +1.  The statement should have just said "we will continue dicking with all markets as we have been doing for some time."  It's worked so far...

    Sun, 08/07/2011 - 22:04 | 1534955 Founders Keeper
    Founders Keeper's picture

    I just assumed socialist europe was centrally controlling its currency, financial/banking institutions, and markets. 

    Silly me to be surprised when the oligarchy admits it in writting. 


    Sun, 08/07/2011 - 20:53 | 1534621 TruthInSunshine
    TruthInSunshine's picture

    Daddy, why didn't Santa come this year?


    Goldmans Sachs & Wall Street parasites killed him, dismembered him, and dumped his body in the Hudson River, Billy.

    Sun, 08/07/2011 - 21:35 | 1534823 TwelfthVulture
    TwelfthVulture's picture

    I think it should be the EAST River.

    Sun, 08/07/2011 - 22:07 | 1534967 PC Load Letter
    PC Load Letter's picture

    You forgot to tell Billy they bought a life insurance poilcy on him first so they can make a quick buck

    Sun, 08/07/2011 - 20:53 | 1534622 Nate H
    Nate H's picture

    "we, the Finance Ministers and Central Bank Governors of the G-7, affirm our commitment to take all necessary measures to support financial stability and growth in a spirit of close cooperation and confidence"

    The piece of this charade that keeps the charade going is the disconnect that growth requires energy and energy is not substitutable with other forms of capital. As net energy (that energy left after we use energy and other natural resources to harness/refine energy into usable form) declines globally, aggregate growth is impossible.  Its a Wile E Coyote moment as it is but if policymakers (mostly advised by the senior chiefs of economic priestdom) understood that growth was no longer possible it would put these discussions in a whole nother league.  (Note: the good news is that debt/finance is a second order problem - the first order problem -energy and natural resource/sink constraints are a 'problem' as well, but only if we need to grow - there are plenty of nat. resources remaining for non-growth trajectories).

    Sun, 08/07/2011 - 21:01 | 1534660 pelican
    pelican's picture

    Working together like at Jonestown and Heavens gate.

    Sun, 08/07/2011 - 20:53 | 1534624 El Viejo
    El Viejo's picture

    Those Highlights sound a lot like Post Lehman 2008 Headlines.

    Sun, 08/07/2011 - 20:55 | 1534631 lawton
    lawton's picture

    "The United States can pay any debt it has because we can always print money to do that. So there is zero probability of default"
    said Greenspan on NBC's Meet the Press

    Sun, 08/07/2011 - 21:00 | 1534654 El Viejo
    Sun, 08/07/2011 - 21:02 | 1534662 lizzy36
    lizzy36's picture

    Greenspan should be out out to pasture.

    And perhaps someone should ask Greenspan and his peer group if there is a differnce between implicit and explicit default. Because printing money is implicit default.


    Sun, 08/07/2011 - 21:13 | 1534719 kridkrid
    kridkrid's picture

    One maddening part of the whole debt ceiling debate... the constant reference to the US having never defaulted.  From where I sit, ending the convertibility of dollars to gold is a default.  The constant reference to having never defaulted shoved a conversation that should have happened into a box never to see the light of day.

    Mon, 08/08/2011 - 02:48 | 1536075 IQ 145
    IQ 145's picture

    Absolutely. there's no doubt about it; refusal to pay a legally contracted debt by uni-lateral government mandate. Default. Also, there's the little matter of the Continental; as in "not worth a Continental". This was basically deliberate, also.

    Sun, 08/07/2011 - 21:03 | 1534670 pelican
    pelican's picture

    Doesn't Greenspan wear adult diapers and shit himself these days?

    Sun, 08/07/2011 - 21:53 | 1534912 gwar5
    gwar5's picture


    Hope so. That way Andrea Mitchell will have something useful to do. 

    Sun, 08/07/2011 - 21:05 | 1534677 chump666
    chump666's picture

    stupid old fool.  right, send inflation over to China, crash that economy (probably crashing now) it will take out the US and global economy.

    Sun, 08/07/2011 - 21:10 | 1534699 Diogenes
    Diogenes's picture

    The Gracie Allen school of economics. I cant be broke, I still have checks in my check book.

    Sun, 08/07/2011 - 21:31 | 1534804 Freewheelin Franklin
    Freewheelin Franklin's picture

    I saw that. Greenspan the Greenbacker. Priceless.

    Sun, 08/07/2011 - 20:58 | 1534642 lizzy36
    lizzy36's picture

    It is unfortunate that the real economies of the G-7 nations doesn't get 25% of the time, attention  and most of all financial support that the capital markets get.

    Sun, 08/07/2011 - 21:14 | 1534725 snowball777
    snowball777's picture

    +++ Ya make me miss those green arrows.

    Sun, 08/07/2011 - 21:27 | 1534793 Yen Cross
    Yen Cross's picture

    +1 777..  The good ole day's are alive!

    Sun, 08/07/2011 - 21:02 | 1534666 tom a taxpayer
    tom a taxpayer's picture

    Breaking News:  Interpol warns that the G7 (Gang of 7) this weekend is plotting the world's greatest robbery of taxpayers. The G7 is a notorious gang of international money launderers, counterfeiters, loan sharks, Ponzi princes, short changers, three-card Monte operators, turnstile jumpers, and pension robbers. Interpol intelligence reports indicate Ben 'the bag man" Bernanke and Tim "the weasel" Geithner are showing the Gang of 7 detailed plans on how to blackmail the U.S. and world governments to pay their bankster buddies hundreds of billions of dollars in ransom or face the destruction of the world financial system and economy. 

    Sun, 08/07/2011 - 21:18 | 1534744 ForWhomTheTollBuilds
    ForWhomTheTollBuilds's picture

    Best read of the weekend!

    Sun, 08/07/2011 - 21:38 | 1534832 TwelfthVulture
    TwelfthVulture's picture

    I love Interpol.  Heinrich Maneuver is one of my all-time favorite songs.

    Sun, 08/07/2011 - 21:51 | 1534893 disabledvet
    disabledvet's picture

    "they generally are obscenely well dressed and travel around in the most expensive vehicles ever made. if you see these people please report to the nearest Interpol infocenter/sex pot joint and you will be recognized as a really, really, really "good person" and get a bumper sticker that says "mean people suck" in 35 different languages."

    Sun, 08/07/2011 - 21:03 | 1534673 chump666
    chump666's picture

    The G7 are braindead, they have to tax the crap out of the French and Germans to fund these bailouts interventions.  If the ECB goes on a printing rampage, you got oil inflation that will hit the German's and French...mth or so from now big industrial strikes throughout Germany and FRance

    Sun, 08/07/2011 - 21:05 | 1534678 caconhma
    caconhma's picture

    What a circus where blind puppets are guiding their brainwashed subjects hoping for a miracle.

    Well, in a kingdom of blind people, a one-eye man is a king. Unfortunately, in the Western world controlled by zionist bankers there are no people with vision to lead. There are just incompetent and arrogant puppets guided by their blind puppeteers.


    Mon, 08/08/2011 - 02:54 | 1536087 IQ 145
    IQ 145's picture

    "What a tangled web we weave, when first we plot to deceive."  by some dead white guy.

    Sun, 08/07/2011 - 21:05 | 1534681 Mr. Fix
    Mr. Fix's picture

    It sounds to me like all 7 countries will now flood their markets with freshly printed unbacked currency to prop them up.

     This should be interesting.

     You can be certain that they will simultaneously be slamming gold and silver with everything they've got.

     The criminals are clearly in charge.

    Sun, 08/07/2011 - 21:13 | 1534721 El Viejo
    El Viejo's picture

    Shilling predicted (by recommendations) that the Dollar would strengten against the Euro.

    The race to the bottom continues. The home stretch is always interesting.

    Mon, 08/08/2011 - 02:56 | 1536092 IQ 145
    IQ 145's picture

     I wouldn't buy the dollar with your money; but best of luck.

    Sun, 08/07/2011 - 21:38 | 1534836 Prometheus418
    Prometheus418's picture

    Not working so far in Asia- but you never know.

    Still an outside chance that tomorrow will see a rally in the Dow, and Au and Ag in the red.  It won't be legit, of course- but nothing would surprise me right now.

    Sun, 08/07/2011 - 21:07 | 1534688 Re-Discovery
    Re-Discovery's picture

    G7 reminds me of my son when he calls at 2 am.

    The more they talk, the more shit you know they're in.

    Sun, 08/07/2011 - 21:25 | 1534782 Bastiat
    Bastiat's picture

    Good one!!

    Sun, 08/07/2011 - 21:54 | 1534918 disabledvet
    disabledvet's picture

    that reminds me of the time i called Dad to tell him "I was in the bar and could he come and pick me up." What he didn't find out until he got there was that I had actually driven the car into the bar and clearly therefore needed a ride home...among other things. Kind of like our financial system: "we're in the debt"--but forgot to add "we're already bankrupt."

    Sun, 08/07/2011 - 21:07 | 1534689 ForWhomTheTollBuilds
    ForWhomTheTollBuilds's picture

    The G7 statement quotes Atlas Shrugged well past the standards of "fair use".  I'm certain lawyers representing Rand's estate will be in contact.


    Seriously though the level of contradiction in that statement is surreal.



    Mon, 08/08/2011 - 02:59 | 1536098 IQ 145
    IQ 145's picture

    I think it must have been translated from French. I don't think French is actually a language; I think they just pretend. Just my opinion.

    Sun, 08/07/2011 - 21:07 | 1534690 AlmostEven
    AlmostEven's picture

    Turn your head and cough
    Bend on over and take your socks off
    Hey! Have we got everything from him?
    OK, bring the next working sucker in.

    Take the fillings from their teeth
    Charge 'em double if they want heat
    Hey! Any trouble we'll call Captain Tim
    He'll send the mercenaries in

    They say, "So it all begins"
    But it's been that way for years.
    How did they never feel the tide
    Til it came up to their ears?

    Sun, 08/07/2011 - 21:11 | 1534709 tip e. canoe
    tip e. canoe's picture

    • G7 Says Will Take Every Action to Stabilize Their Control Over The Markets
    • G7 says it will commit to steer liquidity in market
    • G7 will cooperate closely on currency market manipulations
    • G7 says it will be in close surveillance next few weeks
    • G7 says disorderly moves in markets hurt TBTF zombies
    • G7 says currency rates should be decided by the swaps that central banks are making

    Mon, 08/08/2011 - 00:08 | 1535550 StychoKiller
    StychoKiller's picture


    Sun, 08/07/2011 - 21:11 | 1534712 I_am_always_right
    I_am_always_right's picture

    "But the winning bullet point of the year is..."

    HAHAHA. Excellent.

    Sun, 08/07/2011 - 21:12 | 1534713 Greenhead
    Greenhead's picture

    Oil prices could be down to give cover for QE3.  A lot of the heat on QE2 was due to the run-up in oil and other commodity prices.  With equity markets down, the US downgrade and low oil prices, the next election is in jeopardy without a healthy dose of QE3 or some form of juicing the economy.

    Sun, 08/07/2011 - 21:14 | 1534727 El Viejo
    El Viejo's picture

    Sure lightens the conscience of Uncle Ben.

    Sun, 08/07/2011 - 21:26 | 1534790 snowball777
    snowball777's picture

    Or someone is just (making an attempt at) front-running the doom...

    Sun, 08/07/2011 - 21:15 | 1534728 jtmo3
    jtmo3's picture

    Why would anyone trade these markets knowing that your money depends on the whim of some .gov who could decide to pull the plug at any moment? Why would anyone depend on the .govs who created this mess to keep it under control so they can make money in the markets?

    I guess when you're dealing with millions or billions of dollars (whatever), what else you gonna do with it and they know it.

    Sun, 08/07/2011 - 21:27 | 1534794 snowball777
    snowball777's picture

    Because they are cornered rats and behave predictably.

    Sun, 08/07/2011 - 21:15 | 1534731 AlmostEven
    AlmostEven's picture

    Oh, wait...G7 forgot one bullet point:
    * Invade Syria

    Sun, 08/07/2011 - 21:15 | 1534735 rosiescenario
    rosiescenario's picture

    I See A Bad Moon Rising...I See a Red Door and Want to Paint It Black...Who'll Stop the Rain?....You Ain't Seen Nothing Yet....Don't Fear the Reaper...

  Pandora radio trying to tell me something????

    Sun, 08/07/2011 - 22:30 | 1535051 Mec-sick-o
    Mec-sick-o's picture

    I think you JUST opened the wrong Pandora (juke-) BOX!!!

    Sun, 08/07/2011 - 21:16 | 1534737 fonestar
    fonestar's picture

    Why not just "G7 Says: Have no fear your Central Economic Planners are here"


    (in other words LOOK THE FUCK OUT!!)

    Sun, 08/07/2011 - 21:20 | 1534756 Tuffmug
    Tuffmug's picture
    • G7 says WE ARE THE MARKETS!
    • G7 says You are our DEBT SLAVES!
    • G7 says OBEY the bearded man behind the curtain furiously printing bank notes!
    • G7 says GOLD IS EVIL!
    • G7 says buying our government bonds will get you laid!
    Sun, 08/07/2011 - 21:24 | 1534763 Yen Cross
    Yen Cross's picture

     G-7? The distance in a decompression chamber (x) 14.7  for the AIG write down!

    Sun, 08/07/2011 - 21:23 | 1534772 NemesisteM
    NemesisteM's picture

    The toilet bowl is full of fecal matter.  The top of the rim is beginning to overflow.  It is time to flush the toilet. 

    Sun, 08/07/2011 - 21:24 | 1534776 Bastiat
    Bastiat's picture

    QE to infinity and PMS into orbit. 

    Sun, 08/07/2011 - 22:31 | 1535055 Mec-sick-o
    Mec-sick-o's picture

    What does Pre-Menstrual Syndrome gotta do with QE?

    Sun, 08/07/2011 - 21:26 | 1534791 dwdollar
    dwdollar's picture

    Anyone want to take bets we close positive tomorrow?

    Sun, 08/07/2011 - 21:30 | 1534803 LawsofPhysics
    LawsofPhysics's picture

    Already took that bet with gold longs.  Who gives a shit about this gamed market? one step in the right direction and two steps back.

    Sun, 08/07/2011 - 21:30 | 1534801 Bindar Dundat
    Bindar Dundat's picture

    As a former politician that got in a bad place with the press all I can say is " Never fuck with the guys who buy ink by the barrel"


    In this case it is to make two-ply money! ( last week it was three-ply )

    Sun, 08/07/2011 - 21:54 | 1534917 tom a taxpayer
    tom a taxpayer's picture

    One sheet of toilet paper is all we need, according to Sheryl Crow.


    Sun, 08/07/2011 - 21:58 | 1534937 disabledvet
    disabledvet's picture

    Obviously you haven't had the opportunity to sleep with her on a regular basis. You should hear some of the "other house rules." No up toilet seat. don't leave the back door open ever. of course you like the color of the walls she just painted. why the hell are you wearing a condom. it's very frustrating after a while.

    Sun, 08/07/2011 - 21:37 | 1534809 gwar5
    gwar5's picture



    1. So, is the G-7 admitting the values of currencies weren't determined by the market all these years and this is their mea culpa??

    2. G-7 will let markets determine currencies when GORT threatens the planet and they can remember to say "Klatu Virada Nickto"


    Sun, 08/07/2011 - 21:35 | 1534827 Element
    Element's picture

    whew! ... good to know dat.

    I wos beginning to finking maybe we hads problems or somefink.

     Al good butt!  :D

    G7! .... Fuk yeah! 

    Sun, 08/07/2011 - 21:39 | 1534829 WmMcK
    WmMcK's picture

    In reply to Diogenes, "Say Goodnight, Gracie."

    Sun, 08/07/2011 - 21:39 | 1534840 kito
    kito's picture

    oh to dream of the day when the world is cleansed of these global scum sucking parasites. these vile, wretched leeches. these demonic bloodsuckers.

    Mon, 08/08/2011 - 03:09 | 1536113 IQ 145
    IQ 145's picture

    Aww, this is nothing. what about 79AD? or the Venetian Empire; or, or, or. I mean it;s nothing new.

    Sun, 08/07/2011 - 21:39 | 1534841 TruthInSunshine
    TruthInSunshine's picture

    The Bernank plays the role of Pontius Pilate on Tuesday, crucifying ALL fiat currencies, and then washing his hands of the blood while drying them on Timmmay's and Obama's suit jackets.

    Sun, 08/07/2011 - 22:22 | 1535010 Tijuana Donkey Show
    Tijuana Donkey Show's picture

    Your comments on this thread get two fist bumps. I had a visual on that comment that made me almost piss myself! Who plays the EURO and who plays the USD?

    Sun, 08/07/2011 - 21:41 | 1534847 Ident 7777 economy
    Ident 7777 economy's picture



    At this point, the ONLY way out is going to be CHEAP, PLENTIFUL ENERGY.


    And I'm not talking oil, or conventional nuclear, I'm talking more along the lines of COLD FUSION devices (ZPE stuff is not real) ...


    Get CHEAP ENERGY and everything else is DOABLE.



    Sun, 08/07/2011 - 22:35 | 1535062 Mec-sick-o
    Mec-sick-o's picture

    It will be unveiled when nations are in the middle of WWIII trying to control the remaining light crude oil.

    Sun, 08/07/2011 - 21:45 | 1534853 cranky-old-geezer
    cranky-old-geezer's picture

    G7 says currency rates should be decided by markets.

    Bullshit.  Complete bullshit.

    As long as central banks can keep printing and buying bonds from insolvent governments, rates will stay near zero.

    There's no other way to keep the worldwide Ponzi scheme going now. 

    There's just too much debt out there.

    Sun, 08/07/2011 - 21:59 | 1534942 disabledvet
    disabledvet's picture

    is that your wife?

    Sun, 08/07/2011 - 22:36 | 1535067 Mec-sick-o
    Mec-sick-o's picture

    Does it matter?

    Sun, 08/07/2011 - 22:05 | 1534957 automato
    automato's picture

    This is a horrible movie! You know the line from the "American President" when Robin McCall: I think the important thing is not to make it look like we're panicking. 

    President Andrew Shepherd: See, and I think the important thing is actually not to BE panicking. Well every time some government bozo or economics clown or wildman from omaha opens their stupid mouth they ALL look like they are panicking. I just wish they would all SHUT THE FUCK UP!

    Sun, 08/07/2011 - 22:10 | 1534972 rwe2late
    rwe2late's picture

    I don't understand why Geithner and Bernanke are called idiots and fools, and blamed for the fiscal travails - as though they were really free to do different.

    I believe they understand exactly what they are doing, who they are doing it for, and who they are doing it to. They are devotedly doing the bidding of their financial overlords and benefactors, and will be replaced whenever they are no longer deemed useful.

    The financial shock doctrine extortion racket has upped the global ante.

    First in line for the money handouts gets top choices at the 'austerity' yard sales. And even if the purchase doesn't look so good afterwards, the government is always there to buy back any junk, and with interest too.

    Thus the 'economy' is saved.

    Sun, 08/07/2011 - 22:28 | 1535043 anony
    anony's picture

    Of course you're absolutely correct. 

    They know exactly what they are doing, and no doubt the people they leak their moves to (or actually vice versa----those who TELL theBernank and Timmay what to do, give them their marching orders, upon which execution their bets pay off in 100X gains) are laughing all the way to St. Barth's.

    There are trillions of entries on blogs on the Internet and unfortunately the pearls in the oysters are buried under this permanent avalanche of opinion, propaganda, and ignorance.

    There should be ajn Archive of Truth where post such as yours could be referred to as beacons in the night.

    Sun, 08/07/2011 - 22:14 | 1534987 John Law Lives
    John Law Lives's picture

    Central banks can not solve these problems by creating more fiat currency.  Their desperate actions only delay what we all know is coming:

    The Great R-E-S-E-T Button will get pressed.



    Sun, 08/07/2011 - 22:19 | 1535006 eddiebe
    eddiebe's picture

    G7 says currency rates should be decided by markets. Hahahahahahaha

    Sun, 08/07/2011 - 22:35 | 1535060 snowball777
    snowball777's picture

    And junkies should give up the white horsey.

    Sun, 08/07/2011 - 23:19 | 1535241 Nikao7
    Nikao7's picture

    They stab it with their steely knives but they just can't kill the "7 headed Beast".

    Sun, 08/07/2011 - 23:25 | 1535264 Doyle Hargraves
    Doyle Hargraves's picture

    Let me translate this statement from the G7 for you:

    We promise to buy any fucking thing you bring tomorrow, we will buy all of it...

    Got vintage 2005 subprime MBS defaulted 3 times over with no chain of title and sold two dozen times, we'll buy it at face value!

    Got a bunch of CDOs secured by  thousands of vehicles that were parted out before they were able to be repossessed we will give you high blue book retail for the whole portfolio!

    Got a stable of $2 STD infected crack whores? Bring em down to the trading floor and we will pass 'em around, then give you 20 times earnings for them...

    We will not be undersold, if you are not sure bring it anyway, title to Fukushima? fuck it will give you 1989 value on it.

    The important thing is for the market to finish green, gold to finish in the deep red, and us to be able to tell S&P Fuck off you do not matter.

    That is pretty much is what the G7 statement says.


    Mon, 08/08/2011 - 01:12 | 1535845 honestann
    honestann's picture

    Or the short versions, they say:

    Yes, we are absolute, complete, abject liars, frauds and predators.

    But at least they're honest about letting markets determine currency exchange rates.  Everyone will run their printing presses at full warp speed, then let the markets try to sort out how the cross exchange rates should bounce and wiggle.

    What they don't say publically is, "Oh please, our most wise and master predator owl god-symbol, just please don't let anyone consider gold a currency and chart our currencies against gold!".  Who knows, they might make those charts illegal... as in "hate speach".

    Mon, 08/08/2011 - 01:37 | 1535953 Doyle Hargraves
    Doyle Hargraves's picture

    Well Gold is doing pretty well at determining currency rates as we speak...+1710.90 US dollars

    Mon, 08/08/2011 - 21:19 | 1540312 Element
    Element's picture

    Yesterday I actually heard some brit e-con-o-missed say he thought gold was a "poor investment" ...

    He was obviously an expert.

    Sun, 08/07/2011 - 23:36 | 1535330 AustrianEconomist
    AustrianEconomist's picture

    The whole fiat system of only 40 years age does not stand a chance when it comes to a store a value as gold, which has been around for throusands of years and represents sound money rather than worthless paper.

    Check out the latest from the Capital Research Institute (CRI)

    It’s Time for ‘Sound Money’

    Wed, 09/14/2011 - 05:01 | 1667480 chinawholesaler
    chinawholesaler's picture

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