Time Magazine FTW

Tyler Durden's picture

A little over a year ago, it was The Economist that captured the Zeitgeist perfectly with its iconic cover Acropolis Now. Little did it know how prescient it would be. Today, it's Time, and unfortunately for Europe (and maybe the west), this cover in retrospect will be spot on yet again.

We doubt any of our readers needs a summary of the items covered in this article but for those who wish to read it can do so at the following link.

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DormRoom's picture

why.. mother of all short squeeze in Europe.  Buy the rally near term!

Spitzer's picture

I agree.

The Euro has risen since then from 1.26 to 1.42.( Europeans gaining purchasing power that the US is losing)

More countries have since joned the Euro and shown interst in joining it. And now the Swiss want to peg to it.

RedPirate's picture

I agree...Water is up to neck, and now every discrediting possible is on...If we're gonna die (dollar), you're (Euro) going with us!

Spitzer's picture

The dollar will be pegging to the Euro soon enough, for stability.

And it wouldn't surprise me to see China peg to the Euro rather then the dollar. China has a trade deficit with Europe and Europe needs some capital.

ZeroPower's picture

The most massively traded FX pair, which not only rules correlation across asset classes but also specifies exact price disparties of goods in each respective currency - and youre saying they will be pegged!! Lol, I was really hoping to see a sarc tag on your first line.

Spitzer's picture

I am talking post USD reserve currency.

Ahmeexnal's picture

The only reason the euro might have more appeal than the USD is that you can choose different colors of paper to wipe your ass with.

Green gets monotonous after a while.


And now the Swiss want to peg to it.


You have to be an idiot if you expect anyone to believe the swiss want to peg to the euro based on the euro's strength.  They circulated the threat of pegging the CHF to the EUR based on the EUR's JUNK STATUS, in order to weaken the CHF.


Europeans gaining purchasing power...


Ask anyone in europe and they'll tell you the opposite. They all lost purchasing power when going from their local currency to the euro! What the sheeple fail to understand is that the euro is a TAX disguised as a currency!!!!

Any credibility you could possibly have you just threw out the window.

Spitzer's picture

So you actually think the Greek Dracma would be trading at 1.42 to the US dollar today ?

Have you seen the price of oil in Euros lately ? the price of gold ?

You know very little about capital markets.

Ahmeexnal's picture

And you claim to know about capital markets because you pay attention to the PRICE of ITEMX???

Why are you not proclaiming KING POUND STERLING instead? GBPUSD beats the EURUSD on your silly numerical game.

Your knowledge about economics is as highly developed as that of any label whore: You know the PRICE of everything, but the VALUE of nothing.

YHC-FTSE's picture

Spitzer has a point. Over 48.9% of all Swiss exports are in the EU (Compared to 9.4% to the US), and over half of the export partners  are in the EU (Compared to 5.1% in the US). It makes sense to peg the CHF against the Euro to sustain exports. Given a choice of devaluing the CHF, the Euro is a much better bet than the USD. They're both shit fiat, but at least the Euro keeps their main customers happy.

Smiddywesson's picture

Ding!!!  We have a winner.  Ahmeexnal says the euro is a tax disguised as a currency.  Very good.

I would add that all currencies are just taxes disguised as currencies.  Even the soon to be issue "gold backed" currencies you get will contain a huge hidden tax to bail out the banks and soverign debt. 

Spitzer's picture

So how is the Euro a tax on a Greek citizen who, on a  purchasing power basis, pays less for gold then an American ?

The federal minimum wage in the USA was €676 per month in January 2007.

minimum nominal wage in Greece was 668 euros in 2007

The Euro was worth between 1.33 and 1.40 to the dollar then.

Hidden tax ? more like hidden gift. Idiot.......


Ahmeexnal's picture

um...yeah, right.

the only "hidden gift" the greeks got out of joining the EU (and coming to everyone else in the eurozone) is unpayable debt, serfdom....outright slavery.


Spitzer's picture

It was their decision to spend like drunken party sluts. They could have done the opposite. They could have saved, cut regulation and spending and taxes and turn into the next Singapore.

Spitzer's picture

It was their decision to spend like drunken party sluts. They could have done the opposite. They could have saved, cut regulation and spending and taxes and turn into the next Singapore.

ZeroPower's picture

More countries have since joned the Euro and shown interst in joining it

Lol. Theyre forced to join due to ratifying the EZ laws which stipulate they must, at some point before 2014 (though i believe Poland and Estonia are currently trying to extend out as far as possible) adopt the new currency.

Before 2010, the poorer CEE countries wanted to take advantage of the strong currency jsut as the Greeks did. Greeks were the front runners in this case, and look what happened. But believe you me, ask any Polak or Estonian what they think of the EUR now and the majority say they are unsure and dont want to be tied down at least not in the near future.

Your love for the EUR is stunning.. at least, over the CAD, AUD, CNY. Not denying USDs downfall here.

Ghordius's picture

I love the EUR too. And the CHF even more. But under the shower I sing about... ends with ...old

Spitzer's picture

The CAD is part of the dollar bloc. The Royal bank of Canada is a primary dealer for the Fed. Not denying a USD downfall from here ? Good luck with the CAD.

ZeroPower's picture

PDs of the fed have little to do with one's currency sustainability. Thank you, i will keep my CAD, as the EUR goes to shit (although in my opinion never does get dissolved just cause the cheerleaders over here in the UK {cheaper GBP} and in EU love it too much) and USD stays reserve currency albeit nowhere near as superior as pre 2000s.

eureka's picture

You are completely blindly submissive to US hegemony. UK sucks US cock. US is 100% morally bankrupt and it is going down - whereas EU is going up. Fuck Time Ragazine. Fuck CIA and fuck the US criminal elite. Long live the US Republic - if US'ians can ever get their brains and hearts working and kill off its Hegemon masters.

The only chance for the US is social-spiritual revolution into national oneness - meaning dropping Chi-merica and US military empire, in favor of US manufacturing and R&D renainsance and self sufficiency. As it is everyone is the US hates everyone else - and anyone who thinks unlimited provincial self-love is a foundation for a world reserve currency is, perhaps not an idiot, but most certainly an entertainer of idiotic thoughts.

US has tried to destroy EU and the EUR ever since the US slavemasters realized EU and EUR were getting way to strong way too fast for USD/military hegemony to prevail - but alas, the US slavemasters will fail to do anything but destroy their own HomeLand - so die in peace with your USD "world currency reseve" if you wish - along with its insignificant CAD appendix.

Rodent Freikorps's picture

Americans all have big penises, too.

Life is just unfair sometimes.

eureka's picture

It would seem logical and obvious that only men with small penises feel a need to dominate other men.

Popo's picture

LOL.  How much is ADIDAS hating that publicity?!   Heheheheh....

Ghordius's picture

Ask about how much the poor Brits are hating to be in the spotlight with their "yobs" and their activities. Cameron is furious, he had to leave the Toscana for this...

They had since years some alarm bells ringing that they choose to ignore - several countries around the UK were banning British soccer "hooligan" fans from their stadions, complaints, etc. etc. Even the words Yobs and Hoodies - most other EU contries lack even the vocabulary for this phenomenon.

Incubus's picture

Better that you're on the mind than naught.  Y'know: no publicity is bad publicity.

heyligen's picture

Next Pentagon priority: war on protest.

Freddie's picture

Destroyed by open borders letting uncivilized people from uncivilized countries flood in.  All done by the elites/left.

THE DORK OF CORK's picture

This is bullish for Europe - I am all in.

monkeyboy's picture

Definitely bullish for Adidas.

Cognitive Dissonance's picture

Ahhh, the good old days.

Manzilla's picture

And of course they found a guy in Adidas sweats.


SheepDog-One's picture

Better to have been a Lulu Lemon yoga outfit....come on photgraphers of the apocolypse, get your shit together.

Cognitive Dissonance's picture

Better to have been a Lulu Lemon yoga outfit....

Close enough for government work.

Lululemon yago pants

slow_roast's picture

Maybe the looters were just protesting short selling?


SheepDog-One's picture

'Decline and fall' is rapidly outpacing 'hide it with layers of fiat' now. 

As the once thriving Borders shopping mall across the street is now a ghost town, once frequented by Bed Bath and Beyond and retail book shoppers, now crack dealer and hooker central. 

Paper on, Ben and Timmay.

Freddie's picture

Hope and Change = destroying America.

BeerGoggles's picture

Easy buy.

Fade zero hedge at the moment as they are releasing bullshit rumours and causing the market fall.

SheepDog-One's picture

Do you ever even attempt to make a comment based upon the topic at hand at all or are you drunk or something? What is your comment even supposed to mean?

DonnieD's picture

He's trying to expain that the pandemonium we're seeing has nothing to do with bankrupt governments and banks but rather it is due to a website.

SheepDog-One's picture

Right he's got it figured out, Zerohedge caused it.

Doubleguns's picture

I thought it was Bush.  It works for BO.