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Frontrunning: December 31

Tyler Durden's picture

  • China Central Bank Zhou says 2010 is crucial for 'defeating' crisis (Bloomberg) in the meantime his subordinated are learning the intricacies of Treasury collateralized $19.95/pop reverse repos, in advance of withdrawing trillions in excess liquidity
  • Lawmakers want probe into aid for Fannie and Freddie - we'll spare you the Dan Brown suspense - the answer is the Federal Reserve in the 85 Broad lobby with a money printer
  • FDIC moves to seize slice of bank stock rallies (WSJ) - paging the worthless Mary Schapiro - when will the insider trading in New York Community Bancorp finally be investigated?
  • Speaking of worthless, regulatory-captured windbags, Wall Street waits as SEC fails to bring Madoff-inspired reforms (Bloomberg)
  • The end of Uncle Ben's unlimited piggybank means no more gains for those who benefited from taxpayer generosity to deadbeat homeowners (Bloomberg)
  • Do we need a new reserve currency? (Emirates Business)
  • So much for Wall Street sobering up (Fortune)
  • With Greece teetering the worst may not be over for Europe (NYT)
  • McKinsey's Anil Kumar preparing to plead guilty in Galleon case, bolster case against Raj Raj (WSJ)
  • Aiful debt swap sellers to pay $975 million to settle contracts (Bloomberg)
  • Kass: Squawking about the headwinds (Street)
  • Rusal, the biggest Hong Kong IPO in two years is just so indicative of the times: "If the company doesn’t come to the market to raise funds,
    it will go under a mountain of debt." (Bloomberg)



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Thu, 12/31/2009 - 06:13 | Link to Comment Renfield
Renfield's picture

Happy New Year America!!

So much gratitude to you wonderful and intrepid Zero Hedge posters! So much love to you delicious and sexy Zero Hedge commentors! And to all you silent readership - you know who you are! - may 2010 see you decloak from the shadows and let us hear your strong voice!

Thank you for so much hard work all thru the year. Many of us, even in a larger global community, owe more to you than we can say. Everyone knows you have brains; but some of us think you have heart.

I hope that, even as the Old World Order crashes around us, 2010 keeps each of you safe, together with family and friends, and secure, with a strong hold on what is valuable and real. May the New World (NOT Order!) surprise you with freedom and clarity.

May there also be riches in this year, for you and some others of us. :-)

It is three hours to the first midnight 2010 here in Sydney, it is a perfect summer night, and from my balcony I can hear and see fireworks starting already. I am grateful for you guys who are on my list of blessings tonight. At midnight I will raise a champagne toast to your health and PROSPERITY in the coming year. And yes, we even have a weed bikky or two to make sure no-one gets...over-excitable.

Beating a kissy but hasty exit before some cheeky bastard comes on here and publicly chokes on all the hearts and flowers.

- Cat

Thu, 12/31/2009 - 12:13 | Link to Comment WaterWings
WaterWings's picture

And a cheerful, deep 'haaaaaaaay!' with my beer mug tipped atcha. 

Great post.

we'll spare you the Dan Brown suspense


Thu, 12/31/2009 - 12:41 | Link to Comment Anonymous
Thu, 12/31/2009 - 06:18 | Link to Comment buzzsaw99
buzzsaw99's picture

paging the worthless Mary Schapiro...


not worthless, lubed up like a greased pig.

Thu, 12/31/2009 - 06:51 | Link to Comment Renfield
Renfield's picture

All right, now in an effort to be on-topic.

'Wolf, who has honorary doctorates from three universities, bases his argument in part on the Triffin dilemma, an economic paradox named after economist Robert Triffin. The paradox shows that the US dollar's role as a global reserve currency leads to a conflict between US national monetary policy and global monetary policy." So I agree with this. And I'm absolutely convinced now, in a way that I was not three or four years ago, that we cannot continue with a genuinely global economy which relies on national money, and that's not sold by just adding another couple (of currencies). It actually means having a global money."'

There has been so much talk on this over the last year, from so many quarters, that it is a question not of IF but WHEN. 2010? AND, of course, asset-backed...I'd love to see a ZH thread on this sometime, on the possibility of a tripartite global currency within the next few 'American' currency, a 'European' currency, and a 'Pacific' currency. I can't see a *single* currency in our near future, altho maybe longer term.

'Indeed, Wolf said he's in complete agreement with China's Central Bank Governor Zhou Xiaochuan, who has argued for a new global currency "most credibly and convincingly..."On the dollar, there is nothing to support this currency except the Chinese government and a few other governments that are prepared to buy it," said Wolf. "Anybody can look at the arithmetic of the fiscal deficit, the monetary policy, the external balance, which has improved but largely because of the recession, the dollar is not adequately supported."'

No shit. I'm happy to see articles like this not b/c they say anything new, but b/c they open up the mainstream discourse to these possibilities (or inevitabilities, depending on who you're reading). Bretton Woods is history. So, what's the next step...the Beijing Convention?

While a new reserve currency (standard) may not be the topic-du-jour in America, in other parts of the world it certainly is.

Thu, 12/31/2009 - 09:47 | Link to Comment Hacker
Hacker's picture

Asset backed currencies are so last millenium. :)

Earth's assets are finite. Economies need to grow so that the wage slaves can believe that they'll be able to grow their way out and not revolt. Asset backed currencies do not allow for real growth.

Fiat currencies are broken. Just look at our current situation.

Energy backed currencies are the way to go. Energy is what gets things done.


Thu, 12/31/2009 - 11:10 | Link to Comment Unscarred
Unscarred's picture


Out with the asset backed currencies, in with the
Al Gore backed currencies:


Peace, love, and Humptiness to all in 2010.

Thu, 12/31/2009 - 11:29 | Link to Comment Anonymous
Thu, 12/31/2009 - 12:45 | Link to Comment Anonymous
Thu, 12/31/2009 - 17:55 | Link to Comment Unscarred
Thu, 12/31/2009 - 11:37 | Link to Comment Hephasteus
Hephasteus's picture

Energy=Money has been a long term mathematical tie in be it human energy or machine tools. It's always been the system it's just been turded up.

Thu, 12/31/2009 - 06:54 | Link to Comment loki
loki's picture

OT:  I just so dig the goldbrick carryin' snow-dude up in the corner.

Thu, 12/31/2009 - 07:13 | Link to Comment Mongo
Mongo's picture

Yes, says it all doesn't it!

Thu, 12/31/2009 - 07:15 | Link to Comment Mongo
Mongo's picture

On behalf of the working class I would like to thank the Fed for fucking it all up!

Thu, 12/31/2009 - 10:15 | Link to Comment Screwball
Screwball's picture

LOL! On behalf of the formally working class I agree totally.

Thu, 12/31/2009 - 08:04 | Link to Comment chindit13
chindit13's picture

China's "crucial" goal for 2010 is passing Japan as the World's Second Largest Economy. The projected (already booked) 9.4% growth rate for 2010 should do the trick. The age old rivalry heats up.

Thu, 12/31/2009 - 09:41 | Link to Comment Anonymous
Thu, 12/31/2009 - 09:15 | Link to Comment ghostfaceinvestah
ghostfaceinvestah's picture

Hmmm, what have I been saying for the past 9 months?


"The Fed has been buying at “way” narrower spreads than “where the private sector would be willing to” invest, said Doug Dachille, chief executive officer of New York-based First Principles Capital Management LLC, which oversees about $8 billion of fixed-income investments."

Thu, 12/31/2009 - 09:23 | Link to Comment nonclaim
nonclaim's picture

Thank you all Tylers and Marla(s) out there for this small and blessed source of reality shining strong among the filth and insane lies of MSM and Govs everywhere.

2010 will be even worse, but for those seeking the truth above monetary gains there will be both.

Have a great party tonight everyone!

Thu, 12/31/2009 - 09:41 | Link to Comment Anonymous
Thu, 12/31/2009 - 09:42 | Link to Comment Anonymous
Thu, 12/31/2009 - 10:15 | Link to Comment Veteran
Thu, 12/31/2009 - 10:21 | Link to Comment loki
loki's picture

Am I going senile or did the thread regarding the Health Care Bill go missing??  WTF?

Thu, 12/31/2009 - 10:34 | Link to Comment Daedal
Daedal's picture

You mean GW's post?

If not, then maybe you are going senile. Don't worry, a politician will write you an appropriate prescription.

Thu, 12/31/2009 - 11:19 | Link to Comment loki
loki's picture

thanks..... now where did I put my gingko biloba? 

Thu, 12/31/2009 - 10:34 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Your question is not an "or" question but rather an "and" question.

Happy Holidays. :>)

Thu, 12/31/2009 - 10:55 | Link to Comment Anton LaVey
Anton LaVey's picture

Recommended article:

Do we need a new reserve currency?

Short answer: Yes.

Wolf said Triffin believed that the host nation of a global reserve currency will inevitably run up a huge current account deficit that would consequently undermine the credibility of its currency and adversely impact the global economy.

No sh*t, Sherlock.

Apart from the economic risks posed by the decline of the US dollar, China's devaluation of its currency is causing "a real problem" for Europe. The "very perverse currency adjustment" is highly destabilising for the euro zone economy and could create a crisis, said Wolf.


"This is simply the American way of shifting the recession from them(selves) to their trading partners," said Wolf.

Again, no big surprise there.

"The Americans no longer have the means to save themselves, this is what I think people don't understand. There is no credible American policy," said Wolf.

And that, Ladies and Gentlemen, may well be the number one story in 2010. When even the "chief economics commentator of the Financial Times" (Wolf official title) says this, you know the sh*t is about to hit the fan. Big time.

Happy New Year to everyone on ZH.

Thu, 12/31/2009 - 12:17 | Link to Comment WaterWings
WaterWings's picture

Three claps for Satan!

+no sh*t, Sherlock.

Thu, 12/31/2009 - 12:06 | Link to Comment Anonymous
Sat, 01/02/2010 - 16:24 | Link to Comment Anonymous
Sat, 01/02/2010 - 16:26 | Link to Comment Anonymous
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