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EUR Plunges After Lagarde Intimates On Greek Bankruptcy

Tyler Durden's picture


It appears that the market refuses to be baffled with bullshit any longer. The EURUSD just took a big tumble following a report that Christine Lagarde, the IMF's new boss, announced that her new agency has not yet discussed Greek aid details, and made it clear that "nothing should be taken for granted on Greece." Since the only thing that is being taken for granted is that Greece will be bailed out, it is easy to see why the EURUSD just lopped off 60 pips in seconds. Not very surprisingly, this fits with what the Chairman of Commerzbank Martin Blessing told the Frankfurter Allgemeine Zeitung earlier. It appears that the dining room table is being set for what the EUR's chef believe will be a brief feast on the Greek carcass, following the country's plunge into SD, or temporary default status. What will happen next, however, is the same thing that happened when Lehman filed: sheer panic, as a global bank runs ensues, and the USD, not to mention gold, all go parabolic. The only possible brief saving grace is once again China, which just reported that its FX reserves rose from $3,197 billion to $3.233 billion. The bulk of that money is now going to purchase EURs and keep Europe afloat one more day.

Here's why it will be a sleepless night for FX (and thus ES) traders around the world:

The International Monetary Fund isn’t yet discussing details of a second joint bailout package for Greece with the European Union, said Christine Lagarde, the fund’s new managing director.

As regards a possible new program, in my view we’re not at the stage of discussing the conditions and terms and length and volume, and nothing should be taken for granted,” Lagarde, who took up the job on July 5, told reporters in Washington today.

First Deputy Managing Director John Lipsky has been closely involved in the current Greek program and is representing the IMF at the finance ministers’ talks after “ample meetings all together to properly define the position of the fund,” Lagarde said.

She spoke before European finance ministers today said they were considering using bond buybacks to ease Greece’s plight as surging bond yields in Italy and Spain brought the crisis closer to the heart of the euro area. The announcement came after talks with bondholders over a “voluntary” rollover of Greek debt ran into opposition from the European Central Bank.

What about Italy? Fear not - there is a firewall.

Italy’s effort to build a firewall against the spreading crisis formed the backdrop to today’s meeting in Brussels. The nation, struggling with Europe’s second-highest debt load after Greece, curbed short selling as its 10-year bond spread over Germany surged to 305 basis points, a euro-era high.

Lagarde said Italy is “facing issues at the moment which are essentially market-driven.” She said growth in the euro region’s third-largest economy needs to improve in parallel to efforts to reduce the budget deficit.

“It is clearly a fact that Italian growth has to improve; that is essential to restore the situation in Italy, in addition to the fiscal consolidation measures that have already been decided,” Lagarde said.

There was also the usual scapegoating of rating agencies but readers can read that at their leisure.

Unless the PBOC manages to stabilize the bloodbath in the EURUSD, tomorrow will be ugly.


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Mon, 07/11/2011 - 22:57 | 1446489 BKbroiler
BKbroiler's picture

Cmon, this was the plan all along.  The US created a global financial depression that would capitulate other nations first, making the dollar a safe haven long enough to soak up the world's spoils.   The biggest animal can lose the most blood before falling over.

Mon, 07/11/2011 - 22:59 | 1446502 AssFire
AssFire's picture

They played a 60 year card game with IOU's, but no one ever had that much money. So nobody will ever pay up. Viva Iceland free of the skum!

Now: more kindling, more fuel.. I think this bitch is finally starting to burn!

Mon, 07/11/2011 - 23:10 | 1446527 BKbroiler
BKbroiler's picture

I think this bitch is finally starting to burn!

nah, that's your ass, but 60 years sounds about right. to the victor go the rights to ponzi. And we ponzied hard.  The slick move was Bretton Woods... "our money is now tied to... nothing. sorry. see our military with any questions."

Mon, 07/11/2011 - 23:19 | 1446548 AssFire
AssFire's picture

No, my ass has been on fire for years... this smells like the fuckin roof is on fire, but I just don't want/need any water.

the jews. the jews. the jews are on fire. the jews. the jews.? the jews are on fire. we don't need no jews, let the motherfuckers burn. burn motherfuckers, burn.

Junk me after you laugh...

Mon, 07/11/2011 - 23:27 | 1446588 ZeroMargin
ZeroMargin's picture

So a Jew set your faggy ass on fire...? and now you have to polute this web site with hate posts... we discuss the markets here go play hitler somewhere else 

Mon, 07/11/2011 - 23:39 | 1446599 AssFire
AssFire's picture

Oh, who do you think collected the interest on all the fake money?

Made it too simple and that is what infuriates you guys. Take it easy, I'm just doin a reality check.

Mon, 07/11/2011 - 23:51 | 1446672 TK7936
TK7936's picture

There just doing Gods work. Who are you to question God?

Mon, 07/11/2011 - 23:27 | 1446589 fuu
fuu's picture

It's those non-neanderthal pure breds that are junking you.

Mon, 07/11/2011 - 23:42 | 1446629 AssFire
AssFire's picture

Did you know about that study?? I'm glad you brought it up. I doubt many others do either. Here is the link:

enjoy my good friends!

Mon, 07/11/2011 - 23:52 | 1446674 TheForgottenMan
TheForgottenMan's picture


Powerful link!, Thanks AF! Why is this all being kept from everyone yet in plain sight?? I knew Darwin was right! They started lying about this stuff 60 years ago; but there it is.

Even if you are branded a racist, you our our racist and bring a perspective that makes ZH unique!


Tue, 07/12/2011 - 02:35 | 1446884 Mr Lennon Hendrix
Mr Lennon Hendrix's picture


Andrew Maguire, bitchez!  (said with a British accent)

Tue, 07/12/2011 - 00:29 | 1446746 fuu
fuu's picture

It's not that I doubt the science, I actually spent $50 today purchasing papers relating to the studies mentioned in your videos. I just doubt your interpretation of them.


Here's a couple of free ones you can start with.



Then again you have the same African progenitor mother all the rest of us has. It seems that Neanderthal's had a totally different kind of mtDNAA. Only Neanderthal males and Human females were able to reproduce and produce fertile offspring. Most likely the Neaderthal pimps just put our great-great-great...great-grandmas to work on the corner.

"In spite of the new evidence that shows "modern" humans are all linked (except Africans) to Neanderthals we continue to spend fist over dollar trying to evolve this race when it is not even possible."

"Yes, the only contribution; basically a pre modern human pitri dish.

I'm talking about the concepts of farming, using tools, buring the dead etc. None of that evolved from these. Everyone agrees that something remarkagle happened to the developement of modern 40,000 years ago. Now we are not allowed to understand it or talk about it because of 150,000 year old petri dishes? Nonsense."

"With the science I think it is time to expect less and treat differently this race that we spent 60 years (and trillions of $$) trying to evolve."

Tue, 07/12/2011 - 03:25 | 1446918 Jack Napier
Jack Napier's picture

Interesting study, but let me tell you why it doesn't mean what it seems. I recently watched a Nova episode on PBS where they discussed switch genes. These are genes that function as on/off switches like binary to determine whether the subsequent gene sequence is processed or skipped/ignored. This is why we can have so much in common with apes, yet be so different, because it only takes 1 gene to be different to bypass an entire segment of development. The study also went on to show that a species can be modified merely by its environmental factors such as temperature. They were able to get one species of a mouse to change its color simply by having it develop in a different location with a different environment, and were able to isolate the gene responsible for choosing the color by doing a comparison. Evolution is not forward or backward, but lateral. Whatever the genes are determines what will be, and since DNA is not infinite there must be a finite number of predetermined possibilities available, and changing the gene sequences just changes the outcome. All this actually bolsters the case for intelligent design, as gene sequencing is just a complex form of organic computing, and there must be some method of interpreting the DNA sequence that causes life to consistently form in the same manner when the same sequences are provided. The fact that much of the world shares 4% DNA with neanderthals doesn't imply anything beyond what it explicitly states.

Tue, 07/12/2011 - 07:09 | 1447078 TheForgottenMan
TheForgottenMan's picture

Well this is what the father of DNA sequencing said before the msm freaked out..

Something made humans have a giant leap about 40000 years ago that is not disputed.

Other Nobel Prize winners like Shockey said much the same. Just seems as though a massive campaign has been running for a long time to build up the self images without any accomplishments.

Tue, 07/12/2011 - 08:34 | 1447244 fuu
fuu's picture

Yes the man wants to select out ugly people. He seems like a trustworthy source for interpreting data.

Mon, 07/11/2011 - 23:05 | 1446530 MGHJFHD
MGHJFHD's picture

Someone I work with visits your site frequently and recommended it to me to read also. The writing style is superior and the content is relevant. Thanks for the insight you provide the readers!


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Mon, 07/11/2011 - 23:10 | 1446540 magis00
magis00's picture

Do you manufacture your

excellent quality hair ties|hair combs|bridal hair combs|hair bands|hair accessories

in u S of A?  I will work 14 hours with no bathroom breaks.

Mon, 07/11/2011 - 23:11 | 1446544 magis00
magis00's picture

Also, welcome.  Don't advertise, please.  Blogs that contribute to the conversation are a different sort of signature, my friend.

Tue, 07/12/2011 - 00:32 | 1446753 goodnightvienna
goodnightvienna's picture

I'll see your 14 hours with no bathroom breaks and I'll raise you the hour I usually use to get my hair cut each month... in exchange for a hairband.

Tue, 07/12/2011 - 00:23 | 1446735 Mactheknife
Mactheknife's picture

Here's a tip: Italian CDS are WAY cheap.

Tue, 07/12/2011 - 01:29 | 1446829 gorillaonyourback
gorillaonyourback's picture

buy insurance on an italian bank in case it collapses. how can than bet be cheap?

Tue, 07/12/2011 - 05:51 | 1447022 LudwigVon
Tue, 07/12/2011 - 00:23 | 1446736 JW n FL
JW n FL's picture
by Central Bankster
on Mon, 07/11/2011 - 22:23




Thank You! for the Link!! and it is MUST SEE TV (youtube) for anyone who is interested in recent history and fiat (paper) money collapse!

Tue, 07/12/2011 - 00:31 | 1446749 macholatte
macholatte's picture

Thanks for the link, CB

Interesting to observe, casually, that what appears to bind the protesters is a sense of unity of purpose (also see Greeks, Egyptians, etc) not found in the USA. Maybe it's because those societies haven't been poisoned by "diversity" and class warfare propaganda. Just a hunch.


Mon, 07/11/2011 - 22:24 | 1446380 ads56
ads56's picture

Checkmate bitches!

Mon, 07/11/2011 - 22:27 | 1446381 knukles
knukles's picture


Think G-Pap's "Dear Fuckyou" letter set her off? 
Or maybe Spain Greecing the Yids has her concerned?

Mon, 07/11/2011 - 22:24 | 1446382 Dr Zaius
Dr Zaius's picture

It's just a flesh wound.

Mon, 07/11/2011 - 22:30 | 1446398 HungrySeagull
HungrySeagull's picture

A firewall is useless in this Firestorm.

They will need to dynamite entire Nations until the cancer is cut out of the EU.

Mon, 07/11/2011 - 22:37 | 1446419 Dr Zaius
Dr Zaius's picture

That's how they dealt with the San Francisco fire in 1906.  Whole neighborhoods were flattened with dynamite to stop the fire.  I just wonder who get's to choose where the dynamite goes.

Mon, 07/11/2011 - 22:39 | 1446434 delacroix
delacroix's picture

don't worry, the guys, who did the WTC, are on it

Mon, 07/11/2011 - 22:42 | 1446445 HungrySeagull
HungrySeagull's picture

Actually Sanfran was rebuilt on rubble, graves of the dead. The next quake will liquidfy downtown and drown it all.

There will be no Southern Pacific Railroad to haul the hundreds of thousands, if not millions of homeless.

If memory serves, BOA set up a stool and a table in the burned out street and started lending money to people desperate for the lumber.

Mon, 07/11/2011 - 23:37 | 1446622 Bastiat
Bastiat's picture

The next quake will liquidfy downtown and drown it all.


Mon, 07/11/2011 - 23:04 | 1446524 hamurobby
hamurobby's picture

Pretty much a Maginot Line, might as well just give Germany the keys and save us the drama.

Tue, 07/12/2011 - 05:07 | 1446989 TruthInSunshine
TruthInSunshine's picture
by HungrySeagull
on Mon, 07/11/2011 - 22:30

A firewall is useless in this Firestorm.

They will need to dynamite entire Nations until the cancer is cut out of the EU.



fusion power

If graphite is used, the gross erosion rates due to physical and chemical sputtering would be many meters per year, so one must rely on redeposition of the sputtered material. The location of the redeposition will not exactly coincide with the location of the sputtering, so one is still left with erosion rates that may be prohibitive. An even larger problem is the tritium co-deposited with the redeposited graphite. The tritium inventory in graphite layers and dust in a reactor could quickly build up to many kilograms, representing a waste of resources and a serious radiological hazard in case of an accident. The consensus of the fusion community seems to be that graphite, although a very attractive material for fusion experiments, cannot be the primary PFC material in a commercial reactor.

The sputtering rate of tungsten can be orders of magnitude smaller than that of carbon, and tritium is not so easily incorporated into redeposited tungsten, making this a more attractive choice. On the other hand, tungsten impurities in a plasma are much more damaging than carbon impurities, and self-sputtering of tungsten can be high, so it will be necessary to ensure that the plasma in contact with the tungsten is not too hot (a few tens of eV rather than hundreds of eV). Tungsten also has disadvantages in terms of eddy currents and melting in off-normal events, as well as some radiological issues.


Looks like even with some impurity issues, tungsten is far more viable than graphite, for now.

Of course, maybe the Chinese can discover a new rare earth mineral - let's call it bullshitanium for discussion purposes (since the Chinese are very good at finding unique, nearly magical materials on their soils, exclusively) - and this can be bonded with tungsten or another/other material(s), to improve the plasma container for either a 'pinch' or 'magnetic' containment system further.

In other words, yeah...the Eurozone is foooked badly.

Meltdown bitchez!


Tue, 07/12/2011 - 07:19 | 1447103 the tower
the tower's picture

Does that mean the USA needs to be blown up to cut the cancer out of this world?

Mon, 07/11/2011 - 22:32 | 1446402 Cdad
Cdad's picture

China, which just reported that its FX reserves rose from $3,197 billion to $3.233 billion. The bulk of that money is now going to purchase EURs and keep Europe afloat one more day.

Sweet!  A synthetic, non China based way to sell China...the worst capital allocators on the face of the Earth.  

Sell the Euro and kill two birds with one stone!

Mon, 07/11/2011 - 22:34 | 1446404 Boston
Boston's picture

What will happen next, however, is the same thing that happened when Lehman filed: sheer panic, as a global bank runs ensues, and the USD, not to mention gold, all go parabolic

Don't forget Treasuries!  They have already, BTW, jumped very nicely tonight.

Mon, 07/11/2011 - 22:33 | 1446406 Hedge Jobs
Hedge Jobs's picture

“facing issues at the moment which are essentially market-driven.”

yep, blame those "market conditions" again. has nothing to do with management of the economy 

Tue, 07/12/2011 - 00:38 | 1446763 Zero Govt
Zero Govt's picture

+  spot on

Mon, 07/11/2011 - 22:34 | 1446410 mt paul
mt paul's picture

long Chinese baklava ..

Mon, 07/11/2011 - 22:34 | 1446411 bakken
bakken's picture

What happens to the market if, after all the hype, the Chinese get cold feet and let the Euro collapse?

On the other hand, a falling market lets them pick up a lot of leverage on the Euro market cheaply.  How much Euro float is there actually?  Would they want to be tied to the Euro now, as it fails?  They don't even want the responsibiity for their own Yuan!

China loses half its nestegg speculating on the Euro???  I think not.

Mon, 07/11/2011 - 22:58 | 1446503 chump666
chump666's picture

China will turn on it's money pumps but their bonds should sink.  The next step in th endgame trade. China imploding, if it isn't already...

Mon, 07/11/2011 - 23:48 | 1446665 mayhem_korner
mayhem_korner's picture

If China floats EU tomorrow, who's going to pick up the slack for the $66B in Treasuries to be auctioned?

Tub is draining...

Tue, 07/12/2011 - 02:12 | 1446868 qussl3
qussl3's picture

Crash'em stawks and them fund managers will come running.

Mon, 07/11/2011 - 22:35 | 1446413 monopoly
monopoly's picture

And I am surprised by all this. I think not. We have been discussing this here for a couple of years now. Just starting to all come together.

Mon, 07/11/2011 - 22:39 | 1446430 Dr Zaius
Dr Zaius's picture

Don't underestimate the human capacity to kick the can down the road.

Mon, 07/11/2011 - 22:49 | 1446472 old naughty
old naughty's picture

This can has been kicked so much that the tip of the boot could hardly find a point to kick it further.

Tipping point [not] in sight? Ha.

Mon, 07/11/2011 - 23:00 | 1446513 Piranhanoia
Piranhanoia's picture

but your leg's off?

Tue, 07/12/2011 - 07:11 | 1447092 Incubus
Incubus's picture

If things get bad enough, we'll just get Dhalsim to start kicking the can for us.

Mon, 07/11/2011 - 22:43 | 1446447 pesamystik
pesamystik's picture

Don't worry, there is going to be a chorus line of dancing girls kicking this can all the way into the sky. Once it breaches orbit, that can will just keep floating to the ends of the universe.

Mon, 07/11/2011 - 22:47 | 1446464 HungrySeagull
HungrySeagull's picture

And the room will be packed with attentive people undressing the last of the outfits still left on the dancing girls, the can will be a minor annoyance as the plotting begins on who gets which girl.

Mon, 07/11/2011 - 22:38 | 1446425 Herbert_guthrie
Herbert_guthrie's picture

From the western "Unforgiven"

"Well, I guess he had it coming."

"We all have it coming, kid."

Mon, 07/11/2011 - 22:50 | 1446476 gwar5
gwar5's picture

"I don't deserve to die like this!"

"Deservings got nothin' to do with it"

Mon, 07/11/2011 - 22:53 | 1446487 gwar5
gwar5's picture

"I don't deserve to die like this!"

"Deservings got nothin' to do with it"

Mon, 07/11/2011 - 22:57 | 1446498 gwar5
gwar5's picture

"I don't deserve to die like this!"

"Deservings got nothin' to do with it"

Mon, 07/11/2011 - 23:10 | 1446542 chump666
chump666's picture

"eveything comes to an end"

Mon, 07/11/2011 - 23:23 | 1446582 francis_sawyer
francis_sawyer's picture

"With a very unpleasing, sneezing, wheezing,
The calliope crashed to the ground..."

Some brimstone baritone
rolling stone...
preacher from the east"

"says dethrone the dictaphone
hit it in its funny bone...
cause that's where they expect it least"


"...and some new mown
was standing in the corner...
watching the young girls dance

...and some fresh sown
was messin with his frozen zone...
reminding him of romance"


"Scott with a slingshot
Finally found a tender spot
& throws his lover in the sand...

& some blooshot
says daddy's within earshot
save the buckshot


"Mama always taught me not to look into the eyes of the sun...
(but MAMA, that's where the 'fun' is)...

She got down, but she never got tight, she's gonna make it
Thru the night...

Mon, 07/11/2011 - 22:38 | 1446427 props2009
props2009's picture

Long term US prosperity

Mon, 07/11/2011 - 22:46 | 1446433 bob_dabolina
bob_dabolina's picture

What about Italy? Fear not - there is a firewall.

At first blush I read that as fireball

Mon, 07/11/2011 - 22:41 | 1446438 chump666
chump666's picture

There is nothing they can do now.

Mon, 07/11/2011 - 22:44 | 1446452 Putty
Putty's picture

Just waiting for the infamous stick save.  It's worked very well so far.  <sarc>

Mon, 07/11/2011 - 22:44 | 1446454 silvertrain
silvertrain's picture

10yr 2.89

Mon, 07/11/2011 - 22:47 | 1446461 RobotTrader
RobotTrader's picture

Watch the yields on Uncle Gorilla notes plunge to unheard of lows, while commodities of every stripe get poleaxed as screaming scared investors pile into U.S. Dollars.

Mon, 07/11/2011 - 22:48 | 1446469 oogs66
oogs66's picture

damn, where were you today?  and what retail stock or reit benefits from this ?  that you are already long, but only after the close?

Mon, 07/11/2011 - 23:00 | 1446508 HungrySeagull
HungrySeagull's picture

I am quietly watching my Beloved Silver take water.

It is my thinking that the screaming scared investors are packing themselves into the freight elevator made of paper dollars many stories up.


Those damn things are good until the last drop.

Mon, 07/11/2011 - 23:38 | 1446631 francis_sawyer
francis_sawyer's picture

whew -

I'm so glad you didn't say they were gonna 'pile' their fat FLOTUS looking @sses into LULU outfits...

I might not have been able to sleep this evening...


Mon, 07/11/2011 - 22:47 | 1446463 oogs66
oogs66's picture

about time they finally agree with ZH :)

Mon, 07/11/2011 - 22:49 | 1446470 RobotTrader
RobotTrader's picture

Guess what is on the brink of breaking out to new highs?

Japanese Yen.

The Fed better start printing faster and faster, otherwise the Yen is going to outrun the U.S. Dollar as the "go to" safe haven of choice.

Mon, 07/11/2011 - 22:53 | 1446490 old naughty
old naughty's picture

and then the unthinkable (really?)  will happen and "come back to" safe haven will again be "the choice".

It is a set up.

Tue, 07/12/2011 - 04:57 | 1446982 oogs66
oogs66's picture

Japanese yen strength, another failed government intervention, and it is scary that Japan is a safe haven.

Tue, 07/12/2011 - 10:45 | 1447655 JimBowie1958
JimBowie1958's picture

I dont understand yuour statement.

Why would the Fed printing FRNs *faster* strengthen it against the Yen?

I would seem that reducing the FRNs available would strengthen its value against all other currencies, not weaken it.

Is there something I am missing in your statement?

Mon, 07/11/2011 - 22:50 | 1446474 Catullus
Catullus's picture

Look, my bonds are selling off essentially for market-driven issues. Haha

"Huh? I am not a bum. I'm a jerk. I once had wealth, power, and the love of a beautiful woman. Now I only have two things: my friends and, uh, my thermos. "
- Navin R. Johnson, The Jerk

Mon, 07/11/2011 - 22:51 | 1446478 Seymour Butt
Seymour Butt's picture

Poor old dumb greedy Lagarde. Should have known better than to take this poisoned chalice of a job. She'll be remembered as the IMF Pres who destroyed the Eurozone.

The dominoes are starting to fall. Lagarde, a slave of the bond market, couldn't care less if Italians, Greeks, Spaniards kill each other and destroy themselves and their countries. As long as the bankers are protected, it's all fine by her. On her zeal to protect the banksters, she forgets that these countries will bring us all down. 

I hate that bitch and hope she fails miserably. Which I know she will. 


Mon, 07/11/2011 - 23:06 | 1446526 AssFire
AssFire's picture

Yes, Now that Romer is gone this is also my most hated bitch. Some of her remarks seem straight out of Atlas Shrugged- total arrogance. Few have been as unqualified as the wise latino justice and the healthcare nazi queen; this marxist bitch is straight from the mold of incompetence.

She advise us to raise our debt limit....FUCK HER!

Tue, 07/12/2011 - 02:15 | 1446869 Zero Govt
Zero Govt's picture


Ayn Rand wrote, "When you see that in order to produce, you need to obtain permission from men who produce nothing; when you see that money is flowing to those who deal not in goods, but in favors... and your laws no longer protect you against them, but protect them against you… you may know that your society is doomed.

That's straight off General Jim Sinclairs webiste a day ago and pretty well sums up the conclusions i've come to over the past few years on Govt/politicians, banksters and other corporate parasites in society. I've not read much on Ayn Rand except her view on money linked by a ZH poster recently so i'm not knowledgeable enough to take a view on her... are you saying Rand is an arrogant bitch as well as Lagard (no debate there)?

Tue, 07/12/2011 - 02:40 | 1446886 TheForgottenMan
TheForgottenMan's picture

Ayn Rand was an immigrant who fled socialism. She had insight to the whole situation we find ourselves in. I strongly encourage you to read it. AF is saying the Lagarde bitch is just like the central planners (with no experience) in Atlas Shrugged. It is an incredible novel as is the forgotton man.

Tue, 07/12/2011 - 00:11 | 1446712 cosmictrainwreck
cosmictrainwreck's picture

still waiting to find out who took our her predecessor, probably knowing she'd get tapped....... not that I'm a conspiratory type, but.....

Tue, 07/12/2011 - 01:49 | 1446819 Zero Govt
Zero Govt's picture

Madam Le Penn was jumping for joy while Sarkozys Party was much more muted in its celebration... so that puts Sarkozy top of the suspects list with electoral motivation

...and the stitch-up job was in NY that pit of the NY Banking Mafia who no doubt has an interest in the IMF and who they do or don't bail out in the final countdown to Merry Hell

Mon, 07/11/2011 - 22:56 | 1446481 caerus
caerus's picture

Hmmm...still waiting for confirmation of that ES triple top/right shoulder whatchamacallit...look out below! (maybe)

Mon, 07/11/2011 - 23:51 | 1446673 Mactheknife
Mactheknife's picture

S&P futures down 10.

Mon, 07/11/2011 - 22:55 | 1446494 El Oregonian
El Oregonian's picture

Spider's spin webs to deceive, prey become entangled when believed. Prisoners become completely entombed, chasing sweet little morsels to their doom. Their lifeblood drained they become dust, When spider's reveal their boom was a bust.

Mon, 07/11/2011 - 22:56 | 1446496 RobotTrader
RobotTrader's picture

Anybody notice that California muni-bonds are once again trading near 3-year highs again?? 

What happened to Meredith Whitney?

Mon, 07/11/2011 - 23:13 | 1446539 knukles
knukles's picture

Mud wrestling Blythe Masters for the Mental Health Foundation's Annual Charity Tax Evasion, Political Influence and Self-Aggrandisement Ball, Frog Drawing, Silent Testimony, Obama Sock Puppet Raffle, Favorable Air Time and Get Out of Jail Free Card Auction.
(TG is masquerading as the Frog this year.)

Mon, 07/11/2011 - 23:49 | 1446668 way-out-west
way-out-west's picture

Dude. Ken. Is that you? 

Mon, 07/11/2011 - 23:16 | 1446557 banksterhater
banksterhater's picture

she went 2 rounds with Layfield.

Mon, 07/11/2011 - 23:03 | 1446520 Bohemian Grover
Bohemian Grover's picture

how soon til everyone wakes up and realises the rest of the world is in the same situation?

Mon, 07/11/2011 - 23:10 | 1446541 caerus
caerus's picture

Looks like DXY at 76.31 pushing up against short term resistance...will the sitchiation in Europe trump the sitchiation in the U.S.?  Only time will tell...

Mon, 07/11/2011 - 23:14 | 1446551 Caviar Emptor
Caviar Emptor's picture

This is all telling us that 

-Yes, they intend to bail Greece But...

-They're starting to feel the heat from the side effects of endless money printing and it's hurting the solvent nations in the pocket book. Inflation is an ugly genie that Europe (and US) always fear.

-The entire world is now reverberating from the effects of excessive liquidity. And every time more gets printed it's de-stabilizing the less fortunate countries. Unfortunately, those countries are al strategic. 

Mon, 07/11/2011 - 23:15 | 1446553 johngaltfla
johngaltfla's picture

Tyler, check out EUR/CHF. Holy crickies...

Tue, 07/12/2011 - 00:19 | 1446729 FischerBlack
FischerBlack's picture

SNB intervention in 3...2...1...

Mon, 07/11/2011 - 23:16 | 1446554 banksterhater
banksterhater's picture

Make her tell the truth, or OFF WITH HER HEAD !

Mon, 07/11/2011 - 23:17 | 1446560 HungrySeagull
HungrySeagull's picture

I wonder if Ice Age's Scrat make a oopsie again in the Euro Nut Factory?

Mon, 07/11/2011 - 23:19 | 1446561 chump666
chump666's picture

and the geniuses at JP Morgan Chase still calling the China boom to the resuce. 

God helps us all

Tue, 07/12/2011 - 07:52 | 1447149 Use of Weapons
Use of Weapons's picture

I think they're busy elsewhere at this time... (although, bidding partners with Chinese companies are ongoing).


And a more western, 'drum up interest' puff piece, and linked show of 'benefits' of being involved: note that the writer references T.S. Elliot's The Wasteland for some bonus illuminium points.


Mon, 07/11/2011 - 23:23 | 1446583 HungrySeagull
HungrySeagull's picture

Marketwatch and other sites are getting ... tardy on purpose with the data.

Mon, 07/11/2011 - 23:29 | 1446598 Mark Noonan
Mark Noonan's picture

Geesh - you just have to wonder:  when will they just give up?  I mean, for crying out loud, they are acting as if there really is an endless pot of free money to prop up the system.  After a while, you have to just step back, laugh and watch it all fall apart.

Mon, 07/11/2011 - 23:30 | 1446600 StormShadow
StormShadow's picture

Tim Geithner for Dog Catcher!

Mon, 07/11/2011 - 23:33 | 1446612 Mark Noonan
Mark Noonan's picture

Don't be too hard on little Timmy - his world is falling to pieces.  He's a man who was told that if you did X, then Y would result and now he's finding out that it doesn't work...hsi god, Keynes, has failed him, and he's at his wit's end, poor man.

Mon, 07/11/2011 - 23:46 | 1446657 caerus
caerus's picture

This is something I ask myself in my less cynical moments...brilliant super criminals, or well meaning morons?  The truth, as usual, probably lies somewhere in the middle.

Mon, 07/11/2011 - 23:54 | 1446680 Mactheknife
Mactheknife's picture

So you were the guy that believed that "Turbo tax" bullshit.

Tue, 07/12/2011 - 00:05 | 1446705 caerus
caerus's picture

I don't pay

Mon, 07/11/2011 - 23:39 | 1446636 RollinRavenPurple
RollinRavenPurple's picture



There is wonderful commentary here.  Do you think you could activate a thumbs up or a positive next to the "flag as junk".  I think then you could filter for the highest rated comments.  Bring a lot of value to the site, think about it.  Get back to me..... =0)

Mon, 07/11/2011 - 23:43 | 1446650 francis_sawyer
francis_sawyer's picture

I don't need no stinkin 'thumbs up' if I nail it...

OTOH... Go Ravens! (ravens bitchez!)...


Mon, 07/11/2011 - 23:42 | 1446646 chump666
chump666's picture

now the wimpy BoJ knowing that everything is going down the toilet is about to cut GDP outlook.  Misery loves company

for FX traders fat stops at 1.39 handle (EUR)

Mon, 07/11/2011 - 23:43 | 1446649 Peter_Griffin
Peter_Griffin's picture

How soon before I have to go search for food in the woods?


Will sharpened pencils work for protection and to hunt small game?


Will my two silver coins pay off my mortgage?


I'll report back with findings.

Tue, 07/12/2011 - 00:27 | 1446741 JW n FL
JW n FL's picture

Peter.. I have heard.. if you go out in the woods and bury $5 Bucks.. and oz. of silver will appear.. or maybe it is.. if you pay a Mexican $5 Bucks and he digs.. you can have an oz. of silver.. it all sounds like a pyramid scheme to me.. so I havent tried either or.. but let me know how the $5 bucks and the oz of silver thing works out for you! PLEASE! we all would like a leg up!

Mon, 07/11/2011 - 23:45 | 1446655 sasebo
sasebo's picture

Aw shit. Is it still 10,000 atta boys to one aw shit?

Mon, 07/11/2011 - 23:47 | 1446661 Roger Knights
Roger Knights's picture

The skids are Greeced.

Tue, 07/12/2011 - 06:04 | 1447028 TruthInSunshine
TruthInSunshine's picture


A very fine pun, RK.

And appropriate and timely.


Call me crazy, but I do think Italy, Spain and Portugal (not to mention....France! Sacre Bleu!!! The ONE that hasn't been spoken of as in trouble...yet) are going to make Greece look like the literal pimple on the elephant's ass, so yes...

...this is going to get very FUGLY.


Kick the can, some say?

Where to?





Tue, 07/12/2011 - 00:02 | 1446700 InvalidID
InvalidID's picture

 DId I make it home in time to watch Europe implode?

Tue, 07/12/2011 - 00:12 | 1446713 sub Z
sub Z's picture

Be careful where you step, you could lose a head.

Tue, 07/12/2011 - 01:54 | 1446858 yabs
yabs's picture

please alter your scale

I hardly classify a 1 cent change as a plunge

over dramatic don't you think?

wake me up when it gets below 1.30 and then 1.20

Tue, 07/12/2011 - 02:18 | 1446871 yabs
yabs's picture

Hopefully we will get some real market porn today

another flash crash would get me going

Tue, 07/12/2011 - 02:40 | 1446890 chump666
chump666's picture

would be quite good.  hedge funds running neg returns can't short in bid markets last 6mths, now can short. 


Tue, 07/12/2011 - 02:29 | 1446880 tim73
tim73's picture

Dollar as "safe haven"...ha ha ha ha ha ha ha! You Americans really still think that?!

Tue, 07/12/2011 - 02:42 | 1446892 GtownSLV
GtownSLV's picture

This Guardian article reads like they threw in the towel on a Greek default:

Tue, 07/12/2011 - 04:03 | 1446958 InvalidID
InvalidID's picture

 Wow, this seems like the IT moment doesn't it?

Tue, 07/12/2011 - 03:12 | 1446919 swissinv
swissinv's picture

and the IMF is McAfee

Tue, 07/12/2011 - 03:46 | 1446944 circusoflife
circusoflife's picture

Black Eyed Peas - Let's Get it Started

Tue, 07/12/2011 - 03:56 | 1446952 AldousHuxley
AldousHuxley's picture

Meanwhile Chinese are buying Bentleys. Globalism in action bitches. Young Greeks better beg Chinese businessmen/women for a job for your elders have squandered the wealth on unearned social entitlements and the elites have sold the future generations out.

Tue, 07/12/2011 - 04:35 | 1446972 dvsteenk
dvsteenk's picture

What happened at around 9:55 (GMT+1) with CAC40 (or its underlying stocks)? A hidden flash crash or circuit break?

Shortly after that, no more updates of charts and quotes (CAC40 stuck at 3717.7), but futures bent upwards in linear fashion. European PPT intervention? Or another programmed short-squeeze?

Tue, 07/12/2011 - 05:08 | 1446983 uranian
uranian's picture

according to some spanish/portugese websites, a lot of euronext is down:


anyone with direct access confirm/deny? it's apparently affecting france, belgium, portugal and holland.


edited to add that while i don't trade, looking at netdania for the CAC40, it is indeed stuck at 3717.70 and is not moving.

Tue, 07/12/2011 - 05:15 | 1446993 slewie the pi-rat
slewie the pi-rat's picture

i don't know!  but i am up late, and this is quite an interesting night.  red ink all over the place

Dow 12,505.80 -151.44 -1.20% S&P 500 1,319.49 -24.31 -1.81% Nasdaq 2,802.62 -57.19 -2.00% Ticker Volume Price Price Delta STOXX 50 2,634.18 -74.96 -2.77% FTSE 100 5,823.23 -105.93 -1.79% DAX 7,067.83 -162.42 -2.25% Ticker Volume Price Price Delta Nikkei 9,925.92 -143.61 -1.43% TOPIX 857.19 -12.97 -1.49% Hang Seng 21,663.20 -684.07 -3.06%

and, the commodities trading now, oil, food, metals---generally in the red.  still, it is only pricing.  risk on;  risk off;  rinse;  repeat; again;  don't stop now;  c'mon!  risk off;  risk on; risk off; that's it;  keep movin; risk on;  risk off...step up; risk off; ... a big algo.   update: and the 3 european indices are now higher

Tue, 07/12/2011 - 05:31 | 1447007 uranian
uranian's picture

MADRID (MarketWatch) -- NYSE Euronext on Tuesday that the pricing of its four blue chip indexes in Amsterdam, France, Belgium and Portugal had been suspended at 9:56 a.m. Central European Time or 3:56 a.m. Eastern. Trading on NYSE Euronext cash markets and Liffe derivatives markets were not affected. NYSE Euronext said it did not yet know the root cause of the issue.

Tue, 07/12/2011 - 05:44 | 1447019 dvsteenk
dvsteenk's picture

a bit odd that Euronext has had technical problems on heavy down days, lately

about two weeks ago, there were similar events, with trading halted for hours...

can't they handle the volume or is it a circuit break intervention?

Tue, 07/12/2011 - 05:57 | 1447025 dvsteenk
dvsteenk's picture

at 9:53 CAC40-futures dropped 20 points to 3669.3 in the span of one minute, and shortly after that another "technical problem" caused it to halt pricing...

Meanwhile, futures are up over 80 points (>2% recovery) from that low, at around 3757 (11:30).

Keeping up appearances?

Tue, 07/12/2011 - 05:11 | 1446990 Pete15
Pete15's picture

It really makes you think how bad things are when people actually want to buy dollars or consider them a safe haven with negative real interests rates, my dear lord are we in trouble. Im only 21 n Im scared to see what this world is like in 10 yrs please China keep buying gold and sink these fascist fuckers soon

Tue, 07/12/2011 - 05:36 | 1447005 TruthInSunshine
TruthInSunshine's picture

Here's the latest positive (i.e. total and utter bullshit) news out of China and/or Europe and/or the War Room of the Global Central Bank (aka 'Kick the Can HQ'):


So you see? It's all better now! There's "market talk" of China buying in Eurozone debt (again). China saved Europe! China is the new POMO of Europe! /sarc/


But as they say in the late night infomercials, 'wait, there's more!':



Tue, 07/12/2011 - 05:54 | 1447024 qussl3
qussl3's picture

Europe is just the undercard, China will be the main event.

The only way they dont blow up is to export inflation in the form of trillions of printed yuan, how long before the ROW says FU?

Tue, 07/12/2011 - 05:39 | 1447014 PolishErick
PolishErick's picture

Poland is going to be another bloodbath if the Swiss Frank keeps pushing up. All the sheople here have mortgage loans in the CHF like its cool... Of course the regulators in this fine post communist pile'o'shit of a country where out in gay bars, spending bankster bribe money, snorting cocaine out of eachothers asses, when the whole realestate market was being pumped up with Swiss paper loans. Oh and I remember all the wonderfull tv commercials that this braindead populace gobbled up and took out all them wonderfull loans.

Tue, 07/12/2011 - 05:43 | 1447017 freethinker4now
freethinker4now's picture

I love the smell of Napalm in the morning.... :~0

Tue, 07/12/2011 - 06:20 | 1447037 equity_momo
equity_momo's picture

"Bullshit bafflers please report to Aisle 4 , we have a spillage in Aisle 4"

Tue, 07/12/2011 - 06:48 | 1447056 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

Tue, 07/12/2011 - 06:49 | 1447059 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

Tue, 07/12/2011 - 06:49 | 1447060 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

Tue, 07/12/2011 - 06:49 | 1447061 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

Tue, 07/12/2011 - 06:49 | 1447063 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

Tue, 07/12/2011 - 06:49 | 1447065 chump666
chump666's picture

sovereigns and ECB just sucked  up  some Italian waste.  china? good for a week of less of bid markets...what with fraud caps mixed with local goverment debt binges china just doesn't do the trick anymore

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