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IMF Releases Steering Commttee Communique On Greece - Full Text

Tyler Durden's picture


Communique of the Twenty-Fourth Meeting of the IMFC: Collective Action for Global Recovery Chaired by Mr. Tharman Shanmugaratnam, Deputy Prime Minister of Singapore and Minister for Finance

The global economy has entered a dangerous phase, calling for exceptional vigilance, coordination and readiness to take bold action from members and the IMF alike. We are encouraged by the determination of our euro-area colleagues to do what is needed to resolve the euro-area crisis. We welcome that the IMF stands ready to strongly support this effort as part of its global role.

Today we agreed to act decisively to tackle the dangers confronting the global economy. These include sovereign debt risks, financial system fragility, weakening economic growth and high unemployment. Our circumstances vary, but our economies and financial systems are closely interlinked. We will therefore act collectively to restore confidence and financial stability, and rekindle global growth.

The advanced economies are at the core of an effective resolution of current global stresses. The strategy is to restore sustainable public finances while ensuring continued economic recovery. Taking into account different national circumstances, advanced economies will adopt policies to build confidence and support growth, and implement clear, credible and specific measures to achieve fiscal consolidation. Euro-area countries will do whatever is necessary to resolve the euro area sovereign debt crisis and ensure the financial stability of the euro area as a whole and its member states. This includes implementing the euro-area Leaders' decision of July 21 to increase the flexibility of the European Financial Stability Facility, maximizing its impact, and improve euro-area crisis management and governance. Advanced economies will ensure that banks have strong capital positions and access to adequate funding; maintain accommodative monetary policies as long as this is consistent with price stability, bearing in mind international spillovers; revive weak housing markets and repair household balance sheets; and undertake structural reforms to boost jobs and the medium-term growth potential of their economies.

Emerging market and developing economies, which have displayed remarkable stability and growth, are also key to an effective global response. The strategy is to adjust macro-economic policies, where needed, to rebuild policy buffers, contain overheating and enhance our resilience in the face of volatile capital flows. Surplus economies will continue to implement structural reforms to strengthen domestic demand, supported by continued efforts that achieve greater exchange rate flexibility, thereby contributing to global demand and the rebalancing of growth. Fostering inclusive growth and creating jobs are priorities for all of us.

We reaffirm the importance of the financial sector reform agenda and are committed to its full and timely implementation. We will continue our coordinated efforts to strengthen the regulation of systemically important financial institutions, establish mechanisms for orderly domestic and cross-border resolution of troubled financial institutions, and address risks posed by shadow banking.

We call on the Fund to play a key role in contributing to an orderly resolution of the current crisis and prevention of future crises. We welcome the Consolidated Multilateral Surveillance Report as an important tool to focus our discussions on key risks and policy issues. We welcome the directions set out in the Managing Director's Action Plan. In particular, we encourage the Fund to focus on the following priorities and report to the IMFC at our next meeting:

* A more integrated, evenhanded, and effective surveillance framework that better captures risks to economic and financial stability, drawing on the Fund's Triennial Surveillance Review and spillover reports;

* Early assessment of current financing tools and enhancements to the global financial safety net;

* Review of the adequacy of Fund resources;

* Ensuring adequate policy advice and financing to support low-income countries, including to address volatile food and fuel prices; and

* Further work on a comprehensive, flexible, and balanced approach for the management of capital flows, drawing on country experiences.

Governance reform is crucial to the legitimacy and the effectiveness of the IMF. We will intensify our efforts to meet the 2012 Annual Meetings target for the entry into force of the 2010 quota and governance reform. We call on the Fund to complete a comprehensive review of the quota formula by January 2013 and to report on progress at our next meeting. We reaffirm the commitment to complete the Fifteenth General Review of Quotas by January 2014. We look forward to further enhancing the role of the IMFC as a key forum for global economic and financial cooperation.

We thank Mr. Strauss-Kahn and Mr. Lipsky for their outstanding service at the helm of the Fund in difficult times. We warmly welcome Ms. Lagarde, Mr. Lipton, Ms. Shafik, and Mr. Zhu. Our next meeting will be held in Washington, D.C. on April 21, 2012. Attendance can be found at


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Sat, 09/24/2011 - 13:57 | 1705545 oogs66
oogs66's picture

blah blah blah?

Sat, 09/24/2011 - 14:05 | 1705580 spiral_eyes
spiral_eyes's picture

collectivism, bitchez.

Sat, 09/24/2011 - 14:23 | 1705626 falak pema
falak pema's picture

Oligarchism imposes collectivism through surrogate politicians on sheeple, to ensure its uber-alles stature. 

This is not a Bolshevik type collectivism. It is the other type. That of the Oligarchs. In medieval times it was called feudalism and the sheeple were called serfs. We are heading that way. So read about medieval times to refresh your minds about the future.

She has the legs of Margaret Bogenrief as well! ....I'm referring to my lead lady in novel!

Sat, 09/24/2011 - 18:30 | 1706108 Pizza spaghetti...
Pizza spaghetti and mandolino's picture

This is neo-Trotskism, not feudalism, as it is very "liberal" on manners.

Also don't forget that taxation in the Middle Age was way lower than it is anywhere in our days. Typically it was about paying the tithe, i.e. 10 % income tax. As for the serfs in medieval times they had their own plot of land on which the landlord had no say. Obviously the regime of  modernity doesn't like such comparisons and has suppressed the true history.


Sat, 09/24/2011 - 22:46 | 1706577 jeff montanye
jeff montanye's picture

while neo-trotsyist in habillement, feudalistic at the core, imo.  i don't think serfs had their own plot of land on which the landlord had no say.  

although not good, and certainly not as good as we expected, i really liked ike, it really is better than it was a thousand years ago.

Sat, 09/24/2011 - 21:29 | 1706452 madbomber
madbomber's picture

what is the point in refreshing then? :)

Sun, 09/25/2011 - 05:54 | 1706988 falak pema
falak pema's picture

nothing is permanent. The fight goes on. Swings and roundabouts. I'm on the side of those who fight for "bottom up" emancipation; not "top down" imperialism. Checks and balances as Montesquieu said; exposing the "two swords ponzi" as Voltaire showed the world : both of temporal and religious Oligarchies. 

Sat, 09/24/2011 - 14:24 | 1705633 smlbizman
smlbizman's picture

steering committee sponsered by rube goldberg....

Sat, 09/24/2011 - 14:37 | 1705668 I am more equal...
I am more equal than others's picture

That great sucking sound coming from Europe is from the vacuum of leadership.  The void causing this vacuum is growing at an exponential rate.  What gets sucked in will be dangerous when it takes control.  If history repeats, or even rhymes, then it would suggest the next great leader will take these event and deceive most and bring destruction on a scale not known in humankind.  Think Hitler of the 20's.  Think Mao of the 40's.  Think Pol Pot of the 70's.  That is recent history.  Nature abhors a vacuum.  It will be filled.  It won't end well. Have a nice day.

Sat, 09/24/2011 - 17:47 | 1706036 narnia
narnia's picture

Nonsense.  We are witnessing a fracture of confidence in central planning, not a vacuum of leadership or a shift towards fascism.  The central wankers have no clothes, and the more they speak the more people start to acknowledge that fact.

The EU will fracture into the way it was before the EU.  The world will not end.  It will be better in the long run.

Sat, 09/24/2011 - 22:38 | 1706570 DosZap
DosZap's picture

I am more equal...

What gets sucked in will be dangerous when it takes control.  If history repeats, or even rhymes, then it would suggest the next great leader will take these event and deceive most and bring destruction on a scale not known in humankind.  Think Hitler of the 20's.  Think Mao of the 40's.  Think Pol Pot of the 70's.  That is recent history. 



Sat, 09/24/2011 - 14:38 | 1705669 I am more equal...
I am more equal than others's picture


Sat, 09/24/2011 - 15:30 | 1705796 Arius
Arius's picture

Ms. Shafik and Mr. Zhu ????

yeap .... New World Orlder

Sat, 09/24/2011 - 16:47 | 1705931 AbelCatalyst
AbelCatalyst's picture

Collectivism as in a thousand Bison running off a cliff together... Oh, and when they do all those USD swaps go up in smoke... Who's going to bail out the FED again??? Oh right, they can just print their way out.... Riiiiight!!!

Sat, 09/24/2011 - 16:06 | 1705870 english serf
english serf's picture

Its such shit. Only two options, keep printing or default. I'm fucking ignorant  and even i know that

Sat, 09/24/2011 - 16:51 | 1705941 toady
toady's picture

What about keep printing AND default? The third, most likely, option.

Sat, 09/24/2011 - 20:19 | 1706332 Dugald
Dugald's picture

Ah! been gazing at yers navel again Mucker?

Sat, 09/24/2011 - 20:22 | 1706341 Waterfallsparkles
Waterfallsparkles's picture

They are not Bailing Out Greece they are enriching the Bankers.  Nothing like a crisis to plow Money into the Bankers hands at the expense of the People.

Sat, 09/24/2011 - 21:59 | 1706508 TheGoodDoctor
TheGoodDoctor's picture

@english serf Please note that I gave you a positive vote but that it wasn't because you are ignorant! :p

Sat, 09/24/2011 - 16:50 | 1705938 Shvanztanz
Shvanztanz's picture


Sat, 09/24/2011 - 17:01 | 1705958 william shatner
william shatner's picture


Is gold becoming the new currency? The Swiss stock exchange will soon offer clients the possibility of having post-trade profits paid out in gold.

Introducing the new service, post-trade specialists operating on the Swiss stock exchange Six Securities Services (a subsidiary of Six Group, owner of the Swiss stock exchange) said the new payment versus delivery service using gold was the first of its kind in the world and would operate “exactly like” a new currency.

Sat, 09/24/2011 - 17:21 | 1706000 agent default
agent default's picture

Oooops.  Let the bofire of the fiats begin for real.

Sat, 09/24/2011 - 17:39 | 1706031 augie
augie's picture

all of this is blah blah blah. you have beginings of a fucking revolution brewing in lower manhattan AND ZEROHEDGE HAS NO COVERAGE! WTF TYLER!?

Sat, 09/24/2011 - 18:22 | 1706094 toady
toady's picture

Like I said a few days ago about a similar video;

The cops will win every time until some of those cell phones and video cameras everybody is hold turn into hand guns.

Sat, 09/24/2011 - 20:05 | 1706302 BurningFuld
BurningFuld's picture

You think that is bad?

Free speech?   I laugh at you.

Sat, 09/24/2011 - 21:41 | 1706476 zhandax
zhandax's picture

Interesting; YouTube has frozen the 'views' counter at 304 even though the 'likes' counter went up by 10 while I watched it.

Sat, 09/24/2011 - 13:59 | 1705549 Cassandra Syndrome
Cassandra Syndrome's picture

New World Order bitchez

Sat, 09/24/2011 - 14:36 | 1705665 Long-John-Silver
Long-John-Silver's picture

New World Disorder Bitchez.

Sat, 09/24/2011 - 15:26 | 1705681 Sudden Debt
Sudden Debt's picture

I was amazed by the amount of US debt that my country holds. If they sold it all we wouldn't have anymore debt!


Our rates are almost double of those of the US!

What I would like to know is why we don't sell it. Why do we keep the debt of our own?


 On the other hand, if Europe breaks up and the euro becomes worthless, and the dollar survives WE'RE RICH!

 But in the end, everybody will sell the US bonds to cover their own asses, and that's why the US will go down for sure. And nobody wants to be the last one to sell when there are no more buyers so once it starts, it will go down fast.


Sat, 09/24/2011 - 16:40 | 1705924 DoneThis2Long
DoneThis2Long's picture

NWO .... just one more grandiose 'experiment' in a long and illustrious historical string of experimental bombs, by the power hungry egomaniacs to gain ever more control over the dwindling world assets and natural resources, in order of making a few more bucks, control a few more millions, yet forgetting that the more things change, the more they remain the same. NWO which will be as suckcessful as, Communism, Naziism, Socialism, UN, NATO, WTO, IMF, and the rest of equally worthless.

Humanoids are a self destructive, patheic species, bound for extinctions - soon - for we are among the dumbest species around - of course, contrary to our beliefs. How often we've made the same mistakes, yet, expected different results? The harder a handful of egotistical bastards try to impose their greedy views on the rest of us, the more explosive, and dangerous the end will be. When in the fuck will we learn? About the only talent we have is to destroy the natural order ... the environment. Unfortunately, we fuckup millions of years of natural evolutions as we pursue whatever the fuck we are pursuing, since nobody really knows. We are too fucking stupid to comprehend a simple basic concept: the Earth can only sustain only so many people, not several times that magic number.

[Shakes head in disgust].

Sat, 09/24/2011 - 17:39 | 1706023 Think for yourself
Think for yourself's picture

I always see the same defeatist fallacies when someone whips out the malthusian view.

In a bid to make a seemingly cogent argument you acknowledge the elite's influence on globe-shaping entities, yet you assign all the blame to the people. You miss the obvious elephant in the room; that is, that for centuries the elites have fought against the sheeple's enlightenment as a devil in holy water, through deliberate suppressing of living standards (so they don't have time to figure it out while busy surviving), through mass control like religion, state education, top-down consumer media, mass drug administration and god knows what else.

The elite's greed for power has led them to shape power mechanisms as tools to maintain scarcity - the financial system, through the origin of money, being a prime example - and to fight off abundance by all means necessary, abundance being the enemy of profit. It seems obvious, by straightforward game theory analysis, that this was done to ensure that the sheeple would evolve within an environment where competition, not cooperation, is the most individually viable strategy, countering general welfare interests - yet it is somehow human nature or the peoples' fault for being a "self-destructive, pathetic species"...

Why this blame on human nature? Don't you grok that human beings are, fundamentally, self-optimizing complexity machines responding to their environment? Scramble willfully the inputs, both informational and environmental, and of course the machines will come up with fucked up optimization algorithms.

Are you just trying to make a verisimilar statement that would covertly skip this inconvenient fact? That would make you a shill. Otherwise, can you not face the fact that there is no such thing as "human nature" and that, as potentially self-directed, conscious beings, each and every one of us are responsible for what we make of ourselves? In that case that would make you a coward. Choose your poison.

One last point, less vital than the previous yet ultimately as fatal to your argument. The earth's carrying capacity is directly related to the individual level of consumption and overall efficiency of production. That is, just like 3 billion people couldn't have survived for a year in the 15th century without half of them starving to death - same for 9 billion in the early 20th - current technologies could probably very confortably accomodate 12 to 15 billion people if there was actual political will to make the jump to post-scarcity economics. But don't let that stop you in your aspiration to genocide a major part of the population. Let me guess, with 500 million people we'd be fine, right?

If you honestly think something like this then do yourself a favor - and to us too, incidentally - and kill yourself. That's the only ethical way to attain your goal, anyway, so set the example.

[nods head in support]

Sat, 09/24/2011 - 21:49 | 1706493 madbomber
madbomber's picture

King James Bible
Be sober, be vigilant; because your adversary the devil, as a roaring lion, walketh about, seeking whom he may devour:

Sat, 09/24/2011 - 17:50 | 1706039 Piranhanoia
Piranhanoia's picture

We killed ourselves and decided slow was fine. We started in the 1940's, and have been working hard to insure everything will die with us. We started when we claimed killing people was saving people. The planet never did us any wrong, and we decided to kill every thing it made above ground.  Harry Bates and Edmund North told everyone almost as soon as it began.

Now we have a whole smart country that can't find anyone smart enough on the whole smart planet to stop an ongoing nuclear disaster in at least 3 reactors. This is the same country that is tool crazy and people have robotic sex. They know how to make tools.

This all happened when (at least) one currently problematic reactor was shut down cold when an earthquake hit. Most countries have no place to store the spent nuclear fuel or waste so they let it build up for dozens of years. The smartest idea to store crap that will never be safe was to put it in pools 3 stories high, in the same building as the working reactor. So cold shutdown appears to mean nothing more than, extreme danger level 1a.  Somehow the word "containment" became associated with "keep the damn barn door shut, your're letting all the animals out." Damn roof blows off,  ahh.  Radiation all over the neighborhood. The neighborhood is round and tiny and blue green and has a moon.

Our collective intelligence is on display and we don't give up easy. We find a way to turn some of the waste into projectiles. Pokes holes better that way. Pokes holes in all kinds of tissue better. Now we shoot it at little targets where it only poisons the local population if it misses them. Gives everyone an added incentive to leave the area, for good.

But don't worry,  fish is on the menu. Nightlights will become slowly, given one's perspective,  obsolete.

Sat, 09/24/2011 - 14:07 | 1705587 Irish66
Irish66's picture

Uncoventional waters

Sat, 09/24/2011 - 14:00 | 1705553 williambanzai7
williambanzai7's picture

Nice crock...

Sat, 09/24/2011 - 14:09 | 1705588 RSloane
RSloane's picture

It is very much like an intricately painted, lavishly detailed crock that unfortunately has a hole in the bottom so when you fill it with w[h]ine it dribbles all over your feet.

Sat, 09/24/2011 - 14:29 | 1705645 DeadFred
DeadFred's picture

They make it sound so simple and straightforward. I guess things are going be be just fine, right?

Sat, 09/24/2011 - 14:54 | 1705719 citta vritti
citta vritti's picture

sounded to me more like one of those ancient ritualistic prayers, refitted into today's socio-politico-econ speak, where you recite what you want the world to be in the hope that somehow it will turn out to be that way once you've finished. Once the group doing the chanting have convinced themselves it will be so, their next job is to convince everyone else, by various soft or hard weapons, I suppose, as ever. For the one world order fans out there, the words that jumped out to me from the communique: global financial safety net. And, no surprise, no banks or their employees are to be harmed in the making of this film.

Sat, 09/24/2011 - 16:57 | 1705953 vjmali
vjmali's picture

I agree, It sounds like a manifesto of a socialist organization, declaration of a resolution written by a junior bureaucrat ratified by senior ones enjoying taxfree salaries and perks. It is not even a plan but a deleration that there should be a plan.  And ofcourse a good ass licking thanks to others in the end.  We are fucked!!

Sat, 09/24/2011 - 16:59 | 1705955 toady
toady's picture

You read 'The Secret'!

Sat, 09/24/2011 - 17:26 | 1706008 vjmali
vjmali's picture

Right,  Only for those with assured cushy taxfree job for life and all the perks and pension. IMF should be handed over to chinese who will have the Europeans in work without pay under a gun to appreciate the concept of work for money and forget one month vacation and retirement at 55 or 58.

Sat, 09/24/2011 - 15:08 | 1705749 DaveyJones
DaveyJones's picture

steers over the cliff

Sat, 09/24/2011 - 14:01 | 1705556 CClarity
CClarity's picture

Dear IMFC,

You might want to meet again, before April 21, 2012, if you really believe governance reform is critical and that the IMF has an important role to play in this unfolding crisis.  Either get with it, or get out of the way.  Time is awasting.  More time is not the solution to Greece, Europe and global debt saturation.

Sincerely, the rest of us.

Sat, 09/24/2011 - 17:11 | 1705980 vjmali
vjmali's picture

Like we say here in the U.S never ever underestimate Europe's ability to disappoint the world.

Sat, 09/24/2011 - 20:35 | 1706366 Dugald
Dugald's picture

People in Glass Houses should not throw stones!!!

Sat, 09/24/2011 - 14:02 | 1705564 Dick Darlington
Dick Darlington's picture

And all they have to offer is more debt. All this bs abt "bold action", "vigilance", "what ever necessary" etc are just hollow words to manage perception.

Sat, 09/24/2011 - 14:03 | 1705571 frugartarian
frugartarian's picture

so... all talk, no walk?

Sat, 09/24/2011 - 14:03 | 1705572 PulauHantu29
PulauHantu29's picture

Mission Impossible:

"Yet despite China's rising power, experts say its economy is still not big or strong enough to compensate for meltdowns elsewhere: Chinese investment and spending is only one-sixth that of the European Union and United States. "From a global perspective, China's domestic demand is still way too small to offset the impact of a recession" in Europe and the U.S., Deutsche Bank economist Ma Jun said in a report.

To make up for a 3 percentage point drop in growth in those economies, China would have to grow by 18 percent this year, he says. "This is mission impossible."

Read more:
Sat, 09/24/2011 - 14:10 | 1705599 magpie
magpie's picture

Of course they can. It's only a number.

Sat, 09/24/2011 - 17:04 | 1705967 toady
toady's picture

Great, now I'll have that mission impossible music in my head all day...

Sat, 09/24/2011 - 18:17 | 1706085 vjmali
vjmali's picture

China is the only country with cash to bail out.  However for them the choice is weather to use the money to revive consumption in Europe and the U.S and continue to be dependent on western growth or give it to their own people to feed their factories and become a dominant power. I think the choiceis failrly simple.

Sat, 09/24/2011 - 14:04 | 1705575 dwdollar
dwdollar's picture



Sat, 09/24/2011 - 14:06 | 1705583 alien-IQ
alien-IQ's picture

my only regret is that I did not go with my gut instinct and take a truckload of puts and short positions to hold over the weekend.

I chickened out due to the bombardment of rumors causing erratic market spikes.


Sat, 09/24/2011 - 14:45 | 1705691 It is a bargin ...
It is a bargin my friend's picture

My only regret is that I married "her" instead of her best mate who gave me the come on for years...sigh

Sat, 09/24/2011 - 15:09 | 1705750 TheLooza
TheLooza's picture

Meh then you'd be here writing the same thing in reverse. Shouldve just rented them both.

Sat, 09/24/2011 - 15:00 | 1705734 WonderDawg
WonderDawg's picture

Same here. I was looking at SPY puts on Friday. My thinking was, we'll have a little more downside, maybe down to 1090 in the S&P, and then a strong little rally, back up to maybe 1220, so decided to sit tight and buy some calls when I thought the immediate downside was over and ready for a junior rally. I might have outsmarted myself.

Sat, 09/24/2011 - 18:13 | 1706076 decon
decon's picture

Is your take that this promise of organic European printing will plunge the euro and spike the dollar next week?  That was my first impression after reading these developments but I'm not very savvy in interpreting this stuff sometimes.

Sat, 09/24/2011 - 14:09 | 1705589 e2thex
e2thex's picture

Greece ain't Argentina so it's a matter of time before they go solo and leave in their wake a collection of "paper" that will impress even the Library of Congress.

In this observation I am unanimous.

Sat, 09/24/2011 - 14:14 | 1705608 digalert
digalert's picture

End this euro grand illusion now! It's a bad mistake crafted by NWO globalist fucking banksters.

Sun, 09/25/2011 - 03:54 | 1706918 the tower
the tower's picture

And the US$ is not? The USA was the model for the EU. The US$ was the model for the Euro.

Break up the $, let the states run their own show, the USA does not need a government or FED, the individual states can take care of all very well.

Republic of Utah/Utah $, Republic of California/Californian $, Republic of Texas/Texas $, etc etc etc

Sat, 09/24/2011 - 14:14 | 1705609 falak pema
falak pema's picture

Margaret Bogenrief has a nice smile, nicer legs and a smart head.


Europe Is Getting Ready To Sacrifice Greece To Save Itself Margaret BogenriefACM Partners

Read more:

Sat, 09/24/2011 - 16:09 | 1705873 english serf
english serf's picture

I'd eat my dinner off that

Sat, 09/24/2011 - 19:26 | 1706200 knukles
knukles's picture

Fuck the head....

Sun, 09/25/2011 - 03:58 | 1706921 MsCreant
MsCreant's picture

Yikes dude. 

Sat, 09/24/2011 - 17:04 | 1705968 snowball777
snowball777's picture

"Professional Services" indeed.

Sat, 09/24/2011 - 17:10 | 1705977 caerus
caerus's picture

hey margaret...i have a crisis that won't be's in my pants

Sat, 09/24/2011 - 14:18 | 1705617 oogs66
oogs66's picture

its a good thing these idiots aren't in charge of my money....oops, wait, they are!!!!!!!!!

Sat, 09/24/2011 - 14:19 | 1705621 achmachat
achmachat's picture

who is this text written for?

there's going to be a rule 48 anyways....

Sat, 09/24/2011 - 14:31 | 1705652 Long-John-Silver
Long-John-Silver's picture

They should just go ahead and implement rule 48 until a future meeting to be determined to end it.

Sat, 09/24/2011 - 14:26 | 1705635 Zola
Zola's picture

IMF , Geithner, Barrosso  GO **** YOURSELF !!!

Sat, 09/24/2011 - 14:28 | 1705641 Lord Welligton
Lord Welligton's picture

On a quick reading.

Utter bullshit.

Sat, 09/24/2011 - 14:31 | 1705650 fxrxexexdxoxmx
fxrxexexdxoxmx's picture

I think they can do it! We just have to give them everything we will ever produce and the production of our children and their children forever. What say we all just do it!

Sat, 09/24/2011 - 14:34 | 1705659 fockewulf190
fockewulf190's picture

"We thank Mr. Strauss-Kahn and Mr. Lipsky for their outstanding service at the helm of the Fund in difficult times. We warmly welcome Ms. Lagarde, Mr. Lipton, Ms. Shafik, and Mr. Zhu. Our next meeting will be held in Washington, D.C. on April 21, 2012."

PS:  We would also like to announce, that after many months of considerable doubt, and some heated internal debate, Nigel Farage will be nominated by this body for the next Nobel Peace Prize in Economics for being so consistently accurate in predicting the ultimate outcome of this truly grand European experiment.

Sat, 09/24/2011 - 16:10 | 1705877 Herman Strandsc...
Herman Strandschnecke's picture

Nigel Farage says. You can now purchase the official '"You're a Damp Rag, Mr Rumpey"' Commemorative Tea Towel (Part # 600) from £5. Emblazoned with the unelected EU president mugshot it features the famous appraisal by Nigel Farage-" I don't want to be rude but, you have the charisma of a damp rag and the appearance of a low grade bank clerk and the question I want to ask is: Who are you?"


Sat, 09/24/2011 - 17:15 | 1705988 24KGOLD FOIL HAT
24KGOLD FOIL HAT's picture

Nigel Farage is the British Ron Paul but with a gift for succinct executive summaries of EU leadership traits....Go Nigel Go!

Sat, 09/24/2011 - 17:17 | 1705992 caerus
caerus's picture

a dry wit is a dangerous thing

Sat, 09/24/2011 - 14:37 | 1705667 Edward Fiatski
Edward Fiatski's picture

Someone's going to take it up the ass. I'm from Europe and there's a Bonzilla on the loose here, HALP ME!

Sat, 09/24/2011 - 14:38 | 1705672 Lord Welligton
Lord Welligton's picture

Our next meeting will be held in Washington, D.C. on April 21, 2012.

So until then it's someone elses problem.

Thank you and good night.

Sat, 09/24/2011 - 14:47 | 1705699 Wolferl
Wolferl's picture

Just hours before the next presidential election in France.

Sat, 09/24/2011 - 16:03 | 1705864 DoneThis2Long
DoneThis2Long's picture


Just passing the Euro....


Sat, 09/24/2011 - 14:45 | 1705692 dick cheneys ghost
dick cheneys ghost's picture

Rekindle Global growth????????????


Who will these jew bankers give credit to to rekindle this growth?

Sat, 09/24/2011 - 14:54 | 1705720 SilverIsKing
SilverIsKing's picture

I went into my local Citibank branch and asked the jew banker your exact question.  First, she said she wasn't jewish.  Then she asked if I would like to avail myself of their great offer of a .01% CD for 18 months.

I reiterated my/your question and then she told me to go fuck myself.

Thus, I am just passing this message along to you.  Go fuck yourself.

Sat, 09/24/2011 - 15:00 | 1705733 dick cheneys ghost
dick cheneys ghost's picture

Ask her to call Bob Rubin at Citi HQ..............He is a good jew by bankster standards...........

Sat, 09/24/2011 - 16:35 | 1705913 ConfusedIdiot
ConfusedIdiot's picture

SIK:  I understand completely. Regrettably the young lady and her associates will not understand it even after the meaning is past being relevant. Ha, come to Mex you will love it. Regards, CI

Sat, 09/24/2011 - 17:03 | 1705961 Ra-Marduk
Ra-Marduk's picture

Funny, very funny.....

Sat, 09/24/2011 - 17:06 | 1705973 caerus
caerus's picture


Sat, 09/24/2011 - 17:34 | 1706025 lynnybee
lynnybee's picture

o.m.g. ..... you said it !   you spoke the unspeakable.    that is so bad; someone will now come after you with a hate speech charge because, i learned in my research that it really was the banking industry who took advantage of a crisis & came up with the hate speech law !!  ..... how convenient.

Sat, 09/24/2011 - 14:46 | 1705696 Quinvarius
Quinvarius's picture

Sounds like a Hitler speech from his bunker in 1945.

Sat, 09/24/2011 - 14:50 | 1705708 SilverIsKing
SilverIsKing's picture

"We didn't fix it the first 20 times we tried but now we have it all figured out.  Trust us."

Sat, 09/24/2011 - 14:54 | 1705718 Segestan
Segestan's picture

These genius' didn't know they built a flawed system, now they say we can fix it.

Sat, 09/24/2011 - 15:04 | 1705728 carbonmutant
carbonmutant's picture

Decisive action always requires the formation of a committee and a press

Tools of the trade

Sat, 09/24/2011 - 19:00 | 1706145 Die Weiße Rose
Die Weiße Rose's picture

A Steering Committee...

last time I heard from them, I woke up in the gutter with a condom up my arse, 5 cents in my hand and a sign around my neck that said: Next  

Sat, 09/24/2011 - 15:09 | 1705752 lolmao500
lolmao500's picture

Let the euro fail. Nobody in europe wants the euro.

Sat, 09/24/2011 - 15:17 | 1705767 achmachat
achmachat's picture

dude! the euro's been good to me! It's much easier for me to ask 15.000.- euros to design somebody's house (and have the guy accept it immediately because it's such a "small" figure) than 600.000.- LUF !!!

Sat, 09/24/2011 - 16:11 | 1705883 Barb Dwire
Barb Dwire's picture

Perception arbitrage?

Sat, 09/24/2011 - 15:40 | 1705808 Raymond_K_Hessel
Raymond_K_Hessel's picture

Further work on a comprehensive, flexible, and balanced approach for the management of capital flows, drawing on country experiences.

I got a country experience for ya:

Sat, 09/24/2011 - 15:44 | 1705818 Steroid
Steroid's picture

Where is the word "Greece" in this?

Are they that superstitious?

Sat, 09/24/2011 - 16:05 | 1705868 DoneThis2Long
DoneThis2Long's picture

In the Index, under "Former Members" !

Sat, 09/24/2011 - 15:46 | 1705823 Curtis LeMay
Curtis LeMay's picture

From al-Reuters:

Highlights from G20, IMF/World Bank meetings in Washington

September 24, 2011

Greek Finance Minister Evangelos Venizelos:

"Greece is determined to honor all its obligations. No Greek paper will ever go uncovered."



Sat, 09/24/2011 - 17:36 | 1706026 agent default
agent default's picture

Politicians should be put on trial for high treason and hanged.  These guys created an astronomical debt for their countries either through borrow and spend policies or by bailing out the too big to fail idiots and now, they turn around and hand national sovereignty to the IMF and the banksters, in the name of saving what exactly?   The people in the PIIGS have already defaulted.  It is as if these countries are not made up of their people, they are the property of somebody else, and those who live there are some sort of pariahs  that don't really matter. 

Sat, 09/24/2011 - 15:50 | 1705829 Atomizer
Atomizer's picture


July 2011 - Christine Lagarde on Greek bailout

  1. No, not at all.
  2. It's not what I've heard.
  3. It's most amazing we keep this charade going on for this long.
  4. I use to be the minister of finance for France, our collective plans were to place me in charge of the IMF.
  5. Our collective resolve is to continue to play the game of risk on/risk off. We expect greater fear and cooperation amongst the union to conform to austerity measures.


Sat, 09/24/2011 - 15:52 | 1705839 slackrabbit
slackrabbit's picture

You forgot 6. Have you seen my balls?

Sat, 09/24/2011 - 17:05 | 1705970 MsCreant
MsCreant's picture

I don't like banker scum, but don't pick on Chris because he is transgendered, okay?

Sat, 09/24/2011 - 19:24 | 1706197 knukles
knukles's picture

Is that the "it" Chris on Finaggeling Financial Markets with the Stars?

Sun, 09/25/2011 - 00:12 | 1706695 Yen Cross
Yen Cross's picture

 Only a liberal would conjure a thought like that? Lets go hunting! Oh wait you're too old, and have kids?  What a joke!

   I'll think about you in Singapore next week! I don't have any children, and I may get married some day! Oh I'm in my ( mid 40's ) child!~  I suggest you learn the dynamics of investing before you befriend the likes of ( Mynhair) ! I traded the short side of the market last week!

Sun, 09/25/2011 - 04:52 | 1706957 falak pema
falak pema's picture

sorry I misread you at first;  I swallowed the "s" from your "scum". But I got the message!

Sat, 09/24/2011 - 16:50 | 1705937 Divine Wind
Divine Wind's picture

Her tan is creepy.

It kinda looks like jaundice.

Then again, the color balance on my monitor might be off.

Sat, 09/24/2011 - 15:50 | 1705834 Piranhanoia
Piranhanoia's picture

Was there no duke or viscount or lord or other royal jelly to make this announcement?  They may be finalising those travel plans to isolated locales to meet interesting new neighbours they only used to see on high street. P'haps they'r tryin to pass as plain peonage prepping for the unrest don't you know?

Sat, 09/24/2011 - 15:50 | 1705837 slackrabbit
slackrabbit's picture

The communiqué accidently left out the last sentence:

‘We will begin child sacrifices’ in front of the 4 major banks at dawn, in order to appease the gods. This should solve the banking crises and provide financial stability for years to come.'


Sat, 09/24/2011 - 17:16 | 1705990 toady
toady's picture

Only in front of goldman. They are the ones doing gods work.

Sat, 09/24/2011 - 16:08 | 1705872 I am Jobe
I am Jobe's picture

Dang. I wish Obama would have spoken about his today. He wants Europe to get its shitz for the election year. Any thought son if he is going to have a week long 24/7 channel ?

Sat, 09/24/2011 - 16:59 | 1705957 MsCreant
MsCreant's picture

Can't do that, he'd get there late. 

Sat, 09/24/2011 - 17:20 | 1705997 toady
toady's picture

How can you be late when your 24x7x365?

My boss HATES IT when I use that one !

Sat, 09/24/2011 - 16:10 | 1705875 DCon
DCon's picture

I work in corporate Treasury in Europe for a US multinational


A large French bank called me last week offering EONIA + .10% if we give them a EUR deposit and LIBOR + .45% if we give them a USD deposit.


Definitely no problems with French banks..



Sat, 09/24/2011 - 16:10 | 1705879 xtop23
xtop23's picture

We have control. I call BS. They have a bull by the horns and they dont know how the Hell to get off without getting gored.

Sat, 09/24/2011 - 16:33 | 1705912 equity_momo
equity_momo's picture

D to the mother fucking Fault, bitchez.

Sat, 09/24/2011 - 16:41 | 1705925 equity_momo
equity_momo's picture

If I was a chamber maid im not sure who would scare me more , Lagarde or DSKunt

Sat, 09/24/2011 - 16:59 | 1705950 lynnybee
lynnybee's picture

i'm sick to death of these parasites.      i paid a home off in cash; paying it off in 10 years on a 30-year mortgage; i  RARELY used credit cards; would rather have gone hungry than to have asked a friend or family member for a loan &  lived by the rules & THIS IS THE THANKS I GET FOR IT !!        USERY PARASIDIC BANKERS WHO LOOTED THE CITIZENS, THE U.S. TREASURY  & THEY THINK THEY ARE GOING TO TAKE FROM ME & MY KIDS & GRANDKIDS TO PAY THEM BACK !       I have news for "them"  (& yes, I know who "they" are now.) ............ MAKE MY DAY / NO ONE STEALS FROM ME ANYMORE.

oh, & p.s. ........... always remember, what's happening to us, all the bad things happening to us were PRE-PLANNED & DELIBERATE.     yes, PLANNED & DELIBERATE.    fuckers.


Sat, 09/24/2011 - 20:18 | 1706331 Waterfallsparkles
Waterfallsparkles's picture

The thanks you get is from your own self accomplishment.  Your Home is paid for.  You are in a lot better position than those who lost their Jobs and their Home.

The only thing you have to worry about are the Property Taxes.

I know in the last Depression my Grandmother rented out rooms in her house that kept her going.  She gave room and board.

There will be a lot of People that will be willing to rent a room in your paid off house if everything goes down the tubes.  Consider yourself lucky.

Sun, 09/25/2011 - 04:50 | 1706954 falak pema
falak pema's picture

I love the sound of that "f" word coming from a maddened LynnyBee. It has the taste of honey and lemon acidity. All mixed up. All I need now is warm buttered toast...

Sat, 09/24/2011 - 17:03 | 1705963 buzlightening
buzlightening's picture

More psycho babble which translates to you slavoradors bent over and get ready for jiffy lube ;like none other.  Keynesian thieving wonks with not enough light of intelligence, we rank & file call common sense, to find their way through their own Bsing.  So damn convoluted of a monetary debt satured fiat ponzi system, the rat bastards created, we'll be into world war III before we know.  How else this pond slime goon-a paper over all the fraud.  Why don't we just put "one nation under fraud" on every last benron buck.  More value in a bag of shit than the whole of the IMF, EU, US, and western bankstering monetary parasites.   

Sat, 09/24/2011 - 17:03 | 1705964 MsCreant
MsCreant's picture

Obfuscating, supercilliously decorated, sacks of shit, piled higher and deeper. 

No where to run to, no where to hide, children. 

Sat, 09/24/2011 - 17:13 | 1705986 lynnybee
lynnybee's picture

i know.   that's the worst part .......... there's no where to run.    the only ones to survive what is coming are those blessed souls who are sitting on a great big pile of silver & gold & foodstuffs & productive farmland up in the hills ............ LET'S GO TO WEST VIRGINIA !!!!!!!!!!

Sun, 09/25/2011 - 00:04 | 1706679 Yen Cross
Yen Cross's picture

 You are old! Sounds like two pieces of dust, looking for a place to " Settle"...

Sat, 09/24/2011 - 17:22 | 1706002 pauhana
pauhana's picture

What a silly communique! Bold action required but none taken.  Please let the markets crumble on Monday as that seems the only way to resolve this stasis.  This crisis will make nihilists out of all of us.

Sat, 09/24/2011 - 17:30 | 1706020 americanspirit
americanspirit's picture

"The strategy is to restore sustainable public finances while ensuring continued economic recovery." Well now, as the Church Lady would say, isn't that precious.

The idea that public finances can possibly be sustainable, and that there is any kind of economic recovery to be 'ensured' is simply ludicrous. One can only describe this statement as made by a body with its collective head up its collective ass. Everything else that these idiots say proceeds from these two indefensible assumptions.

Look out below.

Sat, 09/24/2011 - 17:32 | 1706021 Die Weiße Rose
Die Weiße Rose's picture

As the Middle East embraces their new born Arab Spring,

the USA and also England must face their cold and dark Winter of Discontent.

I got a sneaking suspicion that D. Strauss-Kahn was set up for some reason. However Christine Lagarde is just a US Policy Puppet who really has not got the faintest clue what is going on with the world economy. Ms. Lagarde is censored by the US administration and not allowed to say anything negative about the US Deficit, US Debt or US monetary policy. So all she can do is talk about Europe, and she was just as clueless as the french finance Minister, as she is now as the US IMF stooge. Her fake tan says it all - very accomodative.....

All these clowns will usher in the 21 century Great Depression the World had to have, no matter how much zero ZIRP, inflated LSAP or monetary quantitative easing Geitner asks Bernanke and the IMF or the ECB to conjure up. All they do is throw more fuel onto the raging fire.

Meanwhile England, the USA, Blair and Obama are losing all credibility with the Arab Spring in the Middle East as they follow down the path of a apartheit and totally failed diplomacy and a corrupt and incompetent  monetary fiscal policy of beggar thy Neighbour, crossing ever deeper into a dark and cold Winter of Discontent.



Sun, 09/25/2011 - 04:46 | 1706949 falak pema
falak pema's picture

Spot on. Well said.

Sat, 09/24/2011 - 17:39 | 1706032 winter is coming
winter is coming's picture

Die Bitches Die


Sat, 09/24/2011 - 22:15 | 1706535 madbomber
madbomber's picture

watch what you say or you might get noticed by powerful men, who have you surrounded by a bunch of big, buff, sweaty men

with large weapons who arent gay.




Sun, 09/25/2011 - 04:01 | 1706925 MsCreant
MsCreant's picture

Damn that sounds hot! 

Sat, 09/24/2011 - 17:40 | 1706033 ZippyDooDah
ZippyDooDah's picture

P.S.  The IMF calls on all member states to stop watching internet porn, promise that your last drink was your very last ever; also, no more drugs, and don't beat the dog, already!

Sat, 09/24/2011 - 17:48 | 1706038 Anarchyteez
Anarchyteez's picture

Hyperbole hyperbole! The song remains the same.

BTFD space monkeys!

Sat, 09/24/2011 - 18:13 | 1706073 mynhair
mynhair's picture

Believe the opposite.


Zippo done, SSDD.

Sat, 09/24/2011 - 18:17 | 1706082 Coffin Dodger
Coffin Dodger's picture

At no point in the above communique do they address WHAT they are going to do or HOW they are going to do it.

Desperate load of bollocks. It's game over sooner than I'd like.

Sat, 09/24/2011 - 19:25 | 1706198 MsCreant
MsCreant's picture

Exactly. I am an editor and I would reject that or say revise/resubmit because it is too vague and there is no organizing thesis that gets fleshed out in the body of the text.

Sun, 09/25/2011 - 04:58 | 1706962 Alpha Monkey
Alpha Monkey's picture

It's perspective management.  Have you not noticed the trend?

Sat, 09/24/2011 - 19:03 | 1706143 mynhair
mynhair's picture

MarketCrotch suxs.

I'm going with watching the big volume on the big down day Monday, then going long.

Dead cat bounce for a week after Kaputulation!

Sat, 09/24/2011 - 19:32 | 1706221 MsCreant
MsCreant's picture

No need for dead cats, let's go for a dead banker bounce instead. 


Sat, 09/24/2011 - 19:11 | 1706160 Bansters-in-my-...
Bansters-in-my- feces's picture

Delusional FuckTards....

Fuck Off and Die Bankster Assholes.

The gigs up.

Sat, 09/24/2011 - 19:22 | 1706191 lynnybee
lynnybee's picture

where's a great HUGH HENDRY commentary when you need it !  /  i'm hankering to have him get on television & talk about those 'champaigne socialists' again .    that guy is super.

biggest parasites i've ever seen ....... get rid of these people !   

Sat, 09/24/2011 - 19:26 | 1706201 MsCreant
MsCreant's picture

And you think he's kinda cute, admit it!!!

I'm teasing cause it's fun but you like his style.

Sat, 09/24/2011 - 19:45 | 1706255 lynnybee
lynnybee's picture


yes, i absolutely adore this guy ;  if i wasn't so damn old & married ....... oh well.       i like truth-tellers & i can spot a truth-teller from a mile away.

Sat, 09/24/2011 - 19:57 | 1706285 Waterfallsparkles
Waterfallsparkles's picture

Goldman got Greece into the IMF and I would not be supprised to see that in doing so took out Credit Default Swaps on their Failure.

So, you have to look at who profits from Greece failing.  My guess is Goldman Sachs.

Sun, 09/25/2011 - 03:18 | 1706890 WVO Biker
WVO Biker's picture

My unconfirmed information is the GPap family took a 10 million bet on greece default a while back. And greece also had bought some gold on credit (maybe 2 or 3 months ago).

Sat, 09/24/2011 - 20:04 | 1706306 Zaphod B.
Zaphod B.'s picture

When I hear "collective"ism I know its time to grab a wad of kleenex before we are shat upon as individuals. Let me tell you something Ms. Lagarde, your rights are not derived from me, an individual, aka, the smallest minority in the world.

Sat, 09/24/2011 - 20:05 | 1706308 Waterfallsparkles
Waterfallsparkles's picture

I remember reading that there were more Credit Default Swaps on the Word Economy that there is Money.

Just another planned collapse this time of the World Money supply where the Bankers profit not just from the Us but the World.  Then everyone else becomes tax slaves for the rest of their life.

I am not surprised.  Bankers will take over the World and own everything eventually.

Sat, 09/24/2011 - 20:22 | 1706342 mynhair
mynhair's picture

Schiff on HuckaPhoney.  Tell me about FauxNews, assholes.

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