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Key Highlights From The Merkel Sarkozy Meeting

Tyler Durden's picture





 

Here are the key highlights for now:

  • And fade: Sarkozy says "Maybe" Eurobonds imaginable one day
  • Merkel says Eurobonds wont help resolve crisis
  • Sarkozy says not enough integration for eurobonds now
  • Eurobonds have no democratic legitimacy now, Sarkozy says
  • French president Sarkozy says proposal would elect a Eurozone president for two and a half years
  • Van Rompuy Proposed as Head of Euro Council
  • Merkel says debt brake to be anchored in German, French law. And so the take over of europe by the new axis countries: France and Germany, is complete.
  • French president Sarkozy says proposals would ask 17 Euro zone countries to put deficit limit rule in constitutions by summer 2012
  • French president Sarkozy says working on 'ambitious' joint proposal
  • French president Sarkozy says to send a joint letter to EU's Van Rompuy with proposals
  • French president Sarkozy says himself and Merkel are absolutely determined to defend the EUR
  • France, German to aim to harmonize corporate taxes from 2013
  • French president Sarkozy says proposals would ask 17 Euro zone countries to put deficit limit rule in constitutions by summer 2012
  • French president Sarkozy says France and Germany will propose tax on financial transactions in September
  • Merkel says stronger Euro needs stronger economic ties
  • Merkel says one "big bang" won't solve euro debt crisis
 


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Tue, 08/16/2011 - 12:13 | Link to Comment John McCloy
John McCloy's picture

Are these guys cracked? And when they get ousted and people do not want a Euro President than what? 

Tue, 08/16/2011 - 12:23 | Link to Comment clymer
clymer's picture

"Van Rompuy Proposed as Head of Euro Council"

so much for elections. Just let the entrenched banking establishment assign your leadership for you. And tell you how much of your labor will get paid directly to them, in exchange for giving them the dreaded responsibility of being able to print your currency - on demand, and backed by nothing.

When is this old rock going to wake up and re-institute the guillotine


Tue, 08/16/2011 - 12:13 | Link to Comment hackettlad
hackettlad's picture

It's all Sarkozy - what does Merkel have to say?

Tue, 08/16/2011 - 12:25 | Link to Comment Construct
Construct's picture

.

Tue, 08/16/2011 - 14:14 | Link to Comment AnAnonymous
AnAnonymous's picture

When are the reelections of Merkel and Sarkozy?

Maybe, suddenly, out of a miracle, once they are reelected and their position secured, the eurobonds will gain the required democratic legitimacy, just like that, by enchantment.

Tue, 08/16/2011 - 14:27 | Link to Comment M.B. Drapier
M.B. Drapier's picture

Sarkozy was apparently hot for Eurobonds going into this summit process, so the sudden words of concern about democratic legitimacy and so on are probably all Merkel's, even if they come out Sarkozy's mouth.

Tue, 08/16/2011 - 12:25 | Link to Comment Construct
Construct's picture

.

Tue, 08/16/2011 - 12:14 | Link to Comment TradingJoe
TradingJoe's picture

So in essence NOTHING!

Tue, 08/16/2011 - 12:17 | Link to Comment A Man without Q...
A Man without Qualities's picture

"full of sound and fury, signifying nothing."

Tue, 08/16/2011 - 12:22 | Link to Comment Spirit Of Truth
Spirit Of Truth's picture

European leaders just want to reemphasize that all is well and investors should remain calm.

http://www.youtube.com/watch?v=zDAmPIq29ro

Tue, 08/16/2011 - 13:19 | Link to Comment AlaricBalth
AlaricBalth's picture

"After all is said and done, a lot more will have been said than done."

Tue, 08/16/2011 - 14:21 | Link to Comment AnAnonymous
AnAnonymous's picture

Why nothing?

Eurobonds is a big story. A big step. They are trying to play the US playbook to dissolve peoples.

The eurobond creation will be coupled to the creation of a European people and the dissolution of the former european peoples.

It is big.

This possibility hitting the public political scene, being weighted, being evaluated, is already a big step.

You cant expect a nation to vote itself into oblivion after one single night thinking about it.

That is marketings. They are creating the desire of it. It takes time.

 

Tue, 08/16/2011 - 12:14 | Link to Comment Ratscam
Ratscam's picture

hahaha was für ein Kasperltheater

Tue, 08/16/2011 - 12:16 | Link to Comment TradingJoe
TradingJoe's picture

Hah, war das nicht immer so?! BR und BT werden es nicht zulassen, hoffe ich zumindest!

Tue, 08/16/2011 - 12:15 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

What is the point of any of these meetings when nothing ever gets solved? It is a total waste of everybody's time.

Tue, 08/16/2011 - 12:24 | Link to Comment nonclaim
nonclaim's picture

I'd really like to hear an audio leaked from these meetings...

Tue, 08/16/2011 - 12:31 | Link to Comment baby_BLYTHE
baby_BLYTHE's picture

 I bet they speak on economic matters for 5 mins. The rest of the time is spent discussing fine wine and vacationing with other members of the elite

Tue, 08/16/2011 - 12:46 | Link to Comment sulfur
sulfur's picture

They talk about nothing they just try to memorize these shitty statements some fucking rothshild bastard prepared for them - by the way looking at the quality of the actors these days some of our fellow sheeple call politicians its pretty obvious that they cant even afford good puppets anymore

Tue, 08/16/2011 - 16:37 | Link to Comment FeralSerf
FeralSerf's picture

These last ten years have proven beyond a shadow of a doubt that our owners don't need good puppets.  Just about any will do, so why risk having someone who actually knows his ass from fat meat?  He might bite.

Tue, 08/16/2011 - 13:10 | Link to Comment mudduck
mudduck's picture

Excerpt; Insert name and alternate speaker, Merkel or Sarkozy, doesnt matter; 'It's your turn to blow me.' 'No, it's your turn to blow me.' Repeat until Van Rumpboy calls and tells them what to say the meeting was about.

Tue, 08/16/2011 - 12:26 | Link to Comment Idiot Savant
Idiot Savant's picture

It's a "feel good" world and very few people want the truth. People want to believe that something can and will be done; that's what these meetings provide. Just look at all the terminally ill, stage four cancer patients who waste their final months in agony due to chemo. People want hope, even when there is none.

Tue, 08/16/2011 - 13:36 | Link to Comment Instant Wealth
Instant Wealth's picture

Propaganda is the point.

Tue, 08/16/2011 - 12:15 | Link to Comment unwashedmass
unwashedmass's picture

is it me, or is this so much nothing?

 

Tue, 08/16/2011 - 12:15 | Link to Comment kilters
kilters's picture

So, promises of another politician and vague proposals.

That was worth waiting for.

Tue, 08/16/2011 - 12:16 | Link to Comment firstdivision
firstdivision's picture

L-0-Fucking-L! Good luck selling this to your repected consituents.

Tue, 08/16/2011 - 12:16 | Link to Comment pesamystik
pesamystik's picture

Haha, One World Government. Can we just get it over with an elect the President of the World? Once mars gets done bailing us out, I hope we settle down and issue a joint Mars-Earth bond, because I will definitely invest in that.

Tue, 08/16/2011 - 12:22 | Link to Comment oogs66
oogs66's picture

obama could be looking for a job soon, since Europe likes him so much, maybe he can be world head

Tue, 08/16/2011 - 14:22 | Link to Comment DosZap
DosZap's picture

oogs66,

"obama could be looking for a job soon, since Europe likes him so much, maybe he can be world head"

Uh, AntiChrist?..............Head of U.N. first, and graduates?.LOL

Tue, 08/16/2011 - 13:03 | Link to Comment j0nx
j0nx's picture

Elect?? More like appoint. Elections are for free people.

Tue, 08/16/2011 - 12:17 | Link to Comment pappyhlace
pappyhlace's picture

algos gone wild - how the f do u trade this tape...

Tue, 08/16/2011 - 12:20 | Link to Comment TradingJoe
TradingJoe's picture

you pick one side and stick with it:))

Tue, 08/16/2011 - 12:38 | Link to Comment Greater Fool
Greater Fool's picture

+1 (in expectation)

Tue, 08/16/2011 - 12:17 | Link to Comment eurusdog
eurusdog's picture

The tighter the seperate countries become, the more destructive the outcome. Go EUROBONDS!

Tue, 08/16/2011 - 12:18 | Link to Comment Quintus
Quintus's picture

I'm struggling to see how any of this has even the most tangential relationship to the actual problem of internal Eurozone debt dynamics and rapidly slowing economies.

It is just me or should Merkel and Sarkozy just have made better use of their time and gone out to see a movie or something?  What a waste of a day.

Tue, 08/16/2011 - 13:43 | Link to Comment narnia
narnia's picture

these idiots aren't trying to solve the problem.  they are 100% vested in keeping the EUR together, and are channeling hank paulson. 

most people outside of the banking community in Europe remember life before the EUR.  certainly, going back to sovereign debt & soverign currencies is a better solution than allowing the cancerous tail to spread to the heart of the continent.  

breaking this thing up in a continential bankruptcy proceeding will be less problematic than having it implode...  the same thing being true in the US.  

Tue, 08/16/2011 - 12:20 | Link to Comment falak pema
falak pema's picture

Euro at the cross roads and... in the cross fires of US Hfs on the rampage. Can't get more catastrophic than that for the world capitalistic system. Its the mad hatters party in the race to the bottom. Kill one, you kill em all, as they are so incestuous in bunga-bunga derivative play, its a real orgy of interconnected ass holes. 

Greece bashing and then Italian bashing, then French bashing of banks and...whooom, swooosh...all the banks fall, every where. 

Tue, 08/16/2011 - 12:19 | Link to Comment buzzsaw99
buzzsaw99's picture

Merkel is Sooo GONE!

Tue, 08/16/2011 - 12:20 | Link to Comment Sudden Debt
Sudden Debt's picture

EUROZONE PRESIDENT?!! VAN ROMPUY?!!

WTF!!!!!!!!!!!!!

TAX ON FINANCIAL TRANSACTIONS???!!!!

IS THAT A TAX ON MY WAGES BEING DEPOSITED ON MY ACCOUNT ON WHICH I ALREADY PAY 55%????!!!!!!!!

 

AAAAAAAAAAAAAARRRRRRRRRRRHHHHHHHHH!!!!!!!!!

WHO WANTS THAT???!!!

NOBODY!!!!!!!!

AND THOSE WHO DO SHOULD BE SHOT!!!!!!

 

Tue, 08/16/2011 - 12:33 | Link to Comment whirlybird rules
whirlybird rules's picture

..     and then, Van Rompuy would be perfect for the job..  he's an idiot executing a fool's errand for a band of pirates.  

Tue, 08/16/2011 - 12:50 | Link to Comment NotApplicable
NotApplicable's picture

Maybe you should move to Greece?

Tue, 08/16/2011 - 13:34 | Link to Comment vocational tainee
vocational tainee's picture

My dear belgium, you can see, europe is not much of a difference to us ,when it comes to politics...

Tue, 08/16/2011 - 21:40 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

@ sodden doobt:  i've been away today, catching up;  when i read that, you came to mind.  i'm not sure what your laws are;  i don't even know mine;  but, don't commit any felonies, ok? 

Tue, 08/16/2011 - 12:19 | Link to Comment oogs66
oogs66's picture

more polticians, more debt, yeah, all good...joke

Tue, 08/16/2011 - 12:19 | Link to Comment Boilermaker
Boilermaker's picture

Time to jack the shit out of the markets as a show of 'CONFIDENCE' for the people.

Tue, 08/16/2011 - 12:20 | Link to Comment eurusdog
eurusdog's picture

Markets collapsing, now you know why they waited until the European houses were closed.

Tue, 08/16/2011 - 12:21 | Link to Comment entendance
entendance's picture

rule 34...no exceptions and zero credibility. € is over.

http://www.entendance.com/forums/viewtopic.php?f=6&t=784&p=18769#p18769

 

Tue, 08/16/2011 - 12:22 | Link to Comment Racer
Racer's picture

Tax on financial transactions?

So I pay a bill using my bank account  that is a financial transaction so it is going to be taxed? Hmmm, I will do everything with cash from now on and stuff the banksters and governments

Tue, 08/16/2011 - 12:24 | Link to Comment luigi
luigi's picture

No, I think they mean financial transaction on the bourse: earnings from stock's and derivate's trading and such.

Tue, 08/16/2011 - 12:31 | Link to Comment Racer
Racer's picture

I thought it was, but it will go down nicely with the scalpers and frequent traders though HA HA

Tue, 08/16/2011 - 12:52 | Link to Comment Moog
Moog's picture

... and ordinary citizens who invest in stocks, bonds, etc in order to protect their wealth in real terms?

Tue, 08/16/2011 - 16:14 | Link to Comment luigi
luigi's picture

They will be subject to this tax I suppose.

I don't know the details for the rest of Europe, but at this moment in Italy the tax over financial transctions is 12 point something percent

VAT is at 20% in general (some kinds of goods being at a lower tax, but generally speaking it's 20%)

The personal income tax ranges from 23% for incomes up to 15,000€ up to 45% for the part of income exceeding 75,000€ (obviously you won't be able to deduct the VAT paid during the fiscal year, but some expenses are subsceptible of deduction such as healt care expensanses and donations to no-profit organisations, up to a certain limit).

This means that a worker starts paying more than double than a trader (incomes from financial transactions aren't subject to any further taxation: thei are not included in the personal incomes subjected to the taxation described above, or to that of a company).

This is to say that Mr. Normalman living in main street won't see a rise of financial transaction's tax as a doomsday event, much more the contrary: generally speaking the mood over here is that most would welcome such a tax since Normalman is eager to see some shark's blood flowing.

Tue, 08/16/2011 - 12:22 | Link to Comment topcallingtroll
topcallingtroll's picture

Debt limit rules operate under the principle that u can shear a sheep twice a year but only kill it once.

Tue, 08/16/2011 - 12:22 | Link to Comment luigi
luigi's picture

And hom will this "president" respond to?

Tue, 08/16/2011 - 12:23 | Link to Comment Missiondweller
Missiondweller's picture

Eurozone president? Is any country in Europe sovereign anymore?

Tue, 08/16/2011 - 12:27 | Link to Comment falak pema
falak pema's picture

when you are bankrupt its not very important, you belong to the banking Oligarchy... they decide more and more. We are all heading that way in EU. The US is already there.

Tue, 08/16/2011 - 12:27 | Link to Comment pacdm
pacdm's picture

Merkel will not a job next year. Sarkozy to. Fuck the EU. WE THE PEOPLE.

The UK fought 2 wars for her independence.

Tue, 08/16/2011 - 12:23 | Link to Comment Caviar Emptor
Caviar Emptor's picture

Dear World: 

 

We are sorry for the debt. We promise never to do it again. We are still quite picturesque and charming. 

 

Most delightfully, yet seriously sincerely: 

Your Euro Amici

Tue, 08/16/2011 - 12:26 | Link to Comment luigi
luigi's picture

For a second I was sure to see the joint signature of Bernicopter and the Teleprompter...

Has Minnesota reopened in the meanwhile?

Tue, 08/16/2011 - 12:39 | Link to Comment fuu
fuu's picture

Weeks ago.

Tue, 08/16/2011 - 12:23 | Link to Comment Nussi34
Nussi34's picture

There seems to be already a EU president. His nam is "van who" or somethign like that.

Who will "elect" the EURO President? Will anyone (who does not the EU pension) volunteer to become a captain of a sinking ship?

How do i set up a company in Singapre?

 

Tue, 08/16/2011 - 16:50 | Link to Comment FeralSerf
FeralSerf's picture

If you're not an American citizen or resident, one of the best and cheapest places to set up a company is in some of the U.S. states.  If you're reasonable skillful with the loopholes, you should be able to operate completely tax free.  America is also the best country for foreigners to launder money if need be.  And no one questions the Americans, unlike the Swiss.

Just because your company is in the U.S. doesn't mean your money need to stay there.

Tue, 08/16/2011 - 12:23 | Link to Comment Sudden Debt
Sudden Debt's picture

HOW DO THEY COME UP WITH THIS STUFF?!!!

WE ARE A DEMOCRACY GODDAMNED!!!! A SOCIALIST FOR ONE BUT THIS IS ROBBERY!!

AND SUDDENLY PEOPLE START SHOOTING OTHER PEOPLE ON A ISLAND AND EVERYBODY STARTS ASKING "WHERE  DID THAT CAME FROM?!"

FUCK!!

Tue, 08/16/2011 - 12:24 | Link to Comment Cone of Uncertainty
Cone of Uncertainty's picture

This is all as planned.

There was no way to get a political union when the monetary union was setup, which meant that the socialist one region dream was always incomplete.

The only way to change the status quo was through a planned crisis and subsequent intervention.

And here we are, the crisis is in full swing with the takeover of Europe forthcoming.

 

Tue, 08/16/2011 - 12:34 | Link to Comment Iriestx
Iriestx's picture

A complete takeover of every nation in Europe and not a single shot was fired.  Jew bankers did what Hitler could not.

Tue, 08/16/2011 - 12:24 | Link to Comment falak pema
falak pema's picture

The reason nothing happened is that there has not been enuff pain for the individual states to know how close they are to the edge. If the bank run begins it will start the panic and the EU only works in panic mode, one way or the other.

Tue, 08/16/2011 - 12:25 | Link to Comment speconomist
speconomist's picture

Tyler, Sarko mentioned something about special taxes for German and French companies!

Tue, 08/16/2011 - 12:26 | Link to Comment speconomist
speconomist's picture

And no Eurobonds!

Tue, 08/16/2011 - 12:30 | Link to Comment Nussi34
Nussi34's picture

Are you joking?

Tue, 08/16/2011 - 15:19 | Link to Comment schadenfreude
schadenfreude's picture

Germany and France are going to tax corporations with equal tax rates (hello Ireland.....soon to come to your theatre).

Tue, 08/16/2011 - 12:27 | Link to Comment speconomist
speconomist's picture

What's EURUSD waiting to plummet?

Tue, 08/16/2011 - 12:27 | Link to Comment shushup
shushup's picture

What good is a "debt Limit" if you can lie about how much debt you have? And then later say "oops, we were mistaken about how much debt we really have  and now we need another bailout".

Tue, 08/16/2011 - 12:27 | Link to Comment Sudden Debt
Sudden Debt's picture

THAT LITTLE FRENCH RAT!!!

FUCK THIS PISSES ME OFF!

 

Tue, 08/16/2011 - 14:50 | Link to Comment Dick Darlington
Dick Darlington's picture

Little Napoleon has lost it all. It wasn't enough for him to treat the old colonialist traumas by spreading "democracy" to middle east by war planes. Now this muppet just announces that the criminal syndicate called EU will take the powers away from INDEPENDENT SOVEREIGNS just like that. Uh huh, he'll need war planes in Europe to achieve that. People will never accept that and eventually raise against the corrupted elite in Brussels.

Tue, 08/16/2011 - 12:28 | Link to Comment Caviar Emptor
Caviar Emptor's picture

 

O debito mio

 

Tue, 08/16/2011 - 12:28 | Link to Comment A Man without Q...
A Man without Qualities's picture
  • French president Sarkozy says proposals would ask 17 Euro zone countries to put deficit limit rule in constitutions by summer 2012

There already are deficit rules, as defined in the Maastricht criteria.  The trouble is, all the governments found ways to get round them (derivatives, quasi private entities, securitizations) and then, when that got too hard, THEY JUST IGNORED THEM.  Then, when the markets started to price in this fiscal lunacy, they all start bitching and moaning about evil speculators and think that i), they can make the Germans feel guilty and underwrite their risk and make bullshit promises about being good in the future, and we should all be so glad that the little narcissist saved the fucking world.  Bullshit!

 


Tue, 08/16/2011 - 14:23 | Link to Comment AnAnonymous
AnAnonymous's picture

It is insane. It shows the helplessness of US citizens. They can not self limit and hope a piece of paper will do the job.

Purely insane.

Tue, 08/16/2011 - 12:30 | Link to Comment speconomist
speconomist's picture

Where are the robots? Maybe they don't understand French and/or German?

Tue, 08/16/2011 - 12:31 | Link to Comment Pectoralis
Pectoralis's picture

French president Sarkozy says proposal would elect a Eurozone president for two and a half years

F*ck, yeah! One more dumbass who thinks he could tell me how to live, what to think and where to spend my money. How many "leaders", "presidents" and other bureaucrats does EUrope need more? Nobody's in charge anyway..

Tue, 08/16/2011 - 12:36 | Link to Comment Nussi34
Nussi34's picture

Not Dubass. Damp rag or low level bank clerk!

Tue, 08/16/2011 - 12:50 | Link to Comment Lord Welligton
Lord Welligton's picture

And they already have TWO presidents.

EU leaders are a joke.

Wed, 08/17/2011 - 06:30 | Link to Comment Nussi34
Nussi34's picture

The entore EU in its current form is a joke. They should just go back where it was 30 years ago: a free trade zone. Why have 10.000s of admin people try to tell us how we live?

Tue, 08/16/2011 - 12:32 | Link to Comment kito
kito's picture

i hear sarkozy has a thing for burly german women in power, based on their announcement, their time seems to have been spent on more reproductive issues.

Tue, 08/16/2011 - 12:39 | Link to Comment YesWeKahn
YesWeKahn's picture

The new Germo-Francais empire is born. Viva la europa.

Tue, 08/16/2011 - 13:09 | Link to Comment youngman
youngman's picture

So does this mean we get a new Casa Blanca movie remake....I hope so..I love that movie...Play it again Sam....

Tue, 08/16/2011 - 12:40 | Link to Comment caerus
caerus's picture

ok...so ve take ze money you haf on you, und ve calls it eefen...

Tue, 08/16/2011 - 12:45 | Link to Comment Everybodys All ...
Everybodys All American's picture

Two presidents propose the United States of Europe. Good luck with getting that to fly.

Tue, 08/16/2011 - 12:48 | Link to Comment Lord Welligton
Lord Welligton's picture

Bit of a nothing burger.

But they have backed themselves into a corner.

At the next crisis they have no ammo left.

The ECB has already given notice.

The EFSF is ill prepared.

 

 

Tue, 08/16/2011 - 14:43 | Link to Comment M.B. Drapier
M.B. Drapier's picture

Eh, at worst (for them) I think they've just set themselves up for a bit of extra, unnecessary embarrassment when the situation keeps worsening and they have to ram through Eurobonds to prevent a PIIGS default. In fact this could be, as AnAnonymous suggested, a bit of clever political theatre similar to the Fed hemming and hawing over QE/n/. Throw the idea out there, disown it when the public reacts with indignation, sit back and wait as the situation gets steadily worse, and in the end reluctantly agree to it when the public is angrily demanding to know why it hasn't happened already.

Tue, 08/16/2011 - 14:48 | Link to Comment Lord Welligton
Lord Welligton's picture

Possibly. Though I don't think they are that clever.

The next "crisis" will arrive before the respective parliaments have time to react.

There is, IMO, also too much resistance to the idea of a Eurobond.

Is it possible that Sarko & Merkle are planning an exit?

 

Tue, 08/16/2011 - 16:29 | Link to Comment M.B. Drapier
M.B. Drapier's picture

Possibly. Though I don't think they are that clever.

I don't think they're actually convinced that they'll soon have to do Eurobonds, yet. Just like the Fed's ritual QE/n/ dance, I think they're opening the door for Eurobonds even as they mostly go on fooling themselves that they won't have to walk through it. Self-deception or not, the effect is very much the same.

The next "crisis" will arrive before the respective parliaments have time to react.

Aaah, but that's where the ECB comes in! When disaster strikes, Frankfurt gets the political cover to fight the fire by running out and buying a big pile of bonds almost immediately, without having to wait for anyone's parliamentary approval. And in doing so it very conveniently ties everyone else's hands, because now if the member states don't stump up the money to get Frankfurt off the hook then the ECB will go spectacularly bust along with all the other Bad Things that will happen. This has already happened a few times now.

There is, IMO, also too much resistance to the idea of a Eurobond. [...] Is it possible that Sarko & Merkle are planning an exit?

Well, I think the pro-bailout forces are right about one thing - as always, the only two alternatives for the big players are [bailout of the week] or global financial collapse, and looking for a third option is self-deception. (To all intents and purposes, anyhow. The EU might get in one or two intermediate can-kicks - a bigger EFSF, say - before the choice is Eurobonds or More Lehmans, but what difference?) So until and unless S & M have a plan to permit a global financial collapse, they don't have a serious exit plan; and today they certainly don't sound like people planning a global financial collapse. Of course, what Merkel (and the Bundestag) will choose when the options are finally Eurobonds or Bust is a different question. I certainly won't predict that nothing will ever stop the bailout juggernaut - but when you look at all the opposition it has crushed so far, saying exactly where it will grind to halt looks like catching the proverbial falling knife. In the case of Eurobonds, the idea is supported not only by the usual pro-bailout voices but also by people like (apparently) Joschka Fischer who have long been hoping that the Euro would force the EU into a fiscal union sooner or later.

Tue, 08/16/2011 - 15:29 | Link to Comment schadenfreude
schadenfreude's picture

If Eurobonds are announced a shit storm hits the streets in Germany. We are still not totally "televisonised by triviality" as Americans and any social platform can be used to organize demonstrations or even riots (hi London).

Merkel won't get through with Eurobonds. And they won't get through with a political union (at least not in the next 10 years). They won't let the PIIGS default or if they do, they are going to kick them out of EU first. Recapitalisation of the banks is still cheaper then subsidising the PIIGS forever.

Wed, 08/17/2011 - 06:32 | Link to Comment Nussi34
Nussi34's picture

I will vote for any party that is against the EU. If they plan to make everyone run around the house naked twice a day, no problem. i will vote for them, as long as they get rid of the EUDSSR.

Tue, 08/16/2011 - 12:51 | Link to Comment sbenard
sbenard's picture

Wow! What was the half-life of that bump -- 10 seconds?

Sarkozy and Merkel got a lot of mileage with that one! NOT!

I take this as a sign that the collective wisdom of the market gives this ZERO chance of success! When will these idiot learn? NEVER!

Tue, 08/16/2011 - 12:53 | Link to Comment The Swedish Chef
The Swedish Chef's picture

More taxes, huh? Just what we need... Don´t ban your Big Bank friends HFT algos, just punish me with more taxes.

Tue, 08/16/2011 - 13:15 | Link to Comment -Michelle-
-Michelle-'s picture

It seems an easier solution would be to dissolve the EU and go back to sovreign states.  This is coming across like Act III of WWII.  End scene will occur with Hitler giggling hysterically in Hell.

Tue, 08/16/2011 - 13:22 | Link to Comment New American Re...
New American Revolution's picture

Hey, wake up, why won't it work?    The same damn thing was done to America in 2008 and I don't see any of you sqwauking, without a budget for over 2 years and half of all spending determined by the FOMC Politburo and now the other half being determined by a 'Super Congress', so the entire non-budget of America is negotiated behind closed doors.    Save your righteous indignation over Europe while we've a beam in the eye of America.   

Revolution at home first before Europe and the world.

Tue, 08/16/2011 - 13:45 | Link to Comment gwar5
gwar5's picture

 

'Who the Hell You Think You Are?' Nigel Farage throws egg in Eurocrat faces - YouTube

 

This is all crazy stupid and will just lead to big trouble. So, the USA now has a "super-congress," and Europe now has a new Euro-president created by a France-Germany alliance??  All of these douchebags politicians are just making this shit up as they go along.

From where, exactly, shall these new creations derive their authority??  They have none!! They have no authority!! And when these bodies start to impose draconian measures on the people, the people will rudely remind them that the people did not give them any authority and, therefore, have no obligation to follow their edicts.

This is just the beginning of more global riots, as Nigel Farage has predicted. And why shouldn't there be? We are watching our democracy being taken away in a body bag. 

 

Tue, 08/16/2011 - 14:43 | Link to Comment Dick Darlington
Dick Darlington's picture

+1000

Tue, 08/16/2011 - 14:41 | Link to Comment Fuh Querada
Fuh Querada's picture

More content in a popcorn fart than in this communique

Tue, 08/16/2011 - 14:42 | Link to Comment Dick Darlington
Dick Darlington's picture

Someone, anyone, please end EMU now. Now!

Tue, 08/16/2011 - 15:08 | Link to Comment dcb
dcb's picture

obonds have no democratic legitimacy now, Sarkozy says

since when do banks/bankers/ central bankers concern themselves with democratic legitimacy

Tue, 08/16/2011 - 15:54 | Link to Comment Buyemall
Buyemall's picture

Eurobond.sarkozy got it right. A dream

Tue, 08/16/2011 - 20:40 | Link to Comment Mediocritas
Mediocritas's picture

"Deficit limit rule"

Yeah, that'll work really great now won't it. I'm sure everyone will abide by it. Uh huh.

Regarding the rest of the list. Looks like Sarkozy wants Eurobonds (a very bad idea), Merkel, no way in hell (good).

And don't you just love the way whenever there is a crisis, the eurocrats have to create another committee and their first concern is deciding who gets to become the major of "we-re all fucking screwed ville". Reminds me of this: http://theoatmeal.com/comics/zombie_how

I've got a wild and crazy idea, it's called "KEEPING YOUR GODDAMN INCOMPETENT, MEDDLING SELVES OUT OF IT".

Let the chips fall where they may. No bailouts, just bankruptcies. Let the winners win and the losers lose. Use QE (provided it is sterilizable) as a last resort to resolve liquidity freezes when they arise on the requirement that those insolvent banks being unfrozen are stripped and eliminated following the event. If that means they're all bankrupt then so be it, but it won't be all of them, there will be *some* net winners once the spaghetti mess of CDS payouts is resolved with a temporary infusion of liquidity. Once it has all settled strip the added cash from the surviving banks. Keep it all within the casino and leave the taxpayers / real economy out of it.

Tue, 08/16/2011 - 21:54 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

i think this is why we have the queen of england

the last time she called her peeps in to tell her what happened.  "No one coulda seen this coming, your majesty," they said. 
she said, "Don't bullshit me! i'm the fuking Queen, you morons!"

so maybe she could start throwing people in The Tower and telling the int'l court to whom she would like to speak next, and to round them up and put them in The Tower, too. 

then she can talk to the perp suspects at her leisure and figure out what to do with the guilty ones to make room for the next trainload of perps. 

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