This page has been archived and commenting is disabled.

The CDS Traders' Verdict Is In - UK In Deep Shit... As Are France And Deutschland

Tyler Durden's picture


Portugal... Spain...Greece...these are all last week's news based on CDS trading patterns. Indeed, this week saw the biggest trade unwinds of all top 1000 CDS entities (including all corporates) precisely in these three names. As the PIIGS implosion is finally being appreciated by everyone and their grandmother, the "speculators" are booking massive profits: the net cover/rerisking in Portugal and Spain was a massive $500 million net notional unwinds in each in the week ended April 30. Also known as taking profits. Greece and Ireland were also in the top 5, so as we have repeatedly claimed, the market will no longer make the news in Club Med. So where will it? No surprise there - the UK, France and Germany. The smartest money in the world is now actively betting the core of the eurozone is where the next CDS blow up will take place. With a stunning $630 million, $558 million and $370 million in net notional derisking, France, UK and Germany are the top three most active recipients in negative bets in the prior week, not just in sovereigns but in all names. The greatest non-sovereign derisker in the last week? Goldman Sachs, with $175 million. Nuff said. Yet a tangent on the UK: last week the UK saw $443 million in net notional derisking.  This week the number is even higher: $558 million. There is now over $1 billion in net risky bets made that the UK may not last. And Zero Hedge's outside bet to be the first core country to blow up, thanks to its massive PIIGS exposure, France, finally made the top spot in net derisking, with $629 million in net notional, or 189 contracts. The smart money is now massively betting that Europe's core is done for; as the PIIGS have demonstrated, the blow out in spreads for the core trifecta can not be far behind.

Top 10 deriskers:

Top 10 reriskers:

All sovereign names:

Source: DTCC


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 05/05/2010 - 20:16 | 333564 Belrev
Belrev's picture

Dast ist fantastish. Down with the New World Order. Down with Globalism. Long live nation states. FREEDOM IS COMING!!!

Wed, 05/05/2010 - 20:23 | 333586 Missing_Link
Missing_Link's picture


The sooner the failed globalist experiment dies, the better.

Wed, 05/05/2010 - 21:50 | 333727 B9K9
B9K9's picture

The power-elite aren't going down without a fight. Since we're dealing with chess-masters, it would behoove one to consider that CBs are funding the hedgies to drive CDS spreads. Why would they do such a thing? Because CBs need political cover (ie national security) in order to justify public sector debt saturation & currency devaluation.

Recall the interview with Hendry & Stiglitz; Stiglitz was adamant that the US need never default. And it's true - as long as the Fed has political support, the US need never default. Consider this - what if the Fed was audited, Goldie pled guilty, and the whole kit & caboodle was revealed to be one massive fraud...and no one cared? In fact, what if there was a popular uprising to turn on the printing presses full bore!

Oil prices would then spike you say? Well then, take the oil; after all, we need it! That's why our military is over there, isn't it? You can see where this is going - complete moral breakdown as the empire teeters on the edge.

Either this was the most devious plan ever concocted or it's all just a massive hoocoodanode. We have written documents dating back thousands of years warning that these exact series of events would occur if we chose to engage in usury. How did we come to base our entire global economy on an unsustainable credit-money system that requires exponential growth just to stay even or face losing one's collateral? Why did we not heed these ancient warnings?

Wed, 05/05/2010 - 22:15 | 333753 SWRichmond
SWRichmond's picture

...what if there was a popular uprising to turn on the printing presses full bore!

My wariness of this distinct possibility is why I keep a ton of cash.  I remain convinced that there will be a prolonged deflation to force the middle class to liquidate everything they own, leaving them jobless and destitute and resulting in your scenario above.  Then we will have printing, and all will chant god bless the central bankers, and then they will blow it all up (the currency).

Edit: we said it was gonna be a fun week...

Wed, 05/05/2010 - 22:33 | 333793 Richard Weed
Richard Weed's picture

Fun week...?

This is fun ---> and now for something completely different...

Thu, 05/06/2010 - 00:10 | 333875 Village Idiot
Village Idiot's picture

RW - great youtube find.

Thu, 05/06/2010 - 05:42 | 334020 jeff montanye
jeff montanye's picture

ditto but i'm a hardcore katie couric fan.

Wed, 05/05/2010 - 22:47 | 333802 jdrose1985
jdrose1985's picture

This has been a fantastic week so far!

Been waiting for it a while now (since late last fall). Never the type to say ""i told you so", but it is rewarding to see things go a certain way which I prepared for although it required me to step out of my comfort zone (sold Au + Ag) in order to be in a position to capitalize upon the giant liquidation you speak of, SWR.

I want to be able to fund the demand for cash when the ATM's shut down, okay. Nothing more.

Hopefully I time it well. If we just go straight to hyperinflation I held enough metal to skim by and then some. It won't matter at that point as the suburbs become death traps and I'm fishing somewhere on a body of water in the northwest.

Enjoy the next 18 months. I will be ;)

Thu, 05/06/2010 - 06:22 | 334073 Anton LaVey
Anton LaVey's picture

[...] sold Au + Ag in order to be in a position to capitalize upon the giant liquidation you speak of

Printing press = (hyper) inflation. Enjoy your monopoly money while it still has some value, my friend.

And, just to make sure we understand each other: I also have tons of cash. But I will never sell my "Au + Ag" as you put it.



Thu, 05/06/2010 - 19:28 | 335601 jdrose1985
jdrose1985's picture

And, just to make sure we understand each other: I also have tons of cash. But I will never sell my "Au + Ag" as you put it.

So what exactly do you plan on doing with it besides lodging it firmly beside where your head is planted?

I admit my ignorance by asking what the reasoning is behind owning something you will never sell unless it is a capital good or an interest bearing asset.

Fri, 05/07/2010 - 08:01 | 336665 SWRichmond
SWRichmond's picture

Capital can be lent.  Duh.

Thu, 05/06/2010 - 05:00 | 333989 Sabremesh
Sabremesh's picture

My wariness of this distinct possibility (a popular uprising to turn on the printing presses full bore) is why I keep a ton of cash.

I can see you've really thought this one through! 

Wed, 05/05/2010 - 22:19 | 333779 lsbumblebee
lsbumblebee's picture

He lives worst who commits the greatest crimes, and who, being the most unjust of men, succeeds in escaping rebuke or correction or punishment.



Thu, 05/06/2010 - 03:42 | 333960 the.spear
the.spear's picture

excellent find.

Thu, 05/06/2010 - 05:48 | 334029 jeff montanye
jeff montanye's picture

the explanation of inexplicable success is unsolved crime.  balzac

Wed, 05/05/2010 - 22:47 | 333806 Canucklehead
Canucklehead's picture

"...Oil prices would then spike you say? Well then, take the oil; after all, we need it! That's why our military is over there, isn't it?..."

Ain't going to happen.

The basic premise of your argument is you need to get someone else to do your "work" for you.

I think the question to ask is "Where is the brass ring in all of this?"

Society has evolved to the point where a good idiot savant can make a good living and have a reasonable life.  When tough times hit, community counts.

Wed, 05/05/2010 - 21:12 | 333671 Richard Weed
Richard Weed's picture

Hey B-Rev,

Lay off of The New Order... they are responsible for some of the best music to have ever come out of the Free World.

Wed, 05/05/2010 - 21:31 | 333700 hedgeless_horseman
hedgeless_horseman's picture

A New WORLD Order, per Ministry:

I'm in love with our potential for threat
Open fire 'cause I love you to death
Sky high, with a heartache of stone
You never see me 'cause I'm always alone

I'm in love with our potential dissent
I'll buy the torch if you can pay for the rent
Fly it high with the good book in hand
We're all in love with the promised land

I'm in love with a malicious intent
You can take it but you don't know yet
A truer love was never yet to be found
I've seen the sunset through the eyes of the crowd

Wed, 05/05/2010 - 21:59 | 333750 Richard Weed
Richard Weed's picture

N.W.O. is good... but I still prefer The New Order...

Thu, 05/06/2010 - 00:19 | 333884 abalone
abalone's picture

I second that I'll be listening to 'ruined in a day' all the way down

Thu, 05/06/2010 - 02:03 | 333935 ambrosiac
ambrosiac's picture


Are we being led into Joy Divisions though.



"...over $1 billion in net risky bets made that the UK may not last"


Or maybe, bets that others will bet the UK may not last.


Thu, 05/06/2010 - 10:21 | 334368 Adam Neira
Adam Neira's picture

Ian Curtis is to music what Van Gogh is to art.

Pure crystalline genius.


Thu, 05/06/2010 - 04:55 | 333985 Tense INDIAN
Tense INDIAN's picture

u should rather thank the TAVISTOCK institute for all the major mUSIC thats come out ; to break up traditional societes....

Thu, 05/06/2010 - 10:28 | 334381 Adam Neira
Adam Neira's picture

I always thought Bizarre Love Triangle was about a polyamorous geometry professor gone wrong. Someone unplugged my jukebox many years ago and I haven't been able to get another flavour. To cut a long story short I was attacked by a flock of seagulls whilst standing on a beach with a gun in my hand. Vienna means nothing to me.

Thu, 05/06/2010 - 10:51 | 334449 Hephasteus
Hephasteus's picture

I think I saw that geometry professor fighting a particle man the other day.

Wed, 05/05/2010 - 21:20 | 333689 lsbumblebee
lsbumblebee's picture

I disagree. This is the New World Order. Thanks to the Central Banks, nation states are failing. That is Globalism.

Thu, 05/06/2010 - 05:43 | 334022 Grappa
Grappa's picture

Here here.

We are nothing but slaves.

Wed, 05/05/2010 - 23:14 | 333839 Al Huxley
Al Huxley's picture

Its fun when the shit hits the fan if you're prepared. I've been enjoying some massive profits lately on my short positions (after two months of severe pain due to jumping the gun on this).

That said, I'd rather lose my shirt on my short positions than have what I think is going to happen actually happen.  This system sucks, and the way the elite are destroying the general population sucks, but when it breaks down, the alternative is going to be a lot worse.

Thu, 05/06/2010 - 03:51 | 333964 the.spear
the.spear's picture

you might not see it now. but maybe the alternative might just be a lot better.

Thu, 05/06/2010 - 06:26 | 334077 Anton LaVey
Anton LaVey's picture

Hmmm... Last time we got that kind of worldwide financial dislocation, we also found ourselves with 50 - 70 million dead people, gas chambers and entire countries devastated, not to mention two atomic attacks on civilians.

I am sorry, but I have to respectfully disagree: it's highly possible the alternative to the current system is going to be much, much, much worse.

Wed, 05/05/2010 - 20:16 | 333567 Edna R. Rider
Edna R. Rider's picture

Are you saying it was a good trade but the trade is over and is being unwound?  Seems that way to me.  The market has the attention span of a 4-year-old and appears to shift in about 5-10 days stretches from bullish everything is coming up roses to bearish every country will default.

Wed, 05/05/2010 - 22:07 | 333722 THE DORK OF CORK
THE DORK OF CORK's picture

If the Euro reaches parity with the dollar, US corporate profits will disappear down a sinkhole as most of their revenue comes from overseas with a very substantial part of that from Europe.

The PPT will be unable to stop that ship from sinking no matter how many bilge pumps are working.

Welcome to The Great Depression 2.0

Thu, 05/06/2010 - 04:53 | 333982 AnAnonymous
AnAnonymous's picture

Especially when US goods prices come higher in Euros than they do in USD.

Quick example: a good sold $100 in the US was sold €110 in Eurozone; this when a Euro bought 1.5 USD.

As the US need to export, them able to raise nominal prices is doubtful.

It seems that Europe's support in the US global military hegemony effort is no longer that easy to maintain.

Wed, 05/05/2010 - 20:21 | 333581 drwells
drwells's picture

The neverending torrent of great, and free, content from this site, with which I cannot even keep up, continues to amaze me. Even my other favorite finance blogs tend to reuse a lot of stuff that was seen here first. Many thanks to the posters and commenters both.

Wed, 05/05/2010 - 21:06 | 333661 tkoski6600
tkoski6600's picture

Agreed.  This is one of my favorite watering holes.

Thu, 05/06/2010 - 00:05 | 333873 DoChenRollingBearing
DoChenRollingBearing's picture

I agree as well.  I spend more time here than is healthy...

Thu, 05/06/2010 - 06:28 | 334079 Anton LaVey
Anton LaVey's picture

Reminds me of what someone said about fried bacon: "I know it's horribly unhealthy... but it's SO GOOD!".

Thu, 05/06/2010 - 04:54 | 333983 Tense INDIAN
Tense INDIAN's picture

this is simply the most exciting site on the NET.

Thu, 05/06/2010 - 10:38 | 334410 Adam Neira
Adam Neira's picture

Higher cognitive functions are stimulated by new bits of information. Curiosity is the first step to wisdom. Truth is currently pouring into the zeitgeist in divine waves. The process now is unstoppable. How people interpret and relate to the concept of time at the moment is fascinating. Time and space are reaching a critical point. Those with the luxury of time to contemplate the current nature of the world are going to be forced to accept responsibility for what happens. The myopic concerns of pure materialism are being trumped by a higher force. ZH serves a valid purpose...

Wed, 05/05/2010 - 20:28 | 333596 Rider
Rider's picture

Dear God please let us get rid of the Euro.

Wed, 05/05/2010 - 21:07 | 333662 IQ 145
IQ 145's picture

 As prayed nightly by Greek Citizens, and German Citizens. 

Thu, 05/06/2010 - 04:01 | 333967 Grappa
Grappa's picture

I simply cannot understand that the Greece government, that allegedly owns €300 bil worth of property, businesses etc. needs any kind of a bailout? (,s01=1....)

Selling that property and privaticizing and voila no problem. Now, what we have is another way to rob other people blind.

Thu, 05/06/2010 - 04:20 | 333971 The Alarmist
The Alarmist's picture



Thu, 05/06/2010 - 04:58 | 333987 alt-shift-x
alt-shift-x's picture

for the germans i can confirm that ... Focus money title this week "Ich will meine D-Mark zurück"


"I want my D-Mark back"

Wed, 05/05/2010 - 21:38 | 333715 Flounder
Wed, 05/05/2010 - 20:29 | 333598 sushi
sushi's picture

Not going to be pleasant borrowing at 8% to lend to rioting Greeks at 5%. In fact it is downright STUPID. Ouzo On!!

Wed, 05/05/2010 - 21:01 | 333647 lilimarlene1
lilimarlene1's picture

2010: The Summer of Shove

Wed, 05/05/2010 - 20:34 | 333605 Wily Wonka
Wily Wonka's picture

Will someone just answer one easy question?

Who is going to buy the net new US treasury debt issued of $1,000,000,000,000 (1 trillion) per year? This is the debt needed to be issued just for the deficit spending according to Obama himself!!!! And this is most likely a low number because it assumes around 4% GDP growth. 


Not to mention that the average US debt obligation is now under 4 years. This just adds to the fire.

Wed, 05/05/2010 - 20:43 | 333617 trav7777
trav7777's picture

I can't figure that out either.

And WE are a flight to "quality"?  That's fucking absurd.  I mean how much of our GDP is completely bogus?

The US is eyes-deep in it too.

Wed, 05/05/2010 - 21:14 | 333675 Richard Weed
Richard Weed's picture

Hey Trav,

The only difference is that we own our own printing presses... so does England.

Wed, 05/05/2010 - 21:31 | 333702 Hulk
Hulk's picture

I'm in for  $25 a month...

Wed, 05/05/2010 - 21:35 | 333706 hedgeless_horseman
hedgeless_horseman's picture

Sovereign masturbation is the answer.  We will service ourselves.

Thu, 05/06/2010 - 00:10 | 333878 DoChenRollingBearing
DoChenRollingBearing's picture

LOL!  The correct answer as well.

Wed, 05/05/2010 - 20:43 | 333618 Ned Zeppelin
Ned Zeppelin's picture

Slow down there, Willie. It's not our turn yet on the CDS not-so-merry go round.  Please wait your turn while Spain, Portugal, Italy and Ireland, and then the UK bonus round finish up.  

Wed, 05/05/2010 - 20:47 | 333623 Implicit simplicit
Implicit simplicit's picture

The US will buy its own debt through the Fed. There will be typical offerrings and fullfillments without much fanfare, until they find out that there were a bunch of unusal buys from small Islands where the CIA operates with money unmarked by the Fed.

Full audit of the Fed required to prevent fraud.

Wed, 05/05/2010 - 21:46 | 333728 Fraud-Esq
Fraud-Esq's picture

You'd need a camera strapped on the auditor like Capone's safe. The only reason they're fighting the audit is cause they don't want to be "forced" to go rogue. 

Thu, 05/06/2010 - 03:01 | 333948 merehuman
merehuman's picture

shark eats self.  We are at the final stage at last?

Thu, 05/06/2010 - 10:41 | 334418 Adam Neira
Adam Neira's picture

Peace will come when the cannibals lose their appetite.

Wed, 05/05/2010 - 20:47 | 333624 DaveyJones
DaveyJones's picture

part of the SEC settlement deal with Goldman is to find us one and Goldman was going to take it... until they read the terms which, among other things, forbid them from misrepresenting our debt 

Q: is "deep shit" a financial, legal or environmental term?

Wed, 05/05/2010 - 20:59 | 333643 toathis
toathis's picture

THE FED BUYS EVERYTHING! If the truth ever came out, the world would blow up! Until then... rally on!

Wed, 05/05/2010 - 21:48 | 333734 Richard Weed
Richard Weed's picture

Won't the Fed buy me a colour TV...?

How about a Mercedes Benz...?

A night on the town...?

Wed, 05/05/2010 - 22:06 | 333759 SWRichmond
SWRichmond's picture

Yeah, I'm old enough to know what you meant, so what?

Wed, 05/05/2010 - 22:40 | 333800 Richard Weed
Richard Weed's picture

I have never seen Janis J and Ben B in the same room, at the same time... Do you know now what that means to me...?

Thu, 05/06/2010 - 00:55 | 333909 RockyRacoon
RockyRacoon's picture

I still have Cheap Thrills -- that I bought new.  Still love it.

Thu, 05/06/2010 - 10:32 | 334393 velobabe
velobabe's picture

oh no, i am janis joplin's ghost†

Wed, 05/05/2010 - 21:54 | 333742 kaiserhoff
kaiserhoff's picture

Good points Wily, but trends matter. 

The average maturity is clearly headed toward ten minutes, and those of us who are short find that hilarious.  Cheers.

Wed, 05/05/2010 - 22:58 | 333826 TheDuke
TheDuke's picture

The Federal Reserve.

Look forward to some hardcore monetisation - QE2 or simply backdoor purchases through the City of London, Cayman Islands, etc.

Wed, 05/05/2010 - 23:20 | 333844 Al Huxley
Al Huxley's picture

The Fed will buy it, same as always.  Who do you think 'household' is, in their categorization of buyers? Insolvent, mortgage defaulting, middle-Americans?

Wed, 05/05/2010 - 23:23 | 333848 Double down
Double down's picture

Ben, Ben Bernanke.  He shits where he eats.

Thu, 05/06/2010 - 03:28 | 333956 KTV Escort
KTV Escort's picture

The man of the hour
Has an air of great power
The dudes have envied him for so long

Oooh, Superfly
You're gonna make your fortune by and by
But if you lose, don't ask no questions why
The only game you know is Do or Die

The aim of his role
Was to move a lot of blow
Ask him his dream
What does it mean?
He woudn't know
"Can't be like the rest"
Is the most he'll confess
But time's running out
And there's no happiness

Wed, 05/05/2010 - 23:47 | 333864 Boop
Boop's picture

Not to worry. Modern Monetary Theory (MMT) has it all covered. We'll just create it out of thin air!


The Federal government isn’t going to ‘run out of money’ as our President has mistakenly repeated. There is no such thing. Nor is it dependent on ‘getting’ dollars from China or anyone else. All it takes for the government to spend is change numbers up in bank accounts at its own bank, the Federal Reserve Bank. There is no numerical limit to how many dollars our government can spend, whenever it wants to spend. (This includes making interest payments, and Social Security and Medicare and payments.) It includes all government payments made in dollars to anyone.


It's all good, and there's nothing to worry about! It's just a matter of looking at things differently...

Wed, 05/05/2010 - 23:58 | 333867 Rogerwilco
Rogerwilco's picture

Who will buy them? Consider this: About $5T is parked in pensions, 401Ks, and IRAs. What if Obama offered a sweet deal -- swap your down & out retirement account for a 100% guaranteed (full faith and credit) government annnuity? But wait don't answer yet, if you act before 12/31/10, we'll match every dollar you contribute with two more! That's right Mr. Daytrade, give us your $50K IRA and we'll give you an annuity worth $150K! Deal? You bet!

I'm guessing 30% of account holders would jump at this, so there you go, about $1.5T to Uncle Sugar, just like that.

Thu, 05/06/2010 - 00:14 | 333880 DoChenRollingBearing
DoChenRollingBearing's picture

Too bad I can't do that.  I already cashed-in my IRA and took the hit.

Woe is me.

/sarcasm off

Wed, 05/05/2010 - 20:47 | 333607 DaveyJones
DaveyJones's picture


Wed, 05/05/2010 - 20:51 | 333627 Crab Cake
Crab Cake's picture

No no no.  Deep Shit is the source, like Deep Throat.

Wed, 05/05/2010 - 20:49 | 333608 Pedro
Pedro's picture

Things seem to be unwinding so much faster than last year.  What would a reasonable time range for this to be in full melt down?  this fall?  1-2yrs? 2-5yrs?  It just seems impossible for this to happen to the UK.

Wed, 05/05/2010 - 20:40 | 333610 LeBalance
LeBalance's picture

/rant on/

Ah so you see the results in Greece, yes?  Hmmm....same to come in other PIIGS, then (and so on).  So next wave in Greece is civil escalation, possibly civil war.  Does it seem so banal and small when it is UK, NJ, NY, LA? Does it seems so "oh no prob let's cheer for the end of globalism? Neh? Hmmm?  So jaded are thee that this will just be a fart in the wind to ya?  The burning of the planet will just be "another marshmallow on the barbie?"

Let's go watch "Mad Max" and puff out of chests and say, "Its a man's world and I cheer for an end to globalism!"

Say that when you can't find food, water, a place without bullets flying.  Say that from behind barbed wire at FEMA camps.

Oh its the end of globalism, means somehow that you won?  Not the Owners who have orchestrated their plan and their endgame to get what they want?

"Oh look at the large wall of water coming this way mommy.  I know I won't get wet."

/rant off/

Wed, 05/05/2010 - 20:54 | 333635 Fraud-Esq
Fraud-Esq's picture

Don't you think there's some middle ground between 'end of globalization' and Mad Max? I'm thinking a middle ground where the creditor and resource classes start taking some losses instead of passing them down. I think when the world's Greeces see that, perhaps things will settle a little. I just don't think people are going to stomach creditor-class gains (banks, lenders) off this misery, especially when so much investment bank fraud is involved.

I don't see FEMA camps and all that. I just see some balance being applied to losses. That might also include, say the oil industry who profit off, say, the U.S. military's protection without putting that on their balance sheet.

When these things are dealt with more equitably, that's everyone's way out of this.   

Wed, 05/05/2010 - 21:14 | 333673 Crab Cake
Crab Cake's picture

The way to deal with these things more equitably is to have a jubilee, that's everyones' way out of this.

Bailout the banksters, and corporations, but people have to keep paying mortgages and servicing debt?  WTF!? We, as a nation, allow our engine of economic policy to lend to banks at 0%, and then they turn around and charge 5%?  WTf!?

If they really, really, want to reflate consumption then we tear up whole classes of contracts and securities, end the war on drugs, and jubilee all debts created before x date.

Wed, 05/05/2010 - 21:44 | 333725 LeBalance
LeBalance's picture

FE and CC, my point is how much force do you swing in the scheme of things?  How long have you planned and slaved and bled for the future?  With the vision and planning of the Rockefellers, the Morgans, the Warburgs, the Roosevelts, the Bushes, the Clintons, hmm?  Now these are second tier names to Rothschild and the names and faces behind those of the Red-Shield are unknown though present.  Do you guide their hands?  In doing so you guide the future of things as they wield the power.

CC. "We, as a nation, allow our engine of economic policy..." What part of this nation do you have title on sir?  Our, we????  Please tell me the source of your present ownership.

And before you blow up and get all hyper, stop, I am not doing this to make you angry.  I am doing this to remove the fecal matter from you eyesight.  So you may see who, what, and where you are.  Just as Morpheus said, "The Matrix was created to blind you from the fact.  The fact that you are a slave."  And I would add, "The fact that you volunteered to be one."

Wed, 05/05/2010 - 22:19 | 333780 Renfield
Renfield's picture

heh...not sure I'd list Bush and Clinton with the likes of Rothschild and Rockefeller.

Any more than I'd list Nelson the playground bully up there with Hitler, Beelzebub, and the Great Satan...

Wed, 05/05/2010 - 23:10 | 333833 Fraud-Esq
Fraud-Esq's picture

There's not much planning and not much vision. New money outgrew old money many times over a long time ago. Even Carroll Quigley couldn't get published for years, so much for being the establishment. The establishment has designs which make them feel more important, sure, but that design is as thin as your reed about the slaves. Rothchilds, Bushes, Clintons and Tom Delay's tut tut around with whispers and designs. Then, things happen, like Obama. Then, everyone wonders why nothing changed after all. It's a big ship of interests to turn. The "matrix" may be that there's not one at all. Just a series of self-interests, a series of collusions and a concert of interest. When the ship gets too heavy on one side, it tips. The Rothchilds, Warburgs and Bushes only wish.    

Thu, 05/06/2010 - 05:27 | 334011 ThreeTrees
ThreeTrees's picture

Right fucking on.


Wed, 05/05/2010 - 23:12 | 333835 Fraud-Esq
Fraud-Esq's picture

You know something else funny..Bush didn't even file his Form 4 when he sold his penny stock. Quite a risk, caused some trouble for him, little cover-up needed. Imagine the future president from the Great Bush family needing to keep his penny sales quiet. That's how thin the matrix is. Anything can happen in ten years. Anything

Wed, 05/05/2010 - 23:56 | 333868 Crab Cake
Crab Cake's picture

I'm not that easy to provoke, no offence taken. :) I actually agree with you.  The solution is that there is no solution; only collapse.  Collapse being a jubilee of a sort in its own right.  I fully realize that we the sheeple are slaves, indentured servants in a coast to coast company store, but only to our selves in truth; as CD might say.  It is a natural law that the power to govern (or be enslaved  and usurized (?) as the case may be) is given by those governed.  We are slaves, because we as a collective choose to be slaves.  We choose to be slaves because the plantation has been made comfortable, the bars of the cage made invisible, the propaganda of lies made truth, and an Orwellian case of mass Stockholm syndrome.  As it sits the masses are livestock fodder for the Ponzi emperors.  There is one, and only one, way to end this before madness, tyranny, war, and planned demolition set in; the cessation of participaton.  Power freely given over, is freely taken and squandered.  No work, no taxes, no transactions until x demands are met.  A large minorty must arrest the system, force collapse, and dictate the form of reformation.  The failure to do so means a future bleak beyond compare, for all of "us".

I draw title and license to this reality, because, I AM existent and concious.  I draw title and ownership of my country, not by charter or document, but by the life of my child, and by the the sacrifices of my immediate forefathers.  It is my duty to find the way for those who depend upon me.  It is my duty to seek the way and the life, for myself and for others.  I will take whatever course of action I find necessary to ensure that my son inherits that same license, or die trying.  "I have not yet begun to fight."  -John Paul Jones

Thu, 05/06/2010 - 00:15 | 333881 LeBalance
LeBalance's picture

surf's up!

Thu, 05/06/2010 - 00:23 | 333886 DoChenRollingBearing
DoChenRollingBearing's picture

That was fantastic CC.

Your earlier point about a Global Jubilee seems more likely now than I would have thought even 2 weeks ago.

I have a kid too.  I have considered leaving (for Peru, my wife is from there), but I have decided that if TSHTF, I will stand and fight.

More gold and ammo going into the Bearing's stockpile tomorrow.

Thu, 05/06/2010 - 01:02 | 333915 RockyRacoon
RockyRacoon's picture

Your point about how slavery can be perverted is well illustrated in Manderlay.

A must watch for some clarity.

Wed, 05/05/2010 - 22:55 | 333820 GoinFawr
GoinFawr's picture


Don't you think there's some middle ground between 'end of globalization' and Mad Max?

will become your mantra as you and yours repeat the question over and over to infinity


... from behind barbed wire at FEMA camps


Well put, LeBalance

Bonne Chance

Thu, 05/06/2010 - 00:50 | 333905 Fraud-Esq
Fraud-Esq's picture

FEMA camps? You're kidding me. You think this is a dreamy scenario for the rich? 

No. It's fantastical.

There's plenty of middle ground and that includes The Great Creditor Haircut. (That's cheaper than debtors prison, labor camps or FEMA camps..)

Thu, 05/06/2010 - 04:59 | 333988 AnAnonymous
AnAnonymous's picture

When it comes to cheap, dont forget to factor in deportation in the deal.

When it is all about capturing the most resources possible, a behemoth of a prison sector really helps.

When the deal is about restricting the number of big eaters, much less.

Thu, 05/06/2010 - 10:49 | 334440 Adam Neira
Adam Neira's picture

There is a way out of the mess. Human beings are able to do amazing things when faced with true existential threats. People will respond to a mission and cause if it is just. Look up "The Golden Mean" by Maimonides for insight on the subject of balance. The world is at a very interesting point. A few little tips to one side of the scale will make all the difference.

Wed, 05/05/2010 - 20:56 | 333637 Crab Cake
Crab Cake's picture

The Lord Humungus's Speech

Wed, 05/05/2010 - 21:06 | 333660 lilimarlene1
lilimarlene1's picture

The owners do not own God. And, in the end, He will not be mocked.


Thu, 05/06/2010 - 00:25 | 333887 DoChenRollingBearing
DoChenRollingBearing's picture

+ muchisimo.

The wisdom of ZH's participants amazes me almost every day.

Thu, 05/06/2010 - 01:04 | 333917 RockyRacoon
RockyRacoon's picture

Some of it inadvertent to be sure, but awesome nonetheless.

Thu, 05/06/2010 - 10:56 | 334456 Adam Neira
Adam Neira's picture

"Without counsel purposes are disappointed: but in the multitude of counsellors they are established."

- Proverbs 15:22

Jedi Council calling...House meeting ! Can someone please go and pick Yoda up from the swamp.


Wed, 05/05/2010 - 21:11 | 333668 Implicit simplicit
Implicit simplicit's picture

The sooner the mess unfolds, and people all over the world demand:

 the regulation on an exchange of instruments leveraged derivatives so that they are transparent

 break up the banks

 require more reserve

control lobbying gone to bribing

the sooner the world heals  from bubbles made into leveraged tidal waves of destruction.

Thu, 05/06/2010 - 10:58 | 334465 Adam Neira
Adam Neira's picture

What number do you want on your back in the "Save the World" football team ?

Wed, 05/05/2010 - 20:41 | 333614 trav7777
trav7777's picture

So WTF...the US has a worse debt picture than France OR Germany. 

If Germany defaults, it will have to be part of a global jubilee.

Wed, 05/05/2010 - 21:28 | 333699 A_MacLaren
A_MacLaren's picture

Gotta parlay the winnings up to the really big prize

Thu, 05/06/2010 - 03:29 | 333957 Oh regional Indian
Oh regional Indian's picture

Make that a golden jubliee.

But surf's up for sure (and it's oily to BOOT), there s a plan and plans do go out of hand (look around us), end game rules are usually "no rules apply", every man (with family) for himself.

Now is a good time to read three timeless trilogies:

1. Lord of the Rings
2. Dune (okay a six-oligie)
3. Golden Compass (most relevant for our time)

If you can, Beelzbub's tales to his grandson

Hmmmmm.... let's see...

Oh yes, your own mind, your mind's mind....and so on, so you really see it is all an illusion, but the illusion is real (walk through a wall if you don't believe me).

We are all connected, so we will all feel the really illusory pain that is coming. Boundaries, nations, states, religions are all constructs and constructs are very house-of-cardy, they can and do collapse. Ponzi-structs especially.

Now wish me luck, I'm off to present a tech-no-logical design vision to a bunch of french people, one that can save us all.


Thu, 05/06/2010 - 11:04 | 334477 Adam Neira
Adam Neira's picture

As an adjunct to your philosophical investigations at this current time I would suggest you watch and try and work out the layering and significance of the greatest movie of all time "The Thin Red Line".

I would love for all world leaders to sit down and watch it followed by a one week plus guided discussion about it. It is a remarkable film.

Thu, 05/06/2010 - 11:22 | 334505 Oh regional Indian
Oh regional Indian's picture

Thanks Adam, will do.

Wed, 05/05/2010 - 20:41 | 333616 Miles Kendig
Miles Kendig's picture

As the gathering storm sucks up the available energy.

Thu, 05/06/2010 - 06:17 | 333713 Cognitive Dissonance
Cognitive Dissonance's picture

More like sovereign black holes, all moving in haphazard fashion to eventually form one big strange attractor.

Wed, 05/05/2010 - 20:51 | 333626 J.B. Books
Wed, 05/05/2010 - 20:51 | 333629 Wily Wonka
Wily Wonka's picture


Correct me if I am wrong but isn't the FED buying treasury debt illegal? 

Oh shit, I forgot, who cares! Right? 

Check please!!!!!!

Wed, 05/05/2010 - 20:53 | 333632 Kreditanstalt
Kreditanstalt's picture

Why DE-risk in those three and RE-risk Portugal, of all places??

These guys think in HOURS, not even days...must think the panic over Portugal has subsided?

Wed, 05/05/2010 - 20:56 | 333638 Transor Z
Transor Z's picture

Whatever happened with those (Japanese?) chaps caught smuggling (phony?) treasuries in Chiasso, Italy?

Wed, 05/05/2010 - 21:54 | 333741 LeBalance
LeBalance's picture


Wed, 05/05/2010 - 22:00 | 333751 Transor Z
Transor Z's picture

Nah, the Italians released them -- even though they were traveling with a $134 billion in (forged?) U.S. treasuries. Supposedly there was another incident involving a couple of Filipino carriers in September '09. Weird how the story just faded away.

Thu, 05/06/2010 - 04:07 | 333968 Mesquite
Mesquite's picture

Sort of reminds me of how the 'rules' changed overnight in Animal Farm ...

Wed, 05/05/2010 - 20:58 | 333641 George Costanza
George Costanza's picture

Greece is Bear Stearns. Spain is Lehmann. 

Only there is no hiding this time.  Europe can't work together like "we" did on the bail out.

Europeans are a lot more engaged and motivated as compared to low income subprime borrowers.   Same game, meaner people wanting to fight back.

Wed, 05/05/2010 - 21:02 | 333653 DaveyJones
DaveyJones's picture

same game, leaner people

Wed, 05/05/2010 - 21:01 | 333646 RobotTrader
RobotTrader's picture

I'm amazed at Trichet and Weber's incompetance.

They should have stopped this thing dead in its tracks with a massive intervention using the fabled words:  "Brutal", "Unwarranted", "Unwelcome", etc.

But instead, they fiddled with their mistresses inside the opium dens and did nothing.

Now they will pay, as every major player is now actively conducting bear raids on every Eurozone country.

Wed, 05/05/2010 - 21:11 | 333669 Pedro
Pedro's picture

Great analogy Robo. LOL. However, please don't insult mistresses and opium dens with likes of these thieving oligarchs.

Wed, 05/05/2010 - 22:03 | 333754 Renfield
Renfield's picture

Hey Robo

I must disagree. (Not with the 'incompetence' judgement, THAT I agree with.)

A massive intervention is what they tried to do. Unfortunately, none was possible.

The money would have HAD to come from the IMF. The EU could not have staged a massive intervention - Germany, and others, would not have stood for it. No population who was expected to front the money would have stood for it (an intervention that big). Merkel, close to an election, is having trouble making it fly as it is...there's big difference between what's good for the voters and what's good for the banksters.

So they would have had to run straight away to the IMF for rescue. That would have blown, even sooner, the EU cover as a 'hard money' alternative to the USD. Immediately questions would be asked about how many of the EU countries the IMF would next be asked to bail out.

The idea of 'doing something, but bigger and earlier' reminds me of the 2008 bankster bailout - the idea that what went wrong in the 1930s was not throwing *enough* money at the problem, soon enough! No...the problem was throwing good money after bad AT ALL.

As it is, doing nothing, at least they got some good opium dreams and some slap&tickle in. Me, I'd rather do that than spend days in meetings looking at other ugly banksters and politicos.

I have often said that my cat Kalki could do a better job as Treasurer in nearly every G20 country you could name right now...just because he *would* do nothing. (And he's much easier on the eyes too.) Except for maybe increasing the social safety net for the unemployed, I think nothing may be the best action plan for governments, and has been since the collapse began in 2007.

Default was, and still is, the only realistic option for nations that are broke.

Wed, 05/05/2010 - 22:03 | 333758 LeBalance
LeBalance's picture

This is the best.  Trichet and Weber are the dancing distractions as the thieves get away car leaves out back.  The Grinch (Squid) took every thing, the Roast Beast, and they even sodomized little Susie Woo, and you are fixated on how Trichet and Weber are going "to pay."  Oh my....shake your little impotent fist and say "You are going to pay, you naughty, crafty, millenium scale planning, hardworking, very organized, superbly trained, bunch of .... uhhh .... guys I really respect .... uhhh .... well shit!"

I really appreciate all you folks you are great teachers.

Thu, 05/06/2010 - 00:25 | 333888 Al Huxley
Al Huxley's picture

Not suzie woo, they sodomized little Suzie Lu Who (who was not more than 2).

Wed, 05/05/2010 - 21:01 | 333650 jm
jm's picture

How can you have -1 contracts (Kazakhstan)?

Wed, 05/05/2010 - 22:27 | 333788 TonyV
TonyV's picture

Must have something to do with Borat

Wed, 05/05/2010 - 21:08 | 333665 john_connor
john_connor's picture

So they are cashing in PIIGS bets and moving on to France, UK, & Germany?  This seems more like a FIFO situation rather than indicating the mess is over with PIIGS.  Im guessing that PIIGS trade is too crowded.

So is this a bet that a Greek bankruptcy will leave banks in those countries exposed, thus triggering sovereign assistance?  Or simply those 3 will have to shell a ton more cash in either case (support PIIGS or not support PIIGS).  UK seems to be mutually exclusive relative to French and Germany but they are the epicenter of fraud so I consider any bet against UK is a good one, especially with a hung parliament looming.

Wed, 05/05/2010 - 21:20 | 333686 Robert Paulson
Robert Paulson's picture

Anybody else think that it is possible that the EU/US takes the whole "brothers across the sea" to promote "economic solidarity" or a similiar line? 

On a parallel, could the US refuse in order to benefit from the demise of the EU as a flight to quality might fuel further UST/USD strength?

Wed, 05/05/2010 - 21:27 | 333697 TBT or not TBT
TBT or not TBT's picture

Bingo.  An overseas crisis is initially good for Timmay's treasury sales.  Have a look at what TBT and TMV did over the past ten days.  Cheaper money for our voracious central government.

Wed, 05/05/2010 - 22:11 | 333765 Renfield
Renfield's picture

I go with the 'across the sea' guess.

The US would benefit from the humbling of the euro, but not from its demise.

If the euro goes, the USD becomes the only major 'safe haven' currency. (koff)

If that happens, Bermonkey can kiss his stock market bubble g'bye.

Thu, 05/06/2010 - 05:35 | 334014 ThreeTrees
ThreeTrees's picture

Assuming the US' situation hasn't changed for the worse by that time.  Who knows?  Lately I've been thinking that this whole facade could crumble much quicker than we'd imagined.

Thu, 05/06/2010 - 06:17 | 334063 Miss Expectations
Miss Expectations's picture

How's about Beyond the Sea

Wed, 05/05/2010 - 21:26 | 333693 A_MacLaren
A_MacLaren's picture

You don't suppose all this CDS gaming is really just a form of blackmail and extortion (aka "gaming" or game theory tactics) by "market participants" to force higher yields and/or CREATE mis-pricing because the Da Boyz are unhappy with ZIRP yields and to augement their phony-baloney fiat earnings in the Primary Prize Ponzi Parade?

Wed, 05/05/2010 - 21:35 | 333708 Instant Karma
Instant Karma's picture

So, we're going to cycle back into deflation after a one year reprieve of reflation. All the while knowing that while assets are falling in value, the currency that they are denominated in is backed by nothing more than unpayable debt. Weird.

The world definitely is going to take a while for this to be worked out.

Thu, 05/06/2010 - 00:52 | 333906 Fraud-Esq
Fraud-Esq's picture

weird huh. when it first hit me it was even weirder..

Wed, 05/05/2010 - 21:36 | 333711 Miles Kendig
Miles Kendig's picture

Alex, I'll take STUPIDS for a thousand.

Wed, 05/05/2010 - 21:49 | 333736 I need more asshats
I need more asshats's picture

That's the first time I've read you calling Tyler stupid.

But I agree that you cannot predict a countries economic health by it's CDS spread. That is just plain short sighted.

Thu, 05/06/2010 - 05:51 | 334033 anotheranon
anotheranon's picture

By STUPID I assume he means Spain.Turkey.Unitedkingdom.Portugal.Italy.Dubai


Fri, 05/07/2010 - 18:35 | 337365 Miles Kendig
Miles Kendig's picture

Thanx for the assist

Wed, 05/05/2010 - 21:46 | 333726 Turd Ferguson
Turd Ferguson's picture

F-ing Euro. If it holds 1.28 tonight, the algo boys will re-risk everything tomorrow and S&P will be up 20. However, we blow through 1.28, bend over and kiss your ass goodbye.

Wed, 05/05/2010 - 21:47 | 333729 doolittlegeorge
doolittlegeorge's picture

Ahh "I am become death, destroyer of worlds."  You folks still have no clue what your even up against conceptually.  Thank God for that.  It wouldn't be nearly as fun if we didn't already know the answers in advance now would it.

Wed, 05/05/2010 - 23:05 | 333828 Crab Cake
Crab Cake's picture

"As the heavens are higher than the earth,
       so are my ways higher than your ways
       and my thoughts than your thoughts."

Isaiah 55:9

"Though seeing, they do not see;
      though hearing, they do not hear or understand. 14In them is fulfilled the prophecy of Isaiah:
   " 'You will be ever hearing but never understanding;
      you will be ever seeing but never perceiving.
 15For this people's heart has become calloused;
      they hardly hear with their ears,
      and they have closed their eyes.
   Otherwise they might see with their eyes,
      hear with their ears,
      understand with their hearts
   and turn, and I would heal them.

Matthew 13: 11-15

They sow the wind and reap the whirlwind.

Hosea 8:7

Thu, 05/06/2010 - 02:52 | 333943 Hephasteus
Hephasteus's picture

"As the heavens are higher than the earth,
       so are my ways higher than your ways
       and my thoughts than your thoughts."


God tells one simple lie over and over. That he's better and smarter than you. It's the rambling repetition of a retard.

Wed, 05/05/2010 - 21:47 | 333730 Turd Ferguson
Turd Ferguson's picture

For a non-market related laugh...and don't we all need one right about now...take :21 to watch this...

Thu, 05/06/2010 - 00:40 | 333900 magis00
magis00's picture

Pen 15

Wed, 05/05/2010 - 21:56 | 333744 Segestan
Segestan's picture

I'd wage that the....Hundreds of millions of immigrants into a now bankrupt western world is probably not going to be viewed by future historians as a real peaceful progressive idea.

Wed, 05/05/2010 - 21:57 | 333745 Recovery3000
Recovery3000's picture

That is why we need to limit government not individuals from acting stupid, a person does it, Darwin's theory is validated, government does it and they demand we need to do more of the same due to the fact that we didn't try hard enough.  This EU collapse serves the technocrats right, who are they to try to control everyone and everything.

F' them and F' our DC whores as well.  I'm going drinking!

Wed, 05/05/2010 - 22:13 | 333770 Renfield
Renfield's picture

F them and the whores they rode in on.

Thu, 05/06/2010 - 00:39 | 333899 DoChenRollingBearing
DoChenRollingBearing's picture

Nominated as Pun of the Thread!  Touché!

Wed, 05/05/2010 - 22:03 | 333746 M.B. Drapier
M.B. Drapier's picture

The UK general election is today, Thursday. The polls indicate a hung Parliament.

Wed, 05/05/2010 - 22:13 | 333767 LeBalance
LeBalance's picture

that should be priceless. Does that comment go with Turd Ferguson's Tornado Penis a few comment above.  Serendipity be damned!

Wed, 05/05/2010 - 23:13 | 333837 Fraud-Esq
Fraud-Esq's picture

nice! I love it

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