Irish 10 Year Bonds Take Out Stops, Yield Surges Past 10% For First Time In History

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Wed, 03/23/2011 - 09:25 | 1089547 Jason T
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"If the Irish government does what it says it intends to do, which is its legitimate right, which is to deny their obligations to meet the debt of foreign banking institutions operating on Irish soil, run by the British Empire's Inter-Alpha Group, that means the toppling of the entire damned system," Lyndon LaRouche stated yesterday."

Could Ireland be the "King Edward III" of todays global banking system?

Wed, 03/23/2011 - 09:25 | 1089554 cossack55
cossack55's picture

I would be happy if they just became Iceland #2.

Wed, 03/23/2011 - 09:34 | 1089597 docj
docj's picture

Hear! Hear!

Wed, 03/23/2011 - 10:01 | 1089713 unwashedmass
unwashedmass's picture


go for it, ireland. you don't owe the money...don't let them rob you

Wed, 03/23/2011 - 09:44 | 1089639 silvertrain
silvertrain's picture

Iceland is doing great now..Even started prosecuting some of the players that caused the shit in the first place..h/t to iceland...

Wed, 03/23/2011 - 09:56 | 1089679 Debtless
Debtless's picture

So how long until Iceland gets put on the Terrorist list and we start invading them too?

Wed, 03/23/2011 - 10:01 | 1089709 silvertrain
silvertrain's picture

they dont have re's or oil..there safe for now..Maybe later will invade for there clean h2o...

Wed, 03/23/2011 - 10:12 | 1089779 Debtless
Debtless's picture

Excellent point.

Wed, 03/23/2011 - 10:48 | 1090050 fx
fx's picture

Why invade later if you could buy them up today for even less than a song?

Wed, 03/23/2011 - 10:34 | 1089909 barkster
barkster's picture

much easier to haarp their volcanoes...

Wed, 03/23/2011 - 10:35 | 1089934 Herman Strandsc...
Herman Strandschnecke's picture

Iceland are in Hot Water. In a nice kinda way.

Wed, 03/23/2011 - 19:22 | 1092722 Buck Johnson
Buck Johnson's picture

They should do that, I don't see why they haven't.  I think that many of the nations leaders and big business players are in tight with the supra national banks and groups and they tend to do their bidding rather than what their country needs or wants.  Ireland has close to 7 million people all total.  And if you take away the retired or underage etc., you may have a working population of 3 to 4 million people.  That isn't enough people to pay back in taxes the debt that the international banks want, Ireland owes hundreds of billions of dollars in debt (much of it private debt via construction loans and every other loan you can think of, actually I read somewhere that privately they owe 1.2 Trillion).  The EU is doing everything they can from these countries just saying screw it we default and we won't pay this debt, see ya.

When this game ends, it will end with a loud bang. 

Wed, 03/23/2011 - 09:26 | 1089550 Misean
Misean's picture

Creditanstalt keeps drifting through my mind. Dunno why...

Wed, 03/23/2011 - 09:25 | 1089552 doomandbloom
doomandbloom's picture

Everytime the $ falls below a particular level...bad news from Europe start ...been happening for some time now...

Wed, 03/23/2011 - 09:28 | 1089560 Quintus
Quintus's picture

Pure coincidence.  Honest.

Wed, 03/23/2011 - 09:25 | 1089555 Turd Ferguson
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In a stunning coincidence, this happens just in time to bring the POSX (usdx) back from the edge of the abyss.

Wed, 03/23/2011 - 09:29 | 1089568 JLee2027
JLee2027's picture

LOL. Good catch.

Have to wonder how long this can play this game successfully. Already "the bounce" seems less and less each time.

Wed, 03/23/2011 - 09:34 | 1089577 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

At the end of last year, 2010...

Lindsey Williams said the powers that be plan to collapse europe first and then the $dollar (the $dollar being completely dead by the end of 2012).

He also said oil to $150-$200 a barrel because of middle-east troubles. Nice call there so far.

All an orchestrated collapse. When you're looting/robbing, it's always best for it to be organised and preplanned.

Wed, 03/23/2011 - 09:48 | 1089656 john39
john39's picture

and then burn it all down when you are finished, leaving the peasants to fight among themselves about what happened.

Wed, 03/23/2011 - 09:58 | 1089690 snowball777
snowball777's picture

Could not give two shits what a crackpot preacher had to say about finance.


Wed, 03/23/2011 - 12:17 | 1090689 gorillaonyourback
gorillaonyourback's picture

so does that make caring about what bernanke says is different?

Wed, 03/23/2011 - 09:26 | 1089557 Josh Randall
Josh Randall's picture

I would buy and bet on the Irish people if there werent PM's like Silver and Gold to get me that 10% and then some

Wed, 03/23/2011 - 09:26 | 1089558 JLee2027
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With Asia (Japan) already melted down, if Europe keels over, the US is next.

Wed, 03/23/2011 - 10:42 | 1089998 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

That is the plan. Europe, Japan and China all collapse. The US is then up. If all the other sovereigns have defaulted, who does the US default upon? Its own citizens.

Wed, 03/23/2011 - 09:29 | 1089559 doomandbloom
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Wed, 03/23/2011 - 09:28 | 1089562 Advoc8tr
Advoc8tr's picture

Help me out here .... don't have access to CDS  Who has the largest exposure to the Irish debt? Which banks / indicies get hit hardest?

Wed, 03/23/2011 - 09:28 | 1089570 cossack55
cossack55's picture

Why, the taxpayers, of course.

Wed, 03/23/2011 - 09:35 | 1089603 Advoc8tr
Advoc8tr's picture

My mistake, meant to say "which GGE (gov guaranteed entity) is most likely to require bailing out by some new taxpayers if the debt the Irish tax payers were lumbered with defaults?


Wed, 03/23/2011 - 09:48 | 1089647 silvertrain
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it doesnt matter, they all mark to market shit...

Wed, 03/23/2011 - 09:29 | 1089573 Quintus
Quintus's picture

This graphic illustrates the situation quite well.  It shows debt exposure by country, but figuring out which specific banks are holding most of the debt shouldn't be too hard.

Wed, 03/23/2011 - 09:41 | 1089620 Advoc8tr
Advoc8tr's picture

Excellent ... thanks.

Germany, Spain and Brittain are looking pretty shabby with both Ireland and Portugal spluttering?

Wed, 03/23/2011 - 09:45 | 1089636 Quintus
Quintus's picture

Indeed.  Which is why Ireland has them over a barrel in terms of re-negotiating the terms of the so-called 'Bailout' last year.  

Would Merkel and Sarkozy really take the chance of Ireland deciding to default on debt of that magnitude?  They can't afford to.  If they push their current grandstanding brinksmanship too far for local political reasons, they might just end up crashing the Euro, the Eurozone banking system and, of course, the global banking system.

Wed, 03/23/2011 - 09:55 | 1089678 Advoc8tr
Advoc8tr's picture

Even if they do negotiate a haircut their (German, Brittish) banks and sharemarket will surely take a significant hit. If the only danger going short is that the Irish accept the debt and work extra hard to pay more taxes to service said debt ..... It's a pretty safe bet :-)

Wed, 03/23/2011 - 10:10 | 1089730 Iam_Silverman
Iam_Silverman's picture

"Even if they do negotiate a haircut their (German, Brittish) banks and sharemarket will surely take a significant hit."

That is why they would never negotiate a reduction on the principle, they will just arrange for a payback over a much longer timeline, with a somewhat lower interest rate (and probably some ECB or IMF underwriting thrown in).  Their interest rate will still most likely remain punitively high, but not unbearable.  Changing the terms of their debt makes so much more sense.  Once they get through that, the bond pump-monkeys will be all over the deal.  They will crow about the need to rebalance your portfolio and include more sovereign debt - because it has proven to be secure, and offer a reliable return over time.

At best, with new terms the banks holding Irish debt will be allowed to "Mark to Model", and no losses will have to be realized in their holdings.  It's all a game, and they make the rules to ensure a win every time.

Wed, 03/23/2011 - 10:12 | 1089778 EscapeKey
EscapeKey's picture

Don't forget the "sweetener" usually thrown into the deal, a couple of billion for the politicians to use now, to buy votes.

Wed, 03/23/2011 - 10:22 | 1089834 Iam_Silverman
Iam_Silverman's picture

"a couple of billion for the politicians to use now, to buy votes."

Now, is that money payable to the electorate, or to those who are charged with counting the votes?

"It's not the people who vote that count. It's the people who count the votes." (Josef Stalin)

Nice quote, but has not been validated as attributed.

Wed, 03/23/2011 - 09:58 | 1089695 ebworthen
ebworthen's picture

Holy Hannah!

Italy owes $1.4 trillion, $511 Billion just to France!

Now I know why France was jumping into Libya.


Wed, 03/23/2011 - 09:31 | 1089581 99er
Wed, 03/23/2011 - 09:34 | 1089585 High Plains Drifter
High Plains Drifter's picture

shall we take a moment to mourn the passing of Elizabeth Taylor, a great actress and a babe in her own right. Thanks for the memories..........

Wed, 03/23/2011 - 09:40 | 1089616 Dr. Richard Head
Dr. Richard Head's picture

You think that is something, how about Lingerie Football League tryouts this Sunday.

Are you not entertained? 

Wed, 03/23/2011 - 09:41 | 1089621 docj
docj's picture


Wed, 03/23/2011 - 09:42 | 1089624 gwar5
gwar5's picture

Er .....thanks for the mammaries?

Wed, 03/23/2011 - 09:46 | 1089641 Alienated Serf
Alienated Serf's picture

you beat me to it.

Wed, 03/23/2011 - 09:47 | 1089651 High Plains Drifter
High Plains Drifter's picture

Yes she was au naturale, no plastic involved on that body....ha ha ha

Wed, 03/23/2011 - 09:45 | 1089638 Alienated Serf
Alienated Serf's picture

thanks for the mammaries.

Wed, 03/23/2011 - 09:32 | 1089587 Oh regional Indian
Oh regional Indian's picture

The Irish are unfortunately squarely in the cross-hairs of the syndicate.

Once the IMF has their claws/fangs deep enough inside, watch it become another victim of the IMF debt-grip. The faster you rise (Ireland was astromonmical story), the harder, faster and deeper they will fall.

And whiel Ireland is meddled with, keep an eye on Spain, the big Kahuna, the one that will shake Europe and South America.

Isn't glow-ball-ization just grrrrreat?


Wed, 03/23/2011 - 09:33 | 1089591 oogs66
oogs66's picture

At this point only the dumbest banks, those most closely associated with their own governments and who have no mark to market. 

Wed, 03/23/2011 - 09:33 | 1089592 X. Kurt OSis
X. Kurt OSis's picture

Citi will be the only one profiting from this. Look for a volume surge on a big buyer in cash bonds just before the ECB comes to the rescue.

This market is so rigged that if the TBTF's are saying periphery Europe is going down, I can guarantee they are not.

Wed, 03/23/2011 - 09:35 | 1089593 TwoShortPlanks
TwoShortPlanks's picture

Ummmm, this may or may not be a dumb question, but, how high does Ireland intend setting their rates if Yields are topping 9.9-10%?????????


This is like borrowing from Peter twice to pay Paul once.

Wed, 03/23/2011 - 09:41 | 1089625 disabledvet
disabledvet's picture

you mean "robbing Peter to pay Paul."

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