Summarizing The Sheer Chaos In Europe: 9 Meetings In 5 Days

Tyler Durden's picture

For over a year, our premise #1 in interpreting the newsflow out of Europe has been that in the absence of actual practical ideas, and the continent's glaring inability to do simple math, the only option left to bEURaucrats has been to literally baffle people with so much endless bullshit that the general audience would be simply stunned by the possibility of an alternative that the union's leaders were all talk and absolutely no action, let alone analysis. As of today, we now know that that is precisely the case: for over a year Europe has been mouthing off hollow rhetoric in hopes that the market would just leave it alone, and that promises of promises and plans of plans would be sufficient. That plan (pardon the pun) has now failed. And so behind the scenes chaos turns into fully public panic. As the FT's Brussels blog summarizes, the only game left in town for Europe now is to push off D-Day, but not to some indefinite point in the future, like the US, but to tomorrow, and tomorrow and tomorrow, to channel the bard here. And nothing confirms better that it is all over for Europe, than the following summation of the terror and utter cluelessness gripping Europe, than the following sentence from the FT: "Just to recap, by Wednesday night there will have been nine meetings of ministers or national leaders in five days."


  • Friday afternoon: Eurozone finance ministers
  • Saturday: EU finance ministers
  • Saturday: EU foreign ministers (general affairs council)
  • Sunday morning: EU national leaders
  • Sunday afternoon: Eurozone national leaders
  • Wednesday: EU finance ministers
  • Wednesday (tbc): Eurozone finance ministers
  • Wednesday: EU national leaders
  • Wednesday: Eurozone leaders

This excludes some pretty major conferences, such as the impromptu pow-wow for Jean-Claude Trichet’s retirement in Frankfurt last Wednesday, and a bilateral summit between Angela Merkel and Nicolas Sarkozy on Saturday.

Simply said, Europe has telegraphed that it has failed to even plan for a plan.

But for those curious about the largely irrelevant details, here they are again from the FT:

After a two hour overrun, the meeting of the EU 27 has broken up here in Brussels, to be followed by a pow-wow of the 17 eurozone members. This could be another late one.


One thing we know has been agreed so far: more meetings.


Instead of a single summit of eurozone leaders next Wednesday, as had been planned on Thursday afternoon, it now looks like there will be at least two – but probably three – more separate get-togethers.


The most important of those will be European Council (of 27) just before Wednesday’s eurozone summit.


This is painted as a big win for Britain and Poland, the biggest “outs” (of the eurozone) who are afraid of seeing their influence on the wider EU wane by literally not having a seat at the negotiating table for the big decisions taken by eurozone leaders.

Oh, and don't think for a minute that the US is in any way better, or immune: it isn't! Courtesy of the massively interconnected network for global debt, as represented most recently here, we know that any blow up in Europe will immediately shift over to the US. And when that happens, everyone will hit the turbo print button.

The rest is Weimar history.

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Fips_OnTheSpot's picture


midtowng's picture

Any counselor will tell you that the most important thing in a relationship is communication. </snark>

vast-dom's picture

Well enough to prepare for: a) CRASH b) CRASH c) CRASH

slaughterer's picture

ZH and its catering to doomer redneck goldbugs has gone too far. Look at what CNBC are saying: "Euro zone talks are progressing well on banks and the European Financial Stability Fund, and progress is also being made on Greece, French President Nicolas Sarkozy told a press conference on Sunday."  EUR/USD to 1.50  ///SARC.  WHY IS THERE SUCH A FUCKING CLUENESSNESS IN THE MSM THI WEEKEN ON THE EURO SUMMIT!!!  WHY IS ZH THE ONLY RELIABLE AUTHORITY ON THE EU CLUSTERFUCK????? ARE ALL EURO SHORTS ABOUT TO TAKE IT UP THE BUNGA HOLE WITHOUT K-Y AS THE MSM PROMISES A TOTAL SOLUTION BY WEDNESDAY?   A TOTAL FARCE!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

ISEEIT's picture

Funny.Go long young man. go long.


Shoot the moon! This game will go on indefinitely.

Thanks to president obama pretend is now real!

All americans should be grateful for his wise and courageous leadership?

Overflow-admin's picture

Yes this is a farce. This is why we must all dress up and go for the show!

Show is scheduled to start on 5th november.

We are Anonymous. We are Legion
We never forgive. We never forget.
Expect us.

GeneMarchbanks's picture

France vs Germany. That's what it boils down to. French plan: can kick with EFSF then when we're called out by the market, monetize the shit out somebody's ass. Germany: "No, we can't do that, been there done that." So what do propose? "Um... er..."

AbelCatalyst's picture

Obvious choice: Germany returns to the Mark. The sooner they do it the better off for them... The longer they wait, the more uncertainty, and the more difficult the divorce. My guess is an announcement comes in weeks or days...

GeneMarchbanks's picture

Contrarian indicator?

My understanding is that the German people welcome it according to polls... any Germans care to comment?

Black Forest's picture

any Germans care to comment?

I do. My raw estimate: 40% are pro DEM, 40% are pro EUR, 20% don't care. The current pro-DEM position is much stronger than, say, two years ago and continuously (though slightly) increasing. The younger the people, the more pro EUR they are.


schadenfreude's picture

What Germans in general think is not important. Germans follow MSM, so if Merkel wants to sell germans to buy into EURO, they buy it. All sheeples and lemmings

Rynak's picture

I have no idea in which "germany" black forest is living.

A little history of the EUR, regarding germans:

1. Right before EMU creation: "Ah, yes, we are all one big europe instead of just small countries - now we also get to be like the big boys"

2. Immediatelly after EUR introduction: "WTF is this! Raaaage! We want the D-Mark back!"

3. 2-3 Years of demonstrations and euro-bashing by the media follow. A critical mass however isn't reached. German mentality being conformist, the accept their fate.

4. EMU starts to implode - people go like "Err, wtf? Now even the 'one strong big europe' is untrue, and we are supposed to pay for this neverending crisis?"

Result? Well, after the introduction of the EUR, the majority of germans never really *prefered* it.... they simply tolerated it, and felt unsure about what would happen if the D-Mark comes back. A bit like "If we return to the D-Mark, does then europe stop to exist"? (lol).

So, the current overall sentiment, isn't just NOT pro-EUR.... it actually is pro D-Mark, with the only thing restraining people being:

1. Uncertainity about what then happens to europe.

2. They haven't felt the costs of the current bailout-orgy yet.

#2 is the dealbreaker. The issue is: Germans have paid an extremely high price in livestandard reduction for the EMU, and they are now at a point, where they are just barely restrained. As soon as they even just slightly feel the price for kicking the can, you'll get the german version of the riot-cam.

So, german sentiment: Pro-europe, euro-sceptic, and foam around the mouth

ISEEIT's picture

Won't happen as a political decision. Not by a 'leader'. The EURO project is globalist and no single politician will take that bullet.

Much violence to come, and until it is rampant within Germany the globalist will maintain the upper hand

danger close here's picture

Should see 1250 on es real soon. It's a free market after all. /sarc

rocker's picture

Three months ago some bitch was on CNBC and said the same thing.

Her words, The market will go to 1250 because the HFTs like to push things to extremes.

Then we should have a correction. This was before the drop to 1101.  Interesting.

I got PMs bought long ago and 100% Cash. Screw them and their manipulated bullshit.  

LawsofPhysics's picture

If it really is all HFT folks and a wave of inflation is coming, why wouldn't you expect the damn thing to go to 1400 and beyond.  This is sort of like greek 1 year bonds yielding 160%.  God only knows how high the paper markets will go at this point.

On paper everything will look great.  Sort of like the weatherman telling you it is a sunny day right before you walk out into reality and find yourself in a shitstorm.


ZeroPower's picture

Wow, some cash in PMs and still manage to be 100%? Impressive, far better than everyone elses record of buying truckloads of gold on dips and NONE like most of the sheep from 1700++

X.inf.capt's picture

the re- set starts in 5,4,3....

o.k. can we get this over with, please...

toady's picture

It is amazing how long they have delayed. Can they delay longer? I would think not, given that even the rubes are aware now.

The only thing left is normalcy bias. Too many people just can't believe we are fucked!

X.inf.capt's picture

well, if the tea leaves are correct

this week...

there about to get a wake up call 

in the form that would make a infantry drill sergeant proud....


Belarus's picture

I think this is article is ahead of itself by a month or two, but we'll see on Wednesday. The market will be believe any bullshit, even underplanned plans so long as they hold things up until tomorrow to tomorrow to tomorrow, and that is precisely what we get on the 26th. Plans to stave things off, if even for just another day, two, or month or two. 

I'm convinced at this point: we won't see a 15% downtick day....we'll see it slowly unravel, then fast. Plan accordingly.

knukles's picture

What, pray tell, are these continual references to Wednesday?

X.inf.capt's picture

hey, knuckles..

this is what ive heard...

reinhardt, the same guy who called the 2008 collapse, to the DAY, is saying the same thing is going down weds. the 26th...

maybe its going down....maybe not...

hope that answers it for you....

winter is coming's picture

who is this guy? you have a link?

X.inf.capt's picture

from what ive seen...

its on wordpress...

subscription only...

but, yeah, he seems to be spot on...

no joke...

p.s. his other website is for non subscribers...

hopefully it'll help

Zero Hero's picture

p.s. his other website is for non subscribers...

Mistyped - Should be

knukles's picture

Ah hah!  Many thanks, Captain.

Smithovsky's picture

It's Rebecca Black's new single, haven't you heard?

Sarkozy's new favorite.

malikai's picture

That's probably the best reason for a market crash to date. Gives me an idea for correlating down days with pop music releases.

machineh's picture

'What, pray tell, are these continual references to Wednesday?'

Wednesday, good sir, is the day after next Tuesday, when I shall pay you for the hamburger you so generously served to me today.


CClarity's picture

But all these meetings must be creating some economic activity.  Maybe this is their anti-austerity medicine.  

toady's picture

I'm sure the buffets alone create billions in economic activity.

LookingWithAmazement's picture

"World power swings back to America" --- Forget crisis, collapse, weltdown, Armageddon: the US will rise again, like a Phoenix. AEP tells it all.

So these blogs can be shut down:

Not only the euro will survive, the $$ too, as well the economy. Told you soooooo. Really, no worries, just look at the future. Merry Christmas. Boring world we live in.

Black Forest's picture

World power swings back to America

I think so. Just a matter of time. Ten, twenty years.

LeBalance's picture

Who owns "America?"

Nationalism, what a trite conceit.

Other interesting things are:

Standard of living

Value of the dollar



International chaos


Environmental Glow


falak pema's picture

will this allow the banks to pay back their debt. Will Mary Magdalene reappear. Will frak gas be so good that it doesn't blow up manhattan? Merry xmas indeed!

LawsofPhysics's picture

Yes, I saw that article too. Many, many comparison were made to Japan in the 1980's  Sure buddy, and how much has the Japanese market returned over the last 20 years?  Winning!

Boring world indeed.  I'll take the contrarian play and expect an exciting world over the next 20 years with conflicts in all kinds of places that you never would have expected it.

Thorny Xi's picture

AEP doesn't have it right on US oil import/consumption.  Imports are nearly 60% now.  20 years ago it was more like 30%.  We produce slightly more than we did in the 80's, but use a LOT more. 

sschu's picture

AEP may have it right on the oil thing and labor costs ... maybe.

Our problems go far deeper than labor costs, however.  Our medcial care is too expensive, we have too many lawyers and we still borrow $1.6T / year at a federal level.  

His article mentioned none of these issues.



bob_dabolina's picture

They agree to disagree

They agree something needs to be done but can't agree on who will pay or when. 

The only thing left to do is downgrade anything AAA. This way we live in AA world, who's wiser to the difference (kind of like what we did with our standarized tests) Manage the expectation by lowering the's the American way

Absalon's picture

The United States has its own suicide pact in the form of the super committee.

Everyman's picture

BTW, when is the date of the "automatic cuts"??  I thought it was in November, is that correct?

cossack55's picture

Doesn't matter. They will just legislate around it, i.e., change the rules again.  The game goes on.  Like an endless Monopoly game at 4 AM and there is no beer left.  Misery.

daily bread's picture

My understanding is the "automatic cuts" come into play Jan 2013 (NOTE -- after the next election).  But you will never see those.  As the previous poster said, there's 15 months for CON-gress to pass another law that vaporizes the automatic-ness, or at least exempts sacred cows.

knukles's picture

We could always send our Super Committee to Europe to help out as a Grand Gesture of International Good Will Demonstration of the Effacicy of the New World Order Size is Better Maximus Leviathianus.