This page has been archived and commenting is disabled.

As Hope For EFSF Solution Vanishes, Europe Comes Crawling To Uncle Sam

Tyler Durden's picture




 

With less than 48 hours left until Europe's latest and greatest summit on Wednesday (no point in keeping count: it is certain that yet more extensions wil be demanded and granted, letting the EURUSD have just that much more space from where to fall) Europe has, as it usually does in the 12th hour after it whips out the abacus, realized that the EFSF in its latest incarnation is Dead on Arrival (as expected). So what does Europe do? Why come crawling to Uncle Sam of course, only in this case it manages to save face as the uncle is really Aunt Lagarde, one of Europe's own, and ironically up until 4 months ago, the Finance Minister of what has emerged as the most distressed core European country. From the WSJ: "Europe may ask the International Monetary Fund to create and run a special new fund to help solve its debt crisis, according to a person familiar with the matter. The idea is one of several options still in the formative stage that European officials are considering as a way to prevent the crisis from engulfing its largest economies. The IMF and world financial leaders fear that if Europe doesn't act forcefully now, it could push the global economy into a recession and spark another global financial meltdown." And yes, there is a reason why three weeks ago we made big news out of the IMF scrambling to "Double Bail Out Capacity To $1.3 Trillion, May Issue Bonds." Because when in doubt always follow the money, or in this case the US taxpayer bailout, because this is what the IMF's turbo intervention will be: it will always give the right answer.

So what is the latest and greatest that Europe, under the wise alleged tutelage of JP Morgan, has up its sleeve, just two days before it is supposed to have a complete and convincing resolution to the European debt crisis? And why should Joe Sixpack be very angry?

European officials are considering several ways that a newly created fund could buy or insure bonds of ailing countries such as Italy and Spain, and raise money to boost capital levels at weak banks. One option is to ask the IMF to administer such a "special purpose vehicle."

 

The IMF could give such a financing tool more legitimacy than if Europe created and administered it, especially to prospective financiers, the person said. European officials are already assessing interest from potential lenders, including countries such as China and Brazil, the private sector and sovereign wealth funds, the person said. It could also be financed by the Europe's EUR440 billion bailout fund.

Unfortunately, the mere rubberstamp of US taxpayer-backed funding is no longer sufficient:

There are certain restrictions on the use of the IMF's existing resource base. One is that it can only be used to lend to countries, not regions. Another is its financial assistance usually comes with tough conditions and regular reviews. The IMF's lending rules also make it difficult to use its cash in some of the innovative ways that Europe is considering. The E.U. may insure a percentage of potential losses on purchases of state bonds as a way to leverage the impact of its rescue fund, encouraging investor appetite and pushing down the cost of state borrowing.

 

The IMF has created "special purpose vehicles" before. So technically, it wouldn't be very difficult for the IMF to create and administer. But the politics of financing and lending conditions could make the concept challenging to implement.

Said otherwise, while the superficial complexities can be easily overcome, the fund, whether in SPV or otherwise format, will not be able to participate in bank bailouts, which means that the European structured vehicle will need to have a little bit of everything in it: a PPIP, an SPV, a CDO, in fact: any of Geithner's bailout aphabet soup acronyms? You name it- it will have to participate. The only problem is that with the ECB no longer independently credible and capable of operating without Bundestag checks and balances, Europe is scrambling to get the next best thing: the US taxpayer as unlimited backstop, and if the Fed can be avoided in the process to prevent a political backlash in America, so much the better.

So where does Europe go?

Why the IMF of course, which is the US in all but name.

And here is where things get funny, because it was none other than the pathological tax cheat responsible for most of America's current economic disaster who personally was "demanding" Europe fix itself, even as he was quietly promising the moon and the stars to Europe behind the scenes. After all, not even Geithner is that dumb to not realize that if France goes, America is next, even though no bank dares to admit it has any exposure to France - a promise we would test in under 15 minutes when FrAAAnce becomes FrAA+nce.

The U.S., for example, wants to keep pressure on Europe to develop its own solution to the crisis. Treasury Department officials fear that by giving the nod to alternative financing options, European leaders may relax their efforts to craft a comprehensive strategy. Also, offers of funding from emerging markets may come with conditions such as promises for greater power at the IMF. The U.S. and Europe are reluctant to cede more power to emerging market economies at the IMF, particularly after reaching a hard-fought agreement on IMF governance last year.

So while it is certain that no monetary authorities will contest what they will say is an act of emergency, it will be once again up to the massively gridlocked legislative to screw this one up: after all the GOP will have no better opportunity to terminally humiliate Obama than to tie America's IMF-funding hands, in the process accelerating the debt spiral, first in Europe, then in America, and leading to a complete collapse in the US economy, just as the presidential race is really heating up.

And with that, something tells us the balance of the week will be quite thrilling...

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Mon, 10/24/2011 - 22:42 | 1806909 J 457
J 457's picture

Let it all fail.  No more bailouts.  Its the only way to recovery.

Mon, 10/24/2011 - 22:45 | 1806921 LetThemEatRand
LetThemEatRand's picture

The banksters don't want recovery for the masses.  They want more free money, and they will get it.  Everything else is just theater.  

Mon, 10/24/2011 - 22:58 | 1806958 Ahmeexnal
Ahmeexnal's picture

China already told the eurotards they will only take gold -in advance- for a 'bailout'.

 

Mon, 10/24/2011 - 23:18 | 1807011 Triggernometry
Triggernometry's picture

But China will take more than gold.  As the recent attempts at establishing footholds in Europe show, China is looking to export its low wage workers as well as its low cost products.  Think of a reverse case of Macau or Hong Kong; its easy to see China dumping more cash in the hole just to trade in the debt for a 200 year lease on prime European mercantile real estate.  I wouldn't call it an attempt at a colony just yet, more like a forward operating base.  The problem facing China is one of demographics: its population continues to swell, particularly males(no pun intended).  I think China would prefer many things to being torn apart by a burgeoning restless male population; providing them social opportunities halfway around the world by setting up shop in Europe simply kills too many birds with too few stones.

Tue, 10/25/2011 - 01:04 | 1807155 strannick
strannick's picture

Europe crawling to Uncle Sam for another debt fix? Like he has any cash. They are like two salivating junkies rolling around wrestling for a monetary crackpipe that fell and smashed years ago. Then in futile frenzied addict-addled desperation they'll run and mug the old bag-lady that is the IMF

"The ponzi that is the global financial system is doomed to crash, unless there is a benevolent federation of planets with a bailout willing to come to our aid"

Tue, 10/25/2011 - 02:16 | 1807218 AldousHuxley
AldousHuxley's picture

Did Europe go to Fed or the White House, because that federation is already here and his name is Obama....presient of USSA

 

Shilling Calls New Obama Housing Plan `Another Bailout'

http://www.washingtonpost.com/business/shilling-calls-new-obama-housing-...

 

Bailout IS NOT Capitalism

Bailout + bank exec bonuses is what Professor Rubini said " socialism for the rich, the well-connected and Wall Street (ie, where profits are privatised and losses are socialised"

 

Breaking up too-big-to-fail banks and oligarchic trusts!

Tue, 10/25/2011 - 02:53 | 1807237 Michael
Michael's picture

Who cares where the money for the bail-outs comes from, so long as the debt keeps piling up higher and higher. The explosion will be all that much more spectacular in the end. It's not like we can defuse the self destruct mechanism at this point and it's not like the people are ever ever going to be able to pay the debt back, so why not go full bore? Some of us on ZH should put our heads together and figure out ways the sovereigns and people can pile up the most debt they possibly can.

Think positive like me.

Tue, 10/25/2011 - 03:14 | 1807281 Michael
Michael's picture

Do you realize if we had a gold or commodities backed currency the price of tuition, medical care, and just about anything else would cost about the same as it does today?

You could actually save money today and the value of it would buy a new car, or pay for a child's tuition with the money you saved ten years earlier.

Wouldn't that be a hoot?

Tue, 10/25/2011 - 03:49 | 1807306 Michael
Tue, 10/25/2011 - 09:04 | 1807687 DavidJ
DavidJ's picture

The smoking part or Cain's odd grin at the end?

Tue, 10/25/2011 - 06:12 | 1807367 Raging Debate
Raging Debate's picture

That was my thought on the HUD program Tyler posted yesterday. An ability to use some crumbs is useful and not as a weapon but because exactly what you just said. This system can't be saved now. It requires cofidence and from en evolutionary stand-point we reached the 3d paradigm tipping point.

This time is different and the analogies of 7 B people all scrambling for the Promised Land of a 4d world apply. Too bad there is no Moses to command ordered decentralization of the Golden Calf to minimize casualties. Fear of entering then as in now will either leave you wandering for life in the desert or killed off from joining the titans armies of East and West. The good news is Gen X and younger get to live in something better. The bad news is those with fear about entering remind me of a drowning man in the movie Titanic. Most will live through, fact theoretically nearly all but fear is what will really cause 35% casualties.

Those without fear must lead. And if you lead you best start educating yourself on history, what the concepts of good and evil mean discontinue shady practices. Can we be honest here in the West? A lot of us endorsed adopted the shady behavior because well we were selfish and didn't care enough to stop externalizing. But now we see the result of the pryamid and can now build box shape management paradigm.

The separation of sheep and goats has arrived and no there never was a magic wand or spirit marking people. We are all choosing amd it can be seen when your interacting with other people. Capital will now flow to where it is best served and the dishonest cycle people lingering on will have no part soon enough. Take care all of you, reader and commentator alike. The last decade was humbling. I can no longer hate any person of any skin color as I was told in the past I must.

Be willing to risk it all for you family, your neighbor ANY individual of any race and creed that refuses to rob and steal to keep the party going. That is not only wholesome and heroic but it will up your odds greatly of survival.

I like the marketing of 99% of OWS but the reality is its 51/49. Like the end of a any Democracy (yes I know we are not a Republic anymore).
These are the expressive numbers of those that are not providing full value.

A tiny percent are criminals paying a check to the rest and this model has also failed. Don't be too harsh when you get a listening ear from those lead astray.

Remember, your shit still stinks too it is just that we can all be in the same house because the smell is localized to the bathroom as it should be. Localised as in we know where it and can easily dispose of it at will rather than it right in our community house living room ceiling where it is literally poisoning all of us and requires a ladder and huge job of even reaching it.

Tue, 10/25/2011 - 05:46 | 1807358 Raging Debate
Raging Debate's picture

The Bear will absorb the Pig. Or stated in more secular terms Russia will acquire the PIIGs debt.

Mon, 10/24/2011 - 23:46 | 1807056 Unprepared
Unprepared's picture

What are you complaining about?

Fuck the EFSF. As it turns out, UST is the new SPV to make China bail out Europe.

The core issue in Europe is no more than a lack in marketing expertise.

What better plan than to promise that the next brick you lay will be used to insure any decomposition losses on the already piled up cluster of shit. While Europe may be good at designing shit, America has an undeniable edge at selling it for crap. And China is all too happy to finance all of that in exchange of those IP's. If this isn't the perfect world of comparative advantage world David Ricardo has been dreaming of ...

And the even better news is that you can still sell your pile of shit and eat it too.

Tue, 10/25/2011 - 02:34 | 1807244 AldousHuxley
AldousHuxley's picture

Switzerland says no more German refugees from economic raping of their young.

 

Germans are just asking for Hitler to come out.

 

 

Tue, 10/25/2011 - 02:49 | 1807257 ConfederateH
ConfederateH's picture

Switzerland just voted and now we have 2 green parties!  The watermellons will save us.  Switzerland is busy chasing that green unicorn to the top of candy mountain where there are only renewables and social justice.  Who cares about Germans when the world is about to suffocate on CO2.

Tue, 10/25/2011 - 03:00 | 1807264 AldousHuxley
AldousHuxley's picture

green party has hippie activists but also has corporate interests supporting them namely the hospitality and travel industry and manufacturer of green tech.

 

But who the heck is going to buy or visit Switzerland when their FX is so adverse?

 

they are losing blood money from broken banking secrecy laws and competition from carribbean cocaine drug money lending ops.

 

 

Tue, 10/25/2011 - 06:33 | 1807376 Raging Debate
Raging Debate's picture

The benefits David Ricardo speaks of are not enough capital at the bottom to use a pyramid formation and lever back up on a global basis. I certainly encourage those with heart and skill near the bottom of the pyramid go after low hanging fruit for funding sources.

If Mayer Rothschild had built his model with correct intent of benefit to mankind instead of conquest, it might have made it an easy transition from 3d to 4d. Nope, mankind made the choice to do it the hard way, as usual. So now we all get those Revelation-esque consequences of our actions until each section of the pyramid is shamed, feels humiliated and naked but finally humble. I wish you and your family the best in seeing the other side.

Tue, 10/25/2011 - 04:03 | 1807314 e-recep
e-recep's picture

I wonder how happy the Chinese get with all this hair-cut talk?

Mon, 10/24/2011 - 23:01 | 1806966 rocker
rocker's picture

 Societe Gernerale's Kit Juckes,(Head of Foreign Exchange Refiance),

 today on Bloomberg said U.S. will pay to bail Europe out. Up to 2 Trillion.

Munger today said they need a bazooka, not a pea shooter.

Can you fucking believe it. The gall these bastards have with all that is going on.

Bernanke's Bankster Cartel lives on. They are now demanding U.S. Dollars. 

Mon, 10/24/2011 - 23:20 | 1807018 traderjoe
traderjoe's picture

They've killed millions. Starved billions. They will stop at nothing.

Tue, 10/25/2011 - 02:38 | 1807247 AldousHuxley
AldousHuxley's picture

arrogance of having money provided by socialism has made them blind to the mob.

Mon, 10/24/2011 - 23:44 | 1807061 jal
jal's picture

Wake up man....

The US does not have any money ...

It borrows money from China ...

Then lends it to the IMF

jal

Tue, 10/25/2011 - 03:07 | 1807272 AldousHuxley
AldousHuxley's picture

shhh... let the Chinese about to find it out for themselves....noob communists.

 

1st RULE of capitalism: You do not talk about PONZI CLUB.

2nd RULE of capitalism: You DO NOT talk about PONZI CLUB.

3rd RULE of capitalism: Borrow money from communists.

4th RULE of capitalism: Socialize losses.

 

 

Tue, 10/25/2011 - 06:56 | 1807403 daily bread
daily bread's picture

I like this.  Let China fund a new increment in US debt of 2 trillion.  The US passes this along to IMF, so that Europe can have "convincing firepower" to bail out the French banks.  Then the US reneges on its foreign debt, and China is left holding the bag.  Neat!

Tue, 10/25/2011 - 07:57 | 1807507 Mentaliusanything
Mentaliusanything's picture

After the 4th rule FAILS because society is drained of all avaliable coin.

We have the Fifth Rule.

"when you have nothing left to lose - you lose it"

Mon, 10/24/2011 - 23:25 | 1807027 pauhana
pauhana's picture

Agreed!  I nearly split a gut when I read:  "Another is its (the IMF's) financial assistance usually comes with tough conditions and regular reviews."  Similar to those attached to the release of the next tranche to Greece, we suppose?

Tue, 10/25/2011 - 01:08 | 1807140 The Big Ching-aso
The Big Ching-aso's picture

What more do they want?   Give them our right testicle which should mate up nicely with the left one they already have?

Mon, 10/24/2011 - 22:55 | 1806953 DoChenRollingBearing
DoChenRollingBearing's picture

@ J 457

Of course you are right.  But, it will not happen until they have destroyed all of our economies.   It amazes me to no end how they have all run around in circles, waving their hands while accomplishing squat.

Europe!  Whither thou goest, we will go!

Mon, 10/24/2011 - 23:07 | 1806983 knukles
knukles's picture

As a long term ex-pat having had to put up with innumerable, immemorial, bullshit preaching by those fucking Frenchmen I say let them perish in their own juices.... Fucking Poach and Simmer!  (See, I was nice.  I didn't even wish them perish as a Double Whopper Le Grande avec Sauce Especialle.  I'm a civil bloke at heart.) 
But then again, a much more rational approach is to lay the personal biases aside (motherfuckers) and just place the discussion on a more intellectual, spiritual plane.  Bailouts are bad.  All bailouts are bad.  Any more bailouts are bad.  Just as all the past bailouts are bad.  More wrongs do not make a right. so it's time to stop all bailouts.  Just so happens its at Frenchie's door, but that has fuck all to do with it.
Poach away.

Actually, as an American taxpayer, I've fuck all had it with money transfers to bankers.  Anywhere.  This shit has to stop.  I mean my tax dollars are already building fucking electric cars in Finland for fucks sake and enough is enough.  I mean, at least build the shit in East Buttfuck Africa where labor costs are low.  Finland!  Fuck all!

Mon, 10/24/2011 - 23:21 | 1807012 knukles
knukles's picture

These cocksuckers have lived off of America since the 40's and it's time they fucking bailed us out.  This via the IMF double secret probation shit has got to stop.
And don't fucking forget y'all, it was about a year ago the the US (we the people Aaaaarggrggrgrgh) agreed to up our contribution/share of/to the IMF and committed additional lines of capital through the Treasury/Fed whoeverthefuck.
E-Fucking-Nuff

It may sound xenophobic (and it is, hah!) but paying Jamie Dimon is one fucking bad enough thing, paying some arrogant Frog is another and way the fuck out of line.

Mon, 10/24/2011 - 23:35 | 1807047 wisefool
wisefool's picture

Have faith my freind. Ron Paul is the Eisenhower for this particular cluster. If Americans cant see it ... then they deserve $3 Trillion pillow fights bewteen child dictators in countries that Europe has not invented yet.

Mon, 10/24/2011 - 23:46 | 1807062 knukles
knukles's picture

Ah, I too am a Paul supporter.  If we wind up with any of the other front runners, we are doomed.  Every single one of them is more of the same.

Tue, 10/25/2011 - 00:12 | 1807101 wisefool
wisefool's picture

As far as I can tell, the only cartgraphers -- for profit -- are Euroe based, along with our russian freinds.

Everytime a map changes, the printing presses heave like a football cheerleaders boosom.

My Solution is simple. Put a guy like Ron Paul in charge of the USA and you might see alot more innovation and a lot fewer brown people killed.

Tue, 10/25/2011 - 00:22 | 1807110 i-dog
i-dog's picture

"Ron Paul is the Eisenhower"

Careful what you wish for! The more I look into it, the more evidence I find that Eisenhower was right on the inside with the globalists.

Tue, 10/25/2011 - 03:21 | 1807285 ConfederateH
ConfederateH's picture

These cocksuckers have lived off of America since the 40's and it's time they fucking bailed us out.

de Gaulle had it right, America has been living high on the hog with it's exhoritant privilege since the '40s, that is why Nixon had to come off of the gold standard.  This is why America has to bail out europe, because they have the printing press for the worlds base money.  This is why the rest of the world is so pissed off at america and why they want sdr's:  so that they can also benefit from the money printing instead of just the US and US banks.  So the solution for the US is to spread it around so that the rest of the world doesn't unite and take the exhorbitant privilege away.  By printing and bailing out european banks, Geinter buys their subservience for a few more years so that the fed can maintain control of the worlds money tree.

Tue, 10/25/2011 - 06:49 | 1807396 barroter
barroter's picture

I had similar thoughts. Since when is being in debt to someone else, "freedom?"

Tue, 10/25/2011 - 06:58 | 1807409 Raging Debate
Raging Debate's picture

This is incorrect. China becoming the world reserve currency was the plan and it will be launched in late 2013, maybe 2014. There were accidental miscalculations and purposeful ones made for greed and power sake from both American and Chinese leadership positions. Trade should have been rebalanced in 2004/2005 to set a less shocking currency revaluation schedule. Anyways, interbank lending shows the patterns of the Chinese reserve linking back to SDR's but this isn't conspiracy spy shit anyways. I read all positions and media from all groups and have for several years. The only 'secret' was the intent of Chinese reserve was that it was a feature and not a bug.

Frankly, I would be fine with all of it if:

1) All countries currencies floated freely, no pegs.

2) The East had similar general legal framework based on a value-system even if it was Buddism. The values of State are not acceptable because man strives to perform on solid concepts. Sure we fail, but by purposely mandraking East the West guaranteed global lawlessness.

Now after the Chinese/SDR peg fizzles and pops I believe major conflict will occur in 2015 in Korea, spread into the Sea of Japan. The East will confiscate all investments and the West will respond. That indeed will be currency war,trade war and physical war.

Tue, 10/25/2011 - 08:10 | 1807530 Mentaliusanything
Mentaliusanything's picture

Fuck knukles - you sound a tad pissed off.

Its about the US see - once you print they think you just can print them a bailout. Bad Benny showed them Trillions just don't matter.

Its the DEBT - Stupid (or Beatches) Its the DEBT like a millstone tied to all of our necks. one goes down we all drown.

seligere (French verb - chose/ cull/ separate

Mon, 10/24/2011 - 23:04 | 1806975 fonestar
fonestar's picture

Let it all fail and let each man be paid in full!  I have never bought into the theory of collective guilt before but this kulture is more than just financially bankrupt.  I have sought council with the dead and they advise me so.  I am just glad I am not located near a major urban center during this deleveraging.

 

 

Tue, 10/25/2011 - 01:18 | 1807159 The Big Ching-aso
The Big Ching-aso's picture

Somewhat tangent and poignant that this crossed my mind.       A past ZH article by none other than RC Whalen, as quoted.....

"The operational and financial reality of insolvency can only be put off for so long.  Or to refer to the immortal words of Joaquin “el chapo” Guzman, spoken after the mistaken 1993 killing of Cardinal Posadas at the Guadalajara airport:"

"Esto se va a poner de la chingada."

http://www.zerohedge.com/article/sanders-polynomial-or-why-%E2%80%9Cesto-se-va-poner-de-la-chingada%E2%80%9D

 

 

Tue, 10/25/2011 - 10:49 | 1808195 Let them all fail
Let them all fail's picture

let them all fail?  Psh...terrible idea...

Mon, 10/24/2011 - 22:47 | 1806918 Divided States ...
Divided States of America's picture

Why these fuckin phony bureaucrats keep using the economy as their trump card in keeping their powers intact. I dont fuckin care about the economy anymore, nor the global economy or whether we go into a recession, depression or back to the Medieval ages. I just want sanity and justice to prevail in this world, its been too long that this shit has gone on.

Mon, 10/24/2011 - 23:09 | 1806995 I am a Man I am...
I am a Man I am Forty's picture

"I just want sanity and justice to prevail in this world" - This would be so nice, sanity and justice, people doing the right thing, thinking logically, using reason, punishing the bad guys, the thieves and con artists that are our leaders and bankers.  You gotta have a lot of crooked, dumb people fucking up left and right for it to get this bad.  Our federal government has become a den of lying thieves.  The big financial players are going to drag the entire world down with them.  Pathetic.

Mon, 10/24/2011 - 23:29 | 1807033 traderjoe
traderjoe's picture

More people benefit from the ponzi than not - at least in the short-term. Tue gov has done an exceptional job at attaching people to their benefit's. Just threaten people not to get their ss.

Lots of sheep will defend the wolves.

Tue, 10/25/2011 - 00:10 | 1807096 FeralSerf
FeralSerf's picture

Those wolves will promise to not eat those sheep.

Not all wolves keep their promises.

Sheep are not very smart.

Mon, 10/24/2011 - 23:31 | 1807040 Caviar Emptor
Caviar Emptor's picture

@ Divided Sates : I just want sanity and justice to prevail in this world

You mean let the bullshitters lose and the righteous people win? Nahh, surely you must be joking....

Tue, 10/25/2011 - 06:07 | 1807365 Zero Govt
Zero Govt's picture

i'd settle for just letting the bankrupt cunts (bankers and politicians) go to the wall.. truth and bullshit are effects of the cause (core problems) which is too much spending, too much debt, too much leveraged high risk (gambling) and too much Govt (the institution/instrument of wealth destruction)

easiest way for each of us to effect this change is simple: Stop Paying Your Taxes (feeding Govt)

Tue, 10/25/2011 - 06:56 | 1807402 Ace Ventura
Ace Ventura's picture

Awesome. Now tell us how that's possible in 2011 USSA. Last I checked there wasn't an 'opt out of taxes' check box on my pay stub.

May want to read up on Ed & Elaine Brown, and Sherry Jackson.

Mon, 10/24/2011 - 22:45 | 1806920 Stack Trace
Stack Trace's picture

We can only hope it will be thrilling. Time for a reset. Bankers to boxes..as in their new address along-side millions of others.

Mon, 10/24/2011 - 22:46 | 1806922 wisefool
wisefool's picture

Ohh we will bail them out. But we need a new rubrick. Or we will enforce 999 on them.

I mean seriously, other than CERN, what has a euroe done for you lately?

Mon, 10/24/2011 - 23:09 | 1806992 knukles
knukles's picture

Nothing.  Fuck all Nothing.  That's for CERNtain.

Mon, 10/24/2011 - 23:20 | 1807017 wisefool
wisefool's picture

CERN is actually pretty cool. They might put off a minor black hole that does not hurt people, but gets rid of all this debt.

Life of Brian was acted out by Brits.

Mon, 10/24/2011 - 23:42 | 1807057 knukles
knukles's picture

A chap finally got approval for a project that bombarded a controlled atmosphere with cosmic rays under a series of conditions (at CERN) which has close to proven that the majority of climate change is caused by the sun.  The senior folks at CERN have tried to suppress the information in spite of it making PhysOrg and a I believe Wired.  So there is a redeeming value there.... but no salvation and redemption.
I like the Brits having lived there when there were Brits there
I like laws being enforced equitably and fairly amongst all.
I have no political affiliations
I do not like bailouts.  Or Frenchmen.

Tue, 10/25/2011 - 00:15 | 1807104 FeralSerf
FeralSerf's picture

Some of the food can be quite agreeable.

Tue, 10/25/2011 - 07:29 | 1807466 Raging Debate
Raging Debate's picture

Like particle colliders or the 1930's it will be weaponized. 20%
reported raptured by aliens for the reason they dissappeared. At least the evil funhouse at the park is at least interesting...

Of course Christians will actual believe it, that the rapture
occurred. I shouldn't write the script for the deceived ones but I doubt this is a new thought to them anyways.

Mon, 10/24/2011 - 22:46 | 1806923 corndog
corndog's picture

The waiting is making me nuts.

Mon, 10/24/2011 - 22:46 | 1806924 PAPA ROACH
PAPA ROACH's picture

Jesus H, when will the obvious be written? The Rothschilds stand to lose it all, including the kitchen sink. The bailout after bailout isn't about saving any bank or istitution or country for that matter, it is about bailing the slavemasters out via taxpayers. So call it double taxation, you pay them on your debt, and now you will ALSO pay them with your future generations tax burdens, and they get to keep the castles and their secret society lifestyles. All is well in the kingdom.

Mon, 10/24/2011 - 23:04 | 1806976 JPM Hater001
JPM Hater001's picture

One vid I saw some months back showed a giant, personally held, vault full of gold held by the Rothchild family.  They arent stupid.  They know what is happening.

This may be their move to take total control themselves.

Mon, 10/24/2011 - 23:27 | 1807030 PAPA ROACH
PAPA ROACH's picture

A vault full of gold to that family is like going into your kids room for the piggy bank. They are the ultimate lenders to the world.

 

Call me crazy, but all the ills of the world are non-tangible, as in they are purely numbers entered on spreadsheets. If the whole financial ledger was burned to ashes, the houses would still stand, the wheat will still be growing in the field, the oilwell will still be flowing and the sun will still shine. Our ability to continue commerce would surprise at how rapidly a new trade system would emerge. The fear of a financial collapse of this system is nothing short of fucking hilarious to me, as if it would be the end of the world. What it would be is the end of indentured servitude, the many serving the select few and true capitalism could establish, true supply meeting true demand and a system of exchange (currency).

 

A collapse at this point is the best thing that could happen to mankind, except maybe to top .000001%, (sorry, your spoiled children were not properly taught to be leaders of their dynasty and strike a balance to keep all slaves happy so the game could continue, they got a touch greedy and narcissistic).

Mon, 10/24/2011 - 23:32 | 1807042 knukles
knukles's picture

Primo.
A touch greedy?
"Doing God's Work."  In their own words.
Somewhere I remember a story of money changers being thrown from the temple.
It was written for a good reason.
My veneer of civility is wearing mighty thin tonight.

Mon, 10/24/2011 - 23:49 | 1807067 LeonardoFibonacci
LeonardoFibonacci's picture

a POUND OF FLESH from all the banksters i do demand.  I will take it from the left chest area above the heart & for a green card, i'll carve them up real nice!  Say hello to my little friend the jagged edge samurai blade of restitution

Tue, 10/25/2011 - 07:35 | 1807475 Raging Debate
Raging Debate's picture

Live by the sword in this cycle then die by the sword this cycle. Are you young and naive? Or causing trouble? Those with actual battle plans don't openly yap about it. I myself have none but if I did, I certainly would be keeping my yap closed.

Tue, 10/25/2011 - 08:22 | 1807563 Mentaliusanything
Mentaliusanything's picture

Yes - the death of a thousand cuts + salt for the wound.

Want a green card spend $500,000 on a property in The US and its yours.

on second thoughts spend it on an appreciating object and bribe your way in

Mon, 10/24/2011 - 23:48 | 1807064 Transformer
Transformer's picture

Narcissistic?  Hell, the families excell at breeding a few genius psychopaths each generation.  All these families, Rothschilds included, are huge now.  The psychos rise to the top each generation and run things.

Mon, 10/24/2011 - 22:47 | 1806927 StockInsanity
StockInsanity's picture

Great, lets bail out the world. Bailouts for everyone !

Mon, 10/24/2011 - 23:37 | 1807050 JW n FL
JW n FL's picture

 

 

no one has been bailed out except Wall Street..

Wall Street has been given 4 or 5 times more money that we give the Military (in the U.S.) to fight ALL the Wars / Fronts / Operations Globaly!

WAKE THE FUCK UP YOU FUCKING MORON!

TARP $800 Billion

Un-emplyment $1 Billion Per month per 10% that is collecting.

20% equals $2 Billion.. 400 Months of coverage for the un-employed with use of just the FIRST bailout!

fucking read a book, listen more and talk less!

Mon, 10/24/2011 - 22:47 | 1806928 JW n FL
JW n FL's picture

 

 

The End is near!

LOL!!

Corruption is like water or money.. it always finds a way in!

No worries these same scumbags will be fucking "We the People" over with a new, newer scam as soon as this one stops burning!

You Cant Fix Stupid!

Mon, 10/24/2011 - 22:58 | 1806956 DoChenRollingBearing
DoChenRollingBearing's picture

+ 1

I completely agree with you JR.

Mon, 10/24/2011 - 22:51 | 1806930 philipat
philipat's picture

Agreed let the chips fall as they may. If the European Banks have made bad investment decisions they should fail, taking thier shareholders, bond holders, boards and managements with them. In any event, excuse me if I am wrong, but this is NOT within the IMF remit? Why should the developing world and the US pay for European profligacy and stupidity. The Germans won't do it so why should others!!

Tue, 10/25/2011 - 00:23 | 1807111 FeralSerf
FeralSerf's picture

It's the way our owners collect their rents.  They learned in 1789 that's it's safer to have someone else to blame when TSHTF.  The Germans will pay too.  They always do.  They're just noisier than some of the others.

Mon, 10/24/2011 - 22:50 | 1806934 SpasticGramps
SpasticGramps's picture

Burn baby burn.

Mon, 10/24/2011 - 22:52 | 1806940 winter is coming
winter is coming's picture

I give up....Im going bullish and buying Dec Calls

Mon, 10/24/2011 - 23:01 | 1806967 J 457
J 457's picture

For political reasons it will be easier to push QE3 on the fringe of another global meltdown.  Might want to wait a few more weeks to buy those Dec calls.  After all, how could they justify more taxpayer money for bailouts in a strong market.  Some say S&P first must go down to 940 range.  I think maybe test 1,070 again, but doubt we'll break above 1,260 unless there is significant resolution to EU debt. 

Mon, 10/24/2011 - 23:11 | 1806997 winter is coming
winter is coming's picture

They dont need to justify anything... They are TPTB...

Mon, 10/24/2011 - 22:52 | 1806942 zorba THE GREEK
zorba THE GREEK's picture

After this debt crises is over, every bank and many industries will be nationalized.

It's what happens meanwhile that keeps me up at night.

Mon, 10/24/2011 - 22:53 | 1806943 Cheesy Bastard
Cheesy Bastard's picture

Jan Brady summed it up best. "Marshall, Marshall, Marshall!"

Tue, 10/25/2011 - 07:01 | 1807416 Ace Ventura
Ace Ventura's picture

You mean Martial, Martial, Martial, dontcha?

Mon, 10/24/2011 - 22:53 | 1806944 meatball
meatball's picture

You scratch my back, I scratch yours. Too big to fail. Print, print, print, let's keep the big salaries and bonuses rolling.

 

Arrrrrgh.

Mon, 10/24/2011 - 22:58 | 1806945 tom a taxpayer
tom a taxpayer's picture

 

http://www.zerohedge.com/news/european-finance-ministers-driven-despair-...

"Francois Baroin, the young and inexperienced French finance minister, attempted to hit back, complaining that the IMF's default medicine would hit France the hardest; the country's banks are highly exposed and could threaten its "untouchable" AAA rating. Mrs Lagarde...really slapped him down - and in perfect English too, a language he cannot speak," said a diplomat."

 

Translation of modern finance terms into the many languages of the EU has impeded common understanding of the EU debt crisis over the past months. This weekend's EcoFin meeting collapsed because the EU translation service could not translate into 17 different languages Lagarde's  diagnosis of the EU debt crisis as a "clusterf*ck".

In an emergency response to this failure to translate, the International Signage Directorate in Brussels was summoned to prepare visual aids to translate "clusterf*ck" for EU finance ministers before Wednesday's summit meeting.

 

Mon, 10/24/2011 - 23:12 | 1807002 knukles
knukles's picture

So'd they show them a mirror or one of the group pictures they all take?

Tue, 10/25/2011 - 03:08 | 1807274 StychoKiller
StychoKiller's picture

Sounds like an excuse to watch pr0n on the taxpayer's dime/drachma/euro again!

Tue, 10/25/2011 - 08:40 | 1807616 Raging Debate
Raging Debate's picture

Wow. This really highlights the cause and effect process of continued malinvestment in financialization! Back in 2003 I worked as a specialist technologist to gather survey sample for APAC. I already had traded with these countries for general consumer data so I had the inventory to send out a survey to gather the rest of the sample and help complete the feasability study where their boots on the ground had
come up short.

I was initially hired for consumer sentiment study after the feasibility study was completed. I was called in the middle of the night from some bloke in Shanghai running the BAZ show. I was given five business days to translate the surveys to Mandarin which unicode did not support at the time with existing technologies. My first thought was that it was impossible in that time frame but I found a way. They were attempting to haggle o. price and I told this bloke I was going to hang up on him and call the CEO of the client which I knew and explain why his feasibility study wasn't going to be complete on time. To make a lomg story short I
got paid what I demanded.

This story also highlights the problems of a
barbell shaped economy. The people and resources to assist the ECB are right in front of their nose but I must wait until one of their retired central banker colleagues can coordinate a few other things (which one is personal so I do understand) to get me doing for them exactly what I did for BAZ. Gen X tech management can deliver all the information the leadership needs for fiscal or political policy, country specific and including rigorous debate/problem solving engine in three months.

It is not all arrogance and evil that prevents doing this. Purposeful centralization model in a 3d world crowds out capital which includes intellectual capital. The delays in applying appropriate remedy means the clocks will strike 12:01 again and cause mass casualties.

Each day you leaders shun outside input from the second and third sections of the pyramid adds literal casualties to the death toll. Some of you don't realize that hundreds of millions of people now fully see the wizard behind the curtain and your business model must now evolve. And many of those hundreds of millions understand just because we can't wizard anymore we still need the ruby shoes to get back to Kansas. Your fear of evolving is going to kill so many of us, that we will have to be dramatic afterward in setting an example. Choose wisely and evolve. Take a bow by the way for increasing living standards around the world for the last hundred years despite the nastiness of the 3d model. 4d here we come whether we like it or not!

Mon, 10/24/2011 - 22:54 | 1806950 Cult_of_Reason
Cult_of_Reason's picture

This EU circus is surreal.

Merkel wants to force the banks to take a 60% "haircut" (equivalent to 75-80% loses) and pretend that Greece did not default (as to not activate CDS).

Mon, 10/24/2011 - 22:59 | 1806959 Amish Hacker
Amish Hacker's picture

“A fire broke out backstage in a theatre. The clown came out to warn the public; they thought it was a joke and applauded. He repeated the warning; the acclaim was even greater. I think that's just how the world will come to an end: to general applause from wits who believe it's a joke.” 

 

? Søren Kierkegaard, Either/Or, Part I


Mon, 10/24/2011 - 23:51 | 1807069 mccoyspace
mccoyspace's picture

+1 for Kierkegaard !

I'll give a +2 for any Schopenhauer.....

Tue, 10/25/2011 - 00:54 | 1807146 jdelano
jdelano's picture

And I used to think diary of a seducer was the darkest of them...

Tue, 10/25/2011 - 01:15 | 1807175 chump666
chump666's picture

follow his words and you'll get the girl

Mon, 10/24/2011 - 23:00 | 1806962 Kina
Kina's picture

Eumerican choppers at the ready. Soon it will be raining dollars.

Mon, 10/24/2011 - 23:24 | 1807026 Mike2756
Mon, 10/24/2011 - 23:00 | 1806963 oogs66
oogs66's picture

i hated the obama jobs program, but i hate this worse

Mon, 10/24/2011 - 23:10 | 1806991 Cheesy Bastard
Cheesy Bastard's picture

As my old friend Gene Rayburn used to say; "The American taxpayers will be giving all Europeans (BLANK) jobs."

Mon, 10/24/2011 - 23:01 | 1806968 Blorf
Blorf's picture

Europe needs a bailout?  No problem, we'll just move some of their gold at the FRBNY into different vaults.

Mon, 10/24/2011 - 23:05 | 1806981 wisefool
wisefool's picture

SNARC: And the native american girlls sing:

OWS, OWS de do tee do do tee do tee do OWS

Mon, 10/24/2011 - 23:02 | 1806969 LongSoupLine
LongSoupLine's picture

I feel like I'm in a really, really bad remake of the movie Groundhog Day.

Mon, 10/24/2011 - 23:18 | 1807004 Cult_of_Reason
Cult_of_Reason's picture

The Twilight Zone (The Euro Zone -- a mixture of fantasy, science fiction, suspense, and horror, often concluding with an unexpected twist)

Mon, 10/24/2011 - 23:03 | 1806971 Epicurus
Epicurus's picture

Larry Fink talks about being approached by European banks trying to liquidate assets.

fast fwd to 3:50mins: Mentions one bank trying to liquidate $60 billion...and many others...not even great assets...

http://video.ft.com/v/1231242136001/BlackRock-queries-eurozone-solutions

Mon, 10/24/2011 - 23:19 | 1807014 I am a Man I am...
I am a Man I am Forty's picture

"not even great assets unless you have leverage"  - There you have it, this is how all of these big financial guys think and exactly why were are in the predicament we are in today.  He said it in 8 words.

Tue, 10/25/2011 - 08:38 | 1807450 falak pema
falak pema's picture

Larry Fink says three interesting things :

1° US housing market unoccupied back log dropped down from 8 million to 3 million. Is this true??? I've heard news to the contrary. His point is that the US economy is healing fast, ready for a new surge.

2° The current hypothetical construct of EFSF to 1.3 T provides an inbuilt 20% CDS default provision for new Italian bond issues but does not resolve the current backlog of existing dicy debt. If the construct were better he says there is a lot of private capital in US markets (trillions)  ready to buy both Euro bank equities as well structured sovereign debt. He prefers a full blown EFSF leverage rather than current 20% fail safe insurance guaranty. So on this issue he says EURO bail out is no big deal from his perspective if the Euro countries pull their pants down there will be inflow of private US capital. (Hahaha...thats a good one). Lack of capital doesn't seem an issue. He also hints at ECB slackening current Equity (?) rules down from 9%.

3° The bank capitalisation is a worry as illiquidity could kill US recovery. But he doesn't feel its unsurmountable. Here again the US capital market is ready to deploy money. 

All this begs the question : Our general impression here on ZH is that THERE IS NO MONEY, JUST MONETIZED DEBT IN THE MARKET. So his spiel does not make too much sense. Is he really saying the Oligarchs will put their real stashed wealth in the Euro revamp, or is it via socialized debt of future taxpayer earnings? If its FED money its NOT real accumulated wealth. 

On the whole I found he was very status quo pro overall on general world economy. Not gloom and doomist.

Mon, 10/24/2011 - 23:04 | 1806974 oogs66
oogs66's picture

when does occupy wall street become burn wall street?

Mon, 10/24/2011 - 23:05 | 1806979 Kina
Kina's picture

With shit like this going on apparently money is in endless supplly, why isn't gold already $10k / oz

Mon, 10/24/2011 - 23:28 | 1807031 knukles
knukles's picture

Like Paul Volcker famously said after the Plaza Accord to devalue the US dollar... we (the Fed/Treasury) should have (in retrospect) intervened in the gold market so that a sense of order be preserved.  Or words to that effect.
Thar be elephants beyond here stompin' about!

Tue, 10/25/2011 - 09:19 | 1807740 Raging Debate
Raging Debate's picture

Food for thought maybe. What did people a mere 160 years ago power the world on for growth? Was it slaves and gold? Now, what do we power our world on now? Petrochemicals, gold and ba-da-bing, slaves. Notice the reordering? I can envision $200 barrel of oil but I can't envision even $5,000 gold under any fundamental or currency volatility analysis.

Mon, 10/24/2011 - 23:05 | 1806980 chump666
chump666's picture

Pure insanity, I'll bet Italy threatens to leave the EU. And it will look for IMF loans.

Lets face it Italy is run by a gangster. 

Mon, 10/24/2011 - 23:08 | 1806990 LaLiLuLeLo
LaLiLuLeLo's picture

yesir...but hes only capitalizing on stupidity

the brainwashing going on in Italy is quite sad

Watch VIDEOCRACY

 

Tue, 10/25/2011 - 01:02 | 1807162 chump666
chump666's picture

Another bet.  France will scutlle the EFSF, even though they have been pushing for it.  Germany won't backstop France AAA rating.  Europe is going to descend into chaos (markets).  See this being pushed to Thursday/Friday.

Stocks will be hit like a freight train.

Tue, 10/25/2011 - 00:29 | 1807116 FeralSerf
FeralSerf's picture

What's the difference between the gangster that Italy has and the ones that America has?

Tue, 10/25/2011 - 03:12 | 1807279 StychoKiller
StychoKiller's picture

A strange accent?

Tue, 10/25/2011 - 06:59 | 1807412 barroter
barroter's picture

Paraphrasing a line from Puzzo's The GodFather.  "A laywer with a briefcase can steal more money than a hundred men with guns."

Tue, 10/25/2011 - 09:15 | 1807720 falak pema
falak pema's picture

Only the first has the filial, ethnic right to say :

Veni, Vidi, Bungavinci!

Mon, 10/24/2011 - 23:07 | 1806984 LaLiLuLeLo
LaLiLuLeLo's picture

British house of commons 10/24: Start at 17:00

http://www.parliamentlive.tv/Main/Player.aspx?meetingId=9156

Mon, 10/24/2011 - 23:09 | 1806993 Reese Bobby
Reese Bobby's picture

Limoncello

Mon, 10/24/2011 - 23:10 | 1806996 maxw3st
maxw3st's picture

So after all the Chauvinist condescension we in the US have put up with from Europe (France and Germany) we, the taxpayers, are supposed to bend over and bail out their elitist a$$e$? Cute, but not very funny.

Mon, 10/24/2011 - 23:15 | 1807009 knukles
knukles's picture

My fucking point exactly.

Tue, 10/25/2011 - 00:56 | 1807152 o2sd
o2sd's picture

No, that is not what is occuring here. The USG has been maneuvering their stooges into the IMF in preparation for this eventuality. 

If the IMF is appointed as Europe's administrator, then Germany has surrendered, and USUK has won. It's likely that Germany will withdraw from the EUR in this eventuality, and will most likely plunge into a deep recession as their exports collapse. (France also, but who gives a shit).

This plan is a bailout of US/UK investment banks at the expense of Europe. More free money for America from the barrel of a gun.

Tue, 10/25/2011 - 01:52 | 1807209 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Close.  The IMF is a globalist cabal.  They hold no allegience to any State; American, British, German, none of them.

Tue, 10/25/2011 - 06:36 | 1807379 jcaz
jcaz's picture

So naive....

Tue, 10/25/2011 - 07:09 | 1807424 Ace Ventura
Ace Ventura's picture

Actually he's 100% correct. There is only one team here. The globalist bankster mafia. Nothing would please them more than to whip up some more transoceanic hostility between its puppet gubments. Remember, the fed is not made up of american banks only. The IMF is their european executive arm, nothing more. They're all made-men within the 'Banco Cosa Nostra'....so to speak.

Tue, 10/25/2011 - 08:56 | 1807661 Raging Debate
Raging Debate's picture

The best game for Europe this last twenty years would have been federalization with the political union being strengthened and introducing the Euro a little later down the line. Open Source debate in other words to get out all the xenophobia. If I simplify it, Europe should have taken the global lead in evolving.

Now the master is now a servant and it still lacks political unionmto ward of colonization. There are some solutions to this problem but they require humility. Why I fear for the worst.

Mon, 10/24/2011 - 23:19 | 1807015 Bollixed
Bollixed's picture

I don't get it. Why don't they just put the whole ball of wax on Michelle Obama's store credit card and let Target eat it when she files bk.

She'll make a killing on the movie rights and her and Barry can go sailing off into the sunset on Buffet's boat.

And the rest of us can get back to our normal lives without all this staged drama.

 

 

Mon, 10/24/2011 - 23:20 | 1807016 unionbroker
unionbroker's picture

calm down guy watch the chips fall for a while there is plenty of monry to be made when things become clear

Mon, 10/24/2011 - 23:22 | 1807019 unionbroker
unionbroker's picture

there will always be a market be it 15000 or 5000 and so there will always be a trade

Mon, 10/24/2011 - 23:22 | 1807020 monopoly
monopoly's picture

It will all come together for us. You have to be patient. Look at the size and scope of this planet. Takes time to set all the fuses.

Mon, 10/24/2011 - 23:26 | 1807028 Caviar Emptor
Caviar Emptor's picture

Once again we face an existential moment. And here is a key question laid bare by the ongoing situation: -Has money become a mere concept rather than the physical substance we believed it was before? 

It's not very far fetched. Over time money has moved from physical metal, to paper representing metal, to paper representing an abstraction, to non-physical digits symbolizing paper without physical backing. 

In the present crisis it's fair to ask: If you value the status quo so much why not just "print"? We're only a mouse-click away from solving the entire Euro bank and sovereign debt situation and the US one as well. So why not do it? 

I believe that the answer to that question runs deeper than just 'fear of inflation'. It's fear of devaluing the whole concept of money and the whole edifice know to us as "meritocracy". Because money loses it's mystique when it can just grow on trees. And because if the failed banks, failed governments and failed private enterprises can be awarded more money in a minute than anyone before had ever dared to dream of in a millenium, well then that challenges the whole concept of meritocracy, which is basis for "competition" and free markets rewarding the fittest. In fact, it's the reverse: rewarding the boobs for work poorly done and the weasels for cheating. 

So there you have your source of deepest angst, the high-noon moment of existential doubt that's keeping the control-p crowd from just printing up a mountain. It would destroy all the values we thought we held dear

Tue, 10/25/2011 - 07:54 | 1807498 e-recep
e-recep's picture

My belief in the "system" has died long ago, my friend. And no, I was neither a socialist nor a communist.

Tue, 10/25/2011 - 09:10 | 1807685 Raging Debate
Raging Debate's picture

Bright analysis CD. Allow me to simplify. You can't pour old wine into new wineskins. This time was different because it took several hundred years at least to reach this tipping point.

The financial system is going for another pyramid. It won't succeed this time, go for 4d model and pick some brains some more to go for larger supply chain participation using diffuse management box structure and carrot. 40 years of global stick destroyed confidence. The model must now evolve.

My only quibble in your thinking is that digits or currency usage have not been as badly damaged on the confidence side as you may believe. Plus energy is being used as a tradeable currency for all practical purposes as well. The shattered confidence is in leadership and they can't succeed in a 4d world with an 3d operational model any longer.

Mon, 10/24/2011 - 23:29 | 1807035 unionbroker
unionbroker's picture

MONEY = SOMETHING and when we still dont know what that means the it means ???????

Tue, 10/25/2011 - 13:53 | 1809130 Raging Debate
Raging Debate's picture

Union. Markers or measurement of the means of transaction are very important and should be highly visible at all times. Then you know how to trade the TRUE intrinsic value of a currency whether its a flock of birds powering growth or wampum sea shells. Does this make sense?

The world focusing on money as a store of value instead of production creating that money is backwards indeed. Go see the temple priests and tell them your not happy they have soiled their stewardship...

Mon, 10/24/2011 - 23:29 | 1807036 Belarus
Belarus's picture

And with that, something tells us the balance of the week will be quite thrilling...

Poetry....well said. I just can't believe markets are going to keep hazily moving along as though there's not a major problem that is intractable. One thing is for certain, you can't blame the OWS kids in Humboldt county not wanting to spend every waking second of their lives, their childerns lives, and so on paying for a trillion in student debt along with 200 trillion in global debt. 

And ye all wonder why we route for the implosion now. After all, it's the only fair thing. But then again, what's fair got to do with anything. A revolution is coming.  

Mon, 10/24/2011 - 23:31 | 1807038 unionbroker
unionbroker's picture

why are we still working  when the end is so uncertain when.....

Mon, 10/24/2011 - 23:32 | 1807043 PulauHantu29
PulauHantu29's picture

$1.3 Trillion to the ECB (officially...unofficially much more in various vehicles) and $1 Trillion for our own USA Banks is what I'm guessing.

This is election year and The Bernank is there to please.

Mon, 10/24/2011 - 23:33 | 1807044 unionbroker
unionbroker's picture

i tld a friend today that we a re not the top1% or the bottom x% and it is time for us to stand up fo ourselves...

Mon, 10/24/2011 - 23:33 | 1807045 apberusdisvet
apberusdisvet's picture

But but but:  I can't eat pastrami w/o swiss cheese and a bottle of dago red.  What will I do if we don't save Europe?

Mon, 10/24/2011 - 23:33 | 1807046 NumberNone
NumberNone's picture

Meat, bread, milk and coca-cola from the store, hamburgers come from McDonalds, electricity comes from the wall, phones come from AT&T...IMF is 3 initials standing for "Idunno mother fucker'.  That about sums up the detailed analysis the public will make of the 2 Trillion handed over from the US taxpayer to fund the EU bailout.  

Tue, 10/25/2011 - 07:18 | 1807437 Ace Ventura
Ace Ventura's picture

Sad, but painfully true. Our publik skrewel and corporate 'hire learnage institwoshuns' have churned out some good protoplasmic sausage for the oligarchy's consumption.

Mon, 10/24/2011 - 23:35 | 1807048 Mark123
Mark123's picture

Bankrupt Europe, I would like to introduce to you Bankrupt America. 

Problem solved.

Mon, 10/24/2011 - 23:38 | 1807051 unionbroker
unionbroker's picture

we are the xxx% time to rebel

Mon, 10/24/2011 - 23:41 | 1807055 unionbroker
unionbroker's picture

if you are the middle classd  you are being raped by both the rich and the poor it is is time to stand and say nooooooo

Tue, 10/25/2011 - 00:32 | 1807117 FeralSerf
FeralSerf's picture

They'll hold you down while they do it.  They don't need to ask for permission.

Mon, 10/24/2011 - 23:44 | 1807059 bearsecutor
bearsecutor's picture

can someone explain to me how US taxpayer would be hook procedurally/practically ? Ia ssuem it woudl be through IMF,and we must tithe 17% of IMF fundraises - but does that mean if IMF voets to rasie say $100 billion to bail out Europe/european banks, treasury must send IMF $17 B no questions asked, no approval by congress, no signature by Obama ?

Mon, 10/24/2011 - 23:48 | 1807065 unionbroker
unionbroker's picture

dont you know there is no desire to

 

 

 

 

 

 

 

 

 

dont you know they win you lose that is the way it is is  and the way way it will always be   from the time of Christ till now they win you lose

 

 

 

 

 

 

 

 

 

 

 

 

 

dont you know listen orn vote

Tue, 10/25/2011 - 01:50 | 1807196 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Mushroom cultists, the lot of them.

Mon, 10/24/2011 - 23:50 | 1807068 Mark123
Mark123's picture

Breaking news - the IMF refuses to set up a new fund to help Europe since it sounded too complicated and they were not sure how the bankers could manipulate it effectively. 

However, Ireland has agreed to set up a new lottery to bail out everyone.  The PIIGS Sweepstakes tickets go on sale this Wednesday.  Futures are surging.

Mon, 10/24/2011 - 23:55 | 1807072 Dineroguru
Dineroguru's picture

Little Shit Timmy G must be blushing like when he looked at his first girl or guy? pin up!  He said " the IMF would be prepared to do something only when Europe had done all it should"  What a man's man.  I feel so much better knowing this political hack is holding sway over US Taxpayer money.   Maybe we can demote him back to the head of the NY Fed/Head of New Product Development for the TBTF Banks and bring back his mentor Bobby Rubin...

Mon, 10/24/2011 - 23:55 | 1807075 unionbroker
unionbroker's picture

it will go on as long as it goes on but he only people long at the top will be the ones that at the top and it wont be me i will be waiting 2000 points down to buy from you

Mon, 10/24/2011 - 23:56 | 1807076 Everyman
Everyman's picture

There had better not be a "bailout of the EU" via American Taxpayers.  If there is there will be a total revolt and LOTS of politicians, Timmiah, and Benny as well as the rest of the banker assholes will have painted targets on themselves for roaming vigilantes with high powers and barretts sniping these assholes from 800 yards.

This had better not God Damn well happen.  That WOULD be the last fucking straw.  The "99%" would rise up at that point and start violence, and I can;'t say that it would not be well earned from the assholes that dreamed up this corrupt POS mess.

Tue, 10/25/2011 - 07:25 | 1807454 Ace Ventura
Ace Ventura's picture

Uhhh...hate to be the bearer of bad news, but we're already bailing out the EU via TARP, currency swaps, etc.

The 99% could barely muster the energy to burp in response. We're a looooong way from breaking out the Barretts. By the time boobus amerikanus finally realizes whats happening (and decides he/she gives a shit), it will likely be too late.

I'm with you on the sentiment though, just not seeing it play out in Boobville.

Mon, 10/24/2011 - 23:57 | 1807077 Caviar Emptor
Caviar Emptor's picture

The world isn't lacking money (it's only binary digits inside a server). It's lacking direction. Do we really want to go further out on that limb and support what has failed and those who are undeserving? Do we really want to continue to support a status-quo where the losers are the winners? Do we want debt slavery? A lack of money is not the problem. It's misallocation of resources and hopes. 

Tue, 10/25/2011 - 00:38 | 1807123 FeralSerf
FeralSerf's picture

Do we really want to stay up late looking for receipts on Apr. 15?

You're waxing rhetorical.

Mon, 10/24/2011 - 23:58 | 1807079 Xibalba
Xibalba's picture

Who was it that wanted to redeem US debt for gold in 1971?  Oh right....

Tue, 10/25/2011 - 00:04 | 1807086 Mark123
Mark123's picture

This from the Telegraph....you can't make this stuff up!

 

The focus of the eurozone crisis has now shifted to Italy amid growing concerns about its €1.9 trillion debt pile. Silvio Berlusconi called an emergency cabinet meeting on Monday night following demands from European leaders that Italy agrees legislation for a fresh austerity package before the summit on Tuesday.

The Italian prime minister had to skip a scheduled court appearance in Milan where he is on trial for corruption to prepare for the meeting. He insisted that "no one has anything to fear" from Italy's debt. In a thinly disguised warned to France and Germany, he added: "No one is in a position to teach lessons to their partners."

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