This page has been archived and commenting is disabled.

Bill Gross Says PIMCO Is Not Buying Portuguese And Other European Debt

Tyler Durden's picture




 

Just headlines for now. And so we have gotten to the point where even the 'smart money' is publicly denouncing the global Bernanke put, and the world's central bank "white knights" in the form of China (whose real debt number is wrapped in boxes, mysteries and enigmas), and Japan (which has more debt as a % of GDP than any other developed country). Luckily both can afford to buy a little debt of some other Ponzi nation, and thus preserve their own trade surplus status quo for a few more months. In the meantime the world's biggest bond fund is implicitly saying that frontrunning the last recourse EUR backstops is too risky for him.

more as we see it

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 01/12/2011 - 11:25 | 869907 hugovanderbubble
hugovanderbubble's picture

Short

Spanish

Portuguese

Italian

and Belgium Debt

Wed, 01/12/2011 - 16:55 | 871134 speconomist
speconomist's picture

Thanks Captain Obvious!

Wed, 01/12/2011 - 11:25 | 869908 ZeroPower
ZeroPower's picture

Good man, good man. 

Wed, 01/12/2011 - 12:01 | 870061 AccreditedEYE
AccreditedEYE's picture

When the government/central bank becomes the market, what kind of real price discovery can you really have? Let's watch them try to handle/contain the Spanish auction...

Wed, 01/12/2011 - 11:27 | 869915 RobotTrader
RobotTrader's picture

No bailout from Gross?

No wonder gold stocks are getting destroyed this morning.

Wed, 01/12/2011 - 11:30 | 869927 slow_roast
slow_roast's picture

1-2% down is destroyed?  Pass the crack pipe.

Wed, 01/12/2011 - 11:29 | 869921 slow_roast
slow_roast's picture

Mr. Gross is attempting to piss on the fires that Helicopter Ben is lighting with US Dollars; too bad no one cares.

Wed, 01/12/2011 - 11:29 | 869923 RobotTrader
RobotTrader's picture

I told you guys last week that BBVA, STD, HBC, etc. would be the biggest percentage gainers in 2011.

BBVA is up 8% already today.

Wed, 01/12/2011 - 11:32 | 869939 hugovanderbubble
hugovanderbubble's picture

BBVA need to raise 13.000 Mn Euros,

And Big Troubles in Mexico with Bancomer Pension Funds.

Also Real Estate damage is huge, so cautious with Spanish banks with Latam Exposure

Wed, 01/12/2011 - 12:05 | 870077 TheProphet
TheProphet's picture

And it isn't as if the trouble at Compass are over.

Wed, 01/12/2011 - 11:33 | 869941 Deflationburger...
Deflationburger with Fleas's picture

What do you want, a medal? 

Wed, 01/12/2011 - 12:05 | 870072 TheProphet
TheProphet's picture

Sorry. When exactly did you say that? Just include the link to the page, and I will search out your comment.

Wed, 01/12/2011 - 11:29 | 869925 bob_dabolina
bob_dabolina's picture

Bill Gross always does the opposite of what he says hes doing on TV

Wed, 01/12/2011 - 12:04 | 870055 jesusonline
jesusonline's picture

Indeed. Take that into account when you hear a major player/house outline their "i don't really buy it (to hold it), i'm just buying it to front run some bailout dough" stuff

Wed, 01/12/2011 - 11:31 | 869933 Atoyota
Atoyota's picture

Basically saying on Bloom that these auctions were pretty much rigged, intended to draw in private buyers, only no private buyers were buying and neither were they.

 

He hedged on muni debt as well, but described them as less risky.

Wed, 01/12/2011 - 11:32 | 869938 dashingdwl
dashingdwl's picture

No worries.  Ben has a printing press.

Wed, 01/12/2011 - 11:35 | 869948 The Count
The Count's picture

Japan has a higher debt to GDP ratio than Portugal yet they are helping to 'bail them out'. Say, how much crazier can this planet become? 

Wed, 01/12/2011 - 11:36 | 869952 Star Warrior
Star Warrior's picture

+1

Wed, 01/12/2011 - 11:37 | 869957 slow_roast
slow_roast's picture

Snooki "wrote" a book, Dr. Phil(who is fat) wrote a diet book that sold millions of copies, and Dr. Atkins convinced stupid people the world over that eating only meat and cheese was somehow a great way to lose weight; we're nearing bottom I'd say.

Wed, 01/12/2011 - 11:57 | 870041 RobotTrader
RobotTrader's picture

Kim Kardashian's 2010 annual income is estimated to be $40 million.

Same for Charlie Sheen, who, by the way, is paying $1 million/month in alimony to Denise Richards.

Wed, 01/12/2011 - 12:07 | 870083 TheProphet
TheProphet's picture

Here's the magic formula: if you have substantial earnings power and small children, DO NOT slap your wife around.

You're welcome.

Wed, 01/12/2011 - 12:55 | 870261 QQQBall
QQQBall's picture

I thinks in Charlie's case, that should read WIVES

Wed, 01/12/2011 - 13:37 | 870432 dashingdwl
dashingdwl's picture

Charlie was hanging out in Vegas last week with porn star Bree Olson.  I have pictures.

Wed, 01/12/2011 - 11:45 | 869993 Zero Debt
Zero Debt's picture

Who cares about GDP, it is all a fabricated number.

Better do as the Chinese leaders do, measure electricity consumption, because they know the GDP numbers are just for the slogans and MSM.

Proposed new metric of solvency based on directly measurable factors:

Gross National Debt/Electricity Consumption [$/kWh].

Wed, 01/12/2011 - 11:36 | 869955 Hondo
Hondo's picture

You have to be a fool to think this auction outside of the ECB (other CB's), their proxies, and states like Japan and China went well.  If in fact it went so well why don't we have an audit of the auction?  These people want to steal your money.... it's better than taxing their own people or cutting spending....just take it from the fools.

Wed, 01/12/2011 - 11:39 | 869972 The Axe
The Axe's picture

Does it matter... China and US plus Japan will step up everytime the EURO septic tank of debt needs to be pumped...Good Luck Chuck shorting it now....It will continue to be pumped up Arnold....joke.

Wed, 01/12/2011 - 11:42 | 869984 Misean
Misean's picture

Sheesh, buying bonds is just exchanging paper promises for paper promises, not like trading gold or something for paper. What's Billy boy worried about?

Wed, 01/12/2011 - 13:48 | 870479 gkm
gkm's picture

"...with just one hand."  - to complete what Gross was just saying.

Do NOT follow this link or you will be banned from the site!