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Van Rompuy Slashes The "Future Of The Eurozone" From 10 To 7 Pages
Now even the beggars (Gollum, Barosso, Juncker, Monti and lately Draghi) appear to have given up hope they can be choosers. While on Monday the press was abuzz with speculation that Van Rompuy was about to unveil yet another epic (and completely impractical) plan of future Eurozone integration, the FT now reports that just 24 hours later, "Herman Van Rompuy, president of the European Council, on Tuesday published a significantly scaled-back version of the highly-anticipated plan for the future of the eurozone to be debated at a summit meeting this week. The seven-page plan, which calls for progress towards commonly issued eurozone bonds and the eventual establishment of central EU treasury, is less ambitious and less detailed than earlier drafts, including a 10-page version circulated as recently as Monday." At this rate, the final draft will consist of three pages... of blank checks. And the glitch in the matrix will be complete if the first entity this plan is presented to will be US congress. Which would be oddly fitting: after all someone has to pay for other people's socialism.
That proposed giving EU institutions the power to rewrite national budgets and urged eurozone leaders to use their €500bn rescue fund to recapitalise European banks.
While earlier drafts of the report also contained detailed short-term measures that could be taken to address the current market upheaval, the draft published by Mr Van Rompuy on the website of the European Council contains far fewer details and suggests no timetable for implementation.
Still, the proposal – which urges the eurozone to work simultaneously towards a banking union, fiscal union and political union – contains measures that move beyond what some member states have indicated they are willing to accept.
In other words the time to fade this Friday's latest worthless summit, which not even the big banks have any hopes for, is now.
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Hank Paulson 101 playbook. Soon von Rompuy will be on his knees before Merkel.
NO! I am the New Greek Finance Minister!
Rompuy will not be on his knees but in her crotch if he wants a deal.
Your only hope Rompuy to change Merkels mind is to go down on her. Eat the 'black forest' and you might have a chance. No one will doubt your convictions or courage.
Why argue? You are correct. Paulson was an American prude. Von Rompuy is a real European romancer. WB should be able to bring a few images our way of how the EU was won, hopefully.
No worries though until Von Rumproast gets his memo down to 3 pages. That's when we will know he's really serious.:-).
it was easy... all they had to do was delete a few "ummmm" & "like"'s from the proposal...
When it gets down to one bullet point that says "Germany Pays", wake me up.
It will be written on the back of a paper napkin and passed around the room. Three words, "That's All Folks"
http://www.youtube.com/watch?v=-_kwXNVCaxY
"Captain, I don't know how you feel about this shrimp, but if you'll
eat it, you never have to prove your courage in any
other way..."
Oh, you mean there's nothing worse forthcoming? What a relief...
The horror...
Saving the printer ink!
The Lord, the Lord Jehovah has given unto you these fifteen...
SMASH
Oy! Ten! Ten commandments for all to obey!
but he's down to 7...and may choose 3.
wonder which 3 he would pick?
Hummmmmm.
"In other words the time to fade this Friday's latest worthless summit, which not even the big banks have any hopes for, is now."
We are taking opposite side of this fade play. Too many colleagues will be pumping into EOQ.
The road to Goldman's 1285 is littered with surprises. ;-)
EQ still floating on lots of hopium ATM.... All the bad economic news hasnt been priced in as yet: 50% Likelihood of euro collapse plus -1% to + 1% US Growth (exlcluding any other surprises) places S& P at 1200-1250.....
Ctrl + P is not coming coz central bank coordinated message is " let the govts do the lifting this time, enough monetary policy, the marginal benefits exceed the costs"
Which pushes ALL asset classes down...
That's my take at the moment, newsflow on a daily basis seems to strengthen it but any event could flip things either way, so Im out. not wanting to get whipsawed on any asset
post Rio+20 paper saving
they are losing there credibility (not that thet should have any)..pretty soon anything they say will be a sell event..germany once again holds all the cards..
WHY NOT GO JAPANESE?!
DOUBLE THE TAXES OVERNIGHT!!
http://www.chicagotribune.com/business/breaking/chi-japan-doubles-its-sa...
That is one possible response. Of "very few" actually.
It's the 'Chicago way'....with a sales tax at 9.5% ( only 3rd highest in USA )
http://www.chicagobusiness.com/article/20120413/BLOGS01/120419895/shocker-chicago-sales-tax-is-third-highest-in-the-country
Doubling the sales tax seen as positive for markets... W T F.
"The only way to save growth is to kill it."
You have to spend money to keep from going broke.
More financial terrorism. All paper is dead, get physical, get to know your neighbors, chance favors the prepared mind, always has. The only way to kill the "state" beast is to starve it. All eCONomies are local and becoming more local by the second.
Why not send the Americans the rebuilding costs for the damages done at Normandy in 1944?
Why not send it to the Germans? So Germany is the best house in the Ghetto, now what?
bcoz we had built the Atlantic Wall.
A huge Keynesian stimulus program!
... imagine your on vacation at the beach with a lot of friends...
...and suddenly...
...out of nowhere....
AMERCIAN TOURISTS TRASH THE PLACE AND STEAL YOUR BEACHTOWELS!!!
Would you want to pay for their mess?!
think about it...
I keep the pictures of your topless bathing women as a cherished treasure... :o
And i ask to me:
who do chose to Van Rompuy?
Quieres decir "quien ha elegido a Van Rompuy"? O otra cosa?
Zorro Van Rompuy! Give that man a cape and a little black mask!
Hey Gollum, I'll send you my plan, it's only one page!
If someone could help me with the 'Copy' button; I can't reach while sitting on the copier.
"Everybody got a plan until they get hit ! "
Mike Tyson
"Life's what happens when you're making other plans." - J. Lennon
The prudent see danger and seek refuge, but the simple keep going and suffer for it.
Proverbs 27:12
Pussies 0:0
"Old too fast, smart too late." - Mike Tyson
Does this signify a deflationary event? 10 to 7 pages. I think he is appointed but if this shuts up politicians by 30%, I am all for it!
The 30% was fiscal requirements, so still hyperstagflationary.
"TOWARDS A GENUINE ECONOMIC AND MONETARY UNION"
Report by President of the European Council
Herman Van Rompuy
http://www.consilium.europa.eu/uedocs/cms_data/docs/pressdata/en/ec/1312...
...if you can't avoid rape, enjoy it!
Look at the ceiling and think of the Queen.
pump & circumstances
Blimey!
(slow...over the plate....)
Germany's answer is one word on one page: NEIN!
At this point Merkel should just get a t-shirt launcher and start shooting t-shirts at the various finance ministers. The t-shirts will have "Nein!" in large letters on the front and "4th Reich Victory Tour" on the back with a list of all the capitals who had their economies destroyed and the dates it happened.
A free T-shirt and a Spiderman towel. Boy, it must be christmas!
van Rompoy is desperate to get this agreed before the crash (it must be soon!), after all what his little document proposes for his masters is the purpose of all of this eagerly facilitated debt.
Why "must" it be soon? Could take years, if properly managed.
What another scaled down plan to further a plan?
Another Summit that accomplishes nothing?
Unpossible.
A meeting to discuss an upcoming meeting.
On the plus side, I hear the mini-muffins that they serve at the breakfast buffet are to die for ...
Must have been what the 2 day Finance Minister in Greece sampled last Friday.
Garcon, nous voudrons le Beluga, d'ac?
I'm really really really sure with sugar on top that this 18th summit about the Euro and Greece will REALLY be the one that solves all of their problems. Honest... Really...
Congratulations; you just earned another guest-writer. The idiot comments on socialism need rectification.
It seems Mein Herr, that your papers are not in order.
When you look at the eurozone(and EUR/USD) it is important to remember technicals also Daily Market Review by FXCC
Barosso... that Maoist scumbag. No surprises here.
Paulson got funding for his fiction by pitching just a log line - I guess the market is drying up for sequels for this genre?
Direct to (riot) video.
If you take the time to read Van Rompuy's revised "plan" you will see it's all about more integration/centralized power. Is it just me?.... centralized power and mutualisation of debt from the strongest economies to the weaker poorly managed ones are at the core of the problem... so instead of decentralizing debt so that systemic contagion cannot take place (AGAIN and AGAIN) Rompuy et al are using the crisis to further concentrate power/centralize the Eurozone which will of course result in fewer and fewer people having more power/control over the many. Even in the U.S., Obama et al challenged and shot down most of Arizona's immigration bill and put the status of illegals at least on par with that of the the rest of us legals... Arizona's schools, hospitals, etc., are being overrun and the resulting tax burden is horrific... yet another case of the federal government trumping the state government and telling them what to do via centralized power - not good.
This isn't rocket science. Monopoly always ends this way, end being the operant term. Everyone goes negative to the player who runs all the hotels, who starts making side deals with the bank then buys the bank to forgive the player managing the bank's debt - if he's not also the player running the bank in the first place, making loans to himself. Noone else has any money left and he doesn't want the game to end because he's the king, baby - in his own mind. Everyone starts accusing everyone else of cheating, which by the end noone can remember if they did or not because of all the soft banking they all did in order to stay in the game when they went upside down, everyone looking the other way until it got too unfair. Usually some time is spent arguing over the rules. If the game was fair & balanced it would also be pointless. If they played Monopoly in whatever obviously cruel and ideologically delusional education Von Rumpoy & friends went through, they'd know this.
Brilliant headline in so many ways. lol
Whose puppet is Mr. von rompuy??? :O
I'm starting to think Von Rumprider and the rest of his rag tag fugitive fleet of centralized planning hacks are fifth columnists for the Chinese.
Next we're going to start seeing these clowns publish five year plans for Europe. It's become that ridiculous.
On a long enough time line, every European grand economic plans' survival rate drops to zero.
Time line being < one week in this case.
when van rumpleponz is laid to rest.
let us gather around his gold leaf casket chest..
ponder at his life at his hopes and dreams of youth.
let us dwell on this von rompuy man.
a bland mediocrity a hatchette man
an unprincipled toady for cabal cartel inc.
gentlemen let us ponder above his grave then together trample the dirt down.
Forget that. Feed him to the sharks. Do it now, he'll be dead soon enough.