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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:

  • MERKEL SAYS U.S., JAPAN ALSO SUFFER UNDER EXCESS DEBT
  • MERKEL SAYS `EUROPE IS NOT ALONE' IN SHOULDERING DEBTS
  • MERKEL SAYS CRISIS `WILL OCCUPY US FOR YEARS'

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

  • MERKEL SAYS G-20 HAS ROLE TO PATROL EXCESS DEBT AMONG MEMBERS

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:

  • MERKEL SAYS 'WORLD IS WATCHING EUROPE,' GERMANY
 


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Wed, 10/26/2011 - 06:54 | Link to Comment Fips_OnTheSpot
Fips_OnTheSpot's picture

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

Wed, 10/26/2011 - 10:19 | Link to Comment falak pema
falak pema's picture

frau Merkel now Bismarck's daughter....watch out G20.

Wed, 10/26/2011 - 06:57 | Link to Comment gojam
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.) 

Wed, 10/26/2011 - 07:00 | Link to Comment DogSlime
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.

Wed, 10/26/2011 - 07:05 | Link to Comment gojam
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

Wed, 10/26/2011 - 07:22 | Link to Comment AngryGerman
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...

Wed, 10/26/2011 - 07:31 | Link to Comment reload
reload's picture

We have our own printing press thank you, which is deployed for the convenience of our bankers and the impoverishment of citizens. It seems to work pretty well without any input from the EU or Germany. Our banks are awful, but.....so are Germanys.

Wed, 10/26/2011 - 07:37 | Link to Comment gojam
gojam's picture

Which state owned monstrosities are you refering to ?

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

Wed, 10/26/2011 - 07:12 | Link to Comment reload
reload's picture

Wishful thinking I fear. Cameron and Klegg are career politicians, they both want a role in the soon to be, even less democratic, European Union of Serfdom.

Klegg made it clear yesterday that if any powers at all were wrested from Brussells and returned to westminster - he would throw his toys out of the pram. End of joint government. Cameron will back away from that, he barely has a mandate to govern anyway and would not relish another election.

Of course the smple and democratic thing would be to hold a ballot. If they did the result would be a huge majority in favour of leaving the EU. Thats why they will not give us one, it would scupper their chances of a cushy EU Commisar role in the future.

 

Wed, 10/26/2011 - 07:06 | Link to Comment Quintus
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.

Wed, 10/26/2011 - 07:27 | Link to Comment reload
reload's picture

You are of course correct, and out of disgust I have just joined the UKIP.    

Wed, 10/26/2011 - 07:41 | Link to Comment Grimbert
Grimbert's picture

Sign the petition if you haven't already

https://submissions.epetitions.direct.gov.uk/petitions/20133

Wed, 10/26/2011 - 09:08 | Link to Comment Quintus
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.

Wed, 10/26/2011 - 10:42 | Link to Comment graymnzrc
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?

Wed, 10/26/2011 - 06:54 | Link to Comment HD
HD's picture

Just implode already. I got shit to do.

Wed, 10/26/2011 - 06:56 | Link to Comment wang (not verified)
Wed, 10/26/2011 - 06:55 | Link to Comment achmachat
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.

Wed, 10/26/2011 - 07:11 | Link to Comment Don Diego
Don Diego's picture

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

Wed, 10/26/2011 - 07:18 | Link to Comment HD
HD's picture

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

Wed, 10/26/2011 - 08:42 | Link to Comment swiss chick
swiss chick's picture

Same here in Switzerland!!!!!

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

Wed, 10/26/2011 - 10:17 | Link to Comment falak pema
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. 

Wed, 10/26/2011 - 10:16 | Link to Comment xcehn
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.

Wed, 10/26/2011 - 06:56 | Link to Comment DogSlime
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.

Wed, 10/26/2011 - 06:57 | Link to Comment slaughterer
slaughterer's picture

Merkel der Spanferkel. 

Wed, 10/26/2011 - 09:30 | Link to Comment TheFourthStooge-ing
TheFourthStooge-ing's picture

Sagt Sarkozy, "Merkel das Geistig behindert Trüffelschwein."

 

Wed, 10/26/2011 - 07:00 | Link to Comment slaughterer
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? 

Wed, 10/26/2011 - 07:02 | Link to Comment brodix
brodix's picture

The bubble of hot air grows to infinity. 

 Or not.

Wed, 10/26/2011 - 07:24 | Link to Comment AngryGerman
AngryGerman's picture

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

Wed, 10/26/2011 - 07:25 | Link to Comment Börjesson
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!

Wed, 10/26/2011 - 07:26 | Link to Comment AngryGerman
AngryGerman's picture

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

Wed, 10/26/2011 - 07:30 | Link to Comment lolmao500
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.

Wed, 10/26/2011 - 07:48 | Link to Comment RoadKill
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

Wed, 10/26/2011 - 07:49 | Link to Comment Coldfire
Coldfire's picture

Farcism on speed.

Wed, 10/26/2011 - 07:57 | Link to Comment xcehn
xcehn's picture

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

Wed, 10/26/2011 - 08:42 | Link to Comment spanish inquisition
spanish inquisition's picture

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

Wed, 10/26/2011 - 08:57 | Link to Comment Bahamas
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

Wed, 10/26/2011 - 10:06 | Link to Comment americanspirit
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!

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