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 Post subject: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 6:36 pm 
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In April 2010, they were saying Greek default was not going to happen. It took just over the year for Greece to lie on its economic deathbed, the death rattle in its throat. And now, the "colleagues" agree that default is inevitable.

Yet they are going to ring fence the collapse and prevent the spread of contagion. And the reason we should believe them is?

View full article here

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 7:47 pm 

Joined: Sun Aug 29, 2010 6:09 pm
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"I don't believe it!" - Victor Meldrew.


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 7:48 pm 

Joined: Mon Aug 01, 2005 10:21 pm
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From the piece you quoted:

Quote:
Officials attending this weekend's meetings suggested that the EFSF may have to be boosted to up to £1.7 trillion, almost five times its current size, to convince markets that it could contain the destabilising impact of a Greek default. Instead of European governments being forced to pour in cash up front, Geithner and others are calling for the EFSF to be allowed to underpin the operations of the ECB, by guaranteeing to bear part of any losses it is forced to take on sovereign bonds. That could massively boost the ECB's buying power and help it to damp down the crisis in the event of a Greek default.


Swedish newspapers have been a little more forthright, and quote an anonymous (you bet!) powerbroker who attended the IMF/World Bank meeting who said:

Quote:
We have to find a mechansim to convert every euro in the EFSF to five euros. So far there is no agreement on how to do this.


The German Bundestag has not agreed to the initial (second) package yet which is supposed to contain those €440 bn that will then be magically (and without any further parliamentary involvement of course) converted to five times as many euros. Can you say leveraged? and convoluted, no sorry, structured financial products!? I thought we'd had enough of those.

But, but, at least a silver lining in today's news. Suddenly everyone seems to be open about the underlying problem - it is not a question of saving Greece or even Portugal, Spain or Itlay. No it is first and foremost the French and German banks that have to be rescued!!!

(Yes, other banks as well [eg Unicredit, Dexia,])


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 7:52 pm 
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mikgen wrote:
But, but, at least a silver lining in today's news. Suddenly everyone seems to be open about the underlying problem - it is not a question of saving Greece or even Portugal, Spain or Itlay. No it is first and foremost the French and German banks that have to be rescued!!!

(Yes, other banks as well [eg Unicredit, Dexia,])


M

They still haven't really got the message ... the underlying problem is the euro, and they are still trying to save it - even keeping Greece in the single currency. As predicted, they will bring down the entire western economy rather than relax their grip on this political project. We are domed.

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 8:03 pm 

Joined: Mon Aug 01, 2005 10:21 pm
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RAENORTH wrote:

M

They still haven't really got the message ... the underlying problem is the euro, and they are still trying to save it - even keeping Greece in the single currency. As predicted, they will bring down the entire western economy rather than relax their grip on this political project. We are domed.


Come on, we can't expect too much of the little dearies. To grasp one evident truth a day is more than enough. If they can keep up that rate we may yet be spared the total collapse. However, (and as I've said before) I think the euro will break up, but in the worst possible fashion (and maybe not as soon as we may hope). I wish we were all domed ( :) ), but even us non-euro countries will be severly damaged by the economic and political fallout once our oligophrenic crop of politicians have played the game to its inevitable end.


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 8:25 pm 
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mikgen wrote:
... oligophrenic


LOVE IT!!!!!!!!!!! PDT_Armataz_01_14

http://dictionary.reference.com/browse/oligophrenic

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 8:36 pm 

Joined: Mon Aug 01, 2005 10:21 pm
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From ZeroHedge: More Greek Platitudes As IMF Faces Shortfall and Deflects Back to ECB

The sentence that got me to sit up and take notice. (ZH gets it!)

Quote:
It is now, and while this weekend has been marked by a litany of statements, corrections, and re-statements indicating left-hands not knowing what right-hands are doing, we suspect that the simple application of game-theoretical first-mover-advantage is weighing heavy on many politicians (especially Portuguese and German).


Yes, the politicians in most of the EU countries (and elsewhere) are lacking both morals and intelligence, but one wonders when it will dawn on them that leaving the euro as number two will be much more expensive than doing it as the first one. As Tyler Durden writes this knowledge ought to weigh especially heavily on the Portuguese and Germans.

PS: Oligophrenic - sometimes a medical degree comes in handy! :)


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 8:58 pm 
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I have to say most of my thoughts on this business these days drift off the immediate theme and inevitably end up focusing on taking revenge. I'm concerned that every one of the bastards responsible, from the greatest to the smallest, gets a full and bloody measure.

Meanwhile, to lighten my load, I could do with an update from Der Füherbunker —you know, one of those YouTube Downfall jobbies.


Mikgen,

If we rip their heads of and crack their skulls open we could arrange for you to take charge of the research into the resulting pile of brain matter. If you can spot the problem I'm sure there'd be a Nobel Prize in it for you, actually two: one for Medicine and another for Peace, although you might have to share the latter with those of us doing the grunt work wielding the machetes.

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 9:00 pm 
Apologies if I've bored you all with the odds that William Hill have been offering on "The Eurozone to break up (one or more countries to use original currency before end of 2012)".

For those not so bored: a month ago the bookie was laying 5/2. So, if you put on 100, you'd make 250 plus your 100 stake. Then a week or so ago it was 7/4 - only 175 profit plus your stake back.

And now?

"Sorry, betting no longer available on this event"

http://sports.williamhill.com/bet/en-gb ... %2dUp.html


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 9:39 pm 

Joined: Mon Aug 01, 2005 10:21 pm
Posts: 1854
Clarence,

Quote:
"Sorry, betting no longer available on this event"


Very interesting, but cowardly of William Hill to not making it possible for us to make a winning.

EdCase,

Very tempting, and definitely a worthy scientific quest, but a Peace Prize? Haven't you forgotten that it still the Norwegian parliament who decides the recipients of that Nobel prize? I think those who liberate us from the EU and the euro have as big chance at winning the peace prize as Anders Breivik.

PS: EdCase have you been speaking to John Archer lately? You won't fool me. The machete is one of John's favourite tools. :lol:


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 10:47 pm 
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Mikgen,

Yeah, that Archer fellow tells me there aren't enough hours in the day to get up early enough to fool you. And you know what —I believe him. PDT_Armataz_01_18 :)

You're right about the machete but I think you'll find he prefers a cavalry standard single action army colt — he's a sucker for Americana. It's just that it's not much good for cutting heads off. He'd use his Bowie knife only he claims he could only do one at time with that. He prefers to take an 'industrial' approach in this instance as he'd like to finish before tea time.

By the way, he sends his warmest regards. PDT_Armataz_01_34

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 11:08 pm 

Joined: Fri Oct 03, 2008 5:03 pm
Posts: 1050
EdCase wrote:
Mikgen,

Yeah, that Archer fellow tells me there aren't enough hours in the day to get up early enough to fool you. And you know what —I believe him. PDT_Armataz_01_18 :)

You're right about the machete but I think you'll find he prefers a cavalry standard single action army colt — he's a sucker for Americana. It's just that it's not much good for cutting heads off. He'd use his Bowie knife only he claims he could only do one at time with that. He prefers to take an 'industrial' approach in this instance as he'd like to finish before tea time.

By the way, he sends his warmest regards. PDT_Armataz_01_34


If I can help in any way .....


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 11:19 pm 

Joined: Wed Jan 19, 2011 1:21 am
Posts: 28
Sharpen your pitchforks!


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 Post subject: Re: Non credo quia absurdum est
PostPosted: Sun Sep 25, 2011 11:38 pm 
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Quote:
It is now, and while this weekend has been marked by a litany of statements, corrections, and re-statements indicating left-hands not knowing what right-hands are doing, we suspect that the simple application of game-theoretical first-mover-advantage is weighing heavy on many politicians (especially Portuguese and German).


To break up the Eurozone is to raise the curtain on the first act of Armageddon, no votes in that job. All the politicians are waiting for someone else to do the dirty jobs, and as soon as the first act is underway they will be out to impress their electorates about how bravely they can stick knives into a corpse.

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 Post subject: Re: Non credo quia absurdum est
PostPosted: Mon Sep 26, 2011 6:12 am 

Joined: Wed Jun 01, 2011 6:24 am
Posts: 50
Great! A shit storm just in time for christmas. Err, " we have to find a way of making each euro into five" massive inflation, public spending cuts, and social breakdown will result. Throw in the possibility of another `47 or `63 winter and it all gets very real.


They can talk all they want, but there are only two choices: PRINT OR DEFAULT- SIMPLES!


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