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Europe Closes Week With A Friday Night M.A.D. Cluster Bomb, Warns Of Pervasive Bank Restructuring
Even as America has an insolvent government and a debt ceiling to deal with in the only way it knows - Mutual Assured Destruction, Europe still has a insolvent banking system 10 times greater than America's to worry about. Which explains the following Friday night bomb (because it is past 6pm in Europe). From DJ:
- 15:52 29Apr11 DJN-DJ EU PAPER: LARGE PARTS OF BANK RESTRUCTURINGS YET TO COME
- 15:54 29Apr11 DJN-DJ EU: "DISTINCT VULNERABILITIES REMAIN" IN EU BANK SECTOR
- 15:55 29Apr11 DJN-DJ EU: ROLL-OVER RISK STILL PRESENT IN SOVEREIGN DEBT MARKETS
- 16:05 29Apr11 DJN-DJ EU: EXIT FROM GOVERNMENT BANK BAILOUTS MAY SPUR M&A WAVE
- 16:13 29Apr11 DJN-DJ EU: THREAT OF PRIVATE CREDITOR LIABILITY "BADLY RECEIVED"
Translation of bolded: if you hear gronin', MAD's a-bonin' (taxpayers)
The headlines come from the following 72 page report which has so far not been caught by anyone in the press.
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BREAKING NEWS:
Reuters(Mom's Basement, USA) - ZH poster Dangertime has been confirmed as the VectorVest(http://www.vectorvest.com/) investor of the year for 2011.
Getty Images - http://tinyurl.com/ydcsyso
Response from Dangertime:
"My virtual account is so strong, because I BUY THE GREEN LIGHT BITCHEZ, and SELL THE RED LIGHT. Some fools can't follow and buy red, but I know best. Just look how I called the action in Silver:
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on Fri, 04/29/2011 - 08:20
Silver will break $50 next week and march possibly even to $60.
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on Mon, 04/25/2011 - 10:35
We will see $50 again but not likely for another year.
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"
Time to short the euro again.
When Germany failed to make payment to France, the frenchies invaded the Ruhr.
Will Sarkozy invade Greece and Ireland now?
...When Germany failed to make payment to France, the frenchies invaded the Ruhr...
Now that is rewriting history....If the French had invaded the Ruhr...If the French had gone to help the Spanish Republicans during their civil war...they would not have been the French generation and their sons who had been bled dry by the first world war...and also they were financially bankrupt...
You have a fertile mind to imagine the French eating in Frankfurt in 1936...whereas it was the Germans who were eating in Paris in 1940, in reality!
Um.. my second post, but...
The Occupation of the Ruhr between 1923 and 1925, by troops from France and Belgium, was a response to the failure of the German Weimar Republic under Chancellor Cuno to pay reparations in the aftermath of World War I.
http://en.wikipedia.org/wiki/Occupation_of_the_Ruhr
So yes, technically the comment was correct. Remember, Germany was banned from having an army at this point. The Ruhr being the industrial / coal base of Germany at the time.
my apologies ....I was focussed on Germany's remilitarization of Ruhr in 1936 which created a furious debate in France...as it transgressed the Versailles treaty. France had evacuated the Ruhr in 1930. But the thread referred to the previous incursion of France into Germany as response to default as allowed by the Versailles treaty. My fault.
http://www.jstor.org/pss/788497
You history is a little weak. The French invasion of the Ruhr (temporary) was one of the factors in the downfall of the Wiemar republic (They began to print money to pay the war reparations), and the rise of Hitler.
It's called "Libya." And "they have been invaded"...and, interestingly "doing some invading themselves."
But in Europe they use the Euro which keeps going up no matter what, so why would you short the Euro?
You might as well short Silver as well, Don Quijote!
Short the euro, heresy I say, that would be good for the dollar, and oops bad for PM's.
Smart money milked the last out of gold today, silver has already turned.
Yes please short the euro, it's the same as shorting PM's.
excellent.
Saturnized Fool!
Another bailout is a coming.
I was in Germany two years ago and they were wholly pissed of being pissed on. Can't imagine what they're thinking right now
If Merkel wasn't a sellout, she would have withdrawn Germany from the Euro go back to the Deustchmark and tell Europe to f*** off.
Then of course the bankers would have been pissed and WW3 would have started.
They, Like Americans, are pussies that will do nothing in the end except for bah bah at their leaders and their banks as they bleed the population dry.
Yep. Deep vaults here in Germany, though.
Yep - time to raid another government treasury in order to call for liquidation of everything, including air, water, earth, and fire.
What a bunch of horseshit.
Noooo ... don't harsh my buzz from the Wedding of the Century?! I'm still on Cloud 9 and giddy from the pageantry.
That should be good for +100 on the Dow Jones on Pump Monday.
Corporate profits + rampant deficit spending + quantitative easing => nothing else matters
100% FUBAR
May explain why cable is on the up -- royal cross heading lower and euro weak vs dollar.
Fundies would not support this sterling "strength".
Ah well -- it's an ill, wind etc....
Aah, the rotten smell of the european ponzi scheme is getting stronger by day. And it was just 2 days ago when the high priest of the european cleptocracy Mr Rehn was "not interfering" in national politics and told the people of Finland that all these bailouts have nothing to do with saving european banks and that Finland HAS to do the "responsible" thing and play ball with the Masters of the Universe (EU, IMF).
lol thanks for that
I sensed a disturbance in the force as well. Nice work HH
Strange... I have not felt it.
Okay, that's it. I just restarted our old Panther tank in the backyard and I will invade Greece now...dammit
First stop: Frankfurt - ECB. Second stop: Deutsche Bank building. After that gas prices won't make it possible to travel any further. Panther vs. Deutsche Bank. Huzzah!
So..."you have seen Kelly's Heros too!"
thanks for the laugh!!
You may think its funny now but tanks will be involved by the end of this clusterfuck
Würdest Du mich bitte mitnehmen?
Aber immer doch. :) Wir machen keine Gefangenen ;) We take no prisoners!
Die Brücken im Balkan sind zerstört.
kindergarten.
Yes. But downloading Kellys Heroes now. Thx.
It is Panzer, not panther. Panther is an animal that lives in the wild.
http://en.wikipedia.org/wiki/Panther_tank
I declare this comment today's Winner of the Internet.
"I've got a bad feeling about this."
I'll bet it's "badly recieved." But whether the banksters are screaming into the cell phones or curling up in the fetal position sucking their thumbs on the Bernank's/Trichet's office floor, WE AREN"T BAILING THEM OUT AGAIN!!!!!
(Ahhh, who am I f***n' kidding. Of course we are. Buy more PMs.)
And people wonder why I am long $US and (short-term) Treasuries. The flight to safety Will come, just a question of when.
Yes. I do wonder. You might want to check the Webster's definition of 'safety'.
Safe relative to what?
When bulldoser Ben raises interest rates
You think in terms of logical fallacies.
Well, if they go down we follow close behind, most of our bail out money went to bail out foreign countries. You MIGHT get a short ride up, but then you will get whack-a-moled, IMO
Investment strategies of Karl Wallenda.
And what happens when investors find their common sense and instead of buying US dollars buy gold/silver? THEN YOU'RE SCREWED!
Soon the only gold/silver to be found will be the paper variety, but there should be plenty of that available. It won't make much difference then whether they're dollars, euros, or paper ounces. Toilet paper by any other name is still ......
Flight to safety has shifted from the $ (not very safe from Benny's Helicopters - I wonder if they are black?) to Gold. You NEEEEEEED to pay attention to shifting sentiment.
.
.
"And people wonder why I am long $US and (short-term) Treasuries. The flight to safety Will come, just a question of when."
LOL, why of course, when you are bankrupt.
But be of good cheer, Bob Prechter will rise up out of the pumpkin patch and bring presents to all the most sincere holders of dollars. LOL
Market will rally hard on this good news. We should break 1400 by the close.
Badly received is right...
http://namawinelake.wordpress.com/2011/04/29/new-central-bank-of-ireland-figures-show-no-slow-down-in-deposit-flight/
ah a friday after hours clearing of dirty laundry
I'm off to the pub to toast the happy royal couple (any excuse this site has turned me into a borderline alcoholic with a Gaviscon dependancy), if by the time I return Gold had not breached 1500 and Silver 50, the wife gets it.....and its on you.
As long as it isn't Piers Gaveston dependancy...
The presses will be running this weekend
Herr Merkel is in a fix...to pull or not to pull the plug on sovereign debt...She loses either way...as EU is germany's prime market. What she wins on the trade side she loses on the financial speculative side via these 'scheizer' banks who have sold the country down the river by copying their american counter parts in similar amounts. Mama mia...
hammer the speculators keep the trade flows. seems pretty 101 to me.
Wouldn't that be something if China offered up . . . I don't know . . . let's say $1 trillion of UST . . . to recapitalize the banksters of the Eurozone and then sat back and watched the feeding frenzy that ensues as the former "capitalist" pigs eat eachother. All the while they suck out the VIG in the form of every resource Europe has that isn't nailed down.
Call it the Communist (reverse) Marshall plan.
That would be brilliant. Pass the popcorn.
I've already fantasized in similar fashion suggesting they shove 1T each into buying EU assets and US PDs. That way they would be defacto lords of the world...they could proclaim a new Bretton Woods cum Yalta as they would be financial uber-alles of the world!
The IMF would work for them and we would have a new currency basket and a more regulated world financial system without naked derivative plays and with no toxic financial instruments. No tax havens and the world would become a FDR type safe haven WITHOUT a communist menace. As China is now a typical Keynesian central capitalist economy with a ONE party poilitical body. They seems less corrupt than the US situation. But this has to be seen as their economy stays opaque...as does their political mechanism.
Their 'political mechanism' is exercised from "the end of a gun." The business end. But, hell, it's a lot more honest than the crap we're seeing every day here. Maoism revisited. Yeah, this is going to be fun.
"telling your people to buy gold" would seem a bad approach though. "you should buy the gold yourself" yes, yes?
Hmmm ... a lot of finance jargon ... not saying anything ...
okay, the libor/OIS spread trend is worrisome. The EU is probably hiding a liquidity problem under a carpet.
Here's another secured vs repo rates @ different maturities. Money markets are going to show strains when larger institutional insolvencies start working their way through the pipeline. Hmmm ... banks are profiting by playing the yield curve. Nothing much comforting about capital adequacy ... the banks passed a 'stress test'.
Whoopie.
Private creditor liability is where rubber meets road, where balance sheets themselves are destroyed and where liquidity vanishes.
inching right to the end of the gangplank ...
This is bullish for the US dollar.
Best surfer in a tsunami.
you seem to be saying "liquidity matters in a currency market." yet this seems "counter-intuituve." "Governments print money" so "how can there be a liquidity shortage in a currency market?"
I am saying that all fiats are crashing when priced in real assets. Go ahead and jump in the Dollar trade, just don't be surprised when your returns measured in other currencies are swamped by those who are long real assets. You may win the contest, but all surfers end up dead on the beach.
draghi, a jesuit-goldman sachs alumn
http://www.entendance.com/forums/viewtopic.php?f=5&t=793&p=16645#p16645
Goldman has tentacles everywhere and all the time. It's the Giant Vampire Squid, and New Syndicate (sanctioned by and working with Central Bankers), for good reason.
they always forget the "after squid" part when "the little alien thing then blowing out of your gut then scurrying to some deep, dark place of the spaceship so he can start eating...and growing."
the checks for the royal wedding bounced
I predicted this yesterday.
Jut saying...or is it sayin'
Also, deep OTM option buyers may be happy next week. The ones that bleed slowly and most of the time but absolutely kill it once in a while.
Whatever happens and is ultimately revealed for public consumption has already been set in play, and the bankers & financial parasites will NOT be denied their flesh. Even the politicians who are about to fall on their swords, unsaluted, know what's up, as they've been instructed from higher on up.
No market reaction to this so far. I would have expected a bit more of a sell off in the Euro.
I guess nobody is brave or stupid enough to get in the way of the short dollar trade.
Algos don't score well on reading comprehension. And human traders are already 5 Martinis into the weekend. (And I will join them if nothing breaks out of this trading range soon.)
Maybe the EU should hire a real problem solver...They need someone with connections that can get the job done using nothing more then a tiny little note from the Craker Jack box.....
http://www.youtube.com/watch?v=-I92oNTmZow
And just look at those lies coming out of the ChairSatan't mouth... makes me want to throw something.....
See how nicely USA stimulating effects on DJIA pattern follows those of Greek government on Athens index in 2009. The USA seems to be very close to Greece in some financial behaviour aspects. Hence the future may also be the same:
http://www.saposjoint.net/Forum/viewtopic.php?f=14&t=2626&p=32056#p32056
Yes, I would expect the USD to rally some on this news, and the end of QE2, and for there to be a PM correction into June/July, then off to the races and $1700 for gold, $60 for silver, end of 2011. It will nicely finance my Christmas in Argentina.
In BsAs? Which part? I ask because my son has an apt. in the city (Palmero a few blocks off Santa Fe near Ortiz) which he is renting out. He also posts on ZH. Who knows? Milestones
It's a good thing our economy has a real thick firewall where all impacts are completely unrelated.
yepper
Minimal effect on DXY so far: the guy who should input this into the EUR/USD FX algo robot is off at the pub having another pint talking about the royal wedding.
could be the reason the /dx was leached so low this week. europe has another mad moment and the euro gets sold. the /dx goes back to the 78 range. and the dollar can be sold back down to raise stocks here next week.
rinse, repeat
Should I be surprised that a headline of this magnitude has done nothing to make the market decline....even an inch.
I often wonder how long the fed can keep levitating the market. Would appear as though they can keep this up indefinitely.
What 'market'?
the "bond market." the one with the "mo-mo monkeys" running wild.
All they have to do is switch HFTs to BAD (buy all day) and pull out the connection with any reality and news
its a goddamn circus!! Market....LMFAO!!!!!!!!
It came out today for a reason.
Bob Dylan said it, 'Propaganda, all is phony."
"It's just a restructuring, it's not bankruptcy." -- Lenny Dykstra
Dollar still struggling to tread water above 73 on the index.....I would have expected it to hold 73.1 or greater on this news...
Sad statment but true, more "free"dom in China than in US. The market is more free, people are free to move about in the middle of the night without molestation from gangs with guns, and the government intrusion they tolerate is akin to that we face under the Patriot Act, feel-ups at the airport, search and seizure, on and on. We are neither the land of the brave nor the free, not anymore.
I will add that the individual Chinese tend to get 'disappeared' by their government every once in a while, but with 1.3 Billion of them, who really notices. (Come to think of it, how would I know if some of us Americans ain't gettin' 'disappeared' every once in a while . . . that's right, it's because that would be illegal. Whew, scared myself for a second.)
It is interesting how the fiscal/budget problems in our own states are no longer talked about. Instead we point the finger at the Eurozone states. Some of which have smaller budgets than some of our states. Looks like something that might be MSM driven.
Pay NOOOOO Attention to the man behind the curtain!
If the states need money so bad, tax turnover on the crooked derivatives trade. Go after the thieves, first. Then the budget discussion is entirely different. THEN try to eliminate public works and attack public health if it floats your boat.
But don't close veterans hospitals and public education first. In addition to being insane and genocidal, it's socially destructive.
Not only that, it exposes you as a flak for those you serve.
Want to deal with the debt crisis: end the banker-gangster war in Libya (and Iraq ... and in Afghanistan ... and in Pakistan ... and in Palestine ... ); punish the banker-gangsters for their war on working people at home.
And ban foreclosures.
The end.
lawdy have mercy, look at gold go. The canary in this mine is turning green and is strangely silent...
Clearly the banksters reignt at the top of the Pyramid of Capitalist System. Very interesting.
http://lonerangersilver.wordpress.com/2011/04/24/pyramid-of-capital-syst...
Every pyramid requires a strong base. All those who believe in easy money (debt) are complicit in the bankster's game:
http://fofoa.blogspot.com/2010/07/debtors-and-savers.html
Yes indeed. As are those who advocate liquidation of vital institutions to settle accounts with insolvent banker-gangsters producing only paper.
The banker-gangsters get nothing. Sorry. I know it sucks, but you're just not that important.
We are all expendable. As any crop, harvested of it's value, burned and plowed under when yield ends..
"Never have coup on Monday."
if anybody is looking for me
I will be outside digging a bunker
maybe tyler is right
how is that bunker, buster?
Can somebody please translate the translation for me? I know what M.A.D. is, but my knowledge of "slang talk" is not so good.
if you hear gronin', MAD's a-bonin' (taxpayers) ???
keep it simple: "is Greece restructured after the close." And "after they are restructured will they complain?"
Next week looks to be a very very nasty week.
Funny how that happens, Euro hit's almost 1.49 and then the news comes out. Dollar is a at a low, PM's and other currencies at cycle highs.
Perfect timng on the news to isn't it. Makes you wonder is it the news or is it the technicals.
Just so happens the news exposes how whacked the technicals are when everyone is on one side of the trade.
Do you think the Europeans really wan't their currecny to be that strong and how was it that strong to begin with when unemployment is higher in US than it is here. It's all manipulated that's why you need to be willing to be on bothsides of the trade.
Nothing goes straight up or straight down forever and that you can put your money on.
The Greek GuvMint says "No restructuring". Hey I got a haircut today and it didn't hurt a bit!
Gpap has been saying no restructuring and no haircut for months. Meanwhile, tons of sources are saying "end the charade", including large banks and the Economist. Gpap himself is bald. It will be more like a scalping than a haircut.
gollum 1: master likeses us - he wouldn't do anything to hurt us
gollum 2: we hates the master - he takesess all the good fishess and throws us the bones. we should throttle him and keep the whole fishess ourselves
gollum 1: but we don't know how to fish - only the master can do that
gollum 2: we can swim, my precious, we can dive - oh, yes we can. and after we wring the master's nassty little neck, we'll keep all the fishess for ourselves. we'll move to iceland, where they have nice juicy fishess and the master isn't allowed there. yes we will, my precious (metals!)