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Deplorable Portugal 12 Month Auction Validates Belgium Decision To Pull Sovereign Issuance Due To "Market Conditions"

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Wed, 03/16/2011 - 08:23 | 1059964 cossack55
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China will make great use of the Atlantic ports once they own Portugal.  Of course redundant, since they probably already own Spain.

Wed, 03/16/2011 - 09:39 | 1060230 Zero Govt
Zero Govt's picture

Let's be crystal: China does not conduct international trade, private Chinese companies do. International Govts have fuk all to do with international trade, they're just windbags blowing in the wind of where the private sector leads.

Second the Chinese Govt is buying debt in Euro and US Govt debt. That is 'pegged' entirely on those Govts being able to tax private Co's and citizens. If these economies contract the likelihood of these Govts being able to repay the Chinese Govt drops dramatically (it will).

So this is a sovereign debt crisis approaching. Stupid Govts loaning their nations wealth to other stupid Govts squandering the wealth they borrowed. A sovereign to sovereign collapse.

The Chinese Govt (politicians) are making the same mistake as the German Govt (politicians) extending credit/wealth to insolvent Governments. The Chinese Govt are simply going to get burned, not gain control of ports or any foreign resources... just as the Chinese Govts own internal investments in China are wasting money on nonsense (empty new towns, public transport projects etc)

Wed, 03/16/2011 - 08:26 | 1059970 Quintus
Quintus's picture

I think the headline should read 'Deplorable Portuguese 12 Month Auction.....'

Wed, 03/16/2011 - 08:34 | 1059997 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Who wants to be paid in fiat?  King Dollar!

Wed, 03/16/2011 - 08:29 | 1059976 Hammer Time
Hammer Time's picture

Manneke Pistches....

Wed, 03/16/2011 - 08:31 | 1059984 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Blythe is going to try and raid gold/silver right now.  Eat shit Blythe Masters.

Wed, 03/16/2011 - 08:32 | 1059987 youngman
youngman's picture

I am suprised anyone is buying anything right now...I would be buying Gold and Silver if I was a sovergn wealth fund...4-5-25%...it does not matter when they can just print that interest rate away....

Wed, 03/16/2011 - 08:34 | 1059996 Turtlelord
Turtlelord's picture

Belgium delayed the sale of a new six-year benchmark bond on Tuesday due to market volatility caused by the Japan earthquake and explosions at a nuclear power station there.

So, Japan is the new "winter" even if not (yet) a nuclear one.

Wed, 03/16/2011 - 08:35 | 1059999 TexDenim
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Belgium has an economy smaller than than of a major American city. Who cares about Belgium?

Wed, 03/16/2011 - 08:51 | 1060045 wandstrasse
wandstrasse's picture

Belgium hosts the sinister EU-administration - they DO care!

Wed, 03/16/2011 - 09:09 | 1060117 Zina
Zina's picture

GDP of Belgium = 461 billion dollars


GDP of Virginia = 427 billion dollars

GDP of Georgia = 404 billion dollars

GDP of Massachusetts = 377 billion dollars

GDP of Michigan = 372 billion dollars

Wed, 03/16/2011 - 10:14 | 1060380 TexDenim
TexDenim's picture

I stand corrected!

Wed, 03/16/2011 - 08:34 | 1060002 Judge Judy Scheinlok
Judge Judy Scheinlok's picture

It's a great time to scuttle all radioactive markets.

Shoot a hole in your hull Slewie, and let her sink.

Wed, 03/16/2011 - 08:35 | 1060003 fijisailor
Wed, 03/16/2011 - 09:06 | 1060118 Larry Darrell
Larry Darrell's picture

No one with half a functioning brain believes this.

However, there was an article on CNBC yesterday saying 70% of those polled believe Benocide will stop the QE.

At least now we know statistically that once everything falls apart we are down to 3 of us for every 7 zombies.  I think we will have enough ammo.

Wed, 03/16/2011 - 08:36 | 1060005 Yen Cross
Yen Cross's picture

The european pill poppers! Bund spreads.

Wed, 03/16/2011 - 08:40 | 1060007 Mercury
Mercury's picture

I had no idea Belgium was in such relative dire straits.  They  seem to be a reasonably industrious people even if one of their main exports is red tape.  Also, the one time I visited there I became convinced that there were no children in the entire country. 

Wed, 03/16/2011 - 08:51 | 1060053 Horatio Beanblower
Horatio Beanblower's picture

Jeremy?  Jeremy, is that you?


Jeremy Clarkson Meets the Neighbours - Belgium & Holland Pt 1 - http://www.youtube.com/watch?v=3Pke1mQmjwg

Wed, 03/16/2011 - 08:37 | 1060008 pendragon
pendragon's picture

and yet the euro is only down 35cents....

Wed, 03/16/2011 - 08:41 | 1060016 papaswamp
papaswamp's picture

Woo PPI blew past expectations. 1.6% rise. Housing starts and permits both dropped substantially. US trade gap higher than anticipated. Release the bad news now while everyone is looking at Japan.

Wed, 03/16/2011 - 08:43 | 1060025 youngman
youngman's picture

Yeah makes me want to go out and buy Treasuries....

Wed, 03/16/2011 - 08:42 | 1060022 PY-129-20
PY-129-20's picture

I don't want to bailout Portugal. I don't want to bailout Ireland. I don't want to bailout Greece. I don't want to bailout Belgium. I don't want to bailout Spain. I don't want to bailout Italy. I don't want to bailout Malta. I don't want to bailout Cyprus. I don't want to bailout German banks that spent our money on useless investment projects.

I want my Deutsche Mark back. *sigh*


Wed, 03/16/2011 - 08:44 | 1060029 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

PY, as least you are not in the US who has to bail everyone else out. Go Helicopter Ben! May you print your way to hades.

Wed, 03/16/2011 - 08:57 | 1060080 wandstrasse
wandstrasse's picture

Servus PY! There was a nice commentary in FTD about the EU Rettungsschirm (=printing Euros in advance)... it went like: Why not expand the Rettungsschirm from 750 billion Euros to 5 PIMPILLION Euros? Or better: 39 TRIPSTRILLION Euros? Then one has not to expand it time and again...

Wed, 03/16/2011 - 09:48 | 1060285 PY-129-20
PY-129-20's picture

Servus! Wie wäre es mit Fantastilliarden? Ob Onkel Dagobert seinen Geldspeicher räumt, um die Eurokrise abzuwenden? Man darf ja noch träumen. :)

Wed, 03/16/2011 - 08:42 | 1060023 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Sorry Tyler, Europe is not a black swan. You guys at ZH have been pointing out how hosed Euroland is for well over a year now. Kudos!

Wed, 03/16/2011 - 09:02 | 1060102 Quintus
Quintus's picture

Sometimes, being early making a call looks exactly like being wrong.  It isn't though.

Wed, 03/16/2011 - 08:44 | 1060024 oogs66
oogs66's picture

Any details yet on the new EFSF program?  Wasn't it designed to ensure smooth auctions? 

Wed, 03/16/2011 - 09:04 | 1060107 kroegman
kroegman's picture

Belgium's economy is about the size of Ohio, so still bigger than a regular major US city. Not negligeable indeed.

Wed, 03/16/2011 - 09:42 | 1060257 Zero Govt
Zero Govt's picture

Belgium is small but a European domino nontheless ...when they topple the fear it spreads is real enough!

Wed, 03/16/2011 - 09:44 | 1060265 ivars
ivars's picture

More reasons to validate the actual results of DJIA and oil prices vs. these February 6th predictions- the drop in stocks will continue as Oil will eat away all QE effect and flight for safety will keep USD high-there is a slight hiccup in June perhaps by QE3. But it won't last long because of rising oil prices.


The DJIA graph actually accurately predicts todays DJIA value, 1,5 months ahead, so the slope of decay from market top is accurate as well:












Wed, 03/16/2011 - 10:01 | 1060330 AldoHux_IV
AldoHux_IV's picture

It's so funny listening to these douchebags sound so confident about their worthless paper. 

Wed, 03/16/2011 - 10:25 | 1060420 tiger7905
tiger7905's picture

And Portugal has added in some good old fashion protests to boot...


Thu, 03/17/2011 - 01:08 | 1065466 entirecarhire
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Its reaaly nice post.I have latest news about Portugal,Portugal Car Hire is the place to book your holiday car hire and make the most of your visit to Portugal.


Dave Wilson


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