Political Crisis Contagion: Zapatero To Dissolve Government On September 26

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Fri, 07/29/2011 - 07:15 | 1503787 slewie the pi-rat
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tremonti's resignation was announced by tremonti, wasn't it?  or was the primiMini lying about the intentions of the finiMini?  i guess i was just mistaken that the goobermint had announced he was leaving. 

Fri, 07/29/2011 - 07:28 | 1503803 markmotive
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Too bad that the EFSF is as big a farce as the US Treasury.

http://www.planbeconomics.com/2010/12/13/european-financial-stability-fa...

Fri, 07/29/2011 - 07:41 | 1503818 HITMAN56
Fri, 07/29/2011 - 11:19 | 1504924 Ahmeexnal
Ahmeexnal's picture

Zapatero, the new "generalissimo por la gracia y mandato de dios"

Bullish for the peseta?

Fri, 07/29/2011 - 07:11 | 1503788 EndTheTSA
EndTheTSA's picture

Transitory.

Fri, 07/29/2011 - 07:11 | 1503789 iinthesky
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i must say.. people who believe that their income taxes go to pay for roads and firemen and even socialist security are the most irresponsible naive retards its my misfortune to come across AGAIN AND AGAIN AND AGAIN... why? the proof that this is bullshit is now blaringly clear to anyone with a shred of common sense.. if, lets say, even one third of the population is working on the books transferring weekly or biweekly payments to the government, and the government uses that money to pay for these things, then a default is utterly irrelevant for everyone but the banks, right? they can continue to operate as long as people continue to work and buy shit, right? could even give grandma some food and peace and even pay for the freeloading folks who have been weened on the government tit, right? wrong! the obviousness of the truth is that all this would be possible if and only if this graduated communist income tax system actually did what the moronic basketball brain public thinks it does. unfortunately it doesnt.. how much more ridiculously obvious can it get with this doomsday default nonsense being hyped up.. even a child by process of eliminationcan surmise that income taxes go nowhere except to transfer payments to directly to pay interest on the fake made up debt owed to the banks alone. how dense do you have to be to even consider otherwise. when you mail a tax payment to the irs.. check who endorses the check.. i bet you anything its the FRBNY or another federal reserve branch. try it and find out.

Fri, 07/29/2011 - 07:14 | 1503792 Peter K
Peter K's picture

Damn, those American Tea Parties strike again ;)

Fri, 07/29/2011 - 07:14 | 1503793 Global Hunter
Global Hunter's picture

Putting soccer players up as collateral didn't work?

Fri, 07/29/2011 - 07:14 | 1503794 Temporalist
Temporalist's picture

Three cheers for socialism...

Fri, 07/29/2011 - 07:18 | 1503795 GeneMarchbanks
GeneMarchbanks's picture

So money is now moving across the Atlantic to the other clusterfuck? ES up today in the US as it becomes all too clear 'markets' don't really price in anything at all.

Fri, 07/29/2011 - 07:35 | 1503814 Ethics Gradient
Ethics Gradient's picture

Have you seen EURCHF?

Europe will soon be able to be bailed out by a Swiss tramp's pocket change.

Fri, 07/29/2011 - 07:56 | 1503834 GeneMarchbanks
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Sadly there are no Swiss tramps. They are mostly imported from Eastern Europe as they have an oversupply. SNB intervention in 3.. 2...

Fri, 07/29/2011 - 07:17 | 1503796 BigJim
BigJim's picture

I don't suppose this has anything to do with the Mexican moves to re-monetise silver?

Fri, 07/29/2011 - 07:27 | 1503801 oogs66
oogs66's picture

feels like things are unravelling fast again

Fri, 07/29/2011 - 07:27 | 1503802 chump666
chump666's picture

doomsday trades are on

Fri, 07/29/2011 - 07:29 | 1503805 chump666
chump666's picture

zh hedge is totally on the ball..where the hell are the dr dooms of the world?

Fri, 07/29/2011 - 07:33 | 1503811 Incubus
Incubus's picture

not enough doom for me.  I only run on premium-grade doom. 

Fri, 07/29/2011 - 07:34 | 1503812 caerus
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secret volcano lairs

Fri, 07/29/2011 - 07:35 | 1503813 mynhair
mynhair's picture

It isn't Doom until the 200 dma sings.

errr...squeals like the pig it is...

Fri, 07/29/2011 - 07:30 | 1503808 caerus
caerus's picture

que lastima!

Fri, 07/29/2011 - 07:39 | 1503815 wandstrasse
wandstrasse's picture

Espana, putaz!

Fri, 07/29/2011 - 07:41 | 1503819 Dr. Engali
Dr. Engali's picture

You couldn't ask for better entertainment if you scripted it. I don't know if I'm watching a comedy or a Greek tragedy , maybe both.

Fri, 07/29/2011 - 07:43 | 1503821 whiskeyjim
whiskeyjim's picture

Spain's structural problems are much larger than pundits care to admit. The issue with high tax progressive style economies is that they greatly incent sending economic activity off the books, turning everyone into a tax cheat. Spain is worse than most. When a significant portion of the economy are scamming the system, everyone is hosed. This has been the problem in Greece for generations, and any travel behind the fallen Iron Curtain will tell you where that leads.

Like a friend who emigrated from Russia says, "It's difficult for any society to be productive when one hand is always out."

Fri, 07/29/2011 - 07:54 | 1503831 Version 7
Version 7's picture

Spain and Italy going under in tandem would be the perfect dynamic duo for the EFSF.

Fri, 07/29/2011 - 07:54 | 1503832 FoieGras
FoieGras's picture

"Our heartfelt condolences to all FX traders." Because all FX traders were long EUR? I don't get it. FX traders are thriving on big movments and volatility. Condolences would be in order if FX rates did not move. No volatility = no opportunity.

Fri, 07/29/2011 - 08:02 | 1503844 jkruffin
jkruffin's picture

Isn't it hilarious how the House wasted an entire day and night fighting over votes for a bill that the Senate said they would not approve anyway...and Obammy said he would veto anyway?  We have some indigent people leading us...no wonder we are ruined.  Default is the only way to go,  Tea Party Republican better stick to their guns and not vote for these bills....these clowns are trying to throw together a bill that amounts to nothing more than another bank bailout bill to save the crying bunch on Wall Street. 

It is time, and has been time for a while, for Wall Street to take a bloodbath....

Fri, 07/29/2011 - 08:17 | 1503867 Zer0henge
Zer0henge's picture

Zapatero Bitchez

Fri, 07/29/2011 - 12:16 | 1505219 jmc8888
jmc8888's picture

Spain needs Glass-Steagall, and their indignatos know it.

Here? We still talk about cutting or printing or taxing....the idiot republican, the idiot tea party, the idiot democrat way.

They are all equally stupid, and equally in the tank for the banksters.  Some are just stupider than others. 

Because according to the above the correct way to deal with fraud is printing, taxing, cutting, or some combo therein? Nope, those are for IDIOTS.

Glass-Steagall is the way. 

Fri, 07/29/2011 - 21:44 | 1507054 wwwmm
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Fri, 07/29/2011 - 21:49 | 1507082 wwwmm
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