All Mizuho ATMs In Japan Have Stopped Working

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Wed, 03/16/2011 - 21:10 | 1064416 Misean
Misean's picture

That ought to work out well.

Thu, 03/17/2011 - 07:12 | 1065798 oh_bama
oh_bama's picture

The BOJ is just stupid

In this situation, it requires heroic measures. they must come up with decisive, civilization scale QE to stop the panic and fight the disaster.

At least 1 quardillion yen guys. 10^15 if you cannot count the 0s. Otherwise who will be BTFDing anymore? sigh..

Wed, 03/16/2011 - 21:11 | 1064425 Cognitive Dissonance
Cognitive Dissonance's picture

Nothing will piss off a population like not being able to get to their money. It's one thing to debase it, another entirely to lock them out. Cue Godzilla type anger.

Wed, 03/16/2011 - 21:18 | 1064468 CPL
CPL's picture

Wait until this translates into libor problems in the backyard of US banks in around...two days maybe...China is pretty much fucked in a day or so...Europe...tommorrow.

We've seen this screen play 2007 in the late summer if anyone else remembers.

Wed, 03/16/2011 - 21:23 | 1064530 Cheyenne
Cheyenne's picture

That was before I started paying attention, though I'd noticed a lot more volatility on the NYSE by August 2007 for sure.

Can you remind me what happened then?

Wed, 03/16/2011 - 21:29 | 1064561 CPL
CPL's picture

http://www.voxeu.org/index.php?q=node/1188

 

It all went down like a card castle.  There was literally five hours to the end of the banking system that we use forever, hence the reason the federal reserves and central banks around the world started to pump money into the system.

It would have been complete and total destruction.  It wasn't the housing market that nuked the system.  It was the bank interloan system.  Borrowed money on borrowed money on borrowed money ad infinium.  10% of a withdrawl in the system was enough to do it then.

 

Since now all banks AND governments are tits deep in it by doubling the leverage in the system by printing money.  All it would take is 5%...which means Japan.  Hard workers and hard savers.  They pull out, it all comes down tommorrow.

Wed, 03/16/2011 - 21:45 | 1064652 Squid-puppets a...
Squid-puppets a-go-go's picture

yar. massive Libor spike means that the curtain has been pulled in the game of big banks lending money to littler banks. Banks stop trusting other banks to repay their loans. Everyone's fractional reserve pants are down and its time to scrabble for a chair before the music stops.

that's my only economic knowledge. Because I get all my information from crackwhore psychopaths from the the interwebs

Wed, 03/16/2011 - 22:12 | 1064810 CPL
CPL's picture

Remember...it's not a crack house.

 

It's a crack home.

 

Seriously though, 2007 was the pin being pulled out of the grenade, nobody understood what really happened until 2008 what actually happened, took a dive with the Official statement US housing being in the shitter in Nov (made a fucking KILLING with SRS).  Then it whip tailed like a rocket ship because of a magical black man.  Then S&P hit 666 literally (fucking Christain Fundies were all over that crap), then rocketship ride with the printing press running full tilt.  QE1 then QE2 then QE 2.5 and soon QE 3...then 4...and no and then.

 

Only thing that can stop the QE's is monitary collapse.  The shit turns into zimbabwe at that point.  Get paid daily and run to buy anything...just simply anything...doesn't matter if it's a stack of dildoes, potatoes, TP or aspirin.  In that situation, a service industry collapses. 

Physical goods are worth "something" because it's a hard asset.  but if you are trying to figure out what your time is worth...HA!  minimum wage is a dream, pie in the sky.

 

What would blow your mind is how would income tax be calculated in that situation?

 

It cannot.

Wed, 03/16/2011 - 22:47 | 1064993 mark mchugh
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Obviously we'll have to go back to the dildo standard.

Wed, 03/16/2011 - 22:51 | 1065017 CPL
CPL's picture

Black Mombo = 2 rabbits = 4 torpedos = 20 pounds of pussy and ass.

Link related...it's 20 lbs of pussy and ass

http://andrealessi.tumblr.com/post/1721011797/conversatron-over-20-pound...

Thu, 03/17/2011 - 05:11 | 1065702 ironymonger
ironymonger's picture

Those all poweful Xtian fundies ... let's hope they don't have a GS account.

Wed, 03/16/2011 - 22:13 | 1064817 eddiebe
eddiebe's picture

Q.e.3 will come early.

Wed, 03/16/2011 - 21:35 | 1064599 Paul Krugman
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What happened in August of 07 is that the 4 or 5 biggest quant funds essentially blew up. They were the secret profit centers for investment banks for a handful of years before the blow up and almost lost all their profits in a few months. 

Wed, 03/16/2011 - 21:25 | 1064542 AUD
AUD's picture

Still not seeing any stress in money markets according to the RBA. Open market operations this morning show no change, completely different to 2007. If the RBA's 'clients' were having trouble meeting their obligations, the RBA cavalry would charging in.

I'm beginning to think that this is a concerted attempt by bond speculators to make a quick buck or Yen etc on an 'emergency' rate cut by timid central banks. So far the central bankers are playing hardball. Of course the nervous nellie share investors are nervously selling.

Wed, 03/16/2011 - 21:29 | 1064556 Misean
Misean's picture

Yeah. But something major happened.

I mean outside of the whole disaster thing, obviously.

Wed, 03/16/2011 - 21:36 | 1064607 AUD
AUD's picture

Yeah. Speculators are, at least trying, to make the price of their bond holdings appreciate by pushing central banks to 'panic' & lower their target rates. For me, this explains the strength in the Yen in recent days, you need Yen to frontrun the BoJ.

If there had been a disaster of the magnitude of Japan here, everyone would be running for the exits. Robert Mugabe would at last be able to unload his Zimbabwe dollars for something worse!

Wed, 03/16/2011 - 21:41 | 1064629 CPL
CPL's picture

There aren't enough bodies in the boiler rooms around the world to hold back bad math that is based in infinity.  LIBOR is the derivatives market.  Nothing else matters seriously.  The business of making money from money to build central banks to make money from money....etc...etc...etc...etc...see how reserve banking derivatives work?

 

Bob Mugabe just didn't have enough friends to help out.

Wed, 03/16/2011 - 21:53 | 1064694 AUD
AUD's picture

I dunno, you can fit a lot of zeros on a banknote.

Anyhow, I'm not saying its logical that you would want to frontrun the BoJ, since your profit is in Yen, which is the obligation of the Japanese government, which gets its revenue from Japan, which has just had a massive disaster.....but since when has this international monetary system been logical?

Wed, 03/16/2011 - 22:02 | 1064746 CPL
CPL's picture

Before 2007 and starting trading/investing as a hobby I thought all was well.  After the fat man opened the kimono and revealed his dangly bits I've been on the proposition that we are officially in a bizarro superman universe.

 

I'm canuck and I honestly don't understand how Canada can have a dollar on par to a glass of water.  I'm not say we don't have hard working people.  But 25% of our population works for the government.  11% is on welfare.  8% is looking for a job.

 

Those aren't good numbers, yet somehow we're the best looking horse in the glue factory.  I don't get it.  World relies on cheap resources and the Canadian dollar is a starting point.  Yet again, it's looking like 2007.  Strong Canuck/AUD dollar, heavy oil...market collapses yet again.  it's like the world has a permanent sense of disassociation of reality and history.

 

Totally bizzare.

Wed, 03/16/2011 - 22:17 | 1064840 DeeDeeTwo
DeeDeeTwo's picture

"trading/investing as a hobby" and using a murderer in your avatar makes you par for the ZH course. Another Armchair Mouth Breather, baby.

Wed, 03/16/2011 - 22:20 | 1064865 CPL
CPL's picture

Actually it's a left's wing murderer picking his nose.

 

https://picasaweb.google.com/lh/photo/dGDX_xi9-J2CHyXYUUzvfYjm9XP3i6Bx9s...

 

Photoshop ftw.  I seen the t-shirt wandering around years ago, despised it and added my own touches.  Please feel free to use my stencil.

Wed, 03/16/2011 - 22:22 | 1064866 AUD
AUD's picture

Yet again, it's looking like 2007. Strong Canuck/AUD dollar, heavy oil...market collapses yet again.

Look under the surface though. Here's a link I found but haven't had the inclination to check out in detail;

http://www.bankofcanada.ca/en/rates/index.html#price

Somewhere in there you'll find data on the BoC's open market operations. Here in Oz, the data is showing no similarity at all to 2007. In fact the RBA knew damn well all was not well in the money markets well before 2007 since they were rabidly inflating to try & keep money market spreads tight, the stockmarket up....

Of course they failed but now it's almost as if they are afraid of something. Their repo's, particularly in 'private securities', are more tight fisted than any time in the last decade. They are still into repoing 'general collateral' though, mainly govs, which brings me back to my first post.

Wed, 03/16/2011 - 22:36 | 1064932 CPL
CPL's picture

I would agree in part.  Both of our Govie's have been doing the same thing though.  Forcing as much of our countries resource base on to other people's books.  China for one, India for another.  I can't name a single large/medium sized entity in either country that hasn't been forcibly pushed into outside government hands. 

 

Let's put it this way.  Canada hasn't had an issue with softwood tariffs since Chinese companies ate...literally ate all of it in 2008 along with many of the mining resources.  My understanding in the Northern Miner, the Australian commodities isn't any more Australian than hockey is nor is Rugby and huge Canadian past time.

China though is bag holding ALOT of Japanese cash.  Somehow I'm guessing BoJ will sell it's own people down the river to paid, at least partially, the debt owed to an outside influence that could in theory have a million troops on shore in a day.  As a side suspicion I think it's one of the reasons the US ships hightailed it out of Japan on Friday night.

Wed, 03/16/2011 - 22:35 | 1064939 Double down
Double down's picture

What do you mean our dollar should be weak as the USD  It is clear as day, we got these guys on our side:

http://www.youtube.com/watch?v=w1RN3cYnY9k&feature=fvwrel

Wed, 03/16/2011 - 22:42 | 1064979 CPL
CPL's picture

You have it backwards.

 

The USD is as weak as the Canadian dollar.  the inflation of cost is being adjusted against the Canuck primary consumer.

Canada hasn't become "stronger", it's falling down at the same speed in valuation, only the commodities Canada produces (including Australia) are rising because of demand.

 

Let's put it this way.  Canada has to eliminate the gap in food production that we've lost in 10 year which is a decrease of 30% over all of EDIBLE foodstuffs.  Not the bagging of selling hay to horse tracks we've been doing or we're in big trouble.  Additionally lower the ERIOE on the oil sands from 1 barrel to sell for the 10 we have to mine to produce that one barrel on the oil sands site.

Wed, 03/16/2011 - 21:45 | 1064645 Misean
Misean's picture

Interesting theory. Thanks for that. I'll let that roll around in what's left of my mind.

Thu, 03/17/2011 - 02:37 | 1065601 Coldfire
Thu, 03/17/2011 - 03:15 | 1065631 Clancy
Clancy's picture

There were queues for salt in Beijing today.

Thu, 03/17/2011 - 03:49 | 1065648 Clancy
Clancy's picture

Correction. There is no salt available anywhere in China.

Table salt contains potassium iodate, etc etc. Beijing is saying there's no danger but the Chinese don't believe them lol.

Wed, 03/16/2011 - 21:20 | 1064495 Al Gorerhythm
Al Gorerhythm's picture

The cancer grows.

Filipino bank holiday (volantary)

http://newsinfo.inquirer.net/inquirerheadlines/nation/view/20110317-3258...

Wed, 03/16/2011 - 21:21 | 1064507 Wakanda
Wakanda's picture

We often equate money with sustenance.  Not much scarier than loosing that except maybe a looming radiation disaster.

Being pissed and scared will be a real test of Japanese stoicism.  They have been tough so far, but this may be too much.

Wed, 03/16/2011 - 21:22 | 1064515 knukles
knukles's picture

Wait.... is it a proactive decision by the bank to deny access to funds or a systems/other type of unintended problem?

 

Wed, 03/16/2011 - 21:25 | 1064531 CPL
CPL's picture

It's trying to stall LIBOR problems, nothing more.  aka runs on the bank thus collapsing the reserve banking system.

Wed, 03/16/2011 - 21:27 | 1064543 Wakanda
Wakanda's picture

What reserves?

Wed, 03/16/2011 - 21:32 | 1064574 Cognitive Dissonance
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Wed, 03/16/2011 - 21:33 | 1064591 CPL
CPL's picture

LOL...+1000

Wed, 03/16/2011 - 21:41 | 1064625 Misean
Misean's picture

Ah, the old $1 bills become $1000 bills trick.

Wed, 03/16/2011 - 21:44 | 1064636 Wakanda
Wakanda's picture

Of course!  Thaaat reserve!

I've got the original edition in my game cabinet!  I feel much better now.  Back to regular programing.

</sarcasm>

Wed, 03/16/2011 - 22:08 | 1064794 mark mchugh
mark mchugh's picture

And of course, the top hat is nowhere to be found....

Wed, 03/16/2011 - 21:32 | 1064579 CPL
CPL's picture

The reserve is the eight other empty gas tanks that are magically created when you deposit one full gas tank?

Wed, 03/16/2011 - 21:33 | 1064590 Ahmeexnal
Ahmeexnal's picture

Shouldn't we ALL be withdrawing too?

Wasn't that the purpose of the campaign a few months ago?

TO BRING THE BANKS TO THEIR KNEES??

Wed, 03/16/2011 - 21:37 | 1064608 CPL
CPL's picture

You should have been actually storing your money in silver.  But its a bit late now.  If it happens like it should, in theory, you could use an inkjet to make money and it would hold the same value if LIBOR collapsed.

Except you would be legally entitled to burn the inkjet money...

 

It's the age old question, what if you threw a war and nobody came?  Is it still a war?

Wed, 03/16/2011 - 21:49 | 1064662 Ahmeexnal
Ahmeexnal's picture

I'm on silver already.

I'll get me some more tomorrow.

 

Wed, 03/16/2011 - 22:18 | 1064855 mark mchugh
mark mchugh's picture

I think too many people are comfortable enough with the status quo for that to have ever worked.  Maybe this will wake people up to the perils of feeding zombies.

Wed, 03/16/2011 - 23:19 | 1065165 Cognitive Dissonance
Cognitive Dissonance's picture

The problem is when the zombies feed you back just enough to keep you hooked, thus setting up a dependence just strong enough to make you question breaking the dependence.

Addiction applies to more than just alcohol an drugs. For most people hitting bottom is the first step, and often a mandatory step, to recovery. One must become desperate enough to consider everything and anything including everything you previously dismissed as impossible.

Thu, 03/17/2011 - 07:13 | 1065797 oh_bama
oh_bama's picture

@@

Wed, 03/16/2011 - 21:10 | 1064427 Misean
Misean's picture

Someone must have imploded in that forex mess.

Wed, 03/16/2011 - 21:19 | 1064499 CPL
CPL's picture

Yup...look at the boards.  All of them are pretty much "stalled"

Wed, 03/16/2011 - 21:27 | 1064545 Misean
Misean's picture

Unreal.

 

Wed, 03/16/2011 - 21:34 | 1064588 CPL
CPL's picture

Yup...click...then a bang.

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