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Wall Street's Response: The Summit Is A Failure

Tyler Durden's picture


The overnight agreement by 17 European countries to tighten euro-area budget controls and expand bailout funds fails to address key aspects of the crisis and may fall at the first hurdle, analysts and investors say. The summary of various Wall Street expert opinions is compiled and presented below from Bloomberg. It is not pretty.

  • Fidelity’s Trevor Greetham says the agreement misses the point; crisis not about govt profligacy, is a balance of payments crisis, like the one in Asia in 1990s:
    • Policy response has focused on liquidity, has not gone far enough; enforcing austerity “unlikely to succeed”
    • Only full burden sharing, with clear and unconditional ECB support, forceful policies that inflate the core would end the crisis; volatility is here to stay
  • Daiwa’s Chris Scicluna says fiscal tightening, adopting balanced budget rule not a key concern for investors; may lead to deep recessions, even deflationary spirals
    • Fiscal rules wouldn’t have prevented crisis; Germany, France and not Italy, Spain were transgressores pre-2008
    • More cause for cautious optimism on stabilization mechanisms, enhancement of IMF’s resources; implementation risks remain
  • Evolution’s Gary Jenkins says success of the agreement may hinge on “how much hard cash gets behind it;” If euro zone contributions are agreed next week may trigger contributions from others, inc. BRICs, other G20, Japan
  • ING’s Alessandro Giansanti says private sector involvement still possible under new ESM
    • Hardly anything carved in stone, “bazooka” is a trio of smaller fire weapons, national decision-making processes could still spoil last night’s plans
  • BNY Mellon’s Simon Derrick says failure to win agreement of all 27 members raises question of how rules will be administered
    • New funding to IMF smaller than mooted earlier in week; questionable whether sufficient firepower is available to restore confidence in Italy
    • Given compromised nature of political response it is difficult to see investors (or rating agencies) giving the Euro-zone authorities the benefit of the doubt for much longer

But the robots don't care: we are back to blind buying on headlines, until the required 2-3 hours passes for even the 19 year old vacuum tube programmers to grasp that the situation is now the worst it has ever been.


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Fri, 12/09/2011 - 08:04 | 1962235 Irish66
Irish66's picture

Can you explain the implications of UK leaving the EU

Fri, 12/09/2011 - 08:06 | 1962239 Ghordius
Ghordius's picture

Quite unlikely. Still. How about (re)joining the EFTA?

Fri, 12/09/2011 - 08:08 | 1962243 gojam
gojam's picture


Sweden, Hungary, and Czech Rep agree to sign up.

UK now alone.

Fri, 12/09/2011 - 08:10 | 1962250 Ghordius
Ghordius's picture

but, but, the headline is: "Wall Street's Response: The Summit Is A Failure"

Fri, 12/09/2011 - 08:19 | 1962271 gojam
gojam's picture


I would expect all ZHers, even you, to recognise the difference between Politics and economics.

I've not seen a single announcement which addresses the fundemental problems the EZ faces.

This is all a distraction.

Fri, 12/09/2011 - 08:23 | 1962290 Oh regional Indian
Oh regional Indian's picture

Haaah! After all these days I figured your avaatar. O Qpy. Very nice.

And you are right on the money. Politics and economics are anyways now merely two actors in a comedy slowly but surely going tragic.



Fri, 12/09/2011 - 08:26 | 1962297 Ghordius
Ghordius's picture

hey, this is ZH, write more than three lines and it's easily wasted

a serious approach to "no overspending" by 17 countries is quite a thing, at this stage, both politically and economically

Fri, 12/09/2011 - 08:31 | 1962309 gojam
gojam's picture

Not when the problems are immediate and pressing.

This Treaty is to be signed in March 2012 and how long for implementation?

You think the EZ has that long?

Fri, 12/09/2011 - 08:46 | 1962341 Ghordius
Ghordius's picture

IMHO, yes

regarding the thorny issues of how an individual country would have to cope with an exit, here the better discussion 1962104

regarding the EU "undecided", you just brought the news that Sweden, the Czech Rep and Hungary are on board

regarding the current issue with the sovereign bonds, the ECB has now more green light to "manage" the markets, i.e. build up "street creds" of "whacking speculation" at irregular patterns (and buying a bit more bonds/monetize w/o too much political fallout)

regarding the medium sized banks in France, Italy and Germany, the Three are using the threat of forced recap or nationalization, i.e. they will have to stuff their balance sheets with Sov Bonds (not the first time)

they still could slip on this ice, but it is starting to look much, much better, also thanks to Italy's new law

provisional agreements are often much more binding then final ones, the agreement is in March, yes, but until then they all have to live it up even more strongly than afterwards

Fri, 12/09/2011 - 08:53 | 1962382 gojam
gojam's picture

No point in arguing. We'll see soon enough.

Fri, 12/09/2011 - 14:28 | 1963673 smiler03
smiler03's picture

It's funny how the Rebublic of Ireland are happily going along without their guarantee of 12 1/2% Corporate Taxes. Their rate is so much lower than for example, Austria - 25% Germany 29.8% France 33.33% Italy 31.4%

Just Ireland on their own will sink this ship of 17. Its a FARCE.

Fri, 12/09/2011 - 14:38 | 1963716 smiler03
smiler03's picture

From the Irish Premiere: 

"Mr Kenny also said that corporation tax would remain a red line issue for Ireland. He also said that he had received a good hearing for his proposal that Ireland be allowed access new mechanisms to help ease debt repayments. He referred that to €63 billion of loans Ireland had taken out before the State entered the bailout at punitive interest rates.

Fri, 12/09/2011 - 08:10 | 1962252 TheSheepWolf
TheSheepWolf's picture

No no no... I will move to UK then.

Fri, 12/09/2011 - 08:16 | 1962268 EscapeKey
EscapeKey's picture

The UK will eventually sign, once toothless provisions have been inserted.

Fiscal union, here we come; aka welfare transfer from North to South AND finance industry.

We're all supposed to be good commies now.

Fri, 12/09/2011 - 09:07 | 1962410 WhiteNight123129
WhiteNight123129's picture

No it won´t come because a real solution means that the politicians in France, Spain Italy have to just give up their punch bowl to Berlin. What power is left to a politicians if he can not write checks on some of his promises using senioriage money? Do you really think that Sarkozy wants to give up what he had fought for all is life for, that is control and power?  That is a universal rule for all the politicians. The only way they can do it is if they think that merging different states (Germany pre 1871 ) or US colonies in the late Seventeen hundreds, if they believe that they can create a larger political block, a bigger monster if you will AND if they believe that they can actually become ruler of this bigger monster or have some role in it.  So in plain english, if you are in Breme pre 1871 you sign on the Prussian union because you think you can actually have a political career in this bigger union, same thing in the Colonies. Unless the local/national politicians believe that they can have a big career in the new thing, only then they will do a fiscal union. At the same time public opinion must like the idea, because there is also a short term agenda of immediate elections. So when Napoleon III attacked Prussia, nationalism was pushing in the back. When teh Colonies in the late seventeen hundreds in America had a common enemy which was the British colonial power. Now in EUrope there is no such cohesion and wind in the back of politicians to implement this merger. You need both conditions for a Union to succeed, that the politicians envision some personal gain in teh move and that the population likes the idea. I am not sure we have the necessary conditions here.

Fri, 12/09/2011 - 08:27 | 1962298 Iconoclast
Iconoclast's picture

UK to become another state of the USA?

Fri, 12/09/2011 - 08:31 | 1962310 Oh regional Indian
Oh regional Indian's picture

Actually it IS already the other way around.


Fri, 12/09/2011 - 09:15 | 1962436 Tim White
Tim White's picture

Always has been...

Fri, 12/09/2011 - 10:12 | 1962580 zippy_uk
zippy_uk's picture

Believe it or not that got discussed by Harold Wilson's govenment in the 1960s. Conculded that the US would not want us.

Fri, 12/09/2011 - 08:52 | 1962378 Kingbingo
Kingbingo's picture

The UK is not alone, Hungary will very likely not agree, while Sweden and the Czech Republic are consulting their governing partners. 


However, this considerably increases the pressure on the UK to leave the EUSSR. The result would be the UK save around £65bn a year (about twice what we spend on defence) through the various costs of membership.

The EUSSR itself would loose direct membership fees of around £15bn. Germany would then be left as the only net contributor.

All intelligent right thinking Brits are pleased that it is looking increasingly likely we will be rid of the EUSSR.   

Fri, 12/09/2011 - 08:59 | 1962398 GeneMarchbanks
GeneMarchbanks's picture

Your manufacturing is now less than 10% of GDP. Your 'defence' can be summarized in 2 letters: U-S and North Sea oil is about to be ... ?

So... what's left? A criminal banking cabal in the city of London, shitty football culture, and a potential war with Argentina over the Falklands...

Happy Holidays.

Fri, 12/09/2011 - 10:19 | 1962597 zippy_uk
zippy_uk's picture

Its not 10% its 14% and rising. It now costs less to manufacture many items in the North East than it does in China. Of the manufacturing we do have its all high end, high tech backed by research Universities in the worlds top ten.

Education - huge industry backed by the English language. Creative arts - the same.

Most of the city is not corrupt - that which is is no different from other financial centres - we do shipping and insurance and legal services also.

As far as the Falklands is concerned - there is huge oil deposits (drilled and confirmed) downn there and one diplomat abord a Trident armed nuclear sub should clear up any difficulty who owns the place.

Fri, 12/09/2011 - 11:44 | 1962873 falak pema
falak pema's picture

Falklands oil : 

really? How huge is huge? 

As to who owns it : logically the people of Falklands, in partnership with logical market Argentina. So what's the problem for gunboat diplomacy? I'm sure the Argentinians would accept a win-win deal with tiny Falklands. Its very far from the UK you know.

I've looked it up : 6 billion barrels potential. At 100 000 bbl/day, 300 days per year and 30% recovery yield : 75 years potential. Not bad.If we can achieve those producton rates.

100 KB/D = 5 million tons/year, approx. 20% of local consumption potential  for 50 million Argentina+Uruguay. When they reach European standards of energy/cap.

Fri, 12/09/2011 - 10:38 | 1962644 Kingbingo
Kingbingo's picture

It is certainly true that the UK, alongside most other western nations is in drastic need of an economic rebalance. Too much of our economy is either replaced or suppressed by an obese government, and our economy is too heavily orientated towards services, yes, including financial services.


But additional layers of government does not help that rebalance, so I am not sure what exactly you are trying to attack.   

Fri, 12/09/2011 - 09:03 | 1962405 magpie
magpie's picture

So, you gonna peg your Quid to the Dollar or the Yuan later on ?

Fri, 12/09/2011 - 11:00 | 1962754 Kingbingo
Kingbingo's picture


“So, you gonna peg your Quid to the Dollar or the Yuan later on ?


If it were up to me it would be pegged to nothing, but backed by commodities, most likely Gold and Silver. However, as long as the world continue to all dream the same dream, and by that I mean that paper is money, then I would suspect it will be pegged to nothing but will float freely.


Your question implies that you feel that one of the world’s largest economies cannot properly function without a peg to currency to an even larger economy. That is a very statist view, and statism is not something I believe in, so I doubt we will find any common ground. 

Fri, 12/09/2011 - 09:16 | 1962440 WhiteNight123129
WhiteNight123129's picture

As a frog, well I applaude your independence and the fact that your parliament is still somewhat functioning. Nonetheless you need to reign your dogs in London which are eviscerating the economic substance of your economy and forcing a rapid debasement of your currency, where are your Gold reserves? (Where is teh manufacturing powerhouse of the Victorian era?) and if you exit, make sure to keep some trading aggreements with the continent. As for the people on the other side of the channel, they will again have to fight against their disfuctional institutions. Our parliament and political institutions do not have this harden backbone, it will be left again to the countrmen to topple again this imposed union, from one form and another. Cheers Rosbiff (that is the nickname we use for Brits in France), no hard feelings, if your parliament and your people can make this thing go down, the frogs countrymen will be thankful for it.

Fri, 12/09/2011 - 10:48 | 1962693 Kingbingo
Kingbingo's picture

I think it highly unlikely that the British will bring down the Euro, since the fact it is fundamentally flawed is more than sufficient to bring about its own demise without help from anyone. However, I am certain that in the event Britain will be blamed in France, much like it is currently widely accepted within France that current circumstances stem from an anglo-saxon crises and nothing to do governments that are too large and European economies that are too un competitive.


However, who the French media choose to blame is entirely up to them. If it creates an even deeper sense that Britain must leave the EUSSR, which appears to be the Sarkozy view, then it is useful. With the clear majority of the British population wanting us out, allies amongst the French seeking to eject us are in my view very welcome indeed.  

Fri, 12/09/2011 - 10:38 | 1962645 falak pema
falak pema's picture

How can you leave something you never really joined, that you used to play divide and conquer as since centuries, and where you were US capitalism's pet poodle, surrogate corrupt City wanker, stalking horse then Trojan horse in 2008 caper?

Thatcher loved Reagan who loved the Oligarchs. They made this world what it is, and where we are today. Not a pretty place, and I'm not talking about the current Durban scandal which gets no news coverage and is the most despicable behaviour of our US overlords, polluters and climate change bounty shooters. 75% climate change is now alleged by scientists to human energy frigging, rain forest excision. No UK government has ever dared backing off from that legacy. It got the upper class rich for thirty years, it'll get the people poor for another thirty. That's democracy when you are pet poodle to good old yankee doodle. 

Drink you tea and play cricket with a stiff upper lip; if you still have your wickets. 

Fri, 12/09/2011 - 10:54 | 1962722 Kingbingo
Kingbingo's picture

@ falak pema

You may find greater success in life if you attempt to achieve greater clarity of thought. Your post contained elements I agree with, soft prejudice and a whole number of other jumbled ideas. If you were trying to make a make an actual point you failed, instead we saw you perform the mental equivalent of soiling yourself with diarrhea. 

Fri, 12/09/2011 - 11:05 | 1962771 falak pema
falak pema's picture

I don't seek what you pretend I seek. But clarity is not what glares at me, its murky reality; ever heard of it?

Using poetic licence to express free will around reality is all I seek, and you'll achieve more clarity for yourself if you want to see what's essential in this opaque world. EUro zone is not SS, whatever obscurantist clarity you may want to cling on to. 

By riccochet, John Bull UK is not nirvana land. Capische?

Fri, 12/09/2011 - 11:09 | 1962784 Kingbingo
Kingbingo's picture





I have no idea what your trying to say, sorry. 

Fri, 12/09/2011 - 11:26 | 1962860 falak pema
falak pema's picture

stick to cricket then, and watch out for googly bowlers.

Fri, 12/09/2011 - 12:01 | 1963022 Archduke
Archduke's picture

the same predatory United Kingdom that has already welshed on its commitments

will now attempt to tighten its sporran, pull up its kilt and flee to the bogs.

they want to break off?  fine.   but they should pay their bills first.

they are the biggest net debtor in the european mess.

Fri, 12/09/2011 - 10:01 | 1962554 Börjesson
Börjesson's picture

That is not quite true, gojam. Sweden have agreed to allow the 17 EZ countries to go ahead with a deeper fiscal integration if they like. Sweden has NOT agreed to join them. (Unlike Poland, Bulgaria, Romania, Latvia and Lithuania, who are also non-EZ countries but decided to go along anyway. Where Denmark stands is apparently unclear at the moment.) Discussions will continue during the day, so Sweden may yet join up, but it's unlikely. In the words of the PM this morning:

"I am of course ready to discuss it with [the Swedish parliament], but if you read the text, it seems slightly odd, since the text is written entirely from the perspective of making the eurozone members submit to certain restrictions and do certain things. A non-eurozone country can't reasonably sign up for that."

Fri, 12/09/2011 - 08:10 | 1962249 gojam
gojam's picture

Very difficult to answer.

The UK would look for a free trade arrangement similar to the ones Norway and Switzerland have.

Fri, 12/09/2011 - 08:16 | 1962266 Ghordius
Ghordius's picture

incredibly difficult to answer

first, they would have to really want it at one of the parties (80 tory backbencher are not enough)

second, they would probably have to make a referendum - it is a thorny question

third, they would then, as you suggested, alliy with Norway & Switzerland for a similar treatment (by then, the question would rise why really bother at all, the Swiss producer/exporters comply to all EU regulations just to have access to the Single Market, so see a stronger EFTA (a good thing, IMHO)

but dear American Cousins, the thing is not that urgent - at the moment it's only posturing

Fri, 12/09/2011 - 08:21 | 1962279 gojam
gojam's picture

A referendum tomorrow would likely see 80% for withdrawal.

Fri, 12/09/2011 - 08:23 | 1962286 Ghordius
Ghordius's picture

you mean a cold one, without campaigns and discussion, eh?

yeah, IMHO you are right

Fri, 12/09/2011 - 08:26 | 1962296 gojam
gojam's picture

Even a 'Hot One' couldn't overturn 30 years of anti EU sentiment in the UK press.

Plus, Germany and France have targeted the UK as the fall guy. The UK know this and so do the public.

We'd be better off out.

Fri, 12/09/2011 - 08:32 | 1962312 Ghordius
Ghordius's picture

"Germany and France have targeted the UK as the fall guy"

I disagree,

if you really want to put it this way, then they have targeted the banks as the fall guy.

It's not about national interests directly, it's about how to approach the TBTF bank issue in Europe.

The FT has today quite a few articles where they slip and declare "Cameron went with the direct purpose of shielding the City of London from the proposed EZ banking regulations"

Fri, 12/09/2011 - 08:37 | 1962321 gojam
gojam's picture

And why should France and Germany seek to impose Eurozone banking regulations on the UK which, as you know, is not part of the Eurozone?

Does France give up it's Agricultural advantages, Will Germany give up it's Economic advantages ?

The UK is the second biggest financial contributer to the EU.

Sun, 12/11/2011 - 09:38 | 1967382 Ghordius
Ghordius's picture

that's the point, up to now we had EU regulations and an EZ in currency matter only - if the EZ starts with banking regulations - a Tobin Tax, for example, then you get a split between London and the Continental finance centers, and a hotter "financial war" between what is better for the EZ and what is better for the City of London.

The UK has a vote in the EU, not in the EZ. That was the whole point of Cameron's stance.

Fri, 12/09/2011 - 08:35 | 1962323 GeneMarchbanks
GeneMarchbanks's picture

'We'd be better off out.'

The financial sector growth is like a terminal cancer in the UK and let's not even mention the North Sea...

You bitches have genuine problems to address, EU is the least of 'em.

Fri, 12/09/2011 - 08:12 | 1962258 i be julia
i be julia's picture

Tune in, turn on, and drop out.

Let's join communes or outlaw motorcycle gangs.

Fuck 'em all in the ass.

Eat me!

Fri, 12/09/2011 - 08:49 | 1962370 sabra1
sabra1's picture

isn't the globalist home base in the UK? there's your answer!

Fri, 12/09/2011 - 08:05 | 1962237 It is a bargin ...
It is a bargin my friend's picture

You'll find the EU has left us, and we are cool with that

Fri, 12/09/2011 - 08:07 | 1962241 razorthin
razorthin's picture

Right, but pump the ES anyway bichez.

Fri, 12/09/2011 - 08:07 | 1962242 Mae Kadoodie
Mae Kadoodie's picture

Damp Squib.

Fri, 12/09/2011 - 08:11 | 1962253 Barleycorn
Barleycorn's picture

Yes - I was equally flabbergasted when I watched risk try to rally as team von Rompuy/Barroso give their 3:30am (?!?!?) press conference...Seems to me that markets now rally when they see people's lips move...


But once the idiots have been parted from their money a real abyss is going to open - Look for sub 2008 lows within 3 to 6 months.  

Fri, 12/09/2011 - 08:15 | 1962264 oogs66
oogs66's picture

That those two can move markets is truly scary

Fri, 12/09/2011 - 09:25 | 1962460 TheFourthStooge-ing
TheFourthStooge-ing's picture

Von Chumpy and Boobarosso don't move the markets. Didn't you read the script? The order of the closing scene of this act has von Chumpy and Boobarosso performing at the clown conference, and then the markets move as the orchestra performs a reprise of the Sheep Shearing Suite which, as you recall, was the opening movement of this act.

After this, the curtains close. Following a brief intermission of a couple days, the curtains open on the next act as the orchestra starts into the Sheep Shearing Suite once again, foreshadowing the crisis which will prompt this act's biweekly Eurocrat summit.

Personally, I don't see a Tony Award in the future for this production. The past fifteen acts have all been very similar. If the scriptwriters were building up to something, they should have gotten to it by now. As it is, it seems like they're writing each act during the intermission which precedes it.


Fri, 12/09/2011 - 08:13 | 1962259 sabra1
sabra1's picture

according to lindsey williams, the globalists are buying up all the debt they could, no matter the cost, to eventually call on the debt, which of course cannot be paid. so, instead they seize all properties, infrastructures, and especially slaves. why do you all think, the bondholders can't take losses?

Fri, 12/09/2011 - 08:20 | 1962274 lakecity55
lakecity55's picture

Over the last 3 years, I've found Wiliams has too many hits to be making stuff up. How accurate he is--will be-- don't know. The "Elites" he refers to have to be the Anglo-American group. I've always thought they would burn up all the ME oil and keep ours in the ground until the price went ballistic.

Fri, 12/09/2011 - 08:38 | 1962334 sabra1
sabra1's picture

that's the plan. the worlds' largest oil rig is sitting off Gull Island in Alaska. waiting for oil to hit $200 before pumping!

Fri, 12/09/2011 - 14:53 | 1963793 smiler03
smiler03's picture

For one it is not the worlds largest. For two it would be a rather poor return on an asset of billions of dollars to sit doing nothing.

Fri, 12/09/2011 - 08:14 | 1962262 EscapeKey
EscapeKey's picture

crisis not about govt profligacy, is a balance of payments crisis

Well, how odd they disagree with getting spending under control.

enforcing austerity “unlikely to succeed”

Yes, because Keynesian moneyprinting so far has solved all problems.

Wall Street don't want the principal to be repaid. They want to keep extracting interest.

Fri, 12/09/2011 - 08:14 | 1962263 carambar
carambar's picture

Uk not joining is a good thing for the Eurozone.

 Have nothing to offer other than the City and being a US trojan horse.



Fri, 12/09/2011 - 08:17 | 1962269 i be julia
i be julia's picture

But the markets are positive this morning.

The powers-that-be have a lot of power.

We are their pawns.

Just saying.

Punch the clock, motherfuckers.

Fri, 12/09/2011 - 08:21 | 1962280 LouisDega
LouisDega's picture

So in other words, i be dead. You'll see me in hell Mr. Thorne

Fri, 12/09/2011 - 08:24 | 1962282 Element
Element's picture

Who's buying the bonds to roll-over the debt black hole?

There's a plan for this ... right?

Should we ring CERN and see if they have any anti-matter or something?

Fri, 12/09/2011 - 08:25 | 1962292 EscapeKey
EscapeKey's picture

The ECB buys European debt, the FRS buys American debt, and the BOE buys British debt.

Of course, it's all obscured through layers of "primary dealers", "international foundations", and whathaveyounot, but basically it's pure printing.

All the echoes of "giant corporate cashpile" always ignore their borderline equal debt piles.

Thomas Jefferson was right.

Fri, 12/09/2011 - 08:33 | 1962305 Element
Element's picture

Private defaults occur ... so why not public ones? ...the public can just say, these aren't the debtors you're seeking, so go fuck yourself, thank you nicely.

And the public will say that, when the mainstream finally begin to realise that the central banks took them to the cleaners in broad daylight.

Fri, 12/09/2011 - 08:46 | 1962359 EscapeKey
EscapeKey's picture

Because they're backed by armies and police forces, who rely on extraction of wealth from the people they will be used against.

Fri, 12/09/2011 - 09:08 | 1962402 Element
Element's picture

So if MMT is right these guys get paid by printers ... not by taxpayers .. so why are we paying tax again? ...

Power comes down the barrel of a gun ... but the food and labour comes from the peasants.

The public can always say no.

Fri, 12/09/2011 - 08:23 | 1962283 ThatThatcher
ThatThatcher's picture

FTSE up 45 points, trailing broad risk rally in Europe. Euro broken above 1.34. The 'bazooka' hasn't materialised and it's still bid! Hilarious

Fri, 12/09/2011 - 08:59 | 1962397 Manthong
Manthong's picture

"ING’s Alessandro Giansanti says private sector involvement still possible under new ESM"

I hope someone starts a ESM fund of some kind.

I can't wait to get me some of that action. 

Fri, 12/09/2011 - 08:22 | 1962284 kralizec
kralizec's picture

Heads up butts...SSDD.

Fri, 12/09/2011 - 09:57 | 1962545 falak pema
falak pema's picture

fascists are what makes the gamehunter a living, thriving breed; there is always one out there to take a pot shot at another; pity he is your own brother, when you come up close and smell his corpse. But then the second amendment is God's word on earth and brothers are God's stutterings...its well known. When he stuttered he made Abel, when he got distracted he made Eve. Only Cain was in his own image. Fascisti, they are one of a kind. From father to son. Mothers just hang around to be jumped and bumped. And then to be pumped out of life and limb. Its called procreation of fascisti race. Sieg Heil. 

Would you buy my poem as hymn to the happy few who rule over humanity as practitioners of Manifest Destiny?

Fri, 12/09/2011 - 08:23 | 1962285 forrestdweller
forrestdweller's picture

How about some austerity in the USA.

spend a little less money on guns.


Fri, 12/09/2011 - 08:28 | 1962304 kralizec
kralizec's picture

Ya started off nice and flared out!

One word - Entitlements.

It's killing Europe and if not pared back it will kill us, sure as shootin'!

Fri, 12/09/2011 - 08:45 | 1962356 Bobbyrib
Bobbyrib's picture

You started off nice too and flared out. Nothing should be left off the table when we are decreasing spending. The military industrial complex is a problem too.

Fri, 12/09/2011 - 09:09 | 1962420 kralizec
kralizec's picture

The triumverate of socialists, unions and special interests driving domestic spending and retarded foreign assistance is doing more harm than anything.  At least defense has a mission and it works.  We can argue over priorities and how bids are awarded and what constitutes legitimate use, but the mission is undeniably necessary.  Not so the rest.  End Federal role in education, health, welfare and transportation.  Strip energy and commerce and the rest to a skelleton crew of advisors.  Reinstitute real Federalism by reinvigorating the 10th Amendment and let the states take the lead in deciding what level of welfare they should offer their citizens.  Madison envisioned the states as great laboratories of experiementation.  We should never had let the Federal beast grow so bloated.  People parrot the military-industrial-complex but fail to understand what Ike meant by it, and now it is just parroted to mean some massive conspiracy run by the CFR or some such reeks of knee-jerk Oliver Stone type psychosis.

Guns or butter?  I'll take guns hands down any day, to keep the Federal beast at bay!

Fri, 12/09/2011 - 13:07 | 1963372 Bobbyrib
Bobbyrib's picture

"Guns or butter?  I'll take guns hands down any day, to keep the Federal beast at bay!"

I'm not questioning whether you should personally hold guns, I'm questioning whether the US needs to spend as much as it does on the "defense" industry. How many times has the US been attacked on our soil? We are on the offense more than defense. Since Pearl Harbor, we have been sticking our nose where it doesn't belong and spreading our empire thin. Entitlement and defense spending will be our undoing. Look how many people on ZH believe our government is revving up to attack Iran. You think your average citizen is going to want to fight wars, especially after Iraq was fought under false pretenses.

I do agree that the Dept of Education should be eliminated and that education should be left up to the states. With that being said, there is no chance taxes will be lowered with the debt this country has even if we go back to the Federal government you desire. We will be paying "more" (the same) and receiving less. As someone in a high COL area, I know my tax dollars will continue to be collected more than someone living my lifestyle in a lower COL area. I lose that fight.

Fri, 12/09/2011 - 08:48 | 1962368 terryfuckwit
terryfuckwit's picture

mmm entitlements and the highest tax rate in europe in Sweden and just look at what the market thinks of them

look what a government who controls their banks can achieve...

but sure we can all go back to swinging from trees.. damn those entitlements ...


Fri, 12/09/2011 - 08:23 | 1962288 campag
campag's picture

go with the Robots they will force ES higher .

Ever Euro Politico carefully saying Banks be it the ECB/Central Banks (ie state banks) or IMF will have to provide more funds(bail out) .No mention that this money will come from the Taxpayer the word Taxpayer never uttered. Joe Public at the moment hate Banks/Bankers therefore they in their stupid way think its not them paying . Wool over eyes or what? 

Fri, 12/09/2011 - 08:25 | 1962293 HD
HD's picture

I just want S&P 850. Is that really too much to ask? It's not like they can ramp this to 1500, even with new money printing...  How about a bear Santa Clause rally for once - old saint nick can drop the S&P down the chimney.

Fri, 12/09/2011 - 08:47 | 1962361 Bobbyrib
Bobbyrib's picture

I agree, gold would be on sale as well if that happens. I'm thinking gold drops to 1500.00 an oz. All the fund managers would have to liquidate their paper holdings.

Fri, 12/09/2011 - 08:33 | 1962314 falak pema
falak pema's picture

As if wall street's opinion is of importance. Wall Street, aka GS cabal, TG/FED, were breathing down EUrocratic necks morning, noon and night, pushing for ECB to QE to infinity. Merkel said NEIN. And it stays NEIN.

So they can lump it, pump it or dump it. Its beyond reason as WS is one cess pool of Oligarchic irrational hubris. ANd Cameron, their messenger boy got same message. 

Fri, 12/09/2011 - 08:50 | 1962371 HD
HD's picture

"Oligarchic irrational hubris" A new fragrance from Calvin Klein. It has the robust scent of desperation, a hint of hopium, in a velvet cloud of fear.

A cologne that says, "Yea, I took a tax payer bailout to cover my incompetence, used it to pay myself a insane bonus and didn't go to prison - what are you gonna do about it?"

Can be used as a mace to 99 percenters.

Fri, 12/09/2011 - 08:37 | 1962330 eddiebe
eddiebe's picture

Bubblegum and bailing wire come to mind.

Fri, 12/09/2011 - 08:39 | 1962336 chaartist
chaartist's picture

biggest failure is pointing at another failure..what a joke.

Fri, 12/09/2011 - 08:44 | 1962350 crash69
crash69's picture

what else do we expect from Wall Street experts!? As soon as Europe starts with the right steps, the US has to be negative. They will loose the control and they have to admit, that the devaluation on the US$ has started. Goooood morning inflation.......

Fri, 12/09/2011 - 08:46 | 1962360 taraxias
taraxias's picture

If sentencing entire nations to destitude so that the bondholders can be kept whole, then I would agree, They've taken all the right steps.

Are you aware that suicides in Greece are up 40% this year?

Fri, 12/09/2011 - 08:44 | 1962355 taraxias
taraxias's picture

I'm sure glad I woke up this morning to see Greece, Portugal, Ireland, Spain and Italy no longer being bankrupt /// snark

Fri, 12/09/2011 - 08:54 | 1962383 youngman
youngman's picture

Well it was a very gray announcement...nothing new...nothing inforcable...Greece was will be Italy..when is the next bond sale over there..over there....

Here is the simple answer...cut spending today....then and only then can you sell a new bond..but you would be stupid to do so..because you cts in spending should be enough to pay off the bonds coming due so you won´t need to....going to hurt....yep...alot...can it be done....YES..will it..NEVER

Fri, 12/09/2011 - 09:02 | 1962403 slackrabbit
slackrabbit's picture

Considering all were fiscal transgressors, this is the equivalent of a group of adulterers all signing a compact not to to sleep around, but each will try and f**k each other

Fri, 12/09/2011 - 09:02 | 1962404 hr4eternity
hr4eternity's picture

If this "Compact" is such a turd (and it is) why are EU markets up along with US futures today?  They say that the Market is smart but it seems fairly naive today.



Fri, 12/09/2011 - 09:04 | 1962409 MFL8240
MFL8240's picture

The US is falling apart at the seams, the Mulsim is running this machine into the ground and we spend most of the day talking about what the EU plans to do.  Seems to me that we need more focus on the US.

Fri, 12/09/2011 - 21:57 | 1965128 swani
swani's picture

AUSTERITY is what the Democrats and Republicans want to impose on the American sheeple to pay for the Central Bank's ever increasing ponzi. Everything about cutting 'entitlements' and 'taxing the rich' is just Kabuki theatre so they can impose the same exact kind of AUSTERITY programs that they are currently imposing on Greece. They want to tax the people as much as they can and give them as little as possible so they can take as much as they can for themselves, and when they are done taking as much as humanly possible from the tax payers, they will start taking land and every single kind of valuable resource available. Why else would they be preparing for mass incarcerations with the Indefinite Detainment Act and upcoming Homegrown Terrorist and Radicalisation Act? They are getting ready for a military dictatorship so that they can impose the austerity, asset stripping and land grabs. Make no mistake, this is coming for us sooner than we think. 


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