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Bernanke Lies Half Life Reduced To Under One Day As Aflac Scrambling To Shore Up Liquidity On European Exposure
Yesterday during his press conference, the Chairman uttered his latest lie: "We have asked the banks to essentially do stress tests and ask, looking at all their positions, all their hedges, what would the effect on their capital be if -- if Greece defaulted...The answer is that the effects are very small.” Enter Aflac to prove that the half life of Bernanke's lies is now under 24 hours. From Bloomberg: "Aflac Inc. (AFL), the largest seller of supplemental health insurance, may issue as much as 100 billion yen ($1.24 billion) in debt as it records losses tied to investments in banks from Greece, Ireland and Portugal. Second-quarter losses on the assets will probably be about
$610 million, the Columbus, Georgia-based insurer said today in
a statement." Additionally, Aflac CEO Amos has added invesments in public utilities and Japanese government debt to minimize the company's exposure in Europe. Yet what is truly hilarious is that as the EFSF's spokesman Christof Roche just announced in commenting on the sale of 2016 bonds from the CDO, "Asian investors bought 46.5% of the bonds issued yesterday." In other words, by transferring exposure to Japan, Aflac is merely gaining exposure to Europe through yet another insolvent government. But such is life in the unwind phase of the biggest global ponzi ever conceived, in which the smallest mark to market event on the global financial balance sheet in which everyone's assets are someone's else liabilities and vice versa, will launch the biggest house of cards collapse in history.
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It's gonna get real interesting when Greece shits the bed.
The insurance companies and Big Five banks are doomed.
I disagree. Yes they are totally insolvent institutions, but it is the general population that are doomed. The writing is on the wall: Bailout the banks and finacial system at all cost, no matter what "transitory" effects arise as a result. You just know that many more dollars are going to be thrown at that black hole of doom before they come out and admit defeat.
They are ensuring the end of most fiat currencies. Benocide is ring leader.
Benocide is ring leader.
You still don't get it. Bernanke makes no decisions, he just follows orders. Why do you think he's so damn nervous during the press conferences? He's just saying what he's been told to say, and he's a terrible actor. The banksters pull his strings and he dances to their tunes.
See what happens when you fire GG?
Actually, Ben is telling the truth for once. The bank losses in the US in the case of a Greek default will be non-existent, simply because the taxpayer will be on the hook in place of the banks.
"Ben the Honest"
"...and Big Five Banks are doomed." Can I pop the cork yet!
don't hold your breath.
WHAT ABOUT THE US POSTAL SERVICE STOPPING PENSION FUNDS!!!! HOLY SHITTTTTT!!!!!
http://fiatsfire.blogspot.com/2011/06/fire-sale-thursday-insolvent-usps-halts.html
VERY BAD NEWS!!! AND NOW SAAB is out of money also!!! YAY!!
I don't think they are going to go down that easy. These banks are monstrous, I'm thinking something more inline with this guy's thoughts...
http://collegemessiah.blogspot.com/2011/06/pursuit-to-get-cash.html
Basically, the sheep are going to be placated by the droping gas prices and etc. to not notice while the noose tightens over the summer.
gold revaluation to recapitalize the worlds banks
remember his comments yesterday
"banks need more capital and the banks need a better quality capital" hence gold
It makes sense and a good hedge for the world's banks-- which is why anything short of revolutionary change in our political system, monetary system, and breaking down of institutions will be a failure in taking advantage of a great opportunity during this financial crisis and turning.
yeah, i caught that too and i didn't think he was talking about prettier pictures of dead presidents on the FRN's.
No, he'll go for plastic bills, like in Canada: A true world leader in "better quality capital"
http://www.ctv.ca/CTVNews/TopStories/20110620/boc-money-unveiling-110620/
lol.
One more straw on the camels back... I really need to invest in a good pair of galoshes for the inevitable shit storm this will bring.
Don't forget boot chains, sold at your favorite tire chain retailer.
Looks like Aflac is now roasted.... duck. Someone eats good tonight yah?
Serial insolvent ponzi-government knockout contest!
Precisely why everything will be done to avoid the first domino from falling. The only problem here is that it WILL fall at some point.
Not good. AFLAC should have bought gold instead.
There was one insurance company that did so a few years back, "Northwestern"-something, I think.
You mean that hybrid Gilbert Godfrey/ Duck? Who would of ever thunkith
Have no fear. The AFLAC duck is calming the stock market as I write.
This one is soon to become Peking Duck.
With respect to our eventual overlords, that's pronounced Beijiing kao ya.
Who needs a circus when you have an adorable duck to distract the populace?
His cuteness makes you wanna buy RIMMM extra 'M' for good ... ...
It's been a pleasure.
His "cuteness" makes me wanna grab my mossberg and get off this damn screen and get into the marsh.
In June??? WTF
What? All this talk about duck made me hungry, they taste the same in June as they do in october.
The only thing I hate more than that duck is that fucking green lizard.
The best of both worlds. Don't overlook the stack of cash with the eyeballs.
This should be a real commercial for Corona and at the end an ice cold bottle falls out of the clear blue Mexican sky to land on the lizzard. SPLAT! Blood everywhere Corona bottle rescues the day. I'm pitching this to Dos Equis as well... they are delicious also.
"Stay thirsty, my friend..."
Silver Bitchez
have no fear...the London market is closed now. the algos can take over and ramp the market straight into 3:pm...at which point the wheels will come off and close at a new LOD
Run the stops!
Well, fuck a duck!
Wow. It's all going to go down. Can you imagine investing in yen for safety? More gold!
Sheesh! Just let the Greeks default and get it all over with so the rest of the world can get on with the reset....
Nah, reset should have happened back in '08, global "deny responsibility and delay consequences for unhealthy choices" meme in full force. The regular responsible hard working family will be fleeced, cooked, put down and/or oppressed in Orwellian style until the post-industrial narcissistic and juvenile information/pudding economies of the world houses of cards collapse.
"But such is life in the unwind phase of the biggest global ponzi ever conceived, in which the smallest mark to market event on the global financial balance sheet in which everyone's assets are someone's else liabilities and vice versa, will launch the biggest house of cards collapse in history."
I just thought the sanguine, yet terrifying brilliance of that sentence, encapsulating this Orwellian moment in our history with such clarity, deserved repeating. This is why we come to the Mecca of zerohedge.
Yep.
It's all right there in that one sentence. The explanation for all the lying, stealing and fraud we see on a daily basis is right there.
Which is why Greece will never default. Too much capital on the line.
is there a zerohedge equivalent in Europe/uk, i'm starting to feel that i know too much about the US situation and not enough about my own neighbourhood
While not exactly equivalent, thedailybell.com is always a good read.
As colonial progenitor of our government and early culture - as well as the former world power and our #1 ally - our fates are inextricably linked - just as our banks are.
The sentence snagged my attention as well. Nice symmetry, good meter, etc. To my mind, Tyler needs to equip himself with some grim, doom-fostering metaphors. Book of Revelation type stuff (you know, bowls of wrath, scrolls, voices sounding like rushing waters -- iconic imagery and the like), that shit hasn't been more apropos since the Black Death.
Bring out your dead.
........."biggest house of cards collapse in History..."...i have to admit ...sometimes it feels really SCARY
At the time of his death, my dad said, "well, it's time to get this over with". Me too, I ready for the whole bullshit facade to colapse; let's get it over with.
your Dad sounds like he was a brave guy. god bless.
I was thinking the same thing. There's comes a moment when we just have to plow on through.
I need to use this forum to ask the following; I have been unable to get to the ZH website, using the usual Google browser, for two days. I get sent to something called "IANA Domain". Finally, using Firefox, here I am. Anybody got an idea, or is something on my end. Two seperate computers, BTW. Thanx
I'd guess your cached dns entry for ZH is hosed. Here's instructions on how to clear it out.
http://www.tech-faq.com/how-to-flush-dns.html
On two seperate computers?
I'd reboot your modem and/or router.
You could have a routing problem at the ISP level.
You may want to first try clearing the browsing data on each machine, with browser open "ctrl-shift-delete" (that is "shift" NOT "alt") OR left click the wrench symbol in upper right corner, choose "Tools" then "Clear browsing data".
ring around the rosie,
a pocket full of posies,
ashes, ashes
we all fall down!
This is not to argue the point Tyler made about losses, but wouldn't a $1.24 billion loss for a company as huge as Aflac be considered small? Besides, they'll just get it back through fee increases and greasing some politicians' palms to have transfers made directly from the IRS intake to their accounts, won't they?
Huh? No coverage of this story on the BlowHorn [CNBC]. Strange? Only stories about a rally [literally Larry just talked about the rally today], and some mythical mentions of a fabricated resistance level sure to be penetrated...just before every last one of these fuckers on the BlowHorn dumps into the dumbest algo driven ETF in the room.
Seriously...everyone on the network should just wear "I ♥ facism" monogrammed armbands.
More stories about how shitty things are still "better than expected" by mentally challenged and criminal bankers in the New American Marxist/Banker Party.
K(r)udlow would be amusing if he wasn't so hellbent on actually believing his own bullshit. Yesterday's moment of zen was yet another Bullish claim that there is no double dip, nor will there be one. I literally shouted at the TV "well no shit Larry, you can't have a double dip if there never was a recovery to begin with!"
How anyone can call 3 years of 9+% unemployment, 6 to 8% inflation, and weekly unemployment numbers still running a 4 handle a "recovery" is beyond me.
Only people directly involved in the 3 year long crime wave against the US taxpayer can believe it as they float their daily wild consumption on free Fed dollars. Obviously, you are not wearing your "I ♥ Fascism" armband, nor are you part of the criminal syndicate known as Wall Street.
Left it at home this morning. My fault, I was in a rush to get to my cube on time.
I blame him!
"But such is life in the unwind phase of the biggest global ponzi ever conceived, in which the smallest mark to market event on the global financial balance sheet in which everyone's assets are someone's else liabilities and vice versa, will launch the biggest house of cards collapse in history."
As cdskiller stated, it's an excellent summary, but can we please hurry up with the collapse? All this staring at the inevitable is pissing me off.
Can we please have the financial armageddon now, so that we can work on repairing this mess? (and hopefully imprisoning/executing the architects of this disaster).
Also OT, but what the hell happened to gold earlier today? $1540 to $1525 in an instant? Did someone crap themselves and dump their stock or something?
Many companies will not allow you to buy gold or silver futures then take possession like before. Have you been reading ZH about that? That's a ponzi scheme too. Not enough physical to cover the paper traded. Ones with physical will be the winners over all.
Yes that's what happens when a liquidity need is instantaneous. Some hedgie or large position holder exposed to some shibor probably had to cover a loss at open. It adds to volatility but the long term burn of fiat is still intact. Don't fret the day to day. Or week to week. Just use logic. Can anyone possibly cover these debts by an actual increase of production in real capital? No. The only way to cover is default or print. Either way, stable money wins.
"Also OT, but what the hell happened to gold earlier today? $1540 to $1525 in an instant?"
It's a seesaw. When the euro goes down, the dollar goes up. When the dollar goes up, gold (and US stocks) go down. However, Europeans worried about the euro will buy enough gold to keep its decline manageable (down to 1450, maybe), at which point it (and especially miners) will be a screaming buy, as in 2008.
And silver is back down again, and I am backing up yet another truck.
I know it is OT, but what the hell is going on with all these metals being sold off? Is it possible that big fish have to sell metals to cover other positions?
Its another fraudie mae, mac event;
lets put together a Ponzi Central Bailout, and lie and tell the investors its backed by the EU or the IMF or Da Fed, with smart people, like The Benank, LOL;
and have the suckers by the AAA paper like mortgages or sovereign and tell em its rated good.... no rollovers, or defaults we promise...
What do you call a French Bank?
Ans: "Le Maidoffe"
The Bernke is with Blinder in the Lost in Decade TV show, Warning Obmanomics Warning,
waiving arms wildly;
Get Paul Giamatti in there quick, give him some mush, and quiver the lip,
"Cramer, they know Nothing, Foolsby, Roemer, Jared B, Summers, Blinder than a Lost in Space
but I have a degree and a reputation of putting Japan in the lost Century...IM from Princeton like Blinder lost in space, and I need Schtimulus, more Schtimulus or
Im Dr Smith in the "Lost in Decade"
Warning Bernke, Warning Waive Arms and Float Like a Helicopter, Quiver Like a Whimp
Inflation is our friend, Dope and Spare Change
Let me hear ya say it? Central Planning, Schtimulus, Socialism. Suckers
Actually if you figure the world takes his statements at about 1% face value after 24 hours, that would make the half life more like 3.61 hours.
The real problem is America is that we have been idiots: For instance, the post office allows retirement at twenty years, this is ridiculous. Never before anywhere in the world in any country could anyone obtain retirement before forty years, and since we are all living longer this means that the only way to prevent our children and grandchildren from being enslaved to the benefits of those who have self-awarded them is to move retirement to 45 or 50 years. All government employees should have to pay for the fraud of self-awarding themselves unconscionable benefits that are liberals running amuck in search of the opportunity to become rich via pensions benefits: retire at twenty take second job retire again (this is seen most often in the school districts and colleges and government jobs). No one paid by the school district should be allowed twenty yearretirement, no one at a college should teach less than forty years for retirement. Wonder why college is unaffordable...Pay for hundreds of teachers adding up year after year and that is a lot of money that has to come in...and it has to come in via student loans and parental payments....suck suck suck...that is the sound of Americans gone mad, frothing frothing frothing to "get theirs" while they can. And that sound is the sound of the third worlders. In America we have always been an honorable country that did not steal from future generations, from those who were our fellow Americans. Part of this is due to the 35% of America that is now third-world trash, let in under "compassion blackmail" (white America was bad which means successful therefore must be deconstructed, destroyed, and balkanized). Good luck, folks. The next ten years will be rocky and mean. All those third worlders are vicious and bring a skill set of underhanded survival that you don't even know or can imagine. They have no conscience of stealing what they want for themselves and theirs; that is how third-worlders live. So let's stop flailing about Mr. Bernanke; he was our last best shot....and he certainly did not create this mess. Lay that at the doorstep of the liberals who gave away this country...
Yay Red team!!!!! Hisssss, boooooooo Blue team!
You're a fucking idiot.
The PO has a number that has to hit through age and years of service. Its something like 76 or something. So, no, they don't get to retire at 20 like the Army. Really, get some facts before you go off.
The real problem is America is that we have been idiots: For instance, the post office allows retirement at twenty years, this is ridiculous. Never before anywhere in the world in any country could anyone obtain retirement before forty years, and since we are all living longer this means that the only way to prevent our children and grandchildren from being enslaved to the benefits of those who have self-awarded them is to move retirement to 45 or 50 years. All government employees should have to pay for the fraud of self-awarding themselves unconscionable benefits that are liberals running amuck in search of the opportunity to become rich via pensions benefits: retire at twenty take second job retire again (this is seen most often in the school districts and colleges and government jobs). No one paid by the school district should be allowed twenty yearretirement, no one at a college should teach less than forty years for retirement. Wonder why college is unaffordable...Pay for hundreds of teachers adding up year after year and that is a lot of money that has to come in...and it has to come in via student loans and parental payments....suck suck suck...that is the sound of Americans gone mad, frothing frothing frothing to "get theirs" while they can. And that sound is the sound of the third worlders. In America we have always been an honorable country that did not steal from future generations, from those who were our fellow Americans. Part of this is due to the 35% of America that is now third-world trash, let in under "compassion blackmail" (white America was bad which means successful therefore must be deconstructed, destroyed, and balkanized). Good luck, folks. The next ten years will be rocky and mean. All those third worlders are vicious and bring a skill set of underhanded survival that you don't even know or can imagine. They have no conscience of stealing what they want for themselves and theirs; that is how third-worlders live. So let's stop flailing about Mr. Bernanke; he was our last best shot....and he certainly did not create this mess. Lay that at the doorstep of the liberals who gave away this country...
You folks keep forgetting about the big NY FED slush fund called the ESF which will ensure that no Eurozone members of the criminal cartel will ever take a loss. There could be as much as $5 Trillion in this super secret fund.
How can anyone sell their gold, silver with what is going on. You really believe in the dollar just because it is the last one to hit the bottom.
Obama, Geithner, The Bernank in charge....and they sell gold. Beyond words.
I wouldn't be surprised to see US markets close positive today.
Hmmmm....the smell of roasted duck.
look at those nasdaq hft's go go go.. of course that's where all the weakest hands are. hitting those stops until everyone rushes out to the sideline before the finale collapse hits lol.
Duck and cover......
There doesn't have to be a bank run for there to be bank run. Just the possibility is getting the ball rolling as smart money is aleady on the move. Done and done.
well, kudoZ 2 them if they sold the investments and just got out, and are taking the losses. well played! hopefully, they have marked 2 market via liquidation and some other interest now holds the "assets" at a much lower cost basis. wonderful! this is what is s'posed to happen in a healthy econom. now, who's next?
and borrow in yen...another + from slewie.
but, they still hafta do all that paper shuffling and "investing" so they are still just one of the brigades being force-marched into the counterparty minefields.
all that airborne bullshit from here, there, and elsewhere, yest, and no one used the word "zombie"---no one!
talk about unreal?
Being a local (in Columbus, Ga home of the duck and former AFL employee) I should stay quiet here, but of course I can't. Bottom line is AFL is facing greater untold issues from Fukushima fallout (sorry). Corporate investing aside, it is a cash flow situation they will be facing soon as Japan (70%) of revenues fades as consumers go away. Domestic sales should fade at a faster rate going forward as employment tanks and "supplemental" insurance - no matter how good it is - becomes a luxury few can afford. AFL 25% off highs already and at LT support. If $43 goes $35 is next stop. Repatriation holiday may help briefly if they get it.
well, they just took a 100 billion yen ($1.24 billion) cash toke. let's see how long they can hold it in?
Q: Why are hurricanes named after women?
A: Because when they come, they're wild and wet, and when they go they take your house and car with them.
Sorry if you are a woman...from now on, hurricanes will be named after ChairMen of the Central banks of this world.
The next one coming over the Atlantic will be called Hurricane Trichet, followed by Hurricane Ben, and so on....
keep repeating the lie and eventually - the sheeple will believe it - simple isn't it -
LOL---why do you keep saying that? ~~/:>D)
Mr Bernank's speeches are evidence of the disconnect between Wall Street and Reality imo. This is worrisome since until we get back into the real world, the economy will deterioarte for Main Street....for the average American who is still working and still paying his/her mortgage. These folks must feel like fools when they read stuff like this.
$1 Billion in Homeowner Aid Offered
http://community.nasdaq.com/News/2011-06...
Interest-free federal loans offered to unemployed homeowners
http://www.boston.com/Boston/businessupd...
yes, abt 30,000 "loans" so this is like a lottery:
first you hafta apply. in full. then, they draw from the qualified apps. so, if 1 million qualify, each has a 3% chance @ the goobermint "loan".
meanwhile, prez00'0 gets a cheap + from "those who are suffering most" at the hands of----him, really, at this point.
i think ur right, P_29; Reality = zombies. so, when the CBs start dealing with this topic, and how to send them to the Eternal, they will, finally, have the right stuff and something we can all get behind. except the zombies, of course.
the prob w/ all this happy horseshit is that the CBs are zombies. which is why we are dealing with it more realistically here, zH, and a few elsewherez. the green shoots have been overcome by the dead wood. the reason is that the dead wood was not pruned right in the season of its dying.
all the geniuses are about to make the who-could've-imagined-it-? discovery that this shit is gonna fall off on its own, and the more mistakes we make b/c we are totally conditioned to listen to the wrong people (many states are zombies, too), the more is gonna fall off, eventually.
fuk zombie "wealth"!!! it is strangling the plantations and the slaves are getting pissed!
The look on the faces at CNBS the day they have to report that the rating agencies put EFSF on negative watch will be priceless
The bailouts continue only if the debt ceiling is raised ...
My neighbor just sold 1/20th an oz of gold and is giving a block party tonight ...steak and shrimp on the BBQ, cool pool talk, and lots of fun.
He cashed out of his house four years ago before it plunged 40% and bought that "barbaric metal" and could not be happier.
Smart move, eh?
I prefer to consider those from Peking(the correct name), targets - not "overlords".
That's the only role fit for China's government and the multinationals that legitimize it.
AFL should move out of those dodgy Asian investments and load up on good, solid California Muni debt. Nothin' safer!
unfortunately, with the effinFed in the wings, you may be right.
with the ability to QE (create FRNs to buy) just abt anything, down to GS cookies, QE III may make noah shit his pants!
Looks like Gilbert got out of AFLAC! Just in time...