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Italy Announces Austerity Plan 2.0 As Local Protests Spread, Turn Violent

Tyler Durden's picture




 

After Berlusconi was scolded by everyone, but most importantly by backstop solvency provider ECB, for his bull in a China shop maneuver of the first, now defunct, Italian Austerity plan, here are the details from the next, soon to be gutted "Austerity", which readers may be forgiven, if they take it with just a grain of salt. According to Bloomberg, the details are as follows:

  • Plan to to include higher retirement age for women from 2014
  • To add 3% tax on income over 500k euros
  • Italy to approve constitutional law for budget balance Sept
  • To increase VAT from 20% to 21%.

Will anyone take this latest attempt to appease the ECB seriously? Of course not.

In the meantime, Italy, as predicted - remember Piazza Navona strikecam and all that, and especially its workers, are not happy as protests proceed to engulf the country:

Protesters in Italy scuffled with police, burned flags and threw eggs and smoke bombs at banks on Tuesday in what they said could be a taste of escalating public disorder as public spending cuts bring pain to families.

 

Prime Minister Silvio Berlusconi is scrambling to enact deep cuts to prevent a Greek-style financial collapse. Protesters said this could lead to unrest like that seen on the streets of other austerity-hit European countries.

 

Tens of thousands of striking workers, students and pensioners joined marches in cities from Palermo to Turin, voicing opposition to the proposed 45.5 billion euro austerity package and discontent with Berlusconi's government.

 

"This is the first step of a crucial autumn, it is the chance our generation has to fight back," said 33-year-old Enrico Sitta at a march in Rome.

 

Protests in Italy have not reached the scale of mass demonstrations in Spain by groups known as the "indignados," or mass rallies at Syntagma Square in Athens that sparked violent clashes. But some in Rome expect popular anger to intensify if pressure on struggling households continues.

 

Italy's biggest union CGIL called Tuesday's strike against the austerity plan presented last month by Berlusconi's government, aimed at balancing the budget by 2013.

 

Many protesters voiced personal reasons for anger.

 

Italian workers, who already earn some of the lowest salaries in western Europe, have seen wages stagnate while consumer prices shoot up and are furious at having to shoulder further burdens in the government's austerity plan.

 

Italy has already introduced delays to retirement and freezes on state salaries as part of previous austerity measures. A plan in the latest package would withhold the retirement funds of public sector employees for two years after leaving their jobs.

 

Industrial worker Claudio Bargilli, 47, called the proposed cuts "a social massacre."

 

"The government is presenting cuts upon cuts, and we can't make it to the end of the month," he said, adding that he and his colleagues were already close to the poverty line, surviving on an income of 1,000 euros a month.    

We give Berlusconi's government at most 3 months. Countdown starts now.

 

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Tue, 09/06/2011 - 10:42 | 1638244 vast-dom
vast-dom's picture

The VAT tax, being essentially regressive and punative, is a major blunder. That point just added inordinate amount of fuel to what was already raging fire IMNSHO. 

 

Tue, 09/06/2011 - 10:45 | 1638254 BaBaBouy
BaBaBouy's picture

Taxes Are Horrendous In Europe ...

 

And its getting worse.

While the Elites live in the lap of luxury...

Tue, 09/06/2011 - 10:48 | 1638270 BaBaBouy
BaBaBouy's picture

This AUSTERITY SHIT didn't work in Greece (disaster),

why would it work in any other EU State ???

 

Stupid fecks...

Tue, 09/06/2011 - 11:04 | 1638321 Global Hunter
Global Hunter's picture

That would make a great ZH avatar for somebody, alas I am obliged to keep my black liva bird (swan).

Tue, 09/06/2011 - 11:20 | 1638360 Ancona
Ancona's picture

Shut up and eat your fucking cake, before I call out the riot police and water cannons. We will have austerity, and you will like it.

Tue, 09/06/2011 - 11:35 | 1638402 spiral_eyes
spiral_eyes's picture

IT'S THE FINAL COUNTDOWN

DA DA DA DA!

http://azizonomics.com/2011/08/22/eurocide/ 

Tue, 09/06/2011 - 12:00 | 1638488 Pizza spaghetti...
Pizza spaghetti and mandolino's picture

Riot police ? Water cannons ? "Escalating public disorder" in Italy? Are you sure ?

Do you really still believe the Reuters and all that mainstream news agencies ?

Do you really believe that Gaddafi bombed peaceful demonstrators making 10'000 casualties with cluster bombs as the BBC and Al Jazeera reported ? Do you really believe that this was the reason for the UN resolution and then war in Libya ?

If so, you well deserve Reuters and the like.

No Italian news agency written in Italian dares writing of "escalating public disorder" because anyone who was there today in Italy would immediately ridiculate it.

 Sorry.

By reporting from Reuters what is going down the drain is the credibility not of the Italian BTPs but of zerohedge and of Tyler Durden. Ridiculous, it is the only word !!!

In terms of public order what you had today in Italy was a minority strike with peaceful demonstrations.  More precisely, minority meansa a tiny fraction of the Italian workers.

 

Tue, 09/06/2011 - 12:19 | 1638551 DogSlime
DogSlime's picture

I don't know about Italy, but I believe the BBC reports on the UK riots because I live here.  There were definitely riots.  My ex girlfriend lives in London and I am just north of Manchester - definitely, definitely riots.

Maybe they are over-stating the Italy problem, but the UK problem was real.

Tue, 09/06/2011 - 13:08 | 1638711 Pizza spaghetti...
Pizza spaghetti and mandolino's picture

BBC reported about cluster bombs used by Gaddafi troops in Lybia (not in Italy !!) killing many people (before the UN resolution 1973). Gaddafi's son answer (that mainstream media never reported) was: we are neither criminals nor idiots. About the Gaddafi regime not being criminal iit s a different matter. About them not neing idiots, he had a very strong point: cluster bombs leave very clear signs that BBC wasn't able to show. The Gaddafi government brought the journalists to the place where according to BBC cluster bombs had been used and their signs simply weren't there.

As for Manchester and London I don't doubt that there were riots but, well, there in the UK people speak English. Blatant inaccuracy there wouldn't be possible.

There is a clear spin in the news about today's strike in Italy by Reuters.

The shame is not on Reuters (poor paid liars) but on zerohedge for falling into the trap of the information spin doctors.

Tue, 09/06/2011 - 14:11 | 1638892 Ghordius
Ghordius's picture

Ah, Italy!

What wonderful memories!

I remember once a "Rally against Berlusconi" some years ago, they were news with footage of THREE FREAKING MILLIONS ITALIANS demonstrating in Rome against his Gov.

All the media were dead sure his time was over...

And the "Riots against Globalism" in Genua? Ah, those were violent young men...

My friend, whatever happens in Italy stays there, leave the truth to Murdoch's boys, they know how to spin and milk...

Tue, 09/06/2011 - 11:18 | 1638347 dwdollar
dwdollar's picture

This shit has been going on for thousands of years.  It has 1 of 3 possible outcomes.  Dark age of oppression, failed civil war followed by a dark age of oppression, or successful revolution.

Tue, 09/06/2011 - 11:23 | 1638366 anony
anony's picture

One other: Entropy.

That's about as far as the american people will take it. An ongoing adpatation to less and less has been going on in variouis precincts around the country for 30 years.  It's just that those are invisible, on no one's radar.  But a hundred million of the american citizenry have already made the adjustment to live on very very little. And no hope of that ever changing. As long as the SNAP cards work----and you can be sure the top 10% will see to it that they do, there will be no revolution successful or otherwise.

Dark age? Depends on your definition of 'dark'. 

Tue, 09/06/2011 - 11:35 | 1638405 Mitzibitzi
Mitzibitzi's picture

"As long as the SNAP cards work----and you can be sure the top 10% will see to it that they do...."

...for at least as long as it takes to release a cocktail of swine / avian / Spanish flu, antibiotic resistant E-Coli and the usual suspects of cholera, typhoid, scarlet fever, etc into the 'ghetto' populations.

Or let the sanitary systems collapse on their own through austerity-mandated lack of maintenance and let nature do the job for you. Can't get the blame then, if anyone starts poking their nose in.

Tue, 09/06/2011 - 11:39 | 1638421 Seer
Seer's picture

The problem with biological stuff is that it's not all that controllable.  I doubt that TPTB could really protect themselves from it: yeah, they might THINK that they can (fool themselves), which would be the scary part I guess (meaning that they might try it, thereby condeming ALL), but they cannot.

Tue, 09/06/2011 - 11:56 | 1638470 Seer
Seer's picture

"Dark age? Depends on your definition of 'dark'."

Exactly!  I hate all these trite labels.

I've been to parts of the world that many of us in the entitlement world (western world) would consider "dark."

I think that those looking to rule over us use such labels to scare us into Their arms.  And it's Their paradigms that are NOT sustainable.

It's not so much "dark" as the contrast, and "white," being NOT sustainable, isn't as "white" as most would like to admit (and therefore "dark" isn't as "dark" as they'd like us to believe).

Tue, 09/06/2011 - 12:50 | 1638658 AnAnonymous
AnAnonymous's picture

But a hundred million of the american citizenry have already made the adjustment to live on very very little.

:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Nice successful comical attempt.

on very very little? What do you mean? Six? Five? Four? Three cars/flat screen TV set? Going out to eat six, five, four, three days in a week?

Etc...

Come on, US citizens have been consuming more and more for the last forty years. Consuming more and more is not live on very very little.

Tue, 11/15/2011 - 08:56 | 1878671 e-recep
e-recep's picture

dark as in irrational or ideological or theological governance.

Tue, 09/06/2011 - 11:35 | 1638406 Seer
Seer's picture

"Dark age of oppression, failed civil war followed by a dark age of oppression, or successful revolution."

Apples and wrenches... You're mixing a long-term state -dark age of oppression- with short-term events -civil war and successful revolution.  The events are change boundaries.

Rise and fall, rise and fall.  And "rise" and "fall" depends on your point of view, where you are in relation to the centers of power (which are really the only things that can exhibit a sizable/recordable? event).

Humans aren't necessarily in control of their destinies, not given global climate cycles: the next glacial period would wipe out any "dark age of oppression" or "successful revolution" (to mix apples and wrenches).

Tue, 09/06/2011 - 10:43 | 1638246 KenShabby
KenShabby's picture

Making shit up as they go along.

Tue, 09/06/2011 - 10:57 | 1638294 CH1
CH1's picture

Yes! Precisely!

Tue, 09/06/2011 - 10:43 | 1638248 Irish66
Irish66's picture

withhold retirement funds 2 years after leaving job

Tue, 09/06/2011 - 11:10 | 1638340 Quinvarius
Quinvarius's picture

LOL.  Set the mandatory retirement age to 45.  Then set the age to collect retirement benefits to 75.  That should free up a lot of jobs and stop all those pesky retirement checks from going out.  The bankers can keep getting their debt payments.  The program should last about 6 months before the bankers find a way to lose all their new found projected loot.

Tue, 09/06/2011 - 10:43 | 1638249 DaddyO
DaddyO's picture

 

Isla...I mean, Italian summer?

DaddyO

Tue, 09/06/2011 - 10:44 | 1638252 e-recep
e-recep's picture

When will American citizens do something like this?

Tue, 09/06/2011 - 10:45 | 1638256 CrimsonAvenger
CrimsonAvenger's picture

When the SNAP cards stop working.

Tue, 09/06/2011 - 10:49 | 1638273 DefiantSurf
DefiantSurf's picture

funny DHS is more worried about terrorist threats, but if a cyber terrorist managed to kill the snap system...well Armageddon is only 3 meals away

Tue, 09/06/2011 - 10:56 | 1638287 SheepDog-One
SheepDog-One's picture

DHS? Oh, the ones who 'lost' the backpack full of explosives in the Phoenix airport 'security drill' this weekend? 'DHS worried about terrorist threats'? I'd say theyre the ones planning it.

Tue, 09/06/2011 - 11:04 | 1638318 DefiantSurf
DefiantSurf's picture

Touche

Tue, 09/06/2011 - 22:15 | 1640571 ManufacturedOpinion
ManufacturedOpinion's picture

Holy shit - they're gonna blow up PHOENIX ?!!

I was under the impression that CHICAGO would get the next false flag attack.

.

.

.

Oh, well ... there they go again - MANUFACTURING MY OPINION !!

Tue, 09/06/2011 - 10:58 | 1638298 CH1
CH1's picture

You may expect the SWAT Team momentarily.

Tue, 09/06/2011 - 11:47 | 1638438 Deepskyy
Deepskyy's picture

SNAP cards or the power grid.  If we were to have a catastrophic failure of a major region power grid, that could rile up the natives in that area.  Watching the domesticated animals of the inner city (people, not pets) tear each other apart because the power has been off for a week on CNN could have some interesting side effects.

Tue, 09/06/2011 - 13:43 | 1638797 e-recep
e-recep's picture

Ivy League graduates receive SNAP cards. << Click on this to read the full story.

Tue, 09/06/2011 - 10:49 | 1638274 Sgt.Sausage
Sgt.Sausage's picture

BHAHAHAHAHHAHAHAHHAHAHAAAHAHAHAHAHAHAHAA <breathe> AHAHAHAHAHAHAHAHAHAHAHAH !!!!

Complacent, fat-and-happy, couch-potato, no work ethic, apathetic, lazy Joe Sixpack American?

Get me the beer and Cheetos. The games about to start. And make me a sammich, Bitchez.

BHAHAHAHAHHAHAHAHHAHAHAAAHAHAHAHAHAHAHAA.

 

 

 

 

 

 

 

 

 

 

 

Tue, 09/06/2011 - 10:52 | 1638283 SheepDog-One
SheepDog-One's picture

Im certainly not counting on the idiot women or feminized 'men' around me this morning chattering obsessively about their vicarious football party tonite to do anything ever.

Tue, 09/06/2011 - 11:04 | 1638320 pods
pods's picture

Me either.  But, that will be a true blessing, as if and when they do act, they will not be acting in your best interest.

Think of it like helping a drowning man.  He will use anything to stay afloat, including you.

Same thing about the sleepers.  If they are shocked out of their slumber, they will immediately look to the ants of around them and convince themselves that they are owed something from those ants.

So, just keep quiet and sing them the old nursery rhyme:

"Go to sleep, go to sleep, go to sleep little sheepy."

pods

Tue, 09/06/2011 - 12:53 | 1638671 AnAnonymous
AnAnonymous's picture

they will immediately look to the ants of around them and convince themselves that they are owed something from those ants.
:::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::::

Yep, right, US citizens are going to try to squeeze even more any person on planet Earth who they feel to be ants to them. And that's a lot.

Tue, 09/06/2011 - 13:10 | 1638714 pods
pods's picture

So exactly how are US citizens squeezing the rest of the world?

pods

Tue, 09/06/2011 - 11:05 | 1638323 Sequitur
Sequitur's picture

You said it. Stupid Americans paying far, far more attention to their fantasy football league and Real Housewives, instead of the Eurozone implosion.

Every day, we slide further. And every day, I care less and less whether other Americans are prepared. I don't feel proud saying it, but I swear Americans are fucking clueless.

Tue, 09/06/2011 - 11:36 | 1638407 Caviar Emptor
Caviar Emptor's picture

Amen bro. And I hate to admit it or even think it. But I do, it's hard to help it. When people won't take any initiative whatsoever to improve not just the country or their neighbor but themselves and their families, it's hard to be sympathetic. 

Tue, 09/06/2011 - 18:23 | 1639784 pirea
pirea's picture

"When will American citizens do something like this?"

Answer: NEVER

you tube statistics:

Akon (I just had sex): 122,826,772 hits

How Federal Reserve Bank works: 48,281 hits

This is the reality: the people in the streets don't give a S###

Tue, 09/06/2011 - 10:46 | 1638253 Sequitur
Sequitur's picture

I don't know the latest numbers, but I generally recall they are 1.5 trillion euro/francs in the hole, and that's just the government debt, not the banks. Can anyone comment whether this is enough to pull them from a death spiral? It sure doesn't sound like it, not even close.

Tue, 09/06/2011 - 10:45 | 1638255 DefiantSurf
DefiantSurf's picture

 

 and que the riots in 3..2..1

 

Tue, 09/06/2011 - 10:46 | 1638260 j0nx
j0nx's picture

Ah everyone everywhere wants everything but nobody wants to pay for it. We had the ability in 2008 to survive the coming upheaveal with a social benefits safety net but we chose instead to bail out the banks and the wall street titans who made bad bets. Now we must live with our ridiculousness for allowing that to happen and start embracing the poverty. Until people understand that the bank bailouts of the past 3 years are ultimately responsible for their coming living conditions then nothing will change.

Tue, 09/06/2011 - 10:50 | 1638275 SheepDog-One
SheepDog-One's picture

Right! We've fixed nothing since 2008, even though 85% said 'dont bail out the banks' the bought and paid for 'representatives' decided to hand over the blank check book to the tantrum-throwing bankers and here we are today 50X worse off.

Tue, 09/06/2011 - 10:46 | 1638263 DefiantSurf
DefiantSurf's picture

They are Greece, game over but the elephant in the room is Spain...

 

Tue, 09/06/2011 - 10:47 | 1638265 ZeroPoint
ZeroPoint's picture

Mamma Mia! Here we go again........

Tue, 09/06/2011 - 11:18 | 1638266 LvMises
LvMises's picture

I'll bet they wish they had a cheap like this place to buy gold coins right now. Anyone know of anyplace cheaper than TexMetals? In my research, they seem to even be cheaper than Tulving for new coins, which is an accomplishment

Tue, 09/06/2011 - 10:47 | 1638268 SheepDog-One
SheepDog-One's picture

Meanwhile americans sit idle...the chatter around me this morning is all about the NFL kickoff and chicken wings, chips and dips, and beer. Sleep on, 'more broke than anyone' america.

Tue, 09/06/2011 - 11:12 | 1638331 Oh regional Indian
Oh regional Indian's picture

Perhaps this is why!

 

The statement was, "People will have to get used to the idea of change, so used to change, that they'll be expecting change. Nothing will be permanent." This often came out in the context of a society where people seemed to have no roots or moorings, but would be passively willing to accept change simply because it was all they had ever known. This was sort of in contrast to generations of people up until this time where certain things you expected to be, and remain in place as reference points for your life. So change was to be brought about, change was to be anticipated and expected, and accepted, no questions asked. Another comment that was made from time to time during the presentation was. "People are too trusting, people don't ask the right questions." Sometimes, being too trusting was equated with being too dumb. But sometimes when he would say that "People don't ask the right questions," it was almost with a sense of regret as if he were uneasy with what he was part of, and wished that people would challenge it and maybe not be so trusting.
 
THE REAL AND THE STATED GOALS
 
Another comment that was repeated from time to time, particularly in relation to changing laws and customs was, "Everything has two purposes. One is the ostensible purpose which will make it acceptable to people and second is the real purpose which would further the goals of establishing the new system. Frequently he would say, "There is just no other way, there's just no other way!" This seemed to come as a sort of an apology, particularly at the conclusion of describing some particularly offensive changes. For example, the promotion of drug addiction which we'll get into later.
 
POPULATION CONTROL
 
He was very active with population control groups, the population control movement, and population control was really the entry point into specifics following the introduction. He said the population is growing too fast. Numbers of people living at any one time on the planet must be limited or we will run out of space to live. We will outgrow our food supply and will pollute the world with our waste.
 
PERMISSION TO HAVE BABIES
 
People won't be allowed to have babies just because they want to or because they are careless. Most families would be limited to two. Some people would be allowed only one, however outstanding people might be selected and allowed to have three. But most people would be allowed to have only two babies. That's because the zero population growth rate is 2.1 children per completed family. So something like every 10th family might be allowed the privilege of the third baby. To me, up to this point, the words 'population control' primarily connoted limiting the number of babies to be born. But this remark about what people would be 'allowed' and then what followed, made it quite clear that when you hear 'population control' that means more than just controlling births. It means control of every endeavour of an entire world population; a much broader meaning to that term than I had ever attached to it before hearing this. As you listen and reflect back on some of the things you hear, you will begin to recognise how one aspect dovetails with other aspects in terms of controlling human endeavours.
 
REDIRECTING THE PURPOSE OF SEX
 
Well, from population control, the natural next step then was sex. He said sex must be separated from reproduction. Sex is too pleasurable, and the urges are too strong, to expect people to give it up. Chemicals in food and in the water supply to reduce the sex drive are not practical. The strategy then would be not to diminish sex activity, but to increase sex activity, but in such a way, that people won't be having babies.
 
CONTRACEPTION UNIVERSALLY AVAILABLE TO ALL

 

The first consideration here was contraception. Contraception would be very strongly encouraged, and it would be connected closely in people's minds with sex. They would automatically think contraception when they were thinking or preparing for sex, and contraception would be made universally available. Contraceptives would be displayed much more prominently in drug stores, right up with the cigarettes and chewing gum. Out in the open rather than hidden under the counter where people would have to ask for them and maybe be embarrassed. This kind of openness was a way of suggesting that contraceptives are just as much a part of life as any other items sold in the store. Contraceptives would be advertised and also dispensed in the schools in association with sex education!
 
SEX EDUCATION AS A TOOL OF WORLD GOVERNMENT
 
The sex education was to get kids interested early, making the connection between sex and the need for contraception early in their lives, even before they became very active. At this point I was recalling some of my teachers, particularly in high school and found it totally unbelievable to think of them agreeing, much less participating in, and distributing of contraceptives to students. But, that only reflected my lack of understanding of how these people operate. That was before the school-based clinic programs got started. Many cities in the United States by this time have already set up school-based clinics, which are primarily contraception, birth control, population control clinics. The idea then is that the connection between sex and contraception introduced and reinforced in school would carry over into marriage. Indeed, if young people when they matured decided to get married, marriage itself would be diminished in importance. He indicated some recognition that most people probably would want to be married, but this certainly would not be any longer considered necessary for sexual activity.
 
TAX FUNDED ABORTION AS POPULATION CONTROL
 
No surprise then that the next item was abortion. And this, now back in 1969, four years before Roe vs. Wade, he said, "Abortion will no longer be a crime." Abortion will be accepted as normal, and would be paid for by taxes for people who could not pay for their own abortions. Contraceptives would be made available by tax money so that nobody would have to do without contraceptives. If school sex programs 


More here:
http://aadivaahan.wordpress.com/2011/09/02/first-print-and-some-amazing-reading/
V
PS: Apologies for the length. It's actually much longer and good information, I think.

 

 

Tue, 09/06/2011 - 22:23 | 1640598 ManufacturedOpinion
ManufacturedOpinion's picture

Damn, bubba.

Are you STILL pumping your worthless and lame water article ??

Jeezus H. you're persistent.

Oh, well ... for the rest of you - skip this stupid article by the Indian spammer.

You'll thank me for it.

.

.

.

Just doing my part to stop the MANUFACTURING of OPINIONS !!

Tue, 09/06/2011 - 11:15 | 1638352 j0nx
j0nx's picture

As I've been saying for years: Gay marriage and football are all the people care about as a general rule.

Tue, 09/06/2011 - 10:48 | 1638271 CrashisOptimistic
CrashisOptimistic's picture

Italy has to have oil.

And they'll pay for it.

Brent spread just hit $27(!!).

Tue, 09/06/2011 - 10:52 | 1638281 adr
adr's picture

yeah, any reasoning to why? WTI went down $2 while Brent went up $2. Of course the IBSM data halved the WTI loss in one second, but the selling started up again once the headline was revealed to be a inflation scam.

Tue, 09/06/2011 - 11:02 | 1638312 Falcon15
Falcon15's picture

WTI is a price control. That is all. West Texas is a vast gas (natural gas that is) dome now.

Tue, 09/06/2011 - 10:48 | 1638272 adr
adr's picture

publicly funded pensions can only end in disaster. Allowing them in the first place was the mistake and doomed us all from the start.

Without austerity we crumble, with austerity we burn. Either way we're F'd.

Tue, 09/06/2011 - 10:53 | 1638285 Comay Mierda
Comay Mierda's picture

pensions were set up fine.  the problem is the asshole politicians who raid the funds' reserves.

Tue, 09/06/2011 - 11:06 | 1638326 pods
pods's picture

Anything based on YOY compounded gains is a failure.

pods

Tue, 09/06/2011 - 10:55 | 1638289 Absinthe Minded
Absinthe Minded's picture

I know a school teacher from Mass. that retired at 52. He's 62 now and has been collecting $6000 a month for the last 10 years from his pension. I know he paid in for 25 years but holy shit that's a lot of money! Those Massholes are going to have to shell out for the next 20 years (at least, the pricks in damn good health) and that's only one retiree. Good luck with that!

Tue, 09/06/2011 - 10:50 | 1638276 UTICA CLUB XX PURE
UTICA CLUB XX PURE's picture

I'd like to take a couple days off from work & do the revolution in the streets bitches thingy...

Tue, 09/06/2011 - 10:50 | 1638278 Absinthe Minded
Absinthe Minded's picture

Dow Jones down 300!!! Here we go people, I hope you're ready!

Tue, 09/06/2011 - 10:55 | 1638290 Mitzibitzi
Mitzibitzi's picture

Sadly, no. Could have used another six months of prepping and buying PM. Since you asked.

 

Tue, 09/06/2011 - 11:08 | 1638333 Sequitur
Sequitur's picture

Seriously, you still have time. Bernake has yet to announce Q.E. 3. And it is coming -- the Swiss just gave him all the cover he needs. I would still be getting PMs at this point. I am.

Tue, 09/06/2011 - 10:56 | 1638291 adr
adr's picture

Oh don't worry that just means that insider buying will once again reach epic bullshit proportions. Remember the market has already priced in a worse than recession scenario with Netflix trading around $200.

The talking heads are already salivating at the prospects of Dow QE 15k. There will be no recession...... in stock prices.

Tue, 09/06/2011 - 10:59 | 1638300 SheepDog-One
SheepDog-One's picture

And 'very oversold conditions' as well...whatever the hell thats supposed to mean.

Funny how stocks seem to never be 'overbought'.

Tue, 09/06/2011 - 11:03 | 1638314 tickhound
tickhound's picture

And the 'positive economic data'

Tue, 09/06/2011 - 11:10 | 1638336 WonderDawg
WonderDawg's picture

There will be no recession...... in stock prices.

I wouldn't bet on it. The shit is going to hit the fan (probably after another rally, but it's on the radar) and there won't be a damn thing the Fed or the ECB can do about it. At least, that's how I'm going to play it.

Tue, 09/06/2011 - 10:52 | 1638284 peekcrackers
peekcrackers's picture

ECB va fungool! 

Tue, 09/06/2011 - 10:57 | 1638293 Hdawg
Hdawg's picture

does anyone take zerohedge or any of it's syndicate website seriously anymore .. fck off

totally lost the ZIOplot

Tue, 09/06/2011 - 11:02 | 1638308 snowball777
snowball777's picture

Stick your head in your gaschamber, Nazi.

Tue, 09/06/2011 - 10:58 | 1638296 Dr. Engali
Dr. Engali's picture

Look at that dax. They are bound and determined to rip Europe apart trying to save it. What a bunch of idiots.

Tue, 09/06/2011 - 10:58 | 1638297 RobotTrader
RobotTrader's picture

Well at least some high-end Italian escorts will now be more affordable, with the Euro crashing and the dollar soaring.

LOL....

Tue, 09/06/2011 - 11:05 | 1638324 SheepDog-One
SheepDog-One's picture

LOL....with Viagra at $20 a pop, it would be a wash for you Robo, dont bother just stick to the L.A. skanks.

Tue, 09/06/2011 - 11:00 | 1638303 Libertarian777
Libertarian777's picture

maybe Libya should enforce a no-fly-zone over Italy, you know as a way to 'protect the rebels'

 

Tue, 09/06/2011 - 11:01 | 1638304 Johnny Lawrence
Johnny Lawrence's picture

Here's what I seriously don't get..

The entire world has been living beyond its means for years, both the government and private citizens.  Cuts need to be made.  Are these anti-austerity protestors arguing that no cuts should be made, or are they arguing that government policies and bankster salad tossing are making the cuts worse than they should be?

Tue, 09/06/2011 - 11:07 | 1638330 Global Hunter
Global Hunter's picture

I'm guessing that they don't like the cuts to their professions while bankers get bailed out repeatedly.  

Tue, 09/06/2011 - 11:09 | 1638337 snowball777
snowball777's picture

The latter...unshared sacrifice is not appreciated by people who actually work for a living.

Tue, 09/06/2011 - 11:13 | 1638344 Johnny Lawrence
Johnny Lawrence's picture

Ok, thanks.  I was really wondering what the tone of these protests are.  I would love to see it in the US.

Tue, 09/06/2011 - 16:52 | 1639507 Christophe2
Christophe2's picture

There are unfortunately a lot of COINTELPRO fake protest organizations around, but here's my take on how to make it happen, regardless:

http://betterinfos.com/WhatToDo.html

Tue, 09/06/2011 - 11:37 | 1638412 lynnybee
lynnybee's picture

does this mean then that BANKERS can take cuts, too ?    after all, what's good for the citizen is good for the banker ......... why is it austerity for the people & no losses for bond holders ?

Tue, 09/06/2011 - 11:01 | 1638305 RobotTrader
RobotTrader's picture

Crude oil finally getting the beat down. At least we'll be able to drive our Hummers for another couple of years with gas at comfortably low prices.

Tue, 09/06/2011 - 11:02 | 1638310 Johnny Lawrence
Johnny Lawrence's picture

Finally? Where have you been?

Tue, 09/06/2011 - 11:04 | 1638322 SheepDog-One
SheepDog-One's picture

Only MomoFader could say gas at national avg $3.50 is 'comfortably low prices'....then again it only takes half a gallon to fill his Vespa.

Tue, 09/06/2011 - 11:23 | 1638372 j0nx
j0nx's picture

Uh no. Gas has done DICK as far as dropping in price compared to crude. We should be somewhere around $2.80 a gallon at current crude prices yet here we are still hovering in the mid to high $3 range instead. Wonder why that is...

Tue, 09/06/2011 - 11:44 | 1638431 Mitzibitzi
Mitzibitzi's picture

It's sold in dollars?

Tue, 09/06/2011 - 11:01 | 1638306 snowball777
snowball777's picture

You will note what was on the table on Aug 12, removed on Aug 29th, and has not yet returned...

"...and on August 29th Mr Berlusconi unpicked his package, throwing out the measure he most disliked, a surtax on top incomes in the private sector.

(Embarrassingly, the multimillionaire chairman of Ferrari, Luca di Montezemolo, offered to pay more tax, saying “you have to begin by asking it of those who have most”.)"


Tue, 09/06/2011 - 11:01 | 1638307 Fips_OnTheSpot
Fips_OnTheSpot's picture

Ravioli +23 ;-)

 

Damnit, I wonder when Germany will wake up.

Tue, 09/06/2011 - 11:22 | 1638365 PY-129-20
PY-129-20's picture

There are already protests in Berlin about this. But only in small and insignifcant numbers so far. It has not gained much media attention. We will see.

I am only sure about one thing - sentiment is very angry judging by the recent comments (it definitely changed during these past 12 months) in newspapers and people are finally beginning to organize protest. If this thing falls apart I think we will see riots in Germany. This is somewhat unusual to a society that has a love for order. Strikes are not that common in Germany - unlike Greece, Spain, France or Italy. And Germans have become apathetic in the past two decades (since the end of the GDR). But I am sure the mood will turn aggressive at one point.

They might ask themselves: Is it okay to use the slogan: "WIR SIND DAS VOLK" - a popular slogan used in the protests against the communist GDR regime. It is used again and you can hear it on the streets of Berlin.

 

Tue, 09/06/2011 - 12:58 | 1638685 AnAnonymous
AnAnonymous's picture

This is somewhat unusual to a society that has a love for order.

///////////////////////////////////////////////////////////////////////////

If Germans love order, how does it come that the word for war is of german root in latin languages, in polish too etc and to mean originally turmoil, disorder?

Tue, 09/06/2011 - 11:06 | 1638327 digalert
digalert's picture

CALL FOR BANKSTER AUSTERITY!

Tue, 09/06/2011 - 11:28 | 1638387 j0nx
j0nx's picture

I've been calling for that for 3+ years now and the government keeps doing the opposite and bailing the banks out. And yet here we are 3+ years later in worse condition than ever with a spent wad and a bunch of politicians saying who coulda known and a populace not holding them to account for this criminal and dare I say treasonous behavior. Boggles the mind.

Tue, 09/06/2011 - 11:13 | 1638343 milanitaly
milanitaly's picture

We don't want to end like Greece.

Silvio, please, go on taking ECB for a ride, they must buy our bunga bunga bonds in any case.

Tue, 09/06/2011 - 11:26 | 1638382 PY-129-20
PY-129-20's picture

I would hope that you can get rid of this old man. Italy can do better.

Then again - which country has a better leader? Germans? Don't get me started... . What a shame to witness all of this.

Tue, 09/06/2011 - 11:48 | 1638441 milanitaly
milanitaly's picture

The Next italian leader?
Someone who fucks much more than Silvio.
This is my leader www.roccosiffredi.com

Tue, 09/06/2011 - 14:58 | 1639110 PY-129-20
PY-129-20's picture

Considerate la vostra semenza:
Fatti non foste a viver come bruti,
Ma per seguir virtute e conoscenza.

Tue, 09/06/2011 - 11:30 | 1638391 Alvaro de Esteban
Alvaro de Esteban's picture

Well. tell Draghi to prepare a GS scam. as he did for Greece. once he take the ECB chair

Tue, 09/06/2011 - 11:18 | 1638357 GoldRetriever
GoldRetriever's picture

Those who have said the average american is clueless are absolutely right. They are too distracted by the "bread and circuses" of Facebook, reality television and the NFL to know - or care - about what is happening.

 

Maybe we can start some new reality shows based on our current situation. Say, "American Idle" or "Sleeping In Our Cars." Perhaps the "Real Homeless of Orange County" would score big ratings. 

Tue, 09/06/2011 - 11:24 | 1638374 gerryscat
gerryscat's picture

The people made their beds (by always voting for the politians who lie the most); now they can lie in them.

Tue, 09/06/2011 - 11:34 | 1638399 WonderDawg
WonderDawg's picture

I don't think the people realized they were being lied to when they cast their votes. Most of the population might be asleep at the wheel, but I don't think they intentionally vote for liars. They're waking up, though it is probably too late to change the outcome.

Tue, 09/06/2011 - 11:24 | 1638375 JW n FL
JW n FL's picture

 

 

It is alomost time for a good old fashion hanging!

BYOB!

Music and Fun in the Sun!!!

Tue, 09/06/2011 - 12:17 | 1638545 JW n FL
JW n FL's picture

 

 

The reality of these or any other protests are the same that we here in America will face when it is our turn in the near future..

NOTHING!! WILL!! COME!! OF!! ANY!! PROTESTS!!

The reason why is simple, numbers.

The Bottom and Lower Rung Middle Income Crowds are on board with Fighting Back.

The Middle and Higher Rung Middle are Comfortable thusly there will be NO! Protest from them and in fact the see the Lower Rung and Bottom as exceptable losses.

In the End.. after the Bottom and Lower Rung have been silenced..

The Attack on the Middle and Higher Rung will begin.. But the bottom and lower will want no part of those peoples problems and mostly the Middle and Higher Rungs will just grin and bare it!

divide and conquer.

this battle was won thru the programing of over stimulated decades ago.

The Bottom and Lower Rung Deserve what is happening.. they are less than. they are stupid or ignorant either or it doesnt matter.. not worthy of benefit and a drag on the larger society.

The Middle and Higer Rung will not want to lumped into that crowd and will suffer with a smile rather than be seen as one of those kinds of people.

 

Greeece Fell!

Spain will Fall!

Germany is a LAP DOG! and will get in line becuase they win either way but this way with Global support.

Italy? will fall.

and then..

lastly..

after all the others have gone before.. America will fall, divided.. and by the time everyone figures out that it alwasy was a war against all of us.. will be to.. fucking.. late... 

Tue, 09/06/2011 - 11:37 | 1638415 LookingWithAmazement
LookingWithAmazement's picture

The euro will survive. Really, all the doomers can pack their stuff. All roadblocks for September are being overcome as we speak. I'm already dreaming of a white Christmas. Boring world we live in.

Tue, 09/06/2011 - 15:26 | 1639221 Use of Weapons
Use of Weapons's picture

Cocaine is a hell of a drug

http://www.youtube.com/watch?v=dUb06iLjTKA

Tue, 09/06/2011 - 11:38 | 1638417 Sneeze
Sneeze's picture

1/2 Ounce Coin says Europe is counting the dead in  less than 10 years.

(Actually I rather bet fiat, who the hell knows how many weeks of work it will take to buy a 1/2 ounce coin in 10 years)

Tue, 09/06/2011 - 11:38 | 1638419 DefiantSurf
DefiantSurf's picture

 

and now....the magic pull back....on good headline, bad content...

Tue, 09/06/2011 - 11:45 | 1638432 WonderDawg
WonderDawg's picture

Patience, Grasshopper, these things take time. But when it hits for real, you'll probably be surprised at the suddeness of it.

Tue, 09/06/2011 - 11:46 | 1638434 Salty Dawg
Salty Dawg's picture

I own gold and silver. (plenty) I log in to ZH everyday. I have food stored for my 4 children and wife. I even try to warn people about the upcoming uphevil, but Damnit I'm watching the Saints and Green Bay thursday night.

Tue, 09/06/2011 - 11:50 | 1638446 Moneyswirth
Moneyswirth's picture

When President Obama visted Paterson, NJ the other day to visited the Irene-induced flooding, there were people lining the main street, three-deep, chanting "O-BA-MA! O-BA-MA!"  

As if he was personally going to come to their homes and drain out their basements and re-do their homes.

Such is the mentality of the average American sheeple.  People are living in despair---you have a country where the average family income is less than $50K per year, costs going up, almost 1/5 of people on some kind of government assistance program, two years of UE benefits, etc, all of them with government as their last ray of hope for some kind of salvation.

And this is on the lower end of the class scale.  Those in the middle, the ones about to be squeezed out of existence, people with unsecure corporate jobs,  are barely getting by either.  Most of them have 401K plans, and have no fucking clue what's in them, most of which is probably in S&P 500 equities, most of THOSE, probably in financials, and their retirement nest eggs are getting wiped out.  All while sitting in front of their Television Machines, eating their Hot Pockets, waiting for the next episode of their favorite reality show.

Nine million people----NINE FUCKING MILLION----watched the season premier of Jersey Shore a few weeks back.

Tells you all you need to know about the state of America today.

 

 

Tue, 09/06/2011 - 12:01 | 1638494 connda
connda's picture

BAAAAAAaaaaaaa!

Tue, 09/06/2011 - 11:58 | 1638478 connda
connda's picture

Year end bonuses for Italian bankers...

...burned out Ferraris on the streets.

Open up a history book.  History is replete with examples of what happens when the "little people" are told to go eat cake -- or iPods.

Tue, 09/06/2011 - 12:38 | 1638610 topcallingtroll
topcallingtroll's picture

You dont know your history.

There are probably a hundred serious poor people rebellions that failed for each example such as the french and russian revolutions.

I will lay odds on a welfare class of people not having what it takes to run an effective revolt. It only works when the upper half of the middle class joins them. Poor stupid people are not a threat until they are organized by their betters.

Tue, 09/06/2011 - 15:20 | 1639203 IronShield
IronShield's picture

And that's a no-kidder.  They might be good at killing each other but spill-over into the more affluent areas?  Those consisting of retired/active duty military officers and senior enlisted.  Yeah, that wouldn't stand a chance of a fart in a hurricane.  Let's hope this can be resolved in a more civilized manner.

Tue, 09/06/2011 - 12:01 | 1638492 Temporalist
Temporalist's picture

Michael Tennenbaum, of Tennenbaum Capital managing $5billion, believes chance of recession is now 75% as per Bloomberg.

 

Zoellick Says World in ‘Dangerous’ Period as Europe Turmoil Adds to Risks

http://www.bloomberg.com/news/2011-09-06/zoellick-says-world-in-dangerou...

 

Mexico to cut interest rates

"Mexico will follow Brazil and Turkey in cutting interest rates next month to help shield the economy from a slowdown in the U.S., swaps trading shows."

http://www.bloomberg.com/news/2011-09-06/october-rate-cut-prediction-sho...

Tue, 09/06/2011 - 12:21 | 1638559 Dick Darlington
Dick Darlington's picture

Whoa, peeps, get out of the way, HUGE deficit plugging cash flow tsunami is on it's way!!!

Tue, 09/06/2011 - 12:32 | 1638594 topcallingtroll
topcallingtroll's picture

In a way I am looking forward to the new feudalism. Stupid serfs should have never been trusted to vote effectively.

Socialism lite could work, but the serfs are too stupid and greedy to manage it effectively without either an oligarchy defrauding them or an implosion due to mismatch between wants and reality.

Tue, 09/06/2011 - 12:58 | 1638682 manodedios
manodedios's picture

"when an italian tells me it's a pasta, i have to lift the meat to make sure" - sir alex ferguson

Tue, 09/06/2011 - 14:12 | 1638905 QEsucks
QEsucks's picture

Ivy League graduates receive SNAP cards. Victim One: advertising. Victim Two: English literature. Victim Three: working in the arts... I missed the Women's Study victim but I skimmed it quickly.

Tue, 09/06/2011 - 14:17 | 1638932 AustrianEconomist
AustrianEconomist's picture

The end of the great debt experiment is nearing and everything is pointing towards a big credit crash coming up. The world’s monetary system needs to be backed by gold in order to move forward with a sound financial system that does not allow banks create money out of thin air. Money should not be based on debt, but on sound intrinsic value.

Check out the latest from the Capital Research Institute (CRI): The Debt End Game

www.capitalresearchinstitute.org

Tue, 09/06/2011 - 14:52 | 1639076 fiddy pence haf...
fiddy pence haff pound's picture

Berlusconi's quite proud of being a rug muncher, but that's not considered manly in Italy, is it?

Look at how this one hooker (below) tried to blackmail him. He's got guts just going out in public every day.

 

http://www.guardian.co.uk/world/2009/nov/24/berlusconi-sex-record-breake...

Tue, 09/06/2011 - 18:30 | 1639832 WFO
WFO's picture

Italy has the 3rd largest gold reserves in the world (2451 metric tons) and a trillion dollar economy (not counting the under-the-table enterprise). They should default on the Euro debt and re-issue the Lira - debt free. Fat chance.

I'm half Italian and have discovered I'm an Italian citizen through my Mother/Grandfather -  jure sanquinus (by the right of blood). Wish they had their act together (gun ownership, low taxes, good business climate, etc). 

Tue, 09/06/2011 - 21:56 | 1640501 Mister Minsk
Mister Minsk's picture

Cicciolina, Cicciolina, Cicciolina, for Italia, Italia...

Mon, 11/14/2011 - 15:44 | 1876519 NEOSERF
NEOSERF's picture

The problem in the US as Tea Partiers and Occupiers are finding is that there are so damn many at fault that they have a difficult time putting a public face on who they are railing against...should it be Obama and his inability to create jobs? Anthony Mozillo and his tan sitting in Corsica somewhere?   Perhaps it is the outgoing Fannie CEO and his big paycheck?...Without a clear "Constitution" of changes, support in government for change (the problem makers cannot be problem solvers) and fatigue setting in with the mainstream public, it will be difficult to get people into the streets...that would only happen if there were basic needs unavailable; water, electricity, food and oil.

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