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These searching for a bit of humor in the European debacle can discover it in statements from Jean-Claude Juncker, head of the eurozone finance ministers.

Juncker says “I really don’t envisage, not even for one second, Greece leaving the euro place. This is nonsense. This is propaganda. We have to respect Greek democracy.”

Bear in thoughts this statement comes from the same man who stated “When it becomes critical, you have to lie.”

Also bear in thoughts Juncker’s support for a Troika set up puppet government in Greece, after Greek Prime Minister George Papandreou proposed putting bailout measures to a vote.

Discover that bailout measures went to a vote anyway.

Two More Days of Hopefully Futile Greek Negotiations

The Economic Occasions reports Greece set for further coalition talks

Greece’s president is set to resume coalition talks on Tuesday with the country’s political leaders in an additional attempt to keep away from a fresh basic election immediately after a meeting on Monday evening ended without agreement.

President Karolos Papoulias has an additional 48 hours to persuade politicians to join a nationwide unity government according to the constitution or face getting to contact yet another election.

Mr Venizelos mentioned right after the meeting he had supported the president’s proposal for a “government of personalities” with backing “from as many political parties as possible” to put into action further reforms agreed in return for a second €174bn bailout.

“The situation is quite challenging and I’m not optimistic, but we should try each and every possible answer,” Mr Venizelos mentioned.

Alexis Tsipras, the leader of Syriza, the radical leftwing coalition that rejects the terms of Greece’s worldwide bailout, refused to participate in Monday’s talks. “We’re not going to join in selective meetings of political leaders … The circle of contacts supplied for by the constitution has been finished,” he stated.

Jean-Claude Juncker, the Luxembourg prime minister who heads the group of eurozone finance ministers, sharply criticised other EU leaders for “threatening” Greece with expulsion from the single currency, saying the will of Greek voters have to be respected.

“I do not envisage, not even for a single second, Greece leaving the euro place. This is nonsense. This is propaganda,” Mr Juncker said angrily at a news conference. “We have to respect Greek democracy.”

He additional he would be open to debating easing terms of the €174bn bailout, such as extending dates to hit fiscal and economic reform targets by a year, one thing that has been anathema to several leaders in Germany, the European Central Financial institution and the European Commission.

Maria Fekter, the outspoken Austrian finance minister, went so far as to recommend Greece may possibly have to leave the EU, because there is no legal provision for leaving the euro with out exiting the union.

“Greece would have to reapply and then we would have membership negotiations and appear really closely no matter whether Greece would be able to turn out to be a member at all,” mentioned Ms Fekter. “We search significantly a lot more closely than when they joined the euro.”make complete repayment on the bond, which was issued below UK law, to stay away from long term legal action by holdout investors, the official said.

Lies Everywhere

Junker’s statement about willingness to negotiate adjustments in bailout terms is of course a blatant lie aimed at retaining Greece in the Eurozone.

Also note the lie from  Maria Fekter about Greece having to leave the EU if it exits the eurozone. Offered that numerous countries are in the EU with no being in the Eurozone, the UK is a prime instance, Fekter’s statement is total nonsense.

That said, perhaps Greece is better of not becoming in the EU as effectively. Certainly the UK would be greater off telling the EU where to go.

“When it becomes serious, you have to lie.”

Certainly Juncker and and other folks have established lies are the norm.

“Mish”

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I was hoping for an election announcement today, but the strain is on for “1″ more day as Greek President to Meet 4 Party Leaders Tomorrow in a single more try to form a “Unity Coalition”.

Greek President Karolos Papoulias will meet with political party leaders at 7:30 p.m. tomorrow as discussions on forming a nationwide unity government carry on, state-run NET Television said, with out citing anybody.

New Democracy leader Antonis Samaras, Pasok leader Evangelos Venizelos and the head of the Democratic Left celebration Fotis Kouvelis will attend the meeting, NET reported. NET at first stated that Syriza celebration head Alexis Tsipras was also anticipated to attend the meeting, but later on reported he would not be taking component.

Greek Communist Head Calls For Annulment of Greek Loan Deal

 The Wall Street Journal reports Greek Communist Head Calls For Annulment Of Greek Loan Deal

The head of Greece’s Communist KKE party Sunday named for the annulment of the country’s loan deal, ruling out her party’s participation in a coalition government, even as Greece scrambles to resolve a weeklong political deadlock following inconclusive polls last week.

“We will introduce legislation in the Greek parliament, which is going to set out extremely especially the elimination and annulment of the [loan agreement], Aleka Papariga said right after a meeting with Greece’s president Karolos Papoulias.

For the benefit of Greece and taxpayers in the Eurozone in basic, let’s hope this last try to kind a coalition falls flat.

The sooner Greece leaves the euro, the sooner it will have a chance to recover.

“Mish”

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Violent protests against the hated Equitalia, the Italian tax collection agency, are generating headlines in many cities in the previous handful of days. In Rome mail bombings have been ongoing considering that December. By means of Google Translate, this time in Italian, please contemplate a trio of posts.

Equitalia, six months of mail bombs

MILAN – Equitalia when once more in the crosshairs. Immediately after the envelope with gunpowder delivered Friday to the see of Rome, in Through Giuseppe Grezar, last night, two Molotov cocktails had been thrown against the door of the agency’s headquarters in Livorno. This is the latest in a prolonged series of parcel bombs and suspicious envelopes arrived in recent months in numerous offices of the Italian society of recovery.

THE Initial PACKS-BOMB – The initial package bomb delivered to Equitalia comes in via Millevoi, in Rome, December 9 last year. The bomb explodes in the hands of the director general, Mark Cockaigne, that is wounded in the hand and eye. On twelve December a large firecracker exploded outdoors the headquarters of the agency Equitalia in Naples. The explosion leads to harm of the reduced part of the gate valve iron input recent Southern.

On 15 December an envelope, containing gunpowder and a primer, is caught in the seat of Equitalia Flaminio in Rome on the Tiber. On twenty December an envelope containing white powder with no sender is delivered to the site by means of Equitalia Millevoi. On 22 December, two envelopes containing suspicious powder is delivered to the Stock Exchange in the square in Milan and the Organization of Equitalia in Through San Gregorio. On 4 January an anonymous caller warns of a bomb the headquarters of Perugia Equitalia. Following the proper checks reveals a false alarm.

January five at Leghorn a threatening letter and a 7.65 caliber bullet is sent to the Director of the office of Equitalia of Livorno. The exact same day at Caserta a parcel containing gunpowder and meant to Equitalia of Caserta is intercepted by the Publish Workplace, insospettitesi the lack of sender. Within is also found a threatening letter. On January 9, an envelope containing suspicious powder and addressed to Equitalia is intercepted in the post office of Ischia and a second envelope with gunpowder and a piece of rope as a wick reaches the website of the Tiber Equitalia Flaminio in Rome.

Much less than ten days later, on January 26, two envelopes are delivered, inside of an hour, in two various offices of the agency in Milan: the initial at the headquarters of By way of San Gregorio, the 2nd on a Dell ‘Innovation.

‘N Pay out THE CONSEQUENCES “- On 14 March, an additional envelope with suspicious powder was intercepted in Cosenza. The letter, sent to the registered capital of Calabria, contains electrical wires with a triggering mechanism. To alert the police publish is a postal sorting center of Cosenza, who grew to become suspicious after seeing out of the envelope of gray dust. The letter also consists of a sheet with a sentence written in large letters: “you are going to pay out the consequences.” On April 27, false alarm for the two coffee cans connected with electric wire located outside the headquarters of Equitalia in Ivrea, near Turin. The bomb squad of policemen arrived to reclaim the land has not found any set off.

On Could 9, a bomb in the headquarters in Genoa by way of Equitalia Casaccie. The constructing was evacuated as a precaution, the accesses to the website are blocked by police.

Friday at eleven.30, an envelope containing gunpowder was delivered to the Roman Equitalia, on By means of Giuseppe Grezar. A 1st analysis was gunpowder within but no ignition. The lawyer on the situation of Rome opened a file. Final evening, lastly, an assault with blows of Molotov cocktails has occurred against the headquarters of Equitalia of Livorno. Unknown assailants threw two Molotov cocktails against the door tax collection agency on the ground floor by way of Independence, in the city center. The fire brought on damage outside the constructing. Investigates the incident Digos.

Livorno, Molotov against Equitalia

four Molotov cocktails (two did not ignite) and a bomb against Equitalia.

A Molotov cocktail very first, then after a 2nd, the noise of men and women fleeing the fire that illuminates and Independence Street in the center of Livorno, wherever the headquarters of Equitalia. It is’ an try, Digos confirms that from four.30 am on Saturday carrying out assessments, together with the Scientific, the entrance of the palace collection agency. The police identified abandoned on the street three a lot more bombs and other unexploded bomb paper two Molotov cocktails. But most worrying of rudimentary primers were identified that possibly must be utilised to cause a fire that could spread to the rest of the developing in which there are also apartments.

The injury of the attack fortunately are mild due to the fact the alarm was triggered almost immediately.

A letter from someone describing himself as a desperate “maverick” believed to be harassed by the “demon of the tax,” which “does not distinguish among poor and billionaires” and are not mindful of acquiring violated the guidelines to be beyond the law.

Clashes outside the headquarters of Equitalia in Naples

NAPLES – The demonstration outdoors the offices of Equitalia leads to violence. The police charged the demonstrators, 1 hundred, the “Network against Neapolitan Equitalia” who manned the headquarters of South Program in Naples. “Network” created up of temporary committees, community centers, networks, trade unions and student base.

Firecrackers – Against the offices of the headquarters of the collecting society have been thrown eggs filled with red paint and two firecrackers exploded. Then, bottles and stones have gone against the agents of the mobile unit deployed outside the offices. Police responded to the pressure of the demonstrators charging for at least 4 times and throwing tear gas.

Expect the protests to turn out to be much more frequent and far more violent. Protests in Greece started significantly the very same way. Mario Monti, the technocrat appointed to conserve Italy has lost help.

Reuters reports regional vote outcome dims reform prospects

Could 9, 2012 12:18pm EDT

The results of last weekend’s nearby elections in Italy are probably to weaken Prime Minister Mario Monti and make it tougher for him to push through unpopular reforms to shield the nation from a worsening euro zone financial debt crisis.

The vote to elect mayors in a lot more than 900 towns and cities saw hefty losses for the centre-proper PDL, the largest party backing Monti’s technocrat government, and a surge in help for a protest motion that needs Italy to leave the euro.

Former Prime Minister Silvio Berlusconi was quoted in Italian media as saying his PDL would no longer “lie down” just before Monti right after the celebration suffered a rout at the polls on Sunday and Monday, dropping manage of dozens of cities.

The centre-left PD, which also lost votes but is probably to boost its number of mayors in run-off ballots thanks to the implosion of the PDL, stated Monti must now consider more account of its positions, which are increasingly hostile to austerity.

Monti mentioned on Tuesday that he did not feel the vote would affect his government, but numerous analysts disagree.

“The impression is that Monti is far more isolated. Getting been the shield of the events, he now hazards turning out to be their target,” stated political commentator Massimo Franco in the every day Corriere della Sera.

The only winner at the vote was the five Star Movement led by Beppe Grillo, a shaggy-haired comedian who desires Italy to quit the euro and default on its debt and whose caustic invective against the established events has gained rising resonance in the wake of a spate of corruption scandals.

Monti is not going to stay in manage for lengthy, assuming of program he is even now in control in the initial location.

“Mish”

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In response to two.2 Million Go On Disability Considering that Mid-2010 Fraud Explains Falling Unemployment Price I received a great e-mail from Madeline Schnapp, Director, Macroeconomic Study at TrimTabs Investment Study.

Madeline Writes …

Hello Mish,

I loved your disability graph so made a decision to broaden on that theme some more and took a look at the romantic relationship among the trend in disability recipients and the roll off of recipients of emergency and extended unemployment insurance programs.

Really should we dare say there is a gorgeous connection!

Get pleasure from,

Best, Madeline

Wonderful Achievement is Fraud

 Initial consider a number of snips from my prior publish, then we will consider a appear at what TrimTabs has to say.

In the last year, the civilian population rose by three,638,000. Yet the labor force only rose by 945,000. Individuals not in the labor force rose by two,693,000.

In the final month, actual employment fell by 169,000, but the unemployment rate dropped by .1%.

That is an remarkable “achievement” to say the least.

Because Mid-2010 2.2 Million Went on Disability

Discover the jump in claims right after the recession was allegedly lengthy-over.

The timing coincides with unemployment advantages expiring at 99 weeks. Supposedly higher taxes will fix the difficulty. I say “nonsense”.

Trim Tabs Weekly Macro Analysis 

Please think about snips from the TrimTabs Weekly Forecast for May 8, 2012.

A recent post on the popular ZeroHedge monetary blog site compared the annualized development in federal debt to the annualized growth in GDP in Q1 2012. ZeroHedge reported that even though U.S. government financial debt rose by $ 359.1 billion in Q1 2012, the U.S. GDP grew only $ 142.four billion. Durden noted that, “It now takes $ two.52 in new federal financial debt to purchase $ 1 really worth of economic growth.”

See Chart Of The Day: Adjust In Q1 American Debt And GDP

The surprising observation prompted us to examine the partnership between growth in debt and growth in GDP from 1975 via 2012. What we identified is both astonishing and frightening. From 1974 to 1980, every $ 1 improve in GDP was accompanied by an increase in debt of among twenty and 47 cents. Since 2009, nevertheless, each $ one enhance in GDP has been accompanied by a whopping $ two.50 enhance in financial debt. At some point, the amount of debt required to make $ one of GDP will suffocate the economic climate and set off yet another fiscal shock.

In Q1 2012, GDP rose $ 142 billion, even though debt rose $ 355 billion. In other words, it took $ 2.50 in financial debt to create $ 1.00 in GDP. We desired to realize how this partnership compared to those that prevailed in preceding decades. The graph under shows our findings.

click on chart for sharper picture

From 1974 to 1980, each $ 1 increase in GDP was accompanied by an boost in debt of amongst 23 and 53 cents. Given that 2009, even so, every single $ one boost in debt has been accompanied by a whopping $ two.41 improve in financial debt. At some point, the amount of debt required to produce $ one of GDP will suffocate the economy and set off another fiscal shock.

Yet another recent post on the popular Worldwide Economic Trend Evaluation website (hat tip to Mish ) suggested the current declines in the unemployment rate have been due, in part, to the rapid boost in enrollment in disability simply because men and women on disability are no longer counted as unemployed.

Please see two.two Million Go On Disability Considering that Mid-2010 Fraud Explains Falling Unemployment Rate

In his website post reported, “Since mid-2010, precisely the time million of U.S. citizens used up all of their 99 weeks of unemployment insurance coverage, disability claims have risen by two.two million.”

Mish’s observation prompted us to dig a small deeper into the connection amongst the number of people exhausting extended and emergency unemployment advantages compared to the enhance in disability recipients. What we found was interesting, to say the least.

click on chart for sharper image

From July 2010 to April 2012, the decline in the amount of individuals collecting extended and emergency unemployment benefits was 2.46 million. More than the same time period the quantity of people collecting disability positive aspects improved by two.20 million. We suspect the similarity in the inverse connection is far more than coincidence.

“Mish”

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In a specific conference get in touch with this evening Jamie Dimon, CEO of JPMorgan disclosed a “trading loss” of at least $ two billion from a failed hedging strategy.

The technique “morphed more than time” and it was “ineffective, poorly monitored, poorly constructed and all of that,” stated Dimon.

Last month, Dimon he denied there were any difficulties, most likely hoping they would go away or he could cover them up. As a substitute, Dimon went to the confessional.

Bloomberg has extra particulars in JPMorgan has buying and selling loss of at least $ 2 billion, reputation hit.

The April Wall Street Journal report stated a trader in JPMorgan’s Chief Investment Workplace, nicknamed the ‘London Whale’ had amassed an outsized place that had caused hedge funds to bet against his position. In the bank’s earnings conference get in touch with in April, Dimon named the concern “a complete tempest in a teapot.”

Regulators and lawmakers are now likely to push Dimon for much more facts about the trades. These specifics will guide how regulators now view the issue and its effect on the Volcker rule, said Karen Petrou, managing spouse of Washington-based mostly Federal Financial Analytics.

Reflections on the Volcker Rule

Interestingly, Dimon says this must not be an excuse to apply the Volcker Rule (a ban on proprietary trading). The issue, he said, was with the execution of the hedging strategy.

That’s his viewpoint. Here’s mine.

I believe financial institutions must be financial institutions and not hedge funds. I believe “also huge to fail” signifies too big period. And eventually I feel this really should expense Dimon and the complete board their jobs.

That said, if we would just finish fractional reserve lending and the mammoth leverage it permits (and finish FDIC insurance coverage proper along with it), we would not be discussing this variety of monumental greed coupled with monumental stupidity in the initial spot.

“Mish”

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