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135 Billion Pieces of Zero Yielding Junk On Deck
Unprecedented economic collapse? €0.69...
Unsustainable budget deficits? 1 ounce of gold...
Immaculately inexperienced administration? One Larry Summers bowel movement...
For everything else there is Tim Geithner.
And Tim is on fire - here is the sliced bread, er, Treasury auction line up for next week:
- $30 Billion 13-Week Bills December 7
- $31 Billion 26-Week Bills December 7
- $40 Billion 3-Year Bonds December 8
- $21 Billion 10-Year Bonds December 9
- $13 Billion 30-Year Bonds December 10
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lol
I don't want you to talk, Mr. Bond...
I want you to die
TLT confirmed that Krugman-induced right shoulder yesterday.
Approaching the neckline - watch the TA and momo traders jump all over the break lower.
and that next week alone ..... staggering.
this could be your finest post ever (if one equates "finest" with the post that made me snot diet depsi onto my blotter)
One failed auction and the entire house of cards constructed by temp meth addicts on a foundation of sand comes crumbling down. Better hurry and get Ben confirmed.
A significant portion of this debt is just monetized and offshore companies that are affiliated purchase much of the debt (shell game), there would only be a failed auction if they wanted the entire system to fail.
Bingo!
An auction will fail, publicly, only if the Fed and White House go to war with each other.
We don't know how many auctions have in fact failed in private.
Proceed to full monetization of all Treasuries. Devaluation to continue apace.
Begin full monetization of federal programs...
and loans to states...
and all UE, welfare, food stamp payments...
and all retirement and medical entitlements...
and equity purchases...
and banker bonuses...
have I left anything out?
Oh! and after EVERYTHING is monetized and money supply is stratospheric, announce new currency and exchange requirements. All old currency no more good.
Destroy accounting. Destroy accountability.
Which of those auctions will be the one to break the debt ceiling?
"Yesterday's"
More or less.
Don't forget the TAF maturities. There was about $32 bb today, with $17 bb rolled over. On Dec 17th, there are $56 billion in TAF (slosh) maturing.
Who buys ... 35% domestic, 65% foreign ... or 90% US?
Bids vs accepted will be higher than expected, rates slightly lower than expected, will go without the slightest hitch. Yawn.
If you're looking for signs of trouble, they will never appear here first - this periodic trip to the global debt store to stock up on some fresh money is fully controlled and the outcome is pre-ordained, as long as the printing presses run. Even the notion that it is an "auction" of well-informed, sophisticated buyers who are under no complusion to buy or sell is quaint and somewhat amusing.
How many more times.
Senator Judd Gregg (R- NH)
Is this guy in love with Ben?
no, he's in love with his job offer from the Squid.
@NedZeppelin this periodic trip to the global debt store to stock up on some fresh money is fully controlled and the outcome is pre-ordained, as long as the printing presses run. Even the notion that it is an "auction" of well-informed, sophisticated buyers who are under no complusion to buy or sell is quaint and somewhat amusing.
Most amusing indeed.
Like gangrene, it is amusing only until it isn't.
ok that's pretty funny.
I had to laugh as well.
There's no lack of wit among the ZH crew.
Where ever man are strong,
all the women are good looking,
and every kid is above average.
-MobBarley
psshhhh It's probably to finance the 30,000 troops in Afghanistan...http://abcnews.go.com/Blotter/president-obamas-secret-100-al-qaeda-now-a...
We shouldn't have any casualties with the 10,000:1 ratio...lol
Or you create a target rich environment. However you want to look at it.
http://www.youtube.com/watch?v=kP9XGNyIYAY&feature=related
http://www.youtube.com/watch?v=HmWb0HPTB9A&feature=related
South Park predicted it... (best econ forecasters out there!)
Markets will sell off to take down the supply, then rally after the auction when everyone and their brother gets in line to buy this shit.
Same as last month.
Yep. That is, unless Japan is seious about selling some of their Treasury holdings, too. That isn't going to help much, and I hope no one else decides to join them.
OK here is how it goes:
1. "Negative" jobs figures out tomorrow
2. Dollar strengthens
3. Stock "markets" fall
4. Yields come in
5. All auctions go well
6. Dollar immediately gets weaker
7. And so on...
We'll never have a failed auction because they stack the deck before they even let you know about the auction. Otherwise, it would have happened already.
And surely my cicrcular logic will have you folks in awe, LOL.
Anyway, you get my point.
What is cicrcular logic? My head's spinning though.
How would i survive without ZH black humor each day !
Why does it have to be black?
Uncle Ben and the Squid will chase every dollar out of equities before they let an auction fail.
Fed has become not only the lender of last resort but the buyer as well.
http://www.fgmr.com/federal-reserve-buying-mortgage-backed-securities-debases-the-dollar.html
For a fast summary of auction activity, there's Treasury Auction Watch over on Blogspot.com. It keeps a nice summary of data in one easy to access spot.
I think a massive market sell-off will be coming very soon...to a theater near you. Rhodium has been selling off in a big way, and it's an early indicator. It's akin to the canary in the coal mine, and the reason is that it's so thinly traded. The volatility is a solid indicator of market direction.
Wait, isn't the 6th the day that we get our new global overlords for the environment? How is it even possible to pack that much depressing news in one week?
Will be interesting to watch GLD continue to rise even though the dollar may strengthen and then slide backwards again. I like the post where everything is monetized including my gallon of ice cream and then we start over with a new currency and the exchange of old to new will be decided by .... let's see oh yes - Madonna. She has as good a shot as anyone in our government for sure.