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Video Explanation Of How The ESM Is Europe's Uber-TARP On Steroids

Tyler Durden's picture


Three years ago, Congress balked at the mere thought of giving Hank Paulson's (so lovingly portrayed in Andrew Ross Sorkin's straight to HBO Too Big To Fail) proposed TARP, which came in an "exhaustive" 3 page term sheet with limited bailout powers however with virtually unlimited waivers and supervision, and voted it down leading to one of the biggest market collapses in history. Curiously, a more careful look through Europe's €500 billion (oddly enough almost the same size as America's $700 billion TARP) European Stability Mechanism or ESM, reveals that in preparing the terms and conditions of the ESM, Europe may have laid precisely the same Easter Egg that Paulson did with TARP, but failed. Because at its core, the ESM is like a TARP... on steroids. It is a potentially unlimited liquidity conduit (only contingent on how much cash Germany wants to allocate to it - which in turn means how much cash Germany is willing to let the ECB print), with no supervisory checks and balances embedded, and even worse with no explicit or implicit liability clauses - in essence it is a carte blanche for its owners to do as they see fit without any form of regulation. As the following brief but must watch video explains, the ESM "is an organization that can sue us, but is immune from any forms of prosecution and whose managers enjoy the same immunity; there are no independent reviewers and no existing laws apply; governments can not take action against it? Europe's national budgets in the hands of one single unelected intergovernmental organization? Is that the future of Europe? Is that the new EU? A Europe devoid of sovereign democracies?" Ironically even America's feeble and corrupt Congress stopped a version of TARP that demanded far less from the taxpaying citizens. Yet somehow, Europe has completely let this one slip by. Is it simply to continue the illusion of the insolvent Walfare State for a continent habituated by zombifying socialism, or is Europe by now just too afraid and too tired to say anything against its eurocrat class? One thing is certain: when the people voluntarily give up on democracy, out of sheer laziness or any other reason, the historical outcomes are always all too tragic.


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Mon, 12/19/2011 - 19:12 | 1995897 diesheepledie
diesheepledie's picture

I say go for it!

Mon, 12/19/2011 - 19:15 | 1995911 redpill
redpill's picture

I guess Europe wanted a Federal Reserve of their own!

Mon, 12/19/2011 - 19:27 | 1995957 YBNguy
YBNguy's picture

Christmas came early!


Mon, 12/19/2011 - 19:30 | 1995964 spiral_eyes
spiral_eyes's picture

European Sieg Heil Mechanism

Mon, 12/19/2011 - 21:15 | 1996189 r00t61
r00t61's picture

"...there are no independent reviewers and no existing laws apply..."


The "law" is a tool used to prevent the poor and ignorant from taking back by violence what the rich have stolen through cunning.

Mon, 12/19/2011 - 23:50 | 1996511 flacon
flacon's picture

They are so jealous of America! Research the Exchange Stabilization Fund (ESF). They even use almost the same acronym - copy cats!:


The Exchange Stabilization Fund and The Gold Reserve Act


Exchange Stabilization Fund (in detail)



Tue, 12/20/2011 - 02:47 | 1996888 Michael
Michael's picture

I can think of no better fate for European socialists. It's a natural progression. Once their economic socialism experiment failed, the next logical step in the progression is fascist feudalism. The Europeans deserve what they get for being morons and having such low IQ's. They weren't capable of figuring this oligarch capture move out even though history is replete with examples. They should have listened to Alex Jones. 

Tue, 12/20/2011 - 03:29 | 1996915 Michael
Michael's picture

Ron Paul tells you what the problem with Europe is and how to solve it.

Ron Paul's Texas Straight Talk 12/19/11: European Bailout Will Make Crisis Far Worse!

Tue, 12/20/2011 - 08:17 | 1997087 Ghordius
Ghordius's picture

blablabla - so you guys have had TARP and TALP and waste your breath on an up-to-now empty promise?

the video highlights the very problem of this stupid scheme - at the very moment Brussels calls for money the govs involved just show the middle finger...

European Socialists? How do you define "socialist"? By measuring what percentage of the population get a transfer payment from the state?

Tue, 12/20/2011 - 12:14 | 1997718 Sandmann
Sandmann's picture

There are no "Europeans" just as "Americans" could be Brazilians or Chileans rather than Canadians or inhabitants of Massachussetts.........Europe goes beyond the Urals and is a big area with lots of very different people with vastly different history

Tue, 12/20/2011 - 05:49 | 1996988 Sandmann
Sandmann's picture

Except that the US in 1934 copied the British EXchange Equalisation Account created in 1932 which the US forced Britain to discontinue after 1947

Mon, 12/19/2011 - 20:04 | 1996046 peekcrackers
peekcrackers's picture


+1 .. E U Fed with more power . Plus now they can ware socks with sandles on the beach and not feel silly.

Mon, 12/19/2011 - 21:23 | 1996198 youLilQuantFuker
youLilQuantFuker's picture

Are they hiring?

Mon, 12/19/2011 - 20:14 | 1996061 4realmoney
Mon, 12/19/2011 - 21:07 | 1996171 economics1996
economics1996's picture

Check out the man boobs on the human walking pos Barney Frank.  This is why ugly women should not be allowed to breed.

Mon, 12/19/2011 - 21:32 | 1996212 I Got Worms
I Got Worms's picture


Mon, 12/19/2011 - 22:19 | 1996293 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Barney had bitch tits.

Mon, 12/19/2011 - 22:44 | 1996356 Teamtc321
Teamtc321's picture

Barney has bitch tits. There, helped you out a bit. lol

Mon, 12/19/2011 - 22:55 | 1996387 walküre
walküre's picture

it says he was wearing a sling due to an operation on his thumb..

I won't go there...

Mon, 12/19/2011 - 19:42 | 1995994 NooooB
NooooB's picture

thesheeplethe ?

Mon, 12/19/2011 - 19:57 | 1996034 Mr. Mandelbrot
Mr. Mandelbrot's picture

Time to refresh on the "Protocols of the Learned Elders of Zion" to see what happens next . . .

Mon, 12/19/2011 - 20:21 | 1996076 Joseph Jones
Joseph Jones's picture

I like Jesus' words to the Pharisees who hung him on the tree (among many other juicy tidbits): "your father is the devil...say not that you have Abraham as your father...God is able to raise up children of Abraham from these stones...beware the 'traditions of the elders' (washing of hands, Kosher laws, etc.)"

And from the real OT: "the borrower is slave to the lender".

Remember, when the Rabbis mention the "Torah", they have two Torah.  One is the normal written OT with which many are familiar.  The Rabbis describe this OT as of little value, and it is a fairy tale only rightly interpreted by a Rabbi.

Per the Rabbis: The other Torah, the one the Rabbis update regularly, is the spoken word god gave to Moses, not put to writing till 3C AD when the Rabbis wrote the Talmud.  This is what Jesus speaks of as "the traditions of the elders".  The noose around the necks of Jews, put there by the Rabbis (such as the religious laws that prevent orthodox Jewish women from driving a car in ultra-liberal NYC).  The Talmud identifies Jesus as "Pantera", the name of the Roman guard who fathered Jesus by the prostitute Mary...Jesus now boils in excrement for eternity for embarrasing and taking power from the Rabbis.

The Rabbis are the ones who state they are God's chosen people by DNA birthright.  They are above goyim by birthright and nothing else.  They trace their DNA back to Abraham.  The teaching mentioned in the 1991 US Public Law 102-14, that you are responsible to uphold under punishment of Rabbinical death sentence (coming soon enough).   

Tell me how/why this teaching is not laughed off the face of the earth?    

Mon, 12/19/2011 - 20:27 | 1996087 WestVillageIdiot
WestVillageIdiot's picture

I've lived in this area a long time and I've never driven a car in NYC.  And I'm not even an orthodox Jewish woman.  I do feel bad for those women.  Have you seen the mutts they have to sleep with?  Those guys, with all of that black clothing on the subways in summertime, must stink something fierce.  It could bring tears to your eyes.  I do like how the orthodox are so able to freely discriminate.  That cracks me up.  I've been on the receiving end of their bigotry. 

Mon, 12/19/2011 - 21:09 | 1996175 frieswiththat
Mon, 12/19/2011 - 21:30 | 1996208 Mr. Mandelbrot
Mr. Mandelbrot's picture

Not funny . . .

Mon, 12/19/2011 - 21:26 | 1996204 Mr. Mandelbrot
Mr. Mandelbrot's picture

Who junked you without reply?!! Obviously, not everyone remembers that even Abraham (father to both Jews & Muslims) had a master/mentor, Melchizedek . . .

Mon, 12/19/2011 - 22:39 | 1996342 Ned Zeppelin
Ned Zeppelin's picture

Interesting for sure, but WAY off topic.

Mon, 12/19/2011 - 22:52 | 1996381 Mr. Mandelbrot
Mr. Mandelbrot's picture

or an attempt to get ON topic?

Mon, 12/19/2011 - 20:33 | 1996092 philipat
philipat's picture

Where are the UK-bashers today?

This is exactly what Nigel Farage has been saying forever. For instance:

Mon, 12/19/2011 - 23:00 | 1996398 walküre
walküre's picture

What Nigel Farage conveniently forgets to mention is that the UK has the highest debt load of anyone. The French however are starting to point towards that direction.

The UK is in a glass house and slinging boulders at everyone else..

Tue, 12/20/2011 - 03:33 | 1996918 philipat
philipat's picture

Not really. Most of the UK "Financial Debt" is in the form of derivatives, which actually goes back to th US. And, actually, I don't see the UK throwing many boulders, which actually seem to be getting thown from France, with the support of Germany of course.

Mon, 12/19/2011 - 19:35 | 1995899 DormRoom
DormRoom's picture

The ESM is a mechanism for authoratarian rule.


If the ESM body (technocrat) doesn't like a particular person, or party in a EZ, they can demand financial reforms, or budgets which could delay a solution, and end the chances of the party, or leader, from a down economy.


Could you imagine, if a unelected body, decided that the a US stimulus program was invalid, vetoed it, and that caused a president, Congress, to lose his/her/it relection, from a down economy?


Power is being concentrated to a very small elite group.  Giving them the ability to select the core personnel.  That is how Stalin rose to power.

ESM technocrat = EU politburo

Mon, 12/19/2011 - 20:25 | 1996080 itstippy
itstippy's picture

Apparently the Eurozone countries (or at least the bankers & politicians that run them) are so desperate that they'll agree to any abomination if it gets the ECB to PRINT.  PRINT EUROS AND BUY OUR SHITBONDS!

Why on Earth would they agree to let Germany run their finances?  Why would they support crawling to the IMF for funds?  The IMF?!? That's for starving African nations, right?

Bottom line, the ECB cannot legally buy sovereign shitbonds directly and they don't want to anyway.  The dolts running the indebted Euro periphery think that if they agree to a conduit approach (ESM, EFSF, IMF, World Bank, whoever) that they will be saved via ECB printing.  Traitorous idiots.

Mon, 12/19/2011 - 20:25 | 1996082 Joseph Jones
Joseph Jones's picture

And why Plato places the USA's republican form of democracy one mere step above fascism.

Plato also outlawed all private forms of religious worship or expression, under penalty of death. 

Mon, 12/19/2011 - 23:15 | 1996422 earleflorida
earleflorida's picture

there are but two power's in the world today, such that only known foolish whisperer's dare sort their being's aloud,..."ESM's & Dystopiamokcrazy's" which unbeknownst prostrate too,... the almighty  "FRB & BIS" - ironically, and as fate would have it, they're a symbiotic anomaly lacking the fundamental, sine`qua`non,...


Mon, 12/19/2011 - 19:13 | 1995904 Careless Whisper
Careless Whisper's picture

A Europe devoid of sovereign democracies?

Yeah, that's what its all about. A stepping stone to a planet devoid of sovereign democracies. It's called one world government (aka new world order).

Mon, 12/19/2011 - 19:22 | 1995934 WestVillageIdiot
WestVillageIdiot's picture

The Congress of Vienna (I mean Brussels) is trying to reestablish the legitimacy of the monarchies (financial oligarchies). 

Mon, 12/19/2011 - 19:29 | 1995961 falak pema
falak pema's picture

Metternich, Kissinger's model!

Mon, 12/19/2011 - 20:57 | 1996146 AurorusBorealus
AurorusBorealus's picture

Then Kissinger failed to emulate his model.  Europe has no Metternich to thwart this uprising for 40 years.

Mon, 12/19/2011 - 19:14 | 1995906 Piranhanoia
Piranhanoia's picture

Everyone wishing to sign on, cue up here.  No,  over here please!   Where are you going?   Isn't anyone going to sign up?

Mon, 12/19/2011 - 19:16 | 1995913 billybobtx
billybobtx's picture


Mon, 12/19/2011 - 19:23 | 1995936 agent default
agent default's picture

Not yet.  I would wait for silver  to hit $25-20 (mid 2012?) before getting in again.  From that point on, I don't think you will ever find silver bellow $40.  Ever.  Then again market timing is a bit of a gamble.

Mon, 12/19/2011 - 19:29 | 1995963 sampo
sampo's picture

There will be timers and timers. My timing was right, I've got the PHYZZZZ..

Mon, 12/19/2011 - 21:50 | 1996246 Mr. Mandelbrot
Mr. Mandelbrot's picture

Your risk tolerance is much higher than mine. I'm buying all I can afford at current prices, which are dirt cheap IMO . . .

Mon, 12/19/2011 - 19:20 | 1995928 WestVillageIdiot
WestVillageIdiot's picture

how does one get to be such a sick fuck that they can even think up such monstrous fucking ideas as these?  I just can't comprehend the level of evil that it takes to be behind this bullshit.  That is why evil so frequently wins.  We just can't believe that such evil fucks exist therefore we can't fight them. 

Mon, 12/19/2011 - 19:23 | 1995937 devo
devo's picture

I'm just wondering where they find the energy. It's 3:30, and I'm still in my pajamas.

Mon, 12/19/2011 - 19:26 | 1995951 WestVillageIdiot
WestVillageIdiot's picture

I have always laughed about the thought of pot smokers.  They are portrayed as being dangerous because they are often unmotivated and lazy.  Shit, it seems to me that it is the motivated Type-A fucks that are destroying the world.  We should force these little Poison Ivy League stooges to smoke 10 one-hitters a day until that destructive motivation streak is knocked out of them. 

Mon, 12/19/2011 - 19:30 | 1995969 devo
devo's picture

Oh, I don't smoke pot. I just have mild anemia, so I never have energy. It makes me fascinated by these guys who are naturally juiced and just intent on world domination. Just watching them makes me want to nap.

Anyway, they will win and we will lose, but we'll kick their faces in if it gets real bad, and we'll only bone like 15% fewer women (assuming we're all average looking and semi-funny). It seems like a lot of misguided effort on their part if Darwinism is the end goal. I can only assume these guys are all really ugly with small dicks.

Mon, 12/19/2011 - 19:33 | 1995971 gangland
gangland's picture

jimmy cayne smoked pot

Mon, 12/19/2011 - 20:01 | 1996040 Rainman
Rainman's picture

the really, really good shit, I bet

Mon, 12/19/2011 - 22:24 | 1996312 prains
prains's picture

I think bob marley had the odd blunt

Mon, 12/19/2011 - 21:07 | 1996166 philipat
philipat's picture

To respond to WestVillage Idiot:

Following the example set by Congress in voting to allow the military to detain US citizens on US soil indefinitely and without judicial reveiw?

Mon, 12/19/2011 - 22:22 | 1996300 LeBalance
LeBalance's picture

patience, young one, whenever such filth cry out to the greater cosmos: "I am the most evil fucker ever" they are invariably attracting an even more evil one to bone them in their blind spot.

/blessed angel of dark and light/

Mon, 12/19/2011 - 22:56 | 1996391 Mr. Mandelbrot
Mr. Mandelbrot's picture

You must be WAY over my head . . .

Mon, 12/19/2011 - 19:22 | 1995931 devo
devo's picture

Bullish for gold.

Mon, 12/19/2011 - 19:28 | 1995960 WestVillageIdiot
WestVillageIdiot's picture

Long-term most likely.  But in the meantime they are still bringing down the paper.  Just look at silver today.  It is getting the Jodie Foster on a pinball machine treatment.

Keep your powder dry for the physical, boys.  Don't fire until you see the whites of their pockets. 

Mon, 12/19/2011 - 19:38 | 1995987 devo
devo's picture

I'm amazed people want dollars. I bought pretty high (1700), so I am feeling massive pain right now. I actually listed some of my stash for sale over the weekend, but after doing so I was like "WTF, I don't want dollars"...

I think I'd rather just get crushed in metals and buy more/average it out if I have to than hold dollars. I really did panic last week with that drop, and I feel like it hasn't bottomed yet, so there's probably more pain coming. Luckily I went 75% gold/25% silver so I'm not feeling as much pain as those who purchased silver recently.

That last sell off was bizarre. It was almost a preemptive liquidation for an anticipated market collapse. Maybe people booking year end gains and such, but very strange. If the stock market collapses, like it should, then more pain. Hate how gold is trading like a risk asset. Really want to see decoupling from stocks and paper--until then gold is those assets derivative and will behave like them. Sucks balls.

Mon, 12/19/2011 - 19:43 | 1995998 WestVillageIdiot
WestVillageIdiot's picture

Nobody should view one gold or silver purchase as their only purchase.  Protecting yourself is a lon-term goal.  Therefore it should come with a long-term plan.  I bought silver at close to $40 per ounce.  I also bought it at $11 per ounce.  I will buy again.  Gold and silver should be part of your savings plan, not part of your investment plan.

Good luck.  Just remember, rust never sleeps.  

Mon, 12/19/2011 - 22:49 | 1996373 IndicaTive
IndicaTive's picture

Well put.

Mon, 12/19/2011 - 20:27 | 1996088 Better_late_tha...
Better_late_than_never's picture

I'll just wait to buy life insurance next week when the price goes down. It's not like im going to die tomorrow. /sarc

This world is one news story away from collapse. Trade paper for phyzz and forget about the numbers. Check the numbers in two years after they get the internet running again. lol

Mon, 12/19/2011 - 20:49 | 1996123 devo
devo's picture

That's why I bought. I don't regret buying; I regret knowing I could have owned more OZs for those dollars.

The only reason I thought of selling was that I could repurchase more OZs if it dropped to 1200 range. But fuck being a weak hand. I will just ride it out.

Tue, 12/20/2011 - 01:07 | 1996753 blindman
blindman's picture
Really interesting video on ‘scrap gold’
Posted on December 19, 2011 by maxkeiser

Mon, 12/19/2011 - 19:23 | 1995939 Rainman
Rainman's picture

Hell, we're talking Xmas Eve Fannie Freddie bailout unlimitedness redux....nobody got jailed or hung in USSA.....ESM a go ! 

Mon, 12/19/2011 - 19:30 | 1995965 WestVillageIdiot
WestVillageIdiot's picture

You got that all wrong.  There was nothing wrong with the Fannie and Freddie bail job because little Timmy Geithner (the angel of financial death) told us that it would never cost the taxpayer a single penny.  And it hasn't.  Oh, wait.  That's right.  What are we at now, $160 billion and counting? 

Hey, Obama, how does that fucking Geithner guy still have a job?  All I want for Christmas is Timmy's two front teeth. 

Mon, 12/19/2011 - 22:13 | 1996284 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

I think it's funny that the people that call me a doomer are the same people who say the world would have ended if we hadn't bailed out the banks et al.

Mon, 12/19/2011 - 19:24 | 1995940 gangland
gangland's picture

hank and neel would be proud

Mon, 12/19/2011 - 19:25 | 1995943 JustObserving
JustObserving's picture

A Europe devoid of sovereign democracies?  What about the sovereign power of the Fed in handing out $29.6 trillion in 2008 and refusing to tell Congress.

The fiat Ponzi scheme has a lot to hide whether here or in Europe.

700 billion Euros will not be enough though.

Europe better crank up those printing presses.  Bernanke will help too.

Mon, 12/19/2011 - 19:25 | 1995945 RSDallas
RSDallas's picture

Next thing you know Obama will be trying to sign up the USA.

Mon, 12/19/2011 - 19:33 | 1995972 WestVillageIdiot
WestVillageIdiot's picture

Anything that will hurt this country is good for Obama.  Come on, everybody knows the guy hates the fucking USA and all its people.  Can we really have any doubt left on this one? 

Tue, 12/20/2011 - 00:45 | 1996684 merizobeach
merizobeach's picture

I don't think he hates it any more than the last guy.  Or any more than me, for that matter.

Mon, 12/19/2011 - 19:30 | 1995947 falak pema
falak pema's picture

this is treason! to have even proposed such a scheme...if this is true. We must ALL act on this.

There is such a thing as a European PArliament, they CANNOT bypass it.

Mon, 12/19/2011 - 19:38 | 1995981 sampo
sampo's picture

Actually, there's no practice they (MEPs) could REJECT it. Only the national governments can.

Mon, 12/19/2011 - 19:25 | 1995950 nmewn
nmewn's picture

National sovereignty bitchez.

Mon, 12/19/2011 - 20:01 | 1995952 Curtis LeMay
Curtis LeMay's picture

Old Europe's "elite" know nothing else than tyranny and despotism.

Hell, look at who they've come up with. Hitler, Marx, Engels. Napoleon. Even Pol Pot was educated in France. Then look what happened with what old Europe's leaders did to millions in their now former colonies like Algeria, The Congo, Rwanda. The list is endless and mind numbing....

Welcome to the EU "project", fellas.

About damn time we here in the New World started paying a hell of a lot more attention to what's going down in euroland...

Mon, 12/19/2011 - 20:16 | 1996067 end-of-daze
end-of-daze's picture

Don,t you realise that you are the real problem. Please just stay home for the next century!

Mon, 12/19/2011 - 20:31 | 1996100 Terminus C
Terminus C's picture

The irony of your name and your post is too much...

Also, if you live in any "western" state, you are throwing rocks from a glass house.

Mon, 12/19/2011 - 19:30 | 1995967 Papasmurf
Papasmurf's picture

The looting till continue so long as there is loot.

Mon, 12/19/2011 - 20:32 | 1996102 Terminus C
Terminus C's picture

Or until moral improves.

Tue, 12/20/2011 - 07:52 | 1997048 floridasandy
floridasandy's picture

good one.


first, i thought that you spelled morale incorrectly and then i realized it is correct to say moral.


the morals desperately need to improve.

Mon, 12/19/2011 - 19:35 | 1995979 homer8043
homer8043's picture

So the ESM writes our current treatment of bankers into law. Great. Just great. Cue riot cam.

Mon, 12/19/2011 - 21:35 | 1996217 youLilQuantFuker
youLilQuantFuker's picture

I hope Lasagna shows up on your cam show he's my favorite riot dog.

Mon, 12/19/2011 - 19:35 | 1995980 High Plains Drifter
High Plains Drifter's picture

it doesn't matter what they want .  just like here.   their leaders read it and know about it but signed it anyway.......just like they have done here.  if one deals with idiots then it is easy to not respect idiots.......because idiots are idiots...........

Mon, 12/19/2011 - 19:37 | 1995985 Ratscam
Ratscam's picture

ESM = European Seizure Mafia

Mon, 12/19/2011 - 19:40 | 1995989 WestVillageIdiot
WestVillageIdiot's picture

Enjoy Sado-Masochism



Mon, 12/19/2011 - 19:38 | 1995988 zilverreiger
zilverreiger's picture

Each member country appoints its own governor and vice governor.

They rule by majority vote and some with 2/3th majority.



Mon, 12/19/2011 - 19:54 | 1996027 nmewn
nmewn's picture

The appointment of govenors & vice govenors being operative here...unelected.

I would assume there is a way for a majority of this "grand council" to remove a recalcitrant govenor (without digging through the pdf) as well.

And we are left with the same old...who will watch the watchers.

Mon, 12/19/2011 - 19:43 | 1995993 non_anon
non_anon's picture

yep, treaties have been and always will be a way for the establishment to make an end run around the rule of law and the republic.

Mon, 12/19/2011 - 19:43 | 1995995 Jumbotron
Jumbotron's picture

Village Idiot said....

how does one get to be such a sick fuck that they can even think up such monstrous fucking ideas as these?  I just can't comprehend the level of evil that it takes to be behind this bullshit.  That is why evil so frequently wins.  We just can't believe that such evil fucks exist therefore we can't fight them.

V.I. hang on to your hat.

For those that have read this already, my apologies.

But I have found the most HOLY SHIT artcle I have ever read since waking up from the Matrix in 2008.  Granted it's conjecture on the part of the writer but it makes PERFECT sense.  If even close to true then it truly is the roadmap to serfdom by the banks.  Not one sovereign nation is safe....not one. 

In the wake of MF Global, this article makes perfect sense.

This is not spam....please take the time to read it.  It is in depth, it will take a while but.....Holy God in Heaven.....if this guy is correct......

Mon, 12/19/2011 - 20:42 | 1996125 oldschool
oldschool's picture

Thanks for the link.  I recommend it to all and look forward to some ZH comments on it.

Mon, 12/19/2011 - 22:56 | 1996390 nmewn
nmewn's picture

May be on to something here...

under a 2005 amendment to the bankruptcy laws, derivatives counterparties were given the advantage over other creditors of being able to immediately terminate their contracts and seize collateral at the time of bankruptcy. (p. 48)

So when a bank goes bankrupt, BEFORE even the most senior bond holders, the repo lenders and derivatives traders can remove, or keep all the assets pledged to them.

Mon, 12/19/2011 - 23:41 | 1996490 Teamtc321
Teamtc321's picture

This information bring's a  question of what exactly happened under TARP also. 

Tue, 12/20/2011 - 00:14 | 1996580 blindman
blindman's picture

this link seems to work.
Plan B – How to Loot Nations and Their Banks Legally
By David Malone
money as debt II.
Money As Debt II-Promises Unleashed-Full Length Documentary
you have no deposits in banks. you have an account
that indicatest the loans you have made to the bank.
the money in the bank is the banks money, not yours,
till you remove it.
living through the end stage of a 100 year confidence scam.
we have had plenty of time to figure it out.
trust no man

Tue, 12/20/2011 - 02:18 | 1996862 Scalaris
Scalaris's picture


Thank you for the link as well.

I've read an article called "How George Soros Ended Up With MF Global’s Client Money", and I was wondering how it wasn't illegal for MF Global’s segregated clients to remain a counterparty to the trade by default, without their permission, but then I've read about the special bankruptcy amendment and the Gramm–Leach–Bliley Act.

"..under a 2005 amendment to the bankruptcy laws, derivatives counterparties were given the advantage over other creditors of being able to immediately terminate their contracts and seize collateral at the time of bankruptcy."

An extract from the International Centre For Regulation Conference on Future of Banks' Funding

"Professor Perotti outlined how over the 2002-2005 period, bankruptcy laws were changed in all EU countries and the US, and secured financial credit (repos) and derivative counterparties gained a strong bankruptcy privilege, amounting to de facto “superpriority”, as counterparties could gain immediate repossession of collateral in default (so-called “safe harbor claims”, as opposed to having to accept the “automatic stay” which protects the debtor in Chapter 11 for example)."

"As often in financial regulation, this leads to unintended consequences. As a default leads to repossession of collateral for all safe harbor claims, repossession accelerates fire sales, resulting in a disorderly resolution, with a rush to sell collateral ahead of others, creating a downward spiral in valuations. The timing of the jumps in risk spreads on Lehman, two days after the default, demonstrates this effect, as does AIG."

Also, There are two interesting papers:

Tue, 12/20/2011 - 15:05 | 1998382 Zero Govt
Zero Govt's picture

"..(repos) and derivative counterparties gained a strong bankruptcy privilege, amounting to de facto “superpriority”

in Europe and America

So now we know who is the most powerful at moving politicians and Legislatures and we also know who are the most politically corrupt ... the repo and derivative financiers

Via the bankruptcy laws they get first bite over the carcass and steal other peoples money (segregated funds) they have absolutely no title to

and would we be surprised to find the financiers that sell derivatives and trigger a default and liquidation event are one and the same?? AIG and MF'ing Global

Nice job selling absolute trash (bets that'll never pay out), triggering a default and then getting to strip real assets out a company based on a worthless piece of garbage (ie. Repos and dervitaives)

Tue, 12/20/2011 - 02:59 | 1996898 SHRAGS
SHRAGS's picture

Jumbo, thanks for the link.  Both Jim Sinclair and Martin Armstrong mentioned in recent interviews the Repo and bankruptcy laws as the root cause of the problems.

Martins interview on KWN, jump to about 11:00 minutes

He talks about the effect of losing AAA status and repo's.


Jim Sinclair at about 4:30 min in talks about the changes to the bankruptcy laws: 

Tue, 12/20/2011 - 10:38 | 1997393 Jumbotron
Jumbotron's picture thanks to all you guys who posted links to related info.  This is what I love about the internet and ZH in particular.  Knowledge begets knowledge.

In particular, Scalaris, concerning part of what you posted......

Professor Perotti outlined how over the 2002-2005 period, bankruptcy laws were changed in all EU countries and the US, and secured financial credit (repos) and derivative counterparties gained a strong bankruptcy privilege, amounting to de facto “superpriority”, as counterparties could gain immediate repossession of collateral in default (so-called “safe harbor claims”, as opposed to having to accept the “automatic stay” which protects the debtor in Chapter 11 for example)."

I remember reading years ago about how European and US banking laws were in the process of being "harmonized" in part so our two systems of banking could be on a more level playing field.  Now I know's not so much a level playing field as it is a level killing field for the sheep

Even these words from the past, during the run-up to the first Gulf War, have much more meaning now, seeing as how the New World Ponzi (let's drop the New World Order) is run on cheap oil......


With the domestic consensus for the Administration's policy on the Persian Gulf beginning to fracture, Secretary of State James A. Baker 3d declared today that a primary reason the United States must confront Iraq is to save American jobs.

Speaking with reporters after a hastily arranged meeting here with Canada's External Affairs Secretary, Joe Clark, Mr. Baker dispensed with some of the more abstract explanations for the Administration's gulf policy and focused on the fate of the American worker.

"The economic lifeline of the industrial world runs from the gulf and we cannot permit a dictator such as this to sit astride that economic lifeline," Mr. Baker said, referring to the Persian Gulf's oil reserves. "To bring it down to the level of the average American citizen, let me say that means jobs. If you want to sum it up in one word, it's jobs.

"Because," he continued, "an economic recesssion worldwide, caused by the control by one nation -- one dictator if you will -- of the West's economic lifeline, will result in the loss of jobs for American citizens." Selling an Idea.


It wasn't so much about oil but oil's ability to not only lubricate the machines of production but the financial machine as well.

Jesus !  We really are in for a nightmare of bank designed serfdom and wars over oil either in the Middle East or against Russia and/or China forever... 

Mon, 12/19/2011 - 19:43 | 1995997 YuropeanImbecille
YuropeanImbecille's picture

Once again the guys who killed Jesus will rape Europe, why does history always have to repeat itself?

I guess this time around, they will have every single man, woman and child on the continent against them tho, last time they raped Germany and got flogged for it, this time they are raping the entire continent.

Information is freely availble online about their work, even if they have large armies of paid internet shills that spread their propaganda. The squid needs to die, and we need to make sure this can never happen again!


never again!



Mon, 12/19/2011 - 19:46 | 1996009 WestVillageIdiot
WestVillageIdiot's picture

Wasn't it the Romans at Golgotha that are said to have put Jesus on the cross? 

Mon, 12/19/2011 - 19:51 | 1996020 Jumbotron
Jumbotron's picture

YuroeanImbecile said...

Once again the guys who killed Jesus will rape Europe,

You mean Italians ?  Right?

You do know...Yur An Imbecile...that Romans killed Jesus.  They controlled Judea at that time through the Governership of Pontius Pilate...a in from know....which is still in modern day Italy.

The Jews only CONDEMNED Jesus....they had no power to actually put him to death.  And you do know that Jesus was a ....wait for it.....wait for it.....a Jew?   Right? actually does look like modern day Romans will have a big hand in raping Europe.



Mon, 12/19/2011 - 20:06 | 1996050 InconvenientCou...
InconvenientCounterParty's picture

I was there. There was this articulate progressive who pissed off the conservatives and was executed.

His friends took his body afterward as a demonstration of their loyalty. Get over yourself.

Mon, 12/19/2011 - 20:11 | 1996057 Jumbotron
Jumbotron's picture

And Mick Jagger wrote Sympathy For the Devil for you while you two smoked dope in the studio....right?

Mon, 12/19/2011 - 20:35 | 1996110 YuropeanImbecille
YuropeanImbecille's picture

sure thing goldman, right on! let´s party like the fucking gholem is still asleep shall we?

Tue, 12/20/2011 - 02:21 | 1996867 Joseph Jones
Joseph Jones's picture

The Rabbis are the spiritual heirs of the Pharisees who murdered Jesus.  You and the Rabbis lie, the Scriptures say:

" (1st C Hebrew converts to Christ) also have suffered like things of your own countrymen, even as they have of the Hebrews who both killed the Lord Jesus and their own prophets (such as Isaiah)... 1 Thessalonians 2:14-15

Normally the word "Jew" wrongly appears where I typed "Hebrew".  Per the Oxford Dictionary the word Jew first appeared in print in 1775 AD.  Jesus was not a Jew as the modern Pharisees (Rabbis) would have stupid goyim believe.  Vist your library to read the Oxford dictionary for yourself.  This information is completely hidden via the net.  The year each word first appeared in print is in parentheses.  A playright first wrote the word "Jew" in a play.        

"...Peter...replied (to the Hebrew Sanhedrin): The God of our fathers raised Jesus from the dead-whom you (the Hebrew Sanhedrin) had killed by hanging him on a tree..."  Acts 6:28-29

You and the Rabbis lie.  The Scriptures are true.

I am purely and only a pacifist and pray for the Rabbis and their supporters to repent.  I wish no harm to anyone.  Besides, the Rabbis harm common Jews more than anyone else (such as Orthodox Jewish females who can not drive a car in NYC).  I pray only for God to free Judaics from spiritual Rabbinical slavery, and for stupid naive goyim to stop spreading Rabbinical myths such as the Hebrews did not kill Jesus...and that Judaics are God's "chosenites". 






Mon, 12/19/2011 - 21:16 | 1996190 Schmuck Raker
Schmuck Raker's picture

Well, I must say, whoever killed Jesus didn't do a very good job of it, and deserves to be persecuted to infinity, or failing that, to eternity.

Tue, 12/20/2011 - 10:42 | 1997428 Jumbotron
Jumbotron's picture

Well, I must say, whoever killed Jesus didn't do a very good job of it, and deserves to be persecuted to infinity, or failing that, to eternity.

Obviously these words were NOT written by the one who said..."Father forgive them...for they know not what they do."

Mon, 12/19/2011 - 19:47 | 1996011 uno
uno's picture

I wonder how the European MSM is covering or not covering this, probably same as the US, corporate owned.  Well done video, I'll post this video link again since the last time it was very late in a thread.  If rushed for time start around 3:45


Mon, 12/19/2011 - 19:59 | 1996036 Bunga Bunga
Bunga Bunga's picture

This video was already covered by the MSM in September this year:,1518,784869,00.html

Sorry Tyler, but the English version of this video seems to lag behind by several months.

Mon, 12/19/2011 - 21:12 | 1996180 uno
uno's picture

Glad you posted that, spiegel did not agree with the way the video was presented, also looked at the youtube version, latest count was 134,000 views, so not circulated that much.  Even if some of the points are exaggerated the fact of putting Squids in charge throughout Europe shows they have backups plans in place, the end game is the privatization of the resources, with or without consent.

Mon, 12/19/2011 - 19:55 | 1996029 Tuffmug
Tuffmug's picture

ESM, Shades of Twilight Zone:

"It's a COOKBOOK!!!"

Mon, 12/19/2011 - 20:01 | 1996039 end-of-daze
end-of-daze's picture

What a load of crap you lot talk about Europe. Chill out!

Mon, 12/19/2011 - 20:01 | 1996041 InconvenientCou...
InconvenientCounterParty's picture

this is what's known as naked aggression.

just say "no" to financial tyranny folks. It's easy.

Mon, 12/19/2011 - 20:10 | 1996056 Matt
Matt's picture

The good news is, they'll never raise the 700 Billion Euros to implement this scheme.

Unless they only need 700 Billion in pledges, with the ability to demand delivery within 7 days, without actually using any "real" money. Then they just print money backed by the pledges.

Or if The Fed lends them the 700 billion to provide to the ESM.

Mon, 12/19/2011 - 20:15 | 1996065 oogs66
oogs66's picture

Never ever going to happen

Mon, 12/19/2011 - 20:24 | 1996079 the 300000000th...
the 300000000th percent's picture

Looks like they see a near future where they will need to print 20 trillion at a time and then maybe 55 quadrillion and then maybe 1,800 gazillion and then maybe ......

Mon, 12/19/2011 - 20:30 | 1996093 WestVillageIdiot
WestVillageIdiot's picture

"We're all rich, bitchez!"

Mon, 12/19/2011 - 20:27 | 1996089 Chappaquiddick
Chappaquiddick's picture

House it one building and nuke the fuckers if they get upperty.  No immunity from that.

Joking aside - every so often I see stuff posted here that really hits home - this vid is one of those items.  This is a power grab and Cameron was totally justified in applying the UK veto.  The question is whether, now that Greece and Italy have Bilderbeger and Trilateral Comission elite in the top job, there are sufficient numbers outside of that influence to block this??

If this goes ahead then we're all dog food.



Mon, 12/19/2011 - 20:30 | 1996095 blindman
blindman's picture
Architects of Control : Program One - Mass Control and Future of Mankind
Vezi detalii
Architects of Control : Program One - Mass Control & Future of Mankind

Mon, 12/19/2011 - 20:33 | 1996107 San Diego Gold Bug
San Diego Gold Bug's picture

Phyzzz or bust!!  Check out the Christmas Phyzz video that gives Zerohedge some Xmas love.  Silver Bells

Mon, 12/19/2011 - 20:36 | 1996111 BennyBoy
BennyBoy's picture

Sounds like Mitt Romney's Reign and aftermath in Mass.

Mon, 12/19/2011 - 20:39 | 1996113 XRAYD
XRAYD's picture

As Stalin once asked, How many divisions does the Pope have?


Does the ESM have any tanks?


It is in and by itself obviously a WMD.  


The US, rightly, sould shock and awe the heck out of them.


But Obama, Geithner, and Ben will be cheering them on no doubt.  Because ultimately, the same plan will be "Made IN the USA, FOR the USA, BY the USA."  


Gingrich might be president then, and he has already announced that he will jail judges that do not do as he wishes!


Mon, 12/19/2011 - 20:38 | 1996114 Scrilla
Scrilla's picture

When was this draft made up? An ESM-based bazooka was plan D, right?

Mon, 12/19/2011 - 20:49 | 1996138 A_S
A_S's picture

Well, nice vid, they don't know where brussels is located and make up a way of spelling it, hope the rest is more accurate

Mon, 12/19/2011 - 20:56 | 1996144 GCT
GCT's picture

I do not understand portions of this.  How can any of the PIIGS contribute to IMF when they cannot meet their domestic obligations?  Sounds like a round robin where they passs the Euro's around and hope some dumbass will invest in this scheme.  Nothing really changes and according to some estimates their debt to recap and bailout is to the tune of 30 trillion.  I thought we were stupid here in the USA. 

The dictatorship of Europe is almost upon us.  Most likely this is just another ploy to scam everyone into thinking they will have safe investments.  While I sit here thinking about this, most likely the Fed will print this for them.  It is indeed a scary world we live in these days.  Sooner or later if this is the final plan some country will tell them to get fucked and the war will be on. 

Mon, 12/19/2011 - 20:58 | 1996149 AC_Doctor
AC_Doctor's picture

We need a website that can keep track of names and addresses of all crooks (banksters, lawyers, mortagage brokers, govt. employees, local and national politicians, educators & lobbyists) who have perpetuated this massive financial fraud, so they can answer to the people for their crimes against humanity be tried and sentenced by a new unperverted court that follows the US Constitution, when the great reset ensues in the near future.

"We hold these truths to be self-evident, that all men are created equal, that they are endowed by their Creator with certain unalienable Rights,[74] that among these are Life, Liberty and the pursuit of Happiness. That to secure these rights, Governments are instituted among Men, deriving their just powers from the consent of the governed, That whenever any Form of Government becomes destructive of these ends, it is the Right of the People to alter or to abolish it, and to institute new Government, laying its foundation on such principles and organizing its powers in such form, as to them shall seem most likely to effect their Safety and Happiness. Prudence, indeed, will dictate that Governments long established should not be changed for light and transient causes; and accordingly all experience hath shewn, that mankind are more disposed to suffer, while evils are sufferable, than to right themselves by abolishing the forms to which they are accustomed. But when a long train of abuses and usurpations, pursuing invariably the same Object evinces a design to reduce them under absolute Despotism, it is their right, it is their duty, to throw off such Government, and to provide new Guards for their future security"  US Constitution July 4, 1776

Tue, 12/20/2011 - 05:12 | 1996969 honestann
honestann's picture

At this point, this list would have millions if not tens of millions of names on it.  I guess I'd settle for hanging the top one million for treason and crimes against humanity.  That might be sufficient to clue in the rest of the predators.  If not, just keep on hanging.

Mon, 12/19/2011 - 20:59 | 1996152 Caviar Emptor
Caviar Emptor's picture

Prince Alwaleed will ride to the rescue! 


Personally, I endorse the Prince and his entire blessed family who's goodness knows no bounds. 

And I've been tweeting that all day in the hope that he will hear me on the occasion of the latest conquest of the House of Al Saud.  

You see, in the coming new world, good boys will be rewarded and bad boys will be spirited away. 

Mon, 12/19/2011 - 21:01 | 1996158 jomama
jomama's picture

the decoupling from intrinsic value of PMs still has me flummoxed. 


Mon, 12/19/2011 - 21:04 | 1996162 Quinvarius
Quinvarius's picture

Now you know what the mark of the beast is all about.

Mon, 12/19/2011 - 21:04 | 1996163 frieswiththat
frieswiththat's picture

i guess when hoagie and pizza sales cant fund your nation, its time to switch to a more aggressive approach.

Mon, 12/19/2011 - 21:09 | 1996174 Caviar Emptor
Caviar Emptor's picture

Not so can make a bundle on the drinks markup. Maybe $15 trillion worth if you supersize and promote obesity

Mon, 12/19/2011 - 21:07 | 1996168 Caviar Emptor
Caviar Emptor's picture

As they say in TX: Needed Lootin' !

Some TBTF are just asking for it

Mon, 12/19/2011 - 21:37 | 1996220 cdskiller
cdskiller's picture

Oh, come on. Europe is not about to collapse because of zombifiying socialism or states rendered insolvent due to welfare. What a bunch of baloney. Europe is collapsing because of a Ponzi scheme orchestrated by the banks.

Mon, 12/19/2011 - 21:41 | 1996221 Caviar Emptor
Caviar Emptor's picture


Not wasting any time, I have already written a revisionist history of Kim Jong Il: 

(Disclosure: I have an advance on this from DPRK)


Kim was the sort of guy you'd want to have a drink with. His charm was often obscured by the quick judgement of a world in need of evil characters to offset the evil taking place at home right under the noses of narcotized citizens. 

Kim loved a good party. He loved to laugh. He was good at jokes about hookers and tampons. 

Despite his world leader status he never forgot the little people. He provided old fashioned stolid leadership and often joked about decapitation. To the merriment of his subjects and security services. He provided humor


Mon, 12/19/2011 - 21:51 | 1996247 Reptil
Reptil's picture

@Tyler: Thank you for posting the english version of this short but correct message. I have seen the german one, which is about a year old.
As for your question; no most politicians or even people do not understand the implications of this treaty. They've been exchanging souverign law for constructs like the Lisbon Treaty, without even telling their citizens.
I really think it's a question of that they don't know what exactly happened under TARP, and what the dangers are to have an independent body like the FED or ESM make descisions.
Blinded by the idea that they need a "bazooka" to counter the "attacks" on europe's souverign states (as they see it), they're about to give everything away, again without telling their citizens. They've been told that the USA functions under a Federal Government, and that this would amount to the same.
It's an information war really. They have no clue because they didn't study what happened in the USA, their big example.

Mon, 12/19/2011 - 21:52 | 1996252 The Iconoclast
The Iconoclast's picture

Everything said in the video is in there in the treaty, available online as a PDF.  Google ESM.  Start with wikipedia link.

Mon, 12/19/2011 - 21:54 | 1996254 Bunga Bunga
Bunga Bunga's picture

Old video, German original is from August.

Also the issue was discussed in the mainstream media in Germany:,1518,784869,00.html

Tue, 12/20/2011 - 00:50 | 1996700 Reptil
Reptil's picture

yes, the video might be a little bit exaggerated in the present political structure, but these things have a tendency to disappoint when SHTF.

It opens the door for much, much more, and in itself the message in the video is correct.

The "Spiegel" article: a typical "it's all good, until it isn't". LMAO

Mon, 12/19/2011 - 22:30 | 1996255 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who's going to donate to the fund?  Step right up and be a part of history!

Said Draghi out of the corner of his mouth.

Count me in for a trillion.

Exclaimed Ben Bernanke while he motioned with the snap of his fingers for his debt slave Timmah Geithner to write a check.

I'm all in.

Said Sarkozy, with his nose in the air.

I don't want to donate, but I will if everyone else does.

Said Angela as she pulled out her checkbook.

I don't want to!

Whined Cameron, as Angela froze with her pen hovering above the check.

We don't need him!  He is insolvent anyway!  Insolvent!  Insolvent!

Sarkozy began to chant loudly while clapping his nads together like a trained monkey.

What's in it for me?  I can tell you what the oilgarchs and rich bitches like Bernanke think:  they don't care what's in it or me!  What's in it for me is $200 oil, $10 sandwiches, $10 pints, and $100 lap dances.  Will any of this change the riches of the rich?  No, but it will stimulate growth and GDP.  Right Bernanke?

Mon, 12/19/2011 - 21:55 | 1996257 Caviar Emptor
Caviar Emptor's picture

All we need is dictators

Mon, 12/19/2011 - 21:59 | 1996265 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

What comes after dictators?

Mon, 12/19/2011 - 22:16 | 1996290 Caviar Emptor
Caviar Emptor's picture

Default on all external debt. Then re-organization with state-backed private monopolies, wage and price controls, tarrifs, quotas and full employment

Mon, 12/19/2011 - 22:21 | 1996299 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Full employment?  Or did you mean forced employment?

Mon, 12/19/2011 - 22:57 | 1996393 Caviar Emptor
Caviar Emptor's picture

It's all relative. One man's forced is another man's full. But full employment would be part of the promised package. Keeps 'em fed but also busy where you can watch 'em

Mon, 12/19/2011 - 21:57 | 1996258 LeverShort
LeverShort's picture

Print bitchez!

Mon, 12/19/2011 - 21:58 | 1996262 FifthSense
FifthSense's picture

Tried to share this with people but everyone thinks it's just scaremongering, "They can't be that bad" eh?

Even though those in Spain and Greece are waking up, EU is far too compartmentalised for people to see beyond their national borders, in my opinion.

Mon, 12/19/2011 - 22:31 | 1996331 jomama
jomama's picture

lots of blanks stares when i try to even test the waters with my colleagues about this subject.

let the fucker come down on itself, and all the death and destruction that comes with it.  

at this point, people choose to be ignorant.

Tue, 12/20/2011 - 01:09 | 1996755 Reptil
Reptil's picture

This mirrors my experience. I talk to a lot of people, all kinds, and about 80% thinks euros are fully backed by gold reserves, and that sort of nonsense.
A few are waking up the last few months, but that's mostly the "creative professionals" and those with any grasp on how finances work.

slowly, very slowly....

Tue, 12/20/2011 - 05:08 | 1996964 honestann
honestann's picture

... much, much too slowly.

Mon, 12/19/2011 - 22:42 | 1996341 earleflorida
earleflorida's picture

"Central Bank Immunity" ?/ & "BIS"  [2010]

Ref: ___ 'Too Sovereign To Be Sued: Immunity of Central Banks' In Times of Financial Crises

Quote last paragraph page 569/70:

"The BIS", in Basel, Switzerland has emerged as "[t]he FED's most fierce competitor" for foreign exchange reserve assets, and one of its key purposes is .133. "to protect central bank assets held with the BIS from measures of compulsory execution and sequestration".134.

thankyou tyler

Mon, 12/19/2011 - 22:47 | 1996365 Ned Zeppelin
Ned Zeppelin's picture

This is all ECB "print or do not print" debate nonsense - all else is dilatory distraction. The ECB has to print, it's just a question of when. Bad collateral must be exchanged for freshly printed Euros, and the bad collateral must be entombed and hidden behind the eternal time frame/ beyond the event horizon/endless hold period of the central bank charged with the care and feeding of the particular brand of paper-based, fiat currency that is the subject of the crisis du jour.  This is the model we here have embraced and to which Europe has not yet fully succumbed.   Central banks live outside political control by design. Do you really think the 1%  - actually the .0001% - would entrust YOU with one penny of their vast fortune?

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