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The Perfect Storm - Santelli Meets Farage
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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Note: Roubini is a Keynesian, he just has boughts of conflicted rationality; but overall the solution for him to the problem of too much government is more government.
Time to go cold turkey when you can't afford your addiction.
Santelli is a pleb.
bla bla bash euro bla bla buy dollars
this is getting so pathetic now. US is so desperate to keep the euro crisis twirling because as soon as the music stops the US is over!
If they created a Farage Santelli Network I would watch it!
Hell, I'd invest in it!
Just socially constructed (abstract) fiat numbers on a computer screen, worthless and meaningless, not real. Sleep tight!
And your Precious metals will be warded to the state so WTF's the difference? They have the reciepts and you have the metal so do the math at SHTF.
Who is this Mister Firondz, that Santelli speaks so highly of?
Asshole Apple doesn't support fuckin flash!!!