The Unwind Begins: Eurogroup President Juncker Redirects From A Broke Europe By Throwing US And Japan Under The Insolvency Bus: "The Debt Level Of The USA Is Disastrous" 

Submitted by Tyler Durden on 06/11/2011 14:32 -0400

The first rule of media (especially when dealing with an idiot audience that has a 7 second attention span): when all else fails, redirect. That's precisely what Eurogroup president, and certified, sanctimonious, pompous liar, Jean-Claude Juncker just did today, as it is becoming increasingly clear that nobody in Europe has any clue just what the Greek bailout #2 will look like now that the ECB and Germany are at polar opposites on how to proceed, the ECB thinks it is a rating agency and can dictate what an Event of Default is, and German bankers are willing to cede to private involvement in the bailout, but in a way that is voluntary. The problem is that these three are very much mutually exclusive. So what does Juncker go ahead and do - he redirects to highlighting the problems of the US: "The debt level of the USA is disastrous," Mr. Juncker said. "The real problem is that no one can explain well why the euro zone is in the epicenter of a global financial challenge at a moment, at which the fundamental indicators of the euro zone are substantially better than those of the U.S. or Japanese economy." That may well be the defining moment: by now everyone knows that the global economy is a massive pyramid scheme. Yet to this point, those in control have at least kept their mouths shut. However, when in order to explain one's insolvency, those at the very top of the control pyramid have no other choice than to point out just how broke others are (when in reality it is all one big, interconnected, "globalized" and truly insolvent Ponzi), then the unwind has begin.

Democrats Pull The Plug At Sexting The Underage: Pelosi Calls On Weiner To Resign, As InTrade Offers Free Money 

Submitted by Tyler Durden on 06/11/2011 14:22 -0400

After it became clear that one of the girls that soon to be former Congressman Wiener [sic] was texting is underage, not even Nancy Pelosi, who previously said it is perfectly ok in her esteemed opinion for Tony to represent the people of New York, she has now done an about face and is calling for the man heading Weinergate to resign. Expect Weiner [non sic] to tender his resignation over the next 48 hours. 

 

 

 

 

 

Ctrl+Alt+Bernanke: Operation Empire State Rebellion Resumes Attack On Fed Chairman

Submitted by Tyler Durden on 06/11/2011 15:45 -0400

Operation Empire State Rebellion is back. Perhaps in the aftermath of the IMF "very major breach" by anonymous hackers, it is really time to make sure all external access points to FedWire and FedLine are truly safe and sound. It will be very sad if it is uncovered that this source of externally accessible portal to hundreds of billions in emergency Fed funding has been somehow compromised. Just imagine the loss of confidence in the system... Why, a global distributed attack would really stretch the Fed's 1,200-strong police force quite thin.

 

Update: Is Lloyd's of London Too Big to Sue? plus Lloyds Litigation Timeline

Posted by: rcwhalen

Post date: 06/11/2011 - 10:53

For investors and risk managers, the legal and sovereign risk illustrated by the Tropp v. the Corporation of Lloyd's litigation boggles the mind. If the Tropp petition is denied by the US Supreme Court, can any US individual, fund or fiduciary invest in Lloyd's with confidence?