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Things In Europe Just Getting Worse By The Minute

Tyler Durden's picture




 

The latest out of the doomed continent:

  • EURO ZONE DEBATING DELAY OF EUR5.2B MAY 10 PAYMENT TO GREECE - DOW JONES
  • SOME GOVERNMENTS CONCERNED ABOUT MAKING A PAYMENT TO GREECE AMID POLITICAL TURMOIL

And so the check bounces, which is ironic, because as we repeatedly explained, the Greek bailout is not about Greece: it is merely to allow Europe to bailout its banks via ECB and Troika funded interest payments and using Greece as a passthru vehicle. Luckily, that particularly aggravating farce may soon be ending.

 

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Wed, 05/09/2012 - 10:16 | 2409792 fightthepower
fightthepower's picture

Fuck you Rothschilds!  Fuck you Bernanke!

Wed, 05/09/2012 - 10:22 | 2409809 redpill
redpill's picture

Here comes the bankster counterpunches.  I expect Greece's "bold new leadership" will fold like a bad poker hand when they realize their government will collapse without the credit they are addicted to.

Wed, 05/09/2012 - 10:24 | 2409826 HoofHearted
HoofHearted's picture

I don't know. They elected some idealogues. They may say, "Screw the eurozone, we'll go back to drachmas on our own."

They did suck out a lot from the Germans over the past 20 years. This may be the time to say goodbye, take what they have gotten, and run like hell.

What's that Panzer division about??? Nevermind...

Wed, 05/09/2012 - 10:32 | 2409873 redpill
redpill's picture

Well I tend to agree that's what they should do, I just don't trust any politicians to have the guts to do it.

Wed, 05/09/2012 - 10:40 | 2409879 Chief KnocAHoma
Chief KnocAHoma's picture

Start up company seeking fresh capital - 

Our business will build the best guillotine in the World. Not only will it chop the head off any douche bag banker, it will do it slowly with as much pain as possible.

The rusty blade is dull and jagged, but cleans easily. Our guillotine often has to be dropped twice since the first drop only gashes the bank of the fucktard banker's neck. 

While he winces and cries out in pain crowds will cheer as you slowly retract the blade for another try.

Our truly unique product will bring joy to your mobs and make you the most popular hooded executioner on the block.

Call today for a company prospectus!

 

 

Wed, 05/09/2012 - 11:29 | 2410091 Manthong
Manthong's picture

I’m going for the low cost, high volume, environmentally friendly, value added, quality rope market.

Dancing at the end of a rope is a more suitable punishment for thieves, is much less messy and is an entertaining alternative.

Plus, as an added bonus.. for great taste and more satisfaction, I plan to make my rope out of the finest hemp.

Wed, 05/09/2012 - 13:38 | 2410478 CharlieSDT
CharlieSDT's picture

I'll invest!

Wed, 05/09/2012 - 10:30 | 2409863 Joe The Plumber
Joe The Plumber's picture

Lol populist talk is cheap

Wed, 05/09/2012 - 10:32 | 2409871 SheepDog-One
SheepDog-One's picture

Not so cheap in Iceland. Theres the model for all, tell the bankers to piss off.

Wed, 05/09/2012 - 10:46 | 2409924 redpill
redpill's picture

True, but calculating Scandinavian fisherman are different than angry Mediterranean pensioners.

Wed, 05/09/2012 - 10:54 | 2409954 Element
Element's picture

This was inevitable.  No agreement = no instalment

The whole bailout was predicated on verified compliance by permanent EU/IMF monitors in Athens.  And that was the only way the former Greek Govt could get their 20% cut of the bailout euros, plus get debt writedowns, so thus much less interest on what debt remained.

But spreads still ate these euros up anyway.

So such compliance incentives are now moot, as they were not worth the economic/social pain and political slaughter anyway.  And that has also killed tourism.

They have two options, get out of the euro now or comply for a few more months ... until the next sugar-daddy-hit of bailout negotiations rolls around.

I don't think compliance is a political option in Greece, and Germany has wisely already said there's no-go on re-defining the recent agreement.

 
 
Yes, this situation just changed-up a gear.

Wed, 05/09/2012 - 10:27 | 2409811 SMG
SMG's picture

Don't forget about the other Luciferian ruling familes.  They have just as big a part in this as the Rothschilds.

A better system after this would be one where people can take care of themselves, rather that the current one where we depend on Overlords.

Debt is slavery.

Freedom above all else.  Free yourself.  Help free others.

Sic Semper Tyrannis.

http://en.wikipedia.org/wiki/Sic_semper_tyrannis

 

 

Wed, 05/09/2012 - 10:23 | 2409813 Clueless Economist
Clueless Economist's picture

Plunge Protection Team...Please report to Chairman Bernancke's office.

After Europe closes, PPT will do its magic

Wed, 05/09/2012 - 10:24 | 2409822 5880
5880's picture

If I was a Rothchild

daidle deedle daidle

I wouldn't have to work hard

daidle deedle daidle

Wed, 05/09/2012 - 10:25 | 2409831 GetZeeGold
GetZeeGold's picture

 

 

Looks like a Rothschild and Ben Shalom have a dissenting opinion.

 

Wed, 05/09/2012 - 10:18 | 2409794 Let The Wurlitz...
Let The Wurlitzer Play's picture

Would this be a good time to buy Eurpoean debt???

 

Wed, 05/09/2012 - 10:22 | 2409807 collon88
collon88's picture

If you like catching falling knives, be my guest.

Wed, 05/09/2012 - 10:23 | 2409812 ShorTed
ShorTed's picture

BTFD!  I guess the word didn't get out clearly yesterday. 

It'll all work out, we promise.

Wed, 05/09/2012 - 10:26 | 2409830 GMadScientist
GMadScientist's picture

Priced in Drachma, Francs, and such?

Wed, 05/09/2012 - 10:25 | 2409834 Mister Ponzi
Mister Ponzi's picture

Sure. Bunds make alltime highs day after day.

Wed, 05/09/2012 - 10:18 | 2409795 fonzannoon
fonzannoon's picture

I just saw all the miners down big. Went to take my morning dump and now some of them are green. What I miss?

Wed, 05/09/2012 - 10:21 | 2409802 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

I recommend an evening dump, sir.

Wed, 05/09/2012 - 10:21 | 2409805 Cognitive Dissonance
Cognitive Dissonance's picture

Hey.

When a man's gotta go......well, a man's gotta go. :)

Wed, 05/09/2012 - 10:22 | 2409814 GetZeeGold
GetZeeGold's picture

 

 

Gold might be sh!t......but it's the only sh!t worth having.

 

Wed, 05/09/2012 - 10:29 | 2409849 Agent P
Agent P's picture

If you think about it technically, you should take three dumps a day.

Wed, 05/09/2012 - 12:28 | 2410257 gtb
gtb's picture

Only three?

Wed, 05/09/2012 - 10:24 | 2409816 tocointhephrase
tocointhephrase's picture

You had more buyers further to your dump?

Wed, 05/09/2012 - 10:27 | 2409839 GMadScientist
GMadScientist's picture

Look, it's not our job to give you up to the minute blow-by-blows every time you need to take a Corzine...take your iPad onto the iPot, if you wanna be "in the loop". ;)

Wed, 05/09/2012 - 10:18 | 2409798 the not so migh...
the not so mighty maximiza's picture

You can't run a ponzi with such anti-farce conditions.

Wed, 05/09/2012 - 10:27 | 2409810 HoofHearted
HoofHearted's picture

And what does all of ZH say about the ECB thinking about suspending payments???

"No shit, Eurocrats. Greeks, nobody could have seen this coming. Nobody."

Let's just go ahead, bounce the check, and get the whole Keynesian ponzi collapsing already. Then we can clear away the dead bodies and start anew.

Wed, 05/09/2012 - 10:22 | 2409800 Cognitive Dissonance
Cognitive Dissonance's picture

It's playing out like a Tom Clancy novel. When do the good guys win?

Yup. Sure looks like a "Clear and Present Danger" to me.

http://en.wikipedia.org/wiki/Tom_Clancy

Wed, 05/09/2012 - 10:23 | 2409820 LawsofPhysics
LawsofPhysics's picture

Good guys?  There is the quick and the dead.  Same as it ever was.

Wed, 05/09/2012 - 10:28 | 2409844 GMadScientist
GMadScientist's picture

In a minefield, they're often the same person.

 

Wed, 05/09/2012 - 10:30 | 2409864 Cognitive Dissonance
Cognitive Dissonance's picture

Speaking of the "Good Guys"......check out this US Military document on how the FEMA camps (titled "Interment and Resettlement Operations" and dated Feb 2010) will be supervised and run. Here it is in black and white folks. An Army spokesman helpfully informs us that it is intended only for foreign detainment camps despite the clear language inside (such as using the detainees Social Security number as an ID) that indicates it is for domestic use.

Wed, 05/09/2012 - 11:19 | 2410064 n8dawg84
n8dawg84's picture

Mr. Cog,

I'm still hoping that the military fights for the citizens

Wed, 05/09/2012 - 11:33 | 2410107 Cognitive Dissonance
Cognitive Dissonance's picture

False hope is what truely binds (and blinds) us.

Wed, 05/09/2012 - 12:18 | 2410224 Element
Element's picture

Read that one a few months ago, they've clearly had this mapped-out for years.  

This is what they'll do with the neo-revolutionist rabble.  Gitmo for disgruntled citizens, and you can bet the treatment will be the same.  Indefinite detention, torture and supra-judicial execution, with extreme prejudice (and selling the body parts of course).   

They've been planning to setup concentration camps when the collapse arrives, boiling-a-frog style.  That's why FEMA had to exist, the Feds were planning to create an 'Emergency' (that would be us), to 'Manage' with Federal agents.

At least the Commies didn't disguise the nature of the Gulag re-education as labour slaves, and nor did the Nazi's disguise what the Gestapo was.

 

If the UN had a shred of decency or honesty about it, it would move its headquarters to somewhere like Iceland - immediately - assuming Iceland would even agree to take in several thousand parasites and assorted hangers-on.

Wed, 05/09/2012 - 13:31 | 2410460 Cognitive Dissonance
Cognitive Dissonance's picture

There are still many, including here on ZH, who simply can't believe this could is happening.

Wed, 05/09/2012 - 10:29 | 2409860 JustObserving
JustObserving's picture

Good guys win in novels.  The squid and the super squid win in real life. When was the last time the good guys won? 

""The path of the righteous man is beset on all sides by the inequities of the selfish, and the tyranny of evil men. Blessed is he who in the name of charity and good will, shepherds the weak through the valley of darkness, for he is truly his brother's keeper, and the finder of lost children."


Wed, 05/09/2012 - 10:41 | 2409902 CrashisOptimistic
CrashisOptimistic's picture

You have not read or been watching Game of Thrones.  Its appeal is the good guys don't win.

Wed, 05/09/2012 - 11:08 | 2410013 Cognitive Dissonance
Cognitive Dissonance's picture

Mrs Cog has me watching Game of Midgets. Very depressing. :)

Wed, 05/09/2012 - 11:38 | 2410127 Dagny Taggart
Dagny Taggart's picture

But I'm sure she appreciates the popcorn and your expert commentary each week. Wait, the Cogs have HBO?

Wed, 05/09/2012 - 11:39 | 2410132 Cognitive Dissonance
Cognitive Dissonance's picture

HBO was Mrs. Cog's idea. She is definitely a corrupting influence.

Don't tell her I said that. OK?

Wed, 05/09/2012 - 12:38 | 2410298 Agent P
Agent P's picture

Did Mr. Cog at least successfully lobby for Cinemax?

Wed, 05/09/2012 - 13:30 | 2410451 Cognitive Dissonance
Cognitive Dissonance's picture

I had to hold the line somewhere. Someone has to look out for Cog's soul. :>)

I can get the Playboy Channel on my iPhone of that's what you mean?

Wed, 05/09/2012 - 10:22 | 2409806 Aductor
Aductor's picture

But, but, but... Doug Kass said buy in May and go away? Did he mean that if you buy in May, you will be gone permanently? Confused.

Wed, 05/09/2012 - 10:23 | 2409808 GeneMarchbanks
GeneMarchbanks's picture

The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks. --Lord Acton

Guess we're about to figure it out now.

Wed, 05/09/2012 - 11:13 | 2410041 Mitzibitzi
Mitzibitzi's picture

Someone quoted that in the friggin' pub the other night. Accurately too. The guy's a builder / handyman and often fond of the sound of his own voice, but it doesn't mean he's necessarily stupid. And, if that sort of thing is regularly cropping up in bar-room conversations (and here in Wales it increasingly is!) then things are inevitably going to get very interesting.

What gets me at the moment, though, is the UK govt doesn't seem overly concerned about the Eurozone, global economy, et al. They're obviously saying these things are important, but there isn't the general tone that they're really the massive deal we all think they are. What gives? Do the banksters / pols have a few more cards up their sleeves somewhere? Or do they know something we don't - something's gonna happen that will make the current death-spiral economic antics look like small potatoes?

I'm generally pretty good at picking up the actual plot through the waves of weasel-word bullshit the govt and MSM like to spout but, currently, I'm confused; they don't really seem that worried! And every indication says they should be!

Wed, 05/09/2012 - 17:27 | 2411385 smiler03
smiler03's picture

I get the feeling it's something to do with sand and ostriches. 

Wed, 05/09/2012 - 10:25 | 2409817 Arnold Ziffel
Arnold Ziffel's picture

 

 

I think I got screwed. I bought the 3000% yield Greek Bonds....I hear they are now selling 4000% yield Bonds.

Crap!

I bought too soon.

 

Wed, 05/09/2012 - 10:28 | 2409848 Aductor
Aductor's picture

It is safe to say that buy and hold suddenly has a whole new meaning to it.

Wed, 05/09/2012 - 10:23 | 2409818 Joe The Plumber
Joe The Plumber's picture

The sooner greece pulls an iceland the sooner the recovery

Wed, 05/09/2012 - 10:23 | 2409819 BLACK_DOG
BLACK_DOG's picture

as the city burns, CNBC is still suckingoff Farcebook!

Wed, 05/09/2012 - 10:26 | 2409841 machineh
machineh's picture

Potential ad revenue attracts media whores like a steaming pile of manure attracts flies.

Wed, 05/09/2012 - 10:32 | 2409868 Agent P
Agent P's picture

You have to give them credit for one thing, they're in tune with the masses.

Wed, 05/09/2012 - 10:24 | 2409821 carbonmutant
carbonmutant's picture

Is this a Default yet?

Wed, 05/09/2012 - 10:25 | 2409823 Peter Pan
Peter Pan's picture

Greece and the rest of the world will soon have to come to grips with the impossibility of Greece's debt position. Once this is done the way will be found to confront the impossibility of Spain's debt position, Portugal and then one day Japan's and the USA's.

No neat solutions exist, just realistic ones.

And the way they will get over the debt position is by writing it off.

Wed, 05/09/2012 - 10:24 | 2409824 machineh
machineh's picture

Politicians just can't understand why math is so damned inflexible.

Why can't two plus two equal seven, if we pass a law declaring it is so?

R-E-S-P-E-C-T, you little pissant numbers!

Wed, 05/09/2012 - 10:29 | 2409853 HoofHearted
HoofHearted's picture

Earlier in US hisotry, the Indiana legislature thought about passing a bill declaring that the mathematical constant pi is actually 3 without that pesky .14159....

Give a legislator an idea, and he just might run with it.

Wed, 05/09/2012 - 10:45 | 2409825 Agent P
Agent P's picture

Majority of the debt is now out of private (bank) hands and rests at the ECB, right?  So any payments to Greece are essentially left pocket / right pocket transactions.  Well, if the left pocket isn't going to put the money in the right pocket, why put money in the left pocket in the first place?  The fact that this is even being "debated" is comical.

Wed, 05/09/2012 - 10:24 | 2409827 manhunter
manhunter's picture

Just letting the Greeks know what life on their own would be like. Greece isn't going anywhere, despite the 20 stories posted daily to the contrary in anglo media (cough ZH cough).

Wed, 05/09/2012 - 10:25 | 2409833 Flounder
Flounder's picture

Shit, if this keeps up the Dutch beaches are going to be very crowded this summer.  Hey Fritz, where's my bike?!

Wed, 05/09/2012 - 10:31 | 2409836 Negro Primero
Negro Primero's picture

...and now this: 

"Credit Suisse opens German property fund for 1 day"

Credit Suisse's CS Euroreal, an open-ended property fund that stopped taking sell orders when it ran out of cash, will reopen for one day on May 21 to decide its fate."

http://www.reuters.com/article/2012/05/09/creditsuisse-euroreal-idUSL5E8...

To the investors of CS Euroreal Fund:

https://www.credit-suisse.com/de/real_assets/doc/cs_euroreal_052012_en.p...

Wed, 05/09/2012 - 10:26 | 2409838 HD
HD's picture

"Greece as a passthru vehicle"

Greece. The large intestine of the financial system. Looks like the EU might be pulling out.

Wed, 05/09/2012 - 10:27 | 2409842 toady
toady's picture

This might be interesting.....

Will TPTB let their crony banks fail to teach the Greeks a lesson?

Or

Will TPTB save their crony banks and teach the Greeks a lesson.

I think they will save the crony banks but no one will learn the lesson.

Wed, 05/09/2012 - 12:19 | 2410231 V in PA
V in PA's picture

Looks like a staged violent uprising in Greece, which NATO will have to put down, and install a 'temporary' Government, is in order.

Wed, 05/09/2012 - 10:29 | 2409846 GCT
GCT's picture

Greece still cannot agree on forming a coalition government.  This will make for some drama when the EU appoints a technocrat to be the PM.   In the end they got exactly what they wanted Greek politicians who cannot come to an agreement on the new government.  Problem solved for them.

Wed, 05/09/2012 - 10:29 | 2409850 Idiot Savant
Idiot Savant's picture

I thought the crumbling of the EU would cause fear and a spike in AU/AG. Had I known it would be deflationary, I would have sold a long time ago. What gives?

Wed, 05/09/2012 - 10:32 | 2409870 HoofHearted
HoofHearted's picture

Not so sure it is deflationary....just dollar "strength" as compared to the other fiats.

And soon enough we'll see everyone realize that the USD is just another piece of paper like the euro. But I do wish I hadn't bought silver at 30 and gold at 1600. Should have waited a little longer...the price average would still be fine except for that damn boating trip.

Wed, 05/09/2012 - 10:34 | 2409876 youngman
youngman's picture

I bet the Greeks lie again to get that 5.2 billion.....but it never makes it back to the Northern European banks....it will stay in Greece.....

Wed, 05/09/2012 - 10:49 | 2409934 DutchDude
DutchDude's picture

Not gonna happen... it's election time in Holland; one of the net contributors.

People here have had it with Europe in this way; so parties who approve will get slaughtered september 12 in national elections. They know this so they either don't make a decission or make one in favor of the electorate. They love the way the seats smell in parliament...

Wed, 05/09/2012 - 11:31 | 2410103 Non Passaran
Non Passaran's picture

They definitively do.
Wasn't there a (GOP) republican representative who sniffed a seat some democrat female rep was using? I can't find those reports now but that was in early 2011 IIRC.

Wed, 05/09/2012 - 10:34 | 2409878 sschu
sschu's picture

In some ways this all reminds me of the late 1930s and the confrontation over Poland.  The Germans had already invaded, the Brits had declared war, but the French wanted to keep talking.  As if events could magically be undone. 

The Europeans have this amazing propensity to think if they just keep talking that reality will just pass them by.  Face it, the Euro/EU/ECB/EMU is broken, there is no fix except to abandon the socialist/free lunch/goodies for everyone mind set.

America has the same disease, it just has not reached here yet.

sschu 

 

Wed, 05/09/2012 - 10:42 | 2409909 CrashisOptimistic
CrashisOptimistic's picture

It will be here 1 January.

Wed, 05/09/2012 - 10:47 | 2409926 sschu
sschu's picture

It will be here 1 January.

Very possible.  That transcript from the Stockman interview is pretty powerful.

sschu

Wed, 05/09/2012 - 10:39 | 2409898 Snakeeyes
Snakeeyes's picture

Look at the charts for Spain. EVERYTHING is crashing - house prices, bad loans, unemployment, real GDP, Spanish Central Banks turns on the spigot BIG TIME!!!!!!!!!!!!!!!!

Spain’s Pain Continues to Accelerate – Banks, Housing, Bad Loans, Unemployment, Nosediving GDP – Time for More Sangria!

http://confoundedinterest.wordpress.com/2012/05/09/spains-pain-continues-to-accelerate-banks-housing-bad-loans-unemployment-nosediving-gdp-time-for-more-sangria/

Wed, 05/09/2012 - 10:42 | 2409907 theTribster
theTribster's picture

It is amazing that after 70 years we are back in almost exactly the same place as we were in pre WWII and for basically the same reasons - debt that cannot be paid back! Wow, history is definitely repeating itself here. The old feelings are bubbling through once again and leading Europe back to the fringes of war and mass confiscation. They've (France/Germany) already took most of Greece's Gold and they own most of their infrastructure, how does Greece unwind from that?

Maybe Greece exits the Euro and then nationalizes, through what would now be confiscation of thei critical assets - like infrastructure, healthcare, and so on. I cannot wait for a new currency out of Europe - it changes everything, even though Greece is small. It is definitely best for Greece to exit, otherwise they will be debt slaves to the Germans for the next 1000 years, literally!

Good luck Greece, kick the troika scum out and take control back....

Wed, 05/09/2012 - 10:50 | 2409941 youngman
youngman's picture

Why hurry if you can smile..make a few handshakes...and get another 5.2 Billion in a couple of days...

Wed, 05/09/2012 - 10:51 | 2409938 Vince Clortho
Vince Clortho's picture

It may appear to some that there are problems in Europe.

Relax. This will all be sorted out and dealt with by the appropriate

 media sources.

Dow green by 4 pm.

 

Think Happy thoughts!

Wed, 05/09/2012 - 10:52 | 2409951 forrestdweller
forrestdweller's picture

i wonder what they will come up with now?

it's all good.

Wed, 05/09/2012 - 10:56 | 2409957 forrestdweller
forrestdweller's picture

the greeks are a smart people. very civilized, very intelligent, and they know how to play they underdog-role. don not underestimate them. they will fuck the EU; first take the money, then force a haircut in bonds, then leave the eurozone, and then never pay anything back. they are very smart. and they have a beautiful land.

Wed, 05/09/2012 - 11:09 | 2410027 dark pools of soros
dark pools of soros's picture

that works fine until the bombers fly in and slabs of your country get redrawn into others

Wed, 05/09/2012 - 11:09 | 2409998 Racer
Racer's picture

why don't they pay the banksters directly, that way they get 100% not 82%

/sarc

Wed, 05/09/2012 - 11:08 | 2410016 dark pools of soros
dark pools of soros's picture

exactly - the bankers love black holes like wars and natural disasters.  Bankruptcy needs to come back in fashion

 

Wed, 05/09/2012 - 11:37 | 2410126 Money 4 Nothing
Money 4 Nothing's picture

You call it a problem, they call it sticking to the plan.

Wed, 05/09/2012 - 15:47 | 2411070 falak pema
falak pema's picture

by the minute...

Do NOT follow this link or you will be banned from the site!