S&P Downgrades Italy; Euro, Futures Tumble

Tyler Durden's picture

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
SheepDog-One's picture

Oh, now its back to Italy as the focus shifts to the next Eurozone problem child? Whatever, this is just stupid, even a child can see the answer is to quit lying and just deal with your probems, but of course the most infantile are in charge in the insane Western World...anyway glad to see futures tanking.

Spirit Of Truth's picture

Don't be silly.  Those AAA French bonds are obviously where to go!

Newsboy's picture

That European debt analysis yesterday showed a huge gray arrow from Italy to France. France is totally exposed to massive Italian debt default.

papaswamp's picture

I think we will continue to see gold drop or stay rather horizontal for the short term as several (probably banks and large financials) try to gain paper capital to manuver. Once this is done, gold will trend up to the 2000 zone until the next crisis....the US or possibly Japan begin to break and the same pattern will repeat as gold wanders toward $3000. I doubt it will go much higher than that though...unless some major shitstorm occurs....WW3 for example.

max2205's picture

Guess they are going to fire the new CEO?

Wow that's a lot of bullshit for saying YOU'RE FUCKIN BROKE!

Vampyroteuthis infernalis's picture

The gives S&P at least a hint of respectability. Still, Italy belongs in the junk yard.

frippy's picture

Long Chianti, Monica Bellucci, Gold, and Mossberg.

Short US.gov.

papaswamp's picture

Dude should see my new toy...dirty! Custom Rem 870 AOW 11" barrel for those doorway problems.


Remember Rule #4...double tap.

New_Meat's picture

papa, one to CM for the knockdown, then double tap.  Might surprise u w/ armor of some type.

macholatte's picture


U.S. Marine Corps Rules:

1. Be courteous to everyone, friendly to no one.
2. Decide to be aggressive enough, quickly enough.
3. Have a plan.
4. Have a back-up plan, because the first one probably won't work.
5. Be polite, be professional, but have a plan to kill everyone you meet.
6. Do not attend a gunfight with a handgun whose caliber does not start with a "4."
7. Anything worth shooting is worth shooting twice. Ammo is cheap. Life is expensive.
8. Move away from your attacker. Distance is your friend. (Lateral & diagonal preferred.)
9. Use cover or concealment as much as possible.
10. Flank your adversary when possible. Protect yours.
11. Always cheat; always win. The only unfair fight is the one you lose.
12. In ten years nobody will remember the details of caliber, stance, or tactics. They will only remember who lived.
13. If you are not shooting, you should be communicating your intention to shoot.

Navy SEALS Rules:

1. Look very cool in sunglasses.
2. Kill every living thing within view.
3. Adjust speedo.
4. Check hair in mirror.

U.S. Army Rangers Rules:

1. Walk in 50 miles wearing 75 pound rucksack while starving.
2. Locate individuals requiring killing.
3. Request permission via radio from "Higher" to perform killing.
4. Curse bitterly when mission is aborted.
5. Walk out 50 miles wearing a 75 pound rucksack while starving.

U.S. Army Rules:

1. Select a new beret to wear.
2. Sew patches on right shoulder.
3. Change the color of beret you decide to wear.

US Air Force Rules:

1. Have a cocktail.
2. Adjust temperature on air-conditioner.
3. See what's on HBO.
4. Ask "what is a gunfight?"
5. Request more funding from Congress with a "killer" PowerPoint presentation.
6. Wine & dine 'key' Congressmen, invite DOD & defense industry executives.
7. Receive funding, set up new command and assemble assets.
8. Declare the assets "strategic" and never deploy them operationally.
9. Hurry to make 1345 tee-time.

US Navy Rules:

1. Go to Sea.
2. Drink Coffee.
3. Watch porn.
4. Deploy the Marines.



Dingleberry's picture

Semper Fi. Although the Navy watches porn more than drinking coffee, so switch those two. Everyone is into that red bull shit now, not coffee as much. Of course porn is endemic.

Rodent Freikorps's picture

The Navy has only one rule for firefights:

Send the Marines.

Sounds entirely reasonable to me.

New_Meat's picture

You guys might like: http://www.amazon.com/Murphys-Laws-Combat-Marion-Sturkey/dp/096508146X/r...

and "Bonnie Sue" and "Warrior Culture".

Esp. 'cuz the attack on the warrior culture is part  of the attack on all fronts.

- Ned

warchopper's picture

I never get tired of that.

YesWeKahn's picture

Absolutely, this is what takes to make the greatest army.

decon's picture

The primary use of a sidearm is to fight your way to the nearest rifle.

Vincent Vega's picture

I have a new toy too. Mine is the Kel-Tec PMR30  several video's on youtube...check it out. It truly is  a toy but everyone who has shot it is in love with it. It attracts a lot of attention at the range!

macholatte's picture

the answer is to quit lying and just deal with your probems








It's show time!


CharlieSDT's picture

The real 5 stages:





Oh shit!

Too late


I say we're getting close to denial #3.

Goldman Hufs's picture

Bernanke will not openly admit to QE3 this week.  Our unemployment rate is high and despite their best efforts to manipulate inflation numbers down they are still above healthy levels.  If he went ahead with another round of purchasing bonds given the current conditions it would be in complete defiance of the two bullshit mandates they came up with to jusitfy this scam.  Considering that they are already under a great deal of scrutiny the backlash of publicly annoucing another round of quantitative easing would cast even more light on how this corrupt system operates leading to increased awareness by the sheeple.  Instead, they will announce that they need to step back and let the market work itself out for awhile.  But behind the scenes the Federal Reserve will be pumping the market up to keep it from crashing the minute they "step away."  If they can gradually bring it down over a three month period then QE3 will be given the greenlight under the guise that the economy is "this" close to being able to walk on its own if only it had a little extra stimulus. 

Hubris hangover's picture



.....move along, nothing to see here

GtownSLV's picture

Off topic but must see article. ....A big market-making state bank in China's onshore foreign exchange market has stopped foreign exchange forwards and swaps trading with several European banks due to the unfolding debt crisis in Europe, two sources told Reuters on Tuesday.


GtownSLV's picture

The European banks include French lenders Societe Generale [SOGN.PA  17.69  ---  UNCH    ], Credit Agricole [CAGR.PA  4.883  ---  UNCH    ] and BNP Paribas [BNPP.PA  26.65  ---  UNCH    ].

Long-John-Silver's picture

Last minute inventory of Beans, Bullets, and Bullion confirms I'm ready. 

papaswamp's picture

You have until December...massive crisis during winter is better...rioters don't like extreme cold.

spiral_eyes's picture

"You know what can get us out of this mess? SOME INFLATION"

— Paul Krugman

hyperinflation, bitchez.


Let them eat iPads's picture

Inflation brought to us by aliens.

andybev01's picture

You can still be right even if you are evil.

rocker's picture

Oh no, Cramer had said the correction is over.  Which could it be.

SheepDog-One's picture

We had a 'correction'? When was that? 

rocker's picture

+1   Surely have not seen anything like captiulation with Cosmetics, AAPL and PSMT hitting the high list.

Jeff Lebowski's picture

I always enjoy your comments.

Well done.

Texas Ginslinger's picture

I think he meant erection.

The Viagra wore off...

walküre's picture

It won't matter tomorrow.

Great Unwashed's picture

So true. We've seen it all before.

Mactheknife's picture

Never seen a market so ready and willing to run headlong into certain disaster.

Flatchestynerdette's picture

and now S&P will soon be hauled before the Hague to answer for their crimes against the Euro, same as it is being hauled to answer questions in front of the USA's Congress and various agencies.

Yamaha's picture

Master of the obvious.....once again.

X.inf.capt's picture

TPTB are just knockin' these countries down like clay pigeons....

King_of_simpletons's picture

So is the new S&P Chairman/CEO going to be fired or does that special appreciation apply to downgrading the US rating ?

Irish66's picture

After France downgrade.  Thanks for the laugh