Infinite Unknown

- Cyprus And The Eurozone Bank Bailout Hypocrisy (Testosterone Pit, March 25, 2013):

Cyprus didn’t prick the Eurozone bailout bubble, the notion that bank investors who took enormous risks to gain financial rewards would always be made whole by taxpayers. That bubble had been pricked in February. But it was the first time that the international bailout cabal, the Troika, stuck its needle into it—while Germany quietly bailed out all investors in one of its own rotten banks.

The bailout deal was pretty slick; it dodged the Cypriot parliament which had demolished the prior package. Well-honed Eurozone tactics: don’t allow voting to mess up the plans. Uninsured depositors would eat €4.2 billion—much of it Russian money. Junior and senior bondholders would kiss their €1.7 billion goodbye. That even senior debt, albeit only €200 million, was destroyed was a first in Eurozone history. Eurozone taxpayers would pick up the remaining €10 billion—still a lot for such a tiny country, but at least it wouldn’t be pocketed by some hedge funds, or worse apparently, Russian depositors.

Continue reading »

Tags: Banking, Cyprus, Economy, EU, Europe, Germany, Global News, Government, Jean-Claude Juncker, Jeroen Dijsselbloem, Politics

- The Myth Is Over: Europe Fails To Agree On Greece (ZeroHedge, Nov 20, 2012):

Given our earlier comments, it is hardly surprising but the Eurogroup meeting just ended and there is no agreement; headlines via Bloomberg:

• *FRIEDEN SAYS NO DECISIONS REACHED TODAY ON GREECE BY EUROGROUP
• *FRIEDEN SAYS EURO FINANCE CHIEFS TO CONTINUE TALKS ON MONDAY
• *SCHAEUBLE SAYS EUROGROUP UNABLE TO REACH CONCLUSIVE AGREEMENT
• *LAGARDE SAYS MORE WORK NEEDED FOR GREEK SOLUTION

EURUSD is tumbling (as are S&P 500 futures in their oh-so-correlated manner)

Of course, Juncker has his own spin: Continue reading »

Tags: Economy, EU, Euro, Europe, Germany, Global News, Government, Greece, Jean-Claude Juncker, Politics, Wolfgang Schaeuble, Wolfgang Schäuble

- Quote Of The Day: “That Was Not A Joke” (ZeroHedge, Nov 13, 2012):

If one needs proof that after 3 years of being merely totally insolvent, Europe is now also world’s greatest Bazooko circus in history, please fast forward to 24 minutes into the clip, where Europe’s most pathological liar is now its most (in)voluntary comedian as well.

Question: Is the goal still to get Greece’s debt to 120%?

Juncker: The fact is that the target of 120% will remain, but the target as far as the time frame is concerned has been postponed to 2022.

[Laughter in the room]

Juncker: That was not a joke!

Fast forward to 24:00

Tags: Debt, EU, Europe, Global News, Government, Greece, Jean-Claude Juncker, Politics, U.S.

- The Truth Behind Juncker’s Lies: In The Second Largest Greek City, 1250 Companies Have Shuttered In 2012 (ZeroHedge, Aug 22, 2012):

European viceroy of various neo-colonial territories Jean-Claude Juncker, best known for being a self-professed pathological liar, just concluded a press conference in which he did what he does best: lie. Here is a sampling of the soundbites along with our commentary:

• EU’S JUNCKER SAYS TRUTH IS GREECE SUFFERS CREDIBILITY CRISIS – coming from a pathological liar, this one is our favorite
• EU’S JUNCKER SAYS CONVINCED GOVERNMENT WILL TAKE ALL MEASURES. “all measures” = “all gold”
• EU’S JUNCKER: FULLY CONFIDENT GOVERNMENT TO TAKE ALL EFFORTS “all efforts” = “all gold”
• EU’S JUNCKER SAYS GREECE MUST OPEN UP CLOSED PROFESSIONS.  Chimneysweep? Bootblack? Telegraph Operator? Tax Collector? Prosecutor? Uncorrupted muppet?
  
• EU’S JUNCKER SAYS BALL IS IN GREEK COURT; IS LAST CHANCE. The ball will be repoed to the ECB shortly
• EU’S JUNCKER SAYS NOT SAYING THERE WON’T EVER BE A 3RD PROGRAM or 33rd program
• EU’S JUNCKER SAYS GREEK EURO EXIT WOULD BE RISK TO EURO AREA and Obama’s reelection
• EU’S JUNCKER SAYS BALL IS IN GREEK COURT; not for long: ball will soon be repoed to the ECB

And much more propaganda. Here is the truth. According to Greek Thema, in Thessaloniki, the second-largest city in Greece, so far in 2012, an unprecedented 1,250 companies have shut down. This means no jobs, no tax revenues, no money in circulation. A complete and total economic collapse.

So let us explain: while Greece and Europe may engage in endless check kiting Ponzi schemes: such as the most recent one, whereby Greece promises to pay Germany by issuing bills, bought by its banks, which in turn are repoed to the ECB via the ELA, with the cash used by the country to pay Germany and the ECB, even as Germany’s contingent liabilities get more massive by funding the ECB’s capital, the reality is that unless someone does some work, and creates real wealth, real money, instead of merely shuffling electronic cash from Point A to Point B, while the only thing increasing are German contingent liabilities, aka systemic debt, absolutely nothing will change.

Tags: Collapse, ECB, Economy, EU, Europe, Germany, Global News, Greece, Jean-Claude Juncker, Politics, Ponzi schemes, Society, Thessaloniki

- Eurogroup Head Confirms “It Has Become Serious”, As He Is Back To Lying (ZeroHedge, July 30, 2012):

The insolvent banana continent is back. Recall back in May 2011:

“When it becomes serious, you have to lie.” -Jean Claude Juncker

Ergo, things in Europe are very serious again because the Eurogroup’s head, who until recently promised he was quitting his post because “he had gotten tired of the Franco-German interference in managing the region’s debt crisis”, only to spoil the fun and say he was lying about that too, is back to doing what he does best – lying. To wit: “the euro countries are preparing together with the bailout fund EFSF and the European Central Bank to buy government bonds if necessary clip euro countries.” And now cue Schauble: “Federal Finance Minister Wolfgang Schaeuble has rejected speculation about impending purchases of government bonds by Spanish EFSF and ECB.”

From Suddeutsche Zeitung:

“No time to lose”: The chairman of the €-group sees a crucial point of the debt crisis has arrived. Jean-Claude Juncker supports plans by ECB chief Draghi for the purchase of government bonds – and Germany are partly to blame for the crisis. Berlin treats the euro area “as a branch.” Also called “chatter on the withdrawal of Greece” is not helpful.

Juncker confirmed that the euro countries are preparing together with the bailout fund EFSF and the European Central Bank to buy government bonds if necessary clip euro countries. Because there is no doubt, he said. “It is still necessary to decide exactly what we will do and when.” This depended “on the developments of the next few days and from reacting as fast as we need.”

And to think only yesterday the only person whose opinion matters, Germany’s Finance Minister,  “denied plans for a new aid program for Spain, according to newspaper Welt am Sonntag, after the media reported European Union leaders aim for Spanish government bond purchases by the European rescue fund and the European Central Bank.”

We leave it up to readers to figure out which of the above two is telling the truth, but in the meantime, here are some other soundbites from the man who is back to desperation pleading with markets: Continue reading »

Tags: Bonds, Debt, ECB, Economy, EFSF, ESM, EU, Europe, France, Germany, Global News, Government, Greece, Italy, Jean-Claude Juncker, Jean-Claude Trichet, Mario Draghi, Politics

Articles in German:

- Juncker hält deutschen Schuldenstand für besorgniserregend (Reuters)

- Juncker hält deutsche Schulden für besorgniserregend (Welt Online)

- Has Juncker Gone Insane? Eurogroup Head Says German Debt Levels “Cause For Concern” (ZeroHedge, Nov. 16, 2011):

And so Europe bites the hand that feeds it:

• EU’s Juncker says that German debt level is a cause for concern according to a German newspaper – RTRS
• EU’s Juncker says Germany has higher debts than Spain but ‘no-one wants to know about that’ – RTRS

What could have possessed this pathetic bureaucrat to criticize the only strong country in Europe is beyond imagination: if this is how he hopes to get Germany nervous about its debt levels and agree to monetizing, he is about to get a pretty brutal lesson in what it means to serve Le Bic Mac at 3:15 am on Luxembourg Strasse. Needless to say the Euro is not happy. We anticipate an immediate retraction saying his words were taken out of context as this is noting short of all out war between the EU and Germany.

As for who is most screwed when adding up all the debt, not just government, here is why Juncker may want to keep his mouth shut.

Tags: Debt, Economy, EU, Euro, Europe, Germany, Global News, Government, Jean-Claude Juncker, Luxembourg, Politics

I guess the people of Greece will love to hear that.

And the people of Europe are all so very happy to be completely raped by the banksters, the ECB and their governments who all serve the elitists.

Democracy just turned into ‘DEMONcracy’.

- NWO Financial Terrorist Attack On Greece: Max Keiser, Nigel Farage, Gerald Celente On Greek Austerity & Bailout

- Athens Riots: ‘It Was A Real War On People By Cops & Government’

- The No.1 Trend Forecaster Gerald Celente on Greece: ‘The IMF Is Nothing More Than The International Mafia Federation’ Stealing Big!

- European Leaders Admit Preparing For A Greek Default

- ‘This Is Not A Program To Salvage The (Greek) Economy, It’s A Program For Pillage Before Bankruptcy’

- The Truth About Greece – Democracy vs Mythology – The Battle in Syntagma Square

- Former Goldman Sachs Managing Director Appointed European Central Bank President!

Flashback:

- How Greek Policemen Provided ‘Weapons’ (For Undercover Cops) To Provoke Violence At Syntagma Square (Video – 06/15/2011)

Jean-Claude Juncker

- Eurogroup chief Jean-Claude Juncker (Business Insider, July 3, 2011):

Them’s the breaks.

Take money from abroad, lose your freedom.

Eurogroup chief Jean-Claude Juncker just gave an interview to German magazine Focus, in which he said, via Reuters: “The sovereignty of Greece will be massively limited.”

He also likened the coming wave of Greek privatizations to that of East Germany, which had its own independent agency oversee the privatizations.

So obviously Juncker was talking to German readers, who are upset at the bailout, and want to see a high punishment exacted for Greece getting so much taxpayer money.

Tags: Debt, Economy, EU, Europe, Global News, Government, Greece, Jean-Claude Juncker, Politics, Society

However, Prof. Nouriel Roubini said neighboring Spain, Europe’s fourth-largest economy, is “too big to bail out.”

Prepare for collapse, because it’s coming.

True Finns party chairman, Timo Soini launched the most scathing and accurate attack yet against Jean-Claude Trichet, Jean-Claude Junker, and the ECB for its policy raping taxpayers of various countries to pay back German, French, UK, and US banks that made stupid loans for stupid reasons.

Please read the Wall Street Journal article Why I Won’t Support More Bailouts by Timo Soini. There is much more than this somewhat lengthy snip that follows.

When I had the honor of leading the True Finn Party to electoral victory in April, we made a solemn promise to oppose the so-called bailouts of euro-zone member states. These bailouts are patently bad for Europe, bad for Finland and bad for the countries that have been forced to accept them. Europe is suffering from the economic gangrene of insolvency—both public and private. And unless we amputate that which cannot be saved, we risk poisoning the whole body.

Continue reading »

Tags: Bailout, ECB, Economy, EU, Europe, Global News, Government, Greece, Ireland, Jean-Claude Juncker, Jean-Claude Trichet, Politics, Portugal, Spain, Taxpayers, Timo Soini

Christine Lagarde, the French finance minister, warned her US counterpart Hank Paulson that he had to bail out US investment bank Lehman Brothers or face global financial collapse, but her advice went unheeded.

Christine Lagarde, the French finance minister, warned her US counterpart Hank Paulson that he must bail out US investment bank Lehman Brothers or face global financial collapse, but her advice went unheeded. Photo: Reuters

Sources close to Mrs Lagarde said that she had called the US Treasury Secretary – a close personal friend – well before the ailing bank’s collapse imploring him to act, but he chose not to.

Lehman Brothers’ demise sparked the biggest shake-up on Wall Street in decades and sent shock waves around the world that triggered a massive bailout plan in Britain and Europe.

Mrs Lagarde – attributed with playing a key role in brokering a bailout deal among G7 finance ministers in Washington last weekend – dubbed Mr Paulson’s decision to let the bank go under “horrendous” as it triggered panic in markets and banks to the brink of a 1929-style financial meltdown.

In an interview with the Daily Telegraph, she warned that the world’s hedge funds could be the next institutions to be hit by the financial turmoil.

Mrs Lagarde, a perfect English speaker, said that governments must be “vigilant” over the health of hedge funds. “Initially everybody thought the hedge fund sector would be the first one to actually cause the collapse. They are vastly unregulated, they have been operating at the fringes, at the margin, and we need to be careful that there is no contamination effect,” she said.

Related articles:
- Hedge funds shake in the teeth of financial storm
- US hedge funds suffer heavy withdrawals

Her warning will send a shiver through the $2 trillion (£1.15billion) hedge fund industry, which has doubled in size in the last three years and proved to be one of the most powerful forces in the global financial system.

Continue reading »

Tags: Bailout, Credit Crisis, Credit Crunch, Economy, EU, Financial Crisis, France, G7, Government, Hedge Funds, Henry Paulson, Jean-Claude Juncker, Jean-Claude Trichet, Lehman Brothers, Meltdown, Nicolas Sarkozy, Politics, Stock Market, Treasury, U.K., U.S., Wall Street

Jean-Claude Juncker, the EU’s ‘Mr Euro’, has given the clearest warning to date that the world authorities may take action to halt the collapse of the dollar and undercut commodity speculation by hedge funds.

Jean-Claude Juncker, who is calling for Washington to
take steps to halt the slide of the dollar

Momentum traders have blithely ignored last week’s accord by the G7 powers, which described “sharp fluctuations in major currencies” as a threat to economic and financial stability. The euro has surged to fresh records this week, touching $1.5982 against the dollar and £0.8098 against sterling yesterday.

“I don’t have the impression that financial markets and other actors have correctly and entirely understood the message of the G7 meeting,” he said.

Mr Juncker, who doubles as Luxembourg premier and chair of eurozone financiers, told the Luxembourg press that he had been invited to the White House last week just before the G7 at the urgent request of President George Bush. The two leaders discussed the dangers of rising “protectionism” in Europe. Mr Juncker warned that matters could get out of hand unless America took steps to halt the slide in the dollar. Continue reading »

Tags: Airbus, Barclays Capital, Central Bank, China, Collapse, Commodities, crisis, Dollar, EADS, ECB, EU, Euro, FDI, Federal Reserve, France, Futures, G7, GDP, George Soros, Germany, Gold, Hedge Funds, Holland, Ireland, Italy, Jean-Claude Juncker, Luxembourg, Nicolas Sarkozy, Oil, Saudi Arabia, Silver, Silvio Berlusconi, slide, Spain, traders