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It's Official: German Economy Minister Demands Surrender Of Greek Budget Policy, Says It Is First Of Many Such Sovereign "Requests"
While over the past 2 days there may have been some confusion as to who, what, how or where is demanding that Greece abdicate fiscal sovereignty (with some of our German readers supposedly insulted by the suggestion that this idea originated in Berlin, and specifically with politicians elected by a majority of the German population), today's quotefest from German Economy Minister Philipp Roesler appearing in Germany's Bild should put any such questions to bed. And from this point on, Greece would be advised to not play dumb anymore vis-a-vis German annexation demands. So from Reuters, "Greece must surrender control of its budget policy to outside institutions if it cannot implement reforms attached to euro zone rescue measures, the German economy minister was quoted as saying on Sunday. Philipp Roesler became the first German cabinet member to openly endorse a proposal for Greece to surrender budget control after Reuters quoted a European source on Friday as saying Berlin wants Athens to give up budget control." And some bad news for our Portuguese (and then Spanish) readers: you are next.
"We need more leadership and monitoring when it comes to implementing the reform course," Roesler, also vice chancellor, told Bild newspaper, according to an advance of an interview to be published on Monday.
"If the Greeks aren't able to succeed themselves with this, then there must be stronger leadership and monitoring from abroad, for example through the EU," added Roesler, chairman of the Free Democrats (FDP) who share power with Chancellor Angela Merkel.
Reuters reported on Friday that Germany wants Greece to give up control of budget policy to European institutions as part of discussions over a second rescue package.
Greece, which has repeatedly failed to meet the fiscal targets set out by its international lenders, is in talks to finalise a second 130 billion-euro ($172 billion) package.
With many Greeks blaming Germans for the austerity medicine their country has been forced to swallow, officials in Athens dismissed the idea of relinquishing budget control as out of the question.
Finance Minister Evangelos Venizelos said on Sunday Greece was perfectly capable of making good on its promises.
"Anyone who puts a nation before the dilemma of 'economic assistance or national dignity' ignores some key historical lessons," he said in a statement before heading to Brussels for a European Union summit on Monday.
And by the way, this is just the beginning:
A government source in Berlin said Germany's proposal was aimed not just at Greece but also at other struggling euro zone members that receive aid and are unable to make good on their obligations.
So yes, it is true, and Germany is dead serious. Ball is in the Greek court now: just how far will the new technocrat PM go to sell its people in exchange for a few banker smiles?
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you know how the "NO REPESENTATION WITHOUT TAXATION" came about ?
The Declaratory Act
BRITISH PARLIAMENT, 1766
An act for the better securing the dependency of his majesty’s dominions in America upon the crown and parliament of Great Britain.
....................................
PP
thats the point..it was the other way round..american revolution was founded on "no taxation without representation" i turned this around because of the permanent fiscal slippage caused by the emerged welfare democracies that go for governmnet these days
The "American Revolution" was funded by the French Bourbon Monarchy which went bust in the process and was overthrown in a Revolution by exasperated French landed with an aristocratic elite that did not like paying taxes and a peasantry which could not afford them......so you have the script
here is my "gift" to you...
http://www.scribd.com/doc/76153461/World-s-Great-Speeches
Feel free to download everything that suites you from my account on scribd ....
PP
thanks..864 pages ..hmm..well i do realise there is no orginal thought, just original experiences, but thats alot of thought thanks again
If I was Greece I would say of coarse and all we ask in return is the severed heads on a silver plater of all the Euriopean leaders who proposed such a stupid idea as the EU in the first place
German Economy Minister Philipp Roesler
Only Germany could have an Economics Minister (not Finance Minister) who is a Medic and a Finance Director who is a Lawyer. Europe just loves Lawyers as Finance Ministers but Roesler whose party has 2% support in opinion polls is a joke
When looking at my fellow citizens in Germany, 2% support is sort of a compliment.
It's a Jew World Order. If you look into it, you'll find the goyim are the 99%. And you thought you had a country!
Seriously, speaking of annexation is complete and utter bullshit. The one thing that Germans would want most is never to hear the word Greece uttered again. The Greeks can only blame themselves. A simple google search would reveal how badly that country was managed. More and more Germans think the country should declare bankruptcy - the german banks would have to receive another dose of aid but objective germans find that preferrable to sinking hard earned money into Greece. How worse off would Germany be without Greece importing goods? No one would notice. No one.
Eeehhh, wait a minute...another dose of aid?!? ANOTHER?!? FAIL, that´s what they should do if they overbought on Greek bonds. FAIL!
And then I see this in today's London Telegraph (apologies if someone already posted it, I am late and can't read the previous 3 pages of comments right now):
We’re on the brink, warns Greece ahead of summit
Greece faces “the spectre of bankruptcy and all the dire consequences that entails”, the Greek prime minister warned last night.Lucas Papademos said that unless the country’s international backers agreed to a new bail-out, Greece would be unable to pay off its loans and be forced out of the eurozone.
http://www.telegraph.co.uk/finance/financialcrisis/9048157/Were-on-the-brink-warns-Greece-ahead-of-summit.html
Now, it seems this is all finally getting REAL. But you can still pop over to CNBC and read about the Greeks being mere moments away from an agreement with creditors that will give them the PSI American media claims will satisfy the Germens... I mean the Troika for the next round of bailouts, which would only put Greece further in debt.
What is really important about this story is that the confession by the German approved (appointed) Greek PM is that it has to have the result of being self fulfilling. The reason they have never admitted this in the past was that it made the already uphill task of securing an agreement near impossible. It is a capitulation of sorts, and my thinking on it is that they have either already decided to default totally and leave the EMU, or the PM may cede sovereignty to Frankfurt/Berlin.
The former would trigger a CDS credit event which is what all this mess has been about for TPTB who have really been trying to prevent "default" since banks all over the world - especially in America have written policy on eurozone sovereign debt, if these contracts are triggered we will find out that the money they took in on those policies never began to cover possible losses and was spent on Bankster bonuses anyway. We will also see that only a small percentage of the holders of this default insurance were actual bondholders, most were speculators betting on eventual defaults, remember you do not need to hold a bond in order to buy insurance on one.
All of this will lead to contagion in the other PIIGS too if Greece is not severely punished, the only way to get the others NOT to chose the Greek solution is to make life for the Greeks so unbearable that nobody else would decide to do it.
First of all, Greece will not be the first to trigget CDS in World Ecomonic History !.. No F way.. the stakes are too high.
You know... there not 1 CDS paid in history YET..
If due to a sovereign deafult-cr event whatever... CDS are paid.. is Greece then..
Everybody in the next second will start selling Euro and buy dollars
The cost of borrowing in EU/Jap and Australia wil go sky high
The cost of comodities will fall
All banksters GS/JP/MS will start betting on Severeign debt allover the world.. even on African countries ( AGAIN )
No one wins if CDS holders go for a claim... and i dont think they will win the case anyway, regardless of ISDA committes and regulations. They need 12/15 votes. You know who has voting right in ISDA ..!
Its an UGLY POWER GAME.
PP
read this one..
http://www.scribd.com/doc/78505037/Who-is-Sovereign-in-SovereignDebt-PP
If a couple/few mega-banks get whacked...It's just that much more power concentration in fewer hands...Someone's going out to the tool shed! Billions will be made!
Porta Porta...I dig your comments...
Thank you.
let me inform you about the truth of Greek debt.
1. They say ... They say it is 360billion Euro ! ( THEY SAY !.. never allowed a DD on it ! )
2. The 360billion Euro is 230 billion INTEREST and 130billion Capital - Actual Official DATA.
- youve heard of PSI... haircut 50%.. which with low interest at 3.7% goes to 68% haircut.. ON/OF WHAT ? see (2)
3. Germany owes Greece ( from WWII IMPOSED NAZI LOAN TO GREECE ! ) 300billion Euro with interest included.
If i were the Greek PM, i would go to GS and Israel Gov and assigned them the German debt to Greece (3) with an incentve of 25% for fast collection ( 1y )... WHAT DO YOU THINK WOULD HAPPEN THE NEXT 1 HOUR ????
PP
Now That's really mixing and stirring everything up...I love it! But are the Germans the ones really calling the shots?...From reading other posters' comments this weekend...I have my doubts...Seems more of an Anglo-American thing...
"our" politicians gave up our gun and passed it to Merkel.. now Merkel is doing the negotiations wtih Greek Bond Holders.
"Our" FINMIN incpacity and incopetence is unique in history.
My moto is : "Necessity is the mother of invention"...
and i beleive in the "Act of God" like in the ancient Greek tragedies.... the "catharsis" but as the ancients kave tought us.... "move your arm even if Goddess Minevr is helping you".
We will find the right honest and sound way around the banksters. sooner or later.
You know the governing party on the polls today is at 11% !! lol lol the 11% decides for the rest of the Greeks ... along with another 20% and another 5%.. altogether 36% on this hybrid coalision bullshit parade...
i ll be the first to tell you the news !
PP
From what I've gathered here over the weekend...Does Merkel even have the official authority to do any of this? What the hell is she doing campaigning with Sarkozy...Pretty strange stuff going on over there! To this simpleton...Greece needs a Pericles or a Leonidas pretty damn quick!
Germans have majority in ECB, high % in IMF...ect..
Sarkozy has elections. Sarkozy holds 416billion Italian debt and about 60bill Greek
Sarkozy is already downgraded..! BNP is the biggest Bank in EU and among the top 3 Wwide on assets.
EU has 25trillion Euro TOXIC DERIVATIVES ON BALL SHEETS ( UNDER THE RADAR ) but the 3 sissies know !!!
Merkel also has ellections. Obama as well. THEY ARE ALL POLITICIANS...
Have you ever wondered why EU does not have their own Rating Agency ?? The reason is very simple.
That agency would have POLITICIANS to manage it. !!! lo loll... and no F* way the FED and the IFM would ever allow that to happen... ! EVER trust the politicians or a pre election campaign.. dealing with Rating Sovereign debt and issue derivatives' ratings !! axxaxaa i am loughing my heart out.
And this is the reason why FED passed UNLIMITED FUNDING to ECB... and on 2011 passes 70billion with swaps not bail out money !! lo loll so the US politicians.. wont bite them on the neck.. but they didi it ! the SWAP way.
PP
As to whether “Germans have a majority in ECB, high % in IMF” may be questionable: the current president of the ECB is Goldman’s Mario Draghi, Italian (past president was Jean-Paul Trichet, French Jewish), with Vitor Constancio (Portuguese) as vice president. The four other executive members are Peter Praet (Belgian), Jose Manuel Gonzalez (Spanish), Benoit Coeure (French) and Jorg Asmussen (German).
As for German voting power, we’re getting contradictory information. TK7936 wrote yesterday:
“When will Zerohedge research how european institutions work? Maybe figure out that Germany is outvoted in all of them by 75-80 % Maybe also figure out that Germanys voting rights are limited in preference of smaller countries and so is not even represented to the size of its population something you cant say for its fiscal contribution. Yet "Ze Germanz taking over" is the only thing being written here as if it was a German attack of some sort or conspiracy. The only conspiracy that exists is non national and entirely embedded in the monetary system not just of europe but also America.”
check the conribution % per country ! ECB i think its 19% germany
ECB
Euro area NCBs’ contribution to the ECB’s capital NCB Capital key % Paid-up capital (€) Nationale Bank van België/Banque Nationale de Belgique 2.4256 220,583,718.02 Deutsche Bundesbank 18.9373 1,722,155,360.77 Eesti Pank 0.1790 16,278,234.47 Central Bank of Ireland 1.1107 101,006,899.58 Bank of Greece 1.9649 178,687,725.72 Banco de España 8.3040 755,164,575.51 Banque de France 14.2212 1,293,273,899.48 Banca d'Italia 12.4966 1,136,439,021.48 Central Bank of Cyprus 0.1369 12,449,666.48 Banque centrale du Luxembourg 0.1747 15,887,193.09 Central Bank of Malta 0.0632 5,747,398.98 De Nederlandsche Bank 3.9882 362,686,339.12 Oesterreichische Nationalbank 1.9417 176,577,921.04 Banco de Portugal 1.7504 159,181,126.31 Banka Slovenije 0.3288 29,901,025.10 Národná banka Slovenska 0.6934 63,057,697.10 Suomen Pankki – Finlands Bank 1.2539 114,029,487.14 Total1 69.9705 6,363,107,289.36IMF
DirectorAlternate Casting Votes of Votes by Country Total Votes1 Percent
of Fund
Total2 Appointed Meg Lundsager
Vacant
United States 421,965 421,965 16.75 Mitsuhiro Furusawa
Tomoyuki Shimoda
Japan 157,026 157,026 6.23 Hubert Temmeyer
Steffen Meyer
Germany 146,396 146,396 5.81 Ambroise Sixte Armel Francois Fayolle
Alice Terracol
France 108,126 108,126 4.29 Alexander Gibbs
Robert James Elder
United Kingdom 108,126 108,126 4.29
on ESM ( approx 62obill E )
germany 168 bill
Italy 126 bill
Spain 111bill
PP
Mario Draghi
President of the ECB
Vítor Constâncio
Vice-President of the ECB
Luc Coene
Governor, Nationale Bank van België/Banque Nationale de Belgique
Ivan Iskrov
Governor, Bulgarian National Bank
Miroslav Singer
Governor, Ceská národní banka
Nils Bernstein
Governor, Danmarks Nationalbank
Jens Weidmann
President, Deutsche Bundesbank
Andres Lipstok
Governor, Eesti Pank
Patrick Honohan
Governor, Central Bank of Ireland
George A. Provopoulos
Governor, Bank of Greece
Miguel Fernández Ordóñez
Governor, Banco de España
Christian Noyer
Governor, Banque de France
Ignazio Visco
Governor, Banca d'Italia
Athanasios Orphanides
Governor, Central Bank of Cyprus
Ilmars Rimševics
Governor, Latvijas Banka
Vitas Vasiliauskas
Chairman of the Board, Lietuvos bankas
Yves Mersch
Governor, Banque centrale du Luxembourg
András Simor
Governor, Magyar Nemzeti Bank
Josef Bonnici
Governor, Central Bank of Malta
Klaas Knot
President, De Nederlandsche Bank
Ewald Nowotny
Governor, Oesterreichische Nationalbank
Marek Belka
President, Narodowy Bank Polski
Carlos Costa
Governor, Banco de Portugal
Mugur Isarescu
Governor, Banca Nationala a României
Marko Kranjec
Governor, Banka Slovenije
Jozef Makúch
Governor, Národná banka Slovenska
Erkki Liikanen
Governor, Suomen Pankki - Finlands Bank
Stefan Ingves
Governor, Sveriges Riksbank
Mervyn King
Governor, Bank of England
Here is your European dilemma:
Josef Bonnici represents 417.608 citizens (Malta).
Jens Weidmann represents 81.768.000 citizens (Germany).
One man, one vote.
Imagine San Juan/Puerto Rico being able to neutralize the votes of California+Texas+Florida.
Double post.........
Aah, Lucas Papademos! on his way to the EC Summit in Brussels! The incestuous relationship of big banks, university economists carrying passports of more than one country, heads of government, the IMF and the Federal Reserve is striking; frightening.
The Greek “cross currency swap” engineered by Goldman Sachs just after Greece was admitted to Europe’s monetary union, for example, involved at the time:
Greek Prime Minister Contantine Simitis, leader of the Panhellenic Socialist Movement,
Lucas Papademos (until recently vice president of the European Central Bank*) then governor of the Bank of Greece and Greece’s rep on the IMF,
and Christoforos Sardelis, head of Greece’s Public Debt Management Agency at the time, who held Swedish citizenship for a number of years and came to his public post from the Bank of America, and is now with Banca IMI, the investment banking unit of Italy’s Intesa Sanpaolo.
Papademos, educated at MIT, had been at Columbia University and in 1980 was senior economist with the Federal Reserve Bank of Boston. He formed his Fed connections when he was a top research assistant to the late Nobel Prize-winning economist Franco Modigliani, who was born in Italy but left Rome in 1938 when Mussolini announced new laws against the Italian Jews. Modigliani had close contacts with the Federal Reserve and his students, along with Papademos, have included Charlie Bean, Deputy Governor of the Bank of England, and Stanley Fischer, Governor of the Bank of Israel.
Papademos served through 2002 to 2010 as European vp with its president, Jean-Claude Trichet, former alternate governor of IMF, governor of the World Bank and member of the Washington-based financial Group of Thirty. He’s also former chairman of the Paris Club, a financial group of officials of 19 countries that can provide debt cancellations, for restructuring for indebted companies and creditors referred by the IMF.
Fischer, before becoming an Israeli citizen to head Israel’s central bank, had been vice president and chief economist at the World Bank, first deputy managing director of IMF, vice chairman of Citigroup, president of Citigroup International, head of the Public Sector Client Group, a member of the Washington-based financial Group of Thirty, and Fed Chairman Ben Bernanke’s Ph.D. thesis advisor at MIT.
At MIT, Modigliani worked closely with Nobel laureate Paul Samuelson, uncle of National Economic Council Director Lawrence Summers (family name earlier had been changed from Samuelson to Summers).
The members of this closed membership insider mob…bought economists, politicians and the rest…are the foot soldiers for the financial tyrants who are strangling our country and the world...
Whatever's happening...GS will be on the right side of the trade...
They never lose.. they got 850bill USD on the last crisis... a GIFT from US Taxpayers.
What if all Countries bought CDS on GS default..? lets say 100 billion worth of it.
PP
Off topic but important
http://nukepimp.blogspot.com/p/astronomy-and-carrington.html
The Carrington effect (solar storm) could cause a large area power loss that may take years to restore.
And you know what happens to nuke plants when you take their power away.
After a massive solar minimum, not seen in centuries, we are springing back with a solar maximum that is going to be a doozy. Even Sunday, another massive Coronal Mass Ejection threatens earth and we may get more than just a light show.
And check out the other resources on the "Nukepimp" blog which is a stop the nukes site. Drop a comment.
There's a lot of blaming the victims going on here on this thread. So, who are the victims? Plenty of people in plenty of places who think the victims are other people in other places, that's who.
There's plenty of blame to go around...Everybody's been sweeping the dirt underneath the rug...Now it's just coming out the other side...Fingerpointing is the next 'logical' step......
White people eating each other so financiers can service their debt. What else is new.
As I see it, the Germans are under no obligation what so ever to bail out the Greeks, nor is anyone else. Now if I'm going to bail your broke ass out, I'm going to dictate the terms, or else you can just sink or swim on your own. Greece gave up its sovereignty when it agreed to overextend itself - that should be a lesson to all nations, including the good old USA.
PM smackdown commencing right on schedule.
To me, it feels like we'll have one more deflationary wipeout...Metals, equities, all asset classes...The degree of the selloff is unknown...What comes after will be the biggest inflationary upstart any of us have seen...I reason the Fed is planning on something big when everybody crys UNCLE!!
I could very well be wrong...I understand this all too well...Something just doesn't fit though...Can equities keep melting up 100-150 Dow points a week before everybody just screams Bullshit!!! If they haven't already...
Far from everyone screams "Bullshit!"
Conventional wisdom says stocks are cheap. Around here we only have our court jesters RetardTrader and MillionDollarDouchebag but MSM is awash with people screaming "Buy, buy, buy!!!"
Good point...Long live Dow 30,000...What would the Gold price be...$5000? That's still only a 6:1 DGR...Man, interesting times indeed!
Well, here's a good example of what you can do with the euro (or any fiat paper currency) in the case of hyper-inflation:
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T142650Z_2128815304_...
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T142614Z_01_CMN07_RT...
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T142447Z_1314505747_...
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T142315Z_1970427249_...
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T140853Z_01_CMN01_RT...
A hyper-inflated Euro-Currency makes a good raw material for making bricks:
http://media.zenfs.com/en_us/News/Reuters/2012-01-24T142224Z_473424034_L...
In my humble opinion, the Greek government will go the route of Iceland; tell the banksters to pound sand, leave the Euro and return to the drachma, lest the Greek people start stringing polititions from elevated structures.
Heard a credible rumor the the Greek government and John Hancock Co are filing a class-action lawsuit against Goldman Sachs and JPM regarding sales of worthless MBS to Greece and betting against them via off-shore hedge funds.
Yes it would seem like that, good play. But the Greeks balls are missing. They should, won't mean squat to a fisherman who drinks Ouzu and has a simple life. The Germans/French are now essentially governing Greece.
Something will give
have a look here..
http://www.scribd.com/doc/79791229/Who-Owes-to-Whom-in-EU-19-09-2011-PP
PP
Greece wants to default.
You can sense it, they just don't have the balls to say enough is enough.
Force of hand. C'mon hedge funds, kill this, short it and flush out the system. Governments are balless
http://www.scribd.com/doc/79786700/UBS-WB-CS-MS-JPM-GS-DB-NOM-for-ECB-Eu...
everybody is scared shittless
PP
and they will run to governments and central banks to get the bailout once the Greek CDS markets goes. There is NO way hedge funds will want to be the loser party. CDS trigger kicks in, hedge funds get paid. They will go for the neck, as the 'banks' run for the bailouts again.
1.32 handle on the EUR just blew
There no chance in this galaxy that the CDS get paid.. no F way !
if so, the whole system will collapse. the essence os CDS is ... to buy/sell hold exploit.. and NOT GET PAID.-
everybody will bet on the others debt.... there will be WWIII & IV together in one package.-
None is paid in the history of derivatives yet, and thats not a statistical nonsense.
PP
Then they will go bidless, either way you can BET the house the hedge funds won't want a raw deal. They can short CDS markets and the EUR. Eveyone in the world knows the banks will get direct ECB money pumbs and Goverment underwriting.
So, pain to come.
That's reality.
so prepare.
Dear PP
Kyle Bass said in a BBC interview that Greek banks have 50% of CDS issued over Greek debt. My view is that the Greek cleptocrats/elites are actually considering a hard default as their 2nd option. If something like that happens they will try to blame it all on the "bad" Germans, EU etc. everybody but themselves. And try ofcourse to get their payout.
Ofcourse people in Greece will always be held accountable to pay the bill whatever is the outcome. Isn't it telling the fact that the Greek people is ruled by a such corrupt elite that has so much to gain by their destruction?
People should get organized against the current regime! It isn't Merkel's fault that we have such corrupt governance! Sooner or later Greek people must become more responsible and take their future in their hands!
BBC interview (0:40)
http://www.youtube.com/watch?v=4HW8J59rQNQ
Drider...
miss you !
had no idea about Basses' remark !! jesus... instead of buying Portugal and Italy.. and Austria.. they bought Greece !
Hang em high
PP
CDS is the barometer of the health of a government ?? caxaxaxaaaaa
Jesus
PP
FYI
http://www.scribd.com/doc/79735497/Derivatives-The-600-Trillion-Time-Bom...
http://www.scribd.com/doc/79735505/OCCs-Quarterly-Report-on-Bank-Trading...
The "UNOFFISIAL"
http://www.scribd.com/doc/79735497/Derivatives-The-600-Trillion-Time-Bom...
the "OFFICIAL"
http://www.scribd.com/doc/79735505/OCCs-Quarterly-Report-on-Bank-Trading...
do the math..
PP
Then, off we go to Davos, Switzerland where it is quite cold (or is it hot?)...
http://media.zenfs.com/en_us/News/ap_webfeeds/47c7e461d3959402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/a2fdf128d3b89402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/46e27cd9d3a99402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/8584e03ed3b19402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/514b7012d3ba9402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/97625d43d3a89402050f6a7067...
http://media.zenfs.com/en_us/News/ap_webfeeds/e79a24cfd3a79402050f6a7067...
Desperation is the raw material of drastic change. Only those who can leave behind everything they have ever believed in can hope to escape.
-William S. Burroughs
Burroughs is by far one of my modern favorites...Nova Express and The Wild Boys are two to three hours of shaking it all up...Never fails!
Citi 1.2 trillion in assets and 37.6 trillion in off balance sheet derivatives.
Deutche Bank Under fire from internal whistleblower for accusing bank of fudging numbers.
Ernst & Young accused of helping hide financial risks at Lehman Brothers, you can read about it here.
GE (Who Obama has as its head as his Council on Jobs) took money in bailouts, owns MSNBS and CNBS and GE Capital slashed about 11,000 jobs or 10% of its workforce, you can read about it here.
JP Morgan Chase 1.4 trillion in assets and 89.9 trillion in off balance sheet derivatives. Its former executive is Obama’s Chief of Staff.
i LOVE THE TRAGEDY OF MONEY
PP
Porta Porta:
You are hereby ordered to post your comments on ZH atleast daily if not hourly!
lol... its 2.50 am here buddy !
i am still busy...an f tired.
PP
We called it short into the weekend, and so far so good
http://oahutrading.blogspot.com/2012/01/short-into-weekend.html#disqus_thread
TOS death watch. TOS fails at the most inopportune moments. Their futures failed on Sunday, on a 1% drop in ES futures. Wow
But their chart "look" like they are accurate.
You would be terribly misled if you didnt have other sources.
Death Spiral
Here is current view on TOS and prophet
ES at 1306
http://oahutrading.blogspot.com/2012/01/so-far-nailed-short.html
Wow, just wow. ES took a dive. What gives.
Primary dealers = plunge protection team may have run out of money without finding any suckers to dump on.
Russia stepping in anytime now.
Russia has already bailed out Cyprus, eying the strategic position and the natural gas found in its economic area.
The leader of the Greek opposition (and now part of the coalition government, leading the polls by a safe margin) went to Russia last week to meet Putin.
Greece is ready to start searches for gas/oil in their borders or declare its own economic area.
Russia/Israel already sent war ships patrolling the aegean sea to make sure no 'random/local' incident disrupts the process.
There are two points in the EU/IMF/ECB/GR Memorandum relating to the above: Greece is not allowed to pay up for its ever increasing debt by getting a loan from a 3rd country (like Russia/China) without Troika's consent, and all its assets (including oil/gas/metals as explicitly stipulated) can be forcefully used to repay the debt at a price set out by the lenders. (Talk about fair terms as set out by equal partners in a union. )
Will EU/IMF be able to justify declining an aid from Russia to Greece?
As for the FireSale of 50b€, (22%of GDP), with the current rating of the Greek economy it would be hard to get this sum of private funds interested. Why buy now, when in 3 months the assets will drop even further? This comes straight from a few different City fund managers. Even on a thriving economy, no 22% of GDP privatization could be done at fair values.
The only ones that would commit to such an 'investment' would be other EU countries, with freshly printed fiat money, getting control of the resources of the country, while claiming that it would be done for the stability of the eurozone and the good of the world economy.
Have you checked Russia's standard of living?
A nation of dying drunk men can't bail out anybody.
What does standard of living have to do with this?
1) Russia's macro:
GDP nominal $1.465 trillion (2010)
GDP (PPP; 6th) $2.222 trillion (2010)
GDP growth 4.9% (2011 est.) [3]
Public debt $36,0 billion, 2.5% of GDP (1 November 2011)
2) Russian bail out of Cyprus:
a) Cyprus' Council of Ministers approved an agreement with the Russian Federation for a €2.5 billion loan
b) Official figures released last year show that Russian investment in Cyprus reached $15.96 billion (€12.37 billion). Unofficially, the figure is believed to be much higher.
And ofcourse the Russians had set up their little money laundering business in Cyprus. Just talking about invested interests ...
Russia has perfected the society the US aspires too.......the 1% live very very well
Who would have thunk! Cyprus being ground zero with an X on their back....Hahahahhahhahaahahhahahaha............
The markets have price this in a long time ago, which means that the risk-on rally is likely to continue. There are multiple markets confirming the risk-on trend, which may last several months possibly. Here is a look at the DX, SPX, CL, AUDUSD, and EURNZD. http://bit.ly/x7a7IN
Blythe must expect JP Morgan's $75 Trillion in interest rate swaps to vaporize The Morgue when Greece defaults- apparently Blythe Masters is leaving JP Morgan for Deutsche Bank effective Monday.
http://silverdoctors.blogspot.com/2012/01/breaking-news-blythe-masters-leaving.html
This mother hen idea goes over in Greece like anywhere else, like a lead balloon. Take the free money as long as you can, then say we were stupid drunk, srry, default.
I know you want her to stay, but it's over. Just let her go. She married you for your money and she's just going to rip you off again and keep breaking your heart.
Get OVER it, Germany.
one of my favorite german expressions translates as (be my brother or i smash your face in"
Kicking the can is natural to US citizenism.
Those kinds of thread exhibit how US citizens who are in charge of financial affairs kick the can more because of their US citizen eternal nature, than because of any economical train of thoughts.
Funny the number of US citizens who keep kicking the can about admitting what is plain to see: Germany is behind the curtains.
Even when Germans leave the backstage, decline their identity, express their demand clearly, they can not be the director. It has to be someone else.
The can has to be kicked.
Notice by the way how the revolutionary dimension of US citizens leads them to circular logics:
-Germany has a strong, non Ponzi economy
-Germany is not sovereign and pushes to demand Greece surrender of sovereignty by bankers
-Germany has a strong, non Ponzi economy
Looping back over and over again.
No matter the amount of additional data, there is no break.
ANother funny point among many is the perpetual song of the extorter US citizens love to sing.
The extortion act is performed at the expense of the extorter who sacrifices himself to the benefit of the extorted.
Greece has to surrender its sovereignty for its own good, while being put under monitoring by Germany, Greece will fare much better as the Germans will suffer all the pain in the world to ease their greek brothers' ill fate.
The math running crowd still want to impress the idea that consolidation of debt between two insolvent agents is done at the expense of the larger indebted entity to favour the smaller one.
Maths never lie.
Indeed, as what it is going is plain and simply. In an expansion scheme as unleashed by US citizenism, once the exterior is consumed, there is no more room left to expand but into the interior that has been so far preserved from expansion consumption.
Germany is simply eating an interior weakling in order to buy time.
But hey, US citizen cheap propaganda tells much better tales, like an extorter has the sourer deal in an extortion scheme etc...
Tales over reality, that is US citizenism.
Excellent comment. This is the unfortunate reality.-
i would call it : " Buying out time and buying in debt"
also noone mentions the "write down of Greek debt" - in PSI, instead of "write-off the debt" !
The courts will be very busy in the years to come.
PP
and none mentions the ROLE OF THE CLUB OF PARIS... CLUB de PARIS... !
pp