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Latest "Europe Is Saved" Rumor Full-Life: Under 40 Minutes

Tyler Durden's picture


Earlier today there was an amusing headline generated in the WSJ "Berlin Blinks on Shared Debt" which we noted in the frontruninng section and promptly mocked, because it was patently 100% untrue, and would have a chance of happening only if markets were in full on crash mode. It also goes completely against what everyone in Germany has been saying for weeks and months. Still, the stupid markets, and especially the EURUSD algos keep responding as more and more media sources caught on to this headline. It took just under 40 minutes for Germany to get out of bed and slap the WSJ down, which as of this morning has about the same credibility as the Guardian in the Euro-rumor mongering department.


From Reuters:

Germany's finance ministry denied a report on Thursday that suggested it had modified its opposition to euro bonds and reaffirmed its long-held view that they could only come at the end of a process towards fiscal union.


Earlier the Wall Street Journal quoted Finance Minister Wolfgang Schaeuble as saying in an interview published on its website that Germany may be willing to move sooner than expected to accept shared liability of euro zone debt.


Asked to comment on the reported comments, ministry spokesman Martin Kotthaus said: "This is not true."


"We've always said that we can talk about shared debt management only at the end of a process toward a genuine fiscal union," he told Reuters.

And full roundtrip:

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Thu, 06/28/2012 - 08:02 | 2567769 GetZeeGold
GetZeeGold's picture





They must have put Charlie Sheen in charge.....good thinking!


Thu, 06/28/2012 - 08:03 | 2567779 sunnydays
sunnydays's picture

Funds unwinding their postions it seems.  Just like it was exposed about Barclay and the Libor rate.  They are playing a game saying "you release this lie this morning, so I can sell this postion."   They are all going to keep playing games and helping each other to simply make money.  The game has been exposed and no one should play it.  Let them all crash and burn at some point, when the game tires. 

Thu, 06/28/2012 - 08:11 | 2567797 youngman
youngman's picture

except they are not unwinding their positions...this IS their position.....its the casino..let a rumor fly....play the move....there are no retail investors in this game...at least I hope not

Thu, 06/28/2012 - 08:28 | 2567848 economics9698
economics9698's picture

I use to fuck for 40 minutes.

Thu, 06/28/2012 - 09:35 | 2568062 old naughty
old naughty's picture

the half-life is 20 min...

you mean there's people believed that for 20 min?

I "don't believe it for a minute". (Oh, not you 9698).  ;p

Thu, 06/28/2012 - 08:08 | 2567792 battle axe
battle axe's picture

WSJ, what a rag. I get my info from the only respectable source, ZeroHedge!!!!!

Thu, 06/28/2012 - 08:02 | 2567774 HelluvaEngineer
HelluvaEngineer's picture

I'm hearing more unfiltered commentary on Bloomberg / CNBC lately. We seem to be reaching the point of common understanding that we are truly screwed.

Thu, 06/28/2012 - 08:05 | 2567785 bigdumbnugly
bigdumbnugly's picture

speaking of cnbc, A.R. Sorkin just said that Barclays was down 14% but had no idea as to why - however he'd look into it and report back soon.

cutting edge they are...

Thu, 06/28/2012 - 08:09 | 2567795 BeetleBailey
BeetleBailey's picture

Andrew Ross Sorgum never has had his teeny balls drop. The douche is as useful as a canker sore.

Any male who uses three names to identify himself in NYC has issues; Sore-butt has plenty.

Thu, 06/28/2012 - 08:31 | 2567857 economics9698
economics9698's picture

The MSM is getting so desperate for good economic news now they are resorting to testimonials from individuals who “made it.”

As for ZH they have mistakes in their reporting but its better than the bull shit in the regular channels. 

Thu, 06/28/2012 - 08:19 | 2567818 bdc63
bdc63's picture

how could this be ANYTHING but the biggest freakin story of the day for a 'business network"?  seriously? ...

come on CNBC.  this stopped being funny and turned into truly embarassing a LONG time ago ...

Thu, 06/28/2012 - 08:07 | 2567789 BeetleBailey
BeetleBailey's picture

You deserve a medal for having the sound up on CNBullShit alone!

Thu, 06/28/2012 - 08:44 | 2567891 conork
conork's picture

Here's some recent CNBC commentry that might actually wake up some of the zombies;



Thu, 06/28/2012 - 08:03 | 2567775 disabledvet
disabledvet's picture

The more the propaganda the easier to trade against it.

Thu, 06/28/2012 - 08:03 | 2567776 EscapeKey
EscapeKey's picture

Markets only move on promises of free money.

Not exactly the arrangements of the words "free" and "markets" one would hope for...

Thu, 06/28/2012 - 08:03 | 2567778 The Axe
The Axe's picture

Barclay's down 14% in London..ouch

Thu, 06/28/2012 - 08:04 | 2567783 KNiCKER
KNiCKER's picture

Nein, Nein, Nein! Sie sollen uns nicht klopfen!

Thu, 06/28/2012 - 08:06 | 2567786 TooRichtoCare
TooRichtoCare's picture

Oh my God, is this Andrew Ross Sorkin guy frikkin retarded??

He says Barclays is down 14%, and says "not sure why that stock is down so much, we'll have to look into it".....and then within 2 sentences he starts reading the next teleprompter headline about how Barclays is paying a 300 or 400 million dollar fine cos of the Libor market abuse, and then he says, in a real visible AHA! moment,  "hmmm, I wonder if that's why the stock is maybe down so much?"

Frikkin genius this guy is...

Thu, 06/28/2012 - 08:06 | 2567787 TooRichtoCare
TooRichtoCare's picture

sorry...off topic...but I'm reading zerohedge with CNBC on in the background...

Thu, 06/28/2012 - 08:08 | 2567791 KNiCKER
KNiCKER's picture

And how is that working out for you?

Thu, 06/28/2012 - 08:09 | 2567793 GetZeeGold
GetZeeGold's picture



sorry...off topic...but I'm reading zerohedge with CNBC on in the background...


On purpose?


Thu, 06/28/2012 - 08:20 | 2567829 TooRichtoCare
TooRichtoCare's picture

I had South Park playing initially, but my wife's home now  and I didn't want her to know that my "working from home" routine actually involves goofing around, watching comedy programs, chatting to friends on Facebook, watching old Led Zep clips on You Tube etc...  

This working from home routine is tough!!

Thu, 06/28/2012 - 08:53 | 2567919 Joe A
Joe A's picture

And while you are doing all that at home, what is your wife doing in the meanwhile outside the house and are you sure about that? ;-)

Thu, 06/28/2012 - 08:13 | 2567807 slewie the pi-rat
slewie the pi-rat's picture

put down the remote and step away from the TV

Thu, 06/28/2012 - 08:11 | 2567794 michigan independant
michigan independant's picture

Public Safety Section 9 noticed 9 point algo futures spike. Annnnnnd its gone.....

Thu, 06/28/2012 - 08:11 | 2567798 morning_glory
morning_glory's picture

Frau Merkel goes home every day and listens to Rammstein "Du hast mich gevragt und ich hab nichts gesagt".


You asked me and I said nothing.



Thu, 06/28/2012 - 08:12 | 2567799 KNiCKER
KNiCKER's picture

I think, ultimately there will be an 'orderly' temporarily exit from Germany and a few others...

Thu, 06/28/2012 - 08:13 | 2567806 GetZeeGold
GetZeeGold's picture



Yeah....this is orderly.


Thu, 06/28/2012 - 08:14 | 2567810 sudzee
sudzee's picture

The rumor was good for a 50point spike in the DAX. Now back down that 50.

Thu, 06/28/2012 - 08:30 | 2567851 bdc63
bdc63's picture

The DAX spiked on the news? ... that is just freakin hysterical.

Thu, 06/28/2012 - 08:18 | 2567819 sbenard
sbenard's picture

Bizarre, because the story is still appearing on the WSJ website! WSJ is standing behind the headline!

Thu, 06/28/2012 - 08:23 | 2567835 GetZeeGold
GetZeeGold's picture



Try poking it......maybe it's dead.


Thu, 06/28/2012 - 08:44 | 2567890 paint it red ca...
paint it red call it hell's picture

+1     snicker, snicker

Thu, 06/28/2012 - 08:23 | 2567834 LoneStarHog
LoneStarHog's picture

Sheesh! I could just SCREAM, but I don't speak German.

Thu, 06/28/2012 - 08:26 | 2567844 GetZeeGold
GetZeeGold's picture



Achtung <-----try that.


Thu, 06/28/2012 - 08:25 | 2567843 Mike in Tokyo Rogers
Mike in Tokyo Rogers's picture

Alriiiiiiight! Saved! We've done it again! (Whatever that is)... All depends, of course, on what your defintion of "is" is.

Thu, 06/28/2012 - 08:30 | 2567852 NeedleDickTheBu...
NeedleDickTheBugFucker's picture

Never let the facts get in the way of a good story.

Mark Twain

Thu, 06/28/2012 - 08:31 | 2567855 timbo_em
timbo_em's picture

It's not just Germany that totally opposes these measures of madness and desperation. It's also Finland, the Netherlands, Slovakia and to some lesser extent (because a social democrat is currently in charge) Austria. Finland and the Netherlands made it very clear that even if Germany caves, they will not.

Thu, 06/28/2012 - 11:42 | 2567877 virgilcaine
virgilcaine's picture

The eu should use 'the clapper' to make it easier to go  Risk On Off. one clap lights off.

Thu, 06/28/2012 - 08:41 | 2567885 valley chick
valley chick's picture

and obmamycare decision at what time?  This is a test of the Ponzi Scheme Network...this is only a test. 


Thu, 06/28/2012 - 08:49 | 2567904 bombimbom
bombimbom's picture



But as this Reuters Breakingviews analysis argues, all that may be needed to salvage the situation is an interest subsidy that would cost eurozone members about 50 billion euros over the next seven years. It’s a more modest form of fiscal union – the core eurozone countries like Germany wouldn’t need to provide an overt guarantee of the debt of countries on the periphery, such as Spain. But it also would recognize that when they linked their monetary policies together more than a decade ago, eurozone members also de facto acknowledged that their fortunes will rise and fall together.

The proposal analyzed in this Breakingviews article is the brainchild of two academics, Ivo Arnold, program director of the Erasmus School of Economics in Rotterdam and Pablo Diaz de Rabago, economics professor at the IE Business School in Madrid. In essence, the idea is to create a pool that would cross-subsidze eurozone debt, with the goal of equalizing borrowing rates. In Germany, currently, these are artificially low, while they have skyrocketed in Spain, reflecting the former’s role as a safe haven and market fears that the latter’s economy is collapsing. As the Breakingviews calculator below shows, this could be accomplished with about 50 billion euros over a five-year period, paid out as subsidies to help offset the higher borrowing costs in periphery nations. The result, the argument goes, would be that while German borrowing costs would rise to more normal levels, those on the periphery would fall, or at least the burden of those costs would be offset by the subsidies.



Thu, 06/28/2012 - 08:54 | 2567927 Nachdenken
Nachdenken's picture

This is funny.  Why subsidise insolvent economies at all ?  The question is not how to subsidise and support the periphery Eurozone countries, but how to set them on their own, entirely.

Thu, 06/28/2012 - 12:56 | 2569680 bombimbom
bombimbom's picture

that's your subjective opinion, nachdenken, and it's wrong. you should think better.

I don't think that you could really call Italy a periphery eurozone country (not even Spain I'd say), avoiding that bonds interests make it impossible for different states to address their issues even if they wanted to is just good clever policy, especially if other more rigorous policies make non-peripheral countries pay far more.

you should also ponder what the (future) political union implies.

I quote a part of the article to facilitate you the process

when they linked their monetary policies together more than a decade ago, eurozone members also de facto acknowledged that their fortunes will rise and fall together.


Thu, 06/28/2012 - 16:31 | 2570928 TWSceptic
TWSceptic's picture

EU propaganda doesn't work here.

Thu, 06/28/2012 - 08:50 | 2567909 Nachdenken
Nachdenken's picture

It is all rumour and make believe, those who still pay taxes will continue to do so, and pay the fat ´crats who make the rules, thats real.  When did you last see a high paid euro-burocrat sacked as in lost (its) job?

Thu, 06/28/2012 - 09:46 | 2568108 TWSceptic
TWSceptic's picture

US has hopium, Europe has rumors lol.

Thu, 06/28/2012 - 10:48 | 2568585 Zero Govt
Zero Govt's picture

Yes the US has hopium (stress tests) on the way too, the Feds doing/done it for the US Banks

..and you thought a board of Directors, another board of Non-Exec Directors, balance sheets, auditors and Risk Managers, Regulators, the Treasury, the Finance Senate Committee and ratings agencies were enough "safety systems"

..trouble is nobody trusts any of these worthless fuckers (corrupt crones)

..so here we are, on the 10th "safety system" and if its anything like Europes, it's going to fail (miserably) as well

..how does ingratiated academic Bernanke do with analysis and predictions? ...the rumour is he's diabolical ...he should do what most academics do, crib someone in the private sector that does a proper job, like Reggie

Thu, 06/28/2012 - 10:38 | 2568476 Zero Govt
Zero Govt's picture

"Latest Europe Is Saved Rumor Full-Life: Under 40 Minutes"

friggin chucklefest ....rolling on the carpet after that headline  ;,))))

like the Stress Tests that are in the bin before the inks dry, these clowns are just hilarious


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