No IMF, EFSF Participation In European Bailout: Merkel Says G20 Fails To Reach Agreement On IMF Resources, Nobody Wants Any Piece Of EFSF

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Fri, 11/04/2011 - 08:07 | 1844422 Archimedes
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The IMF is the United States. Period! And there ain't no way in hell Obummer is going to write a check to the IMF for Europe before elections.

Fri, 11/04/2011 - 08:14 | 1844456 jekyll island
jekyll island's picture

No, but the Bernank might do it off balance sheet


Fri, 11/04/2011 - 08:43 | 1844575 MonsterBox
MonsterBox's picture

"might"?  no, Beryank will do it, as his habit:

maybe make it an even $20 Trillion this time.

Fri, 11/04/2011 - 09:03 | 1844666 SwingForce
SwingForce's picture

He's already done it...

Fri, 11/04/2011 - 09:06 | 1844675 I am more equal...
I am more equal than others's picture

A coward dies a thousand deaths and a hero but once. 

They know the system is dying. We are watching the death throws - there is no 9-1-1, no doctor - nothing can save this terminal condition.  Enough already - die system - die!  I'm frustrated and bored with the melodrama.  In the words of Pink Floyd 'goodbye cruel world - goodbye'

Fri, 11/04/2011 - 09:46 | 1844861 jekyll island
jekyll island's picture

It was only 1.1x the US GDP.  Pocket change.  We will get that money back, right?  

Fri, 11/04/2011 - 09:12 | 1844703 Life of Illusion
Life of Illusion's picture



Bernank can secure his investment with SDR’s.

Fri, 11/04/2011 - 08:16 | 1844466 paarsons
paarsons's picture

Good Citizens of Metropolis!

Do you know what I want to do?

I want to take my pants in front of Angie Merkel and start jerking-off.

Why?  Just for the fuck of it.

But that's just me.

Anyway, God bless.

Fri, 11/04/2011 - 08:21 | 1844489 GeneMarchbanks
GeneMarchbanks's picture

You're obscene, yet you capitalize 'god'. paarsons... I'm starting to (kinda) like you...

Fri, 11/04/2011 - 09:07 | 1844682 disabledvet
disabledvet's picture

What kind of Parson are you?

Fri, 11/04/2011 - 09:29 | 1844779 slewie the pi-rat
slewie the pi-rat's picture

he's a troll-bot

Fri, 11/04/2011 - 10:43 | 1845136 CPL
CPL's picture

Follow your bliss baby....follow your bliss.

Fri, 11/04/2011 - 08:20 | 1844481 GeneMarchbanks
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If by US you mean TBTF banks, then yes. In turn they(TBTF) rely on an unaware, unsuspecting, unintelligent un(fill in the blank) public who pays taxes without asking any questions like good sheeples.

Am I close?

Fri, 11/04/2011 - 08:25 | 1844500 CPL
CPL's picture

You are thinking in narrow terms.  The US/Mexico/Canada is zone 1, Europe is zone 2, etc...IMF, EFSF all are extensions of the central banking cartels.


Nationalism is dead as a stone.  Religion died years ago.  Banks are the only sovereign entities that act as the binding agent for society.  They push and move local, regional and national policies, define the news, influence all media and make the decisions (poorly) of your daily life. 


There simply is nothing currently that replaces the almighty FIAT in terms of sway and influence.

Fri, 11/04/2011 - 08:49 | 1844587 Ghordius
Ghordius's picture

from someone that sports Che Guevara on his avatar I would have expected a slightly different tack...

                            "the almighty FIAT in terms of sway and influence"

This reminds me that every time someone wrote "This is SPARTAAAA" I had to think that the ancient Spartans were proud of having a FIAT currency, proud of this currency having no intrinsic value and forbade all gold and silver on their territory. They had values different from ours.

Fiat is what held many military empires together? Fiat is what brought many empires down?

Blah, fiat is just a tool - like the anvil in a blacksmith's shop. But it can make it more difficult to find value if handled improperly.


Fri, 11/04/2011 - 10:34 | 1845089 CPL
CPL's picture

My Che picks his nose and is a regular cult of personality with the MO of a murder and general societal rot.  For some odd reason school children idolize this, just as their skank parents did in the 60's.


FIAT is the tool used, use anything else and you are walking into a heap of trouble. 

Unlike the Spartans though we use roughly the full gamble (not gambit) of tools and hidey holes to stretch and justify our nonsense.  I don't remember reading that deeply into the leveraged buy out situations of the Spartans or the triage liquidity gambles with people savings, pensions and housing. 

I do recall from reading a book or five that once someone showed up with better metal than bronze to counter the idea of a phalanx the Spartans were obliterated then turned into action figures and t-shirts (much like the murderous Che).

Sad thing is this is only a repeat to other past empires, we only obtained the current status of "awesome" by proxy of oil and combustion engines.  I'm sure someone will eventually figure something out in 150 years and start the cycle all over again.  This time frame we live in will be a small blurb in a dusty book left unread and ignored come 200 years.

Fri, 11/04/2011 - 11:35 | 1845311 Ghordius
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I met a traveller from an antique land / Who said: `Two vast and trunkless legs of stone / Stand in the desert... Near them, on the sand, / Half sunk, a shattered visage lies, whose frown, / And wrinkled lip, and sneer of cold command, / Tell that its sculptor well those passions read / Which yet survive, stamped on these lifeless things, / The hand that mocked them and the heart that fed. / And on the pedestal these words appear -- / "My name is Ozymandias, king of kings: / Look on my works, ye Mighty, and despair!" / Nothing beside remains. Round the decay / Of that colossal wreck, boundless and bare /The lone and level sands stretch far away

Fri, 11/04/2011 - 09:56 | 1844896 doggings
doggings's picture
You are thinking in narrow terms.  The US/Mexico/Canada is zone 1, Europe is zone 2, etc...IMF, EFSF all are extensions of the central banking cartels.
Indeed, as Stefan Molyneux puts it, "livestock management techniques" - you left the communists out. 
Fri, 11/04/2011 - 10:41 | 1845124 CPL
CPL's picture

It certainly is.


The North American Sow is an amazing beast. 


It consumes far more than it will ever produce in a lifetime, they are of low to average intelligence and can be slaughtered later after its production years as the meat stays firm with agressive health modifications and feed changes.  The marble in the meat allows the meat to stay sweet with the extra layers of fat this beast puts on during it's lifecycle.

The piglets are the most delicious treat, currently testing the idea of fattening from a young age to ripen their productivity cycle with health insurance, lowered intelligence and sense of self entitlement without ownership.  So far this new breed is a fine crop of consumers and will be ready for slaughter earlier than their older counter parts.



Sat, 11/05/2011 - 01:54 | 1847953 FlyPaper
FlyPaper's picture

Woah~ there buckaroo.  We bought Alaska, natives and all, from Russia.  Obama might be able to buy Portugal for cheap, and make them new proletariat voters so he can get reelected!    

Of course Obama will write a check.  Just not now.  He can't appear to be bailing out Europe; what he will be bailing out are US entities that are exposed to Europe and present a systemic threat to the US economy.   The FED loaned, what, $13 Trillion? under everyone's noses to stabilize financial entities, many of them European banks.   

Right now he doesn't have the cover.  He might well in a few weeks or months.  

His problem will be getting this past Congress.  I suspect a maelstorm when this comes up again.  He'll do another one of his 'executive' orders, claim this is a "crisis" and suspend guberment operations to seize control.   Iceland (go check that out - zoikes); Argentina in 2001....    pattern is quite established.   Same trick Roosevelt used (Barak is FDR's mini-me).  Nothing new with the Progressive/marxists.




Fri, 11/04/2011 - 08:07 | 1844425 msmith
msmith's picture

A look at CL, EURUSD, and USDCAD, show mixed signals from the market.  Bias remains for USD strength to be very near.

Fri, 11/04/2011 - 08:09 | 1844428 GeneMarchbanks
GeneMarchbanks's picture

Probably because EFSF is an insane solution put together by panicky sociopaths...

Just guessin'

Fri, 11/04/2011 - 08:27 | 1844467 Ghordius
Ghordius's picture

insane problems need insane solutions? (I mean yes, EFSF is insane)

seems Ms Merkel forgot to put her power-pijamas on for a night session...

and for this we had to move the City of Cannes to Spain? They promised me a new world and new ideas!

Fri, 11/04/2011 - 08:08 | 1844429 qussl3
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Fri, 11/04/2011 - 08:15 | 1844459 Ivanovich
Ivanovich's picture

Nah, they just printed the dollars in "portrait" instead of "landscape" and had to scratch the whole deal until they can get the Help Desk on the line.

Fri, 11/04/2011 - 08:08 | 1844430 knight99
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If Italy goes all bets are off. In another life I would have been a reporter who actually asked real questions to Super Mario. Italy refuses to reform yet you continue to buy their bonds so why should anything the ECB says be taken seriously.

Fri, 11/04/2011 - 08:29 | 1844495 Ghordius
Ghordius's picture

nah, an "Italy goes off" event takes some time,

even if Tyler thinks it's nearly instantaneous


Reforms in Italy also need time - for all this AgitProp that the PM is "the problem" the left still has no clue which entitlements they would have to cut and the right still has no clue how to reform the half-broken tax system - see the new divisions at cabinet level

the real problem of Italy is the aggregate mediocrity - parts are sterling, parts are rubbish - some pay taxes, some don't - some produce plenty, some don't, in both society and geographically...

meanwhile the budget deficit is nowhere near Greek, Spanish, Portugiese or even US levels - time.

Fri, 11/04/2011 - 08:59 | 1844647 Triggernometry
Triggernometry's picture

Actually, at about 120%, Italy's debt to GDP is greater than Portugal(106%), Ireland (109%), and Spain (56%). Italy is next on the chopping block, and I'm worried why the problem continues to be swept under the media rug.

Fri, 11/04/2011 - 09:12 | 1844704 disabledvet
disabledvet's picture

but the deficit is almost in balance. better than anyone else in Europe actually. of course if we're living in an age of moral hazard for governments themselves it might be better to "max out the credit card" just prior to you know way is to actually invade Libya perhaps?

Fri, 11/04/2011 - 08:09 | 1844435 Dr. Engali
Dr. Engali's picture

Correction: no help from the IMF until after weeks of political theater keeping us all waiting with baited breath to see whether or not the will save us from certain doom.

Fri, 11/04/2011 - 08:10 | 1844438 maxmad
maxmad's picture

This is bearish!

Fri, 11/04/2011 - 08:16 | 1844465 jekyll island
jekyll island's picture

You are right!  I might think about shorting MF Global, Bear Stearns and Lehman Bros if this gets much worse.  

Fri, 11/04/2011 - 08:21 | 1844490 HelluvaEngineer
HelluvaEngineer's picture

No way.  Our team got to G-Pap and made him an offer he couldn't refuse.  Rally on!

Fri, 11/04/2011 - 08:11 | 1844442 TradingJoe
TradingJoe's picture

As i stated many times already THEY GOT NOTHING AINT GONNA HAVE NOTHING!!! We'll still see a santa rally though, not sure how and when :))) but we'll have one, pension funds need 8% or else...!

Fri, 11/04/2011 - 08:11 | 1844444 pendragon
pendragon's picture

but  gereece is not going to have a referendum so buy the euro!

Fri, 11/04/2011 - 08:13 | 1844446 Peter K
Peter K's picture

EUR/USD dropping?  Levitating is more like it:)

Fri, 11/04/2011 - 08:12 | 1844447 firstdivision
firstdivision's picture

...aaaannnd there go the futures

Fri, 11/04/2011 - 08:18 | 1844476 J 457
J 457's picture

Starting to slip down.  Waiting for 8:30.

Fri, 11/04/2011 - 08:47 | 1844584 bernorange
bernorange's picture

Risk on, risk off, risk on, risk off  /Mr. Miyagi

Fri, 11/04/2011 - 08:14 | 1844453 Dick Darlington
Dick Darlington's picture



So the saga of bloodless conquering continues (until it stops being bloodless...)

Fri, 11/04/2011 - 08:24 | 1844499 GeneMarchbanks
GeneMarchbanks's picture

Is it possible that she's trying to hand-off the PIIGS to the IMF in order to create a two-tier Eurozone? A "bad" Europe financed by a bankrupt IMF?


Fri, 11/04/2011 - 08:28 | 1844509 Gief Gold Plox
Gief Gold Plox's picture

Slovenia's ex p.m. spoke of two-tiering the Eurozone in near future on the telly yesterday too. Could be something to it, coz it keeps coming up lately.

Fri, 11/04/2011 - 08:31 | 1844520 Dick Darlington
Dick Darlington's picture

Could be. I think Edward Hugh wrote a story abt two-tiering the death err eurozone in his "Spain economy watch" blog.

Fri, 11/04/2011 - 08:38 | 1844549 Ghordius
Ghordius's picture

GeneMarchbanks, in my knowledge of the German history and it's People all the serious troubles they ever had came from "sticking to their commitments" and "marching on, regardless".

All those theories about what the Germans might do to somehow escape obligations and challenges somehow forget the basics - that they are Germans instead of British or Americans or French or Italians.

They will stick to the EZ, period, even if this leads to Götterdämmerung. Perhaps you should have a couple of German gf for a while to appreciate this point...

Fri, 11/04/2011 - 09:34 | 1844702 i-dog
i-dog's picture

+1 from me. Very true. I highly recommend the german gf approach, too!


(which shows there are no hard feelings for your silly questions when you say something sensible ;).

Fri, 11/04/2011 - 11:29 | 1845293 Ghordius
Ghordius's picture

;-) which reminds me I haven't found your "Jesuit Rant" yet

can you help an old man to get into the ring?

Fri, 11/04/2011 - 09:15 | 1844722 disabledvet
disabledvet's picture

this would be the tack i would take only obviously you would be asking the IMF to back stop the healthy economies of the "core" while the core restructures "the little people." it's also something that the IMF would agree to i well as many global investors. trying to restructure "Europe as a whole" when not even Greece is being aided but destroyed...and now threatened clearly not working.

Fri, 11/04/2011 - 08:14 | 1844454 Irish66
Irish66's picture

Germany trying to kick out Greece

Fri, 11/04/2011 - 08:14 | 1844455 HD
HD's picture

Yea! More pointless volatility. You would think that CNBC's ratings would be higher.

Fri, 11/04/2011 - 08:14 | 1844458 Peter K
Peter K's picture

... and on an aside. Just shows how overvalued actual physical hard dosh is in this Bank Crisis/EFSF/SMP/Euroland equation.

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