IMF Vows To Spend Some More Taxpayer Money

Tyler Durden's picture

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msmith's picture

More negative news signaling we are not at the lows in equities.  Although we may see more corrective price action for the short term.  The EURUSD, USDCAD, and the TNX are showing more corrective price action likely ahead.

GetZeeGold's picture


If you can find a better deal......the IMF will match it. Come on down for our CRAZY deals on the corner of 4th and DOH.

We're giving away money like it's nobody's else's business..........we're INSANE. Someone please stop us.

This offer is only good while supplies last.


MarketTruth's picture

Sounds like a 'circle jerk' in financial money schemes.

dlmaniac's picture
Euro fund 'like a Ponzi game' says trader

Quote: "Q: Will Germans run out of patience (for this Ponzi Scheme)? A: Before they run out of patience they'd run out of money."

Mister Ponzi's picture

"In the meantime I will try and figure out how Italy providing money to EFSF so the EFSF can buy their bonds, how Italy contributing to the ECB which buys its bonds, how Italy providing money to the IMF to buy Italian bonds..."

Why not simply issue bonds to finance these payments??? /sarc off

TradingJoe's picture

It wont last long, this "rally"! We were short term highly oversold so a bounce was in order but thats IT! Oct will prove "correct" in the assumption that it is a BAD month :)))! "Hope is not a strategy" will eventually catch up, fast, I think!

El Gordo's picture

It will be interesting to see who is left standing in the circle jerking off when someone finally turns the lights back on.

Zero Debt's picture

Odds are looking pretty good for loan sharks of first, second, third, fourth and last resort

Escapeclaws's picture

No time to read this whole article now. Anyways, by noon I'm sure I will have tried and brung my full attention to it.

bigwavedave's picture

Certainly fixed your shorts from yesterday Pete

Jim in MN's picture

RAN Squawk just now:


Ireland will not be rushed into selling assets according to Ireland's PM Kenny



'They rushed Kenny!  Those bastards!'
EscapeKey's picture

I'm a master programmer;

10. Gamble billions on complex debt instruments and exotic derivatives.

20. Take a cut on all winnings.

30. Demand a bailout when the losses come rolling in (or it all collapses), promise to change ways.

40. Goto 10.

Thank god for Central Banks which stand ready to bail out the banks, and rip off the taxpayer.

ArkansasAngie's picture

You do not have my permission to give my money to losers.

The people who will get this money have demonstrated failure.  The idea that you would place a bet on a loser is actionable.

And ... by golly I expect my government to not participate in such activities.

Take the money remaining of the insolvent and give it those with skin in the game which got fleeced by these yahoos.

Warren ... I'm including you on that list.

Panafrican Funktron Robot's picture

What do you intend to do when they ignore your thoughts on this?

EscapeKey's picture

"In the meantime I will try and figure out how Italy providing money to EFSF so the EFSF can buy their bonds, how Italy contributing to the ECB which buys its bonds, how Italy providing money to the IMF to buy Italian bonds, and Italy working on plans to save Italian banks whose exposure to Italy is a part of their problem, fixes anything."

By adding obfuscation, thereby providing the savers with a false sense of security, and the insiders with just enough time to cash out and leave the losses for the savers/taxpayers.

SWRichmond's picture

In the meantime I will try and figure out how Italy providing money to EFSF so the EFSF can buy their bonds, how Italy contributing to the ECB which buys its bonds, how Italy providing money to the IMF to buy Italian bonds, and Italy working on plans to save Italian banks whose exposure to Italy is a part of their problem, fixes anything.

Leverage.  Fraudulent reserve banking is the ultimate scam, but they will keep doing it until we make them stop.  Leverage that is so much fun on the way up is also a real bitch on the way down.  In the minds of central banksters, the solution to a deleveraging is to re-lever. 

Archimedes's picture

Doesn't all spending approval come from the US. House of Representatives? Isn't that controled by the Rebublicans? Do you really think they would allow more US taxpayer money to go into the black hole known as the IMF?

Bicycle Repairman's picture

"Doesn't all spending approval come from the US. House of Representatives?"


snowball777's picture

House of (Dis)reps -> IMF -> Zooropa -> Wall St -> K Street -> [coda]


Panafrican Funktron Robot's picture

What's disconcerting is that you are learned enough to know who Archimedes is, yet you chose to post this.

Quinvarius's picture

"We are well capitalized" translates to "the US Fed just gave us a 0% loan".

"We passed the stress test" translates to "the regulators are covering for us".

"I see no inflation" translates to "we are about to implement price controls via market intervention".

"The economy shows signs of strength" translates to "we gave away some free money last month and it worked for about a day".

Vincent Vega's picture

Reminds me of one of the old anti-drug commercials: I do cocaine so I can work harder so I can make more money so I can buy more cocaine so I can work harder so I can make more money so i can buy more cocaine...

Flounder's picture

Side splitting stuff...hehhahahaHAHABWAHAHA!  Nothing is fucked.  Where's the money, Lebowski? Where's the fucking money, shithead?  It's uh... uh... it's down there somewhere, let me take another look

Die Weiße Rose's picture

Angela Merkel said today: There will be No Debt restructuring for Greece

Solidarity is the strength of the Euro-Zone

In other Words: IMF, go fuck yourself with your leveraged Margins.

As to the rest of all those waiting for more stimulus and leveraged hand-outs:

Tim Geitner or Bernanke are leveraging the whole of US of A into fucking Oblivion.

Don't worry about the 10 million Greek,

worry more about the 307 million Americans with 9.098% Unemployed

and 15 trillion in US national Debt !

Time is running out and the problem is staring right at you...


PY-129-20's picture

I am sorry to say this, but you are acting like an idiot. You are not different than those Americanos that think this is only a European problem.

Yes, from a political viewpoint it might be interesting to see where the "thing" (the financial system) goes down first. But from different angle it is not important, because Europe, Asia (Japan and China) and America will all go down.

The question is: what happens after that? How will a restart look like?  How can we strengthen our democratic system? How can we assure that justice works again?

All that blame them, not us - that is just stuff for the kindergarten. American citizens as well as European citizens are all sitting in the same boat. And that boat has holes everywhere.

JLee2027's picture

We should continue this nonsense of endless bailouts, corrupt markets, debt slavery, and moving toward tryanny? Restoring capitalism backed by sound money is the only rational choice. 

The only way to fix the attitudes of those living off others and wanting a nanny state is an economic crash of Biblical proportions which forces them out of power. That's how screwed up things have become. 

JLee2027's picture

More Merkel (who seems to be hedging her bets):

The euro area has to resolve “that the time of living above our means is over once and for all” and pursue debt reduction that will stretch over “many years,” Merkel said in a speech to members of her Christian Democratic Union late yesterday in Magdeburg, eastern Germany.


At the same time, she won't give Greece a 50 percent debt haircut because others would immediately want the same. She's stuck between a rock and a hard place. My prediction...she will do nothing significant.

guiriduro's picture

There's frankly only one acceptable outcome to the crisis, and that is, for once and for all, for politicians to realise that employment (and consequent consumption) is not merely the desired side-effect of the functioning of the cherished financial / capital markets / banking / credit system, and if push comes to shove, taxpayer-workers to be sacrificed via austerity and bailouts to save the financial system and its vested interests; that is to say, the vietw that employment occurs as a by-product of the combination of desperately needed external capital and systems that recycle and leverage it (banks and credit institutions) - is false.

Instead we demand that the employment of willing workers, and their pursuit of improvement and happiness, is the vital core upon which systems that mediate and enable it to function - fiat currencies, banking, credit, investment etc. subsist.  When the core function of employment is in fact inhibited by large imbalances, overleverage, malinvestment in asset bubbles by the broken financial mediation system, it is exactly there where the rot (and the losses) must be cut out.  Politicians should instead be focussing on how to provide liquidity and security among willing workers, small businesses and co-operatives, alongside the essential functions of state (health and welfare), bypassing if necessary the broken capital markets.

JR's picture

We are at Bernanke’s mercy and he has none.

When you have a Congress that would rather have the money than their country, you’ve got to get them out of there.

ChacoFunFact's picture

"it is easy to conceive that great evils to our country and its institutions might flow from such a concentration of power in the hands of a few irresponsible to the people.  Controlling our currency, receiving our public moneys, and holding thousands of our citizens in dependence... would be more formidable and dangerous than a military power of the enemy..." Andrew Jackson, 1832

"Whoever controls the volume of money in any country is absolute master of all industry and commerce... and when you realize that the entire system is vey easily controlled, one way or another, by a few powerful men at the top, you will not have to be told how periods of inlfation and depression originate."  President James Garfield

Coldfire's picture

Taxpayer implies free choice. Taxrapee is fundamentally more accurate. Yeah, it doesn't scan, but you get the picture...

Anonymouse's picture

"It seems to me, that the more senior you are in the banking world, or more senior you were, the more likely you are to be in this camp"

That's an easy one.  The more senior, the bigger the bonus.  The gain from the increase in their personal bonus when the market rises from bailouts is much greater than the loss in purchasing power from the decline in the dollar or to inflation.

I've noticed, too, that a good portion of the market gain from these rumors sticks even when the rumor is dispelled.  Rumors are cheap and effective.

Too bad Switzerland didn't figure out that they could manipulate their currency for free by spreading rumors.  Pegging the CHF was an unnecessary expense.

MFL8240's picture

Seeing that this work so well in the US, it makes perfect sense to repeat it. 

mvsjcl's picture

Flash: Apple to start making iTalians. Milan index surges 300%.


There. Fixed.

falak pema's picture

oh the incestuous financial world :

ROBERT REICH: Behind Europe's Debt Crisis Lurks Another Giant Bailout of Wall Street

Read more:

Catullus's picture

Lots of people lining up to throw someone else's money at the problem of throwing someone else's money at the governments in Europe. European leaders agree: Americans should pay for it.

faustian bargain's picture

Italy: bootstrapping its way out of the negative rating hole.

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