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They Can't Even Coordinate Press Conferences
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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Blind leading the blind
More like criminals leading criminals.
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
Did we forget the <sarc>?
<sarc> ?? Do you doubt that central government leads to perfection?
Please provide your name, address, and telephone number.
Sincereley,
David Rockefeller
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.
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/
Expect that when the SHTF, your internet access will be acutely restricted, if not eliminated entirely.
Aye, back to the good olde days of swradio.
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!!
SARKOZY CALLS MERKEL A RETARDED TRUFFLE HOG
MERKEL, WIELDING HER FAVORITE STRAP-ON (SCHÄUBLE), BUGGERS SARKOZY IN HIS VAN RUMPY
Retarded Truffle Hog
Priceless
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"
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.
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.
More like... the inmates running the asylum. And refusing to share the good drugs.
“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?
Herman Cain can fix it with his 999 plan. Does he prefer Popeyes or KFC?
They have spent more time organizing summit's than figuring out an actual plan
Yeah, but think about all that good food and swanky hotels.......
every plural word need's an apostrophe. LMAO!
Indeed. It's the crux of the biscuit, after all.
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.
Wouldn't you be confused if you had to sentence yourself to jail?
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.
And printing of money isn't painful? I'm sure Germany will love that.
Seriously, do people get paid for these "insights"?
Clowns to the left of me, jokers to the right.
It's time to send in the Krugmans. The jokers we already have.
there must be someway out of here, said the Joker to the Thief
Stuck in the middle...
total chaos to ensue in 5...4...3...
tomorrow should be fun...
next week will be fun...
man, this going to be a bad week....
hope everyone is ready...
When to apply the short ladder?
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.
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/
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.
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.
P.S.
It is only eurosnobs and socialists ignorant of economics that I dislike
world war D
debt the black plague of the 21st century...
the offspring of Weena and a Morlock?
put it on a tshirt and i'll buy (add it, + the other banzai7-pics, among the zh-tshirt)
Italy needs to borrow €250bn next year just to refinance its existing debts.
http://www.bbc.co.uk/news/business-15420938
Those EU comments will make for good stuff in the Great Depression II historical masterpiece ( History, non-fiction, available in 2030 from AmazonGoogle )
Live streaming: http://ec.europa.eu/avservices/player/streaming.cfm
Lucky they employ the "best of the best" or they would be in reaally big trouble.
Delusional fucking Banksters and thier buddies.
They need to set this to music. How many ways can you say the same thing......it drones on and on and on.....
“If there isn’t a solution by Sunday, everything is going to collapse”.
GOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOOD.
which sunday?
Looks like they are pushing for treaty change.
EU is like going to the market, everyone comes because the market has the goods. Well the Market has ran out of goodies.... the crowd now only wants to go home. What can they do ? Rob the guy in the other car?
They really need to step back, and figure out plans that will actually work. They need to get some advisors that understand credit, and distressed debt, and CDS. Screw all their bund and fx and 60 year old EM advisors. they don't get it and aren't helping, only making it worse
They need to shut down Brussels and go back to their jobs as village lawyers and accountants. None of them could even teach arithmetic in a village school.
Here is the quote - FRANCE, GERMANY SEE NEED FOR GLOBAL, AMBITIOUS CRISIS RESPONSE
Dear FED, We cannot agree, please send money!
Why the hell it's only France and Germany talking? France and Germany ain't Europe.
What I would like to see :
France and Germany see need for global ambitious crisis response, rest of EU trying to pass bills to get out of EU as soon as possible.
*MERKEL, SARKOZY, BARROSO, VAN ROMPUY ALL GO TO HEAVEN IN A LITTLE ROW BOAT...
And here it is.
They want the US to fucking bail out Europe AGAIN.
Barroso: want to reinforce the IMF, help stem crisis spread.
Uh, this is news?
IMF Scrambles To Double Bail Out Capacity To $1.3 Trillion, May Issue Bonds
Nope. However, it is still sad. Sad because I'm not sure the average USof A citizen has any clue they are on the hook...
IMFederal Reserve to the rescue!
Just don't ask timmy to pay federal taxes on IMF helicopters and limo's and drugs for the little tweeker.
"Yeah, give it to Mikey, he'll eat anything." Mikey is the US Taxpayer in this case who is only in debt of $14+Trillion. Hell, throw the debt on Mikey's pile. Consolidate all debt on one nation -- then sell the fucker to the highest bidder.
999 and a sick chicken in every pot.
They want this to fail. It has to fail.
From the "ashes" a centralized European taxing authority will emerge based in Berlin.
Welthauptstadt Germania. Maybe Hitler did win the war.
A priori, the sensible thing to do would be to cancel sovereign debt between countries to get the notional values down to human scales, cancel all cds derivatives and charge back the setup fees to the banks themselves and then rally the IMF/ECB/FED around the debt hotspots - give those bonds a haircut and move on.
But instead the circus hides a morgue.
Funny how it becomes another Germany - France balance of power move.
Your preparations that you have been diligently undertaking over the past several years should now be basically complete and you should be ensconced within your fortress with Mr. Mossberg on one side and a bin of 00 buckshot on the other.
Good luck!
I am Chumbawamba.
Is this a one-time warning or are you gonna walk us through this whole process?
Sorry, only subscribers get the personal hand-holding.
-Chumblez.
Don't forget the combo flashlight, strobe, laser, clip on for your Mossberg. 29 bucks at Dicks Sporting.
Are they really as stupid as they appear? If I, or those about me, knew my comments would move markets, wouldn't I dabble just a little and short, or not, as the occasion required? Surely those Arabs who knew 911 was coming did rather well for themselves.
This is like reality tv wife swapping - Trading Spouses - only it's with European leaders. Sounds bullish.
Freakin GIG IS UP ALREADY, I am sick of hearing it . Individually DEFAULT and go back to using each countries own currency again.SO WE CAN GET ON WITH IT. THE WORLD WILL NOT END WITHOUT THE EURO. QUIT being so egotistical to admit it was a mistake to begin with. The european countries are not 27 states under a central FEDERAL Jurisdiction.
Do you idiots need to watch the Nigel Farge Video AGAIN? You are dragging your countrymen through misery for years all for nothing. Your banks and governments will still be insolvent just like ours. End the charade and then America can deal with its problem and we can start to rebuild this fiasco. Government funds of 1/2 the world cannot save Europe or America at this point and if it could, it would not solve the problem
"The problem with socialism is eventually you run out of other peoples money?" You KNOW WHO
GET IT OVER, Quit risking WWIII. The Risk of continuing is greater that a few bank failures. CAPUT. ZIP. NADA. CAPICHE?
This is financial WW3. And one of these days the "bomb" will drop and end it all.
ECB:
During our live press release today, each of our 27 EU membership countries will be spinning their plate of debt on a stick. Any membership plate that drops to the floor will absorb a 45% liability to other ailing EU countries.
ECB has its own version of Spin the Wheel of Debt.
Spin The Wheel (New Zealand)
Oh shush! Clearly what we have here is a failure of free markets! If you fail to agree then you must be eliminated. CDS, naked shorts, derivitives, mBS, all are private, free market wrecks!!!
You MUST TRUST GOVERNMENT!!
YOU MUST!!!
WE ARE MUCH SMARTER THAN YOU.
TRUST US, GROW US, GIVE US MORE!!
WE WILL PROMISE ANYTHING.
ANYTHING AT ALL.
PLEASE??
Fine then.
We will shoot you.
A strong central giovernment can be a good hting...look at China and it's progress. Kissinger's new book about China states one reason for thier recent industrial success is the strong central government "that can get things done fast."
Maybe he is right. Look at Europe. The EU organization resembles my 4 year old nephew's last B'day party...total chaos food fights clowning aournd...etc.
sure so long as you don't care about the fact that at any time, for any reason the strong central govt so desires with no regard for due process or individual rights, an execution bus can come rolling up to your front door, pull you out of your home in front of your family and pump you full of blue juice. your organs are on the way to three different continents before you even had the chance to regret your support for this strong central government.
no thanks
You can have a centralized business and regulatory structure and individual liberty. Those are not exclusive.
A single unitary business regulatory structure beats the insane red tape of 15 different layers of government and bureacracy that we have in the USA.
So let me get this straight, you think there exists a neutral 3rd party with 20/20 foresight? If not, I call bullshit on your entire theory that anything can be regulated efficiently.
Econ indicators worsening: Propaganda spin can not mask
Eurozone: imploding
Bringing back the troops: ominous
Sarkozy Says Talks Progressing on European Banks, Greece
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.
CURRENT HEADLINE AT
http://www.cnbc.com
/
So, who actually made the decision to lend Greece all that money?
Are they going to be punished, or even publicly humiliated....something? No, they are being tasked with coming up with a solution.
Pathetic. If Germany let's the likes of Sarkozy paper over this by debasing their currency it will be a real shame. But odds are that is what happens.
Just a tad OT
Ten Most Wanted White Collar Criminals by FBI
http://www.cnbc.com/id/44991262
Tyler, in response to your comment. Follow the money that is not there. Great campaigning funds for new suckers to invest on false pretenses.
US to send troops to Uganda to help fight LRA rebels
IMF Says Africa Set for Steady Growth
Lastly..
Uganda one of fastest growing economies - IMF
IMF can skim vast amounts of income by new MSM terrorist threats in the Africa region. Deploy new military personnel and build military bases to charge monthly fees for international terrorism protection. China has occupied, controls the rare earth metal business.
China's Rare Earth Elements Industry
More to story, but that’s all I say..
Sarkozy and Merkel are stringing this thing along. They absolutely love the global attention they're getting. They don't want it to be over. Trichet, too.
Yeah, I'm sure that's all it is, just attention getting stunts, nothing serious.
You have to acknowledge the beauty in this. Market participants completely ignoring Political Science 101 - nothing will happen until we're already falling into the abyss, and that is not just yet. This is just the prelude.
this is why my wishing-to-be-american ancestors got the flock outa europe, BiCheZ?
they were laughing so hard, so often, they coundn't pour the mead?
actually, i find this hopeful, b/c the europeons are so thoroughly muddled by the ongoing financialz that they have a pretty good chance of just saying: fuk it! re-set! slewie is right: Let Them Fail!
<this posting has been approved by my bong>
Approved, if not entirely understood, by mine as well.
Herman Von Rompuy. Every time I see or hear his name, I'm reminded of a priceless clip courtesy of British politician Nigel Farage. Enjoy ...
http://www.youtube.com/watch?v=bypLwI5AQvY
So they agreed that absent others (the banks) should take the fall, if they so agree.
SHORT THE FICKING EURO. IT IS GOING DOWN.!!! The EU LEADERS ARE WORSE THAN CLOWNS!! THEY ARE INEPT TRUFFLE HOGS!!!
Look! It's CNBC's Fast Money!
It's bald ass Cramer the Clown with what's left of his three quarter cranial hairdo frizzing out like a methed up Bozo the Clown...
Oh wait that's a bike helmet...
The clown's missing the crazy bugged-eyed manic slobbering charisma of Cramer.
I am really glad they show such incompetence. If they had been efficient, we would have been total slaves already. You don't want German efficiency when they are implementing facism.