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No, the day is not August 7, 2011 when we had the first joint Merkozy statement attempting to prevent the latest and greatest round of the global financial crisis with nothing but pure rhetoric, in which however the word Dexia was strangely missing. The day is October 9, and yet we get another statement from the two, this time far more desperate. From Reuters: "We are very conscious that France and Germany have a particular responsibility for stabilizing the euro," Sarkozy said at a joint news conference with Chancellor Angela Merkel in Berlin. "We need to deliver a response that is sustainable and comprehensive. We have decided to provide this response by the end of the month because Europe must solve its problems by the G20 summit in Cannes." And the kicker: Merkozy "suggested that their proposals would include a plan for recapitalizing European banks, accelerating economic coordination in the euro zone and dealing with Greece's debt problems." In other words fix absolutely everything. But the punchline remains the same as always: Sarzkoy "added saying it was too early to enter into details." Ah yes, those ever elusive details, which nobody can ever provide, because, THEY SIMPLY DON'T EXIST, at least not in a universe in which 2 + 2 is still 4.
Yes, much to Europe's chagrin, a plan that in one swoop "recapitalizes European banks, accelerates economic coordination in the euro zone and deals with Greece's debt problems" which at the same time returns peace and prosperity, keeps the locals happy, and throws in the kitchen sink, sounds truly great on paper, but merely confirms to the markets that the ruling oligarchy is now completely out of bullets and the best they can do is jawbone with ever loftier promises that can never be kept.
Originally posted by ludshed
This thread is like the energizer bunny. Was I supposed to read the first 770 pages?
Was I supposed to read the first 770 pages?
Some time ago we suggested that in lieu of actual practicable solutions (and a promise to recapitalize several trillion worth of insolvent banks absent some magic money printing tree or gold coin defecating unicorn, is so stupid only the market ramping vacuum tube algos can believe, if only for a few hours), the only thing left for Europe's leaders is to baffle absolutely everyone with relentless bull#. Judging by the following Bloomberg news screencapture, they have now succeeded.
ScienceDaily (Oct. 9, 2011) —
For some people, the glass is always half full. Even when a football fan's team has lost ten matches in a row, he might still be convinced his team can reverse its run of bad luck. So why, in the face of clear evidence to suggest to the contrary, do some people remain so optimistic about the future?
In a study published October 9 in Nature Neuroscience, researchers at the Wellcome Trust Centre for Neuroimaging at UCL (University College London) show that people who are very optimistic about the outcome of events tend to learn only from information that reinforces their rose-tinted view of the world. This is related to 'faulty' function of their frontal lobes.
People's predictions of the future are often unrealistically optimistic. A problem that has puzzled scientists for decades is why human optimism is so pervasive, when reality continuously confronts us with information that challenges these biased beliefs.
"Seeing the glass as half full rather than half empty can be a positive thing -- it can lower stress and anxiety and be good for our health and well-being," explains Dr Tali Sharot. "But it can also mean that we are less likely to take precautionary action, such as practising safe sex or saving for retirement. So why don't we learn from cautionary information?
The full 9.8 percent drop in income from the start of the recession to this June — the most recent month in the study — appears to be the largest in several decades, according to other Census Bureau data. Gordon W. Green Jr., who wrote the report with John F. Coder, called the decline “a significant reduction in the American standard of living.”
One reason pay has stagnated is that many people who lost their jobs in the recession — and remained out of work for months — have taken pay cuts in order to be hired again. In a separate study, Henry S. Farber, an economics professor at Princeton, found that people who lost jobs in the recession and later found work again made an average of 17.5 percent less than they had in their old jobs.
Just out from Reuters:
- SLOVAK COALITION TALKS ON EFSF END WITH NO DEAL, TO CONTINUE TUESDAY MORNING - PARTY LEADER
- SLOVAK PM RADICOVA SAYS NO DEAL ON EFSF ON MONDAY, MORE TALKS 0700 GMT ON TUESDAY
Slovak party leaders reached no agreement on a plan to give more power to euro zone's EFSF bailout fund on Monday and negotiations will continue on Tuesday morning, chief Bela Bugar of the Most-Hid party told reporters.
It appears the euro likes to live very dangerously. Just bribe all the people involved already. Which, of course, is precisely what will likely happen, and a favorable last minute resolution (tomorrow is the deadline), will butcher any and all EUR shorts. Of course, if Slovak politicians actually have this thing called conscience and don't have this thing called Swiss bank accounts, then all bets are off.