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Roll that debt, Bernanke!
And if Fine Gael get in they may cut some bondholders... bits off for a change..
No they won't: FG regard anyone advocating such a position as "economically illiterate", this includes you and I. Pretty much the only people advocating such are Sinn Féin, who are saying - "apply a market solution to a market problem" and "burn the bondholders". So, to recap: the Irish establishment want private losses socialised into national debt-servitude, and the "fringe" leftwingers want the market solution.
Everyone I know is deleveraging. Join the party. Starve the beast. Party on!
I am with you CC! All that is left is about $10K of student loan debt. Housing costs reduced-check. PM increase-check. In a salute to my Irish ancestors I am going long scotch-particularly rarer single malts.
We don't make scotch.
Be careful - sore subject. First: Scotch whisky by definition is from Scotland - usually distilled twice. Irish whiskey, is distilled three times - and is extra smooth as a result (that treacly Bourbon stuff is distilled only once). Secondly: during Prohibition in the US, the majority of bootlegged hootch was described for marketing purposes (even, unfortunately, the rotgut) as some variant of Irish Whiskey. Before Prohibition ended, Joe Kennedy - peace be upon him - bought up a load of Whisky - what you call "Scotch" (*spits*) - distillery licenses, and had legions of trucks full of the stuff lined up on the Canadian border, ready to roll in. Thus "Irish" Whiskey was effectively wiped out in the US. We are still sensitive about this: do not make this mistake in an Irish Pub.
Here comes the deflation monster. He's BAAACK!
Get out your lawnchair...the end of the month should be something to see
Speculators are in the gambling mood today.
Look how they are HeatMapping up Fannie Mae today.
Next up: Watch them start chasing the skirts of the Irish Banks:
This old trader and me, were at the bar and weWere having us some beers and swappin' shortsTalking barrick gold, silver wheaton and novagoldOld dogs and new shorts, and etf's we aint sold yet
We talked about ben's grace, and all the markets he raisedThen I heard the ol' man sayBen is great, pomo is good, and the doomers are crazy
He said I fought two bear markets, been called on marginWhat brings you to mpel, he said 4 bagger ya' knowWe talked an hour or two, bout every miner we knewWhat all well put them through, like two old traders will do
We pondered china and the peg, he lit a cigarette with a mining derivative i.o.uSaid these damn things will kill me yetBut ben is great, pomo is good, and doomers are crazy ....
Oh look. The company that owns nearly all the mortgages in US is penny stock and it's being ramped from 65 cents to 68 cents.
Robo. Do you ever feel like that plastic rabbit on a pole. That keeps zipping around the dog track but all the grayhounds are off in a grass field far far away.
Completely irrelevant when you have a central bank willing and able to step in. The stories now are redundant and no longer meaningful. It's not a conspiracy. It's in your face and completely out in the open. Back in the day, this was something. You would have been reporting something material. Let's be as clear as water here...list off all of the crisis that have been papered over the last 24 months and where the market is now. If none of these can bring the beast down, nothing will. Telling the story as if you have found something meaningful is not stoping to understand everything you have reported over the last few years. It's all the same
I share the same frustration over the bullshit, unlimited postponing and lies coming from the central bank/government/media establishment since 2008.
Though, reporting the truth is still important.
Tyler is waiting for hyperinflation just like us, he doesn't think the establishment will suddenly stop their support measures towards a Ponzi which is threatening to collapse every day.
Shorting equities has always been dumb, and ZH never encouraged to do this. Equities != economy.
"Shorting equities has always been dumb, and ZH never encouraged to do this. Equities != economy"
I'm not so sure about that. They walk a very fine line. TD talks his book around here. Disclaimer and all that. He's responsible for all the content. Is the content not a proxy? How about Nic L? Why post information on set ups if you weren't talking your book? Reggie is the same way. Why post these folks if you aren't outlining your own position?
You guys are hard to satisfy. I post what I feel is the most accurate analysis. Of course I will (not necessarily guaranteed, though I usually do since that's what the analysis is for) take a posistion on said research, but would you really trust it if I wouldn't? That's like my cooking dinner and telling you to eat it - I'm never hungry.
ZH is not necessarily a one trick pony either. If you are even the least bit objective you have to realize that much of the market has detached from fundamentals, and fundamentals essentially means being able to count the money. Despite this, Leo K. gets lots of play and has been bullish about practically everything, and nearly all of the time. Of course, I think he is wrong (particularly about Greece), but that's what makes a trade, isn't it? I have been massively bullish on certain mobile technologies, and bearish on other companies in the exact same sector. I go both ways (in investment philosophy, that is:-)
What should be the deciding factor is whether the info and analysis is pertinent and whether it holds water. My forte has always been valuation and asset picking. Unfortunately, I tend to rely on money and fundamentals to do such, and TPTB have made it very difficult for plain vanilla, count the potential profit, short the Ponzi, long/short stock pickers these days. Despite the shenanigans that abound, good strong analysis still offers some pretty good results, just a lot more perilous as compared to when we had real markets with fundamental buyers and sellers.
You are making my point RM. TD's sphere of influence or snapshot of his position is what he posts and what he allows to have posted. To those that argue he is not short equities or is cash/gold only ignore the influence behind the posts. The disclaimer should be taken literally. I have no problem with this. I'm just saying that he can be pinned down as being freaking WRONG.
By the way...
"I go both ways (in investment philosophy, that is:-)"
That pimpish look of yours make me wonder
I agree with you and wish zero hedge wasn't such a one trick pony. I don't think it is all smooth sailing from here though. I'm betting on gdp beating core in this horse race, but they are still running neck and neck. If core gets ahead while growth is still weak then Tyler will look timely still. However I would prefer my contrarians to have more than one song they can play. I know TD can do it. I've seen it before.
Shallow. This is not the site for a play by play.
Markets do not have to adjust because someone points out structural risks or fraud. TD points out accruals none look at. It is a conscious choice to bear witness.
Who needs deposits when the ECB is letting the Irish Central bank create its own ersatz euros.
Exactly. We all know this is the game plan. Why anyone is shocked or frustrated at this point is beyond me. Did you expect anything different? If so why?
Yeah - that part's the mystery to me. How can the Germans let that go on?
What are the domestic depositors doing with their Euros? Surely not holding the paper. I wonder what precious metals sales have been like in Ireland.
It means nothing - the currency is not lent out , its disappearing.
The money supply is falling.
They mean to crush us and protect the continental banks
The ECB are managing a controlled or semi - controlled deposit robbery of Irish deposits.
Risk reserves on banks mean nothing - Bank bonds own everything including the sov debt - the ECBs policey of seniority of bank bonds over sov is telling us they consider the nation state a anachronism.
They had their fun with that experiment and now its over.
maybe the money went on sugar.
Rehn to the rescue (of banks) with the nice and shiny tax payer backed ponzi monster vehicle. Politicians collectively think that the tax payers in other EMU-countries deserve to get some additional burden on top of their domestic ones. After all, spring is coming soon in Europe and bankers have to get some extra loot to spend while skiing in the Alps.
If you live in Ireland, do us all a favor and put your money back in the bank. This is the safest place for it. There should be laws against withdrawing all of one's money.
People should be able to do whatever they fucken want with THEIR money.
Is it really THEIR money? The central banks have the sole authority to print it and distribute it to the public. It's illegal to deface it or give an excessive amount to someone else without informing the proper authorities. The wealth the currency represents may be THEIRS, but the actually currency is not.
Sounds like a good argument for trading your fiat for....
No way is that you Harry! The guy I have loved from afar, I mean if I really did love men, and not in a nasty way but in a good way. That can't be Harry. Hey Blog Police! Hamy Wanger has found a way to hack into Harry Wanger's account.
Alas this is not the HarryWanger . The Track section of his account says he's been a member of ZH for just over 6 weeks . The real HarryWanger has been around for considerably longer than that .
C'mon, troll....don't your recoqnize your own?
So the money issues will explode from the irish, who could not believe they had been branded tigers. And now, they're at the short end of the banking stick.
Very interesting to see the pattern in how we are slowly but surely sinking into the morass (No More ass), clearly the point of control are fear and sex.
Both of which, we've been taught, can be banished and re-plenished with money.
More Money = More sex and Less Fear.
What a perfect pitch.
Us suckers had no chance of any meaningful resistance.
Run money, run.
My original plan to sell 1000 year reich bonds and then use the proceeds to recapitalize all the banks and sovereigns is sounding better all the time. Then over the next 100 years have the ECB slowly monetize it. Anybody got a better idea? And no...collapse of civilization, pestilence, war....that's not a better idea, unless you are selling horses to the riders of the apocalypse.
They have horses for courses, they're the market forces.
Wow, thanks for bringing that. Reminds me I still have a little work to do.
This is the ECB stating that they can do anything - don't fuck with us.
As long as people accept the Euro as money they will have power over us.
I get the feeling there was some amateurish behind the scenes attempt to take these guys on as I don't believe Brian Cowen is a bad man.
He should have had to guts to sacrifice himself and explain to the Irish people the nature of the money power on live television.
He is still Taoiseach - I am begging him to do it - he can redeem some respect from us if he tells us the truth.
Get some reliable men from the Army ranger wing to protect his family or something - just fucking tell us.
Is it really a matter of revealing anything at this point?
Don't the informed citizens of the country know damn well what's up whether Cowen says anything or not?
Things are going to be hard either way but if Ireland defaults it can come back. Iceland has. And it won't be IMFistan or Ollierehnistan or Trichetistan. It'll be Ireland.
No - we are too globalised , they know we cannot go back to the farm , we are no longer independent creatures.
That Andrew Jackson guy spoke chiefly to a agrarian people who could feed themselves without money - the ECB know we are captured PIGS and we are now fat enough to be slaughtered.
I would prefer he commit ritual suicide publicly but that ain't going to happen either.
Don't you love it... the international Goon Squad pour money into Irish banks one end and the crafty Irish depositors slowly pull it all out the ATM's.
...the end-game is going to be the Goon Squad of IMF, ECB and Euro Govts holding the Irish bankers and Govt by the balls with no Irish depositors (ie. Irish banks with no customers = an empty shell company). All the goons are going to be looking at each other wondering how they bill Irish taxpayers when the banks are empty shells.
Keep going you Irish, you're going to win this 'shell game' with a stupendously funny ending Mwhaha ;))))
They're putting their money under their mattresses, and into Rabobank.
Just another back door gov. bailout.
This time printing 51 bil. euros as 81 billion or so have been pulled out & offshored in 2010...looks like the Irish Central bank is 30 billion behind and counting - better fire up the presses and "notify" Brussels.
Wonder at what point Trichet & Cies. lose their taste for this. Thus far these are SMALL amounts but as a sane man would note, a transfusion of fresh blood is wasted on a corpse.
It's amazing that the present-day economic model features debasement of currency along with drowning debt bubbles with more debt. By all means, prop up the zombie banks.
Ireland, where the population were once known for their balls. Will they grow a pair before this month's out?
Winner = IMF, Brits and likely a few German and French entities - all SHORT TERM.
Loser = emasculated Irish.
"AN unprecedented €40bn of deposits was withdrawn from Irish banks in December, dwarfing the flight in deposits earlier in 2010"
Unfortunately the article does not state who the (former) depositors are. Locals like Joe Guinness and Betty Potato? Irish companies ? International Corporations ?... I would have thought that would be important for the analysis.
The article stated that ~80% of the depositors (possibly now former) were foreign.
Is your avatar Jack Lambert from the Steelers when he still had teeth?
Add leverage to the equation and things get really ugly fast.
Maybe the Irish people have plenty of gold and silver stashed away?
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