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NY Fed's Bill Dudley Testifies Live On The Eurocrisis
The committee on oversight and government reform is holding a hearing currently where Fed and Treasury officials will testify on the effect of the Euro crisis on US taxpayers. NY Fed President and former Goldmanite (also Bill Hatzius predecessor) Bill Dudley, Fed Board Acting Director of International Finance Steven Kamin, and Treasury Deputy Assistant Secretary for International Policy Mark Sobel will testify, in the House Oversight Committee. Without a doubt the three will say that Europe is cause of concern but nothing to worry about too much, even though earlier today a US Treasury official said that the EU debt crisis is a serious risk for US outlook, that it can hit the US through trade and the financial sector and that the IMF can't be substitute for strong and credible EU debt firewall.
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after you watch these videos, BUY ROPE, TIE NOOSE!!!!!
http://www.youtube.com/watch?feature=player_embedded&v=FLeG1NYZNSU
http://www.youtube.com/watch?feature=player_detailpage&v=K-CpCUOygqU
No Fiscal problem, it is comprable to the United States....
Its a political probelm, Tey need to politically come together and PRINT THEMSELVES TO DEATH
Warning OT:
Eastern Japanese starting to have bruises on their bodies.
http://fukushima-diary.com/2011/12/more-bruise-on-eastern-japanese/
Karate.
amazing how the japanese people just stick around, waiting to die! no riots, no hangings! it's no accident the reactors were built on fault lines! will this be the way americans act, when herded to the fema family friendly camps? guess so!
Fuck the Euro crisis. How about some answers about all those conversations with Cuntzine? Or isn't that important enough to the 50,000 accounts that got raped by you guys. Rules are for the little people.
http://vegasxau.blogspot.com
Dudley just talking Goldman's book.
Fed paper is remains superior........to corncob.......for wiping one's arse.
Europe is fine. Liquidity problem is all...
Verbal.Liquid.Garbage.
Nothing that bigger banker bonuses can't fix.
I testified yesterday and was asked what question the committee should ask Dudley. I said "If The Fed has 1 bullet left, would they use it on us or Europe?" Then I added "Not to kill us, but to save us." Nice Freudian slip.
I also added the point that without transparecny, The Fed could try to bailout out Europe, without our knowing it. I put the price of the bailout (as did the economist froim the AEI) at $4 trillion. Would Germany put up that much and NOT have riots? Of course not. Who are you going to call? FedBuseters! And the IMF. So I said that the Fed swaps program could get to $1 trillion. http://www.bloomberg.com/news/2011-12-15/fed-lifelines-to-overseas-banks...
My testimony: http://confoundedinterest.wordpress.com
The Brookings Institute economist said "Europe with the exception of Greece is solvent and in great economic condition. Europe simply needs liquidity. I answered "But the Titanic sank in an ocean of liquidity!"
Eurozone is solvent and in great economic shape? Apparently he didn't look at my testimony or the IMF report.
Josh Rosner also testified and was great as usual.
Dudley: "The good news is that the European authorities are doing the same kind of stress tets as we are in the United States."
You mean the Fed's stress test that has almost constant interest rates?
Factor in 0% free money to banks far as the eye can see, and theres no banking crisis at all, we fixed it.
Somebody get Dudley an acorn ... the chipmunk is hungry.
ZH's hysterical response to Noyer yesterday shows that they do love Big Brother after all.
Biatches.
Wish someone would ask him how the tax payers investment in GM is going.
Dudley, how many big banksters have you sucked on this past weekend? Your certainly a tool big banksters and want to guarantee yourself a well-paid Wall Street job when you leave the Federal Reserve.
http://www.youtube.com/watch?feature=player_detailpage&v=sxAk3B_zS5k
Someone has to print, but it may take staring into the abyss to cause it.
It'll happen. It HAS to happen. Otherwise they need to answer a question: What is a dollar really worth?
So long as we don't ask that question, the music can continue to play.
The very good news is that Europe doesn't not have an economic problem. Yep, that just came out of Dudley's mouth. Wow, I'm glad they don't have any economic problems ... that must have just been a very good headfake.
Right, no economic problems at all...WELL aside from their insurmountable bankruptcies, staggering unemployment, and impossibility to EVER make good on their pie-in-the-sky socialist promises and what-not...other than that, Europe is A-OK FED certified and stamped.
He looks like the FBI guy Jack Crawford in Silence of the Lambs.
Dudley just gave kamin a pat on the back?
"Countries can be taken to the European court of justice if they fail to meet targets in new fiscal agreement according to a draft."
in other words, we tax, you pay, pay, pay!
HEY! SHEEPLE OF EUROPE! WAKE THE F%&K UP!!!!
Right, like Dudley says- 'There is no European problem, we sit here and demand you pay us and if you dont pay us then we'll seriously fuck you up!'
This guy Sobel is a crook! I am amazed at the lack of concern for the citizen shown by all participants. The only thing these guys care about is making sure the interest payments continue on all their loans. This is truly grotesque. I guarantee you that we could get a yes vote to end the Fed if hearings like these were aired in prime time.
Someone tell Sobel to speak up and talk into the mic.
Instead of MONEY being behind the world's economy, it's CONFIDENCE. We have to believe even though we might personally have only $100 in our pocket, the people who hold the rest of our money actually have it.
For if we're told the truth, confidence would quickly erode. And when that happens all sorts of shit will be hitting all sorts of fans.
It is for this reason the Federal Reserve cannot engage in truth-telling.
In God We Trust has been compromised.
European Cherub Crisis
Cherub
Cherub the angel
Roll back the hands of time
Cherub
Enter the angel
aaaaaaahhhh!
The level of idiocy and ignorance seeping out of these scumsuckers is absolute pollution for my ears.
"Let's talk about the euro banks & us banks b/c that's where I own the vast majority of shares"
3 stooges reciting IMF babble-- getting fiscal houses in order means auterity which greece has actually shown is not possible nor beneficial to their economy. The bigger question is what happens when the overlending is constrained by the "fiscal houses getting in order"? Will the core really survive and find the euro appealing because it has no more 'customers' to sell to?
The ecb has made the eu fin system more dependent upon a teet that will have negative unintended consequences going forward via 3 yr LTRO's. In trying to create a sov carry trade that the fed did w/US banks it did nothing but make the sys more fragile now b/c as risk has shifted from private to public thanks to the 08 bailouts, the risk wtg of sov will inevitably have to be readjusted i.e. as the beast gets bigger it will not be able to sustain itself and then BOOM goes the fin sys.
A whole shit ton of lawyers and verbal masturbating policymakers to change the rule of law.
The swaps was farting in the wind of the collapsing shadow banking aka false funding aka confidence
Wake up and realize we are in a banking crisis bitchez
Mrs. Maloney must have doubled down on banking shares b/c her ?'s don't really address anything but what it would do to her bottom line-- crony capitalist at her finest
The IMF rapes all productive resources (below and above ground) and ensures control over any 'victim's' economic future through the guise of 'aid' which is actual debt with the most rapacious of covenants and guarantees. The IMF: the world leader in world domination for central planners
Therein lies the problem growth policies are actual debt growth policies because it's a scam-- the fin sys is a scam. There is nothing in current central planners' policies that can actually create growth w/o more debt.
Hahaha, Dudley just said good collateral-- what a joke!
Fudging w/ cap ratios and eqty raising have nothing to do with ensuring a stronger bal sheet for eu FI's
The central bank is ill equiped and will destroy any remnants of the economy
Very curious to see how the balance sheet of a central bank behaves when the sin of repo'ng comes back for retribution-- sov debt as collateral?