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ECB Open Market Bond Purchases Nearly Double In Latest Week , Surge In Past Month As Bond Monetizations Spike
The ECB's Securities Market Operation is finally cranking. After a relatively quiet summer during which the ECB would monetize at most €200 million of sovereign bonds weekly, things got rather hot in early October when a record €1.384 billion was acquired. That was followed by the eye of the hurricane when in a period of 4 weeks nothing happened. Then November happened, and things got out of hand. Over the past month the ECB has finally started flexing it muscles, buying €3.845 billion in bonds, most of these Irish and Portuguese. Of course, this is nothing compared to what the US does, which is now buying about $8 billion a day. Then again, the ECB works differently by providing funding directly to member banks, thereby monetizing indirectly. The fact that it has upshifted its direct monetization efforts is troubling as it indicates that QC for the secondary route is collapsing and JC Trichet no longer can rely on his henchmen on the ground, most of which are gripped in a total liquidity drought. Altogether €67 billion in bonds have been monetized under the SMP. Look for this number to double on short notice should the contagion hit Belgium and Italy as is now widely expected.
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I would like to monetize my credit card bill!
Does anybody have a DIY manual on how to do so?
1. Stop paying bill
2. government bails out the bank
3. Credit card bill monetized!
Of course, you still owe the money.
And how much interest do I receive on that money?
The bank gets your organs. You read the fine print on the agreement change, right?
It's simple if you are a dedicated European.
We all help each other out in an inexhaustible chain of support.
Thus providing strength through joy.
PoMo, written that way it takes on a whole new meaning, eh?
I'm just a Po Mo trying to git by.
But seriously, this is nucking futs. Everyone is going to buy their own debt? And China/Japan will suck up the rest?
Where does it end? Besides not well?
Such a con! Glad to be a hard money person.
ORI
http://aadivaahan.wordpress.com
Why should we every pay taxes again?
Just print it!
Fool, you must be reminded of your slave status.
Tra de da da la!
(peasants are getting uppity again, time to use the pissant spray.)
Wow, block quote fail.
Also, generally speaking is it the case that a 401(k) liquidation has 2 costs: income taxes and the plan's penalty? Have a "crucial conversation" today and wanted to confirm. Danke.
I have liquidated a few plans from former employers and the only penalty was the 10% fed hit. I have also taken half of my current 401K out via a loan, again no penalty but you have to pay it back at some percentage set by your plan(mine was a little over 5%). If you lose your job then the loan becomes a disbursement and will be taxed along with the 10% extra fed tax.
I'm pretty sure if it goes in pre-tax then you owe income tax on it before age 59.5. You damn tax cheat ;)
if it was a post-tax plan you owe the 10%, pre-tax is another story. But since you would loose it all if you left it with the thieves your move is well worth it.
Solars getting Blowtorched ~
SD. I think that would be Chapter 7 with State and Fed exeptions for keeping assets and property....
They've ensured immediate contagion by insisting that bond holders will take a haircut in 2013.
Either the banks that issue swaps surf the current wave of fear and assist in causing sovereign debt carnage now or face oblivion then.
On a related note, can anyone explain to me how forcing Eire to take on new, expensive loans of 50% of GDP, to raid it's pension fund and to cede sovereignty to Europe and the IMF could possibly be called a bailout?
"can anyone explain to me how forcing Eire to take on new, expensive loans of 50% of GDP, to raid it's pension fund and to cede sovereignty to Europe and the IMF could possibly be called a bailout?"
It can't properly be called a bailout, but if they called it the 'Irish Can-Kicking programme' rather than 'Irish Bailout' the markets might get suspicious about the chances of this actually working.
An earlier offering extended:-
It's simple if you are a dedicated European.
We all help each other out in an inexhaustible chain of support.
Thus providing strength through joy.
....... & if our cradle of civilisation (note the spelling) fails 'unexpectedly', ve ask you to HELP!!!!!
Evidence abounds that Portugal, Italy, Ireland, Greece and Spain no longer have sovereign debt seigniorage, and are not viably obtaining and will not be viably obtaining revenue from sovereign debt sales; any upcoming bond sales are being done by banks which submit debt or have submitted debt to the ECB for funding of new debt issues. Such means of obtaining money is simply a Ponzi financing, it is monetization of debt, and cannot be sustained much longer.
Theyenguy believes the sovereign crisis will intensify, and that out of Götterdämmerung, an investment flameout, according to Bible Prophecy, a Sovereign, Revelation 13:5-10, and a Seignior Revelation 13:11-18, an Old English term for top dog banker who takes a cut, will emerge to establish fiscal sovereignty and credit seigniorage for both Europe’s financial institutions and residents.