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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:


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


and the piece-de-resistance:


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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Thu, 06/28/2012 - 19:34 | 2571549 Bill D. Cat
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 .

Thu, 06/28/2012 - 19:58 | 2571628 lewy14
lewy14's picture

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

Thu, 06/28/2012 - 20:01 | 2571645 mjk0259
mjk0259's picture

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

Thu, 06/28/2012 - 20:12 | 2571668 Kayman
Kayman's picture

Cheese and whine.  Fixed it fer ya.

Thu, 06/28/2012 - 20:13 | 2571669 lewy14
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.

Thu, 06/28/2012 - 20:32 | 2571716 Michael
Michael's picture

What the hell does he mean by;


What does that even mean?

Thu, 06/28/2012 - 20:38 | 2571731 Michael
Michael's picture

Vote Ron Paul in 2016, Obama in 2012 to keep Mitt out

Thu, 06/28/2012 - 20:49 | 2571761 lasvegaspersona
lasvegaspersona's picture


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

Thu, 06/28/2012 - 21:34 | 2571915 azzhatter
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

Thu, 06/28/2012 - 21:46 | 2571945 Overfed
Overfed's picture

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

Thu, 06/28/2012 - 20:46 | 2571747 knukles
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.

Thu, 06/28/2012 - 22:20 | 2572028 Newsboy
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.

Fri, 06/29/2012 - 04:54 | 2572522 Karl von Bahnhof
Karl von Bahnhof's picture

Horkel is fine, but Merde is better!

Thu, 06/28/2012 - 21:05 | 2571814 brooklynlou
brooklynlou's picture

Ovens. And they know how to use them.

Thu, 06/28/2012 - 22:27 | 2572053 indygo55
indygo55's picture

9 9 9

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

Thu, 06/28/2012 - 22:26 | 2572051 Buck Johnson
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.

Thu, 06/28/2012 - 19:35 | 2571552 BORT
BORT's picture

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

Thu, 06/28/2012 - 19:47 | 2571590 northman
northman's picture

nous pouvons que marché ?


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

Thu, 06/28/2012 - 19:35 | 2571554 midgetrannyporn
midgetrannyporn's picture

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

Thu, 06/28/2012 - 19:47 | 2571598 Peter Pan
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.

Thu, 06/28/2012 - 19:55 | 2571620 TonyCoitus
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

Thu, 06/28/2012 - 19:36 | 2571557 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Anyone else getting dizzy?

Thu, 06/28/2012 - 19:47 | 2571596 chump666
chump666's picture


Thu, 06/28/2012 - 20:16 | 2571676 XitSam
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 ...

Thu, 06/28/2012 - 20:12 | 2571667 Ineverslice
Ineverslice's picture


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


Thu, 06/28/2012 - 19:36 | 2571559 chump666
chump666's picture

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

Thu, 06/28/2012 - 20:02 | 2571647 Vampyroteuthis ...
Vampyroteuthis infernalis's picture



And what would that be?

Thu, 06/28/2012 - 20:34 | 2571722 walküre
walküre's picture

Glad you asked.

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

Thu, 06/28/2012 - 19:35 | 2571560 American34
American34's picture

Hollande apparently thinks Europe needs a Command Socialist Market economy.

Thu, 06/28/2012 - 19:44 | 2571582 dwdollar
dwdollar's picture

They don't already have one?

Thu, 06/28/2012 - 20:47 | 2571749 Bunga Bunga
Bunga Bunga's picture

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

Thu, 06/28/2012 - 20:50 | 2571763 knukles
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?

We are soooooooooooooooooooooooooo fucked.

Thu, 06/28/2012 - 21:08 | 2571825 brooklynlou
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?

Thu, 06/28/2012 - 19:36 | 2571561 Conrad Murray
Conrad Murray's picture

The yields are too damn high!

Thu, 06/28/2012 - 19:39 | 2571572 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So are all of the politicians.

Thu, 06/28/2012 - 20:39 | 2571732 Michael
Michael's picture

So is thr rent.

Thu, 06/28/2012 - 19:36 | 2571562 vintageyz
vintageyz's picture

Sarkozy must have left some good weed at the presidents residence

Thu, 06/28/2012 - 19:48 | 2571599 tiger
tiger's picture

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

Thu, 06/28/2012 - 19:52 | 2571615 potlatch
potlatch's picture

if you enjoy zombification weed, yes.

Thu, 06/28/2012 - 19:41 | 2571579 strannick
strannick's picture


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

Thu, 06/28/2012 - 22:07 | 2571976 lewy14
lewy14's picture

The yield is Too. Damn. High.

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

Thu, 06/28/2012 - 22:39 | 2572079 Ropingdown
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. 

Thu, 06/28/2012 - 19:44 | 2571585 zippy_uk
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.


Thu, 06/28/2012 - 20:14 | 2571673 Rogier
Rogier's picture

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

- Angela

Thu, 06/28/2012 - 20:28 | 2571702 zippy_uk
zippy_uk's picture

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

Thu, 06/28/2012 - 19:47 | 2571594 XtraBullish
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.

Thu, 06/28/2012 - 19:50 | 2571608 insanelysane
insanelysane's picture

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

Thu, 06/28/2012 - 19:55 | 2571622 potlatch
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.

Thu, 06/28/2012 - 19:51 | 2571613 JustObserving
JustObserving's picture


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.  

Thu, 06/28/2012 - 20:53 | 2571773 knukles
knukles's picture


Where'd Roberts go on his last vacation?

Thu, 06/28/2012 - 19:55 | 2571621 zebra
zebra's picture


Thu, 06/28/2012 - 22:34 | 2572069 Ropingdown
Ropingdown's picture

huh...what is it good for!     Oh, damned, it's good for that?

Thu, 06/28/2012 - 19:58 | 2571627 mammoth mo
mammoth mo's picture


Of course his argument seems crazy.  It is.  But so is every other beggars argument in Europe...... and America.....

Thu, 06/28/2012 - 20:00 | 2571637 mjk0259
mjk0259's picture

And after all this, the Euro has gone down about 8 cents. I remember when it was 85 cents. Big deal. US problems just as bad as Europe and living conditions no better or worse for most people.

Thu, 06/28/2012 - 20:02 | 2571649 tony bonn
tony bonn's picture

hollande was a bildeberger selection so it will be interesting to see how this plays out. i sense that merkel is the target of their ire.

Thu, 06/28/2012 - 20:06 | 2571657 Yen Cross
Yen Cross's picture

 Well, now we know why Germany has the best Drug Companies<>

Thu, 06/28/2012 - 20:09 | 2571662 sangell
sangell's picture

Merkel and Hollande had a private meeting at the Elysee Palace yesterday. Merkel should return the favor and invite Hollande to meet with her at Dachau so she can 'reset' the Franco-German relationship.

Thu, 06/28/2012 - 20:18 | 2571682 Kayman
Kayman's picture

Hell no. Hollande should invade the Ruhr. Nothing like an arrogant French invasion to get German blood boiling.


Thu, 06/28/2012 - 20:41 | 2571740 Yen Cross
Yen Cross's picture

 A reverse "Maginot Line" crossing?  Sounds interesting.

Thu, 06/28/2012 - 20:58 | 2571790 knukles
knukles's picture

I can see it all now.
Marching with their hands on their heads, towing pull carts full of food and beverages, piled high with white linen table cloths and napkins, fine china, crystal and silver ware. 
Whilst the German troopies pay no attention being entertained by Dita Von Teese shimmying and shaking in her burlesque routine a la Berlin, 1928.
Ah, the good olde twisted days.

Thu, 06/28/2012 - 20:09 | 2571664 THE DORK OF CORK
THE DORK OF CORK's picture

Money / debt etc are metaphysical concepts.

The Germans might own some metaphysical units  like the rest of us Dumb European shits but they really have fuck all like the rest of us as their treasuries can't print the fucking money.

 We should all follow Angies logic to its final conclusion  - national units of account as the Germans don't hold money , they hold claims on wealth that they exported but domestic elites of each country like to hold German money units for some reason.

Mercantile states in depressions don't do so well.

Thu, 06/28/2012 - 20:18 | 2571680 sangell
sangell's picture

True enough but what does Germany gain by shipping more Mercedes and Porsches to Greece or Spain in return for promises they will be paid for... IF Germany loans them the money. Germany may have to look to the east and overseas for its markets as the PIIGS, with perhaps the small exception of Ireland and perhaps Italy, look to be goners.

Thu, 06/28/2012 - 21:33 | 2571776 THE DORK OF CORK
THE DORK OF CORK's picture


You have not seen Italian Diesel consumption lately then............

Diesel use is a signal of commercial activity , construction etc…….
From the IEA
Total “Oil demand in Italy fell even more sharply , down a staggering 14.9 % in April to 1.2mbd as the dire economic backdrop quelled consumption”

Also Spain & Greece experienced YoY drops of 7.8% & 16.5% !! respectively.

 Italian oil consumption was 1.94 MBD in 1998..................................................

There is not goods substitution happening to these countries as happens to national currencies when they print - these countries are simply running out of tokens to buy anything !!


In the UK people have the tokens to buy a rail or bus ticket but in Europe proper things have come to a sudden stop.

ACEA june 28
“Brussels, 28/06/2012- In May, new commercial vehicle registrations continued the downward trend commenced in January, facing the sharpest decrease since 2009 (-17.8%, compared to May 2011). The UK was the only market to post growth in the month (+10.0%), while Germany (-13.6%), France (-22.1%), Spain (-27.4%) and Italy (-42.4%) all recorded double-digit downturns. From January to May, the EU* market shrank by 11.8%, compared to the first five months of 2011. The decline ranged from -4.0% in Germany to -6.2% in the UK, -8.5% in France, -24.8% in Spain and -37.9% in Italy. In total, 735,993 new vehicles were recorded throughout the period”

The Bus market is the most interesting segment from my point of view with the UK keeping the entire European market from collapsing once again (goods substitution ?)

“In May, new bus and coach registrations were down 3.5%, despite the good performance of the British market (+109%), which remained the largest. From January to May, the positive results in the UK (+61.1%) and Germany (+2.6%), the two largest markets, counterbalanced the downturn recorded in France (-18.9%), Italy (-30.9%) and Spain (-42.5%), leading to an overall 3.1% increase of the EU* market.”

If we look at the Jan to May Bus figures the UK market is the equivalent of the French , Italian & Spainish market combined !!

Jan to May
France : 1,812
Italy : 1,101
Spain : 803
Total : 3,716

UK :3,608

Thu, 06/28/2012 - 22:31 | 2572060 Ropingdown
Ropingdown's picture

Germany didn't lend it, banks made loans.  Investors loaned money against the agreed terms of sovereign bonds.  Ah, there's the problem:  The Pablos and Marios of the world thought the government was giving them stuff, not lending them stuff.  It has been political fraud all the way. "We have arranged everything so that our economy will grow and we can tax the growth.  Therefore we can give you lots of free stuff."  What's the penalty in Spain for murdering dreams, eh?

Thu, 06/28/2012 - 20:20 | 2571686 CrashisOptimistic
CrashisOptimistic's picture

You're pretty much right.  Money, gold, most things thought to have value . . . they are all imaginary.  Gold's value is in your head.  So is money's.

Only oil and food have value.  Food keeps you alive and oil brings the food to you.  Water and air, somewhat, though they are existent most places without effort.

So the only true yardsticks are oil and food, and when enough people die that you could actually feed yourself locally, only food.

Thu, 06/28/2012 - 20:35 | 2571724 sangell
sangell's picture

Oil only has value if you also have machinery and that is what Germany excels at making. Pharmaceuticals also have real value. Without them we'd sink back to medieval population levels quickly. The same plagues and diseases with the exception of small pox are still out there and if we ever have to leave our technological cocoon they will return.

Thu, 06/28/2012 - 21:19 | 2571864 CrashisOptimistic
CrashisOptimistic's picture

Agreed.  Drugs should be added to the oil, food mix.

Which pretty much just goes to show that of the three, oil trumps.  The other two can't get to you without oil.

Thu, 06/28/2012 - 20:25 | 2571696 Kayman
Kayman's picture


Aye... but wasn't it grand spending all those Euros backed by Frau Merkel's credit card ?

Thu, 06/28/2012 - 20:13 | 2571671 WhiteNight123129
WhiteNight123129's picture

Germany should get out of the euro.


Thu, 06/28/2012 - 20:15 | 2571674 Catflappo
Catflappo's picture

"France's 'happy' Hollande is out"


If he is 'out' then isn't he 'gay' rather than 'happy'?

Thu, 06/28/2012 - 20:27 | 2571701 Kayman
Kayman's picture

Correct me if I am wrong, but isn't that a tip of the hat to Xaviera Hollander ?

Thu, 06/28/2012 - 20:56 | 2571785 Village Smithy
Village Smithy's picture

Everything I ever needed to know about anything I learned from "call me Madame".

Thu, 06/28/2012 - 21:01 | 2571805 knukles
knukles's picture

He said that?  "Call me Madame?" 
The other day he was reported to have said that he didn't have on women's underware, it was his.

No wonder....

Thu, 06/28/2012 - 20:16 | 2571675 RobotTrader
RobotTrader's picture

King World News once again predicting a "Massive Collapse"


How can they be so stupid to cheerlead their own financial demise?

As ES tanks, gold tanks 3x faster.

Three fresh pieces of meat for the bears:

Thu, 06/28/2012 - 20:33 | 2571720 El
El's picture

If you have to ask, you didn't bother reading the article.

Gold cannot be printed, it cannot be destroyed, and it will continue to act as money as this crisis deteriorates even further.  

Thu, 06/28/2012 - 21:20 | 2571871 CrashisOptimistic
CrashisOptimistic's picture

Gold has no value outside your own head.  Same as money.

Only oil, food and medicine have value outside your head.

Thu, 06/28/2012 - 21:42 | 2571933 Poor Grogman
Poor Grogman's picture

Value as measured against what?

Thu, 06/28/2012 - 21:42 | 2571934 El
El's picture

<shrugs> 2000 years of history says otherwise.

Sat, 06/30/2012 - 00:22 | 2575406 MeelionDollerBogus
MeelionDollerBogus's picture

food, oil and medicine are MONEY.

Anything of tangible value is money - it just gets traded before it gets consumed and it continues to be traded regularly from production. Simply some money is easier than other money - more durable (gold) and smaller per purchasing-power (gold) but anything useful is money. Copper, honey, morphine, bricks, if it's got a use in the physical world it's money.

Thu, 06/28/2012 - 20:57 | 2571779 Pancho Villa
Pancho Villa's picture

EUFN is -3.45% YTD. vs. +5.67% for S&P500. European financials (which you predicted would be the hottest sector of 2012) are still underperforming.

Europe seems to be splitting into blocks. Greece/Spain/Italy/France vs. Germany/Austria/Netherlands/Finland. This is a rather dangerous development for the euro.

Thu, 06/28/2012 - 22:20 | 2572037 Ropingdown
Ropingdown's picture

It is an excellent development for the Euros....

Thu, 06/28/2012 - 21:34 | 2571841 Conman
Conman's picture

Hay there. hows the retail trade working out for you? Nike's looking cheap.. maybe you should double up. You also get to buy LULU cheaper too, you are so lucky.

Sat, 06/30/2012 - 00:21 | 2575401 MeelionDollerBogus
MeelionDollerBogus's picture

pretty much no. ES can tank with Gold heading up to the moon. It's done it before & I showed you before. - 2011 July to Sep. Clear as day. S&P, ES, tanking and gold shooting up to a new all-time high for all history.

THAT is what will happen again. RobotTarder.

Thu, 06/28/2012 - 20:29 | 2571704 Intelligence_In...
Intelligence_Insulter's picture

Fuck this bulldike.  I don't even want to know what merkel has been doing with anybody

Thu, 06/28/2012 - 20:29 | 2571705 Crack-up Boom
Crack-up Boom's picture

"Horkel" is good, but I think we're in "merky 'lande". 

Thu, 06/28/2012 - 20:42 | 2571735 Bunga Bunga
Bunga Bunga's picture

It's not Horkel, it's Merde!

(Thursday afternoon fun for our french speaking ZH readers)

Thu, 06/28/2012 - 21:00 | 2571801 shovelhead
shovelhead's picture

Get it over with, just default. Let the bankers cry.

Print new notes and you're back in business. Imports will be expensive as hell but that's the breaks. No debt.

Just say no to bankers.

That was easy.

Thu, 06/28/2012 - 21:28 | 2571847 JustObserving
JustObserving's picture

Europe will have to print or default.  Banksters, including Bernanke,  will only allow printing.

Print up a trillion Euros and give them in proportion of the economies.  Germany will get 270 billion, France will get 200 billion, Italy will get 180 billion,  Spain will get 120 billion and Greece 35 billion euros.

Since the printing is proportional to the size of the economy, it is a fair way of cutting the cake of a trillion euros.  That will address debt issues in peripheral countries but not at the expense of the stronger countries.

Or if they issue Euro bonds, then all countries must participate in proportion to their economy - that is the only fair and equitable way to issue them.

Thu, 06/28/2012 - 22:22 | 2572044 chump666
chump666's picture

No one will buy Euro-Bonds now that bunds are are short.  Germany will go into recession as China crashes and destroys demand.

Europe is broken.  ECB prints, they will drive up oil inflation and beatdown the private sector of Europe/Germany (operational costs and slowing demand = death).  

No one can do anything anymore, the system (starting with Europe is resetting).  It will be painful.  Very painful.  But we had it coming.

Thu, 06/28/2012 - 22:35 | 2572072 Yen Cross
Yen Cross's picture

chump666     Focus on the next 48 hours.    The fx market will bee flow related for Q-2 rebalancing.


    Trade technically. and keep tight reversals.  The yen is highly over bought.  Aud bond yields are " egg yoked", and need to boil off.

       What is the other major flow option?


Thu, 06/28/2012 - 23:12 | 2572157 chump666
chump666's picture

just saw a panic meltup on the Eur via EU jawbone.

but China is still buying up USD, will cap short squeezes on all markets IMO.  Any offers on USD will be bough by India/China.  The market is too transfixed on European madness.  So I'm thinking, yes some squared positions to lower selling next month. In fact I would lock in a crash (equities)

Germany will 100% refuse a Euro-bond as bunds come under pressure...and of course it's main buyer starts to dry up.  China.

Thu, 06/28/2012 - 21:58 | 2571972 zebra
zebra's picture


Yeah right, the 3-hour afternoon naps are *REALLY* productive.


Thu, 06/28/2012 - 22:27 | 2572049 Yen Cross
Yen Cross's picture

 Tyler I love that mirroring sentence...sentense.

            You just gave me another edge. One question? Is it repainted?

Thu, 06/28/2012 - 22:56 | 2572118 q99x2
q99x2's picture

Its enough to conjure the AntiChrist into existence.

Fri, 06/29/2012 - 00:42 | 2572322 ReactionToClose...
ReactionToClosedMinds's picture

maybe I'm tired .... but the heck does "EUROPE SHOULD HAVE MORE THAN MARKET ECONOMY, HOLLANDE SAYS" mean?

If it what I think he issuggesting ... either I am out of touch with today's world or Hollande is going bolshevik.   Is this just a variation of the present Mayor of Chicago saying a crisis is too valuable to waste?  I.e., Germany and USA are supposed to work our tails off to support the world under Hollande.euro-socialist-UN guidance?

Fri, 06/29/2012 - 06:16 | 2572550 falak pema
falak pema's picture

What Hollande is saying is : we should not let the market decide everything for us. I think he is pointing to a social priorities programme whereby the europeans create jobs in areas where GLOBAL market factors are not the only criteria. Classic Keynesian play in infrastrucure programs that are prioritised for european small business and social services. Why this has to be paid by others is beyond me. If nation states build up social priority activites that are culturally specific to that region for creating local jobs, which creates consumption and is not detrimental to the balance of trade where is the problem.

We all need mercantile economies to learn from innovation and to import those things we don't have; but it does not have to be a 100% free global market economy in all countries. Paradigm change, putting people first in some activities may be compatible with modern governance. The PAx Americana model is flawed. Don't lose any sleep over that. The ghost of Marx is not at your doorstep. The ghost of Agamemnon is. 

Fri, 06/29/2012 - 01:11 | 2572349 slewie the pi-rat
slewie the pi-rat's picture

i took french for years and can't remember much except how to try and pass the damned tests

i can tell this is a shit translation;  either that or he should stop giving press talks in english



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