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Step Aside BBC "Trader": Head Of UniCredit Securities Predicts Imminent End Of The Eurozone And A Global Financial Apocalypse

Tyler Durden's picture




 

Either the YesMen have infiltrated Italy's biggest, and most undercapitalied, bank, or the stress of constant, repeated lying and prevarication has finally gotten to the very people who know their livelihoods hang by a thread, and the second the great ponzi is unwound their jobs, careers, and entire way of life will be gone. Such as the head of UniCredit global securities Attila Szalay-Berzeviczy, and former Chairman of the Hungarian stock exchange, who has written an unbelievable oped in the Hungarian portal Index.hu which, frankly, make Alessio "BBC Trader" Rastani's provocative speech seem like a bedtime story. Only this time one can't scapegoat Szalay-Berzeviczy "naivete" on inexperience or the desire to gain public prominence. If someone knows the truth, it is the guy at the top of UniCredit, which we expect to promptly trade limit down once we hit print. Among the stunning allegations (stunning in that an actual banker dares to tell the truth) are the following: "the euro is “practically dead” and Europe faces a financial earthquake from a Greek default"... “The euro is beyond rescue”... “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”...."A Greek default will trigger an immediate “magnitude 10” earthquake across Europe."..."Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty “within minutes.” In other words: welcome to the Apocalypse...

But wait, there's more. From Bloomberg:

The impact of a Greek default may “rapidly” spread across the continent, possibly prompting a run on the “weaker” banks of “weaker” countries, he said.

 

“The panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area,” Szalay-Berzeviczy added.

 

Szalay-Berzeviczy has just arrived in Hungary from a trip abroad and can’t be reached until later today, a UniCredit official, who asked not to be identified because she isn’t authorized to speak to the press, said when Bloomberg called Szalay-Berzeviczy’s Budapest office to seek further comment.

And now, for our European readers (first) and everyone else (next), it is really time to panic.

 

Full op-ed from Index.hu, google translated from Hungarian. Some of the nuances may be lost, but the message is bolded. If any one our Hungarian-speaking readers have a better translation, please forward it to us asap.

 

Europe's common currency is virtually dead. The euro's doomed situation. The only open question now is, that European governments and the European Central Bank's desperate rearguard action even number of days to keep the spirit in Greece. For the moment, when Athens is declared bankrupt, a "10 magnitude" earthquake will shake Europe, which will be the overture to a whole new era in the life of the old continent.

Indeed, Greece is not only bankruptcy will mean that the Greek government securities holders did not get back their money invested, but also to the interior of the state will not be able to meet its debts.

From the moment only Greek teachers, doctors, police, army, ministry and local government employees will not receive a salary, just as the seniors did not expect nyugdíjukra good time. The ATM is emptied in minutes. The local banks are stuck holding government securities, an immediate liquidity crisis, devaluation of the Greek banking system in total collapse. Thus the savings of depositors is totally wasted because the Greek government deposit insurance or guarantee was now living. Bankkártyájukról since then, not only at home will not be able to withdraw some money, but the world's only automatájából not. The benzinkutakból run out of fuel, as well as food from the grocery store. Greece is practically a full stop at least a decade of life and dramatic drop in poverty in the country as a whole.

The problem is that in this case, the disaster can not stop at the Greek border, but great speed and momentum tovagy?r?z?dik then the entire euro zone, Europe, and finally shake the world. Channel for the spread of infection, of course, such a scenario would also back the banking system. Indeed, the international banks in Greece suffered hundreds of billions of euros t?kevesztésükön too soon be forced to lock hitelkereteit other banks, which will have to do with a country where - according to investors' expectations - the Greek thunderbolt strike again.

And when the banks no longer trust each other, not to lend to each other, the international financial markets stop. This in turn means that all financial institutions left alone with clients.

Poor countries with weak banks start to panic withdrawals of retail funds. But since the retail and corporate deposits and loans are allocated in the form of inter-bank market, these banks can not borrow bridging purposes, may be an immediate liquidity crisis. This is, to all financial institutions can be put into bankruptcy, which is stable and there is no capital behind strong, creditworthy countries. European countries are now, of course, guarantee the safety of their deposits, but the collapse of the banking system would be in financial straits due to the governments of the countries whose banking systems should extend under his arm. Thus, the escalating self-fulfilling panic söpörhet way through Europe, the euro zone which then leads to disintegration.

Of course, Angela Merkel, Nicolas Sarkozy and Jose Manuel Barroso repeated daily unos-untalan to disintegration of the euro zone there is no question of the euro remains in any case, as an alternative to this would be a huge cost to all Member States. But the currency union dissolution is probably one of the main features will be managed from Brussels, it is not a process but an uninvited guest arriving as a result of financial apocalypse. The euro area break-up, timing, strength of the human factors as well as money and capital market forces and trends will define the politicians was only with us panic watching the developments as three years ago was when Lehman Brothers collapsed.

The now four-year, and is constantly raging crisis in the greedy, selfish human nature too is certainly not the banks, not brokers, not the weather and no natural disasters, but above all, and especially at any price with economic growth, power libertine policy responsible for the global elite. Namely, those legislators, the majority of whom have never been able to see through the international financial developments, therefore, the corresponding pre-crisis legislation will only have been available, when in 2008 the world has collapsed.

However, the banks should be regulated, not criminalized or stigmatized.

The American politicians, at least it has always been understood that the money and capital markets are efficient economic policy allies of the investor for the company are responsible for. In contrast, their counterparts in Europe, unfortunately, still do not understand the nature of markets, most of them think that the financial system, the ancient enemy, because it does not work the way it is dictated by their own political interests.

Was a huge mistake and irresponsibility on the part of the political elite of the international crisis in 2009, the easing of its own negligence and error concealment of public passion in order to make a scapegoat of feltüzelésével from financial institutions. When everyone knows exactly that the taxpayers 'money to government banks are not rescued, but the corporate, retail and municipal depositors' money. This was not a political decision - like, say, airlines or car manufacturers for - but a serious system troubleshooting.

The two reasons people moved their money to the bank: I want to know it is safe and hope the interest on their savings. The bank has to create the security, interests, it must produce. It will only be able to do so, it assigns to the deposits in the form of credit to where money is needed for the operation, growth and job creation. It is sufficient interest to be collected by then to be able to pay interest to depositors.

Banks are so important to the economy, fuel carriers, which in times of crisis in the economies most vulnerable points, which therefore must be protected and safeguarded at all costs. Eventually, this belátva "after the rain the rain jacket," the way Europe was born in the EU capital adequacy directive, the United Kingdom, Vickers Commission's recommendation, the United States, the Dodd-Frank Act, while at the global level, the Basel Committee (Basel Committee on Banking Services) III. package. These are all one and all of the banking capital and liquidity position on increasing. The regulations, restrictions - which is no small effect on the Hungarian banking capital and liquidity position as well - but the price that banks in lending rates to curb forced a diminishing impact on economic growth and increase unemployment.

There is a country ...

However, there is still a country in Europe where the political elite in recent years not learning from the crisis of economic policy impasse will continue its adventures. A place where politicians continue to irresponsibly mantrázzák that banks are the source of every problem and an imaginary part of the economic Patriotic War must convince them, instead of strengthening their capital rohannának the upcoming Euro final before the onset of disaster. And is still seriously they think the country will benefit if long-term processes in the international market against marching.

This, unfortunately, no other country like Hungary, where governments, businesses and a significant proportion of the population indebted up to the neck, near the Swiss franc will spend his days. By now almost everyone's favorite topic of "what the devizahiteleseinkkel start" in the story, which is again due to the political elite of our society began to polarize. Despite the disagreement is not really suffering, and lack of solidarity between runs, but the solution and a further deterioration of the situation. Finally, the Government of a sudden, shocking everyone with lightning speed by dragging points in the debate. For many, the record speed in the parliament adopted legislation relevant music for the ears. I, however, the minority that the government of the country for the wrong, dangerous and immensely unjust solution.

Who is responsible for the credibility of the currency situation that has evolved?

To determine if this is not necessary to set up committees of inquiry. The situation that has evolved over the past decade, the whole Hungarian political elite is responsible for short-sighted and self-serving politizálásával the following four steps as a result of our country to benefit vulnerable position.

1) The spectacular public debt in 2000, started by the then Urban's government overspending as part of a drastic cut in home loan into a generous budget kamattámogatásába. This was the hope that in the 2002 elections will help the start-up in domestic demand growth path to make the country an international crisis in the middle. Eventually won the elections, Socialist Party of Free Democrats coalition that he is "hundred-day program," observed head (which was then in opposition Fidesz is automatically voted on) that some further policy steps complete with an amazing total indebtedness of the country. Both political side hoped that the expansion of domestic demand BOOST artificial, accelerated through the distributing political economy, that will then automatically produces a cover to hide the resulting deficits. However, this hypothesis was wrong, the more so because the supercharged domestic demand stimulated imports only, and this is only exploited by the country's trade balance. The resulting fiscal imbalance is a false illusion of wealth, causing catalyzed by the growing demand for consumer credit.

2) The Hungarian population is not the currency of their own band, not to loans after the country's deteriorating economic condition of the forint faced having to pay the interest rate premium. In the nine years of failed economic policy (unsustainable pension, health and housing subsidy system, beyond the minimum 50 percent increase for public servants carried out under 50 percent wage increase, a 19 thousand forints single pension supplement, the 13th month pension, the introduction of the minimum wage, tax exemptions make the reckless áfaváltoztatások, the state and the private sector, real or imagined, a partnership of PPP investments proliferation, unrealistically expensive highway construction), an abnormally low taxpayer morale, coupled with a growing hole in the state household, and this is the country's indebtedness resulted. A short well-being of our economy and substance of political change in direction instead of the current Hungarian Government to finance its foreign investors, who do all this, of course, the increased risks due to a high interest rate premium they would do next.

3) The current Hungarian government's fault that 21 years after the regime change in the financial and economic fundamentals are still not subject to the compulsory part of secondary school education and the maturity of. The reason people can not just lending a little, but have no idea what's the difference between the interest rate and the APR, there is no sufficient information about themselves on the bank, a financial trader. For this reason, then vulnerable, defenseless, non-savers are active, spend more strength above. What megtakarítanak yet, I want to keep it under his pillow, and averse from the Stock Exchange do not understand the fundamental economic relationships are not. So, of course, are highly susceptible to demagogic politicians banking and capital market, anti-rhetoric, when the situation rather than solutions themselves instead of trying to find those responsible.

4) The adóforintjainkból reserved for government and the financial market supervisory bodies to be surprised at the deepest crisis in his sleep in 2008. They were not able to perform a task, and therefore unprepared for the crisis in Hungary, it was more severe effect. The current government, parliament, central bank supervision and the responsibility to monitor, if necessary, regulate the market trends and anomalies if large or dangerous trends are seen, it is time to take action early - applying for the relevant law must drive everyone back on track. (For example, if a bank responsible wanted to act and therefore does not give franc loan to the customer, the customer response passed from another bank, which serve them.) Therefore, the Socialist-Free Democrats government enormous mistake when unleashed in Hungary in foreign currency lending, instead of restrictive legislation would have created that all banks are equally strong against the standards of the franc would have corroborated related lending. This of course does not dealt with the then opposition in parliament.

The government in the role of Don Quixote

The Hungarian government, the fiscal position to deal with a simple but populist solution. The problem with all of its declared banks began systematically stamping: the crisis in the banking system, taxes were imposed, a moratorium on the enforcement of mortgages, a three-year rate lock maximizing debtors' monthly repayments. These measures, of course, painful lives of all financial institutions, but also understandable and tolerable in view of the crisis. The government's latest idea, a stream of foreign exchange price fixed mortgage repayments, however, is beyond all the existing boundary of sanity.

The banks seem to be borne by the strokes well, because they are the eyes of external sources of unrestricted funds (but not their own money to the banks, the depositors and shareholders should have). But the reality is that domestic banks in these lépéssekkel lose their profit and a significant part of their capital, which puts a dangerous situation in the Hungarian banking system just when the world, the banks' capital and liquidity, strengthening the position of working with governments. The current situation at home, in response to the banks to curb lending further forced the mostly foreign-owned banks are a part of our opt for the departure. Of course, this last step we can say that this is who cares: just because it will improve under the leadership of the Hungarian financial institutions, market-making opportunity.

But the situation is far more complex. Firstly, the total size of Hungarian banks are not enough large to be financed only from domestic sources themselves the entire Hungarian economy. Second, any taxpayer suicide in terms of budget, job-creating companies elüldözni, especially when it leads to the purchase of Hungarian government securities. And last but not least, a shrinking national economy and increasingly risky financial institution operating in a responsible one is not increasing market shares. If it is the country where the bank is also home country, this means increase in the risk of increasingly sidelined in international financial markets and is also much more expensive than the current one, or none at all will not be able to involve funds from abroad.

Therefore, higher interest rates and forint dramatically in need of corporate and household lending in Hungary can be expected that we all have bad news. Especially when considering the lawfulness that each percentage point of economic growth should grow in the order of four percent each year, the bank's loan portfolio. Failing this, the road remains a continuing recession and rising unemployment direction. Same point in the past three years has shown that the unlimited and unregulated credit expansion is what can lead to trouble. But that is a credit to the economy in which the living body of water: an essential and irreplaceable. It is not to mention that the lack of competition in supply and rising bank costs, and declining service quality leads.

Long live the social implications

A favorable exchange rate for foreign currency loans, repayment options and money market of the real economic problems are a very important set of issues it raises: the action is extremely unfair to socially as well.

1) Take yourself, who adósodott not it?

We turn to a bank loan, because we decided against that and not because of this gun to force bank. A man with a credit consumer, who is living beyond its capabilities with real, or better living conditions than that you can afford. But this is not a problem per se, but only in private. Especially if the forint borrowing rather than foreign currency. The foreign debt is nothing more than speculation in the currency weakening. The borrower to receive foreign currency, the forint strengthened or will increase, so the repayments are lower, or even weaken, the depreciation rate will never exceed the forint and Swiss franc relative kamatkülönbözetb?l from profits. The customer decides the bank to credit the HUF will be required over 10 per cent interest or more on selected franc loan 6 percent. One man's debt burden is higher, but there is no exchange rate risk, while the other smaller interest burden, coupled with exchange rate risk. So the possibility of the borrower, risk tolerance in relation to the choice. Responsibility for the judgments of others do not sew the neck, once it did not work for what we expected. However, the government decided that the losses for the banks to take over. This means that if a crisis of financial institutions to the edge of collapse because of their capital szétporladó are, the Hungarian government, the taxpayers will have to set their feet so as not to lose there money to depositors, since they guarantee. That is simplistic: while the forint was strong, the currency authentic nyer?ben were, and when the partially self-constructed position weakened forint due to losses incurred when the government that tries them be required to pay, who did not want a loan, but instead saved a and deposit bankjuknál form affixed. Those who are indebted in HUF, are now beyond their own pain authentic solidarity even in the foreign exchange burden themselves may assume, therefore, double-pay. This is extremely unfair to those who lives without borrowing to the extent possible is held responsible, thinking the more expensive or forint loans was recorded, compared to a profit for many years a relatively foreign credit insurance.

The exchange of authentic reference that no one told them to such an extent, the forint weakened and discredited simply unacceptable. In addition, point in a country with a population over many decades, they were socialized to be the best foreign currency savings, as the forint has already been countless times leértékelve. Not to mention that the man, after long and careful consideration in choosing real estate. It is difficult to imagine that a funding condition can not inquire about the system thoroughly.

2) Support those who took the rose hill francs their apartment?

The saving on foreign exchange authentic parliamentary decision that the existing foreign currency loan will only be able to repay, whose savings are adequate or sufficiently stable income and good relations among the living, that this new fund is now forint-based loans. The decisions of the government due to the weakening forint started to plunge even more difficult situation is really in need credible currency, even though at the expense of others throws lifeline to those who hitelükb?l luxury apartments and holiday homes at Lake Balaton meeting.

3) Trash the sanctity of property rights

The government has just sent a message to voters: the sense of responsibility to the community and handle finances, because if it goes wrong, you will help the paternalistic state. The parliament's decision on Monday, however, has virtually legislated that Hungary should rob banks.

The banks do not stuff themselves with money bags, where they can and can extract any number of free money. They are companies whose owners are its shareholders. Who had invested money in this industry because earnings are expected. The income is derived from those customers who have placed their savings to the bank as security in exchange and interest rate are expected. The bank will need to generate the operation, the cost of the depositors and the interest rate on dividends to shareholders. If this process the government all sorts of sober reflection, without prior consultation and say, you have the savings of depositors and the shareholders' investment risk. This would not only lead to bankcs?dhöz worse, but the extent undermines the confidence towards Hungary to deter those who have money want to invest Hungary economy.

A reliable and well-functioning market economy, democratic country built on two main criteria: the sanctity of private property, and the megkérd?jelezhetetlensége FAKTUM to repaying the debt is still all right. And these two factors can not only political power and does not want megpiszkálni. Because everyone knows that the country where the prime minister during breakfast work out the same day regardless of which operator will be something to take away, which was then a parliamentary lunch already constitution also to the President on the same day before dinner underneath write and publish the investors to avoid the sight of a banana republic.

What is medicine?

The people, companies, municipalities and the state foreign debt of the current level of real macroeconomic risks, which need to be addressed. The pékt?l doctors and bankers to bus drivers is the same for all of us an equal interest in the more tolerable rate of repayment. But it does not matter what method is achieved. The parliament adopted the Law on foreign credit repayments in the short term as to help affluent debtors, but it is extremely unfair and harmful to the greater part of the country. This is a money market and real activity leads to start had to sooner rather than later to 300 forint euro exchange rate over the direction of take. There are some steps that might sound good now, but in fact points to a fast-track court sent the country after the Greeks. While other ideas are not sound popular, but in the medium term, stable and reasonable solution to the problem of genuine currency.

The latter are the authentic economic policy decisions that the government reduce the size of the pension and health and public administration reform will help improve competitiveness. Measures to attract investors and investment, increase tax revenues are put into place to increase - making it finally fall in unemployment - may be less public debt and, last but not least, appreciation can start the forint to finally fall to start a foreign currency mortgage payments.

 

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Wed, 09/28/2011 - 09:07 | 1718009 The Deleuzian
The Deleuzian's picture

It's Rastani!! I'm waiting for him to rip his face off to reveal his lizard/forked-tongue-self

Wed, 09/28/2011 - 09:21 | 1718021 GetZeeGold
GetZeeGold's picture

 

He's a retired Greek......he knows the score.

I'm 55. I'm retired. I'm Greek, I'm sitting on the beach with my iPad........and I'm holding the entire world hostage......kinda cool.

Don't care if it's the ECB, the IMF, the EFSF, the FED, the BIS, the Germans, the Americans...somebody...PAY ME!

 

Wed, 09/28/2011 - 09:23 | 1718072 ratso
ratso's picture

Good to hear that the sky is still falling. Run run run Dick and Jane see DIck and Jane run.  

Success these days seems to be vested in who can unfurl the scariest world financial collapse scenario. 

 

Lets hear a little good news on Zerohedge for a change.

Wed, 09/28/2011 - 09:30 | 1718099 GetZeeGold
GetZeeGold's picture

 

Lets hear a little good news on Zerohedge for a change.

All the socialists have just died and the problems have been instantly solved.....oh wait.....that didn't happen.

Sorry....I've got nothing.

 

 

Wed, 09/28/2011 - 09:47 | 1718145 flacon
flacon's picture

Presenting EURO PRINCESS BRIDE:

 

Man in Black: All right. Where is the poison? The battle of wits has begun. It ends when you decide and we both drink, and find out who is right... and who is dead. 
Vizzini: But it's so simple. All I have to do is divine from what I know of you: are you the sort of man who would put the poison into his own goblet or his enemy's? Now, a clever man would put the poison into his own goblet, because he would know that only a great fool would reach for what he was given. I am not a great fool, so I can clearly not choose the wine in front of you. But you must have known I was not a great fool, you would have counted on it, so I can clearly not choose the wine in front of me. 
Man in Black: You've made your decision then? 
Vizzini: Not remotely. Because iocane comes from Australia, as everyone knows, and Australia is entirely peopled with criminals, and criminals are used to having people not trust them, as you are not trusted by me, so I can clearly not choose the wine in front of you. 
Man in Black: Truly, you have a dizzying intellect. 
Vizzini: Wait till I get going! Now, where was I? 
Man in Black: Australia. 
Vizzini: Yes, Australia. And you must have suspected I would have known the powder's origin, so I can clearly not choose the wine in front of me. 
Man in Black: You're just stalling now. 
Vizzini: You'd like to think that, wouldn't you? You've beaten my giant, which means you're exceptionally strong, so you could've put the poison in your own goblet, trusting on your strength to save you, so I can clearly not choose the wine in front of you. But, you've also bested my Spaniard, which means you must have studied, and in studying you must have learned that man is mortal, so you would have put the poison as far from yourself as possible, so I can clearly not choose the wine in front of me. 
Man in Black: You're trying to trick me into giving away something. It won't work. 
Vizzini: IT HAS WORKED! YOU'VE GIVEN EVERYTHING AWAY! I KNOW WHERE THE POISON IS! 
Man in Black: Then make your choice. 
Vizzini: I will, and I choose - What in the world can that be? 
Man in Black: [Vizzini gestures up and away from the table. Roberts looks. Vizzini swaps the goblets
Man in Black: What? Where? I don't see anything. 
Vizzini: Well, I- I could have sworn I saw something. No matter. First, let's drink. Me from my glass, and you from yours. 
Man in BlackVizzini: [Vizzini and the Man in Black drink
Man in Black: You guessed wrong. 
Vizzini: You only think I guessed wrong! That's what's so funny! I switched glasses when your back was turned! Ha ha! You fool! You fell victim to one of the classic blunders - The most famous of which is "never get involved in a land war in Asia" - but only slightly less well-known is this: "Never go against a Sicilian when death is on the line"! Ha ha ha ha ha ha ha! Ha ha ha ha ha ha ha! Ha ha ha... 
Vizzini: [Vizzini stops suddenly, his smile frozen on his face and falls to the ground dead
Buttercup: And to think, all that time it was your cup that was poisoned. 
Man in Black: They were both poisoned. I spent the last few years building up an immunity to iocane powder. I BOUGHT GOLD AND SILVER. 

Wed, 09/28/2011 - 10:04 | 1718217 redpill
redpill's picture

Treasury Sec Humperdink won't know what hit him.

Wed, 09/28/2011 - 10:30 | 1718299 Thomas
Thomas's picture

I am going to stockpile some Gyros.

Wed, 09/28/2011 - 11:28 | 1718512 GetZeeGold
GetZeeGold's picture

 

He's also Santa Claus........the REAL one.

 

Wed, 09/28/2011 - 12:10 | 1718654 Randall Cabot
Randall Cabot's picture

Attila the Hungarian? His parents had a sense of humor, I guess.

Wed, 09/28/2011 - 13:10 | 1718856 Ahmeexnal
Ahmeexnal's picture

The euro is about to suffer multiple deadly aneurysm ruptures.

Thu, 09/29/2011 - 07:35 | 1721338 Léonard
Léonard's picture

"A Greek default will trigger an immediate “magnitude 10” earthquake across Europe.".

Pfffff... what a piece of crap, an Anglo-American anti-Europe piece of crap in the new world war : USSA & their Perfide Albion doggy vs. Europe.

Greece's default will make the Euro stronger (the Eurozone don't need Greece !) and by that time the Dollar and the US banks exposed by their CDS will drop dead.

So bring it on ! Let's kick Amerikkka in the nuts !

Fri, 09/30/2011 - 15:59 | 1727215 vipobviously
vipobviously's picture

Will the dead euro bounce?

Wed, 09/28/2011 - 13:02 | 1718838 Pinto Currency
Pinto Currency's picture

 

I'd expect this kind of game playing with Allesio Rastani type "hoaxes" by the BBC (or GBC - Government Broadcasting Corporation) to try to make a mokery of a very serious discussion.

Wed, 09/28/2011 - 13:17 | 1718881 MSimon
MSimon's picture

The solid state ones last longer.

Wed, 09/28/2011 - 15:09 | 1719316 twotraps
twotraps's picture

stockpile Gyros?  We could buy Mykonos?

pass the salt.....lets just default!

 

 

Wed, 09/28/2011 - 23:36 | 1720774 UP4Liberty
UP4Liberty's picture

I'm a 3rd Gen Amercian Greek - and that is a f***ing hilarious comment.  Thanks for the chuckle, malaka!

:)

Wed, 09/28/2011 - 11:11 | 1718436 mickeyman
mickeyman's picture

Instead of poisoned wine it should have been bonds.

Wed, 09/28/2011 - 12:16 | 1718672 TheLooza
TheLooza's picture

This is baaad.

 

Though it does remind me of my favorits scene from good 'ol G-busters...

 

http://www.youtube.com/watch?v=O3ZOKDmorj0

 

Mass Hysteria!!

Wed, 09/28/2011 - 11:24 | 1718495 hardcleareye
hardcleareye's picture

Hmmm..  let's see is Greece/EU mostly dead or really dead, you see there is a difference!

Wed, 09/28/2011 - 13:37 | 1718947 Bring the Gold
Bring the Gold's picture

It's completely dead, expect the IMF et al to pat the corpse down for loose change belonging to Orphans and Widows.

Wed, 09/28/2011 - 12:08 | 1718646 ManyWeapons
ManyWeapons's picture

Missle Silo Condo ready --- Check

Wed, 09/28/2011 - 09:47 | 1718162 Fish Gone Bad
Fish Gone Bad's picture

Whenever something bad happens, the government comes out with some other "bad news" to change the subject.  Something like so and so is a racist because he said Obama was black.  For the government to come up with really really bad news once Greece collapses, I am thinking it is going to take a full blown flu pandemic.

Wed, 09/28/2011 - 11:20 | 1718478 hardcleareye
hardcleareye's picture

Nope it's going to be war with Iran.

Wed, 09/28/2011 - 11:21 | 1718481 pods
pods's picture

Well, the story about a bunch of "heat seeking" missiles gone missing has been spread far and wide.  Even the name Al-CIA-Duh was mentioned in the news bites.  As well as previous attempts at using them for terrrrrrism.

pods

 

Wed, 09/28/2011 - 11:29 | 1718513 X.inf.capt
X.inf.capt's picture

please, bad, dont give these parasites any ideas....

Wed, 09/28/2011 - 11:48 | 1718582 dracos_ghost
dracos_ghost's picture

War with Iran is too easy. Would polarize people too much.

My bet is on a market crash that is blamed on "Cyberterror" and the gubmint steps in and confiscates all wealth "for our own good".

Wed, 09/28/2011 - 10:37 | 1718323 EnglishMajor
EnglishMajor's picture

On your deathbed, you will receive total consciousness.  So you got that going for you...which is nice.

Wed, 09/28/2011 - 10:48 | 1718374 WonderDawg
WonderDawg's picture

Long hitter, the Lama...

Wed, 09/28/2011 - 18:53 | 1720129 brew
brew's picture

i'd play through, i don't think the heavy stuff will come for quite some time...

Wed, 09/28/2011 - 10:44 | 1718351 DaveyJones
DaveyJones's picture

GetZee, don't let them sell the Acropolis

Wed, 09/28/2011 - 13:07 | 1718843 GoinFawr
GoinFawr's picture

i get the impression 'gotzee' is just another inflammatory thread hijacker who would pimp out his own mom if he thought her booty was in any sort of demand, and disparagingly misnome a 'socialist' anyone who wouldn't do the same while wilfully ignoring the facts staring him in the face contradicting his conditioned myopia.

Facts like those in the following table: http://www.guardian.co.uk/news/datablog/2010/may/27/debt-deficit-oecd-countries-data

Or inconvenient facts that indicate that the avg. Greek worker works more hours per week and retires at an age above the European average of 61.

Wed, 09/28/2011 - 13:20 | 1718884 Bill the Cat
Wed, 09/28/2011 - 13:34 | 1718890 GoinFawr
GoinFawr's picture

... I must have cued gotzed's fluffers.

Wed, 09/28/2011 - 13:41 | 1718959 Bring the Gold
Bring the Gold's picture

GZG is a Kitco regular and staunch right winger of the millitant sort so therefore afraid of the red menace as though Kruschev was still in power. He trusts the government, if Bush is in office, not so much when black "socialist" warmonger, fleece the poor give to the rich Obama is in power. If Obama is in power he expects false flags, but Bush/Cheney were just plain heros...yeah you get the drift.

Wed, 09/28/2011 - 13:49 | 1719003 GoinFawr
GoinFawr's picture

He's an 'Useful idiot', gotcha.

Thu, 03/29/2012 - 05:18 | 2299900 jaffa
jaffa's picture

The BBC is an autonomous public service broadcaster that operates under a Royal Charter and a Licence and Agreement from the Home Secretary. Within the United Kingdom its work is funded pricipally by an annual television licence fee. Thanks.
Regards,
ottawa lawyers

Wed, 09/28/2011 - 09:31 | 1718105 Don Birnam
Don Birnam's picture

Ah, fine piece.

How can one not read the commentary from a chap named "Attila ?"

http://www.rehupa.com/wp-content/uploads/2009/06/palance_sign_pagan_1954...

Wed, 09/28/2011 - 12:54 | 1718818 citrine
citrine's picture

and very handsome too!

Wed, 09/28/2011 - 09:34 | 1718119 Au Shucks
Au Shucks's picture

Great idea Ratpoo... how about you start?  Give us a solid, well researched post of all of the positive economic and financial news you can find.  Once you're done with that, you should still have time to self groom and eat a little cheese before the cat rips you a new one. 

Looking forward to it

Wed, 09/28/2011 - 09:53 | 1718182 ratso
ratso's picture

Au Shucks - EVERY ONE TO THE OTHER SIDE OF THE BOAT BEFORE IT CAPSIZES -RUN, RUN.  Nothing like a good panic to start the day.

Had a good cup of coffee this morning and now I'm off to the bank, that's still there to depsoit some money I made in the market from the people who panic.  Life is good.

 

Wed, 09/28/2011 - 10:05 | 1718219 snowball777
snowball777's picture

Had a good cup of coffee this morning and now I'm off to finish up my errands before the Vulcanalia celebrations get underway. - Ratso of Pompeii

 

Wed, 09/28/2011 - 12:18 | 1718679 tmosley
tmosley's picture

He's just "Takin' It Easy".

http://www.youtube.com/watch?v=VHxZHp1g0ns

Wed, 09/28/2011 - 10:25 | 1718282 Citxmech
Citxmech's picture

Which "market investment" is paying-off in cash or checks these days?

[or are those your 3-card Montey winnings?]

Wed, 09/28/2011 - 10:49 | 1718379 ratso
ratso's picture

When I ask Charles SChwab to send me a check, they send me one.  

Life is good when you are on the other side of the boat that the frightened crowd is on.  As long as yu guys stay frightened, I will make  more money.

 

Thanks all.

Wed, 09/28/2011 - 11:00 | 1718419 narapoiddyslexia
narapoiddyslexia's picture

Easy to say...

Wed, 09/28/2011 - 11:16 | 1718462 DaveyJones
DaveyJones's picture

and as long as you're naive so will all those other guys

Wed, 09/28/2011 - 11:16 | 1718463 ceilidh_trail
ceilidh_trail's picture

Ratso- Kinda like the check uncle sam sends ya?

Wed, 09/28/2011 - 11:34 | 1718536 HoofHearted
HoofHearted's picture

He's got three more days before the first of the month...

Wed, 09/28/2011 - 11:07 | 1718433 Moneyswirth
Moneyswirth's picture

Never trust banksters, bureaucrats, politicians, lawyers and....people who anonymously talk about how much "money" they "make" on blogs.  

Wed, 09/28/2011 - 11:30 | 1718523 swissbene
swissbene's picture

i want some -- what are you selling/buying?  why not electronic transfer for moving money around -- it saves time and energy?

Wed, 09/28/2011 - 13:40 | 1718960 Ruffcut
Ruffcut's picture

Hey ratsuck, if you want pollyanna penetration, call 1-888-fuck-you.

Fucking asstroll should be thrown down and fat fanny blowing a few hershey squirts in your blow hole.

Wed, 09/28/2011 - 09:41 | 1718133 russki standart
russki standart's picture

It seems that the cradle of western democracy, in an ironic twist,  could help restore representative government to the EU, instead of the administrative horror that has overwhelmed democracy and replaced it with bureaucratic/bankster fiat. It will be painful, very, but it will be worth ending this corrupt system of monetary enslavement, and freeing humanity to grow and excel in a manner that respects cultural diversities.

Wed, 09/28/2011 - 11:01 | 1718424 Raymond Reason
Raymond Reason's picture

Da russki, da zdrastvuyut meer eey svaboda!

Wed, 09/28/2011 - 12:03 | 1718624 Abitdodgie
Abitdodgie's picture

I keep making lots of money ,but then this bitch called Blyth Masters keeps taxing me to death. Well what you gonna do , so if somone wants to have a one time payment on say the day she dies, all they have to do is tell me how she died befor the news does , God listen to me it sounds like i am bitter towards her , forget this post move along 

Wed, 09/28/2011 - 17:05 | 1719758 CompassionateFascist
CompassionateFascist's picture

Blythe is the reason many of us can still afford few oz of silver now and then. Sheez a babe.

Wed, 09/28/2011 - 09:57 | 1718198 DogSlime
DogSlime's picture

Why not find some of this good news and post it here to cheer us up?

Wed, 09/28/2011 - 10:56 | 1718409 oldman
oldman's picture

The good news is that the bad news is so old that no one believes it        om

Wed, 09/28/2011 - 10:41 | 1718336 DaveyJones
DaveyJones's picture

with a name like that, shouldn't you be running from the sinking ship?

Wed, 09/28/2011 - 12:09 | 1718637 The Third Man
The Third Man's picture

"Lets hear a little good news on ZeroHedge for a change." - ratso

 

http://www.youtube.com/watch?v=uX-pg_6rA8o

 

Sheriff of Rottingham: Sire, I have news!
Prince John: And what sort of news do you have? It's not bad news, is it? You know I can't take bad news. The day started out so good. I had a good night's sleep, I had a good B.M. I don't want to hear any bad news. So, what kind of news is it?
Sheriff of Rottingham: Well, to be perfectly frank, it's bad.
Prince John: [shouts] I knew it! I knew it would be bad news. Wait, I have an idea. Maybe if you tell me the *bad* news in a *good* way, it wouldn't sound so bad.
Sheriff of Rottingham: [thinking] The bad news in a good way. Yes, I can do that. The bad news in a good way. Well, here it goes.
[hysterically]
Sheriff of Rottingham: W-wait till you hear this! I just saw Robin of Locksley, he's back from the crusades.
[laughs]
Sheriff of Rottingham: You know, he just beat the *crap* out of me and my men.
[laughs]
Sheriff of Rottingham: He hates you and he loves your brother, Richard!
[laughs]
Sheriff of Rottingham: And...
[laughs]
Sheriff of Rottingham: ... he wants to see you hanged!
[laughs]
Sheriff of Rottingham: We, we're in a lot of trouble!
[laughs and snorts loudly]
Prince John: [furious] What, are you crazy? Why are you laughing? This is terrible news!

Wed, 09/28/2011 - 12:35 | 1718756 daily bread
daily bread's picture

love that scene

Wed, 09/28/2011 - 12:35 | 1718753 edotabin
edotabin's picture

ahhhh destruction/implosion porn fatigue got to you.

Good news would be nice. Given the current situation, writing good news in this environment would be the scariest thing of all.

Shit's pretty bad amigo.

Wed, 09/28/2011 - 13:07 | 1718835 Ignorance is bliss
Ignorance is bliss's picture

What do you want...the real news so you can prepare accordingly or  CNBC wishful thinking so that you can be led to slaughter with the rest of America?

 

I for one am thankful for the warning. I can now stockpile Vodka for trade and consumption. Much better then Gold.

Wed, 09/28/2011 - 13:12 | 1718863 Fukushima Sam
Fukushima Sam's picture

Dude, this is the good news!

Many of us can't wait for this system to crash and burn!  Because we can only get better after we have hit rock bottom!

Wed, 09/28/2011 - 13:51 | 1719010 Ruffcut
Ruffcut's picture

Good news like finding out you have cancer. We will never fix or cure it, but try to "treat" it.

Performance for fixing, patching, repairing, and or duct taping it, is amazingly doomed from the planning stage to its final destination.

Further poison the system with chemo and see who survives  Give the drunk, more booze. Please pass the bong, I'm ready for another hit. Thank you.

Fri, 09/30/2011 - 22:39 | 1728120 matrix2012
matrix2012's picture

I do believe that those banksters can write a much more positive news here and there!

Oh wait...if they decide at once to write off all the debts in the world and abandon all the fakes, include but not limited to the fake money, the ponzi schemes, all paper wealth, termination of the so-called "world reserve currency" issuance & control by any single country not to say any private banking family, fractional reserve banking, et cetera (a long list may go here), will our world be getting better?

Or, should we mankind decide for them???

Wed, 09/28/2011 - 09:40 | 1718130 disabledvet
disabledvet's picture

Go long billionaires hiding out on a Greek beach then! I think your on to something here. Let's not call it "holding hostage." how about "economic theory liberation day"?

Wed, 09/28/2011 - 10:03 | 1718214 agent default
agent default's picture

This is exactly why Greece will never be allowed to default.  It will be kept on life support, under crushing austerity for as long as it takes.

Wed, 09/28/2011 - 12:49 | 1718800 ConfusedIdiot
ConfusedIdiot's picture

GZG , Ha, Ha... So true the Mrs. CI and I just returned from a month in Athens and Istanbul. In Athens we took the tram down to the coast to the Marina. We sat at a seaside restaurant and watched a dozen 55 year old retirees sitting under a copse of trees playing bg and cards. Family members came and went enjoying the shady beach area all the while the men checked their Iphones for news on the IMF. No one seemed concerned about the possibility of an impending disaster in regards to retirement pensions or other financial catastrophes. Regards CI.

Wed, 09/28/2011 - 14:37 | 1719195 sgt_doom
sgt_doom's picture

You sure he's not on Goldman Sachs' payroll? 

Not that I don't agree with him, it just sounds like a GS end run to keep the bond holders supplied with their money?

 

Wed, 09/28/2011 - 09:12 | 1718032 Pladizow
Pladizow's picture

This will all be delayed until the opportunity is present to scare the most people - 12/21/12.

Theory of let no disaster go wasted - and this one will be maximized!

Wed, 09/28/2011 - 09:23 | 1718074 Cthonic
Cthonic's picture

Be surprised if it held on until 11/11/11 much less 12/12/12.

Wed, 09/28/2011 - 10:04 | 1718218 john39
john39's picture

the true end date of the mayan calendar is around November 2011...  the 2012 end date is misdirection.  see research of Dr. Callaman and others.

Wed, 09/28/2011 - 10:22 | 1718276 tekhneek
tekhneek's picture

Usually when my calendar ends or is out of date I just fucking buy another one.

Wed, 09/28/2011 - 10:27 | 1718293 krispkritter
krispkritter's picture

The Mayan Calendar Store near me just went out of business...

Wed, 09/28/2011 - 11:13 | 1718443 hardcleareye
hardcleareye's picture

A sign of things to come.

Wed, 09/28/2011 - 12:27 | 1718719 tekhneek
tekhneek's picture

"gold isn't backed by anything"

LOL, you guys seen this shit?

http://www.commodityzen.com/2011/09/gold/gold-isnt-backed-by-anything/

Wed, 09/28/2011 - 13:22 | 1718886 DoChenRollingBearing
DoChenRollingBearing's picture

Nice!  Green.

Gold isn't backed by anything.  But the US$ is!  Wow!  Brings yet another meaning to the term "full retard"!

Wed, 09/28/2011 - 16:25 | 1719566 technovelist
technovelist's picture

Yes, that is very special!

Wed, 09/28/2011 - 10:34 | 1718310 nope-1004
nope-1004's picture

Where does one buy a Mayan calendar these days?

LOL

 

Wed, 09/28/2011 - 11:01 | 1718423 narapoiddyslexia
narapoiddyslexia's picture

The last one I saw was in Guatemala, and it weighed three tons.

Wed, 09/28/2011 - 12:47 | 1718796 Hi Ho Silver
Hi Ho Silver's picture

I picked up one in Cozumel just last week.  8oz/$3US  Great bargain.

Wed, 09/28/2011 - 13:52 | 1719015 Strider52
Strider52's picture

Downtown Maya has shops with special deals on Mayan Calendars.

Wed, 09/28/2011 - 12:38 | 1718769 edotabin
edotabin's picture

Besides, my ATM card has an expiration date many years after 2012.  Now I KNOW the end of the world is not coming.

Wed, 09/28/2011 - 10:32 | 1718302 Smiddywesson
Smiddywesson's picture

I think it's safe to assume that the Mayan's didn't make the calendar for us, but figured they'd be around to use it, and since they're not, we can all dismiss their predictive abilities.

Screw the Mayans

Wed, 09/28/2011 - 11:13 | 1718445 SoNH80
SoNH80's picture

The Mayans are still around.  They make colorful blankets, and other traditional handicrafts.  I don't think they worry much about the world ending in 2012, though, any more than we worry about what Henry the Eighth had to say about astronomy.

Wed, 09/28/2011 - 17:11 | 1719783 CompassionateFascist
CompassionateFascist's picture

Here's what they're worried about: ethanol. They once could afford to buy corn to make tortillas. Not any more.

Wed, 09/28/2011 - 12:08 | 1718648 SilverRhino
SilverRhino's picture

10/28/2011 is the revised end date

 

Wed, 09/28/2011 - 15:50 | 1719475 rambo1028
rambo1028's picture

EEEK! That's my birthday! Guess I better party like it's 1999 this year lol

Wed, 09/28/2011 - 12:10 | 1718655 Abitdodgie
Abitdodgie's picture

I heard it was the 28 of October 2011 the same day the cycle of creation is compleated, ( the 7 days 6 nights thing)

Sat, 10/01/2011 - 02:16 | 1728342 matrix2012
matrix2012's picture

An excerpt from the Dr. Carl Calleman's article: 

... I am not primarily addressing myself to those for whom it is more important to be right about a date than to facilitate the spiritual future of humanity. In this context I would also like to point out that many people have a strong intuitive sense that the year 2012 will mean something special. This intuitive sense is fully consistent with the October 28, 2011 date, since if the divine process of creation is completed on that day it will indeed be the year 2012 that will usher the great change....

More about the Mayan Calendar's end-date according to Dr. Carl Calleman: http://bit.ly/ox5tCl

Wed, 09/28/2011 - 14:39 | 1719204 sgt_doom
sgt_doom's picture

Back in 1978, it was sagely predicted that the end of capitalism would take place in 2012, or by that time.

The same individual and groups also predicted (three political action groups in America, and one top federal govenment analyst) predicted the demise of the Soviet Union in 1990.

Looks like all predictions still on track.......

Wed, 09/28/2011 - 09:27 | 1718091 Top_Kill
Top_Kill's picture

This is very bad. He is trying to pressure the politicians to bail Greece out. The question is, which politicians? I think he is trying to pressure the US and Chinese to step in, knowing that there is no way the EU will be able to step up.

Wed, 09/28/2011 - 10:13 | 1718252 LetThemEatRand
LetThemEatRand's picture

"However, the banks should be regulated, not criminalized or stigmatized."

Exactly.  Sounds a lot like Paulsen before the first TARP.  "Give me $750B right now or we blow this place up and it's martial law you fuckers!"

Wed, 09/28/2011 - 11:25 | 1718500 pods
pods's picture

Except in 08 most people were scared about the possibility of TEOTWAWKI so they went along with it.

Now many are cheering it on.

pods

Wed, 09/28/2011 - 11:45 | 1718573 swissbene
swissbene's picture

US congress rejected TARP initially based on broad, vocal outrage from voters.  a few days later it was passed after adding some pork/bribes to those Reps on the fence.  oddly US voters were paying attention...though unable to affect the outcome.

would not rule out a repeat though i agree with you the level of tolerance will be lower this time.

Wed, 09/28/2011 - 14:19 | 1719126 faustian bargain
faustian bargain's picture

The voters weren't paying so much attention that they cared whether McCain and Obama both voted for TARP. No, the "M.A.D." PR strategy worked.

Wed, 09/28/2011 - 13:13 | 1718866 Clark Bent
Clark Bent's picture

New horror mask for Halloween, that bald bastard. If they don;t immediately recognize you, start screaming his terrorist threats. Give me $750B right now or we blow this place up and it's martial law you fuckers!

Wed, 09/28/2011 - 14:40 | 1719207 sgt_doom
sgt_doom's picture

Exactly!!  You fully understood this blog post.

My hat is off to you, Top_Kill...

Wed, 09/28/2011 - 18:27 | 1720041 mkkby
mkkby's picture

Top Kill -- Agreed.  The Tylers have this one all wrong.  He's not truth telling.  He's invoking the bazooka.  Never take a banker at face value.  Greece can default and the world won't end... not europe, and least of all GREECE.

Wed, 09/28/2011 - 09:59 | 1718185 Ghordius
Ghordius's picture

when a banker says: "the EuroZone is doomed"

or "the EUR is doomed" you have to translate in:

"GIVE ME SOME GOVERNMENT MONEY OR MY BONUS IS ZERO!"

-----------

By the way, who told the Austrian Banks who now belong to UniCredit that it's fine to lend CHF and EUR in mortgages to unwary Hungarians? "Because you see, it's less (nominal) percentages"? Hungary's gov has done what it had to do, bad luck, vampires.

Wed, 09/28/2011 - 10:09 | 1718239 jekyll island
jekyll island's picture

The handlers of Yahoo website are already trying to spin Rastani's BBC interview.  

http://news.yahoo.com/blogs/cutline/bbc-victim-hoax-no-yes-men-154724196.html 

Nothing to see here sheeple, he was just kidding.  It was the evil Captain Kirk.  

Wed, 09/28/2011 - 10:50 | 1718384 jumblies
jumblies's picture

So the first part of the yahoo story was essentially saying "i'm spartacus" and the second was just a transcript.

groundbreaking stuff. i may inject my urethra with draino to liven up my day.

Wed, 09/28/2011 - 12:07 | 1718644 ManyWeapons
ManyWeapons's picture

Yahoo News is worse than the New York Times when it comes to left leaning statist bias - Everytime I see the Yahoo!! main page It makes me want to puke due to the Obama loving secular humanist effluence.

Wed, 09/28/2011 - 09:07 | 1718011 Overleveraged_a...
Overleveraged_and_Impatient's picture

Silver and Firearms.

Wed, 09/28/2011 - 09:41 | 1718138 Falcon15
Falcon15's picture

Bullets, Beans, and band aids, baby! Got preps? Pray for the best, prepare for the worst.

Wed, 09/28/2011 - 10:07 | 1718227 snowball777
snowball777's picture

Gold, Bazookas, and Kevlar!

 

Wed, 09/28/2011 - 10:35 | 1718312 Smiddywesson
Smiddywesson's picture

Mohawks, Motorcycles, and Mayhem!

Wed, 09/28/2011 - 11:24 | 1718496 Raymond Reason
Raymond Reason's picture

hahahaha

 

Wed, 09/28/2011 - 12:29 | 1718730 V in PA
V in PA's picture

Grass, Gas, and Ass!

Wed, 09/28/2011 - 13:16 | 1718877 Big Corked Boots
Big Corked Boots's picture

Booze, Bitches and Blow.

Oh, wait - that was 2007....

Wed, 09/28/2011 - 10:40 | 1718330 Temporalist
Temporalist's picture

Booze, Pork Rinds and Toilet Paper!

Wed, 09/28/2011 - 10:46 | 1718365 DaveyJones
DaveyJones's picture

you'll be so constipated with the first two, you'll have plenty of the third

Wed, 09/28/2011 - 11:59 | 1718614 NorthenSoul
NorthenSoul's picture

C'wan...don't short it!  :-)

 

Storable food, survival knives, firestarters, water filtration system, seeds, paracord, fishing equipment, BiVi bags, Med-Surg Kits...the whole kahuna!

Wed, 09/28/2011 - 09:07 | 1718012 The Axe
The Axe's picture

Holy Bat Shit....the truth running free...

Wed, 09/28/2011 - 09:09 | 1718013 GeneMarchbanks
GeneMarchbanks's picture

Let the I-bet-I-can-upstage-your-disaster-prediction-with-a-bigger-one Games Begin!!!

Wed, 09/28/2011 - 09:08 | 1718014 eigenvalue
eigenvalue's picture

How does he define "imminent"? 10 years later?

Wed, 09/28/2011 - 12:00 | 1718616 NorthenSoul
NorthenSoul's picture

If the man is right, 10 years won't be too much to get ready for that!

Wed, 09/28/2011 - 09:09 | 1718015 DormRoom
DormRoom's picture

there's a false and missing premise in zerohedge eco0gloom porn.  If the Eurozone fails, and cascading financial collapse ensues, gold & silver will collapse, as big fund speculators exit, possibly to meet redemptons.  So gold & silve bug retails will get wiped out.

 

Everyone should be praying the Eurozone pulls through.

Wed, 09/28/2011 - 09:11 | 1718028 the not so migh...
the not so mighty maximiza's picture

Eurozone is doomed, but the human race will survive.

Wed, 09/28/2011 - 09:16 | 1718051 SheepDog-One
SheepDog-One's picture

But people may regret surviving.

Wed, 09/28/2011 - 09:41 | 1718136 Comay Mierda
Comay Mierda's picture

spot prices may collapse, physical trading prices will skyrocket in fiat dollars

Wed, 09/28/2011 - 12:48 | 1718798 Herd Redirectio...
Herd Redirection Committee's picture

Big funds will exit?  Exit gold into what exactly?  Thats why its physical gold, you know.  Because it is money.  It is liquid, and people say, well, you can't eat gold, well thats good, because food rots.  Gold doesn't.

Wed, 09/28/2011 - 09:42 | 1718137 disabledvet
disabledvet's picture

?

Wed, 09/28/2011 - 10:56 | 1718407 Smiddywesson
Smiddywesson's picture

But people may regret surviving.

Not if we hold onto our identity as a people and preserve the most cherished parts of our culture, you know, like lingerie football and that kind of stuff.

Wed, 09/28/2011 - 10:51 | 1718389 sdmjake
sdmjake's picture

Oh, well, the night is long the beads of time pass slow,
Tired eyes on the sunrise, waiting for the eastern glow.

The pain of war cannot exceed the woe of aftermath...

Wed, 09/28/2011 - 11:34 | 1718538 LFMayor
LFMayor's picture

Ben-Wah beads?  Yeah, them big ones sure can "pass slowly".

Wed, 09/28/2011 - 09:11 | 1718030 SheepDog-One
SheepDog-One's picture

Gold and silver will 'collapse' measured by what? Collapsed fiat dollars?

Wed, 09/28/2011 - 09:17 | 1718041 DormRoom
DormRoom's picture

Not all fiat currencies will collapse.  Currencies from current account surplus nations will remain relatively strong.  The fiat system will remain.  Gold & Silver Bugs will be wiped out in the great depression.

 

Large Hadron Collider sigma 6 event (world wide financial collapse) likely by Christmas.  The future effects the past.

Wed, 09/28/2011 - 09:22 | 1718064 maxmad
maxmad's picture

Ah yes, Dormroom, the beloved red headed step child of Robot!  Hows Greek week going?

Wed, 09/28/2011 - 10:41 | 1718337 nope-1004
nope-1004's picture

Calm down everyone.  Dorm is another gov't or BAC troll.  Here's a little reminder of what the banksters do while at work:

http://www.youtube.com/watch?v=eWYW0H7-c_w

 

Wed, 09/28/2011 - 11:35 | 1718545 Raymond Reason
Raymond Reason's picture

Wow, thanks for the reminder. 

Wed, 09/28/2011 - 12:58 | 1718830 Herd Redirectio...
Herd Redirection Committee's picture

In the early days of UFC I noticed that the internet discussion boards were being heavily influenced by a small group of people, who were very persistent in their message, and completely unaccomadating in their views (which did not ever change, regardless of new facts, opinions, etc being shared with them).  They were so consistently pro-UFC, no matter what, unwilling to acknowledge the slightest criticism of the company, its management, the rules, the pay...  That I HAD to conclude that Dana White himself paid people to post on the internet.  Back in 2004, if not earlier.

So if corporations do it, you don't think intelligence agencies or the corporatist oligarchy would do it?  Lets not be naive here, people.   ZH has long been targeted for infiltration.

Wed, 09/28/2011 - 12:54 | 1718814 ItsEvolutionBaby
ItsEvolutionBaby's picture

That has been debunked. It was a lowly peon at BAC trolling his page. The IP's rotate because of how they've setup up their system there, they go through different services at different times of the day. SGT has some good things to say and i agree with a lot of them, but he's a moron.

Wed, 09/28/2011 - 12:57 | 1718823 ItsEvolutionBaby
ItsEvolutionBaby's picture

It was one guy trolling him. It was one of Cory's subs trolling SGT's page because SGT was insulting and flaming Cory's subs and main page.

It is a part of a little youtube spat between two guys.

Cory said he was a douche for not telling people Bob Chapman is on the run for securities fraud, then SGT attacked him and called him a shill, plant, CIA op and all that.

It is baseless. They've been being bitches about it for weeks.

Do some research, the clinging onto this is making me ever skeptical of anyone that posts it. 

Wed, 09/28/2011 - 09:24 | 1718078 JPM Hater001
JPM Hater001's picture

HTF do you justify that gold and silver bugs will be wiped out?  Fiat will be wiped out and dont hang your hat on some strong currencies.  THE DOLLAR is the worlds RESERVE currency and when it goes so does its value in everyones currency.  Only currency NOT holding dollars is gold and silver.  Fiat system will be tossed.  We are returning to a gold backed system like it or not.

Wed, 09/28/2011 - 09:32 | 1718110 DormRoom
DormRoom's picture

not necessarily  back to a gold standard.  We could have a reserve currency based on SDRs, based on the few relatively strong currencies (yuan, krona, riyal, ..), which have current account surplus, and low debt.

 

A global collapse could accelerate the process towards SDRs as a reserve currency.  So there is atleast one other viable system than the gold standard.

Wed, 09/28/2011 - 09:36 | 1718124 The Deleuzian
The Deleuzian's picture

Your'e really a Tri-Delt right

Wed, 09/28/2011 - 13:06 | 1718850 Herd Redirectio...
Herd Redirection Committee's picture

Strong currencies?   Have you done any research?   What makes a currency strong?  Having a stable supply, and paying interest, right?  And once the stable supply is not so stable, and the interest is, uuh, 0.25%, then what gives a currency its value?  What it is backed by.  And the US dollar is backed by nothing.  Just promises.  The 'full faith and credit' of the US Government!  Remember, the US claims to own 11000 tonnes of gold.  It has already been sold, 8 or 9 times over, sad to say.  So it doesn't back the US dollar any more.  Other countries hold what as reserves?  Hmmm?

China, Japan?  Thats right, they hold worthless US dollars as RESERVES, COLLATERAL, of their own currency.  So what happens when the collateral is wiped out?

Gold and silver coming back into use, along with barter for those who have none, is what happens.

Is it really so hard to get it?  Or do you choose not to?

Wed, 09/28/2011 - 15:04 | 1719300 DosZap
DosZap's picture

Herd Redirection, @ 1306

Sorry bro, yer #'s are off.

Remember, the US claims to own 11000 tonnes of gold

8100 Tons,is the official#.

India on the other hand has 18,000 tons........................

 

Thu, 09/29/2011 - 01:00 | 1720381 boiltherich
boiltherich's picture

For what it is worth, the list of "official" gold reserves are thus:

1 USA 8,133.5 74.7% 2 Germany 3,401.0 71.7% 3 IMF 2,846.7 4 Italy 2,451.8 71.4% 5 France 2,435.4 66.1% 6 China 1,054.1 1.7% 7 Switzerland 1,040.1 16.4% 8 Qatar 950.3 7.1% 9 Russia 775.2 6.7% 10 Japan 765.2 3.0% 11 Netherlands 615.5 59.4% 12 India 614.8 8.1% World 30,562.5

That is gold in metric tonnes and percent of ForEx reserves held in gold.  Those are the IMF figures as of 12/10 and which badly needs updating as to price/% reserves, and it is interesting to note that while China only has a little over 1,000 long tons it is also only 1.7% of reserves. 

India I think does have a lot more gold than the official number, for thousands of years people there have been hoarding it, I also think Europe has a lot more than they admit to, those Spanish galleons brought tons and tons with every ship that left the new world and it has to be somewhere. 

Privately held gold (May 2011)[15] Rank Name Type Gold (Tonnes) 1 SPDR Gold Shares ETF 1,239 2 ETF Securities Gold Funds ETF 259.79 3 ZKB Physical Gold ETF 195.53 4 COMEX Gold Trust ETF 137.61 5 Julius Baer Physical Gold Fund ETF 93.50 6 Central Fund of Canada CEF 52.71[16] 7 NewGold ETF ETF 47.75 8 Sprott Physical Gold Trust CEF 32.27 9 ETFS Physical Swiss Gold Shares ETF 27.97 10 Bullionvault Bailment 37.1[17] 11 Central Gold Trust CEF 18.81[18] 12 GoldMoney Bailment 19.01[19]
Wed, 09/28/2011 - 09:45 | 1718152 viv_savage
viv_savage's picture

You are kidding, right? There's no way in hell you believe this.

Wed, 09/28/2011 - 09:51 | 1718174 chubbar
chubbar's picture

What's an "SDR" made up from? Isn't it a basket of the same currencies that are going to fail?

Wed, 09/28/2011 - 10:55 | 1718403 espirit
espirit's picture

Look at the basket, it also contains metals.  Heck, in the future it may also contain grains, softs, boolits, babies, organs, wtf else?

Wed, 09/28/2011 - 10:02 | 1718176 BigJim
BigJim's picture

I was going to write:

       Because whoever is put in charge of printing SDRs (and it won't be you or me, but dweebs like The Bernank) won't inflate that currency too?

       Don't you fiat bugs get it? People in power want a paper currency because it allows them to constantly pick our pockets through inflation.

but I see you're not advocating SDRs, merely pointing out that they are an alternative to gold.

But consider this: if you (like the majority of readers) do not presently hold your savings in one of the 'strong' currencies used to back the SDR, what will happen to the purchasing power of those savings when we switch to SDRs? And.... if we move our savings to Kronas or Riyals (Yuan isn't easily tradeable), with all the costs that entails - what's the risk their countries will competitively devalue before the SDR is established, and we'll lose purchasing power anyway?

There is no risk-free move in this environment, because the biggest determinants of economic outcomes now are the owners of banks and their politician puppets. Will your government introduce a 100% tax on property worth > $500,000, as an inflation-free alternative to printing? Will it raise sales taxes? Will it tax PMs more highly? Will it tax capital gains on properties? Internet access? Contact lenses? Who the fuck knows? These idiots are capable of ANYTHING... but trusting them to ensure their currencies retain their buying power - when it runs counter to their interests to do so - seems like the greatest folly of all.

Wed, 09/28/2011 - 10:07 | 1718226 agent default
agent default's picture

You are dumb aren't you.  These countries also have a banking system that is as interconnected to the world and other currencies as the banking system of the US or  the EU.  The idea that they will survive anything of these proportions is downright retarded.

Wed, 09/28/2011 - 11:11 | 1718437 oldman
oldman's picture

Correction: these countries have a virtual banking system that does not match street reality and will not instill confidence at the level necessary to correct itself. When it fails, it will be a big fucking deal to everyone who has real money because they will not be able to trust anyone. The street will self-correct and an efficient reorganization of some type of money system will emerge organically enduring until the bankers try to organize it.

Nothing to fear----patience with trial and error will payoff in a human system.

This is maybe the most interesting time in human history and I am very pleased to be here as an observer.      

life is easy        om

Wed, 09/28/2011 - 12:33 | 1718748 RSloane
RSloane's picture

I enjoyed watching Vesuvio erupt as well, but prayed I wasn't hit with lava or flying rocks. Observation carries its own perils. I agree though, this maybe the most interesting time in human history.

Wed, 09/28/2011 - 09:51 | 1718173 oddjob
oddjob's picture

A paper bug predicting Gold and Silver which comprise less than 1% of total financial assests will get wiped out, Just wow. What happens to the other 99% of your digits and confetti?

Wed, 09/28/2011 - 10:16 | 1718260 MFL8240
MFL8240's picture

Interesting thought, help me out with finsihing the bizzare thinking.  Gold and Silver will get wiped out, how so??

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