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Steve Liesman's Modest Proposal: America Must Bail Out Europe
Yesterday, the progressive "think-tankers" from the CEPR first voiced the idea that it is time for America to finally come to the aid of Europe, because you see, the liberals, ever so generous with other peoples' money, have had enough of a sinking financial system brought to its knees by the intersection of a financial system perpetually bailed out at the taxpayers' expense, and a insolvent global welfare state, and just wish it was all back to where it was a decade ago, where everyone lived in perpetual bliss and stupidity. We truly hope Messrs Baker and Weisbrot lead by example and dispose of all their net worth, by dispatching it in Europe's direction, post haste: after all, anything less would be just seem so very hypocritical. Today, to nobody's shock at all, the "think tank" is joined by everyone's favorite TV hobby economist: Steve Liesman, who in an op-ed on CNBC writes: " It’s time to change the narrative and for the United States to step up and abandon its policies of praising Europe’s incremental progress, gently prompting it to action and insisting that it be a Euro only solution... The US should lead the world in creating a large pot of money available to the Europeans to recapitalize their banks. A $2 or $3 trillion fund should get the market’s attention." It should Steve. And just like in the case of CEPR, we hope you can lead the US by creating a large pot of all your money that you would send to Spain and Greece first. Then everyone promises to follow in your so very generous footsteps.
From CNBC:
Europe's Mess: Time for the US to Clean It Up
When it comes to Europe, incremental and mealy mouthed haven’t worked. It’s time for big and bold.
Waiting for Europe to get its act together to solve its financial problems has become an even more insufferable drama than "Waiting for Godot." They keep talking but a financial solution never comes. Former deputy Treasury Secretary Roger Altman, writing in today’ Washington Post, warned of a Euro-led global economic slump and said: “The reason markets are battering the euro zone is that its hesitant leaders have not developed the tools for countering such pressures.”
It’s time to change the narrative and for the United States to step up and abandon its policies of praising Europe’s incremental progress, gently prompting it to action and insisting that it be a Euro only solution. Here, for example, is what a US Treasury official said yesterday: “We’re hoping to see accelerated European action over the next several weeks…” Be still my beating heart.
It's time for the US to express its dismay at the lack of progress and to begin corralling world resources to incentivize Europe to solve its problems
Several facts have led me to this conclusion:
- Since the turn of the last century, Europe has never shown an ability to solve its problems without the United States.
- Germany is economically the size of California, Texas and North Carolina. It cannot bail out Europe just as surely as those three states could not (and would not) bail out the United States.
- The lack of trust in Germany among European countries means even if it could bail out Europe, it could never get political agreement for the necessary concessions.
- Much needs to be done in Europe, but the focus for now needs to be on stability and the world should take a page out of the US response: Massive funds made available that never need to be used.
- The US, despite its deficit problems, remains the only global power with the ability to rally the world toward a solution.
Collective action in times of panic is what governments are supposed to do. Be it response to a natural disaster like an earthquake or a financial crisis, governments should step up when the market or the individual can’t act. Two years of sclerotic responses by Europe, culminating in the latest panic, should be enough evidence that Europe doesn’t have the political means to solve its problems, even while it does have the financial means. As the TARP program showed (only when it comes to the banks) if you make enough money available quickly enough, you can stem the tide and it won’t cost you a penny.
So here’s a plan:
The US should lead the world in creating a large pot of money available to the Europeans to recapitalize their banks. A $2 or $3 trillion fund should get the market’s attention. Whatever the number, about one-third of this should come from the IMF. Two-thirds should come from Europe. European money should be in the first loss position, that is, the IMF, as is always the case, should not suffer a dime of losses until all the European money is wiped out. This money could be used as a sovereign rescue fund, to bail out sovereign institutions and for deposit insurance—all the programs that stanched the US panic. Whatever the use, it would not be available without a 2/3rd Europe portion and would be conditional—the way all IMF programs are—on European progress towards financial consolidation and fiscal union.
You can argue—and you would be correct—that this is Europe’s problem and they should pay for it. The place we are in now, however, is that we are all paying for it and waiting for European progress has proven a losing strategy. Even when they take action, like the European Central Banks’ Long-Term Repo Operations—they bungle it by saying “there won’t be a third” convincing the shorts that there’s profit in betting against the central bank. The key to collective action is to dare the shorts to come at you and ensure that it’s at least two-way trade, if not a loser for the challenger. Fed Chief Ben Bernanke and then Treasury Secretary Hank Paulson fundamentally understood this.
While Altman said the world needs European leaders to step up, my point is that the world needs its leaders to step up. The US remains the global financial leader and the international community will not step up without US leadership. That would mean US diplomacy to rally China and other emerging market countries to contribute (so far, we have been sort of indifferent). And that could mean commitment of additional US resources. I don’t think that commitment needs to be massive. There needs to be some symbolic amounts (we are already the largest fund contributor). But I believe it could be cost effective. It would assert US global leadership, and it could start a real process of solving Europe’s problems.
As for the domestic politics and a certain isolationist outcry, at this point, what’s the difference for President Obama? Europe, together with the anemic US recovery, already seems to be guaranteeing a one-term presidency. Asserting US economic leadership and financial commitment toward a European solution couldn’t make the financial situation much worse, and it just might make it better.
What is most ironic is that all these paragons of humanistic generosity (with other people's money of course) forget that this is precisely what the Fed has done each and every time Europe entered the toxic vortex of unsustainable debt: or otherwise we may have misunderstood what those hundreds of billions in Fed FX swaps to the rescue world's central banks (most recently here), or those trillions in secret Fed loans to each and every global bank by the Fed, actually represent...
Finally, here are Santelli and Liesman discussing this very topic.
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Could someone please shove a rag into his big gaping mouth and ignite it? Thank you.
Make sure to remove the bankster's cock first.
I'll chip in some dimes and quarters. I'm keeping my nickels, tho.
Create a large pot of money?
Now why didn't someone think of that already?
Okay, somebody need to fuel up the fleet of choppers!
As but a casual observer of the human condition, by my own feeble attempts to read between the tea leaves, it seems to me that the powers that be for the moment are somewhat distressed with what is happening about the globe.
Anecdotal evidence; CNBS World channel on cable runs well past the US open with the European Close. Only happens when something Big is in the Air. Like a newly or about to be newly laid turd.
The talking heads are trotted out for distraction and associated Bernaysian propaganda ("Trust me, I'm in advertising." -Don Draper)
To wit: Steve-O-Reamo is spouting the status quo business as normal, nothing to see, everything's coming up roses, move along horseshit with the "It's time for the US to Save the World Act Part 2."
Steveie doesn't even have that much credibility left so...... Hmmm maybe Santellui wouldn't go that route.
Cramer was on the morning report talking about the Newly Found Problems and Challenges Facing FacePlant. Little late for that shit, Jim?
The G-7 released a statement that said... Ah, what was it again?
Muzomi Mizoumi or whatever his name is, the Japanese Minister of Finance said that Japan stands by willing to help. Whatever the fuck that means.
Fuck-U-Shittin-Me?
And so it goes, day in day, day out.
What is Important to Take Away from all this is to Never Underestimate the Power of A Normalcy Bias.
Folks, this is what the World Looks Like with but an Imaginary Nash Equilibrium
And CNBC wonders why their ratings are plummeting
Why just Europe? Why not the entire world while we're imploding?
The big question that springs to mind is if the USA can bail out Europe then why can't it bail out itself?
When a rag is placed and lit in this idiot's mouth can you place another at the other end? We need to minimize the possibility of more shit being produced by this ignoramus.
Visualize these numbers with the one hundred million dollar penny:
Skip forward to 3:50
One Hundred Million Dollar Pennyhttp://www.youtube.com/watch?v=3dl1y-zBAFg
1 penny = $100,000,000
2 Bailouts.
$700,000,000,000 Tarp Bailout: 7000 pennies ($70)
$16,000,000,000,000 Secret Federal Reserve Bailout: 160,000 pennies ($1600)
"Go to Europe with one million copies of Atlas Shrugged."
Can we seriously get this guy elected to something, either here in the US or in Europe? Nigel Farage needs a counterpart.
More money to Europe?
"That's like walking into an AA meeting with a case of whiskey!"
Classic.
Heck, why not everyone in the world - not just banks and governments. While we're "creating a big pile of money", why don't we make it big enough to build the world a house and furnish it with love? Then we can buy the world a coke.
Is he high??
How fucked are we when TV assclowns think they have finally been called upon to LEAD????? Real fucked....
You hit the nail on the head and it relates to the popular notion (by Pelosi and pals) that for ever dollar the government spends, two (or is it three?) are created. If that's the case - why stop at Europe?. Why not print and give every citizen of the US (or if you want, of the planet) a million dollars?
I hope Santelli continues ranting that a problem caused by massive debt, demographics and structural inefficiencies cannot be cured by piling on more debt. The idea is utterly insane.
More f****g Hope and Change. We bailed out the UAW socialists, CA and Detroit - now we need to "bail out" govt workers in Europe.
Democrats are already screaming racism this afternoon in Wisconsin's vote. Pure evil but the RINOs are only marginally better.,
Yeah, the REAL Republicans will save us ALL!!!
and get a haircut you fucking nimrod
I love comments by such obviously retarded people like you. If we could get a few real Republicans, you know, people who support the Republic and all that shit, we could put an end to this ignorant shit.
But, not before we get a public or private education system to put an end to the rampant stupidity that seems to flow endlessly from the mouths of people like you.
Before you get angry, please look up nimrod to see what it means. While you are at it, perhaps you should get a trim. Make you look more intelligent even though looks can be deceiving.
knukles said:
"It's time for the US to Save the World Act Part 2."
I was gonna say, haven't we been there and done that? And not just Europe...
From almost a year ago now according to Senator Bernie Sanders:
http://www.sanders.senate.gov/newsroom/news/?id=9e2a4ea8-6e73-4be2-a753-...
Drowning man trying to save another drowning man, I think that about sums up the situation...
"Like a newly or about to be newly laid turd."
Speaking of newly laid turds...
Enter Useful Idiot Lies-man -- Stage Left...
Just print up a couple of trillion $. Great idea. I'm sure that will fix the problem once and for all.
That guy gets paid for this shit? Fuck me, I'm in the wrong line of work.
$2,000,000,000,000 do you have an account number, then just press send. Everything will be fine.
http://www.youtube.com/watch?v=33ct9FBnIfI
The bank won't change any more paper notes into nickles for me, so I have to send an 85 year old man in there to do it...
Do you live in a small town? Our population is around 2200 and we have 3 banks in town.
CNBC’s parent company General Electric has taken at least $139 billion in government-backed loan guarantees to keep GE Capital Corp from going belly-up and taking the whole company, including Rick Santelli, with it.
And yes Mr. Santelli was for the Bankster bailouts before he was against homeowner bailouts.
At least Liesman is consistent though wrong unlike the fake hypocrite Santelli.
Why? You got something against banker wanker roasts?
Let me hear you squeel like a pig boy....
weeeeeeeeweeeeeeeeweeeeeeee!
He's got a pur'dy mouth!
( start Deliverance dueling banjos music )
Its the pink shaft that is inserted in all our behinds. We will have to pay it back in the form of...wait for it...TAXES! YAAAAA!
That is a racist comment. Why does it have to be a pink shaft?
....gasoline soaked rag into...
Liesman LIES MAN!!!
And he's Jewish... now who woulda thunk that?
leave it to collectivist, bolshevik jews to want the rest of us goy to bail out their criminal jew bankster friends in europe. jews like "lies"man give jews the world over a bad name. why don't they shut this guy up? its like the jew controlled media is deliberately trying to incite the populace to extreme anger with this sort of ridiculous talk. it also shows how desperate the jews are to cover up their crimes against humanity. that's right paper it over with more of your worthless paper debt while we export the jobs to china. you prole goy should be happy with your food stamps and welfare and if you are lucky enough to have a job a walmart working till you are 80-85 yrs old to pay off the debts we signed you on to.
Steve Liesman will be one of the people dragge into the streets and hung from a lamp post. His globalist banker buddies won't be able to help him. Nor will they care to. What is it worth to gain a spot as a banker shill on CNBC and lose your soul?
His globalist banker buddies won't care enough to be bothered to help him.
size XXL noose to fit over Liesman's head: check
or a bald 33" TSL super swamper filled with gasoline. Necklaces, bitches.
Such a big head on that boy; so much empty space between the ears. Liesman has yet to produce an original thought. His job is to parrot whatever line the Gangster Banksters want him to promote.
Is stupidity contagious, and can one contract it by watching or reading stupid people? I'm afraid I've been exposed...
http://www.youtube.com/watch?v=5hfYJsQAhlo
If you want to get biblical:
"Whoever walks with the wise becomes wise, but the companion of fools will suffer harm." - Proverbs 13:20
"The tongue of the wise commends knowledge, but the mouths of fools pour out folly" Proverbs 15:2
"Is stupidity contagious, and can one contract it by watching or reading stupid people...?"
And that is why I have permanently disembowelled the TeeVee...
And shall render any Corporate Whore Propaganda Media clips inoperable...
Until such time the complete Moron-in-Chief...
Teleprompter to the Bankster Stars...
That Useful Idiot Barry Soetoro...
Has in fact been gagged and removed from the public stage...
The stupidity of Obama Bin Lyin' is in fact contagious...
What is really funny is that Liesman actually believes he's one of the insiders. He thinks his paper promises (investments) will hold a value higher than worthless when everything falls apart at the seams. He also believes his paymasters will reward him for being a good little toady and whisk him away with them to their island compounds and/or mountain bunkers.
However, the people whose bidding he does see him as nothing more than another muppet. While he's useful to them for the moment, when his time comes his wealth will be absorbed and he'll be cast aside like a cigarette butt. He'll be left surrounded by people who remember him only as a lying betrayer.
I doubt he has any investments.
You would be surprised (as I was) to find the fed types just have cash.
Hence the lack of understanding of markets
He could of already borrowed to buy EU distressed /trashed paper and wants future generation Muppets to slave off the debts by working inhospitable kids estates.
The Corz let Lies-man in on that famous MF Global long euro-trash trade...
What is really funny is that Liesman actually believes he's one of the insiders.
Quoting Elmo Blatch, "that's the best part!" (see 0:45 below). The string-pullers love these sock puppets, 'cuz they carry the water unknowingly.
http://www.youtube.com/watch?v=MtnDFS0RhuY
They should stick a rag up his ass and light it at the same time.
"They" should be careful where they stand once the flames catch hold of the intestinal gas...
WTF seriously? HAng/Gag Steve- He commits high treason on national television
I ain't giving my money to Ze Germans, the lazy French, Bunga-bunga bitches or the bankrupt Greeks
Rick Santelli had every right to scream so did the chick
This retard could run for president. All this "collective action/ Fair share/ Putting money on the table" shit seemed very familiar
I just gave you a negative because i am always a contrarian.
But first a little torture.
Steve LIES-man licks Bernanke's scrotum.
Taint licker
Liesman is bernie's scrotum, slapping up the worlds ass.
Well think about this politically. If Obama goes through with this, he can take credit for saving America and Europe from the abyss!!!
</sarc>
ignoring the sarc, you got a point there tsunami,
if bernake prints say, 2-3 trillion, funnels some thru the IMF to save Europe a month b4 the election, obama comes out with a crown on his head.
The effects of the resultant hyper-inflation can be deal with after they both keep their jobs
And Gore only took credit for credit for inventing the Internet
Bilge!
No one ever accused Lies-man of being very bright.
So let's not start now.
Yesterday, someone on the panel referred to Bernank as 'helicoptor Ben'. Liesman almost shit his pants and defended all actions of the chair-satan.
Disgusting!
but... but... his idea is wonderful! great! worthy of a great man!
SEND US THE GREENBACKS, AMERICA !!! SEND IN THE TRILLIONS !!!
of course with no strings attached, same way as with the MegaBanks. thanks!
what? strings attached? eh? those strings attached, like the last time? ehmmmm...
you know what? thank you very much, very kind, but no, thanks...
Let's just think about some additional requirements ...
Anyone voicing public support for this effort must show they are committed and not just involved ...
WHO wants to go first???
barliman
I think we should bail them out one last time. I do have a few amendments to make to any contract which must include the following at minimum:
1. When they default on their debts as usual, we foreclose on their countries and kick them out.
Oh right, that's only one. But it should be enough.
If the helicopter trick should be applied to Europe as well, than no thank you. We have already LTRO and probabely invent a Bad Bank very soon...This is as close
to outright money printing as it gets. Liesman doesn't get the point !!!
Does anyone know the answer to this? When the US supplies dollar swaps to Europe, are the dollars supplied newly created dollars or existing dollars? If they are newly created dollars then the US taxpayer pays interest on them. Then they "loan" those same dollars to Europe and earn more interest? Is that how it works?
No its a swap that can't charge interest "The Federal Reserve provided U.S. dollars to a foreign central bank. At the same time, the foreign central bank provided the equivalent amount of funds in its currency to the Federal Reserve, based on the market exchange rate at the time of the transaction."
Its like when the fed bought MBS (mortgage backed securities) they gave the banks money and the banks the Fed got toxic waste (MBSs at face value)...and yes its newly created dollars
I lied "When a foreign central bank drew on its swap line to fund its dollar tender operations, it paid interest to the Federal Reserve in an amount equal to the interest the foreign central bank earned on its tender operations. For its part, the Federal Reserve did not pay interest and committed to hold the foreign currency that it acquired in the swap transaction at the foreign central bank (rather than lending it or investing it in private markets). The structure of the arrangement served to avoid domestic currency reserve management difficulties for foreign central banks that could have arisen if the Federal Reserve had actively invested the foreign currency holdings in the marketplace"
he's an entertainer, and will never be mistaken for an expert on anything...
Lies-man is an economist with out an Economics degree.
That's usually a benefit, but not in this case.
Considering he was a "reporter" "repeater" stationed in Russia before joining CNBC I've often wondered if he isn't some kind of CIA agent or even a mind control experiment gone horribly wrong right.
Liesman is Cramer's evil twin. Wait a minute, Cramer is evil so does that make Liesman doubly evil? Anyway, they are both morons.
What happens when the devil's advocate is the Devil's Advocate?
Other than being the ugliest MF I have ever seen, he is clueless when it comes to economic...But whay did you expect from all the suck-ups at CNBC.
When Romney beats Obama no one will talk to that fool....But boy, is he butt ugly!
Romney will support the IMF "collective solution". There's no difference between Obama & Romney on these matters.
Liesman leers like a pervert. He is a shill for the pumpers.....totally wrong all the time.
I love it when Santelli gets in his fat face.
Of course, he is wrong this time too. A total lemming Obamavik idiot.
Put the fk'er on a slow boat to China with the Bernank and Barry Soetoro and don't let them back in the country.
If there isn't any money then it has to come from the Queen of England, the Rothschilds, Rockefellers, Bush's and Harrimans and so on because it can't come from the billions of people like me. Let them crash their own party and then Arrest them and throw them into prisons.
let's put the pension fund and 401k money up as collateral, to bailout our european neighbors. what could go wrong?
then sink the boat
"Get this fucking tool off the air...he's ruining the intent of my theories" - J M Keynes
Dear Mr. Liesman, If money can be created so simply, why the need for tax? Why the need to work?
P.S. You are a total douche-nozzel. <imho>
The Inflation Tax
July 18, 2006
All government spending represents a tax. The inflation tax, while largely ignored, hurts middle-class and low-income Americans the most. Simply put, printing money to pay for federal spending dilutes the value of the dollar, which causes higher prices for goods and services. Inflation may be an indirect tax, but it is very real — the individuals who suffer most from cost of living increases certainly pay a “tax.”
Unfortunately no one in Washington, especially those who defend the poor and the middle class, cares about this subject. Instead, all we hear is that tax cuts for the rich are the source of every economic ill in the country. Anyone truly concerned about the middle class suffering from falling real wages, under-employment, a rising cost of living, and a decreasing standard of living should pay a lot more attention to monetary policy. Federal spending, deficits, and Federal Reserve mischief hurt the poor while transferring wealth to the already rich. This is the real problem, and raising taxes on those who produce wealth will only make conditions worse.
Borrowing money to cut the deficit is only marginally better than raising taxes. It may delay the pain for a while, but the cost of government eventually must be paid. Federal borrowing means the cost of interest is added, shifting the burden to a different group than those who benefited and possibly even to another generation. Eventually borrowing is always paid for through taxation.
The third option is for the Federal Reserve to create credit to pay the bills Congress runs up. Nobody objects, and most Members hope that deficits don't really matter if the Fed accommodates Congress by creating more money. Besides, interest payments to the Fed are lower than they would be if funds were borrowed from the public, and payments can be delayed indefinitely merely by creating more credit out of thin air to buy U.S. treasuries. No need to soak the rich. A good deal, it seems, for everyone. But is it?
The “tax” is paid when prices rise as the result of a depreciating dollar. Savers and those living on fixed or low incomes are hardest hit as the cost of living rises. Low- and middle-incomes families suffer the most as they struggle to make ends meet while wealth is literally transferred from the middle class to the wealthy. Government officials stick to their claim that no significant inflation exists, even as certain necessary costs are skyrocketing and incomes are stagnating.
The transfer of wealth comes as savers and fixed-income families lose purchasing power, large banks benefit, and corporations receive plush contracts from the government — as is the case with military contractors. These companies use the newly printed money before it circulates, while the middle class is forced to accept it at face value later on. This becomes a huge hidden tax on the middle class, many of whom never object to government spending in hopes that the political promises will be fulfilled and they will receive some of the goodies. But surprise — it doesn't happen. The result instead is higher prices for prescription drugs, energy, and other necessities. The freebies never come.
The moral of the story is that spending is always a tax. The inflation tax, though hidden, only makes things worse. Taxing, borrowing, and inflating to satisfy wealth transfers from the middle class to the rich in an effort to pay for profligate government spending, can never make a nation wealthier. But it certainly can make it poorer.
Dr. Ron Paul
Republican member of Congress from Texas.
http://www.lewrockwell.com/paul/paul334.html
Hopefully, Dr. Paul, the lower class escapes the mayhem.
Ah, oh, US middle class has been transfering from lower class to themselves.
Guess it is good when US middle class do it.
How would that work, exactly?
Well, I dont know, similarly to US citizen upper class transfering wealth from middle class to themselves?
Hahahahaha Steve Liesman is hilarious. Wait, this isn't a comedy act? Oh I thought this was The Onion my bad.
First he says that America should lead the way in making this $3 trillion bailout fund, then he says 1/3 from IMF and 2/3 from Europe. So does that mean $1 trillion from America via IMF? If so, how the hell is Europe going to come up with the other $2 trillion?
So let's add these ideas up. We have $3 trillion to bailout Europe, per Steve Liesman, we have $4 trillion to stimulate USA towards growth, per Goldman Sachs, and then another $1 trillion to give directly to the people so they can by thingamajigs, per Barack Obama.
Am I missing anything? $8 trillion, and there is nearly $16 trillion debt already, so really, not that big a deal. All we need is some kind of evidence that this plan would actually work to fix everything and get us back on track for 8 percent returns every year.
He is a piece of shit.
I love it when the side banner ad is "Sugar Daddy Dating.com" - I can get my markets fix and a date!
Don't be too sure about the date part. I think they start with a question about your credit card.
Doos de take EBT?
I'm thinking Santilli should run for President.
http://www.youtube.com/watch?v=RygWFh39CvE
Chairman of the Board of Governors of the Federal Reserve...
I'm thinking Liesman should run for President...............of Somalia.
Where in hell do they get shillsw like Liesman? Mein Gott!
He's mainstream Keynesian. A dime a dozen at any university.
It seems we are always bailing them out. Why should we stop now? Maybe it will speed along the collapse. As far as Liarman ...I think he and Joe should share some bath salts.
And Liarman has that good eatin type of face.
hahahahaha.... i had NO IDEA that America had sooooo much extra cash! if i threaten to go bankrupt can i get some too?
I and I too!
the guy is a socialist studied/trained in ... you guessed it. Russia. Any questions?
The irony here is that the liberals' pie-in-the-sky spending fantasies will hasten the permanent demise of their social welfare policies...
Yes, if we could pair him with krugman we could resolve this thing in a jiffy.
BINGO WAS HIS NAME-OH!!
They are bringing about their own demise. In a similar fashion, nations that begin to take away personal freedoms and liberties of its citizens all in the name of "national security" end up the same way as 1789 France... the tighter the noose on the people...
That is funny.. It just derails their policies and it all reverts back to mom and applie pie, self reliance and good old hard work??? Ha, it transitions to a hard fascism that the sheep wil l support with the fiber of their being if they get three hots a cot and some circus once in a while. They can watch live drone strikes in WY and MT for entertainment..
That is funny, money is gone, libs all done, worked out real good for Anastasia and her parents...
Actually, started to read his bullshit there for a sec, then I thought to myself "what the fuck am I doing? this is a complete and total waste of my time, given the fact that I understand the premise and it sucks"
both of them are plebs
Several facts have led me to this conclusion:
Well, at least it's a toss-up as to whether this "plan" is more insulting to Americans or Europeans.
What a complete and total ass-clown.
Let's buy everyone in the world a puppy while we're at it Steve. Just think of the goodwill that would generate.
This is why there is no conservative Stephen Colbert.
Liberals, at this point, are simply beyond parody in the sense that, as Liesman demonstrates, it would be impossible to distinguish the parody from reality.
Many Europeans think it would have been better if the Americans had not come over late in the game to impose their "solution" in WWI. Liesman obviously is unaware that US help arrives with its own agenda and is not some neutral do-gooder generosity. Recapitalising banks should mean "the stockholders get wiped, the bond-holders are converted to stock holders, then new equity is raised...after a brief period of bank nationalization if required, a la Sweden 1990." The IMF's charter permits refinancing member states on good collateral, not backstopping currency unions. Liesman writes his commentary based on which dinner parties he hopes for invitations to.
I dont think he is unaware at all, he knows quite well that there are ropes attached. Its not urealistic though to think there would be any reason to fork out that much without them, this is the crux of the dispute in Europe now.
Agreed on WWI, but the Germans made one of the biggest diplomatic blunders in history with the whole Zimmerman telegram fiasco. After that mess even the most pro-German segment of the population here said "To hell with them". I personally think the world would have been a better place for the last century if the US had never become entangled there but the Germans really screwed up royally.
And who will bail us out?? idiot!!
when i was a little boy a friend of mine told me that if the government gave everybody money then everybody could be rich , i dont recall what his last name was but im sure his frst name was Ben
Sorry to break the news, Ben is no friend.
Did he ask you if you liked gladiator movies?
What a douche nozzle. Head first, Mr. Liesman.
What is it about that guy that is so fucking annoying?
I've always wondered "Does CNBC just let any idiot come up with hairbrained ideas, and pitch them to the masses in hopes that we also are idiots?"
Yet again, I have the (trillion$) answer...
Only if his idea involves buy and hold
I thought at first this was ZH satire, but the guy is deadly serious. What chutzpah. THIS kind of thinking is part of the PROBLEM.
There should be onion-finance.com to parody the insanity of the financial markets. Just move CNBC (excepting Satelli) directly to the new entity.
Edit: onion-finance.com domain is available.
Oh shit ..we are so fucked I'm lost for words on that
So will the whole EU become 1 of our united states, or do each of the countries become one of our states.
PONZI IS POWERFUL
Suck it up bitchez.
Europe will be annexed with the Middle East with Israel as its capital. This is the order of the new world serfdom.
All One Grand Unified New World Order.
Which pieces fit where is but for small childern to memorize off the Orwellian Chart System of Truth and Freedom.
(The more I think about this the more I appreciate the USSR's Vodka Centric Culture.)
The real fallacy in Liesman's point is that he assumes, as an axiom, that a European fiscal union is a good goal. In fact the artificiality of such a union when *no unified economic, productive or political goals exist* is the VERY REASON why they're struggling so hard to "keep it together".... the natural and most productive state of European economies is *SEPARATE* and *COMPETITIVE*
Re: "unified economic, productive or political goal": Agenda 21 was a flop. What's the next con?
I do not see a problem with unification so much as a problem with the type of people who insist that they are the ones who should run it. To a one, they seem unfailingly underserving of such rsponsibility.
However, lacking worthy leadership, it seems that the status quo or even greater division of power seems to be in the best interest of the human race as a whole. Maybe someday we will learn to be able to use the higher functions of our brain and let the animal part atrophy. Then we can have global rule through global cooperation. Until then ...
... Good does not come from evil acts, trust does not come out of secrets and exclusive clubs are incapable of competently and fairly managing the masses.
I wanna beat LIESman with a ball pean hammer! Socialist piece of shit!
This is what happens when someone goes long a shitload of Facebook on IPO day.
Fuck you Liesman! Fuck you right in the ear!
It'll feel just like opening up a window and Fu**ing the world.
i wonder what currency the Martians will use to bail out the whole Earth.
Thingamajigs!
current exchange rate:
1 thingamajig= $3,000 U.S.
I used to ask myself, " what's wrong with me " when my initial reaction to people like geithner, gensler, and liesman, was to picture myself punching them in the face repeatedly. I now realize, this is completely normal.
"Hobby economist" indeed.
What a bunch of junkies, addicts, and crack heads.
Yes, by all means tools, lead with your own money first and let's see how it goes.
You can sit in your cubicle and watch your money being blown on champagne and Filet Mignon at yet another summit of kleptocratic leaders bleeding the citizens of the world for their own largesse and calling it "responsibility" and "austerity" or some other crock-of-shit excuse for perpetuating theft and malfeasance.
Hey, I am all for a complete recapitalization BUT ONLY AFTER THE CURRENT BANKS AND THEIR SHAREHOLDERS ARE COMPLETELY WIPED OUT, THE ASSETS OF THE PRESENT AND PAST EXECUTIVES AND OWNERS OF THE BANKS ARE SIEZED AND AUCTIONED AND THE EXECUTIVES GO TO JAIL.
Then we restart anew with private banks and elected and independent governments creating their own money supplies. No more banker created monies and markets.
Too harsh on the banks, bankers and their owners? I think not, given what they have done to the world through all of recorded history.
Isn't that enough under new legislation to gitch yerself branded a teerist?
Does it really matter in the big scheme of things?
"This is not the way civilized people are supposed to live." ..............I sense a theme.
I cuaght that too. Things like this are weeds. If not addressed at the outset they grow and lead to comments that we are "uncivilized" for putting the poor people of Europe through hell by not "doing the right thing" and "lending a hand". Progressives are always benevolent with other peoples' money.
That was my thought exactly.....If we don't help Europe out we are "uncivilized." Never mind the fact we have been helping their sorry asses out for the past 100 years. And if it wasn't for our military presence they might have to work and spend some money on defense instead of vacation time.
Gold Star Thread Thoughts of the Day
Is there no end to this prick?
This guy can pay all he wants - I/We paid the last time. Leave me/us the fuck out.
And in 3 years again then what Mr LIESman ????????
"rally the world to a solution" .... code speak for unlimited supply of ink.
Two weeks ago, I gave my 15 year old daughter a copy of Atlas Shrugged.
One of her teachers at school nervously asked her where she got that book from... she said from her Father and a website called Zerohedge.com. I'm now expecting a call from the school.
Teach your children well.
Gave that to my college sophomore. Time to get them on board.
Great book. She'll turn 16 before she finishes it, but great book.