Dagong Puts Italy Ratings On Downgrade Review

Tyler Durden's picture

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Yen Cross's picture

 Who is underwriting that review? Moodys of Milan?

MGHJFHD's picture

.From all the blogs I’ve read lately, this one seems to be the most impressive - it gave me something to think about.

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NoRestForTheWicked's picture

The calendar has a little red x in a sea of white (not uploaded yet).  Maybe symbolic?

Sudden Debt's picture

Maybe X points out the place where they hid the gold?

somewhere in the sea?

 

qussl3's picture

Chinabot's got a virus?

WTF lol.

Caviar Emptor's picture

2008: Globally coordinated bailouts 

2011: Globally coordinated downgrades

Ponzi off! 

Sudden Debt's picture

Beautifull he?

 

First the countries bailout the banks...

Then the Banks bailout the countries...

 

makes sense... in a way...

Mountainview's picture

Datong is the only credible rating agency as they represent the worldwide biggest buyer of bonds. S&P, Moody's and Fitch represent the biggest seller of debt and smell very often politicaly perfumed.

the not so mighty maximiza's picture

It is about time Italy joined the party. 

Sudden Debt's picture

Italians...

When they say "we're finished" that means that they are planning to start.

When they say "no problem my friend"... you should worry... and get out... FAST!

 

 

luigi's picture

"No problem, we are finished"...

malikai's picture

WTF?! Isn't this against their self-interest? I mean, after all that's been "invested" in Greece.. I'm terribly confused here.

Miss Expectations's picture

The farce is now complete...

Not quite.  This is merely another disturbance in the farce.

bigwavedave's picture

so china wants to buy some cheaper italian paper... makes sense

Poor Grogman's picture

It is not meant to be clear.

We are meant to be confused little sheep just bleating to be led out of the deep dark wood.

Unfortunatly for the PTB some people just insist on putting out another line of shorts, or buying inedible metal for entertainment,  rather than watching the idiot box.

These damn uppity sheeple.

Caviar Emptor's picture

Today is a definite  Ponzi off!  day.

Gold continues to decouple from metrics that have dominated the price action in recent months: dollar up, oil down are no longer an issue. I suspect that trend will continue and pick up steam. 

That's because gold is reclaiming its top-of-the-food-chain status in the face of full-on global currency uncertainty that, yes, even reaches the dear old dollar. US sovereign debt issues are now on full display and the politics are getting thick. An imminent rise in the debt ceiling comes at a badly timed juncture that only raises the specter of global competitive devaluations. US unemployment has quashed any fears of a rate hike. And dollars may soon be spewing out of the fire hose as the new phase of the crisis unfolds

And there's also the sneaking suspicion of interbank liquidity drying up fast out there as numerous, interdependent global mega banks are falling into the shadowland of counterparty suspicion. Who will be the first domino? 

Hang on to yer gold. If you don't have any, get it. If you have extra Bennie Bux, convert them. Gold will help navigate the choppy waters of the new unfolding reality which continues to go down the slippery slope anticipated since the crisis began in 2007. 

qussl3's picture

I really want to agree with you but my dildo sense tells me that the moment we get a miraculous deadline debt deal announced, paper gold is gonna get ponzi whacked.

Waiting to BTFD on that tho lol.

spanish inquisition's picture

I think the problems is there are too many people looking at and analyzing sovereign debt. I suggest that no one should be allowed to look at sovereign books. Without analysis, everyone will be happier because the debt is neither solvent or insolvent. Without having a debt distraction, we can concentrate on getting the trains to run on time. We can call it the Schrodinger Sovereign Debt Model.

White.Star.Line's picture

Finally, a workable solution to the crisis!

It is not the shady books, excessive leverage, and skyrocketing debt ratios that are the problem.
It is the threat of AUDIT.

We need more controls to keep inquisitive minds out of the world financial system, and not rock the boat.

Speaking of rocking boats, we are just about out of lifeboat seat assignments......

luigi's picture

Well, as little notch of hope, at least half of the due debt is in the hands of Italian banks (broken themselves, but keen not to lessen their reserves, so they probably still will buy).

Despite the fact that Italian default is long overdue (as is that of most western Countries) it is funny to see how every time there is an auction of souvereigns somewhere, a few days prior some rating agency starts the shit-fan at full power. OTOH, every time there are T-Bonds to sell, again the shit-fan blows against euro-zone to spread panic and push the Financial-Hamster-flock in the T-Bond corral. It seems to me that most traders have been reduced to a Pavlov-dog degree of drill.

Ted K's picture

Thank you Zhing Zhang Zhong!!  Any updates on if Greece or Iceland is going to default from comrade Wing Wang Wong??? Ching Chang Chong says careful what you say when Big Daddy Wen JiaBao is listening. IF you whispered the word "Inflation" and the starving peasants are listening outside the window it could cause "Big Daddy, everybody want to lick your ass Wen Jiaboa" major probs.

Stuck on Zero's picture

"Oh yeah! If you downgrade my country I'll downgrade yours."  And so the MAD doctrine takes down the nation-states.

PulauHantu29's picture

Are Moody's and S&P still in business?

The Greater Sucker Theory. They were rating the worthles subprime Triple AAA right up until they went belly up....LMAO