Inglorious Europeans

Thursday, May 24, 2012

The post we planned on today has had to be delayed. But we leave you with a question -  Are the current European negotiations going the same way as the bar scene from Inglorious Basterds?  

You are welcome to add your own film clip vs current event in the comments.

Back tomorrow.    

Posted by Polemic at 11:07 AM  


I am obviously thinking De Niro (TMM and all the 'they can't possibly be that stupid' crowd?) trying to talk Christopher Walken out of his russian roulette "career" only Walken (the Eurocrats? Darth Weber?) will not listen.

Dee Dee Humberside said...
11:31 AM  
Dee Dee Humberside said...
11:33 AM  

Odds on Merkel behaving like Trader B in this other blog if she doesn't get her way?!

An accountant said...
11:39 AM  

Thanks Dee Dee, we sometimes feel like galdalf vs the balrog!

Polemic said...
11:39 AM  

One more sleep ... OK

Nic said...
12:37 PM  

I am thinking the bar fight scenes in the "pirates of the caribbean"

Anonymous said...
1:38 PM  

Another bar scene: Maverick spots Merkel and says to Goose: "Goose, she's lost that lovin feelin..."

Anonymous said...
2:15 PM  

C says'
From the FT...

"Institutional investors, from pension funds to mutual funds sold directly to the public, have slashed holdings in the past decade. Stocks have not been so far out of favour for half a century. Many declare the “cult of the equity” dead"

The "it" moment can't be a million miles away. I suppose the question is do we need one more bloodbath on top of the two of the last decade to create a sustainable equity market held by 'real' money ,or are we already there? Tough one, but volumes in the last couple of years compared to cycles before that suggest it might even be the latter.

Anonymous said...
2:19 PM  

I just keep thinking of a scene from Three Amigos (or Tropic Thunder).. where they finally realize its not a movie

abee crombie said...
2:55 PM  

I'm picturing this scene.

The Basterds (Hollande, Monti, Draghi, Rajoy and the ravishing Lagarde), cleverly posing as prudent Germans, try to convince General Merkel (with the Bundesbank boardmembers sitting at the next table) that Eurobonds will be rock solid and secured by serious deficit cutting. Not even their funny accents give them away.

Finally convinced, Merkel wraps up the meeting by asking what the interest rate on these Eurobonds should be. Hollande sticks up three fingers - the wrong three fingers.

Carnage ensues.

Anonymous said...
3:06 PM  

The world may yet witness the greatest sting ever known...


Oh! that other thing (FUCK!)

Amplitudeinthehouse said...
3:07 PM  

Nice one, TMM, I saw that movie quite recently. The Basterds are certainly acting as though they are ready to blow each other's balls off at the moment. The question is, has the "scalping" of investors already taken place, or is there more to come? LB feels as though he has been beaten with a baseball bat this week.

The Euro PMI data was awful, worse than even we expected. In fact, it was so bad that European markets are already rallying, perhaps on thoughts of more LTROs, bank recaps, and ECB rate cuts. When the market starts to go UP on bad news, you do really have to pay attention. The US data was fairly shite as well, really, bringing Bucky's charge to a halt for the time being.

Leftback said...
4:04 PM  

C, agreed

Career risk prevents professionals from being BOLIVIAN equities here, but for anyone for SIPP-type money (ie true 20yr money), nothing wrong about scaling in overweights on stocks

The FB disaster, and overall man-on-the-street bearishness on the whole 2.0 IPO wave, is one very interesting example of how retail appears uninterested in biting to the type of scams they used to love in the past

Dee Dee Humberside said...
6:50 PM  

I was thinking the original "Die Hard" - the bad guys are Eurotrash - but I haven't thought through who would play John Maclane (Ben Bernanke when he unleashes QE3?)

LB, I also thought it was very interesting that the markets were resilient given the poor data

Skippy said...
11:35 PM  

This Princess Bride clip pretty much sums up my trading around these Euro events the last couple of years. I’m the Sicilian and this market is Westley/Dread Pirate Roberts.

mjm123 said...
3:31 PM  

try this link:

mjm123 said...
3:34 PM  

A few thoughts before the long Memorial Day weekend here in the US. LB spies EURUSD sitting on top of the 1,25 line that represented strong support in 2006, 2008 and 2009. Given that everyone and their granny is now short the Euro with massive leverage, LB is feeling more BOLIVIAN than ever and has been scooping up more European equities.

We don't think there are going to be any immediately imminent Grexits, Porxits, or Spankruptcies, and what there will be is ECB easing and another massive bank recapitalization along the lines of the US in 2008. We think that the misunderstood "raving socialist" Hollande is in fact nothing of the sort, but he is in fact winning the argument on his travels around Europe. His advice is to adopt the US style approach, "Print now, and then think about austerity later".

The recent US data are really rather soft and not at all consistent with the recent "US Decoupling" theory and resultant USD Lovefest/carry trade unwind. Remember that these days, when the printing starts, they all print together..... and frankly, the printing signals may start in Beijing, where the folks in charge probably have the most to lose from monetary tightening, especially if China's economy is as soft as the commodity markets might suggest.

Leftback said...
3:44 PM  

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