The Perfect Storm - Santelli Meets Farage

Tyler Durden's picture

The undisputed champion of European political ranting (UKIP's Nigel Farage) discussed the sad reality of Europe's inevitable demise with the reigning US chief of non-hype Rick Santelli in a no-holds-barred cage-match of like-minded skeptics. From Rajoy's incompetence to the 'genius of mutual indebtedness', Farage explains the problem is 'bedeviled with complexity' as, for example, the last summit left "the Finnish and Dutch finance ministers leaving with a very different perspective on what happened than the rest" and now even Merkel is arguing domestically what she has and has not agreed to. From the simple self-referential idiocy of Spain's EUR100 billion bailout - that creates vicious circles on all the peripheral 'bailing' nations; to "the same bundle of money going round and round in circles" leaving Nigel tempted to describe it as "a giant ponzi scheme"; Santelli, not to be outdone, explains how the US is just such a money-circulating ponzi scheme as "one part of the government issues debt as another part is buying". The ECB, of course, is becoming plagued with more and more of the ponzi-like peripheral paper and as Farage notes "the day Greece leaves the Euro - and it will - the ECB is left with a massive paper loss" leaving the ECB under-capitalized - which in all its wonderful craziness means "it has to go and get fresh capital from the other countries that themselves have been bailed out and are in fact in trouble". A farcical perfect storm as the "medicine is killing the patient", and he fears if the nettle is not grasped (Euro break-up) now then the markets will overwhelm the whole thing this summer.



If the clip is not working (since it seems CNBC has been a little flaky with this embed - perhaps due to its rough content) - here is the link to the clip.

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zero19451945's picture

What really gets me is the sheer inability of "market participants" to perform simple arithmetic and figure out that Europe is totally busted. The US is in a similar position.

The only people who have any sense are the ones selling Spanish (junk) bonds.

I blame a lot of it on HFT as it shortens the time horizons.

Precious's picture

The perfect storm would be if John McCain met the windshield of a bus.

Vagabond's picture

I'd rather see Cheney hit the windshield... but either way is a strong step in the right direction.

verum quod lies's picture

What cave did you just crawl out of Golum? He already did.

TeMpTeK's picture

Who the hell is Nigel Faronz?

runlevel's picture

LOL i was thinking the same thing.

I am a Man I am Forty's picture

Santelli sure seems to be pronouncing his name incorrectly, or maybe I've been pronouncing it incorrectly.

I am on to you's picture

Just a litle help:

In all modesty:

Substitute,G in Garage to F,and put a litle Frence sound in it,and the wheels should turn.

The man is fantastic,a knife thats cuts through,The Eliterian high classed plumcake toppins.

LouisDega's picture

Whos Nigel Farage? Nobody. Who are you? Do you know who i am?

SilverFish's picture

Is that you, John Wayne?


                   Is this me?

Stock Tips Investment's picture

Indeed, the situation in Europe is getting worse. Both the economy and the markets will suffer falls very important, so it is very important to be placed in the appropriate place in the market.

stocktivity's picture

Farage and Santelli get it.

Cognitive Dissonance's picture

I love two-fers.

Italy must borrow at 7% in order to lend that borrowed money to Spain at 3%. Too freaking funny.

Seize Mars's picture

Usually that costs extra, Cotton.

Cognitive Dissonance's picture

Italy is close.

"The rate on 10-year Italian debt climbed eight basis points to 6.11 percent and reached 6.18 percent, the highest since June 28."

Comay Mierda's picture

If CNBC had more guests with common sense like Farage

maybe their ratings would go up

IndicaTive's picture

Perhaps. But not their ad revenue.

Againstthelie's picture

What else can be expected from globalists?

Mr. Barroso is Maoist, a fan of the biggest mass murderer in history! And the western media, exemplary democrats who are upset if someone doesn't like jews, don't even find it worth to inform the people about the extreme political agenda..

Angela Merkel, was working for agitation & propaganda in the communist GDR and was a StaSi (the murderous political police of the GDR) informer called "IM Erika", is the political daughter of former FRG chancellor Henoch Kohn (under the Pseudonym aka "Helmut Kohl"), also a follower of Coudenhove-Kalergi's racist Pan-European-ideology from 1924, which was sponsored by Warburg and Rothschild, about performing a genozide of the white european nations with mass immigration from Asia and Africa. This ideology is the official ideological foundation of the EU and the media are silent about the criminal ideology behind it!

The whole EU establishment is marxistic and their REAL agenda is the destruction of the homogenous white european nation states and establish the euroean part of world government as part of the NWO.

If someone begins to understand, that the EU establishment follows the most extreme political agenda humans can think about, it's not all all surprising, to see the criminal mental illness which Marxism is, spread with it's absurdity into the financial world.

Henry Hub's picture

It's kind of like the United States borrowing money from China to give to Israel.

JohnKozac's picture

I hate common sense and facts...they are so old hat.

LoneStarHog's picture

This is like a room full of people requiring CPR.  They perform the procedure on one another.  Okay, now you blow and I will beat. Okay, now you beat and I will blow.  Okay, now you blow and I will beat. Okay, .....

WTF! How long can this go on before the whole damn room is full of dead bodies?

Dr. No's picture

Remember this is not a 100% efficient system.  Things are skimmed off the top on every hand off.  Some people are getting rich.

Precious's picture

The banks are not too big to fail.  They are too big to succeed.  

At this point, they are resorting to skimming off the bottom.

MachoMan's picture

Issue: Banks insolvent and pose systemic risk to global economy

Response: Give them more money (borrowing from central bank, who is creating it out of thin air)

Result: Banks incentivized to become more and more systemically important to get more and more money.

goforgin's picture

That is why the crisis is fabricated. And blow hards like Farage only serve to confuse the public.


steelhead23's picture

Dude, You need to take a red pill.

potlatch's picture

It is this fact that turns the entire global financial system from a laughable farce to what I call a "guillotine-ready public works opportunity."

Shizzmoney's picture

These two should have a 30 minute chat about the Euro Crisis. 

THAT would be fun television!

ITrustMyGut's picture

hellz ya! lol


grate popcorn munching content that would be...

mrktwtch2's picture

this is obama nation... we dont want to hear or know the truth..1plus 1 equals 4 not

AnAnonymous's picture

US citizen media circus. It is all great fun, offuscates reality to the most voluptuous pleasure of US citizens and the talking mouths are well paid.

Everyone is happy.

US citizenism at work.

Temporalist's picture

Your comments offuscate reality to voluptuous pleasure of nobody.  Farage is English, a Brit, from the UK.

AnAnonymous's picture

He is a proponent of 'Americanism'

Get on the page.

Global Hunter's picture

AnAnon you are a one trick pony that was never funny or eye opening from the get go.

akak's picture

Correction: AnAnnoyingMouse has been an autistic, retarded, bigoted and simple-minded one trick pony from the get go.

AnAnonymous's picture

Austistic from what? bigoted against what?

Remember your own US citizen propaganda: 'Americanism', 'Americans' are not supposed to exist. They are all supposed to be figments of my imagination.

AnAnonymous's picture

And US citizenism is what? Lethal?

akak's picture

That which is mythical cannot be lethal.

(Except that, having been created in your own mind, it has clearly been lethal to your mind.)

Global Hunter's picture

akak you left out tedious (thanks to hellfish below) that sums it up I think, normally I don't respond to him but holy shit its like a swarm of flies that poster.

akak's picture

Correction: like a swarm of flies around a roadside pile of Chinese shit.

AnAnonymous's picture

The smell of US citizenism must attract me here.