They Can't Even Coordinate Press Conferences

Tyler Durden's picture

In typical European leadership fashion, the need to speak useless words to an audience waiting for some sense of real actionable solution outweighs any actual ability to add value or say something new. What is even more incredible is that we expect the 17 (or 27) nations to agree on anything when they can't even communicate effectively internally as we see the Sarkozy/Merkel press conference perfectly overlap with the Barroso/Van-Rompuy conference. Bloomberg is reporting the headlines - which are the same old same old - and awe-inspiring in their lack of specificity and potential for total opposition in view. Grant Williams (of Things That Make You Go Hmmm fame) perhaps sums it up best:

Europe is broken and the people charged with trying to fix it are clearly not up to the job. There are way too many vested interests, too many national peccadillos and way too many good, old-fashioned egos in play for it to come down to anything but a last-ditch solution when they are forced into it - and that solution WILL be the printing of money in some shape or form which will help to magically inflate the debt away. The other alternatives are either just too painful (default/ forgiveness) or plain unworkable (growth).

 

A look at a selection of newsflashes that hit screens this week shows just how ridiculous things have become as everybody involved in trying to sort out the mess that is Europe attempts to get themselves in front of a microphone in order to let the world know just how important they are. Some of these appearances, it would seem, are stage-managed for maximum effect on markets - others are simply self-important politicians who just can’t bring themselves to utter the words “no comment”:

 

*GERMAN COALITION SOURCES: MERKEL SAYS LEVERAGING EFSF VIA ECB IS RULED OUT

*MERKEL TOLD LAWMAKERS MOVING FORWARD MILLIMETER BY MILLIMETER

*ECB TRICHET: CAN’T USE MONPOL TO CORRECT FAILURES OF GOVERNMENTS

*ECB NEVER ACTS AS A SUBSTITUTE FOR GOVERNMENTS: NEWSPAPER INTERVIEW

*FINANCIAL STABILITY IS THE RESPONSIBILITY OF GOVERNMENTS

*EMU HAS PRICE STABILITY TODAY; INFLATION EXPECTATIONS FIRMLY ANCHORED

*TRICHET REJECTS ASSERTION THAT ECB HAS OVERSTEPPED ITS LIMITS

*TRICHET: EURO WILL EXIST IN 10 YEARS

*SEIBERT SAYS `DREAMS’ OF SWIFT EURO SOLUTION WON’T MATERIALIZE

*GERMAN COALITION SOURCES: MERKEL SAYS LEVERAGING EFSF VIA ECB IS RULED OUT

*DJN-DJ REPORT EFSF FIREPOWER TO REACH EUR2T ‘TOTALLY WRONG’-SOURCE

*MERKEL SAYS NEXT EU SUMMIT IS `NOT THE END POINT’ FOR CRISIS

*DJ GERMAN GOVERNMENT DOESN’T EXCLUDE DELAYING OCT. 23 SUMMIT

*MERKEL CANCELS FRIDAY SUMMIT ON LACK OF EFSF DETAILS

*MERKEL CANCELS EFSF SPEECH ON DEADLOCK ON LEVERAGING: LAWMAKERS

*FRANCE, GERMANY SEE NEED FOR GLOBAL, AMBITIOUS CRISIS RESPONSE

 

And the piece de resistance:

 

*MERKEL SAYS EUROZONE TALKS STUCK. FLIES TO FRANCE: REUTERS

*SARKOZY SAYS EUROZONE TALKS STUCK, FLIES TO GERMANY: REUTERS

 

Amidst this barrage of headlines, Nicolas Sarkozy was quoted in two articles which outlined his own fears for Europe:

 

“Allowing the destruction of the euro is to take the risk of the destruction of Europe. Those who destroy Europe and the euro will bear responsibility for resurgence of conflict and division on our continent.”

 

And...

 

“If there isn’t a solution by Sunday, everything is going to collapse”

 

There’s something eerily familiar about that last sentence. Let’s see what Google Translate makes of the original French version, shall we?:

 

“If money isn’t loosened up, this sucker could go down”

 

Those words were uttered by another President on September 26, 2008 - a few days before TARP was passed into law.

Today's wondrous (in lack of anything new) insights from Merkel/Sarkozy (via Bloomberg):

*MERKEL SAYS NO FORMAL EU DECISIONS EXPECTED TODAY

*MERKEL SAYS EU FINANCE MINISTERS LARGELY AGREED ON BANK RECAP

*MERKEL SAYS BANK RECAPITALIZATION CONCERNS ALL 27 EU MEMBERS

*MERKEL SAYS BANK RECAPITALIZATION ALONE WON'T SOLVE CRISIS

*MERKEL SAYS FURTHER EU TALK NEED ATTENTION TO DETAIL

*MERKEL SAYS BUDGET DISCIPLINE NEEDED TO STEM CRISIS

*SARKOZY SAYS IT'S VITAL THAT GERMANY, FRANCE SPEAK OF ONE VOICE

*SARKOZY SAYS GREEK BONDHOLDER AGREEMENT MUST BE VOLUNTARY

*SARKOZY SAYS HE HAS CONFIDENCE IN ITALIAN AUTHORITIES `OVERALL'

*SARKOZY SAYS ANY SOLUTION NEEDS SUPPORT OF ALL EU INSTITUTIONS

FRANCE'S SARKOZY SAYS OF PRIVATE SECTOR CONTRIBUTION TO GREEK
BAILOUT, "EVERYONE MUST TAKE THEIR RESPONSIBILITY TO AVOID A DISASTER"

And from Barroso/Van-Rompuy:

*BARROSO SAYS EU IN GOOD POSITION TO MAKE PROGRESS

*VAN ROMPUY SAYS ECONOMIC CHALLENGES ARE SERIOUS

*VAN ROMPUY SAYS BANK SITUATION IS URGENT

*VAN ROMPUY ASKED BERLUSCONI FOR REASSURANCES ON ITALY MEASURES

Nothing at all new...perhaps the best we can draw from this is the fact that they admit they are looking at 'details'

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Mongo's picture

Blind leading the blind

Long-John-Silver's picture

More like criminals leading criminals.

Pinto Currency's picture

 

 

The Eurozone problems that exist arise from the fact that they do not have not enough cetralization of power.  This leads to imperfect results.

 

For perfect results we need worldwide central government.

 

Sincerely,

David Rockefeller

Pinto Currency's picture

 

 

<sarc> ??  Do you doubt that central government leads to perfection?

Please provide your name, address, and telephone number.

Sincereley,

David Rockefeller

Ahmeexnal's picture

Meanwhile, the eurosheeple party like it's 1999:

http://www.uefa.com/uefaeuropaleague/index.html

 

Eurosheeple will never stand up.   History has many examples of eurosheeple being fleeced by their royal elite.

When TSHTF the euroroyal elite (and a willing eurosheeple) always blame someone else for their mistakes.

They will do it again this time.

Pinto Currency's picture

 

 

This whole game is going to end very, very, very badly for the central planners.  These games of subjugation in a time of internet communication lead to extinction for the elite and chaos for the rest of us.

 

The only explanation that I can think of is that being in the company of a group that is drunk on power leads to some bad ideas.  Some of the elite are realizing it and can be seen scrambling to get back across the Rubicon.

 

An interesting website: http://andrewgavinmarshall.com/author/andrewgavinmarshall/

WonderDawg's picture

Expect that when the SHTF, your internet access will be acutely restricted, if not eliminated entirely.

knukles's picture

Aye, back to the good olde days of swradio.

i-dog's picture

They're working towards it:

1 country is insolvent (well...one that they'll admit to); so,
17 countries in the EZ have to chip in; then,
MERKEL SAYS BANK RECAPITALIZATION CONCERNS ALL 27 EU MEMBERS; then,
SARKOZY SAYS ANY SOLUTION NEEDS SUPPORT OF ALL EU INSTITUTIONS; then,
SARKOZY SAYS PRIVATE SECTOR CONTRIBUTION TO GREEK BAILOUT, "EVERYONE MUST TAKE THEIR RESPONSIBILITY TO AVOID A DISASTER"

Soon they'll have the whole world roped into bailing out Greece!!

TheFourthStooge-ing's picture

SARKOZY CALLS MERKEL A RETARDED TRUFFLE HOG

MERKEL, WIELDING HER FAVORITE STRAP-ON (SCHÄUBLE), BUGGERS SARKOZY IN HIS VAN RUMPY


knukles's picture

Retarded Truffle Hog
Priceless

Zero Govt's picture

A retarded truffle hog is not "priceless" but goes for about €300,000 per annum (see Marxist weasels, Barruso and Van Rumpoy annual take)

...shortly, because of their incompetence those Euros will be "Worthless"

Rynak's picture

Unfortunatelly - even if when looking at stuff in a shallow way - an "EU-nation" appears to solve everything..... it actually solves nothing about the structural problems..... it just basically turns nations into states, with the same problems as now continueing to exist (the USA partially has such a problem).

Why so?

Well, let's see again.... what was the structural problem to begin with? Well, it was that the individual country's economies function quite different - especially their trade balances and wages. As a result, you get areas that among other things offer cheap labour but low purchasing power.... and areas with expensive labour, but high purchasing power.... this allows importers and exporters, to ignore the selfsustainability of the individual areas and rip them off.

How so? Well, if i produce and sell locally, then paying the locals less than needed for them to buy my products... well, this cannot work - thus, if i rip them off overly, then i get to face the consequences.

BUT: If i produce in one area, and sell in another area.... then i can escape consequences. Same the other way around. The only problem with this is.... that both areas ultimately go broke, unless one area doesn't continiously "bailout" the other area.

For the above to matter, you don't need something like nations. This kind of stuff can happen inside a single nation, and the discrepancies obviously become bigger, the larger the nation.

Now, in the case of multiple nations trading with each other, they have multiple tools how to react to such imbalances. For example, if another nation decides to sell out its population and produces cheaper than the nation can even afford.... then the own nation can tax imports from that nation, to protect its domestic market.

In something like the EMU, such possibilities do not exist. That's the whole point of the EMU!

Now, what do you achieve, if you were to merge the individual into one supernation, with a supergov? What would change about the earlier mentioned problems? Nothing, unless that "supernation", then enacts special tax rules for the individual "states"...... uh, oh wait, what did this change at all about the problem, besides of swapping terms? See.

And why is all this so? Because it comes down to: Either a group has ways to protect itself against other groups playing reckless..... or a group does not have such means available. That is all. In the case of the EMU, the point was to specifically remove such means, to remove "barriers".... that may have made mutual relationships easier, but unfortunatelly, it also made everyone powerless against parasitary relationships. And well, see how that turned out.

topcallingtroll's picture

Adam Smith addressed your issue in wealth of nations. While cooperatives to overcharge (extracting rents or rent seeking) should be monitored and discouraged by regulation,the free gift of subsidy should not be turned down.

People should at least read the ten to 15 seminal economic works.

Lets Eat Grandma's picture

More like... the inmates running the asylum. And refusing to share the good drugs.

AbelCatalyst's picture

“Allowing the destruction of the euro is to take the risk of the destruction of Europe."

Translation: Germany is planning to go to the Mark and it will be all their fault when the SHTF.... This was clearly a shot across the bow at the only country in a position to destroy the Euro.

This statement is the clearest evidence yet that Germany is about to take their ball and go home... Announcement next Friday after close?

LeonardoFibonacci's picture

Herman Cain can fix it with his 999 plan.  Does he prefer Popeyes or KFC?

oogs66's picture

They have spent more time organizing summit's than figuring out an actual plan

RiverRoad's picture

Yeah, but think about all that good food and swanky hotels.......

buzzsaw99's picture

every plural word need's an apostrophe. LMAO!

TheFourthStooge-ing's picture

Indeed. It's the crux of the biscuit, after all.

 

The Big Ching-aso's picture

You know this whole Euro situation could easily be resolved by just adopting the dollar as their unionized currency.     Consolidate printing presses under the Mariner Eccles auspices and just call it a day.     The conversion rate is the only sticker.   I would say 1 million Euros to the dollar would be a good start.   Now just imagine The Bernanke at the helm and you can see a little round light at the end of the tunnel.

Ben would be orgasmic at the prospects.

Ecoman11's picture

Wouldn't you be confused if you had to sentence yourself to jail?

LetThemEatRand's picture

This just in:  Charles Manson and his committee of jailhouse thugs releases statement indicating a lack of consensus on how to stop more murdering by them if they are released from jail, but continuing to advocate for their release.

Corn1945's picture

And printing of money isn't painful? I'm sure Germany will love that.

 

Seriously, do people get paid for these "insights"?

JenkinsLane's picture

Clowns to the left of me, jokers to the right.

The Big Ching-aso's picture

It's time to send in the Krugmans.    The jokers we already have.

davepowers's picture

there must be someway out of here, said the Joker to the Thief

marcusfenix's picture

total chaos to ensue in 5...4...3...

tomorrow should be fun...

X.inf.capt's picture

next week will be fun...

man, this going to be a bad week....

hope everyone is ready...

URZIZMINE's picture

When to apply the short ladder?

lizzy36's picture

Merkel: EU working on 2 plans to increase EFSF; neither involves ECB because of its treaty forbids it.

VAN ROMPUY SAYS TREATY CHANGE IS NOT `TABOO'.

The agreement to be absolute muppets is going completely according to plan.

SilverDoctors's picture

This is the main difference between the US and Europe.  The US' debt and fiscal issues are much worse than Europe's...but the US has mastered effective management of communication- or MOPE as Sinclair would call it.
The Europeans have yet to effectively manage PERCEPTION- and the results are evident.
Effective communiction/ Fed speak can't solve anything, but it can hide things from the sheople longer and put off the inevitable just a little longer.

http://silverdoctors.blogspot.com/

Rynak's picture

This, and something else which i think many non-europeans do not understand: The state of laws, and safeguards is quite different to i.e. the US. In the US, most laws and political procedures, are already designed for central decisionmaking.... in europe on the other hand, the laws and political procedures are still someway designed for something like a federation of federations.... so, decentralized. It's not just that european decisionmakes fail to show "unity".... the political infrastructure and laws intentionally, are not designed for unity.

What does that mean? It means that even though we have shitty representative democracy..... the system in place actually still believes in the premises of representative democracy. The political structures in europe are not designed for quasi dictatorship.... they're designed for representative democracy.

topcallingtroll's picture

This is why I love Europe and wish them the best.

If only our USA politicians could have such hard hitting interviews and free exchange of ideas. Our system discourages it.

Parliamentary democratic republics are best.

topcallingtroll's picture

P.S.

It is only eurosnobs and socialists ignorant of economics that I dislike

marcusfenix's picture

world war D

debt the black plague of the 21st century...

Earl of Chiswick's picture

the offspring of Weena and a Morlock?

Mayer Amshel's picture

put it on a tshirt and i'll buy (add it, + the other banzai7-pics, among the zh-tshirt) 

melanie's picture

Italy needs to borrow €250bn next year just to refinance its existing debts.

http://www.bbc.co.uk/news/business-15420938

Rainman's picture

Those EU comments will make for good stuff in the Great Depression II historical masterpiece ( History, non-fiction, available in 2030 from AmazonGoogle )

Bansters-in-my- feces's picture

Lucky they employ the "best of the best" or they would be in reaally big trouble.

Delusional fucking Banksters and thier buddies.

BandGap's picture

They need to set this to music. How many ways can you say the same thing......it drones on and on and on.....

lolmao500's picture

 

“If there isn’t a solution by Sunday, everything is going to collapse”. 

 

GOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOD.

dereksatkinson's picture

Looks like they are pushing for treaty change.