Notes From Underground: Was Obama at the G-20? Is Soros daft? Was the G-20 Communique was Drafted By the OWS Scribe?

In President Obama’s G-20 press conference the mood was somewhat upbeat as he boasted that the economic powerhouses had made progress on the issues of economic growth. The President also was confident that Europe can meet it challenges as leaving Cannes, he felt that a “solid foundation has been built.” It seems that Obama failed to capture the real mood of the FAILED G-20 meeting as the Financial Times had two very morose articles about the G-20 and a solution on the European debt crisis.

The articles  were “HOPES FOR UNITY OVER CURRENCY BLOC DASHED” (Giles and Spiegel) and “FORUM’S HIGH AMBITIONS DELIVER MEAGRE RESULTS” (Giles and Beattie). When the house paper of the EUROCRATIC ELITE delivers such a somber recording of events the meeting had to be an abject failure. The heads of the world’s most “important” nations failed to come to any agreement on an IMF/G-20 package to enhance the financial power of the EFSF.

Obama was behind the concept of building a financial firewall to prevent the Greek situation from spreading to Italy and others. The financial media had been all aglow about the Chinese riding to the rescue of Europe but, again, the Chinese backed away until Europe and EFSF present a genuine plan of action. IT WAS SUGGESTED IN SOME CIRCLES THAT THE GERMANS PLEDGE THEIR GOLD TO THE EFSF IN ORDER TO ENHANCE ITS BORROWING POWER, which failed to gain any traction.

There was another suggestion that the world’s current account surplus nations stand behind the creation of a larger pool of SDR‘s but the U.S. was opposed as it would diminish its present financial authority within the IMF. This was supposed to be Sarkozy’s great moment on the world stage, BUT IT WAS A TOTAL BUST CULMINATING IN A MISERABLE YEAR FOR THE FRENCH PRESIDENT. The final humiliation was an offhand attempt at a joke by President Obama in which he quipped that it was a good thing that the new Sarkozy baby had her mother’s looks.

In a REUTERS interview, George Soros placed the present problems of Europe on Chancellor Merkel’s failed attempts to secure the financial support for the EFSF and using delay tactics to play to the German populace. MR. SOROS, YOU PLACE THE BLAME WRONGLY BUT BECAUSE YOU SEE THE WORLD THROUGH THE EYES OF AN AUTOCRAT–I WOULD EXPECT LITTLE ELSE. The failure of Europe is based on many reasons but the most recent problems can be blamed on SARKOZY. In his  haste to make sure that AXEL WEBER was not to head the ECB, Mr. Sarkozy defeated Merkel but raised the IRE of the BAVARIAN BURGHERS. A German as the ECB president would have given Germany the assurance that the ECB and EFSF would not become a free-wheeling money machine.

Soros is upset with Merkel because she had to accept the authority of the German Constitutional Court and proceed slowly and in a very democratic way. The GCC has become the bastion of democracy within the EU and Soros doesn’t desire the democratic process when immediate, important decisions need to be made. Hey PALINDROME, look elsewhere to assert blame.

The G-20 Communique was a muddle of platitudes and so filled with wishes and good tidings that it could easily be confused with the original list of desires from the OCCUPY WALL STREET group. Even as Europe was its main focus, the leaders of the world had to pay homage to the idea of economic growth with a GREEN ORIENTATION. Then, of course, the usual platitudes about current account nations increasing domestic demand while the profligates pledged less spending and more saving to correct global imbalances. No G-20  statement would be complete without signaling out some nations for manipulating their currencies. We call that allowing currency flexibility.

The Europeans go begging to the Chinese for bailout funds and then have the audacity to criticize them in a world forum. The MADNESS of the world’s leaders is mind numbing. Also, it seems that the CANNES FIASCO laid to rest the DOHA ROUND of free trade. Yes Nicholas Sarkozy, it has been quite a year for your grandiose plans for the world’s economy.

*** Tonight there is word that the PAPANDREOU Government has fallen and Greece will be led by a coalition. The equities have gone bid as has the EURO, but it will take a while to sort through the meaning of this. My first opinion is that it means very little as this will not resolve anything, but many Europeans are happy that the Greek referendum has been slayed. If Greece had gone to popular approval of the EURO and austerity, many other nations would be insisting on their own referenda.

Many EUROCRATS are breathing a momentary sigh of relief. The problems in the EU will exist for a longer period as the light is now on Italy and the European leadership has great disdain for Berlusconi. But Spain lurks in the background as it is saddled with high unemployment and an austerity program: NEGATIVE FEEDBACK LOOPS FOR EVERYONE.

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9 Responses to “Notes From Underground: Was Obama at the G-20? Is Soros daft? Was the G-20 Communique was Drafted By the OWS Scribe?”

  1. kevinwaspi Says:

    Another exciting twist in the great race to the bottom. Yra, as always, you’re right as rain!
    Kevin

  2. arthur Says:

    great post. Yra, what difference does it make that Berlusconi leaves or not. Will Italy not need to refinance its €350bn in 2012?

  3. yra Says:

    Arthur–good question and the penultimate point.IT MAKES NO DIFFERENCE except that the Sarkozy group wants to drive him from office for humiliating the French president.The end result is the same and if you get a more left government they may be more reticent on any austerity plan—Italy is a problem but spain will be the big kahuna but the talking heads on TV only want to know how it effects the equity markets for the next five minutes

  4. arthur Says:

    good question, better answer!

  5. JediTrader Says:

    Someone told me that hope is the most destructive emotion to drive a market….. i think his name was jesse livermore

  6. yra Says:

    Jedi—you are wise to quote the original obi-wan.Hope is similar to the prayer trade—GOD if you just let me get even I will never do something this stupid again.How many times to I watch guys in the pit who over traded at the most inopportune moment assume the position of prayer—-hope burns eternal

  7. aurick Says:

    “Soros is upset with Merkel because she had to accept the authority of the German Constitutional Court and proceed slowly and in a very democratic way. The GCC has become the bastion of democracy within the EU and Soros doesn’t desire the democratic process when immediate, important decisions need to be made.”

    Excellent reading of the situation, Yra! Wish the mainstream would understand…

  8. aurick Says:

    I meant to include that the “immediate, important decisions that need to be made” are, of course, the self-serving fascist decisions of an elitist group, supported by an unelected bureaucracy. This, while the people are tossed hither and thither…

  9. aurick Says:

    Yra, this might be of interest to you. A contact of mine sent me this “Eurozone Bank Stress Test Calculator” where you choose the sovereign debt haircut and core Tier One ratio and then see what the effect would be, the capital shortfall, etc. Very interesting!

    http://graphics.thomsonreuters.com/11/07/BV_STRSTST0711_VF.html

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