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After Global "Risk Off" And Rumor Of Saudi King's Death, ECB Comes To The Rescue, Buys Portuguese Bonds
Risk is off with a vengeance. After Asian markets (ex-Japan) experienced a total rout, which also included Hong Kong, the emerging market money is now in full withdrawal. And if it is going in the US (ex. a rotation out of munis into equities, something which Meredith Whitney should be congratulated for), you could have fooled us: futures are decidedly negative on the back of last night's horrible Cisco numbers. The cherry on top is a rumor reported by Islam Times that Saudi King Abdullah has passed away: "King Abdullah talked with Obama about the situation in Egypt over the
phone yesterday. Obama and the King got into a heated debate about
their opinions of what Hosni Mubarak should do. After the phone call
sources stated that King Abdullah was furious and then suffered a sudden
heart attack. Doctors ran to his rescue but were unable to
save him. He was pronounced dead, but his death was not reported
due to the sensitive conditions that exist in the region. The Saudi
Arabian government will reject this claim; but the ball is in their
court to prove that he is alive." Obviously this is not helping the brent bid, which hit nearly $103 overnight (although the rumor has yet to be confirmed). Lastly, all this of course means that glass house, i.e., European peripheral bonds are plunging, and the result is that the ECB has to come in and after two weeks of inactivity is forced to manipulate the bond market by buying directly. So much for that European sense of calm, which we said last night was going to be blown away very shortly (here and here).
Below we can see just where the ECB lost today's fight to the vigilantes.
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Obama killed the Saudi King? Riiiight...
Yeah, over the phone, Darth Vader style..
I find your lack of faith...
disturbing.
Obama: Now I am the Master!
Abdullah: Only a master of Evil, Obama!
[lightphone clash]
If You only knew the POWER of the dark side!!!
http://www.youtube.com/watch?v=R55e-uHQna0
Talk is cheap, unless it is long-distance; then it is deadly.
Lulz, per the Islam Times. Weekend at Bernie's....
He did! He did! He really did! GW Busch left Obamao his cell phone with the private number to the Saudi King under the name "Oil Money" in his address book.
Obama and the King got into a heated debate about their minions
It was STUXNET II that did it. In one ear and out the other. No trace apart from the warm corpse.
Obama dispatched his CIA supported Al Qaeda thugs to do it.
definitely full RISK OFF MOD for India .
It might be worth waiting for a dead cat bounce to 5350/5400 to short India again
yup the iv th wave
Well done Tyler on predicting another debacle in Europe. They never seem to learn do they. Mind you others were predicting this too.
"Returning to Portugal and her situation, I have felt for some months now that she should call in the International Monetary Fund. As she has a balance of payments problem she could do so without involving the European Union although it is more likely that she would involve it too. Unfortunately my calls for prompt and indeed pre-emptive action have been ignored and it is likely that the situation will decline to such a state that Portugal goes into such an arrangement on her knees."
Heh.
Is it just me?
Yes, I found it extremely annoying myself. Couldn't decide if the author has strange monetary fantasies, or if someone asked him about his mother.
THAT is pimp talkin' (because of... sort of... inflation I think)
Vulcan mind death grip
Don't anger obama. He can split atoms...with his MIND!!!
Richard Holbrooke's aorta burst while he was talking to Hillary in her office. Appearently they didn't get along.
I wouldn't underestimate Obama.
He's taken kleptocracy and fascism to an all-time high!
Now where's that dear old change?
Men who stare at goats, long-distance.
Perhaps King Abdullah is dead
And now Saudi tears will be shed
When asked what occurred
Barrack was shaken and stirred
And exclaimed: "Was it something I said ???!!!"
Good limerick. Can you do anything with this:
Eyjafjallajökull volcano
There once was a volcano...unpronounceable.
Who's eruption made Iceland...bounceable.
In Iceland volcanos are blowing
In Europe it just keeps on snowing
Down Under - a flood
In Eqypt - some blood
Me thinks someone's anger is showing!!!!
Benjamin, is that you?
http://www.telegraph.co.uk/news/worldnews/europe/iceland/8311924/Iceland...
Geologists in Iceland warn Bárdarbunga is showing increasing signs of activity.
Baby black swans are hatching everywhere......
Not quite a baby black swan... yet...
http://www.icenews.is/index.php/2011/02/10/iceland-volcano-threat-overes...
Finally Obama grows a set of balls.
no, they still have not dropped. He got bitched out is what it sounds like.
http://www.businessinsider.com/king-abdullah-supporting-mubarak-2011-2
Reuters calls the rumour untrue.
http://af.reuters.com/article/energyOilNews/idAFLDE71919V20110210
If only the first dietician-ogre will let them out of her box he is all set..
Maybe Portugal will buy our 30 year bonds today with the cash they just made....sounds like good CB policy....just another day of QE around the world....and what is China doing....buying all the commodities it can find and control...and stealing the software to develop it and use it...
I love it! The PIIGS can buy our bonds, then we buy their bonds. Everyone is happy. A win win situation!
Hey youngman, if I write you an IOU and tell you that mutually assured destruction is imminent if you don't buy it, will you buy it?
Just waiting for the EU to start crumbling... any minute now.
Obama talk has been killing me for years...I consider the King lucky!
Fedspeak is also pretty damn unbearable.
If this is true, which is possible (blood clots and all) definitely means that pieces on the board will be repositioned = another swan ?
http://www.tradearabia.com/news/LAW_193353.html
You couldn't make the s**t up happening in the world these days.
What a crazy world... unfortunately, it's not the good kind of crazy.
What is more crazy is the official report that he his still alive- I suppose they are using the same method the Fed is using to make the markets "look alive" since they died 3 years ago. "Hey look mommy! Daddy's eye lids are twitching." [as the electric pulse shocks his body] He's ALIVE! HE'S ALIIIVE!!!! King FrankenBernankAbdullah
Now that is shit you can't make up!
Weekend at Abdullah's!
"I'm not dead!"
"You're not fooling anyone, you know."
"I'm getting better!"
Apparantly he is alive again. Time to buy the zombie king dip.
Saudi King found out how a stupid president can destabilize the kingdom..perhaps Obuma is not from the king's fraction of Islam..Sunni vs shite.
Things must be closer to failure than even ZHers see. Obuma is the 12 th Imman the Iranians are waiting for..
It is so lovely to know that China still believes the ECB is "solvent..."
Too bad for them, because the joke is on them! China, you should have listened to us.
but who said let em decide their own destiny and who said i wanna keep the dictator in charge?
the saudi's are crying to washington that they are "next"
http://nakedempire.wordpress.com/
King Abdullah might just be added to the list of the alleged deaths like Elvis, Adolph, etc etc
So why is the king of Saudi Arabia "recovering" in Morocco? They don't have doctors in SA? Anyone know?
Obama and the King got into a heated debate about their opinions of what Hosni Mubarak should do.
Yeah right. Obama got into a heated debate with a man he was bowing to not long ago. Give me a break.
Obama called the King a sand monkey and the King called Obama a house nigger, then the King told Obama he was gonna go ahead and order those two nukes from Pakistan, and Obama told him if he did that he was gonna order ALL the corn turned into ethanol, and then things got nasty and the King blew an aneurysm. At least that's the way I heard it from Rush. I think.