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Watch Merkozy Cracking Up Following Question If Italy Can Implement Reforms

Tyler Durden's picture




 

Even our non-polyglot readers will have zero problems understanding the response (in French) by Merkozy, when asked during the press conference, whether Italy, which has the second largest debt load in Europe at $2.2 trillion and inches behind German, will succeed in implementing promised 'reforms.' The wholesale laughter 19 seconds in the the clip, by not only the entire audience, but by Merkel and Sarkozy pretty much explains what the "next steps" in Europe are as the continent has now given up any pretense it is even trying to keep a serious facade on the upcoming serial defaults... and why 10 Year BTPs will need much more than just the SMP, EFSF and the hand of god to stay above 90 in the coming week.

Source: La Repubblica

As for the question of why Italy provokes laughter, we are not too sure. After all, as Italy goes, so does the world.

As a reminder...

And...The truth about Italy:

  • Morgan Stanley estimates net issuance should total 35 billion euros per year in 2012-2013, less than expect annual coupon payments of around €45 billion per year
  • A total of €157 billion in Italian government paper will fall due by the end of the year. Redemptions will peak in September, when €46 billion of BTP CTX bonds mature
  • Italy has raised €277.4 billion euros in debt so far in 2011, or 65.3% of its full-year target, the Treasury said - suggesting further issuance of €147.4 billion, according to Reuters calculations
  • Italy's public debt stood at €1,890 billion at the end of April, according to Bank of Italy figures. The public debt figure includes postal savings
  • Italian government bonds and short-term bills totaled €1,583 billion at the end of June according to Italian Treasury data. Their average term was 7.09 years
  • A one percentage point increase in Italy's debt yields adds about €3 billion euros to interest payments in the first year, and twice that in the second, the Bank of Italy has said
  • Italy forecast in April that 2011 debt servicing costs would total 4.8% of GDP, or about €77 billion
  • The International Monetary Fund estimated in April that 47% of Italian 2010 government debt was held abroad. Morgan Stanley last week estimated foreign holdings at 44%
  • Banks domiciled in Italy held €192 billion in Italian government securities at the end of May, Bank of Italy data showed last month. In the first quarter of 2011 they also held €589 billion euros in government securities on behalf of their clients
  • European Banking Authority data showed in July that Italy's five lending retail banks had a net direct exposure to Italian sovereign debt of €159 billion. Intesa Sanpaolo is the most exposed with €57.6 billion, followed by UniCredit with €47.5 billion
  • Morgan Stanley said domestic banks and insurance companies could quite easily buy net €60 billion a year in Italian government debt for the next few years
  • JP Morgan analysis said Italian banks will have to refinance €53 billion of maturing bonds in wholesale markets next year
  • The €600 billion Italian pension fund and insurance industry has increased its holdings of domestic government bonds by 10% in the last three years to 32% of assets, according to JP Morgan
  • Analysts estimate that an increase in the average cost of Italian public debt drives a similar rise in the cost of banks' bond issues
  • JP Morgan and Morgan Stanley analysts estimate Italian banks' holdings of government bonds at around 6% of their assets - a higher figure than 5% for Spanish banks and second only within the euro zone to Greek banks' 10%

h/t Stock_Bitch

 

 

 

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Sun, 10/23/2011 - 19:56 | 1802976 Ahmeexnal
Ahmeexnal's picture

Merkel the Hutt should be lynched.  So should her sidekick the zark.

Sun, 10/23/2011 - 22:54 | 1803308 gmj
gmj's picture

Isn't that Sarkozy on the scooter?

Sun, 10/23/2011 - 23:35 | 1803355 SGS
SGS's picture

"Morgan Stanley estimates net issuance should total 35 billion euros per year in 2012-2013,"

I thought we were referring to this dump as Margin Stanley from now on.

Mon, 10/24/2011 - 12:33 | 1804750 ceilidh_trail
ceilidh_trail's picture

Geetner in the driver seat??

Mon, 10/24/2011 - 00:50 | 1803467 acttang
acttang's picture

The picture is definitely off the point of the discussion, but it is REALLY hilariou. Look at the dude right next to the woman and his hand, I mean, c'mon...

Sun, 10/23/2011 - 20:39 | 1803074 Zero Govt
Zero Govt's picture

Merkal i'm pretty sure will be lynched ...her support in Germany is already getting slaughtered, it's not far to go for those same voters to protest further than the ballot box

..and regards Sarkozy laughing at Italy this clucking vacuous French cock is also political French toast and everyone will surely have the last laugh on his shambolic unproductive reign

Lastly where is the UK in the bubble blowing chart above? Following 14 years of the most corrupt, incompetent and suicide socialist Labour Govt in British history we now have the same clucking cock of a pretend conservative just like Sarkozy in David 'call me twat' Cameron as a Prime Minister.

This Eaton socialist of a headless chicken has hiked taxes on the private sector when they least need it to further bailout the most bloated and stinkingly corrupt Westminster ever ..this waffling moron has already surpassed the most unpopular Tory PM of yesteryear, the huffing chuffer Edward Heath, in opinion polls.

Whichever way you look in any country the 'choice' seems to be between a pig with lipstick and flatulence and a turkey with small pocks and diarrhea... but you know however ugly this parade of the worlds village idiots are, there's the same bunch of banking and elite cartels behind them with their hands up their backsides

My how pretty this line-up (stitch-up?) of 'democracy' 

Sun, 10/23/2011 - 20:45 | 1803086 chump666
chump666's picture

"...aSarkozy laughing at Italy this clucking vacuous French cock is also political French toast and everyone will surely have the last laugh on his shambolic unproductive reign"

hahaha +1

 

Sun, 10/23/2011 - 21:15 | 1803122 d_senti
d_senti's picture

US citizens suffer from US citizenism with cynicism, and it's all the fault of OWS secret communists. (50 links)

Sorry, just trying to head off AnAnon and Quixote before they get here.

Sun, 10/23/2011 - 21:29 | 1803152 goat
goat's picture

Wow!  Just gotta say thanks.  Saved me some time.

Sun, 10/23/2011 - 21:25 | 1803144 Michael
Michael's picture

The most difficult lesson consumers will need to relearn is this;

Don't Buy Stuff YOU Can't Afford!

http://www.hulu.com/watch/1389/saturday-night-live-dont-buy-stuff?forums=1

We have a lot of work ahead of us to reteach the idiocracy the old better way of consumerism.

Sun, 10/23/2011 - 22:57 | 1803318 gmj
gmj's picture

Poverty is an effective teacher.

Mon, 10/24/2011 - 05:15 | 1803635 Element
Element's picture

The world is going to get a crash-course in living frugally, plus an unexpected philosophical tune-up (to cope with it all)

There used to be whole magazines devoted to frugality, and to raising the family accordingly, using things called "hand-me-downs" and sewing machines, because it was ESSENTIAL to know this stuff, and to have a culture that was very well educated in all that stuff.

Then as families became more affluent and credit-cards took over, those sorts of magazines and that practical-culture gradually gave way to fashion, make-up and extravagant foods, and the cult of personality, an over-rated sense of sexual deviance and sensation, plus the torrent of pervasive drivel from mercilessly spoilt and overly-protected wanton idiots who never once got any real-world lessons they really need.

Well, ... all that old-fashioned frugality stuff is coming back at us in a big way, and it's going to get very brutal when people realize they don't kow how to live anymore.

Mon, 10/24/2011 - 07:56 | 1803740 Escapeclaws
Escapeclaws's picture

Good post and a blast of fresh air from the past. People get used to being covered with slime and come to regard that as normal over time. Wake up call shortly.

Mon, 10/24/2011 - 01:10 | 1803493 css1971
css1971's picture

That doesn't work either. That just makes it collapse earlier.

Say it after me people:

Fractional Reserve Banking means there is always more debt than money. There will always be a bust.

Sun, 10/23/2011 - 22:56 | 1803313 gmj
gmj's picture

Sounds like a Monty Python quote.

Sun, 10/23/2011 - 22:45 | 1803297 Buck Johnson
Buck Johnson's picture

It's gallows humor, they have to "look confident" in order to not scare the markets.  But they are scared because that is just to much debt.  Also Britian is acting like Spain and Belgium a year and a half ago.  They where quiet and saying everything is okay but then one day they need help.

Mon, 10/24/2011 - 01:06 | 1803486 css1971
css1971's picture

The difference between the euro and the dollar and pound is simply that with the dollar and pound you can print to pump the next inflation cycle. With the euro, you need the agreement of all the countries first which makes this more difficult.

Inflate or collapse. That simple. Europeans are choosing collapse at the moment.

You want sanity, you need a new monetary system.

Mon, 10/24/2011 - 03:42 | 1803603 fajensen
fajensen's picture

You can print with the EUR too:

1) You set up a liquidity facility with the ECB where banks can repo any kind of OTC dreck that they wish as security for 1% EUR loans.

2) The 1% EUR loans are immediately used to buy treasury bonds, yielding 2-3% thus funding deficit spending and enriching banks at the expense of taxpayers and society as a whole.

3) Never question the quality of the "assets" nor the volume of "assets" deposited as security for the new loans - bad for "confidence" that.

That was "Plan A".

Now it seems that "they" will go for "Plan B": Engineer* a blowup and use it for a massive power-grab with Bussels assuming dictatorial powers over all of the EU member states financing - "Plan A" was to buy time while the legislation was drafted. 

*) Not much to engineer - there is too much debt to carry anyway. 

Mon, 10/24/2011 - 07:39 | 1803711 Escapeclaws
Escapeclaws's picture

Wow! Keep contributing, you are a regular Christopher Hitchens.  American does not have the same rich vocabulary as English. We don't have words like "huffing chuffer" and have to resort to obscenities to say the same thing.  Thanks for the Englsih lesson. Your point is well-taken too.

Mon, 10/24/2011 - 00:47 | 1803460 Dugald
Dugald's picture

Cracking up?, hard to tell if was a smirk or a simper, but cracking up...not....

Bloody writers.........!

Sun, 10/23/2011 - 19:58 | 1802980 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

F**k it, who cares. Futures green... even though the EUR is down against the USD... so much for it being a proxy for the equity markets.

Sun, 10/23/2011 - 19:58 | 1802985 maxmad
maxmad's picture

or red... but who cares...

Sun, 10/23/2011 - 20:29 | 1803052 navy62802
navy62802's picture

That's ok. The longer it stays green, the easier it is to prepare for what we all know is coming. If we ever switched into the yellow zone, there would be far less latitude. So we'll have freedom of movement until the system just stops one day.

Sun, 10/23/2011 - 20:38 | 1803072 broke433
broke433's picture

Futures are green because it's tracking the Asian markets, which are currently covering their shorts and chasing gains in from prior Europe and US. Market action in Europe today should determine the mood for this week.

Sun, 10/23/2011 - 21:25 | 1803146 Prairie Fire
Prairie Fire's picture

This is fantastic news! Bullish oil, short gold, long the US dollar!!! Silver is going to take a cruel fisting!

I'll bet all the economic news this week (housing,jobs) will beat expectations!

We're going full retard into retail jerk off heaven, why would you want to stunt the consumer with the harsh reality of numerical facts is beyond me. Be a team player!

 

Sun, 10/23/2011 - 21:57 | 1803199 topcallingtroll
topcallingtroll's picture

Robo?

Is that you?

Sun, 10/23/2011 - 22:39 | 1803280 i-dog
i-dog's picture

No. The satire is of a much higher standard ... even approaching that of MDB (though still not good enough to reel in the record numbers of indignant responders that MDB can achieve ... all he caught was you)!

Sun, 10/23/2011 - 19:56 | 1802981 jtmo3
jtmo3's picture

Ah, this must be why the futures are going green. Silly me for thinking reality would win out.

Sun, 10/23/2011 - 20:20 | 1803034 Nate H
Nate H's picture

ever wonder if those with different world views might perfectly expect futures to be green during this period ?  (you should)

Sun, 10/23/2011 - 19:58 | 1802984 Kayman
Kayman's picture

Gallows humor.  Will Italy survive the drop thru the trap door ?  Sure, sure....ha ha....

Sun, 10/23/2011 - 19:59 | 1802986 ultimate warrior
ultimate warrior's picture

I think it is called nervous laughter.  From Wikipedia, "Nervous laughter is laughter evoked from an audience's expression of embarrassment, alarm, or confusion, rather than amusement."

Sun, 10/23/2011 - 22:41 | 1803285 Fish Gone Bad
Fish Gone Bad's picture

I was watching some old tapes from the Nixon days, the fall of the USSR, and The War on Terror.  Anytime anyone was smiling or laughing, you now know that they were lying/trying to cover something up, buying time or just trying to deflect the question.

I always thought of nervous laughter as a bit of an ice breaker.  Now?  It is just fucking creepy.

Sun, 10/23/2011 - 23:01 | 1803321 gmj
gmj's picture

Why are they laughing?  If their idiot bankers had said NO, none of this would have happened.  It takes two to tango.

Sun, 10/23/2011 - 22:42 | 1803290 i-dog
i-dog's picture

I think the look on Merkel's face said to Snarko: "He's your buddy ... you answer it!"

Sun, 10/23/2011 - 20:00 | 1802987 slewie the pi-rat
slewie the pi-rat's picture

does it feel like 1909?

or is it just me?

Sun, 10/23/2011 - 20:03 | 1802991 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

Feels like plain old fashioned vanilla fascism to me.

 

 

"If you want a picture of the future, imagine a boot stamping on a human face — forever."

... that's what it feels like to me.

Sun, 10/23/2011 - 20:56 | 1803104 NoClueSneaker
NoClueSneaker's picture

ditto ... for 31 years ...

I kick my can down the road. Nice is something else.

 

Sun, 10/23/2011 - 21:10 | 1803112 CrazyCooter
CrazyCooter's picture

Wow. I was not only shocked by your comment, but I was equally shocked because I didn't remember it from Orwell's book after I looked it up.

Such is the nature of us humans ...

Time to brush up!

Regards,

Cooter

Sun, 10/23/2011 - 20:28 | 1803050 WonderDawg
WonderDawg's picture

You're the only one here who was alive in 1909 to know what it felt like. But if you say so. Aye.

Sun, 10/23/2011 - 21:13 | 1803116 CrazyCooter
CrazyCooter's picture

You're the only one here who was alive in 1909 to know what it felt like. But if you say so. Aye.

Oh, the irony of your comment. Do you even realize what you said and/or what it means?

Regards,

Cooter

Sun, 10/23/2011 - 21:16 | 1803125 WonderDawg
WonderDawg's picture

Not really, Cooter, I was just fucking with Slewie. Why don't you explain to me the irony.

Mon, 10/24/2011 - 00:00 | 1803393 CrazyCooter
CrazyCooter's picture

Well, sorry then. My big hang up these days is how we (as a collective) learn these lessons and forget them only to pay the price all over again.

I don't tend to see the "literary colors" others do ... I got this literal thing and tend to see things more "dry" than the average guy. I never figure it out until its too late in a lot of cases.

Sucks trying to date, that is for sure ...

Regards,

Cooter

Mon, 10/24/2011 - 07:41 | 1803716 WonderDawg
WonderDawg's picture

Yeah, Cooter, if you read The Fourth Turning it offers some explanations why we (as a collective) repeat the same mistakes. Elliott Wave Theory offers what I consider to be the best explanation for why history rhymes.

Sun, 10/23/2011 - 20:32 | 1803059 Crumbles
Crumbles's picture

Because Gene Krupa and Leo Fender were both born in 1909? Bleriot flew the Channel?
Oh, I know - the NAACP was founded in 1909.
Duh!

Sun, 10/23/2011 - 20:59 | 1803107 NoClueSneaker
NoClueSneaker's picture

Tele is an reference.

Me average fan of Leo.

Sun, 10/23/2011 - 21:17 | 1803126 Crumbles
Crumbles's picture

Telecaster OK but nothing like a Gibson Les Paul Studio [ :-}

Sun, 10/23/2011 - 20:03 | 1802992 Pretorian
Pretorian's picture

This is better , journalist during press conference ask Sarkozy "How do we know you are not lying this time" lol

http://www.youtube.com/watch?v=uoapCbkm-eQ&feature=relmfu

Sun, 10/23/2011 - 21:16 | 1803124 IrritableBowels
IrritableBowels's picture

Guess I should brush up on my French...

Sun, 10/23/2011 - 21:19 | 1803133 CrazyCooter
CrazyCooter's picture

I really wish I learned Cajun French growing up ...

Regards,

Cooter

Mon, 10/24/2011 - 03:56 | 1803605 Shylockracy
Shylockracy's picture

What have the French -nay, the world- done to deserve that lowly levantine rug dealer? Or that life-long blackmail victim near him?

That was a rhetorical question. Since Joseph de Maistre we know that 'democracy' delivers exactly what the people deserves.

Mon, 10/24/2011 - 08:47 | 1803787 Escapeclaws
Escapeclaws's picture

What a typically arrogant response by Sarkozy.  The quicker he's out of there the better. The guy is mediocrity incarnate. He's not subtle enough to hide his contempt for the non-elite, not having been born into the same class that he so much wants to join.

 

Sun, 10/23/2011 - 20:04 | 1802994 Schmuck Raker
Schmuck Raker's picture

So, maybe sometime in 2014 we can expect the Euro to replace the US Dollar as the world's reserve currency?

Sun, 10/23/2011 - 20:18 | 1803021 Walter E Kurtz
Walter E Kurtz's picture

The Euro is trash just like the dollar.  Both of them will find their place in the trash heap of fiat currencies.

Sun, 10/23/2011 - 22:05 | 1803218 topcallingtroll
topcallingtroll's picture

The dollar will long outlast the euro.

Even the Telegraph, not known for rampant american boosterism, is admitting the 21st century may belong to the usa also. Read the opinion piece today. My phone wont let me cut and paste links.

Even if you disagree that america will own the 21st century just like it did the 20th you should at least read their arguments.

Mon, 10/24/2011 - 01:15 | 1803502 merizobeach
merizobeach's picture

"the trash heap of fiat currencies."

 

Do you mean the SDR?

Sun, 10/23/2011 - 20:04 | 1802996 frippy
frippy's picture

”Take the jeep and get some ammo, fast."

- Talking G.I. Joe

Sun, 10/23/2011 - 20:04 | 1802997 X.inf.capt
X.inf.capt's picture

im glad they think its funny..

alot of people are getting crushed by this...

what kind of monsters are these...

Sun, 10/23/2011 - 20:45 | 1803085 LawsofPhysics
LawsofPhysics's picture

Getting crushed?  What are you talking about, people are getting "richer".

 

< sarc off >  That fact that I have to do that worries me.  beans and bullets bitches.

Sun, 10/23/2011 - 21:18 | 1803129 Pure Evil
Pure Evil's picture

They're the best kind of monsters, they're getting away with it.

Sun, 10/23/2011 - 21:51 | 1803186 Vlad Tepid
Vlad Tepid's picture

Or they WOULD have gotten away with it if it weren't for those meddlesome kids.

Say where are those kids?

Uh-huh.

They found them WHERE?

How did they even...never mind...

Yep, they got away with it!

Sun, 10/23/2011 - 21:45 | 1803169 CrazyCooter
CrazyCooter's picture

XIC,

This is tough for me, because years ago I concluded the outcome. It isn't pretty, but it may take another decade to play out. If God gave me anything (and I am not a church going guy), it is a conviction in my heart that I can not ignore. No one can lead me anywhere I don't believe in going. I am an ... eccentric guy. I read history. Knowing how things work is an itch; I have to scratch it. When I want to know something, I am a machine, up at the crack of dawn, every day, with the sole purpose of knowing. And it gives me rest at the end of the day. I love it; it isn't work, its sustenance.

It happens to pay my rent in my profession, but it is a curse when it comes to people around me. The situation is much worse than what even many pessimists think is on the table. I would *love* to be wrong (and I make a living being wrong - side story).

All you can do is take those, who are close to your vest, and guide them through what is happening. I try to do that with my friends/family. I regularly talk about having enough food on hand to make it 60 days. I talk about keeping cash on hand (5s/10s/20s) enough to buy what you need for a couple months if it gets like that. I talk about how PMs preserve purchasing power. I talk about how money works. I have been on this tread mill for months, if not years.

Slowly, as things come apart, they pay more attention. Sort of like recruits who hear the first gun fire or see their first injured. Suddenly, training is more important, their role is more important.

The honor of what makes humans special will survive. The malaise of the human spirit, evident through history, has never prevailed, and it will not prevail at this hour. On natures terms, it can not sustain itself; technology is not re-writing the rules. This is just a dark period in our time that we must prepare for ... and more importantly ... mentally and physically prepare to lead our loved ones. Family is what comes out on the other side.

Freedom, honor, and such are not free. Occasionally, a price is paid. The price paid if often forgotten over a full stomach. We, as a nation have forgotten and the piper is singing the tunes of dues due.

I went overboard because I like chatting with you and I know the larger audience reads as well.

All hell is about to break lose. Families and extended families that circle the wagons will fair best. It will get ugly and folks should prepare for such.

Regards,

Cooter

Sun, 10/23/2011 - 22:21 | 1803252 traderjoe
traderjoe's picture

CC - Thx for that. Godspeed on your journey.

Hey did you post about a week ago a link to a site on becoming a freeman? Like "letter to citizens" or something like that?

Much obliged with any recollection. Cheers.

Mon, 10/24/2011 - 00:05 | 1803400 CrazyCooter
CrazyCooter's picture

Nope.

Just a godless Christian reporting from Alaska.

Just trying to do my part, sir.

Regards,

Cooter

Mon, 10/24/2011 - 22:18 | 1806847 dogbreath
dogbreath's picture

Alaska!!    isnt that where the women are men and the men are animals

Sun, 10/23/2011 - 23:08 | 1803316 i-dog
i-dog's picture

Well said, Cooter. From the heart!

As the epitome of central planners, they have tried before and failed before - as they will again this time. But, as you say, it's gonna get very messy in the meantime.

IMO, the Euro falling apart was not in their playbook until late next year, which is why they are flummoxed at finding a solution. None of the front men know who to call for an alternative playbook (they get their orders second-hand in round table meetings), so they're just winging it. LOL.

Mon, 10/24/2011 - 00:09 | 1803411 CrazyCooter
CrazyCooter's picture

Interesting.

I pretty much assumed this as an outcome, so I was biased going in. Yet at the same time, I struggle to find a rationale to the timing of all this drama. It is an odd show to say the least.

Your comments make me pause and think about what I assumed.

Perhaps there is not a script at this point. I really hadn't put that on the plate to stare at ... and I will certainly keep that in mind going forward.

Regards,

Cooter

Mon, 10/24/2011 - 01:07 | 1803491 lincolnsteffens
lincolnsteffens's picture

Agree with you 100%. I've been raising the cry to anyone that will listen. The last several months I have noticed an increasing number of people (still small) who suspect we are a long way from seeing the light at the end of the tunnel. Most of them that have some idea of how bad it is don't have any cash and PMs put away for an emergency. Just today I was speaking with a customer of mine and found out he thought he was well positioned in gold because he had bought GLD. Said he had a pretty savvy independent money manager. When I told him having GLD did not necessarily mean he actually owned any gold he was very surprised and would discuss it with his adviser. He never gave a thought that govt. would outlaw owning gold or could devalue currency overnight. I told him to tune into ZH.

Sun, 10/23/2011 - 20:05 | 1803002 nmewn
nmewn's picture

I always laugh when I see the words public debt written out as "securities".

Sun, 10/23/2011 - 20:06 | 1803003 Fix It Again Timmy
Fix It Again Timmy's picture

Forget the charts, don't read the analysis, - it's a Wipe Out...When the fat lady laughs, it's over muchachos!

http://www.youtube.com/watch?v=OfzGsnpGR8w&feature=related

 

Sun, 10/23/2011 - 20:08 | 1803008 I am Jobe
I am Jobe's picture

Merkel is laughing her azzzz off enjoying this. Long live Germany.

Sun, 10/23/2011 - 20:09 | 1803010 heatbarrier
heatbarrier's picture

Well, those two will be out fairly soon.

Sun, 10/23/2011 - 20:09 | 1803011 Ignorance is bliss
Ignorance is bliss's picture

What does this mean? We are seeing the manifistation of a much higher Gold price. It just so happens Italy is the 4th largest holder of Gold followed by France.That explains why Russia, China, and India are buying more. They know Gold will be part of the future reserve currency. Its the only way to solve these debt problems. Note who the top holders are...the world order remains intact.

4. Italy

Value of reserves: $157.36 billion
Holdings total: 2,701.9 tons

The Banca D'Italia manages Italy's foreign reserves, which have been reported at 2,701.9 tons by the World Gold Council and comprise the fourth largest gold reserve in the world.

These holdings are worth $138.33 billion and account for 71.2 percent of the country's

5. France

Value of reserves: $156.31 billion
Holdings total: 2,683.8 tons

The French National Bank, Banque De France, is home to the country's gold holdings, which comprise 66.2 percent of its foreign reserves. With 2,683.8 tons of gold in reserve, France's holdings are worth approximately $156.31 billion.

 

1. U.S. Value of reserves: $522.16 billion
Holdings total: 8,965.6 tons

The United States Bullion Depository in Kentucky—otherwise known as Fort Knox—is the most famous gold stockpile in the world. It holds the majority of the nation’s gold reserves, the remainder of which is held at the Philadelphia Mint, the Denver Mint, the West Point Bullion Depository and the San Francisco

2. IMF

3. Germany

 

Got Gold yet? Stack like your life depends on it...because it does.

http://www.cnbc.com/id/33242464/The_World_s_Biggest_Gold_Reserves?slide=16

 

Sun, 10/23/2011 - 20:22 | 1803040 weyes1
weyes1's picture

8,965.6 tons? You wanna bet?

Sun, 10/23/2011 - 20:37 | 1803071 seek
seek's picture

I bet it's even more than that. Tungsten is cheap in bulk.

Oh... you meant gold holdings? My bad.

Sun, 10/23/2011 - 20:41 | 1803077 philipat
philipat's picture

As in "Show me", beyond which would you believe a fucking word the Fed/Treasury says without a Ron Paul audit?

Sun, 10/23/2011 - 20:30 | 1803055 LawsofPhysics
LawsofPhysics's picture

Sure, I'll see your gold and raise you my bean, bullets, and like minded neighbors.  Get physical indeed.

Sun, 10/23/2011 - 20:31 | 1803058 WonderDawg
WonderDawg's picture

Thanks for the advice, but I'll wait for it to drop back under $1000 before I start adding to the stack.

Sun, 10/23/2011 - 22:05 | 1803219 CrazyCooter
CrazyCooter's picture

The "con" is that the gold never went anywhere. Many years ago, all belief was suspended, to great political effect, and this enabled many, many empty checks to be written for so many years. Gold, because the elite know its gold, was held dear.

Stop with all this "the gold is gone" crap. There is no evidence. The only claim can be, and suspension of disbelief serves the holders as much as it benefits them politically, is that there isn't any gold.

When the system resets, at it was planned many years ago, the gold holders will own the world. In this time, they are like kids with credit cards they know someone else will pay; run 'em up.

The default is coming. It will starve millions (billions). Trade is going to collapse. War is going to break out. The creditors are going to get buried. And life will begin anew.

It isn't that simple, but that, in my mind is the plan. I don't think its going to work, but just my $.02.

Regards,

Cooter

Sun, 10/23/2011 - 20:12 | 1803016 ZeroPoint
ZeroPoint's picture

So for those non-French speakers, his response was 'we are here, we are all in this together, in all aspects.'

 

Which basically means, "We have no fucking plan, because the European charter doesn't give us an out when member countries run up criminal debts".

More of the same.

Sun, 10/23/2011 - 21:19 | 1803132 IrritableBowels
IrritableBowels's picture

thanks

Sun, 10/23/2011 - 22:56 | 1803317 Maxter
Maxter's picture

What he actualy said is that:

"We were together at this meeting.  And.. how can I say... We are confident that the Italians politic, financial and economic authorities will act responsibly."

 

Oh and no need to translate the question as he didn't answer it at all.

Mon, 10/24/2011 - 08:57 | 1803885 Escapeclaws
Escapeclaws's picture

He basically critisized the person asking the question as a mere spectator. He then went on to claim, among other things, that Ireland is now in the clear (?!!), just to give the tenor of his remarks. He's a BS artist and always has been. Demagogery is his forte.

Sun, 10/23/2011 - 20:13 | 1803019 ISEEIT
ISEEIT's picture

Market? What market? There is no fucking market. It is the exchange.

You play...We win.

Kinda like the lotto.

Its called progress you see.

Now shut the fuck up and go back to work debt slave bitch while we plot ever more marvelous plans and plan ever more marvelous plots.

The world is OUR oyster.

Sun, 10/23/2011 - 20:14 | 1803020 Justaman
Justaman's picture

Simple...she was thinking about Silvio.  That tragicomedy will put a smile on anyone's face. 

Sun, 10/23/2011 - 20:16 | 1803022 chump666
chump666's picture

Money on that Italy will try and kick it's self out of the EU, then SPain, Portugal.

She is losing it.

Sun, 10/23/2011 - 20:16 | 1803023 Blagio
Blagio's picture

Italy has 1.89 billion (euros) in debt and they need cash now.

 

CALL JG WENTWORTH @ 877 CASHNOW!

Sun, 10/23/2011 - 20:21 | 1803038 kaiserhoff
kaiserhoff's picture

Was thinking maybe they should go down and see Guido at the docks.  Guido don't need no damn FICO scores to make a loan. 

Sun, 10/23/2011 - 20:30 | 1803057 ZeroPoint
ZeroPoint's picture

But you need a structured settlement or lottery prize annuity for that! Oh yes, I guess the ESEF leveraged fund will do....

Sun, 10/23/2011 - 21:20 | 1803135 IrritableBowels
IrritableBowels's picture

Thanks for destroying my night.

Sun, 10/23/2011 - 23:13 | 1803335 gmj
gmj's picture

Watch out.  In Europe, a billion is the same as a trillion in the US.

http://www.newton.dep.anl.gov/askasci/gen06/gen06360.htm 

So Italy's debt is 1.89 trillion Euros to an American.  Picky, picky, I know.

Sun, 10/23/2011 - 20:17 | 1803027 chump666
chump666's picture

Suckcockzy is high on cheap coke...

what a loser.

Sun, 10/23/2011 - 20:19 | 1803030 peekcrackers
peekcrackers's picture

they just hit the bong befor the press conference .

Sun, 10/23/2011 - 20:19 | 1803031 YesWeKahn
YesWeKahn's picture

Sarkozy is a talky cat, empty like a stinky bottle.

Sun, 10/23/2011 - 20:20 | 1803032 Elwood P Suggins
Elwood P Suggins's picture

I think "Merkozy" sounds very harsh.  In the future they should be referred to as Nicky & Angie.

Sun, 10/23/2011 - 20:20 | 1803033 TraderMark
TraderMark's picture

If you want a break from Europe-palooza, a fascinating interview with Steve Jobs biographer tonight on 60 Minutes. Videos here.

 

http://www.fundmymutualfund.com/2011/10/video-60-minutes-life-of-steve-jobs.html

Sun, 10/23/2011 - 20:20 | 1803035 walcott
walcott's picture

there is no free market hasn't been for along time. 

Just painfully obvious now. Like betting red or black vegas. 

Cardboard signs won't do anything that's a joke.

They're laughing at the monkeys.

 

And with good reason. The monkeys want these motherfuckers to take care of them!

Yeah right. Soros and company (NWO) are coming to your economic rescue and will keep you safe.

Free food, free housing, free health care all available at your local FEMA concentration camp.

Never have to work again because he'll just exterminate everybody.

 

Sun, 10/23/2011 - 20:21 | 1803037 YesWeKahn
YesWeKahn's picture

Euro down 0.35%, silver is solidly up, ES is almost green. S&P will touch 1250 this week.

Sun, 10/23/2011 - 22:38 | 1803281 mynhair
mynhair's picture

1260

Never underestimate the power of human stupidity.

Sun, 10/23/2011 - 20:23 | 1803042 msamour
msamour's picture

I think in this case what happened it was Merkel was not able to understand the question because the translator was not fast enough. That is Why Sarkosy answered the question. Merkel's silence in my opinion was simply due to her lack of understanding of the question which was asked in French.

 

The laughter was simply due to the reaction to not answering. I usually give credit where credit is due, but in this case, I doubt it has anything to do with Italy being in debt. I understand we all know they are, it's just in "this" particulaer instance, the laughter was due to Merkel not receiving the translation in time.

Mon, 10/24/2011 - 00:49 | 1803463 LeZinc
LeZinc's picture

 

I think in this case what happened it was Merkel was not able to understand the question because the translator was not fast enough. That is Why Sarkosy answered the question. Merkel's silence in my opinion was simply due to her lack of understanding of the question which was asked in French.

The laughter was simply due to the reaction to not answering. I usually give credit where credit is due, but in this case, I doubt it has anything to do with Italy being in debt. I understand we all know they are, it's just in "this" particulaer instance, the laughter was due to Merkel not receiving the translation in time.

 

I don't agree about translation lag and Merkel not answering because of it trigered the laughters. The laughters were trigered by the sarcastic/amused look Sarkozy gave Merkel before answering. And I agree they were not about Italy being in debt. It has more to do with Berlusconi.

They laughed because of Sarkozy's face expression and "yeah right!" smile he gave Merkel before answering.

The answer was translated by other commentators above, but not the question. Here it is:

What exactly did you say to M. Berlusconi? Did he mention commitment to new reforms in Italy? Are you reassured after hearing what he said, given Italy is even more watched, particularly by credit agencies?

You will notice a smirk began to form on his face when the reporter uttered the word "commitment" at mid-question.

 

Mon, 10/24/2011 - 01:09 | 1803488 LeZinc
LeZinc's picture

Just to add:

Sarkozy's answer as translated by Maxter above:

"We were together at this meeting.  And.. how can I say... We are confident that the Italians politic, financial and economic authorities will act responsibly."

Sun, 10/23/2011 - 20:26 | 1803044 bob_dabolina
bob_dabolina's picture

This is how you know everything is about to fall apart:

As soon as all the bank CEOs come on CNBC and profess how well capitalized they are, and how they are flush with cash with no exposure to Europe.

When you hear that calmly turn off the T.V, lock all your doors/windows (board them up), bring all rations to the basement (this includes food water, bullets, bunson burner) and hunker down becuase the apocalypse is around the corner. 

Sun, 10/23/2011 - 20:25 | 1803046 msmith
msmith's picture

Italy is a major problem for the EU and they have no resolution.  The SPX is pointing to higher levels this week as the DX is inversely moving to lower levels.  The "rIsk on" tone is expected to continue this week.  http://bit.ly/q2Vjrx

Sun, 10/23/2011 - 20:26 | 1803047 Jim in MN
Jim in MN's picture

Love it.  It's like finding out you're surrounded by thin sheets of glass, everywhere, but you don't know exactly where.  After a long traumatic time being careful, you stop caring and just run free!  Wondering when you will hit the glass, how it will shatter and what will happen next.  Lots of blood, duh, but what will it be like?

 

It's like that for Europe.  When will it shatter?  Where will the cuts appear first?  How will the blood arc through the air, prettily flying....

Sun, 10/23/2011 - 20:32 | 1803060 bob_dabolina
bob_dabolina's picture

If you were going for Quentin Tarantino, you nailed it.

Sun, 10/23/2011 - 21:27 | 1803149 xcehn
xcehn's picture

No more Dexter for you, Jim.

Sun, 10/23/2011 - 22:31 | 1803269 Jim in MN
Jim in MN's picture

C'mon, isn't that what ZH is all about?  Anyway I've been watching The Walking Dead so maybe that explains it.  You know, researching zombification for better insight into the financial crisis etc.

Sun, 10/23/2011 - 21:39 | 1803160 tsx500
tsx500's picture

ignore Rickards at your own risk.

Sun, 10/23/2011 - 23:21 | 1803341 LookingWithAmazement
LookingWithAmazement's picture

If the euro falls, $$$ will be a safe haven. But ok, euro will survive.

Sun, 10/23/2011 - 20:30 | 1803056 chump666
chump666's picture

*Reuters reported over the weekend that EU finance ministers meeting on Saturday were talking about a recapitalization of between EUR100bn and EUR110bn for European banks, but Spain, Italy and Portugal were putting up strong resistance as they would pay the most to beef up their banks.

This thing is dead.  Italy will play hardball and try and go back to the Lire and kick it's self out of the EU, so that insane PM of theirs can still act insane till the Italians hang him upside down on a street lamp (at some point).

Mon, 10/24/2011 - 04:04 | 1803614 fajensen
fajensen's picture

Wrong. The Italians support Berlousconi with 60% of the votes for two reasons:

They like him because he is pretty much doing whatever the (male) population would be doing should they ever win the El Gordo lottery and he is blatant about it. "Suck on that Dick, PC-people" is their message.

They hate politics and politicians and everything political with a vengeance and vote Berlousconi because he exactly represents the greed, corruption, self-aggrandisement and criminal behaviour that *is* Italian politics. He is a clown and they hope that Berlousconi will run everything into the ground so that they can break free from Italian "democracy" and - views really diverge here - either get placed under administrations by the EU or get a fascist elected to kick out the damn gypisies and asylum seekers.

I.O.W.: The Berlousconi vote is based on Griefing and Spoiling. 

Sun, 10/23/2011 - 20:37 | 1803070 PulauHantu29
PulauHantu29's picture

Moffitt warites about the USAbank expansion into the international banking arena since it was much more priftable then the domestic.

He also says bnanks were tripping over each other to make these loans to multinationals and countrie..... bank loan officers only cared about orignating  the loan since the upfront fees were steep increasing bank profits and the loan officer's chances to move up the ladder. Since the loan officer was sure to move upward and onward, he cared little whther th eloan would ever perform or default.

The bankers need to share or disgorge their mega-profits from internaitonal loans from the past ten years. Why should European citizens not share in the profits and be forced to eat all the losses?

Moffitt was writing about these risks in the 1970's....times and risky methods have not changed, have they.

Sun, 10/23/2011 - 20:39 | 1803073 philipat
philipat's picture

Unfortunately, Mr Berlussconi was attending a Bunga Bunga party and was unavailable for comment..............

Sun, 10/23/2011 - 20:41 | 1803076 buzzsaw99
buzzsaw99's picture

there's a reason italy is shaped like a boot. they are going to kick france's ass. hahahahahaha!

Sun, 10/23/2011 - 21:03 | 1803110 Tuco Benedicto ...
Tuco Benedicto Pacifico Juan Maria Ramirez's picture

Which brings up the question, if Italy attacks France from the rear will Greece help!??

Sun, 10/23/2011 - 21:30 | 1803151 buzzsaw99
buzzsaw99's picture

some greece on the big toe and the whole foot would follow with ease. ;)

Sun, 10/23/2011 - 21:35 | 1803156 Yen Cross
Yen Cross's picture

  Keep teaching me " Buzz", and thanks for the free! > WISDOM...

Sun, 10/23/2011 - 22:11 | 1803235 CrazyCooter
CrazyCooter's picture

LMAO!

Regards,

Cooter

Sun, 10/23/2011 - 20:49 | 1803084 Atomizer
Atomizer's picture

The entire EU debacle is based on a Milton Bradley game.

 

Connect Four board game

 

Before you start printing your protest T-Shirts, begin to think how you can create the new EU Chute and Ladders Special Edition board game.

Sun, 10/23/2011 - 20:52 | 1803088 philipat
philipat's picture

The UK also used to have substantial holdings of Gold until it had its "Fucktard moment" in the form of G Brown openly selling into the market's all time lows, creating "The Brown bottom" in Gold. Now if only the EU and the US had some leadership to make such monumental moves. You couldn't make this stuff up. Sigh................................

Sun, 10/23/2011 - 20:48 | 1803089 Die Weiße Rose
Die Weiße Rose's picture

nice Ad

love the motorbike and sidecar

might get me one as soon as the Euro drops ....

wr;)

Sun, 10/23/2011 - 20:55 | 1803102 buzlightening
buzlightening's picture

Clap on! Clap off! The Ezero clapper.  Buy one Ezero clapper and get the second solution to dominoes of collapsing debt free.  Wait bendover! Jiffy lubed free while the USDinker dollar fails as all other debt based currencies. lil scamBO should be promising a rubber chicken in every ameriCON'ds pot for the holidaze!! What of gov goon gone wild cluster flock upon us all. 

Sun, 10/23/2011 - 20:55 | 1803103 RobotTrader
RobotTrader's picture

Asian Indexes going vertical.

 

http://clearstation.etrade.com/cgi-bin/bbs?post_id=9853699

Dow futures now only down 10.

Sun, 10/23/2011 - 22:20 | 1803251 CrazyCooter
CrazyCooter's picture

I saw some asians tonight, I went veritcle too ... just playin' along ...

http://www.zerohedge.com/news/paulsons-biggest-fund-cut-half#comment-175...

Oh, you owe me a response ... because you aren't a tool who only posts and doesn't read ...

Making it my hobby to troll you ... I think my question is a good one the community would like to hear a response to (I know I would) ...

Regards,

Cooter

Sun, 10/23/2011 - 21:16 | 1803119 Yen Cross
Yen Cross's picture

 The cracks are forming. Nice call on the " CHF" repatriation, 'earlier thread tylers' . 

  All of the Asian sovereigns have been buying, [ usd ] , during the course of the Asian sessions. { Last two weeks }...

I chose to stay quiet and see if, in fact they were repatriating [ flows ].  When, KRW, HKD, SGD, ect.. are selling into Asia session...

 

     It generally means a softening of the Asian secondary markets. These sovereigns peg directly to the dollar(US).  Furthermore, the dxy is touching a ( inflection point). I didn't mention this , as I needed confirmation. 

 

  I'm long Medium term, starting now.   ( USD) , Target 80...

Sun, 10/23/2011 - 22:16 | 1803246 topcallingtroll
topcallingtroll's picture

Good call Yen.

You may be a professional, but i bet i beat your dollar play over the next few weeks to few months being all in EWZ

Sun, 10/23/2011 - 21:16 | 1803123 xcehn
xcehn's picture

Gallows humour from Merkozy; how prophetic since they are trying to raise Euroland from the dead:

"There is an apocryphal story of a condemned man being led into the execution chamber. The condemned prisoner points to the electric chair and asks the prison warden: "Are you quite sure this thing's safe?"

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

Sun, 10/23/2011 - 21:20 | 1803134 chump666
chump666's picture

French CDS's are blowing out (Asian trading). 

Sun, 10/23/2011 - 21:37 | 1803158 Earl of Chiswick
Earl of Chiswick's picture

but equities as TD predicted holding their own

Sun, 10/23/2011 - 21:39 | 1803161 Yen Cross
Yen Cross's picture

Trade  markers chump666.   I sense 2 more massive swings before "12"...   hedge "spot", or  " option the trade" .

Sun, 10/23/2011 - 21:40 | 1803157 Caviar Emptor
Caviar Emptor's picture

Here we go again, Tyler: circling the drain of the housing bust....the story goes on, taking a sickening lurch:

 

Mortgage Insurer Wilts

 

Arizona Takes Over Struggling PMI Group; Move Hits Lenders and Investors

 

 

Arizona regulators have taken over a big mortgage insurer and put restrictions on its claims payments, the latest indication that the housing bust is not finished taking casualties—and that lenders and investors are likely to suffer more losses.

PMI Group Inc.'s mortgage-insurance unit had been paying about $1.5 billion a year in claims to reimburse lenders and mortgage investors such as Fannie Mae, Freddie Mac and Wells Fargo & Co. for some of their losses when homeowners default.

Now, the insurer will pay just 50% of claims

 

http://online.wsj.com/article/SB1000142405297020391180457664945406844616...

 

Sun, 10/23/2011 - 22:12 | 1803237 topcallingtroll
topcallingtroll's picture

I hate to say this but i am bored with europe now.

Any new greek riots?
Spanish riots?

Oh well.

Whats up with lady Gaga these days?

Sun, 10/23/2011 - 22:19 | 1803250 nmewn
nmewn's picture

It toyed with a spaghetti ensemble after the full meat get up...but too much would be revealed ;-)

Sun, 10/23/2011 - 23:16 | 1803337 Zero Govt
Zero Govt's picture

it's Bolognese isn't it?

Sun, 10/23/2011 - 22:14 | 1803240 Antifaschistische
Antifaschistische's picture

at the end of the day, why are banks even in the business of buying any governments debt.   Why do we have to sit here, decade after decade watching these moronic pseudo-leaders take us to debt hell as we watch the debt to GDP ratios climb.

Even in Greece we watch them tell us that their debt will HAVE to rise over the next few years.

WHO IN THE HELL IS BUYING THIS DEBT!!   Creditors are suppose to be the last bastion of defense against irresponsible borrowers.   Creditors are what should keep our governments around the world restrained from running us into bankruptcy.  But with the incestuous relationship between Central Bankers and Governments they agree to enable endless spending if the government will shift unsecured debt default responsible to tax payers!!

Here's the banking reform I want.   Banks are not allowed to purchase government debt thus enabling the terminal debt spiral.  We would not be in this mess if debt were restrained by profit seeking creditors who had to actually evaluate risk/return like we have to in the real world.

Sun, 10/23/2011 - 22:36 | 1803275 traderjoe
traderjoe's picture

Close. Dig deeper. In fractional reserve banking, the banks create money for free - out of thin air. See Modern Monetary Mechanics.

The central banks are private cartels.

Sovereign countries don't have to borrow their own money - see the United States Note.

Put it together and you have the scam of the century - where sovereign interest is the grift and debt-slavery of the people is the goal.

Sun, 10/23/2011 - 23:25 | 1803345 Zero Govt
Zero Govt's picture

Precisely... Govt is quite simply a ratchet to winkle the wealth out of productive society, through taxation, just as the unproductive parasites (Rothchild) designed

and the only way to stop the rot is for each individual to stand up and tell the Govt where it can shove its tax (thieving) demands

Zero Tax = Zero Govt 

Sun, 10/23/2011 - 22:26 | 1803261 dvp
dvp's picture

Reading article after article for months on the global financial crisis, to what focus comes is debt.  This, however, is debt not in the sense of Republicans intent on ending government entitlements.  Rather, it is debt as much at the foundation of the market economy as at the foundation of government entitlements.  Indeed, it being at the foundation of the market economy is the point.

Unlike physicists, economists provide an organic rather than mechanic conception of reality.  Being organic, an economy "grows," not erodes like the universe of physics (entropy).  How so, how can an economy grow?  By debt.  Money, an imaginary entity, is borrowed and converted into investment.  Assuming economic "growth," this borrowed money will turn into a greater quantity of money in profit.  Insofar as "growth" is assumed, it is neither logically nor empirically necessary. Being unnecessary, insofar as interest on debt compounds, growth, if occurring at all, may not increase as rapidly as debt.

Underlying the economic fallacy is the assumption of infinite human demand and infinite substitutibility.  Insofar as these are economic assumptions, there is no empirical necessity in them.  Simply enough, these assumptions are empirically unproven.  Indeed, I know not how they can be tested empirically.  After all, if challenged, economists merely need assume an interfering variable disrupting growth.  Providing some indication the assumptions are mistaken is the business cycle.  Greater indication are depressions, debt overwhelming demand.  However, as many articles and commentaries on even this web site indicate, yet another disruptive variable is identifiable, which if controlled, will lead to paradise.

Avoided is the possibility of the falseness of the underlying assumptions of the system authors and commentators, along with economists and the business community, presume.  That being false, all of the nostrums for saving the system fail.  This might well be what is occurring currently in the EU.  My fear is the assumptions underlying the system are false.  If so, what is frightenting is no alternative appears available.  Tweaking the system this way and that provides no solution.  Humanity has become so comfortable with indusrialization over the last three hundred years, no alternative has been thought through.

Sun, 10/23/2011 - 23:04 | 1803311 Temporalist
Temporalist's picture

Actually I think economists treat the economy in the most inorganic way by trying to stimulate it and manipulate it.  It doesn't "grow" naturally and they refuse to let it shrink if it must.

 

Here is what happens when the economy is inorganically pumped up:

http://www.metacafe.com/watch/1339541/exploding_steroid_arms/

 

Growth for growth's sake itself is a massive fallacy and is such an entrenched idea that it's warped the kleptocrat's minds.

Mon, 10/24/2011 - 12:13 | 1804671 dvp
dvp's picture

While still adhering to my claim economists and business types understand an economy as an organicism, I will accept your assertion, "they refuse to let it shrink if it must."  Inconsistently, although business types, at least, insist a free market is "self-regulating," along with economists, they treat it as a hot house plant, in need of constant attention to keep it "growing."

Sun, 10/23/2011 - 22:58 | 1803304 Temporalist
Temporalist's picture

You mean these Italians?

 

The world grows tired of corporate greed, Italy protests turn violent

"Rome Mayor Gianni Alemanno blamed the violence on "a few thousand thugs from all over Italy, and possibly from all over Europe, who infiltrated the demonstration.""

http://www.cpifinancial.net/v2/News.aspx?v=1&aid=9759&sec=The%20Economy

 

Poor Economy Sparks Protests in Italy

"The London School of Economics' Marco Simoni says Italy's inactive government has exacerbated the economic situation.

"It's like a spiral," Simoni noted.  "Like you don't do your reforms. Because you didn't do the reforms, the economy gets worse. Because the economy gets worse, interest groups cling even more than before to what they have. And therefore reforms become even more unlikely."

Simoni says the economy could get worse before it gets better. And he says, while many believe a change of government would help solve the economic situation, Berlusconi will likely hold on to his leadership until elections in 2013."

http://www.voanews.com/english/news/europe/Poor-Economy-Sparks-Protests-...

video

 

 

Sun, 10/23/2011 - 22:54 | 1803307 anonnn
anonnn's picture

A perfect EU version of Saturday Night Live at its bestest!

Sun, 10/23/2011 - 23:22 | 1803343 toady
toady's picture

You gotta admit, thats some funny shit!

Sun, 10/23/2011 - 23:29 | 1803354 Outlaw Of The W...
Outlaw Of The Wasteland's picture

sarkozy is a dwarf hungarian jew, is he not?  about as French as velveeta.  odd, that.

Are there any white males in positions of authority anywhere throughout the zogs of the former west?

 

Mon, 10/24/2011 - 02:24 | 1803567 bill1102inf
bill1102inf's picture

"When the system resets, at it was planned many years ago, the gold holders will own the world."

 

That is a bunch of pure BULLSHIT.

 

If thats what gold longs are waiting for, I almost feel sorry for you.

Because, wait for it, wait for it, waaaaiiiitttt for it.....

 

Once the reset happens, gold, wont be worth SHIT!!!! Countries are NOT going to 'peg' to it. Its BARELY USED for anything other than electronics, of which we have more than enough for 1000 years even growing at todays rate!!! If the US were to issue 2 Trillion NEW dollars, how much do you think GOLD would be worth??? a couple bucks an oz?? LMAO!!!!!  The only reason gold has run up is because of dollar debasement, the shit is worth what it was 100 years ago, if not less because there is more of it around.  In a currency reset, the stuffs goes BACK DOWN.

 

Hell, imagine if it reset next month. Green dollars get exchanged for new dollars at whatever ratio, it doesnt matter.  Gold aint going ANYWHERE. If its 1600, its 1600, if money is exchanged 2 for 1, you get gold worth 800. BUT, we will be PURGING THE DEBT!! which will REMOVE DOLLARS from the system, make the 'dollar' go UP (relative) making GOLD go where?  DOWN THE FUCKING TOILET WHERE IT BELONGS!!!!

 

See u on the other side bitchez

 

Where houses are $10,000 and if you think you will be able to trade 10 or even 20 1oz gold coins for one, your fucking nuts.

Mon, 10/24/2011 - 09:09 | 1803926 Nikola Tesla
Nikola Tesla's picture

You're fucking nuts.

 

When the system resets you won't have to buy a house, you'll have to defend it.

Mon, 10/24/2011 - 03:44 | 1803604 dabonett
dabonett's picture

The funniest thing is that the video is provided by italian newspaper Repubblica ( representing radical chic left billionaires)

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