Horkel Divide Growing

Tyler Durden's picture

France's 'happy' Hollande is out, apres-dejeuner, opining on what occurred today and where he stands. The critical items appear to be the growing divide between his immediate need for 'debt stability' measures versus his disagreement over the assumptive 'fiscal pact' that Merkel will require before any money leaves that nation's shores in its transfer-of-wealth way. Headlines via Bloomberg:

  • HOLLANDE WITHHOLDS ENDORSEMENT OF EU FISCAL PACT
  • HOLLANDE SAYS MUST FIND ALTERNATIVE TO ECB IN CUTTING YIELDS
  • DEBT STABILITY MEASURES NEED TO COME FIRST, HOLLANDE SAYS
  • HOLLANDE SAYS GROWTH MEASURES `AREN'T ENOUGH'

but its just not fair... sacre bleu...

  • HOLLANDE SAYS ITALY-SPAIN YIELDS TOO HIGH, GIVEN THEIR EFFORT
  • BAILOUT FUNDS SHOULD BE USED FOR ITALY-SPAIN, HOLLANDE SAYS

and the piece-de-resistance:

  • EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY, HOLLANDE SAYS
  • WE WILL RENEGOTIATE COUNTRY SPECIFIC RECOMMENDATIONS AND WILL ONLY IMPLEMENT WHAT WE AGREE WITH

When we said that the Spanish bailout inspired Syriza to push on with renegotiating all the Greek pacts, little did we know that Syriza itself would inspire all of Europe to gang up on Merkel. Problem is: Syriza failed as Germany sadly still has all the leverage aka money. The other beggars will be no more successful.

The market's response to this less-than-total-print-fest Summit resolution: ES -8 pts from late-day highs... given back well more than half the 'fat-finger' fiasco...

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Bill D. Cat's picture

Give Merkel a really solid baseball bat , rename her Fat Tony , this is settled before the markets ( hahahahahahahahahaha ) open tomorrow .

lewy14's picture

France has nuclear weapons. Germany has... ?!

mjk0259's picture

An economy that can produce goods people want besides perfume, fashion, cheese and wine.

Kayman's picture

Cheese and whine.  Fixed it fer ya.

lewy14's picture

That should count for something, IMHO. But my opinion counts for nothing.

What it does count - is uncertain.

So far the return to Germany's disproportionate productivity is blame - as in "Germany has benefited most from the Euro" - as justification for why they should pay up, guilty as they are of "merchantilism" and whatnot.

I'm not trying to articulate what should be. The root comment above described one outcome of the application of force and violence to the situation. I'm just trying to establish some context.

Michael's picture

What the hell does he mean by;

EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY

What does that even mean?

lasvegaspersona's picture

Michael

Ron willl be what? 77? in 2016. I doubt your plan could work.

azzhatter's picture

He's 77 now, he'll be in his 80's. I'd vote for him in his 90's over the current choices

Overfed's picture

The fuckin' morons that populate this country had their chance to have Ron Paul as President.They deserve Robomney.

knukles's picture

More than market.
In addition to market
An extension of market
Past market
Like outside the confine of market
Like non market
Like gubamint market
Like gubamint aided
Gubamint helped along by the amazing technocrats
Like ensured that the market is of benefit to all, helped along and molded by the Amazing Technocrats
Like a second parallel Amazing Technocrat designed alternative to the market
Funded by that suspicious market, for the benefit of the People who we, The Amazing Technocrats care for.
The Amazing Technocrat Economy, funded by the evil fucking speculators in the market economy
That we're gonna wipe off the face of the earth
And once we do, everybody will see just how Fucking Great We The Amazing Technocrats Are with our Amazing technocrat Market
And we'll call it United Europe, United Under the New World Order
The European Union Part II all over again!
Where everything is fair and liberal.
Socialista via socialism
Vive Brussels and the Technocrats
Long Live Europe

Now, give me your fucking money.

Newsboy's picture

@ Michael

Europe already does have "more" than market economy, with lots of societal and financial socialism and fascism, so that makes this statement more sinister, suggesting he actually means "other" than market economy.

Karl von Bahnhof's picture

Horkel is fine, but Merde is better!

brooklynlou's picture

Ovens. And they know how to use them.

indygo55's picture

9 9 9

Geeze, where's Herman Cain when you need him?

Buck Johnson's picture

Germany may come out and say Nein to everything and possibly one up the chicken play by saying if we continue down this path Germany may decided to leave the EU (they won't say currency but it will be implied).  And the ball will be in Spain and Italy and France's (US also) court.

BORT's picture

What does it mean;  comment voulez-vous dire:  More than market??

northman's picture

nous pouvons dire....plus que marché ?

 

Makes a good slogan: Francois 'plus que marché' Hollande.

midgetrannyporn's picture

He's right. Rising bond yields make it impossible for them to service their debt. They should default already.

Peter Pan's picture

Don't worry. None of these politicians wants the show to come to an abrupt ending. They will compromise by allowing an initial amount of Eurobonds to be issued as a down payment on some progress being made for fiscal unity and all that other motherhood crap.

TonyCoitus's picture

I believe in Merkel's
Where're you from,
you sexy thing, you
sexy thang you
I believe in Merkel's
since u came along,
you sexy thing

Mr Lennon Hendrix's picture

Anyone else getting dizzy?

XitSam's picture

Remember the good old days when Europe talked of EFSF, EFSF 2.0, EFSF 3.0, fiscal union and Eurobonds? Why it seems like only yesterday ...

Ineverslice's picture

 Horkel-Smackdown 

Round-1....Let's get it on!

 

chump666's picture

Hollande is mad.  Much like 99% of the European leaders.

Vampyroteuthis infernalis's picture

EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY

 

And what would that be?

walküre's picture

Glad you asked.

Want some more central planning and communism with those Long LOST Freedom Fries?

American34's picture

Hollande apparently thinks Europe needs a Command Socialist Market economy.

dwdollar's picture

They don't already have one?

Bunga Bunga's picture

They have, but still need to find somebody to pay for.

knukles's picture

Not enough.

And dipshits like him think that's the reason for the problem.

Not enuf central planning

God help us all.
Where's Barry Goldwater when we need him?
Or Tiny Tim?
Or Jeffery Dhalmer?

Jesus.
We are soooooooooooooooooooooooooo fucked.

brooklynlou's picture

Big Brother Surrender Monkey says: "You will wear that brand of perfume and like it!"

The French make a tasty sandwich and they don't smell like shit. Other than that what do they do?

Conrad Murray's picture

The yields are too damn high!

vintageyz's picture

Sarkozy must have left some good weed at the presidents residence

tiger's picture

He must be eating his speech as a dessert about "nothing absolutely nothing will refrain us from setting the nwo"

potlatch's picture

if you enjoy zombification weed, yes.

strannick's picture

HOLLANDE SAYS ITALY-SPAIN YIELDS TOO HIGH, GIVEN THEIR EFFORT.

Bond Vigillantes dont give points (take points) for effort? No blue ribbons to everyone for trying? Incroyable....

lewy14's picture

The yield is Too. Damn. High.

[Rings a bell... where've I heard that before... ?!]

Ropingdown's picture

Yep, miss a payment on Visa and you'll pay 24%....but 6.8% is called by the FT "extortionate"?  Think we have to keep paying attention to this whole Europe kerfluffle.  24% lending used to land banks in jail in the US.  9% would often do it.  There was a good reason. 

zippy_uk's picture

...But Angela - how ever much you tell me you have all the money - and I believe you, I have the votes  - believe me.

I have told all of France I am a socialist - they expect me to spend someone else's money as does the rest of Europe,

so as you are the only one with money I think you understand where I am coming from.

-Francios

Rogier's picture

'Bien sur Francois, I know where you're coming from. Now lick my German boots.'

- Angela

zippy_uk's picture

How many NUKEs you got Angie ? The may be French made, but they are ours

XtraBullish's picture

Tyler - "Fat Finger" = "Working Group on Capital Markets" = "Plunge Protection Team" and (as ZH has NAILED) all residing at 33 Liberty.

 

Great work, Tyler.

insanelysane's picture

Typical liberal socialists, give us the money first and we promise, that in a few years, we will cut back.

potlatch's picture

If I can contribute a small suggestion: this is the *general* point.  No one wants a real market.  Socialists want unfundable services and goods first, then for the market to figure out how to afford it.  Financial institutions want the leeway to "keep up" with speculative activities that totter over the real economy, and wants the government to figure out how to manage *that*.

 

Everyone is trying to get something, and have the system adjust to give it to them.

 

But that is not how reality works best.  Plans adjust to reality is best; trying to make reality adjust to plans creates the multi-train wreck we are in today, in which no one's hands a reclean.  Transcende the left-right dichotomoy, grashopper: the problem is endemic, not partisan.

JustObserving's picture

"EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY, HOLLANDE SAYS"

Yes they need market intervention and control like the USA.  Of course, it must be done without officially admitting it.  They should invite Bernanke to Europe.  


knukles's picture

 

Where'd Roberts go on his last vacation?