Mario Draghi Says Situation In Italy Is "Confusing And Dramatic" - As Is All Of Europe Today

Tyler Durden's picture

With European coverage today about to confirm with absolutely certainty that the only option for Europe is to baffle everyone with intolerable and ridiculous amounts of bullshit, and failing that, to delay, delay, delay (we are already hearing of another summit in 4 days), probably what is most indicative of what to expect out of Europe is what incoming ECB president Mario Draghi said is the situation in Italy which he called is "confused and dramatic." That pretty much sums it up. Anyone expecting any actionable result out of the drama queen country or continent, will be disappointed. In the meantime here are sporadic news which attempt to paint a picture of the total confusion in Europe...

Merkel Says EU Treaties Must Be Changed, via BBG - this is Germany showing everyone who is boss.

  • Not looking for a rerun of Lisbon Treaty changes
  • Changes intended to target chronic debt offenders
  • Lawsuits must be possible against EU debt offenders
  • Too little regulation led to crisis
  • Reiterates backing for financial transaction tax, Germany will do ‘everything’ to push EU plan on tax

Merkel Says Will Also Look at Regulation of Hedge Funds

  • Says German short-selling ban was successful

When all else fails: use diversion, scapegoat the one you hope to bail you out:


And when you cut down to the chase, it is really the G20's fault:


Merkel says European leaders will have to go beyond measures introduced at today’s summit to resolve the debt crisis in order to calm international markets concerned about a breakup of the euro: so some measures will be introduced

  • “They want to see what the development of the European Union looks like in the medium term, because they need certainty that the euro area will stay together”

And the understatement of the day:


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Fips_OnTheSpot's picture

50 years of peace, freedom and wealth (.... and 9tn debts)

falak pema's picture

frau Merkel now Bismarck's out G20.

gojam's picture

I said it before.

A treaty change will ensure the UK leaves the EU.

Other countries in the EU have a constitutional clause which triggers a referendum when there is a Treaty change.

So what ?

A messy breakup of the EU (not the Eurozone that's a seperate matter.) 

DogSlime's picture

Good.  I hope we do leave.  The whole thing is run by clowns and the clowns themselves are made from shit.  Laurel and Hardy could have done better.

gojam's picture

Yep, but Merky knows this so is the UK being maneuvered out.

I agree BTW, it's too expensive, undemocratic, and bureaurcratic

AngryGerman's picture

Yep. leave EU and take your shitty banking system with you. At least then we don't have to bail your state-owned monstrosities out too...

ours are enough...

gojam's picture

Which state owned monstrosities are you refering to ?

I think you're mistaking the British for the French and Italians.

Quintus's picture

I wouldn't count on it.  This week's circus in Parliament has been revealing in it's highlighting of just how bought-and-paid-for all of the main parties are.

Even in a non-binding, backbench motion, the leadership STILL would not trust the members of their own parties and forced them to vote with the Government line.

Congratulations to the 111 rebels who kept their word to their voters, and consequently their honour.

I am certain that Cameron will find, on close examination, that no matter what treaty changes are proposed they do not involve "Transfer of significant new powers to Brussels" in his weasel phrase, and therefore no referendum is necessary.  Because he says so.

Quintus's picture

Did it this morning.

If the EU can keep asking the question until it finally gets the answer it wants, why can't we?  Let's play them at their own game.

graymnzrc's picture

That is a very poorly worded poll.

" grant us an opportunity through a referendum to express our desire on the relationship with the EU."

What the hell is it really implying?

HD's picture

Just implode already. I got shit to do.

wang's picture
wang (not verified) Oct 26, 2011 5:56 AM

What, no mention of Gaddafi?

achmachat's picture

Here in Luxembourg it's as if people live on a perfectly shielded island, 80 km long and 50 km wide.
Nobody cares, nobody is alarmed.
I feel like I am taking crazy pills.

Don Diego's picture

I care, got gold, silver, tuna cans and plenty of letters signed by Mr. Muller.

HD's picture

Don't use the metric system - as we Americans suspect it's a form of witch craft...

swiss chick's picture

Same here in Switzerland!!!!!

Unbelievable, people going on as if everything is fine...

falak pema's picture

everything is fine in the heart of Lotharingia! It is the very place where euro capitalis began and whatever happens on rim the heart will be where europe will regroup for reset : Lotharingia. That is it. Historic crescent from Antwerp/Rotterdam to Milan/Genoa. Along the Rhine and through Alpine Schweizer land, east of the Rhone river. 

xcehn's picture

People feel helpless to affect or change the corrupt system that engulfs them.  Some don't even have the luxury of being aware.  Of those that do, many drink back their anger in the pubs or their rented/mortgaged flats.

DogSlime's picture

confusing and dramatic

also pathetic and hilarious. 

You just couldn't write this stuff.

What's the odds that someone will make the vaguest hint at a possible meeting about a plan for a preliminary discussion about a resolution and the markets will skyrocket?

Fucking appaling.  With these incompetent scum running the show, we're fucked.  Just get it over with and then we can get on with trying and jailing/executing the architects of this mess...


...either that or start the big fusion firework display.  Anything but this fucking farce day-after-day.

slaughterer's picture

Merkel der Spanferkel. 

TheFourthStooge-ing's picture

Sagt Sarkozy, "Merkel das Geistig behindert Trüffelschwein."


slaughterer's picture

So when do we get to here "Ode to Joy" with the vague sounds of all these drama queens and confused kings strangling one another in the background? 

brodix's picture

The bubble of hot air grows to infinity. 

 Or not.

AngryGerman's picture

bunga is probably confused as he just woke up in next to a 15 year old hooker

Börjesson's picture

Oh crap! Up 'til now, all this chaos has been sort of fun to watch, in a gallows humour kinda way. But after reading this, it isn't fun anymore. Now I'm getting worried for real. For some reason, I thought the Germans were on our side, on democracy's side, against the evil schemers in Brussels. But I guess not.

Take your damned EU superstate and shove it, Mrs Merkel! We don't want it!

AngryGerman's picture

lol, were have you been living the last 50 years?

lolmao500's picture

Time for Germany to overthrow that bitch. But that won't happen. Just like Ron Paul won't get elected in the US.

The only thing that could change things real fast is if the FN is elected in France in April... if France gets downgraded before then, then it's a very real possibility.

RoadKill's picture

Clearly this will all end with a bang. Hopefully that bang will be people all over the world throwing every politician out of office and starting the whole system over from scratch.

The biggest problem is I don't trust the revolutionaries any more then the schmucks in office. OWS wants to steal all my money and end capitalism. The TP will force me to obey their imaginary man in the sky and oppress everyone that's not a straight, white, Christian, male. And the Ron Paul libritarieans are simply trying to replace our fiat overlords with the fruitcakes that dug up a specific type of shiny metal and then stuck it back under ground.

Get rid of Ghadaffi, hello Al Quieda

Coldfire's picture

Farcism on speed.

xcehn's picture

Drama and confusion provide excellent cover for the proxy banksters to bailout their masters and rape the taxpayers.

spanish inquisition's picture

Even the morning choice between poached and OE is confusing and dramatic in Italy.

Bahamas's picture

Mario Draghi will finish the job he started on board of the Britannia back in 1992 and loot whatever is left in Italy to take and give it to his bosses at Goleman Sucks

americanspirit's picture

Zero chance of anything happening other than creatively-packaged additional debt in both Europe and the US. No hard capital to speak of is being created either place, so debt is all there is. And talk of 'fixing the system' in places like Greece, Portugal, Spain and Italy - please! Really - you've got to stop. You're killing me!