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Wikileaks Exposes German Preparations For "A Eurozone Chapter 11"

Tyler Durden's picture




 

The following cable from US ambassador to Germany Philip Murphy ("Ambassador Murphy spent 23 years at Goldman Sachs and held a variety of senior positions, including in Frankfurt, New York and Hong Kong, before becoming a Senior Director of the firm in 2003, a position he held until his retirement in 2006") "CONFIDENTIAL: 10BERLIN181" tells us all we need to know about what has been really happening behind the smooth, calm and collected German facade vis-a-vis not only Greece, but all of Europe, and what the next steps are: "A EUROZONE CHAPTER 11: DB Chief Economist Thomas Mayer told Ambassador Murphy he was pessimistic Greece would take the difficult steps needed to put its house in order.  A worst case scenario, says Mayer, could be that Germany pulls out of the Eurozone altogether in 20 years time.  In 1990, Germany's Constitutional Court ruled that the country could withdraw from the Euro if: 1) the currency union became an "inflationary zone," or 2) the German taxpayer became the Eurozone's "de facto bailout provider."  Mayer proposes a "Chapter 11 for Eurozone countries," which would place troubled members under economic supervision until they put their house in order.  Unfortunately, there is no serious discussion of this underway, he lamented." This was In February 2010. The discussion has since commenced.

Full cable, created on February 12, 2010, presented with no comments, and just the occasional highlight, as all of what Germany is really saying has already been said by us as well.

C O N F I D E N T I A L SECTION 01 OF 03 BERLIN 000181
 
SIPDIS
 
STATE FOR EEB (NELSON, HASTINGS), EEB/IFD/OMA (WHITTINGTON), DRL/ILCSR AND EUR/CE (SCHROEDER, HODGES) LABOR FOR ILAB (BRUMFIELD) TREASURY FOR SMART, ICN (NORTON), IMB AND OASIA SIPDIS
 
E.O. 12958: DECL: 02/12/2020
TAGS: EAID EFIN ECON PREL EUN GM GR PGOV
SUBJECT: GERMANY RELIEVED BY EU SUMMIT OUTCOME ON GREECE
 
Classified By: ECONOMIC COUNSELOR INGRID KOLLIST, REASONS: 1.4 (B) AND
(D)
 
¶1. (C) SUMMARY:  Chancellor Angela Merkel's government welcomed the decision taken at the EU's February 11 informal summit in Brussels not to provide financial assistance, for the moment, to cash-strapped Greece.  German officials believe a bailout is not needed at this time, and that extending a lifeline to Greece would have carried too many risks.  One major fear in Germany is that "saving" Greece would lead to other needy Eurozone members expecting the same treatment.  Another concern is that extending an explicit guarantee for Greece could weigh on Germany's own good standing in the markets, ultimately raising its borrowing costs.  While German government officials do not totally rule out an IMF program for Greece if push came to shove, most consider this eventuality highly unlikely, especially in light of the European Central Bank's strong opposition.  In fact, the German government, the ECB and private German economists are downplaying the seriousness of Greece's predicament and its potential impact on stability of the Euro.  They agree, however, that the crisis could have longer-term consequences for EU institutions and how they interact with member states that stray off course.  END

SUMMARY.
 
NOT IN THE MOOD
---------------
 
¶2. (C) Prior to the February 11 EU Summit in Brussels, there was much hair pulling in Berlin over the wisdom of participating in some sort of Greek rescue.  No one savored the idea of explaining to German taxpayers, already concerned about Germany's record deficit, that they would be footing the bill for the irresponsible behavior of another country. A Finance Ministry official explained to us that many Germans felt disgusted by the situation in Greece: "While Germans have spent the past decade tightening their belts and improving their competitiveness, Greek civil servants still earn 14 months' salary per year."  A recent editorial in the German daily Frankfurter Allgemeine Zeitung (FAZ) asked rhetorically whether Germans would need to work until age 69 just to finance early retirement for Greek workers.  With important upcoming elections in the state of North Rhine-Westphalia, bailing out Greece would not be a vote winner.
 
OFF THE HOOK
------------
 
¶3. (C) The German government was, in fact, "relieved" that the European Council meeting on February 11 decided not to put concrete assistance on the table at this time.  Wolfgang Merz, Director for European Financial Affairs, German Ministry of Finance, told us that while Germany stands ready to throw a lifeline if the Greek government truly runs aground, Greece currently has access to capital markets and needs no outside assistance.  The key to overcoming the crisis will be the Greek government's implementation of the planned austerity measures, said Merz.  Bernhard Speyer, Head of Banking, Financial Markets and Regulation at Deutsche Bank (DB) Research, agreed that the EU struck the right balance: "The decision gave reassurances that Greece would not be abandoned, but kept the pressure on the Greeks by not yet putting cash on the table."
 
¶4. (C) Stepping in with assistance at this point carried too many downside risks, according to Merz.  Legal questions aside, a German or EU bailout of Greece might have harmed Germany's credit worthiness, thereby raising its own borrowing costs.  Merz added that a bailout would certainly have set a bad precedent for other Eurozone countries, such as Spain and Portugal, experiencing similar stresses.  (Merz acknowledged, however, that these two countries' problems were less acute -- a sentiment echoed by Speyer.)
 
¶5. (C)Still, there is some skepticism that Greece's austerity program will get the country's finances on the right track, even if fully implemented.  Merz said an IMF bail out remained on the table, despite the official line that the situation in Greece could be addressed within the EU.
 
IMF RESCUE? RESOUNDING NO FROM ECB
----------------------------------
 
¶6. (C) According to Karlheinz Bischofberger, Deputy Head of the Financial Stability Department at the European Central Bank (ECB), the likelihood that the IMF will be asked to bail out Greece is "zero."  Greece does not have a balance of payments crisis, so there is first and foremost no basis for the IMF to step in. Bischofberger added that apart from the damage to the ECB's reputation an IMF intervention would inflict, it was uncertain that the IMF could even succeed in doing the "political dirty work" of forcing Greece to implement a structural adjustment program.  DB Research's Speyer concurred, adding that [and IMF intervention] would undermine the credibility of EU institutions to manage a crisis.
 
REPORTS OF MY DEATH ARE GREATLY EXAGGERATED
-------------------------------------------
 
¶7. (C) Talk of a possible break-up of the Eurozone is "absurd," according to Moritz Kraemer, Managing Director, Standard and Poor's.  He noted that Eurozone membership is still seen as highly desirable, and there was absolutely no incentive to exit, despite the allure of devaluation.  Any country that tried to leave the Eurozone would get hammered in the credit markets, exacerbating any underlying structural problems.  S and P estimates that Greece's rating in the case of an exit would drop to "BB " or lower, i.e. below investment-grade.  Even today, Greece's rating of "BBB " is higher than it was in 1997 ("BBB-") before joining the common currency. [ZH: HAHA]
 
¶8. (C) While the current crisis may have revealed an "Achilles heel" of the Eurozone, it may present opportunities, according to Klaus Masuch, Head of the EU Country Division, Directorat General of Economics, ECB.  The crisis is a "healthy warning signal" that Eurozone members must conduct "sound national policies in line with the agreed rules."  It also underlines the necessity of better integration and coordination of member state fiscal policies. 

The Euro will come out of this crisis strengthened, he said.

Better and stricter early warning and surveillance systems will be in place, and the Stability and Growth Pact will ultimately be reinforced. DB Research's Speyer agreed, adding that the crisis could make EU member states proceed more cautiously with enlargement.
 
A EUROZONE CHAPTER 11
---------------------
 
¶9. (C) DB Chief Economist Thomas Mayer told Ambassador Murphy he was pessimistic Greece would take the difficult steps needed to put its house in order.  A worst case scenario, says Mayer, could be that Germany pulls out of the Eurozone altogether in 20 years time.  In 1990, Germany's Constitutional Court ruled that the country could withdraw from the Euro if: 1) the currency union became an "inflationary zone," or 2) the German taxpayer became the Eurozone's "de facto bailout provider."  Mayer proposes a "Chapter 11 for Eurozone countries," which would place troubled members under economic supervision until they put their house in order.  Unfortunately, there is no serious discussion of this underway, he lamented.
 
COMMENT
-------
 
¶10. (C) Chancellor Merkel is clearly relieved she does not, for now, have to explain to the public why the German government is running up its own deficit to bail out debt-laden Greece.  Still, the German government appears prepared to step in as a last resort if needed and is cognizant that German banks (such as Hypo Real Estate and Deutsche Bank) and insurance companies (Allianz) have significant exposure to Greek sovereign debt.  The crisis is also viewed -- within the German government as well as within the ECB -- as a way to exert greater influence over the public finances of profligate Eurozone members.  Some Christian Social Union (CSU) politicians are even using the crisis to promote the candidacy of Bundesbank President Axel Weber as next ECB President, arguing that Weber's selection would send a signal that Eurozone stability is paramount. [ZH: Axel Weber was passed over for the post of ECB head and instead former Goldman staffer Mario Draghi was appointed] One way or another, the consequences of the Greece crisis seem likely to outlive the immediate situation.  One strong possibility is that German influence over policy in the common currency area will grow.

 

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Sun, 11/06/2011 - 17:38 | 1851184 oogs66
oogs66's picture

Greece would be smart to stop paying their existing debt before this gets put in place!

Sun, 11/06/2011 - 17:44 | 1851207 jus_lite_reading
jus_lite_reading's picture

Delicious!

Sun, 11/06/2011 - 17:49 | 1851214 bdc63
bdc63's picture

NOW it's getting interesting ...

 

 

Sun, 11/06/2011 - 18:37 | 1851348 Pladizow
Pladizow's picture

Before you walk out of the bar for good, you run up your tab as high as possible!

Sun, 11/06/2011 - 19:40 | 1851501 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Yeah, and who is going to save Germany? Mass default bitchez!!

Sun, 11/06/2011 - 20:29 | 1851616 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who saves Germany?

The IMF/US.

Who saves the US?

The BIS.

Then the BIS makes everyone loan their gold to them, and they institute a global currencie, backed with all Central Bank gold reserves; the kicker is how debt owed would come into play, because there is no way China will let the US et al stiff them on repayment of debt.

That is, unless WWIII happens.....

Sun, 11/06/2011 - 20:44 | 1851645 oogs66
oogs66's picture

maybe russia will save france and germany because they have such fond memories of those countries?

Sun, 11/06/2011 - 23:59 | 1851998 Uber Vandal
Uber Vandal's picture

Don't forget Sweden under Charles XII.

They invaded Russia in 1708-09, with the same results as France and Germany.

Then again, maybe Afghanistan might bail out the world with its trillion dollars or more of mineral wealth.

Pretty much every major power from antiquity to now has invaded that country. Holding it has been problematic for its occupiers though.

 

Mon, 11/07/2011 - 01:10 | 1852096 Popo
Popo's picture

Maybe a minor quibble, maybe more: why is the cable dated February 2020?

Mon, 11/07/2011 - 01:22 | 1852116 theoilyboy
theoilyboy's picture

declassified date?

Mon, 11/07/2011 - 06:02 | 1852323 Leraconteur
Leraconteur's picture

Don't forget Finland

Sun, 11/06/2011 - 21:27 | 1851735 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Mr great musicians, I cry BS! The hole is too deep. They can print till the cows come home and it won't make a difference.

Sun, 11/06/2011 - 22:47 | 1851864 eureka
eureka's picture

US is bankrupt. Who bails out US?

ANSWER: EVRYONE.

1) US destroys EUR by rigging European countries with US garbage paper

2) US attacks Iran and Korea

3) US shafts China by making USD worthless

 

Mon, 11/07/2011 - 01:55 | 1852159 Oh regional Indian
Oh regional Indian's picture

Wikileaks: Convenient, as needed to be released disinfo (always a little good info mixed in) but nothing too bad.

ORI

of Leaking wikis and true lies

Mon, 11/07/2011 - 02:57 | 1852225 Rick64
Rick64's picture

 I am still undecided on this. You have the highly suspicious rape charges against him in which he just lost his appeal against extradition. Many members have left the org. (maybe coerced by threats?) . Financial blockade by BoA, Visa, Mastercard, Paypal, and Western Union which constitutes 95% of Wiki's income. Much of the BoA secret files were destroyed. Many companies will not do business with him. Now Assange and Wikileaks seem to be rendered impotent. Maybe he will be a U.S. puppet when they get done with him. Whose interests were served?

Mon, 11/07/2011 - 03:31 | 1852247 AldousHuxley
AldousHuxley's picture
  • What Does Plutonomy Mean?
  • Economic growth that is powered and consumed by the wealthiest upper class of society. Plutonomy refers to a society where the majority of the wealth is controlled by an ever-shrinking minority; as such, the economic growth of that society becomes dependent on the fortunes of that same wealthy minority.  

 

  • Investopedia explains Plutonomy
  • This buzz word was initially coined by analysts at Citigroup in 2005 to describe the incredible growth of the U.S. economy during that period despite increasing interest rates, commodity prices and an inflated national debt. Citigroup analysts argued that as such an economy continues to grow in the face of contradictory elements, the more important the society's ultra rich become to maintaining such growth. The analysts also believed that in addition to the U.S., Canada, Great Britain and China are also becoming plutonomies.

 

  • This interview was with a REPUBLICAN advisor from 2004
http://www.pbs.org/now/transcript/transcript_phillips.html BILL MOYERS: With me now is a man who has been tracking the political and economic history of American wealth for a long time. Kevin Phillips and I were both young men in Washington in the 60s. We were on different sides but had a mutual interest in politics that reached workaday people. He was the chief political strategist for Richard Nixon's victory in 1968 and wrote the bombshell book on the emerging republican majority. Ten years ago his best-selling book on the politics of rich and poor influenced the 1992 elections. In his new book, WEALTH AND DEMOCRACY, he is writing about how big money and political power are the invisible hand in the hidden story of the American experience. Good to see you again.

KEVIN PHILLIPS: Well, the plutocracy ... and I think we have one now and we didn't, 12 years ago when I wrote THE POLITICS OF RICH AND POOR is when money has ceased just entertaining itself with leveraged buyouts and all the stuff they did in the '80s, and really takes over politics, and takes it over on both sides when money not only talks, money screams. When you start developing philosophies in which giving a check is a First Amendment right. That's incredible. But what you've got is that this is what money has done. It's produced the fusion of money and government. And that is plutocracy.

BILL MOYERS: But hasn't money always held politics hostage?

KEVIN PHILLIPS: Well, it's usually been very influential. And sometimes it really hasn't been too influential,

But what we've seen in the '80s and '90s is that it's taken control of both parties, pretty much taken control of the culture, and controls the whole dynamics of politics. And that is ...

BILL MOYERS: But the si- ...

 

KEVIN PHILLIPS: ... a plutocracy in a way that we haven't had before, since the gilded age.

 

 

Mon, 11/07/2011 - 04:51 | 1852291 Barbar
Barbar's picture

he has enough street credibility to buy him an audience. but where's the substance? according to wiki we are supposed to believe that the state department is run by sophomore idiots who don't know afghanistan from yoghurt.

Mon, 11/07/2011 - 02:20 | 1852193 francis_the_won...
francis_the_wonder_hamster's picture

"there is no way China will let the US et al stiff them on repayment of debt."

I've often wondered how exactly China would ever be able to enforce collections from the US....what are they going to do, start hacking and stealing our technology? 

Mon, 11/07/2011 - 02:20 | 1852194 francis_the_won...
francis_the_wonder_hamster's picture

"there is no way China will let the US et al stiff them on repayment of debt."

I've often wondered how exactly China would ever be able to enforce collections from the US....what are they going to do, start hacking and stealing our technology? 

Sun, 11/06/2011 - 18:47 | 1851364 LeonardoFibonacci
LeonardoFibonacci's picture

Germany about to go full retard & Merkel to use playbook à la Adolf Hitler: radical financial control! Reich will rise from the ashes.

Sun, 11/06/2011 - 18:53 | 1851379 LeonardoFibonacci
LeonardoFibonacci's picture

Deutsche Mark bitchez!

Sun, 11/06/2011 - 20:51 | 1851661 topcallingtroll
topcallingtroll's picture

Bitches, bitchez!

Sun, 11/06/2011 - 21:15 | 1851701 NoClueSneaker
NoClueSneaker's picture

It'll rain brain tommorrow, biatch  ... Get out and enjoy.

 

Es regnet Hirn morgen, du Penner. Geniesse es.

 

Sonnst kannst du mich am Arsch lecken mit deinem Scheiß, klaro ?

Sun, 11/06/2011 - 22:40 | 1851855 Neidhammel
Neidhammel's picture

Aye-aye, Herr Pofalla!

Sun, 11/06/2011 - 21:28 | 1851739 prains
prains's picture

the douche mark may leave a stain

Sun, 11/06/2011 - 20:28 | 1851610 Careless Whisper
Careless Whisper's picture

Dewd, you're an idiot. You got it backwards. The EuroZone was created using Hitler's playbook. The EuroZone is what Hitler wanted all along. The people in the Euro have given up their sovereignty. They let a bunch of pinhead, unelected, unaccountable twits pass laws that they must obey.  What's the benefit to the people of belonging to the Euro? None, because other nations will still trade with them anyway. It's just another scam to promote the furtherance of One World government. But it's failed in the marketplace; so it's just a question of a slow painful ending, or they admit no more euro and go back to each country's sovereignty.

Sun, 11/06/2011 - 20:48 | 1851653 topcallingtroll
topcallingtroll's picture

It came about because the europeans had shortman syndrome and were envious of the freebies that accrued to the usa ( deficits without tears) and its stature in the world by the grace of its reserve currency.

I remember all the arguments for the euro and this was a common one. However it usually wasnt put so baldly.

The Europeans used to say things like "becoming more relevant in the world" and "have more control of our financial destiny."

Hahaha! This is one thing over the last two hundred years of europe imitating the united states that they shouldnt have done. The other thing is imitating our immigration policy thinking it would help them, but I digress. They even followed us on cigarette policy after first harumphing that starbucks and the united states had gone mad...but i digress again. Concealed carry is just around the corner for them if history is a guide....please somebody stop me...hose me down....

Sun, 11/06/2011 - 21:23 | 1851713 Rynak
Rynak's picture

While i agree that the popular propaganda used to push the euro introduction was "being a big tradeblock like the other big boys, especially the usa", "freebies" were almost never mentioned..... and at least in germany, there is a reason for this: At that time, the "social net" in germany, was vastly bigger than in the USA at the time.... actually, precisely because of the euro, and to transform germany into an export-addicted nation, those "freebies" were axed significantly.

While one may argue, that the socialist safety net in germany before the introduction of the euro was overblown, the degree to which it was axed (in practice, below existencial legal limit) and the speed, had nothing to do with budget, and everything to do with wagedumping to make germany a pusher inside the EMU.

So yeah, sorry to say it despite of your frontal hate of anything even remotely socialistic for the lower-class.... freebies and the wellfare state had absolutely nothing to do with how the euro introduction was pushed. It in popular massmedia quite simply was "oh, then we're gonna be one big europe... and in terms of size can be like the other big boys, including the USA". So yeah, according to MSM, the euro was introduced for pure eco-penis envy, and nothing else.

Sun, 11/06/2011 - 22:47 | 1851865 Bunga Bunga
Bunga Bunga's picture

Some facts before YOU go full retard: Most German corporations and banks (receiving the greek bailout money in the end) are owned by foreigners. Gold reserves are in the US. 50.000 US troops. No constitution, no peace treaty, it is not a sorveign country.

Mon, 11/07/2011 - 07:41 | 1852370 the tower
the tower's picture

Everything is the world is owned by foreigners, it's called stocks.

 

 

Sun, 11/06/2011 - 19:33 | 1851483 RafterManFMJ
RafterManFMJ's picture

 

 

My Plan for Greece: I am available for consulting work.

Step 1.  Use next bailout check to issue every adult greek an assault rifle and bandolier of ammo. Cost: ~7 Billion Euros.

Step 2. Insist debt payment check is in the mail.  Stop answering your phone; chortle at the angry messages with heavy German or French accent.

Step 3. Strike trade deals with China.  Offer them an easy, duty-free port of entry into the soft underbelly of Europe. 

Step 4. Translate 'Come get some' into German and French, distribute pamphlets EuroWide.

Step 5. Reissue the Drachma 

Final Step.

Enjoy good laugh while at the beach over how you ever got a credit card denominated in Euros at the preferred German interest rate. 

Sun, 11/06/2011 - 19:48 | 1851513 Rynak
Rynak's picture

Cool idea - just one little problem: It doesn't solve anything about greece's (and the other PIIGS') import-bias.... but actually increases it via the trade deal with china.

On the other hand, china is much further away than germany, so shipping costs may offset the lack of tariffs a bit. In any case, greece and other PIIGS would not be done with their work, just via such an arrangement. Unless they can repair their domestic market and local production, and employ tariffs on unfair exporters, they will still not have a balanced economy.

So, while exiting the eurozone is one important premise, leaving it is just an enabler - you still have to apply those opportunities which an EZ-exit grants.

Sun, 11/06/2011 - 20:00 | 1851557 RafterManFMJ
RafterManFMJ's picture

 

 

Greece was able to do much to modernize its infrastructure with projects that simply would not have been financed without the fantasyland that is the EuroZone;  if they simply reissue the Drachma at a level of devaluation that makes sense, they are again competitive.  All the money they owe, default. This is the lesson to the bankster class - sometimes you cannot use threats and force to have taxpayers bail out your bad descisions...and ya don't like it? Grab a rifle and come on down!

And by no means leave the EuroZone. Make them PAY you to leave. Remember, there is no mechanism to force a member out.  You want the drunked up, wild-spending Asia canoodling Uncle out of the house? Pay him, silly bankers.

With a set of balls, Greece could be booming in 1 year while the Eurozone derelict lists hard to port, still taking on water.

For any consulting work, I must be clear I need to be paid in advance, in gold or silver. Nothing personal, you understand.

Sun, 11/06/2011 - 20:58 | 1851599 Rynak
Rynak's picture

Okay, you go and try to win the bankster-game according to the set rules of the banksters...... if i were greece.... and actually, also if i were germany (which is where i live)..... i'd rather leave the casino, and built on being autonomous, balanced and souvereign. And that requires the ability to set up barriers against parasites.... something that is not possible while one is in the eurozone, because the whole point of the EZ, is to neutralize all such barriers.

That's not to say that i "know" that your proposal is impossible to work. I do not know that. But if i had to make a bet on the odds, i'd rather go with the "autonomous"-path, even if it may require more work, because there I'M in control of my destiny, instead of trying to win some boardgame designed by others.

By the way, i'm available for "uncommon sense" work. Paid not fully in advance, but in intervals - you aren't satisfied, you don't pay me. You don't pay me, i stop delivering to you - permanently. Don't really care about the currency for now, because i can convert however i want anyways at the moment - plus, i enjoy chatting with my local metal dealer.

Sun, 11/06/2011 - 20:23 | 1851598 Rick64
Rick64's picture

In international law, odious debt is a legal theory that holds that the national debt incurred by a regime for purposes that do not serve the best interests of the nation, should not be enforceable. Such debts are, thus, considered by this doctrine to be personal debts of the regime that incurred them and not debts of the state.

 When you have politicians acting in their own interest while the banks and corporations profit at the peoples expense then this should qualify as odiuos debt.

PARIS - France and Germany, while publicly urging Greece to make harsh public spending cuts, bullied its government to confirm billions of euros in arms deals, a leading Euro-MP alleged Friday.

http://www.defensenews.com/story.php?i=4616433

In 2008, allegations of bribery against Siemens surfaced after it was found that the company had paid substantial sums to government officials and other companies to win deals, including security contracts for the 2004 Athens Olympics and a contract for the Athens subway. Close to 100 million Euros in bribe money was involved in the case.

http://www.pfhub.com/top-7-political-scandals-in-greece/

Just a few examples of politicians using and abusing the taxpayers then lining their pockets all the while preaching austerity. Audit the debt to determine what is owed and what is odious.

Sun, 11/06/2011 - 21:36 | 1851752 zhandax
zhandax's picture

Lots of luck getting that enforced....most of the sovereign debt on the planet qualifies as odious these days.

Sun, 11/06/2011 - 22:36 | 1851776 Rynak
Rynak's picture

Which is the reason for the whole problem, isn't it? All the unservicable debt they're talking about, is bogus.

It HAS to be addressed one way another - and it being addressed has nothing to do with consent. It simply cannot work, and the whole showdown right now, is about some degree of sacrifice for the sake of illusions, vs. saying "fuckit!". Mind you, the "fuckit!" part MUST happen anyways... the question is just how much of the "sacrifice"-part happens beforehand.

Phrased another way: The debt CANNOT be called in anyways. All the current game is about, is how much of it can be reigned in.

Any if you think that this implies any "loss" to them, remember: They never lended anything significant. They're just printing debt, and hoping that as much of it as possible is taken seriously - as opposed to getting the treatment it deserves: laughter.

Sun, 11/06/2011 - 22:39 | 1851848 Rick64
Rick64's picture

True, but it has been done.

On December 12, Correa said that an interest payment due on Ecuador's national debt would not be made. He declared the country in default: "We are ready to accept the consequences". He described the debt as "immoral", saying the government would take its findings that past debt sales were tainted by graft and bribes to international courts

On June 11, 2009, Ecuador announced that it had successfully bought 91% of the bonds at a cost of 30-35 cents to the dollar. The Finance Minister said that the remaining bond holders will have another opportunity to sell their bonds at the same price of 35%. This move will nominally reduce the total foreign debt by $2 billion dollars (although it might lead to losing access to private financial markets in the future).

Sun, 11/06/2011 - 22:30 | 1851840 PulauHantu29
PulauHantu29's picture

Raise the Drachma from the Dead and pull out of the Eurozone and pay all those Banks with Drachmas ( that the Greeks will be able to print with abandon using the Fed as their playbook).

Sun, 11/06/2011 - 22:55 | 1851875 jdelano
jdelano's picture

Had dinner with a Morgan trader and the middle market blowhard that was footing the bill on Saturday night. The trader (just promoted to md as his boss jumped to Merrill) asked me what I thought of morgan stock. I told him "I think you guys have 39 billion in unhedged exposure to French banks". He laughed and said "me too.".

Mon, 11/07/2011 - 00:16 | 1852021 covert
covert's picture

germany has much bigger problems than greece

http://expose2.wordpress.com

 

Sun, 11/06/2011 - 17:38 | 1851186 Mongo
Mongo's picture

€ = Farce x Idiocy ^ n

Sun, 11/06/2011 - 17:49 | 1851222 zippy_uk
zippy_uk's picture

Sorry - wrong operators in that expressionl. CORRECTION:-

€ = (Farce!) ^ (Idiocy!) ^ (n!)

Sun, 11/06/2011 - 18:20 | 1851298 Fish Gone Bad
Fish Gone Bad's picture

When problems become non-polynomial they are a bitch to solve in real time.

Sun, 11/06/2011 - 18:30 | 1851328 JohnG
JohnG's picture

If ever.

Sun, 11/06/2011 - 18:58 | 1851393 sethstorm
sethstorm's picture

€ = (Farce!) ^ (Idiocy!) ^ (n!) + $USD

 

Sun, 11/06/2011 - 20:47 | 1851649 the 300000000th...
the 300000000th percent's picture

is the ! just for exlamation or is it actually ! for factorial, because factorial would make more sense

Sun, 11/06/2011 - 17:39 | 1851188 Unprepared
Unprepared's picture

Corzine, mi corazón


Corzine’s Sach’s ex-parson,                                                   specialized in rape and arson

With few matches and kerosene,                                        shows what’s behind the scene

Your M.O. is asset coercing,                                                 leaving clients crying, cursing 

Markets in state of phosphene                                                    You too claimed “all’s fine”

Seeing all the stars and light,                                             they assumed the Futures bright

Even though you broker-dealer,                                        you managed to break the dollar

First, you went Zenga Zenga,                                                  betting on the Bunga Bunga

You proclaimed:  “Have no fear                                                Look, all our hedge is here!”

Then they came the margin calls,                                        Trichet, Merkel but no miracles

Peeked at accounts after-hours                                           You said VOSTRO is now ours

Let’s fake the sign and number                                                lest we fall before November

Had a crush for symbol.PK                                                      like Shakira on Gerard Piqué

Ticker’s now domain Pakistani                                               trusting theorem of Modigliani

Claiming this was just an error                                               same as Bush’s war on terror

While nailing M.F.’s coffin                                                     everybody heard you laughing

Knew you agent under cover                                                       No principal left to recover

Doing God’s work is no easy                                                 Ask N. Jersey ‘bout the sleazy

Yet you truly seem so Zen                                                           Your heart must be frozen

“Jon, me gustas mi corazón                                                 You’re a Goldmanite garçon

Time to sacrifice the minion                                                      for our enterprise dominion”

Clients said we want no haircuts                                       someone oughta be in handcuffs

Rub your a** with this wasabi                                                and give us some Hammurabi

Cramer came to their defence                                                    “Selling is a capital offense

Fringe Blogs and Tyler Durden                                            over’em lays the entire burden”

Obama’s their poster child                                                   Banksters, always on their side

“TOTUS, TOTUS on the wall                                                    Am I da best in recent poll?”

“No, there is bolder than y’all                                             His name is Congressman Paul”

“Can’t we just mark to unicorn                                             and avoid the orange uniform?”

“The Indian guy with diabetes                                                  takes the fall for what this is”

“We need something mo’ formal                                             just to get us back to normal”

“Tell SEC I need you Gonzo                                                      investigating lines of Ponzo

Whose stick is really bigger                                                      Sarkozy’s or Justin Bieber?”

Sun, 11/06/2011 - 18:37 | 1851347 CPL
CPL's picture

get a beat behind that and you'll sell a million copies baby!

Sun, 11/06/2011 - 18:46 | 1851362 john39
john39's picture

"collapse" by akashik ancestorz, a new favorite tune:

>>http://youtu.be/sVQE0LPgOIY

Sun, 11/06/2011 - 19:28 | 1851470 CPL
CPL's picture

Very nice.

Sun, 11/06/2011 - 20:35 | 1851626 Careless Whisper
Careless Whisper's picture

“Can’t we just mark to unicorn               and avoid the orange uniform?”

+1

and yes, you can!


Sun, 11/06/2011 - 21:05 | 1851688 topcallingtroll
topcallingtroll's picture

Che?

I thought you were dead.

Tue, 11/08/2011 - 00:13 | 1855519 Coldfire
Coldfire's picture

Awesome.

Sun, 11/06/2011 - 17:40 | 1851191 The Big Ching-aso
The Big Ching-aso's picture

Achtung Merkel Baby!

Sun, 11/06/2011 - 17:41 | 1851194 hondaicivic
hondaicivic's picture

My parents file for chapter 13 in 2008........after maxzing out their credit to buy gold and silver HAHAAHAA

Sun, 11/06/2011 - 18:09 | 1851274 midgetrannyporn
midgetrannyporn's picture

gold and silver bitchez.

Sun, 11/06/2011 - 20:44 | 1851644 Al Gorerhythm
Al Gorerhythm's picture

Children should be seen but not heard. 

Learn to shut the fuck up.

Sun, 11/06/2011 - 22:39 | 1851851 zhandax
zhandax's picture

"Never pass up a good opportunity to shut the fuck up"

There, fixed it for ya

Sun, 11/06/2011 - 21:22 | 1851717 NoClueSneaker
NoClueSneaker's picture

Hands down m8 ...

Sun, 11/06/2011 - 17:41 | 1851196 LongBallsShortBrains
LongBallsShortBrains's picture

It's getting about that time.

Tic

Toc

Sun, 11/06/2011 - 17:48 | 1851201 Black Forest
Black Forest's picture

Thanks a lot, Tyler!

Sun, 11/06/2011 - 21:01 | 1851678 earleflorida
earleflorida's picture

and thankyou "WikiLeaks" -

god bless you, Julian Assange

thankyou 2x tyler

Sun, 11/06/2011 - 17:45 | 1851210 The Big Ching-aso
The Big Ching-aso's picture

No surprize.   Contingency plans require cogent thinking.   The Germans are far, far, from being consumate dumbshits.

Sun, 11/06/2011 - 18:06 | 1851265 WestVillageIdiot
WestVillageIdiot's picture

I know government is a piece of shit but they do have a lot of people sitting around.  It seems it would be reasonable that every government has contingency plans for such things as the end of the Euro.  Not that their plans are grounded in reality but I'm sure everybody has a plan.  But like Mike Tyson once so eloquently stated, "everybody has a plan until they get hit". 

Sun, 11/06/2011 - 18:15 | 1851288 The Big Ching-aso
The Big Ching-aso's picture

Yes, and I would further surmise that the German's likely have their contingency plans closer to reality than some others.  At least closer to German reality that is.

Sun, 11/06/2011 - 18:20 | 1851301 traderjoe
traderjoe's picture

As if the governments are actually running the show.

Sun, 11/06/2011 - 19:33 | 1851487 Bay of Pigs
Bay of Pigs's picture

Yes, no fun to walk into a Tyson upper cut. Pinklon Thomas anyone?

I wonder if Merkel will bite someone's ear off if it gets nasty?

Mon, 11/07/2011 - 00:20 | 1852031 Campagnolo
Campagnolo's picture

Bay of Shit: Fuck you!. You and the others fuckers are trolling the "King of the Charts", who sent you?, I am sure the fucking Turd did. When the predictions came true 90% will leave Turd's shity blog. Ain't donating shit to the coward Turd. I will happily put some money on the other blog. (if I have you in front of me, I would punch you on your small brain you got)

Sun, 11/06/2011 - 17:47 | 1851215 The Deleuzian
The Deleuzian's picture

It all makes too much sense...Stall Greece with circus-like politics and meanwhile try to figure out what to do with Italy, Spain, Portugal....

Greece is nothing compared to the rest of those countries....

Sun, 11/06/2011 - 18:07 | 1851268 WestVillageIdiot
WestVillageIdiot's picture

Did you forget about Ireland?  Their public debt is $860 billion, if I recall right.  That would be equivalent to $60 trillion in the U.S.  Something tells me we haven't heard the last about little old Ireland.  

Sun, 11/06/2011 - 17:48 | 1851218 Subprime JD
Subprime JD's picture

OMG THE FINANCIAL MARKETS ARE GOING TO CRASH AGAIN!!! Per zero hedge the markets are always one headline away from collapse.

The market/status quo can stay irrational longer than you can stay solvent, bitchez

Sun, 11/06/2011 - 17:53 | 1851231 jcaz
jcaz's picture

Dumbest fake lawyer on this board.....

Sun, 11/06/2011 - 17:56 | 1851240 Subprime JD
Subprime JD's picture

Not a fake lawyer BITCH

Sun, 11/06/2011 - 18:00 | 1851245 jcaz
jcaz's picture

LOL- of course you aren't-  you have the club avatar... You rock!

You're dumb enough to be a lawyer, tho- take the Bar exam, get back to us, Arnie....

Sun, 11/06/2011 - 18:03 | 1851259 Subprime JD
Subprime JD's picture

Been licensed for two years. Instead of attacking my "qualifications" why don't you try attacking the merits of my comment???

Sun, 11/06/2011 - 18:09 | 1851269 jcaz
jcaz's picture

Two whole years, eh?  Wow!

Psst, Arnie-  REAL lawyers don't refer to themselves as "being licensed"-  you're admitted to the Bar Associated and registered.....

Butchers get "licensed",  DMV workers get "licensed"

Go chop me some loins....

Your comment has merit?  You ARE delusional.....

Sun, 11/06/2011 - 18:11 | 1851277 Subprime JD
Subprime JD's picture

Quit being so fucking tacky. You junked my comment now please respond before I turn your ass to grass nigga

Sun, 11/06/2011 - 18:13 | 1851282 jcaz
jcaz's picture

LOL- why of course, Your Honor.....

Sun, 11/06/2011 - 18:17 | 1851292 Subprime JD
Subprime JD's picture

Not a judge, but you can refer to me as counsel if you wish.

Sun, 11/06/2011 - 18:28 | 1851319 jcaz
jcaz's picture

Oh, that's right- you'll get your Judgeship next year, my bad...

How long before you make Pope?

Sun, 11/06/2011 - 18:34 | 1851338 Subprime JD
Subprime JD's picture

Will never make judge, especially after the numerous arrests for "disorderly conduct" which will occur over the next few years.

Sun, 11/06/2011 - 18:38 | 1851351 jcaz
jcaz's picture

Tsk, Tsk- that temper won't keep you in the Bar long..... 

Plus your Mom will be pissed and ground you for, like a week, dude.

Sun, 11/06/2011 - 18:43 | 1851360 MsCreant
MsCreant's picture

You lost to Jcaz by being baited this much. Thought you would like to know because you have not figured it out yet. 

I agree it is taking longer to than I thought and I do get collapse fatigue and burnout from time to time. Best to go live life and keep preparing. 

This shit house is coming down. If my preps are not used by me, then my son and step daughters will surely need them. On a long enough time line... 

Sun, 11/06/2011 - 18:54 | 1851382 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

No one ever points out that "doomers" have the best return at market for the past decade....I wonder why?

Jealous, bitchez?

Sun, 11/06/2011 - 20:47 | 1851648 Careless Whisper
Careless Whisper's picture

 

 

 

The market/status quo can stay irrational longer than you can stay solvent, bitchez

He is right about that. What he seems to be wrong about is that he thinks the market will be irrational forever. Let him think what he wants. I'm still buying gold. People like him are helping me.

 

Sun, 11/06/2011 - 21:19 | 1851708 Subprime JD
Subprime JD's picture

Whisper,

I'm a gold bug myself. Just having some fun with this burst of trollfest. In the end all ponzi's blow up.

Sun, 11/06/2011 - 21:33 | 1851746 Careless Whisper
Careless Whisper's picture

 

 

Your first post alludes to the recent ZH posting concerning CME margin reguirements causing the market to crash on Monday. The CME change was vaguely worded and the TD who wrote the post interpreted it to mean margin reguirements were going up, taking a less risky and conservative approach. In fact, CME has clarified to say the margin reguirements have been lowered to accomodate moving accounts from Mother Fucker Global (founded 1783) since it is now in bankruptcy court. You see Subway JD, that particular TD author has not learned the fine art of thinking like a wall street criminal. CME has correctly identified what appears to me to be a bunch of first class suckers (ie MF account holders) and they don't want to let them slip away, so they are doing everything possible to keep those suckers in the game.

 

Sun, 11/06/2011 - 23:22 | 1851901 Big Slick
Big Slick's picture

Nice take, Whisper.  True.  The last person you want leaving your casino is the drunk whale throwing bennys onto the craps table.

"I'm gonna grab me a couple of cocktail waitresses and pull me a Fredo."

Mon, 11/07/2011 - 00:45 | 1852065 Michael
Michael's picture

I remember during the early and mid like of the Dot-Com bubble people saying the sky is the limit. They said the same thing about the housing bubble during its expansion. I remember December 2006 to June 2007 when it became quite apparent the housing bubble had indeed burst. I live near ground zero in SW Florida and it was un-mistakable the music had completely stopped. Most people didn't understand what had happened till years later, but I did.

Patience is a virtue in economic calamity porn, but make no mistake about it, the worldwide credit bubble is collapsing. Speaking from experience, don't wait till it clobbers you over the head to realize what will inevitably happen. You don't want what is coming to come to soon, and it IS coming soon, believe me because I already went through this type of thing twice before and lost nothing, but got a nice paid off home out of the deal in preparation for the mother of all busts. 

You can't remain solvent for the duration so don't gamble you life savings away.  

Sun, 11/06/2011 - 21:35 | 1851748 geekgrrl
geekgrrl's picture

My thoughts exactly.

For me, this site has done wonders for my sanity. Folks here see the same writing on the wall that I see. Bickering about timelines seems to miss the point entirely.

Any delay in what most see as inevitable is a gift, and for my part, I hope to be able to make best use of this time of relative stability before the fall.   

Sun, 11/06/2011 - 22:39 | 1851852 existentialangster
existentialangster's picture

Excellent point geekgrrl.  I feel the same way about this site.  It's a blessing to know I'm not crazy or "cynical" for having this awful hunch that this country is on an unsustainable trajectory.

And you are right that no one knows how long it will take until it all collapses.  I think you're wise to get educated now on how fucked up the situation is so you can take your own austerity/self-preservation measures NOW while it is still relatively easy vs. waiting until the shit gets real and then being with all the other clueless people and panicking. 

Sun, 11/06/2011 - 18:46 | 1851363 Pladizow
Pladizow's picture

DOUCHE!

Sun, 11/06/2011 - 22:40 | 1851854 Ms. Erable
Ms. Erable's picture

You'll definitely earn the title of Judge, since all the dumbest fucking leeches... er, um, lawyers are always addressed as "Your Honor".

Sun, 11/06/2011 - 18:36 | 1851345 Spastica Rex
Spastica Rex's picture

His Holiness?

Sun, 11/06/2011 - 18:56 | 1851388 Mr.Bigfoot
Mr.Bigfoot's picture

No love for lawyers... a physician myself. but I have a license.

Sun, 11/06/2011 - 18:27 | 1851316 traderjoe
traderjoe's picture

At fucktard, esquire: gold and silver have done nicely since I've been around ZH. In addition, ZH (and all the commenters) have shined a light on the fraud that is the money and the markets. So, your comment is full of crap.

Sun, 11/06/2011 - 18:28 | 1851321 Subprime JD
Subprime JD's picture

I'm long Au and Ag too

Sun, 11/06/2011 - 18:56 | 1851389 tmosley
tmosley's picture

Harvey Two-face, is that you?

Sun, 11/06/2011 - 19:42 | 1851505 NewThor
NewThor's picture

Nah. He's the Riddler. Two Face has sex with women, the Riddler only diddles himself.

Sun, 11/06/2011 - 21:02 | 1851684 TheFourthStooge-ing
TheFourthStooge-ing's picture

Harvey Birdman, Cartooney at Law

 

Sun, 11/06/2011 - 19:16 | 1851446 samsara
samsara's picture

Long Paper Au, and Ag or LONG holding phyical is all we at ZH here need to know.

 

Sun, 11/06/2011 - 21:49 | 1851780 Subprime JD
Subprime JD's picture

Only physical, no crimex paper

Sun, 11/06/2011 - 18:38 | 1851352 GoldmanSux
GoldmanSux's picture

Two years? You're just a kid. What do you know about investments? Do you even have $5,000 in an investment account?

Sun, 11/06/2011 - 18:00 | 1851253 cossack55
cossack55's picture

Lawyer? I thought it stood for Junior Dipshit.

Sun, 11/06/2011 - 18:05 | 1851264 Subprime JD
Subprime JD's picture

Given the tone of ZH articles, you would think the SPX was trading at 800. Instead it's at a lofty 1250.

Sun, 11/06/2011 - 18:12 | 1851280 jcaz
jcaz's picture

Yeah, 1250 is just so huge.....  It's a bull market, right?

This is really Robo Trader, touting his Netflix takeover of the world again.......

Sun, 11/06/2011 - 18:16 | 1851290 Subprime JD
Subprime JD's picture

QE 3 coming by the feb/march. After all,who the hell will buy the trillions in issuance of treasury paper?? Thus, markets will either stay at these levels or continue to rally. When Italy blows up that will be a different story. But I fully expect to see the powers that be throw trillions in fiat at Italian debt crisis.

Sun, 11/06/2011 - 19:48 | 1851524 NewThor
NewThor's picture

Hey. Lawyer loving his Fiat masters.

Jim Hendrix, Isaac Newton and Poetry aren't your thing.

I get that.

What you don't get

2012 is 6 weeks away.

Your smart phone probably allows you to ignore,

all religion, mythology and wisdom,

but the Universe is about to put everyone

in their rightful place.

So hump your profits while you still can.

The year 3000 is about to arrive 988 years early,

and you mammon worshippers are so

primative.

I forgive you. 

Now be a real man,

if you can.

I forgive you either way.

You know not what you do.

 

Sun, 11/06/2011 - 20:22 | 1851597 Subprime JD
Subprime JD's picture

2012 will be a bitch of a year. But it wouldn't surprise me if the spx is still straddling 1100 lol

Sun, 11/06/2011 - 18:20 | 1851299 bill1102inf
bill1102inf's picture

will they be offering free smoothies too?

Sun, 11/06/2011 - 19:24 | 1851463 Robot Trader's ...
Robot Trader's brother's picture

Yea, I think my brother loaded up on Netflix before it tanked.

Of course he would never admit that...

Sun, 11/06/2011 - 18:31 | 1851330 traderjoe
traderjoe's picture

1250? And how does that compare to 10 years ago? What about adjusting for inflation? How about compared to gold, silver? Or ammo?

Stocks are a racket for suckers.

Sun, 11/06/2011 - 18:33 | 1851333 Subprime JD
Subprime JD's picture

They are, but there are times when they do perform well.

Sun, 11/06/2011 - 19:00 | 1851402 tmosley
tmosley's picture

Given the haughty tone of your posts, you would think that you would at least know that the markets are not representative of the economy as a whole, especially not when they are artificially propped by lose monetary policy.

Sun, 11/06/2011 - 19:14 | 1851441 samsara
samsara's picture

You have to understand,  ZH is working on a 'Reality' level,  where gravity really still works.

The market levels you note operate(currently) on the Wiley Coyote 'off the end of the cliff still standing' reality.

That's the difference.  It's like we don't set our clock back so to speak.

Sun, 11/06/2011 - 23:54 | 1851983 Bruin4
Bruin4's picture

pleassse

Mon, 11/07/2011 - 09:10 | 1852564 Tramp Stamper
Tramp Stamper's picture

Wow 1250.  The same place it was in 2005

Sun, 11/06/2011 - 23:43 | 1851955 Pontificating B...
Pontificating Buffoon's picture

guns, bullets.

Sun, 11/06/2011 - 21:05 | 1851687 my puppy for prez
my puppy for prez's picture

ALL lawyers are fake entities....they ignore common law while practicing admiralty law.

That's okay....your secret is safe with ZHers!

Sun, 11/06/2011 - 18:22 | 1851305 breezer1
breezer1's picture

the markets are in a state of collapse. don't you read zero hedge?

Sun, 11/06/2011 - 18:27 | 1851318 Subprime JD
Subprime JD's picture

Been reading ZH since early 09 bud. And no markets are not in state of collapse.

Sun, 11/06/2011 - 18:33 | 1851335 traderjoe
traderjoe's picture

Yup, the market for Greek bonds.is holding up nicely.

Sun, 11/06/2011 - 20:34 | 1851625 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Yup.  We didn't really need to spend tens of trillions of dollars bailing out the US Banking Houses.  European bonds are only at all time wides because, er....um...well it isn't a big deal.  Unemployment isn't at all time global highs since the Depression.  Peak oil production will be a flash in the pan when Solyndra generates enough energy to power NYC.  We aren't fighting wars all over the world or anything.  Yup, all is well.

Sun, 11/06/2011 - 18:35 | 1851339 JohnG
JohnG's picture

House of cards is mighty shaky bud.

Sun, 11/06/2011 - 20:53 | 1851664 Al Gorerhythm
Sun, 11/06/2011 - 21:06 | 1851691 my puppy for prez
my puppy for prez's picture

Normalcy Bias

Tavistock Institute

Sun, 11/06/2011 - 18:25 | 1851312 Subprime JD
Subprime JD's picture

And the ZH group think momos come out in force. Keep them coming LOL

Sun, 11/06/2011 - 18:52 | 1851378 Pladizow
Pladizow's picture

C'mon nobody actually believes this guy is an attorney do they?

Even though that doesnt take mush these days.

His avatar is simply his zodiac sign - Libra.

Who reads a web site for around 2.5 years and starts to post 1.8 years in?

This tool is full of shit!

Sun, 11/06/2011 - 19:31 | 1851479 Robot Trader's ...
Robot Trader's brother's picture

I apologize for my brother.

Play along and tell him the markets look just fine...that his Netfix stock should be splitting soon...

Sun, 11/06/2011 - 19:32 | 1851485 MsCreant
MsCreant's picture

Okay, this is a good start. You need an awesome avatar. Do it.

Sun, 11/06/2011 - 19:31 | 1851480 Subprime JD
Subprime JD's picture

Dood, been here since the blogspot days, when wall street pro was pimping his 10 oz silver bars. Subprime is simply a newer handle. I love ZH but sometimes like to pick a fight With you permadoomer fucks. All in love

Sun, 11/06/2011 - 19:39 | 1851498 Bay of Pigs
Bay of Pigs's picture

GoldenMiddleFinger? Is that you? How the hell are ya buddy?

Sun, 11/06/2011 - 19:43 | 1851509 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Spalding Smails......remember him?

Been here since the blogspot days.......

Sun, 11/06/2011 - 19:48 | 1851525 MsCreant
MsCreant's picture

Hmmmm... you may have something with that guess. Ask him if he delivers furniture...or if he ever got his $100,000 starter fund up and going. The lawyer thing would not work if it is him.

Sun, 11/06/2011 - 20:00 | 1851556 Bay of Pigs
Bay of Pigs's picture

I stand corrected. It does sound like Spalding.

Well, is that you Mr Smailes, you shit talker you?

Sun, 11/06/2011 - 20:05 | 1851569 Subprime JD
Subprime JD's picture

No this is subprime. You can find me at subprimejd.blogspot.com

Sun, 11/06/2011 - 20:13 | 1851582 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

MsCreant, I think you need a blog.  Everyone else is doing it!

;)

Sun, 11/06/2011 - 22:40 | 1851853 Jena
Jena's picture

I agree, Mr. Lennon, MsCreant would be highly worth reading on a more regular basis.  On any subject.

Sun, 11/06/2011 - 20:46 | 1851647 Monedas
Monedas's picture

I gave you a thumbs up for surviving the gauntlet of bitch slaps ! I grant you honorary Jew status for moxie under fire ! Monedas 2011 Unofficial keeper of the moxie awards !

Sun, 11/06/2011 - 20:54 | 1851665 Subprime JD
Subprime JD's picture

Why thank you kind sir!

Sun, 11/06/2011 - 22:51 | 1851872 CrazyCooter
CrazyCooter's picture

I gave you a thumbs up for surviving the ... <red/> ... !

All I saw was red on pretty much every post by JD. So thank you. Perhaps your superpower of annointing winners could be better applied at the federal level. God knows the budget could use a super fucking hero right about now ...

Regards,

Cooter

Sun, 11/06/2011 - 20:58 | 1851676 topcallingtroll
topcallingtroll's picture

Hey I like spalding and he was right about silver hitting the wall.
But that aint spalding. He only comes in nowdays for the parabolic moves.

Sun, 11/06/2011 - 22:34 | 1851844 tickhound
tickhound's picture

I thought he left after BAC's parabolic move downward... I booked it.

Sun, 11/06/2011 - 20:35 | 1851627 BKbroiler
BKbroiler's picture

shit, I miss Cheeky...

Sun, 11/06/2011 - 21:02 | 1851682 topcallingtroll
topcallingtroll's picture

ID's and avatars dont matter to a lot of us. I may change again too unless I can find more tops to call.

I miss the days of posting under anonymous. Oh! The flame wars back in those youthful days.

Sun, 11/06/2011 - 23:53 | 1851889 GoinFawr
GoinFawr's picture

tct on gold: Thu, 12/30/2010 topcallingtroll

"Looks like a top to me. I'm calling it."

tct on silver: Mon, 01/17/2011 - 12:27 topcallingtroll

 "I am telling ya the intermediate top is in. if berskanke has any control left then we are headed for a deflation scare soon. expect silver to retrace to about 24 with an all out effort. they dont call me topcalling troll for nothing."

Better yet tct, just stick a fork in it, yer done.

Sun, 11/06/2011 - 18:37 | 1851346 CrazyCooter
CrazyCooter's picture

OMG THE FINANCIAL MARKETS ARE GOING TO CRASH AGAIN!!! Per zero hedge the markets are always one headline away from collapse.

The market/status quo can stay irrational longer than you can stay solvent, bitchez

 

ZH educates the broad public regarding matters of global monetary policy and international finance.

To take the sum of ZH's contribution, which is, at its core, being a leading edge breaker of news, but in such a way that non-industry participants can follow along, and reduce it to a stock index price target is, well, asinine.

That last sentence may be illegal, but I tried to channel my inner TD and use as many grammar constructs as possible in one sentence.

I love my ZH. After two years on this site and I far more educated, knowledgable, and prepared than I would otherwise be.

Regards,

Cooter

Sun, 11/06/2011 - 18:43 | 1851358 CPL
CPL's picture

Most of us are wondering why any fool would be thinking to stick a toe in that market. 

 

Some of us are quite happy watching it burn slowly.  Who fucking cares about the markets, that shock value was so 2008.  Now we're talking about countries crumbling, burning and being over thrown.

 

Countries that most of population thought they would never see fall, it's just so amusing watching people running around thinking that this is about a market crash now when so much more has been revealed.

Sun, 11/06/2011 - 19:05 | 1851413 bobert
bobert's picture

CPL:

People who wanted to make 15% in October did pretty well.

People who want to make the same between now and 12/31 may do well also. (May not.)

Some remain nimble and take a contrarian view towards headlines.

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