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Last Minute Summit Mutiny Threatens The Future Of The Euro; And Why A Wholesale S&P Downgrade Of Europe Will Be Devastating

Tyler Durden's picture


A day when everything that could go wrong for the euro and eurozone has just gotten worse. Hours away from the completion of the summit, whose failure will unleash a nuclear bomb of serial downgrades by S&P (let along expose frauds such as Sarkozy and Olli Rehn who claim, yet again, that the world will end a solution is found), The Telegraph writes that the summit is already in tatters after a rebellion and threats by Finland, Holland and Ireland are poised to scuttle the summit. Louise Armistead reports that 'Finland’s grand committee said decisions made by the ESM – the eurozone’s permanent bail-out fund set for launch in 2012 – had to remain unanimous, and not changed to the “qualified majority” that French president Nicolas Sarkozy and German chancellor Angela Merkel have agreed. The Finns are backed by the Netherlands, which fears proposals to withdraw veto powers from the ESM is an erosion of democracy and would make it vulnerable to funding bail-outs without recourse. Meanwhile, the Irish want to block plans for the “convergence and harmonisation” of the eurozone’s “corporate tax base”. The rebellion is a serious threat to German and French plans to sign treaty changes today along the lines laid out in their joint letter on Wednesday. In it, the leaders said they hoped all 27 European Union countries would sign.' And since this is the only option to bypass a popular vote, the mere thought of which would destroy the Eurozone in a flash, and since Finland and Holland are two of the core funders of the ESM (RIP EFSF), it means that the Greek scheme of playing chicken with the Eurozone, has now been adopted by everyone else in the core. In the meantime, time for the Euro is running out with less than 24 hours left until midnight on Friday, and absent a complete consensus, the summit is as good as dead, something we expected a week ago and were heckled for by Bloomberg TV. Good luck Europe - use those 24 hours wisely.

Incidentally, to all the pundits who claim a universal downgrade by S&P of Europe's sovereigns and banks will have no impact, we say it now officially - you are all a bunch of idiots and hacks. Unless one has read every single bond indenture and loan doc of the affiliated entities, and knows for certain that there will be no springing rate hikes, collateral demands or margin increases in the case of a downgrade (which is the case in about 60% of investment grade and AAA credits), then all those spreading baseless propaganda and a false sense of calm should be fired immediately for spreading blatant disinformation. Please go ahead and tell AIG, whose collateral call waterfall started once its was cut from AAA by the rating agencies, AIG's shareholders, and America's taxpayers that that particular downgrade was irrelevant.

We are waiting.

As for the matter at hand, more from Telegraph:

As talks continued early into this morning, Germany remained opposed to both giving the ESM a banking licence - a move that would allow it to access funds from the European Central Bank – and to the issue of joint Eurobonds.


Since the broad plans include the establishment of a new financial transactions tax, a British veto was expected. Yesterday David Cameron again said he would have “no hesitation in vetoing a treaty” if it harmed the City, while British officials were said to be seeking a promise that “essential economic interests of non-euro member states are fully protected”.


Jean-Claude Juncker, head of the Eurogroup bloc of finance ministers of eurozone states, said he would “not accept” summit diversions about what “the UK will not do what all the others have to do”.


However, Mrs Merkel and Mr Sarkozy have urged agreement from the 17 eurozone nations. Mr Sarkozy said: “If we do not reach a deal, there will be no second chance.”

Either way, even if there is a compromise, it appears that another summit will have to be drafted post haste to iron out the details:

But efforts to make the ESM more powerful and responsive formed a key plank of the summit aims which will now have to be watered down if the rebellion is not assuaged.


Experts warned that France and Germany’s plans were inadequate, anyway.


Raoul Ruparel of think tank Open Europe said: “Rather than focusing their energies on the key issue at hand – avoiding immediate crisis – France and Germany have tried to secure another couple of changes which they are keen on, namely the harmonisation of corporate tax bases and the use of majority voting for ESM decisions. Unfortunately, this looks to have backfired by stoking the anger of Ireland and Finland… [creating] another obstacle to forming a lasting agreement.”

As for the final question, the one that scuttled the EFSF, of just who will provide the funding for the bailout, also known as the unsolvable math problem at the heart of the crisis, well, that is never going to get answered unfortunately. Because the answer does not exist.


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Thu, 12/08/2011 - 19:50 | 1961170 hardcleareye
hardcleareye's picture

" are all a bunch of idiots and hacks."


" are all a bunch of FUCKING idiots and hacks."   fixed that for you.  If your going to rant do it right.;)


enjoyed the article.

Thu, 12/08/2011 - 20:04 | 1961201 iDealMeat
iDealMeat's picture

WB7!!   quick!  You need this pic..


edit: man I wish I had pic post privileges..

Thu, 12/08/2011 - 20:15 | 1961251 Ancona
Ancona's picture

+1000 IDM Fucking appropriate if anything ever was!

love the internet!

Thu, 12/08/2011 - 21:13 | 1961384 i-dog
i-dog's picture

Never fear ... there's another summit next week ... and the week after ... and the week after that.

Sarkozy to Merkel: "Can we make it Friday, so that I can have another long weekend with you away from the kids?"

Thu, 12/08/2011 - 21:21 | 1961403 fnord88
fnord88's picture

anyone see the news about the blogger fined 2.5 million for saying mean things about an investment bank? Apparently bloggers are not journalists, and thus have no protection from defemation etc?

Are you next Tyler?

Thu, 12/08/2011 - 21:30 | 1961415 nmewn
nmewn's picture

Who represented the poor schlub...Dewey, Cheatum & Howe? ;-)

Thu, 12/08/2011 - 22:31 | 1961551 slewie the pi-rat
slewie the pi-rat's picture

ya made me look, ya dirty crook

turns out, she represented herself!
we can hope she'll do better before the appellate bench!

Thu, 12/08/2011 - 22:42 | 1961572 nmewn
nmewn's picture


I rarely open a commenters link, unless I trust them completely. I didn't with that one either...just went with my gut instinct of (now I know her) being poorly represented.

Instead of the old law joke of "do we cheat them and how."..I now revise & extend my remarks to "did I cheat myself or what"

Thu, 12/08/2011 - 23:13 | 1961609 TruthInSunshine
TruthInSunshine's picture

My post from another thread, but it's relevant here, also:

2nd comment

Thu, 12/08/2011 - 22:09 | 1961515 xela2200
xela2200's picture

She had a fool for a client --> "Cox represented herself in court."


Sounds more like a case of slander. If she caused a financial loss, they have a right to be whole again. Only defense against it is if claim is true.

"Without the source, she couldn’t prove the information in the post was true — and thus, according to the judge, she didn’t qualify for Oregon’s media shield law since she wasn’t employed by a media establishment. In the court’s eyes, she was a blogger, not a journalist. The penalty: $US2.5 million."


She should had borrow a copy of the Unified Commercial Code.

Thu, 12/08/2011 - 22:23 | 1961533 fnord88
fnord88's picture

Does that mean the Tylers would have to be able to prove everything they say? Sorry i'm from australia, and our laws are very different.



Thu, 12/08/2011 - 22:33 | 1961553 nmewn
nmewn's picture

Maybe I can help.

Tyler(s) "source" everything put up and provides commentary/opinion. There is no nebulous black hole for a judge or prosecutor to say "cite your sources".

There is no law against someone having an opinion here.

Hope that helps.

Thu, 12/08/2011 - 23:41 | 1961749 fnord88
fnord88's picture


Thu, 12/08/2011 - 22:27 | 1961544 IQ 101
IQ 101's picture

I like her, she's kind of chubby, you could take her jogging and in a few months you'd have a nice ride,

Does she have 2.5 mil, no, so it is just a number and the Mexi judge will be overturned on appeal and he will be unemployed when the collapse happens, soon, then he will die because he is a worthless commie half wit.


Thu, 12/08/2011 - 22:37 | 1961563 chump666
chump666's picture

There will be a million defence lawyers lining up to defend this and slam that 'bank' down for being a-holes and trying to act like a-holes.


Thu, 12/08/2011 - 22:59 | 1961598 Dr. Kananga
Dr. Kananga's picture

"to all the pundits who claim a universal downgrade by S&P of Europe's sovereigns and banks will have no impact, we say it now officially - you are all a bunch of idiots and hacks."

Legal action is unlikely--when the inevitable happens, it will be very difficult to find said pundits, who will suddenly become rarer than hen's teeth. Same as finding those who knew for a fact there was WMD in Iraq, etc. "who? what? where? Iraq? never heard of it."

Thu, 12/08/2011 - 22:01 | 1961491 SirIssacNewton
SirIssacNewton's picture

They can have all the summits they want, but it's time to let this EU construct fold already.  Yes...there will be pain, but the only way we might once again re-assembly ourselves is with the debt expunged from our financial system, the central bankers thrown into jail, and sound money returned as the basis of society.  The longer we put facing this and the more they try for the one world government...the more pressure of collapse will fall least, that's what I hope it does.

Thu, 12/08/2011 - 21:39 | 1961437 Silver Bully
Silver Bully's picture

Ironically enough, there is a video on kasota's drive-a-tank right below it. Great practice for the when TSHTF!

Thu, 12/08/2011 - 20:25 | 1961282 Atomizer
Atomizer's picture


Sarkozy: I wonder what time Angela scheduled the circus midgets to arrive in our room this evening?


Thu, 12/08/2011 - 20:31 | 1961301 upWising
upWising's picture

And the dude NEXT to Sarc-cozy.  Is he flipping off Angie, The Sark, Europe, or is he just getting ready to pull out a BIG bugger?

Thu, 12/08/2011 - 21:27 | 1961411 upWising
upWising's picture

And the dude NEXT to Sarc-cozy.  Is he flipping off Angie, The Sark, Europe, or is he just getting ready to pull out a BIG bugger?

Thu, 12/08/2011 - 22:39 | 1961565 williambanzai7
williambanzai7's picture


Thu, 12/08/2011 - 22:46 | 1961580 nmewn
nmewn's picture

Caption contest?

The guy to my left is giving me an idea, how bout it? ;-)

Fri, 12/09/2011 - 02:08 | 1962021 hidingfromhelis
hidingfromhelis's picture

"Not now, some clown from a wanna be banana republic is massaging my shoulders."

Thu, 12/08/2011 - 23:32 | 1961714 Mauibrad
Mauibrad's picture

@iDealMeat  Yeah, the Greek finger.  Merkel also looks increasingly unhealthy.  She's really gained a lotta weight.

Thu, 12/08/2011 - 23:40 | 1961747 i-dog
i-dog's picture

  "She's really gained a lotta weight."


It's all those lavish conference lunches and dinners every freaking week!

Thu, 12/08/2011 - 20:03 | 1961202 MillionDollarBonus_
MillionDollarBonus_'s picture

I am astonished that in the context of the European Debt Crisis, I am yet to see a single article featuring the European PRESIDENT himself, President Herman Van Rompuy. I believe this is due as a matter of courtesy if nothing else. I admit that if you’re looking for cheap sound bites and glamorous press conferences, then President Van Rompuy is not for you. However, if you’re looking for a politician with strength of spirit and a quiet, determined and unwavering focus on his statutory duties, then I believe he is the perfect leader. Focus on leadership, not charm. Be part of the Rompuy Revolution!!!

Thu, 12/08/2011 - 20:12 | 1961239 kengland
kengland's picture

Futures are money green right now. Pretty funny considering "last minute summity mutiny" runs in this headline

Thu, 12/08/2011 - 20:17 | 1961258 Tyler Durden
Tyler Durden's picture

Futures were money green last night too. Pretty funny considering what happened after.

Thu, 12/08/2011 - 20:22 | 1961271 kengland
kengland's picture

Come on. Who are you kidding? THere was no headline yesterday starting at 18:43 hrs stating "

Last Minute Summit Mutiny Threatens The Future Of The Euro; And Why A Wholesale S&P Downgrade Of Europe Will Be Devastating"


I would expect to see maybe a wee bit of red with such a dramatic story. Are you suggesting arb here? Risk free? Too funny

Thu, 12/08/2011 - 20:52 | 1961342 Tyler Durden
Tyler Durden's picture

Since the headline reflects reality (if you were to read the post), it is a little confusing just what you are troubled by.

Thu, 12/08/2011 - 20:57 | 1961352 kengland
kengland's picture

No big deal man. The headline reads as if this thing is over. Reality is, no one believes it. Lots of bullshit flying at all ends

Thu, 12/08/2011 - 21:13 | 1961385 Cdad
Cdad's picture

@ kenglad

You just witnessed the mother of all outside reversal days, with the S&P printing 1272 in the premarket, and trading straight down into a miserable close at 1231...and you are talking about 4 green aftermarket S&P futures points?  Obviously, you are just a touch on the obtuse side, and equally obvious is the certainty that you trade absolutely nothing...that you would make this case here.

Been on the wrong side of such days before...and surely I was not cocksure posting 'bout no nonsense futures blip after a day like this.  I call fail on your flat stupid comments here.


Thu, 12/08/2011 - 20:58 | 1961353 Chump
Chump's picture

Do you really think ZH headlines affect momo donkeys?  But anyway, why are you writing comments when you could be buying the market hand over fist?  Futures are green, right?  Go all-in derp derp.

Thu, 12/08/2011 - 21:00 | 1961359 kengland
kengland's picture

It's comes from the telegragh moron. Yeah...that's a pretty big venue

Thu, 12/08/2011 - 21:07 | 1961373 Chump
Chump's picture

Then why did you both quote and link to ZH's headline and article, moron?  I swear, it's almost like you're dumb enough to think DOW futures up 20 points at 8PM EST is significant or something.  Go all-in!!!11!1oneone!!

Thu, 12/08/2011 - 23:00 | 1961601 SillySalesmanQu...
SillySalesmanQuestion's picture

+ 100

Thu, 12/08/2011 - 21:19 | 1961399 Carl Spackler
Carl Spackler's picture

Right on, Tyler.

The shadow banking network is working OT with its London pass-thrus to create the leverage -er, multipliers- needed to keep the Euro markets (and world, therefore) artificially inflated!

By the way, if there were integrity in this world, you should get a Pullitzer Prize for your article on the London-centered shadow banking system.

THAT was excellent work, bro.




Thu, 12/08/2011 - 21:34 | 1961426 duncangraper
duncangraper's picture

Link please?


Thu, 12/08/2011 - 22:05 | 1961502 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

Have to agree, that was good shit!!!

Thu, 12/08/2011 - 21:29 | 1961413 unununium
unununium's picture

What could be better for US equities than the complete implosion of the eurozone?

Unless you are worried about US banks or something.

Thu, 12/08/2011 - 20:25 | 1961280 FinalCollapse
FinalCollapse's picture

MDB: Hahaha - here goes another KEYBOARD.

Thu, 12/08/2011 - 21:16 | 1961391 clymer
clymer's picture

One has to recognize MDB as the most comical troll since hamy. Love you MDB. Never change

Thu, 12/08/2011 - 21:09 | 1961378 Everybodys All ...
Everybodys All American's picture

Lots of short man complexes still going on in the EU don't you think? Also,don't be astonished though because the prior European presidents were ignored by the rest of the world as well until they kind of stepped out of line so to speak. This time it is some what different because the guy Von Rumpey is just a figure head and really has no power over anyone. Kind of reminds me of a statue.

Thu, 12/08/2011 - 23:24 | 1961679 WhiteNight123129
WhiteNight123129's picture

I like Rompuy´s hair do.

Fri, 12/09/2011 - 02:25 | 1962036 Heyoka Bianco
Heyoka Bianco's picture

Not really into piling on, but fuck it, as long as I'm not on the bottom of the pile: Rompers was previously PM of Belgium. Take one cursory look at that bassackwards, broke-dick cesspool (which still doesn't have a government), then you will see the definition of utter failure. Plus he's from Flemland.

Thu, 12/08/2011 - 20:28 | 1961291 upWising
upWising's picture

Mr. Eye:

You needn't candy-coat your commentary sir. You are amongst august, sober, clear-eyed adults here. As the "dudes" would say: "Let it rip."


Thu, 12/08/2011 - 20:40 | 1961318 J 457
J 457's picture

Any guess how far SPX drops if S&P downgrades over weekend.  20-30-50pts?? 

Thu, 12/08/2011 - 22:07 | 1961509 johnu78
Thu, 12/08/2011 - 23:29 | 1961709 Buck Johnson
Buck Johnson's picture

I knew this wasn't going to work and all they are doing is delaying the inevitable.

Fri, 12/09/2011 - 09:19 | 1962446 tooktheredpill
tooktheredpill's picture

yeah, that's why.

I'm surprised you didn't say to buy gold.

Thu, 12/08/2011 - 20:04 | 1961213 Nate H
Nate H's picture

yes this is quietly becoming the 21st century Archduke Ferdinand moment, unbeknownst to most

Thu, 12/08/2011 - 20:21 | 1961270 Global Hunter
Global Hunter's picture

Until the internet existed us little people had never before been able to predict their archduke ferdinand moment to any degree of accuracy.  You may be on to something

Thu, 12/08/2011 - 22:49 | 1961584 Schmuck Raker
Schmuck Raker's picture

"Russia says Georgia's entry to NATO could lead to war"


I'm sorry, but is that 'again' or 'still'? Maybe it's a leap-year thing. 

Thu, 12/08/2011 - 19:53 | 1961175 nwskii
nwskii's picture

No worries on the Euro, I called in and talked to Obama, he says he is monitoring the situation. Told me to watch the X-Factor tonight

Thu, 12/08/2011 - 19:57 | 1961184 bank guy in Brussels
bank guy in Brussels's picture

Also in the UK Telegraph, Ambrose Evans-Pritchard is suggesting that the ECB is basically printing to support EU banks, rather than the governments directly ... hinting that the game for a while, will thus be to keep the banks afloat, who then in turn will use their cheap money to buy European government debt. Similar to the US Fed actually, and in line with the idea of stealth and sneaky QE ... hopefully not to 'infinity'.

Thu, 12/08/2011 - 20:05 | 1961207 vast-dom
vast-dom's picture

Hope and will all end and it won't be purdy.

Thu, 12/08/2011 - 19:58 | 1961186 kengland
kengland's picture

They pulled the same crap when the voted to enlarge the ESFS. It will down and dirty tomorrow morning before the open. +3% on the SPY at the open

Thu, 12/08/2011 - 19:59 | 1961189 RobotTrader
RobotTrader's picture

I thought Tyler pointed out the other day


That open interest in shorts on the Euro and longs on the dollar were back to the highs.

We'll see how that plays out.

Everybody and their brother is betting on:

1) Collapse of the Euro and Europe

2) Another 2008 crash in order to profit and get rich from on the short side.

A lot of "Angst" on Wall St. with the SPY down 10% from 3-year highs and up 85% since March 2009.

I have no doubt that TPTB is simply toying with the bears on purpose in order to set them up for a "surprise".

Thu, 12/08/2011 - 20:05 | 1961209 kengland
kengland's picture

I don't think the G20 rumor yesterday was baseless. China has their delegate over there running his mouth about how all of this is short term. He won't be humiliated (and neither will Tim G). Goldman set everyone up. This isn;t going to happen when everyone is watching. Never does. The only issue now that's here that wasn't there in 08 is the rating agencies. This definatly puts a ball and chain on any large idea of inflation. That assumes though that they are operating without influence

Thu, 12/08/2011 - 20:06 | 1961210 Captain Benny
Captain Benny's picture

Lets see how we trade mid-day/late-day tomorrow, word always seems to leak out early from the ex-Goldman gang and they always trade on it... I won't be suprised if word leaks out before US equities close and we see a few big rumors hit the wire right at 3:00-3:30 EST.  Regardless, I'm calling it now: Monday will be a blood bath.

Panic on bitches.

Thu, 12/08/2011 - 20:07 | 1961217 vast-dom
vast-dom's picture

A surprise before or after the SP settles at 850? No need to answer....

Thu, 12/08/2011 - 20:07 | 1961218 fonzanoon
fonzanoon's picture

I reluctantly agree with robo. I just wish TPTB stop just giggling behind our backs, they should laugh out loud in our faces. I'm thinking S&P should upgrade the entire Eurozone and release the statement "Ha ha ha...f yoself". Let's just get it out there.

Thu, 12/08/2011 - 20:15 | 1961249 Barry Freed
Barry Freed's picture

I have puts on the Euro and calls on gold.  The way I see it either the Euro goes to shit or they print their way out of it and gold goes through the roof.

Thu, 12/08/2011 - 20:55 | 1961337 Right-on Left-off
Right-on Left-off's picture

If there is someone who doesn't want a surprise .... it's gotta be Goldman and their ex-Goldman plants in Europe.

Yes, the sure thang is, short the Euro and all of Europe.  Since Goldman has the control, make sure there is a disaster with the Euro and the ECB.  They want a sure thang bet.

Then waiting in the wings is war in the Middle East and war in Europe.  What better scenario for maximum profit.

Don't tell me that saving the Euro and Europe or kicking the can further down the road is a better plan for profit.

Use your knoggins on this.

After the debacle is all over ... start buying up everything on the cheap, just in time for war.  Pretty easy to do as you are also covering shorts at this bottom juncture.

The same goes for shorting the US and long da Dollah.  By the way, gold and silver will be pretty cheap on the pick-up at this bottom too.

THE PLAY OF THE CENTURIES!  Don't tell me they are going to pass this up.

Thu, 12/08/2011 - 21:19 | 1961397 clymer
clymer's picture

your post lacks factual detail, and appears to be firmly rooted in baseless hope. 

let a brother guess; you voted for Barry


Thu, 12/08/2011 - 19:59 | 1961190 Barry Freed
Barry Freed's picture

That rumbling you hear in the distance is Bernanke firing up the printing press.

Thu, 12/08/2011 - 20:01 | 1961199 Freewheelin Franklin
Freewheelin Franklin's picture

Euro crisis? Wait! Look! Over there!!!




Iran has one of our Preditor Drones.

Thu, 12/08/2011 - 20:33 | 1961303 Hoody Who
Hoody Who's picture

Euro crisis? Wait! Look! Over there!!! 


Iran has one of our Preditor Drones.

Our guys done a real nice job of landing that drone so smoothly in Iran.  I wonder why they would do that?  LoL !!!


Thu, 12/08/2011 - 20:49 | 1961334 Long-John-Silver
Long-John-Silver's picture

It's a Stuxnet delivery vehicle.

Thu, 12/08/2011 - 20:53 | 1961344 nmewn
nmewn's picture

I was just watching the propaganda tape on that. I flying wing, shot down over Iranian airspace...with one small dent in it.

Remarkable...must have been one helluva

Thu, 12/08/2011 - 23:27 | 1961694 smiler03
smiler03's picture

Iran actually claimed that they downed the drone "electronically".

Thu, 12/08/2011 - 21:24 | 1961400 Wixard
Wixard's picture

I can't imagine Iran could break the encyrption on it. It landing unscathed is an odd thing too.Or mostly unscathed. 


By the same token I would be shocked if it didnt have some sort of self destruct. At least to fry the electronics. The craft itself isnt important for reverse engineering. Everyone can see what it looks like. The electronics are what's important. A few engineers should be able to reverse engineer that fairly quickly. The software would be troublesome though. 




Maybe they figure what amounts to a glorified remote control airplane is old hat by now. But its gotta have software to fix its flight and the hardware to make it possible. 


I wonder if the calculations for the flight are done on the ground and transmitted wirelessly. Expcept the latentcy might cause issues in turbulence. Hmm fascinating.


Im sure though that given some time iran could certainly develop counter measures. So this could be important for them, and maybe even china. Given chinas success in the tech sector it may not be as intresting to them though.

Thu, 12/08/2011 - 23:27 | 1961696 Treason Season
Treason Season's picture

"I can't imagine Iran could break the encyrption on it."

You and the rest of the DoD.

Thu, 12/08/2011 - 20:05 | 1961215 RobotTrader
RobotTrader's picture

Another warning for the bears:



The TRIN closed at 5.1 today after reaching as high as 5.9 during the late day "panic".

And outright chain-selling in commodity stocks caused a -1344 TICK reading intraday.

That's never a good place to short stocks.

Thu, 12/08/2011 - 20:09 | 1961226 kengland
kengland's picture

Now that's stupid thinking. I'm usually with you but technicals are worthelss here. After all, how many times do these metrics incorporate the probability of currency collapse? Probably not a lot is what I'm thinking.

Thu, 12/08/2011 - 20:10 | 1961233 Captain Benny
Captain Benny's picture

Sure it is.  When Jack and Jill went up a hill, they came tumbling down ( today )... what you're forgetting is that at the bottom of this hill is a cliff.  It stops somewhere around elevation 666 for the S&P.  Happy tumbling.

Thu, 12/08/2011 - 21:06 | 1961371 YesWeKahn
YesWeKahn's picture

If TRIN really could tell, I would have retired 20 years ago.

Thu, 12/08/2011 - 21:36 | 1961431 clymer
clymer's picture

robo, can you post something useful, like a 6 x 9 of the slutty looking blonde from the garnet hill catelog? You have that power.

Fri, 12/09/2011 - 02:52 | 1962057 pakled
pakled's picture

Funny, I was just thinking the same thing. Didn't know about GH though. Thanx for the tip. Let's see.... categoties are, Women's fashion, Bedding & Home, Kid's clothing, Men' gifts.....


Hmmmm.... tough choices. If only it was so easy to choose whether to go Long or Short....

Thu, 12/08/2011 - 20:08 | 1961221 AldoHux_IV
AldoHux_IV's picture

Enough of the idiocy, and let's get down to talking about the only logical solution: debt destruction and overall restoration of sovereignty rights.  As for the US, we could do the same by ending the fed, destroying the debt, and reforming our fiscal/monetary regimes.

Thu, 12/08/2011 - 20:10 | 1961232 AgK9
AgK9's picture

Distort familiar thresholds, refrain from reference to limits, impose restrictions on the newly undefined, and establish irrational means to measure that which is deemed acceptable under such conditions.  Rinse and repeat.

Thu, 12/08/2011 - 20:12 | 1961236 Martial
Martial's picture

Breaking: American Idol and Dancing with the Stars to begin airing IMMEDIATELY...and 24/7!!

Thu, 12/08/2011 - 20:12 | 1961238 non_anon
non_anon's picture

mutiny on the non-bounty

Thu, 12/08/2011 - 20:12 | 1961242 ProTrade
ProTrade's picture

"Mutiny Threatens The Future Of The Euro"

*LOL* Poor Kids, Load up on Stocks while it's cheap..

Tomorrow +400 on "DOW". ECB Printing press access granted..

GOLD going up slowly.. Stop whining, watch and learn..

ZeroHead :))) apocalypses delayed, ("Ohh not again") sorry, Bob.. ;)

Thu, 12/08/2011 - 20:41 | 1961322 nmewn
nmewn's picture

lol...currency collapse and you want to be in common stocks.

What do you expect to be paid off in, more stock? I can see you waltzing into the local shit-n-git and plopping down your...oh wait, do they still issue stock certificates? ;-)

Thu, 12/08/2011 - 20:13 | 1961244 slewie the pi-rat
slewie the pi-rat's picture



  • what do the german pirates think of what the true finns are up to?
  • those german banksters hoping for a risk-0ff whammy may get more than they bargained for
  • the price of poker is going up, fast;  after all, timmah just came thru
  • we are now getting reports that huge diplomatic efforts and concessions are being made, and that the summit of BIGminis may be able to succeed in reaching an accord to gradually phase out the EU by the year 2525


way to go, BiCheZ!


Thu, 12/08/2011 - 20:13 | 1961246 azzhatter
azzhatter's picture

As I read this I can't help but think of Nigel Farage's thorough shellacking of Von Rumpoy

Thu, 12/08/2011 - 22:35 | 1961556 Free Markets
Free Markets's picture

And the quote I keep thinking of is who voted him into power?

Thu, 12/08/2011 - 20:15 | 1961250 williambanzai7
williambanzai7's picture

Time to prime those financial doomsday bomb vests.

Thu, 12/08/2011 - 20:15 | 1961253 Global Hunter
Global Hunter's picture

As another poster pointed out on another thread, they're trying to negotiate through the media now

Thu, 12/08/2011 - 23:48 | 1961766 Dr. Kananga
Dr. Kananga's picture

They are desperate, and showing their hand by doing so. Always a bad move in Vegas.


Thu, 12/08/2011 - 20:17 | 1961259 Sardonicus
Sardonicus's picture

I agree Robot.  The market may have already priced in disaster at this insanely high level and I would not be surprised to to see a nuclear meltup tomorrow.

This market has been been very good at sucking shorts in on fear and then blow torching the shit out of them and then force feeding them their own burnt shit.

I am completely out of the market.  Everything I know and believe knows we should tank, but I have a super sick feeling the opposite will occur.

Tank off is too obvious.  Then again it's so obivous the obvious thing to do is to doubt it which makes shorting the right call after all.

Who the fuck knows.

I went balls deep long right before the close with a dumbass paper acccount I set up just to see.  if I wake up tomorrow and the markets are halted in a sea of red pixels it don't cost me a dime.

You can all laugh at me when we tank.  LOL

Thu, 12/08/2011 - 21:17 | 1961395 jm
jm's picture

This market has been been very good at sucking shorts in on fear and then blow torching the shit out of them and then force feeding them their own burnt shit.

Poetry, really.

Thu, 12/08/2011 - 22:01 | 1961493 chump666
chump666's picture

Everyone is out of this market, so I wouldn't expect a huge sell off on an already priced in next-summit-in-2012 trade.  Selling? Hmm, tuff one, HFTs are the only things left end yr + book closing trades, could be a meltup here. But  wouldn't expect a break of resistance  and thats on ALL indexes...pure correlation till doomsday and I have that priced for early 2012.

ECB reality check was a susprise, caught long pos that then went short.  I missed it as did others.  Does it mean a bear trap?  maybe. 


Thu, 12/08/2011 - 22:03 | 1961498 chump666
chump666's picture yes I would be cautious and I am dying to short the end-of-the-world trade.  Which is very close

Thu, 12/08/2011 - 22:40 | 1961567 Free Markets
Free Markets's picture

Let me know when that is. My guess is the second we find out, it will be too late.

Thu, 12/08/2011 - 22:53 | 1961589 chump666
chump666's picture

I caught Aug sell off, that was the pre-curser,  Maybe Jan, but 2012 is going to be a hellish yr (markets) you got China (major one), EZ/EU breakup, India, housing market implodes Canada/Australia, commodity market price collapse etc etc etc

everything going down. 

Thu, 12/08/2011 - 20:19 | 1961264 fonzanoon
fonzanoon's picture

I think tomorrow around 3pm the release the eurobond rumor. Market finishes up 250pts, shorts mauled. Enjoy the weekend.

Thu, 12/08/2011 - 20:22 | 1961267 THE DORK OF CORK
THE DORK OF CORK's picture

Sad to see the Irish getting upset about the corporate tax thingy and NOT THE FUCKING  CREDIT DEBT.

We are lost fucking lost - still hoping to get the scraps off the landlords table.

Believe it or not our GNP (see real economy) was larger then GDP back in the 70s - because our emigrants sent money home I guess , now we export wealth via the multinationals.

Something like 90 to 100% of "our" GDP is exports !!............ only Singapore is higher ........ another jewel in the crown. 

Countries that feel the need or are forced to export such a % of wealth are by definition colonies.

Thu, 12/08/2011 - 20:31 | 1961300 Caviar Emptor
Caviar Emptor's picture

Great post. Guess one aspect of the race to the bottom could be corporate tax rates. Deperate times. I read that Ireland's central bank has already looked into a printing contract with a firm in case of withdrawal from EZ

Thu, 12/08/2011 - 21:09 | 1961376 Global Hunter
Global Hunter's picture

thought provoking.  One thing about all this madness that's afflicted the world it gives some of the posters and TD themselves inspiration to write some really really thought provoking moving stuff and or incredibly funny posts.

Thu, 12/08/2011 - 21:20 | 1961401 THE DORK OF CORK
THE DORK OF CORK's picture

On the postive side by my primitive calculations we have reduced our leverage by a huge amount through stopping almost all credit with devastating effects of course.

I just use central goverment funds as a % of GNP - so we moved from 40 to 1 during the boom years to 18 to 1 last year - so maybe we are 15 to 1 now.

Germany not so much - see Phoenix Capitals post above.




Don't know about that - although I guess the horse has bolted.

Thu, 12/08/2011 - 20:25 | 1961284 lotusblue
lotusblue's picture


Thu, 12/08/2011 - 20:26 | 1961285 Snakeeyes
Snakeeyes's picture

With Greece and Italy experience contracting with ECB rates near zero, HOW can any treaty work? Look at charts of the Fed vs ECB rates.

Greek lIndustrial Production Down 12.3% YoY, ECB Running Out of Options as Rates are Pushed Down Near Zero

Thu, 12/08/2011 - 20:26 | 1961286 Caviar Emptor
Caviar Emptor's picture

On the other side of the "Armageddon Trade" is the "Happily Ever After Trade". It's the one that believes in eternal sunshine and a global economy that's powered by rainbows and puppy kisses. But they don't get what's happened to the world in the course of 4 long years of crisis. It changes people's thinking and behavior. We're at a point where trying to return to business as usual has proven itself to be a recipe for a decline. And there are big forces behind those dams with the leaks in them

Thu, 12/08/2011 - 20:27 | 1961288 ffart
ffart's picture

Is anyone else fucking tired of hearing this. All Europe exports anymore are bad rumors, who even cares if their little currency vanishes? 

Thu, 12/08/2011 - 23:32 | 1961713 IQ 101
IQ 101's picture

What about the Brie and the BMW's and the biscuits in the fancy tin cans and the great British bands like the.....o fook.... never mind,

Haggis? rumors? Eiffel tower statues.

If the Euro tanks,where will we get our Petit fois gras from? and the wine, who will make the wine.

Thu, 12/08/2011 - 21:14 | 1961289 Joebloinvestor
Joebloinvestor's picture

When they total up all the expenses of the meetings these clowns had and DID NOTHING but eat and drink well, someone is gonna be upset.


Wanna see the EU political gang do some fixing, pull their perks.

Thu, 12/08/2011 - 20:28 | 1961292 FinalCollapse
FinalCollapse's picture

No rumors today - how come? Maybe they will do it at midnight for maximum effect? No one investigates these crimes anyway, so why not do it - it is easy money...

Thu, 12/08/2011 - 20:30 | 1961298 vote_libertaria...
vote_libertarian_party's picture

Sounds scary.....aaaaaaand futures are up.


Buy buy buy bots do not compute scary.

Thu, 12/08/2011 - 20:38 | 1961314 navy62802
navy62802's picture

No surprise here. Nothing will happen with this "summit," and they will just schedule another. After it fails, the European leaders will once again profess how serious they are about fixing Europe's problems, and markets will skyrocket like they always do.

Thu, 12/08/2011 - 23:35 | 1961724 TheFourthStooge-ing
TheFourthStooge-ing's picture


Sounds like the codified summit protocol they've been following all year.


Thu, 12/08/2011 - 23:55 | 1961790 Dr. Kananga
Dr. Kananga's picture

The longer they do this, clearer it will become that either:

(1) they don't know what they're doing, or

(2) it's a criminal enterprise

The public is stupid--but with enough repetition of the message, they may start to learn. Or not.

Thu, 12/08/2011 - 20:41 | 1961321 Cone of Uncertainty
Cone of Uncertainty's picture

Iceland is looking pretty fucking good right now.

Thu, 12/08/2011 - 20:42 | 1961324 JR
JR's picture

You know what?  It is unknown what a breakup of the Euro membership will mean for the world economy. But it is known what a continued course of diving into a debt black-hole will produce because the effects are already being manifest. If something isn’t fixed, we know what’s going to happen. But these pretend calls of all the calamities if we don’t do this or do that for Goldman and the international bankers and their theft system, are beginning to make me sick.

And if anyone thinks an S&P faux band-aid paper threat is going to make any difference one way or another, tell that to the economy.

Thu, 12/08/2011 - 20:46 | 1961331 fockewulf190
fockewulf190's picture

Well, I'm watching daily activity down here in northeast Bavaria, and for the most part, people are oblivious to the upcoming financial anti-matter explosion. I run a physical therapy practice so we get a large and diverse crowd everyday, and the financial crisis is barely talked about. Sometimes I feel like I'm living in the Twilight Zone. I'm stacking phyzz like crazy trying to build some kind of financial shield, stocking food, picked up a Katadyn water filter, hygine, medical, chemicals..the works...and people are ragging about football (soccer). I now know how it feels to be an Omega Man.

Thu, 12/08/2011 - 20:50 | 1961336 Wixard
Wixard's picture

I know a man who deals in precious scrap metals. (he recycles used electronics) and he's been stacking since 08. He firmly believes he'll be the richest man in the county one day. 

Thu, 12/08/2011 - 21:03 | 1961365 fockewulf190
fockewulf190's picture

I'm just trying to firewall my biz and peeps. Believe me, when the SHTF, I'll be acting just like the rest of the zombies looking for brains to eat. The last thing you want people to know is that your prepared...let alone rich with 5000 year old money. No guns and ammo allowed in Germany.

Thu, 12/08/2011 - 21:32 | 1961421 alien-IQ
alien-IQ's picture

judging by the list of supplies you are sound to me like you are dangerously low on Booze. Believe me, you're gonna need it...we all are.

Fri, 12/09/2011 - 00:01 | 1961802 Dr. Kananga
Dr. Kananga's picture

I live in a remote part of (very) rural Northern California.

Last night, standing in the backyard, I heard a neighbor walking up the road on the hill behind my house, in the dark. He was on his cell phone, talking to someone about the situation in Europe.

Today, waiting for lunch, I watched six guys playing with their cell phones outside. I wandered around and noted that three of them were checking stocks.

It depends where you are, but there are people paying attention. What they can do about it is subject to question.

Thu, 12/08/2011 - 20:47 | 1961333 Wixard
Wixard's picture

PIIGS are dead, long live the PIIFBGGS

Thu, 12/08/2011 - 20:49 | 1961335 Glass Steagall
Glass Steagall's picture

I love ZH, I really do. But why is there always a zombie-apocalypse right around the corner?

The best thing that could happen is an Iclandic withrawal. The worser thing that can happen is more printing. The latter buys more time.

I don't get it?

Thu, 12/08/2011 - 20:53 | 1961343 Wixard
Wixard's picture

Imaigine the 08 financial crisis. Now imagine that same crisis when TARP does nothing. It's sort of where we're at. 


We're reaching a point where more printing does more harm than good. 


Thu, 12/08/2011 - 21:11 | 1961383 Global Hunter
Global Hunter's picture

yea because the printed money just goes into this cycle of debt that governments, central banks and banks are caught in and gets bigger.  

Thu, 12/08/2011 - 21:25 | 1961407 Glass Steagall
Glass Steagall's picture

I ask because TARP did nothing but make things worse (unless you're of the GS ilk). A no-TARP haircut is what was called for.. but we got TARP instead and look at where we are? I suggest that it baught time for those that were only then waking up, but kicking the can only makes it worse. And it did. Iceland took the haircut. No zombie-apocalyse. So what are we afraid of?

Thu, 12/08/2011 - 21:53 | 1961475 Silver Bully
Silver Bully's picture

Yeah, imagine '08 except this time we're in FAR worse shape for the hit.

Millions unemployed, real estate is sunk, gdp down, 401k's still underwater, etc, etc.

'08 was a 20 foot tsunami that broke the financial sea wall. It hasn't been repaired yet, the town is still soaked, and we've got a 50 footer on the horizon.

That's where we're at.

Thu, 12/08/2011 - 22:17 | 1961522 Glass Steagall
Glass Steagall's picture

@ Wixard: Okay, I'll bite - "We're reaching a point where more printing does more harm than good"

Your statement assumes we were at a point where printing did any good at all. It didn't.

"Now imagine that same crisis when TARP does nothing"

TARP did what, exactly?

Fri, 12/09/2011 - 00:13 | 1961824 Dr. Kananga
Dr. Kananga's picture

TARP made it possible for the people who were responsible for the debacle to continue what they were doing, without suffering harm, and here we are today...

Iceland may be all about fish, but at least they still own the fish free and clear.

Thu, 12/08/2011 - 21:23 | 1961406 clymer
clymer's picture

not a zombie-apocalypse. We just happen to have a front row seat to an unprecedented event in human history; A fiat globe that is a hairs-breath away from collapse. 

I don't get the nay-sayers around here - the facts are all plain as day. We're fucked

Thu, 12/08/2011 - 22:23 | 1961534 Glass Steagall
Glass Steagall's picture

And you, clymer - we're fucked? Only now? We 'have been' fucked for a long time. My question is: how do you suppose we are gonna be more fucked tomorrow than we already are?

Gunboat deplomacy from one of the most well armed citezenry on the planet... think some folks on here need to log-off Rense for about 6 months or so.. just saying.

Thu, 12/08/2011 - 22:19 | 1961525 JR
JR's picture

The bankers are using the threat of a wholesale S&P downgrade as a boogie man to frighten Europeans into the loss of their economic and political freedom.

To think that these people control the U.S. government and pretty much Germany and France but somehow the rating agencies are completely independent and have never been touched by them is pretty hard to accept. It’s getting to be that in order to listen to these people and their prostitute media, you’ve got to be as naive as Little Red Riding Hood.

Some of us may be late to the ballgame, but you can look up at the scoreboard to see what’s going on.

The investment bankers are up against the economy – the economy is people who are trying to get by in this world.  Push them too hard and they’ll bite back.

Now, we are hurtling toward that moment when, as Lord Acton said:  "The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.”

People can no longer live in a banker-run world. It was different in the beginning when the early Rothschilds and J.P. Morgans and Warburg brothers were satisfied taking the cream off the top. But when they decided they wanted it all, they crossed the line.

Fri, 12/09/2011 - 01:18 | 1961959 Savyindallas
Savyindallas's picture

Zombie apocalypses are very frequent, predictable and recurring events. look at history. We're due for another great depression or world war  -with tens of thousands of nukes for decades  -often in the hands of moronic degemerate psychpaths like Stalin, Mao, Trruman, Clinton, Bush and obama  -we're very fortunate we haven't allready destroyed much or all of the world - what are the odds of a nuclear Holocaust in the next 10 years? 1? 10%, 50? Not sure, but I don't like the odds. 



Thu, 12/08/2011 - 20:56 | 1961340 rockraider3
rockraider3's picture

Okay, who put the Clapper on the Eurozone Rescue?  Is that you clapping over there Finland?  Clap on, clap off, the clapper.

Thu, 12/08/2011 - 20:58 | 1961354 bob_dabolina
bob_dabolina's picture

Bush's Fault

Thu, 12/08/2011 - 21:57 | 1961483 lolmao500
lolmao500's picture

Actually it's congress of 1999's fault along with Bill Clinton's fault.

Thu, 12/08/2011 - 20:59 | 1961357 PicassoInActions
PicassoInActions's picture

what i don't get... when the rates are cut then currency usually goes down. for what ever reason that is Euro is fucking resilient.

Thu, 12/08/2011 - 21:05 | 1961367 Kali
Kali's picture

OT, but signs of what is coming out of all this.  Mom shoots self and her two children in EBT office standoff -denied food stamps!

"Secret" drone test flights by Houston Police-police spokesperson when asked what to be used for said, "I'm not ruling anything out". Hilarious video by local news station investigation.



Thu, 12/08/2011 - 23:56 | 1961770 smiler03
smiler03's picture

Just a quick correction of your first link

Thu, 12/08/2011 - 21:10 | 1961375 bob_dabolina
bob_dabolina's picture

Blue Horse Shoe likes Euro bonds. I copied/pasted the whole article for those that don't have a subscription. 


Investor George Soros's family fund bought about $2 billion of European bonds formerly owned by MF Global Holdings Ltd., the debt that helped force the securities firm to file for bankruptcy protection Oct. 31, according to people close to the matter.

Enlarge Image

Bloomberg News

George Soros in September.

Under the direction of MF Global's former chief executive, Jon S. Corzine, the firm accumulated $6.3 billion of short-term debt issued by various European nations, mostly from Italy, in a bid to boost trading profits. Over the summer, this debt led to nervousness by investors, regulators and ratings companies, resulting in the firm's collapse just over a month ago.

Though MF Global sold about $1.5 billion of this European debt in the days leading up to the bankruptcy filing, about $4.8 billion remained. Those leftover bonds were turned over to KPMG LLP, MF Global's bankruptcy administrator in London.

These positions were offered to a number of big investors immediately after MF Global's collapse, according to investors who had a chance to buy the bonds. The sales process was run by MF Global's London clearing house, LCH Clearnet, according to a spokeswoman for KPMG.

Though a number of large investors passed on these bonds, Mr. Soros's interest was piqued, according to people close to the matter.

Earlier this year, his firm moved a chunk of its holdings into safe, liquid investments, giving Mr. Soros the ability to write the approximately $2 billion check for MF Global's bonds.

The 81-year old investor, together with his investment team at Soros Fund Management, purchased the bonds for below the market price at the time, in a transaction involving JP Morgan Chase & Co., according to these people. Other large investors also bought some of these European bonds once held by MF Global, according to people close to the matter. A spokeswoman for J.P. Morgan declined to comment.

Mr. Soros's firm still holds the majority of the positions it acquired, the people said.

Soros Fund Management, which manages about $26 billion for Mr. Soros, his family and his charities, may have profited during the subsequent five weeks, these people say, as the market recently has improved for Italian and other European debt.

"While our firm is always in the market, we have a policy of not disclosing details of our positions," said a spokesman for Mr. Soros.

A spokeswoman for KPMG said: "The overwhelming majority of the European sovereign-debt portfolio and related repurchase agreement and reverse-repurchase agreement transactions were liquidated" by LCH before the second week in November.

The Italian-debt purchase by Mr. Soros is significant because it indicates that an investor considered to be one of the world's savviest has confidence that the country won't default on its debts, at least by the time these bonds mature in December 2012.

The Soros move, in turn, is something of a wager that a wider collapse of euro-zone finances will be averted. Italy has emerged as the center of the financial storm engulfing Europe because, following bailouts of Greece and other nations, Italy is widely considered too big to save should it run out of funds to service its debts, though some on Wall Street view pessimism surrounding the country's finances as overdone.

Mr. Soros's credibility as an investor rests in part from a controversial bet he made against the British pound in 1992, which netted more than $1 billion and is considered one of the most successful trades in history.

Scott Bessent, who managed Mr. Soros's European investments for eight years earlier in his career, returned to Soros Fund Management this year as its chief investment officer. Mr. Bessent is believed to have played a role in the big European debt trade.

The Soros move may pay off. The yield on Italian 10-year debt fell below 6% earlier this week for the first time since October, though it had moved over that mark Thursday in New York.

Last week, the debt, whose price rises as its yield falls, was yielding more than 7%—a level seen as unaffordable over the long term for a government that has €1.9 trillion ($2.5 trillion) of debt.

Whether the Soros bet ultimately turns a profit could depend on a meeting of European leaders Thursday and Friday in Brussels, where they will try to hash out measures to avoid a catastrophe.

Unlike MF Global, Soros Fund Management is a private investment firm, providing it with the ability to make gutsier bets and stick with them longer than some others.

After a disappointing second quarter, Mr. Soros decided to hand back $1 billion to outside investors and turned his firm into a "family office," a move that allows it to avoid a new level of regulatory oversight facing many hedge funds.


Thu, 12/08/2011 - 21:10 | 1961379 Atomizer
Atomizer's picture

 Imagine most of you have watched this progression reported on your local business cable channels.


Too big to fail has been replaced by G-SIFIs (Globally operating Systemically Important Financial Institutions).


Your lastest developments within the Financial Stability Board


Meanwhile, the BIS has released the IFC crisis bulletin on how to fudge new data and close leaking water gaps under new procedural guidelines.


Never fear the incompetence of central planning members.

Thu, 12/08/2011 - 21:22 | 1961405 Everybodys All ...
Everybodys All American's picture

George Soros is a well connected asshole who has a goal of seeing the US dollar collapse. What he desires is the globalist plan involving the Euro or the SDR of the IMF becoming the one world currency. How do I know? Socialism reigns in Europe right now.

Thu, 12/08/2011 - 21:31 | 1961417 chubbar
chubbar's picture

This outrage from Finland, Holland ,et al is either more kubuki or they have to be the most naive leaders in the world. What the fuck did they think was going to happen when those hucksters sold their people out to the bankers? Did they really think the game was going to stop with the issuance of the Euro and the kickbacks they were expecting, seriously? These banker bastards play for the whole ball of wax and won't stop until they control the sovereignty of every european country, imo.

It's pretty telling when they won't allow a popular vote on any issue of substance. Those leaders expressing reservation about this power grab can expect a visit in 3...2....1...

Thu, 12/08/2011 - 21:31 | 1961418 monopoly
monopoly's picture

Just one big family arguing about who goes to the store to get dinner.

Just think about it all.Take your own family, or a small group you hang out with, or an assembly of people of like minds or a town hall meeting.

Take the above and tell me how many times did ALL agree on the same proposition. So please advise me how you are going to get 17-27 Nations or whatever to agree on the most important issue since the formation of this failed experiment.

1. Different budgets, balance sheets, ethnic origins, backgrounds and politics.

Not gonna happen Robot!

Thu, 12/08/2011 - 21:51 | 1961470 Cone of Uncertainty
Cone of Uncertainty's picture

Everyone I work with(buyside) is fucking so desensitized to all this shit that they are like a herd of sheep.

Nobody gets it.

This perplexes me to no end, not one fucking person other than myself, owns physical.

I can only imagine the shock and awe that is going to hit these people when the bill comes due.

There is no saving the situation at this point, we are too far down the road, as our fate was sealed when Bernanke stepped in back in 2008.

It's over folks, so prepare accordingly--time is running fucking short that is for damn sure.

Fri, 12/09/2011 - 00:11 | 1961820 smiler03
smiler03's picture

I'm not disagreeing with you but with 64% of Americans unable to raise $1000 for an unexpected bill it is not surprising the majority do not have physical PMs. Then there must be many more who probably have got $1000 or more in savings but feel the need to have cash for food, debt payments, a hedge against unemployment etc etc. 

Remember that the poor are the big majority.

Thu, 12/08/2011 - 21:55 | 1961478 lolmao500
lolmao500's picture

Merkozy warmongering... do what we say, OR ELSE...

Europe has never faced bigger risk of exploding, says Sarkozy


Anyway that bastard will soon get kicked out of office... and since Europe will probably blow up before then, I think we have good chances of the National Party of France getting elected... which will be very interesting to watch.

Thu, 12/08/2011 - 22:06 | 1961505 Outlaw Of The W...
Outlaw Of The Wasteland's picture

how is a hungarian dwarf jew president of "france"?

Thu, 12/08/2011 - 23:03 | 1961610 Jim in MN
Jim in MN's picture

Where the fuck is Martel the Hammer when you need him???

Cut the heads off the goddamn userers and be done with it.

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