This should be good for Confidence, especially after Monti (Hall?) was running around telling everyone that Italy was "just fine" and "didn't need help."
LOS CABOS, Mexico, June 19 (Reuters) - Italy put forward a proposal at a G20 summit in Mexico on Tuesday for the euro zone's rescue funds to start buying the debt of distressed European countries, and the idea is expected to be discussed at a meeting of leaders in Rome on Friday.
The Italian proposal foresees using the EU's rescue funds, known as the EFSF and the ESM, to buy bonds of countries such as Spain and Italy in the secondary market to help bring down bond yields and lower refinancing costs.
So we've gone beyond "liar liar pants on fire!" to "and behind Door #1 we have...."
You know the jackass is back there too.
I'm well beyond the point where I register surprise -- say much less shock -- when "leaders" get caught lying like this by their own hand. We're into this odd Kafkaesque realm where the bigger the lie the more it is believed, where Presidents of drunk nations prescribe cases of whiskey for the pounding headache and puke-fest taking place the next morning and where the citizens wave multi-colored flags pretending that John and Steve's public expression of intent to screw each other in the ass or Jeff's desire to smoke a joint on the courthouse steps is the most-important issue in the upcoming election.
Pass that whiskey please, it will make me forget that I'm broke and the only calories down my pie hole in the last 72 hours have been ethanol-based -- and liquid! Oh, it will also make me forget the hemorrhoids from last night's boffing too - and where did I put that joint?
Yeah. This is what passes for "political discourse" on the issues of the day. Blatantly unconstitutional usurpations of power by the President (under the guise of "prosecutorial discretion") either garners no comment (from Romney) or worse, a plan to do even more unconstitutional things (by Wayne Root) in response. Nobody raises the quite-simple point that a person who's first act upon entry to the United States was to break the law should not be rewarded, as whatever behavior you reward in the law you will get more of!
Never mind that the nation's economy has collapsed (not "is about to collapse") and is being propped up by explicit debasement of everyone's wealth through government deficit spending -- a path that will eventually lead to the collapse of the government itself if it continues for too long, and for every day it goes on it increases the economic damage that must be recognized to "detox" from our credit-induced craze.
As such the morning news flow, including this little tidbit from the G-20, no longer elicits even a wry smile from me. I do, however, take some solace in the fact that yesterday Bloomberg finally came around to the idea of sound(er) banking and had the audacity to publish it -- a drum I've been beating on since The Ticker began publication.
It's been a lonely five years, but this morning, as I sip my coffee in expectation of the heroin dealer extraordinaire, Ben Buttafackie himself, pontificating on how we shall all be fine if we just take another slug of that case of whiskey, I will ponder whether that tiny second drumbeat from Bloomberg yesterday might -- just might -- turn into a cacophony of sufficient volume to halt that which, at this point, appears inevitable.
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governments have promised more than taxes can be colllected and soon we return to survival of the fittest. if coruption,greed,power insanity, where not a part of today what could have been obtained ? IT is not within man to dirert his own steps aright and then a judgement.....interesting
Djloche
Posts: 3275
Incept: 2008-07-07
In the Mountains
Online
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"If we wish to be free, we must fight! I repeat it, sir, we must fight! An appeal to arms and to the God of Hosts is all that is left us! Gentlemen may cry, "Peace! Peace!" -- but there is no peace. The war is actually begun! Our brethren are already in the field! Why stand we here idle?"
The ultimate end of the ever lower interest rates so that we can borrow larger and larger sums to keep pretending that we are not bankrupt is: bankrupt. Sooner or later you get firmly wedged into the corner where interest rates can't go any lower and you can't borrow $2 today to pay for that $1 you spent last week.
As soon as one country bails on this system you can expect the rest to follow like lemmings. The crux is something I said months ago and repeated in a post yesterday. As soon as one country identifies a first-mover advantage that out weighs its costs, it will all be over.
Have a happy summer;
Flap
Flap
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Here are my predictions for everyone to see: S&P 500 at 320, DOW at 2200, Gold $300/oz, and Corn $2/bu. "You can't build a house of cards on a shaking table." - Tony Johns The January 2015 AMZN put at $130 (cost $4.25) will be a winner.
Il crollo del mercato immobiliare registrato nei primi tre mesi del 2012 a livello nazionale non lascia immuni le otto principali città italiane: il calo più consistente rispetto al primo trimestre 2011 si è registrato a Palermo (-26,5%) e a Genova (-21,8%). A Roma e Firenze le transazioni sono diminuite rispettivamente del 20,6 e del 21,1 per cento, molto elevati i cali anche a Bologna (-18,4%) e Torino (-18,1%). Più contenuta la flessione delle compravendite a Milano (-10,7%) e a Napoli (-9,8%).
I'd say that's appropriate. A guy who has been banging the drum for the last five years about fiscal responsibility is giving a speech this evening at a conference for people who are hearing impaired. I'd say you've went from lecturing those that don't want to listen to those who can't listen.
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I'm already visualizing you with duct tape over your mouth.
Never mind that the nation's economy has collapsed (not "is about to collapse") and is being propped up by explicit debasement of everyone's wealth through government deficit spending
I am really surprised how many people don't realize this.
The event horizon has already been crossed. It simply cannot be fixed at this point.
Amgrace
Posts: 2067
Incept: 2008-02-15
New Castle, PA 16101
Shades of 1931. Europe festers but is insolvent. The twist now is China....
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American politics as a system has ceased to function, because the system has gone from representing people to representing money. And that is something that can only go well as long as the people have at least some of that money. - Automatic Earth 3/17/2010
I'd say that's appropriate. A guy who has been banging the drum for the last five years about fiscal responsibility is giving a speech this evening at a conference for people who are hearing impaired. I'd say you've went from lecturing those that don't want to listen to those who can't listen.
Yet, i'm sure quite a few attending tonight's speech will be able to lipread quite effectively.
Leaving them with one cognitive sense the others lack.
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"The Spinning Cyclone Of Deflation Is Fueled By Deficit Spending. An efficient asset destroying storm powered by the printing press". - Me
When the Nazi's broke every law when coming to power, people in later years were asked, how were they allowed to do it? The answer was easy: They Simply Did It.
Brussels (DPA) -- Italy's Prime Minister Mario Monti intends to ask for European help to reduce surging borrowing costs, a top politician from the country said Wednesday, as the European Commission warned about the transient effect of any aid that may come from Brussels...
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"How long to the point of know return?" Enemies of the State: Bernanke, Geithner, Frank, Dodd, Greenspan, Paulson.
where the citizens wave multi-colored flags pretending that John and Steve's public expression of intent to screw each other in the ass or Jeff's desire to smoke a joint on the courthouse steps is the most-important issue in the upcoming election.
I'm disappointed in this oversimplified caricature of two really good examples of government overreach from someone who identifies as Libertarian. The multi-colored flag wavers and the smokers aren't the crazed and myopic single-issue activists. They're simply reacting to the bigots who insist on bringing it these issues to the ballot over and over and over again, hoping to shock the monkey of social conservatism back to life.
Furthermore, you've intentionally set yourself on the stage of opinion leadership. Personal opinions are one thing; the average bear gets to say his piece and then sit down. Opinion leaders -- especially self-appointed ones -- have a larger responsibility to refrain from appealing to lowest common denominators. It's dangerous and I doubt I need to expound on why. It is through this lens that I find these appeal-to-base-human-nature comments most disappointing.
Finally, what is hypocrisy if not setting one set of rules for your forum, and following another set in your own more-widely-read posts? You've basically reduced millions of prohibition fighters to public nuisances. You've also decided to define some of the bravest and most abused members of modern society by a single sexual act, as if that were the thing they are fighting for. The last time I checked, sex acts generally aren't considered fit for polite discussion in any context outside of medical discourse.
In the Ponzi eat Ponzi world of hedge funds and derivative traders aka banksters it is in their interest to kick the can, same for the medical, military and US educational complexes, even the 55 million or more on SS just past the costs down to the future taxpayers or government bond bag holders. Until it is in the interest of one of these Ponzis to buy the government back from the other Ponzis, or the voters wake up, and I surmise the former which should be added as a threat and a promise to the voters. I wonder which Ponzi cliques will be buying the government through PACs, political employment, 500 million Bill Clinton special payoff, and which Ponzis will be stopped. On one hand the incentive is for the most egregious Ponzis with the highest cash flow to kill the least egregious Ponzis. The Banksters will kill any other Ponzi before their own. The Medical complex seems the largest so they will continue the (anti trust law free ) profit maximization, and between the two of them buy the powers that be to avoid the ultimate day of no bids on government bonds by throwing some other Ponzi under the bus.
The voters will go along with it as long as the medical industrial complex has a gun to both "insured" and "non insured" people. If your child has a broken arm and you have no insurance, what are you going to vote for when you are turned away at the ER? What happens when you or your child gets jumped and you end up with a concussion and worse? This is an effective part of the US social contract. That the RICO medical industrial complex has made this so is a testament to their power. When you have no medical insurance, you hide all your other assets if any, so that the debt collectors can pound sand as you go into bankruptcy.
So just speculating, what will go down short of a coup when the government bonds are no bid? What Ponzis will be thrown under the bus to postpone that day?
Maybe someone in Spain, Italy, or Greece or Ireland can drop us a clue. Seems pensions and public jobs are cut, and taxes are added to utility bills, and medical care requires under the table payments. Hmmm.
Jstanley01
Posts: 8181
Incept: 2008-07-30
San Antonio, Texas
Nohype wrote..
*sigh*
Um, I think you're misreading. The way I'm reading the post, he's getting on the flag-waving Republi-turds for overreaching on issues that for the government should be no big deal. Read it again, and then...
I'm disappointed in this oversimplified caricature of two really good examples of government overreach from someone who identifies as Libertarian.
From a libertarian perspective both mainstream positions on gay marriage are dead wrong. I agree Karl could stand to be more polite but you shouldn't expect him to praise either of these wrongheaded ideological groups for how bravely they bang their heads against a wall politically.
As for the drug war of course that's a big deal, but I can't think of any group easier to marginalize than a bunch of pot smokers. It just doesn't work as the central issue of a movement, and any single-minded group like that is going to be just as easy to pander and pay lip service to as they are to marginalize. Look at the NRA, what are they getting for their money? The GOP agrees not to go out of their way to restrict gun rights even further? These single issue groups get tossed a few scraps or cheap promises then they shut up and fall in line.
Let's say the DNC throws activists a bone and passes federal decriminalization, you can cheer that as a small victory but then your movement either dissolves or even worse joins the DNC based on the lone issue tying it together. Best case you've found an even better way to arrange the Titanic's deck chairs, worst case the now-satisfied activists join with one of the 2 mainstream groups that are burning the lifeboats.
</rant>Anyway I agree the ticker needn't be so rude, this sort of inflammatory talk could trigger an "us-vs-them" reaction in new readers before they have a chance to start critically thinking on these issues. I understand the frustration with the process but we cynics should try to avoid being more adversarial than necessary when making any given point. Some impolite things do need to be said though, the topics discussed here are serious ones with implications much nastier than any harsh language. "Winter is coming".
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Fear of govt IS the government.. Statism is a pack of unbacked threats; If govt gets out of control, ignore it and go about life as you see fit. Where's your crown, King Nothing?
