It's going to start getting a lot harder to keep all the plates spinning.

Sit back and enjoy the entertainment. This is where it starts to get good. Like watching 4 or 5 hungry dogs fighting over a scrap of meat. The most dangerous position to have in such an event is to the referee in the middle trying to separate them all. One thing is for damn sure - they can't fork over $125B individually to Spain, Italy, Ireland, Portugal and Greece. There's just not that much meat to go around. Somebody's going to have to bite it. The machinations they will go through to avoid a full-on collapse that is clearly inevitable at this point in time is the part that tickles my ass. These people are supposed to be the best and the brightest yet can't see the forest for the trees. Pure idiocy.

How long before the bankers call in the blue helmets to do the ditry work? LaGarde already hinted at it....

The *End Game Becomes Clear*...
Spain/Ireland& Greece
(The Good, The BAD & The UGLY)
see link--> http://www.youtube.com/watch?v=J0BrdMi-o....
(will some-one embed for Me?)

Quote:

Remember, Ireland had "conditionality" imposed on its bailout -- including tough conditions for the people of Ireland, where the banksters got everything they wanted.

Spain got no such conditionality.

Now the EU has a problem. If they say "yes", then all the other nations that got bailouts (including Greece) are going to want the same deal too. If they say "no" then Ireland and Greece should both erect the middle finger and send the so-called "agreements" they signed back in pieces to Merkel and her buddies in Brussels.

Then what? These nations Banksters already have some or all of the money -- so what is the EU going to do about it if they the People of Ireland reneg and refuse to pay?

That's what I thought.

The People of Ireland should NOT pay.

The People of Ireland were NOT Bailed Out; -the Banksters were Bailed Out.

1. Seize the Banksters and Confiscate the assets and funds that they have stolen from the Banks.

2. Wipe out/Cram down the Idiot Bondholders and the Shareholders that were stupid enough to loan the Banks their Capital and so arrogant that they thought that they could keep any profits and socialize any losses via the Sovereigns.
-Issue new Bank Shares to the Depositors in ratio to any funding shortfall if the Banks are bereft of Deposits.

3. Tell the *******s in Brussels to Go **** Themselves.

4. Tell the ECB & the IMF to Go **** Themselves.

5. Ireland/Greece/etc. can either:

A. STOP Deficit Spending.
B. Pay whatever interest rate the Market wishes to impose on lending.
C. Start coughing up Gold/Land/Mineral Rights/Fishing Rights/etc. for money.
D. Dump the Euro, Print new currency & re/de-value both the Currency & the Debts Outstanding by FIAT.
E. ALL Of the Above.

The cushy .GOV Jobs are not going to be so cushy any more as the Economies cannot support these pay-scales.
Defined Pensions, Government Pension and Benefit Schemes are ALL likely going away for the same reason.

-These wealth redistribution mechanisms which exemplified the Ponziconomy™ are collapsing all over the World on schedule anyway and cannot be sustained.

The Zone is ****ed.
The ECB is likely going to implode and there is nothing that can be done about it under existing agreements.

Germany is too ****ing scared of losing control of the Monetary System in a printing episode to fire the presses and go Full Gutenberg Retard.

I also suspect that Germany is too ****ing scared of creating a Federal Fiscal & Monetary/Debt Union as They would be outnumbered and over-ruled by the Membership of the Latin Block in any such Democratically constituted enterprise.
-The Germans know that the Latins would be a de-facto Majority in any 'United States of Europe' -and that They would print money and/or tax German industries via Brussels so as to bring home 'Pork' for their Constituents in the Latin Block...


Hey! -That last bit sounds kinda familiar if You are in the UfSA doesn't it?


I still think that the Eurocrats will find another temporary maneuver ( I'm looking at YOU, Bernanke. ) until ITALY or FRANCE steps up to the plate.

-Then the Fat Lady is gonna belt out some Opera.
-Opera usually traditionally comes in one of two flavors:
-Italian or French.

Obvious it was going to happen...

If they give money to Spain, they will need to give the same deal to Ireland, Portugal and Greece

In other news, the Syriza party in Greece... aka bailout without conditions, will win because of this...

The next 2 weeks are gonna be epic.

Next up for a bailout : Italy...

But in the meantime, shorts squeezed on monday.

Probably.

+1 Throxx.

Bring it on.

Wir Sind Gefickt . . . Merkle

I was in Dublin last summer (and the summer before that) and I just don't understand it. Talking to my friends back then -- this was a couple months after the Fine Gael victory -- they said that people were just sort of waiting to see what Fine Gael would do, believing that Fine Gael was doing what they could (why?). Well, it's been a full year since it was plainly obvious -- to EVERYONE -- that Fine Gael wasn't going to do jack squat. Actually, it was clear before election day. As we wrote last year:

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Fine Gael played to voters' anger over the bailouts by engaging in a good deal of tough talk about unilaterally restructuring the debts of Ireland's bailed out banks.

However, the tough talk will likely turn out to be nothing but talk. Fine Gael's pre-election threats to bank bondholders were promised to be carried out only if they were unable to restructure the terms of the IMF "bailout." Such restructuring would only amount to tinkering around the edges of the agreement, not rejecting it outright. The main point of contention amongst "serious" people has been the 6% interest rate Ireland was saddled with, not the obvious injustice of making the Irish people debt slaves for the benefit of Deutsche Bank and Soc. Gen.

Well, I don't know what the f*** the Irish people are waiting for. I was predicting revolution 15 months ago. http://dailybail.com/home/irelands-prelu.... Worst call, ever, apparently.

What will be the effect of a Euro implosion on the dollar, whether by the inability to spin plates, or the decision by one of the PIIGs to default?

The shorts are supposed to get squeezed. It is a wave 2 rally. The ****ing bulls didn't even buy puts this time. The cliff is next.

Now back to Spain. The reason they are backing down on Spain is they don't want anything to do with trying to finance a bailout on Spain. Screw Euro-bonds. They couldn't sell Euro bonds. They are kidding themselves.

Anyone with a brain(Karl and most of us know it) knows this is a bank bailout. Not a Spanish bank bailout, but a bailout of all the banks. Spain could give them a middle finger and France would fold. The **** in the banking system of Europe would be shown to the world. They would cry: The banks are afraid to lend to each other, which means the **** on their balance sheets is so sorry, they can't give it away. We would have mark to fantasy #13.

If I recall, Spain and Ireland both started out in this mess with their government balance sheets in relatively good shape. It was a housing boom, caused by their bankers and European speculators that blew the fuses in both places. I do know Spain got upside down on their trade deficit, due to the excesive financing that came in with the housing bubble.

Herein lies the real trick, how Germany gets their money. See, Germany financed their trade surpluses. Without this financing, they would have never arisen. This is one reason why sovereign trade will never work as long as there are central bankers. The Federal Reserve and its new world order planners destroyed the world gold standard. Europe is being forced to consider a fiscal union, because the bankers have created a system of massive bankruptcy that can't be contained in one country.

Smoot Hawley didn't cause the breakdown in trade during the Great Depression. This was a lie told to prevent us from preventing the bankers from overfinancing cross border trade again. Breton Woods made sure it happened again. The system of international trade finance went broke. This is why Greece owes the rest of Europe money it can't pay. Spain is bust in the same fashion, save for the fact that Spain is partially in trouble because the speculators lost and they want to be paid for a losing trade.

The gold standard always related to international trade. As long as the chips weren't counterfeited by central bankers, gold worked to keep international trade in balance. It has never meant to be a domestic monetary metal. This idea goes back at least to the 1830's. A counties sovereignty depends the capacity to freely trade across boundaries without bringing the solvency of the particular country into question. International bankers have taken this portion of trade over and tney aren't concerned with countries. Merely screwing the people of various countries out of their assets and making them pay on top of that is their only concern

Quote:

Now the EU has a problem. If they say "yes", then all the other nations that got bailouts (including Greece) are going to want the same deal too.

I suspect that Greek voters will put Syriza into office to get a better deal now. While the Eurogroup is stupid about a lot of things politics isn't one of them, so they must have known this might happen. Ideally it think they would have liked Spain to be addressed after the Greek elections. The fact that an announcement came now implies to me that Spain is worse than the general public knows and required "action" sooner than later. A calculated risk? Spain could definitely blow up the EU, so it is better to risk Greece leaving? Perhaps they are convinced Greece is a lost cause anyway?

I think the UE is trying to spin this by saying that Spain has been a responsible player - its debt/GDP is "just" 68%, it has taken "austerity" steps, etc. while Greece has not been. But Ireland was also a "responsible" player - right up until they brought bank debt onto the balance sheet. Of course Spain has done the same, which is why it is seeing rates pushing 7% even though its debt/GDP is "only" 68%. The market understands the gig. The EU doesn't

Talk about bad timing...my wife and I have a vacation planned in September. It includes a few days in Dublin (going to see all things Titanic...the irony). By the time we get there it may be in turmoil.

"All animals are equal, but some animals are more equal than others"

Fixed: "All countries are equal, but some countries are more equal than others".

Tyrtaeus : Bullish!

Well, bullish until everyone realizes that the USA also has a government that won't pay back its debt...

Cross
Here you go:

spain "says" it's been a responsible player. it will be revealed to have cooked it's books using various creative accounting tricks, outright lies and will suddenly, one day "find" a large chunk of "hidden debt" no one can explain.

just like every large corporation on wall street and every other country in europe.

How long until honest people doing honest work (or who want to do honest work) can go back to making an honest living (not one suppressed by banksters)?

I'm getting mighty tired of the BS. Maybe the Irish could do us a favour and stop being a conduit for certain disreputable American companies (*cough*Google*cough*) to evade taxes.

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By the time we get there it may be in turmoil.

Don't count on it. The Irish people, like the American people, have been neutered.