Open Europe Summarizes What To Expect From Today's European Summit

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Wed, 10/26/2011 - 12:29 | 1813012 Mr Lennon Hendrix
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Expect chaos, bitchez.

Wed, 10/26/2011 - 12:40 | 1813053 slaughterer
slaughterer's picture

With €2-3 trillion they can kick the can on all of EZ for 2-3 years. Maybe that is all the market needs right now to see this Euro-summit as a "success."

Wed, 10/26/2011 - 12:44 | 1813068 redpill
redpill's picture

It's starting to get entertaining, they are at each others' throats!  No, really!

http://www.reuters.com/article/2011/10/26/us-italy-fight-idUSTRE79P37V20111026

Wed, 10/26/2011 - 12:48 | 1813082 Mark123
Mark123's picture

Hilarious!  where is the video?

Wed, 10/26/2011 - 13:28 | 1813219 SheepDog-One
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Ive been hearing 'they can kick it 2-3 years', for 3 years now.

Wed, 10/26/2011 - 13:52 | 1813331 Crisismode
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And you will continue to hear it for another 3 years from now.

Wed, 10/26/2011 - 12:50 | 1813088 Richard Chesler
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Fraudulent accounting practices - Proudly serving eurozone leaders since 1999.

 

Wed, 10/26/2011 - 12:31 | 1813018 I am a Man I am...
I am a Man I am Forty's picture

Can't find the video yet, but Russell Simmons gave an excellent interview on CNBC today, hope ZH posts it for those who missed it.

Wed, 10/26/2011 - 12:57 | 1813116 SRV - ES339
SRV - ES339's picture

You are so right... hit every attempt to brand him a hypocrite out of the park... great interview!

http://youtu.be/YQff9eAVsXc

Wed, 10/26/2011 - 12:31 | 1813022 SeverinSlade
SeverinSlade's picture

So in short, expect none of the problems to be solved.

Wed, 10/26/2011 - 12:33 | 1813024 GeneMarchbanks
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'However, no matter what the details look like, the insurance plan is fundamentally flawed, given that guarantees may not be viable when they are most needed and 20% wouldn’t be enough to calm markets any way (see here for a full breakdown of our thoughts).'

Don't know what you're talking about the 'markets' have never been calmer...

Wed, 10/26/2011 - 13:30 | 1813229 SheepDog-One
SheepDog-One's picture

Markets seem to be fully dosed with Thorazine....at any sign of a break down at all, markets suddenly jump up and dance around the mental ward throwing sparkle confetti in the air. 

Wed, 10/26/2011 - 12:34 | 1813028 s2man
s2man's picture

We're in for a world of hurt.  Pun intended.

Wed, 10/26/2011 - 12:36 | 1813041 Segestan
Segestan's picture

The only result will be an wakening call.... that the dream... well it was just a dream.

Wed, 10/26/2011 - 12:42 | 1813060 Manthong
Manthong's picture

Maybe the plan all along was to let some fireworks happen before the G20 in order to bolster global participation in the Euro CF.

Wed, 10/26/2011 - 12:43 | 1813063 midgetrannyporn
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The banks and insurance companies sell copious CDS then the politicians do their damnedest to make sure they never have to pay off. What a racket!

Wed, 10/26/2011 - 13:30 | 1813235 SheepDog-One
SheepDog-One's picture

Who do they sell them to?

Wed, 10/26/2011 - 13:55 | 1813345 Crisismode
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Each other.

 

You see, it all balances out.

Wed, 10/26/2011 - 12:44 | 1813069 CrimsonAvenger
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Fancy political talk aside, here's what's going to happen to the taxpayers: http://www.youtube.com/watch?v=fjd63o0sbio

Wed, 10/26/2011 - 12:45 | 1813071 Mark123
Mark123's picture

What I don't understand is the ECB buying of PIIGS bonds....is that not the same as QE?  Whatever, if and when they stop buying then most if not all of the PIIGS will be locked out of the real bond markets or pay crazy rates.  This whole EFSF concept just seems to defer the date at which the ECB has to make the final decision on bond buying.

 

There is a good article from Ambrose Evans-Pritchard in the Telegraph about some of the debate in the German parliament (except for his conclusion that the ECB should do more QE like the UK and USA).  Why don't we hear the same from our politicians?  Because they are ALL bought and paid for by the same crooks.

 

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100012823/th...

Wed, 10/26/2011 - 13:34 | 1813255 Tao 4 the Show
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Yes - The arguments are moot. Whether they leverage funds, sell bonds backed by German taxes, or follow various other paths, it all amounts to money creation, at least in the short run. To pretend it is not printing is disingenuous.

But the most surreal aspect is hearing all this about the current emergency, creating all sorts of gymnastic distortions of reality, without dealing with the fact that the problem is ongoing. Bailing anything out now solves nothing for next year or even the coming months, unless the PIGS governments are taken over and a MASSIVE military effort is initiated to enforce slave-level tax collection with martial law.

Either there are revolutionary changes being planned behind the scenes or the level of stupidity and denial are monumental.

Wed, 10/26/2011 - 14:34 | 1813597 Uchtdorf
Uchtdorf's picture

@Tao 4
"Either there are revolutionary changes being planned behind the scenes or the level of stupidity and denial are monumental."

Yes and yes.

Wed, 10/26/2011 - 14:43 | 1813662 Tao 4 the Show
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Any ideas what they are?

Wed, 10/26/2011 - 12:47 | 1813077 BillyTheBlade
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Who needs soap operas and reality tv when you can watch this train wreck!

Wed, 10/26/2011 - 13:12 | 1813160 Unprepared
Unprepared's picture

Seriously. I turned off my TV, canceled cable and sold all my fiction novels about 4 years ago.

Since then I had enough entertainment, thrills, twists and turns, drama, tears and laughter just following the political and economic joke the world is becoming.

Very cheap entertainment.

Wed, 10/26/2011 - 12:47 | 1813078 Rhone_Ranger
Rhone_Ranger's picture

Buy Toilet Paper

Wed, 10/26/2011 - 12:53 | 1813096 digalert
digalert's picture

What to expect from summit?

FIST FIGHTS!

Wed, 10/26/2011 - 12:53 | 1813100 Little John
Little John's picture

Oh what a tangled web weave when first we practice to deceive fractional reserve banking.

Wed, 10/26/2011 - 12:56 | 1813112 Little John
Little John's picture

Oh what a tangled web weave when first we practice to deceive fractional reserve banking.

Wed, 10/26/2011 - 12:58 | 1813120 Rhone_Ranger
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The banks better take the haircut...  Otherwise, they may have to accept a full blade shave and possibly one of those Brazillian Jobs?

Wed, 10/26/2011 - 13:01 | 1813129 Mark123
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So, ECB buys PIIGS bonds, and USA/UK has their central banks buy their government's debt.  What's the diff?  Both just keep the government pork barrel full of goodies.

Some country somewhere could do really well if they issued a real currency.  In Canada the Royal Mint came out with a silver $20 coin - limit 3 per household. Sold out immediately.

Wed, 10/26/2011 - 13:03 | 1813135 Flounder
Flounder's picture

Harmony in the Eurozone?

"Germany paid Greece $67 million in war reparations in the 1960s and has since refused to pay any more."

http://www.reuters.com/article/2011/10/26/us-greece-germany-relations-id...

...don't give us a bailout, give us reparations for what you stole during WWII...


Wed, 10/26/2011 - 13:13 | 1813170 Segestan
Segestan's picture

Greece was also invaded by Italy. Greece has fought other wars, but they don't seek payment. Typical BS .

Wed, 10/26/2011 - 13:07 | 1813146 YesWeKahn
YesWeKahn's picture

Anglo-saxon isn't even in the Euro.

Wed, 10/26/2011 - 13:19 | 1813186 Mugatu
Mugatu's picture

Excuse me here, but wouldn't it be easier for the EFSF to do the obvious - buy Credit Default Swaps for Bonds on the open market for 20% of a country's issue. It does the same thing, and it does it cheaper.  It also would not increase their contingent liability.  

Ohhhh!  But that would expose their hypocracy about their attack on the CDS market.

Wed, 10/26/2011 - 13:27 | 1813212 earleflorida
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{"What structure could the banks recapitalization take?" - ,... with target tier 1 ratio at 9% (not clear on which set of Basel rules this measure will be based),... - some guarantees of bank liabilities (or bank bonds) may also be required to allow banks access to funding and to stop their shrinking balance sheets (* meaning that they could stop lending money to, say, small businesses)}

Question: "With Basel Rules ?" Basel #1;  Basel #2;  Basel #3 or a triptych collage of all "Basel Trident's", laying to rest the EU, USA, and BRIC's?

Please answer me this,... and why it has so much to do with the mess were in - yet, falls upon deaf ears: ref:

"Current Bank [Regulator's] / Regulation cause criminal harm to the Economies"___ by Per Kurowski

http://bit.ly/t7tGip

thankyou tyler 

Wed, 10/26/2011 - 13:36 | 1813261 Caviar Emptor
Caviar Emptor's picture

Here's the disconnect: Going "Anglo" with complex instruments, taking the Ponzi to higher order of derivative, asserts faith in the whole Keynesian "system" and back your banksters at the expense of citizens (and perhaps your nation's future). Alternative? 5 Trillion currency Bazooka with TARP-like legal cover to bail everyone out. Or put ALL toxic assets on Fed's balance sheet and call it a day. Or declare debt jubilee and send your banksters to work a real job in Iceland 

Wed, 10/26/2011 - 13:58 | 1813373 Mark123
Mark123's picture

Merkel is so pathetic....time to thaw out Hitler?

 

He was frozen in Argentina right?

Wed, 10/26/2011 - 14:11 | 1813467 Mark123
Mark123's picture

Since 2000 global debt has increased by about $25 trillion (per the debt clock on Economist website).  This does not include any unfunded liabilities.

 

As far as |I know, the only country that has significantly increased it's reserves is China....maybe by $2 trillion at most?  So all this growth in fiat debt is leveraged about 10 to 1 at least.  Sooooo....if global debt is written down bu 10% then the entire system blows up?

Wed, 10/26/2011 - 14:13 | 1813485 Uchtdorf
Uchtdorf's picture

“France is totally mobilized and engaged in the success of today’s summit,” Mr. Sarkozy’s budget minister, Valérie Pécresse, was quoted as saying by Bloomberg News in Cannes, France, where she was preparing for a Group of 20 summit there next month. (NYT article)

Fricking Cannes. I bet they are staying at the Motel 6 there to save money though, brave, true, moral, and economical leaders that they are. Heroes, everyone of them. It's fricking 1984.

Wed, 10/26/2011 - 19:28 | 1814713 htp
htp's picture

The problem in both US and Europe is most people don't think it's a real currency crisis, or else they'd be buying precious metals en mass.

With this much attention on the euro, hopefully more Europeans will wake up. When they do, they'll find the solution naturally -- do away with fiat currency and all these ills associated with it.

Thus the best politicians can do right now, is not to "solve" the crisis, but to let people know there is no solution. Merkel is doing a fine job.

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