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Irish Bank Borrowings From ECB Jump To €130 Billion, Or €100,000 For Every bp In Anglo Irish Sub CDS
According to the ECB, borrowings by Irish-based lenders’ from the European Central Bank rose to €130 billion as of Oct. 29, up almost €10 billion from €121.1 billion at the end of
September. Adjusted for size, this is roughly equivalent to US banks borrowing a few hundred trillion from the Fed, give or take a few trillion. "Pass thru" institutions include both international and domestic banks in
Ireland. In other words, the ECB continues to buy the bonds issued by Ireland, to provide the funds to Irish banks so they can buy their own bonds, and when all this fails, the ECB can step in and provide money to the government directly. Elsewhere, the CDS of Anglo Irish bank blew out by 20% yesterday, and have surged by over 10,000 bps since the end of October to nearly 13,000. Luckily, the end game is known: Ireland will be bailed out by the ECB, the country will become another Greece, lying each and every day about its deficit and economic recovery, until yet another country gets mauled. At some point the Fed/ECB/IMF's rescue ploy will fail. Then, it will be best to be far away.
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Kabooom!
All too literall. I see the EU disintegrating, starting with pressure from Germany...
And short like a mug.
http://www.youtube.com/watch?v=boO4RowROiw
I disagree. Then, it will be a going-out-of-business sale on bank-owned Irish farm land. It will be best to be there, on the ground, ready, willing, and able to buy.
Blood in the Streets = Blue Light Special
Blood in the Streets would be one of my concerns, actually. The natives might not take to kindly to yet another infiltration by foreigners, if you get my drift...IRA? Angry students? Might I suggest a castle...with a moat.
What, do you think I'm Fucking English? Besides, good land will survive war, riots, and famine. So will a good land lord. History, bitchez!!!!!!!
oh yes.. "IRA" and all the "troubles" will return for sure..
Never left....and neither did the Fucking English.
No, it will not. Anyone picking up distressed assets is liable to a good arse shagging with a pitchfork. We've been through enough already.
profiting from the poor man is what brought us here, let us not start to squabble over the 'spoils'. They are family homes for gods sake.
Shame on you.
Do you not understand that about which you speak?
Many members of Irish families have sold out, left the island for, "greener pastures," after profiting handsomely by selling the family farm to urban-sprawl developers. Ireland is very welcome to foreign investment in farmland, if you aren't Fucking English, and keep the land as productive farmland.
Go back to your urban flat and pontificate your navel while you poison yourself with food that was trucked in from an average of 1000 miles away.
Just make sure you know the history of the land before purchase.
www.youtube.com/watch?v=2aR5XKjGuKM
"He intends to pour concrete on the green grass. Now that's a mortal sin."
Yes - the temporary experiment of farming houses is over - its back to basics.
But it may be best to purchase good land on the east coast rather then the west and not only because the land is better.
As for the south anything west of Bandon has certain complications.
Maybe so, but we both know that West Cork has better road bowling. No worries here, though, eventhough I am more of a Galway chap. Stone fences feed my brain down deep, real deep.
There are a lot of those urban flats you mentioned here in Galway you can pick up for a song, blocks and blocks of them.
i won't bore you with my eating habits, nor the type of housing I live in, I'll just say this, your attempt at steryotyping is way clear of the mark and I hope you carry through with your plan and get an anal rodgering with a pointy stick.
While you're picking up cheap farms, why not pop down to the local hospital and buy up the dialysis machines and rent them back, maybe wheelchairs? Got to be a buck or two to be made there?
Parasite.
You would blame the gleaners? Must be you can't pay your bills. Over reached like a lot of the world. You are maybe in the construction trades, yes? Take heart. Your sad situation is surely someone else's fault?
https://history-ap.wikispaces.com/file/view/TheGleaners-1857.jpg/31560885/TheGleaners-1857.jpg
I can't lift my PMs, they weigh more than my wife. No debt and no worries. Go find another tree to bark up. I just don't apreciate people who see misery and poverty as a chance to line their own nest. That's how we got here. I'm hoping we come out of the other side with a better system and without too much bloodshed (although I welcome a little, where it's deserved). That's all.
Misery and poverty? Like that of the miserable and poor African children that dug up the gold to line your nest? Or a different kind?
Are you too stupid to understand that buyers other than English-owned banks are exactly what Ireland needs? Of course, this is a rhetorical question. And if I am a buyer that wants to keep the land agriculture, then that is certainly better than building more McMansions in the Irish countryside.
Could be your Blood in the Streets if you try for Blue Light Special. I'm thinking things are going to start getting ugly.
http://www.independent.ie/opinion/analysis/euro1-bid-for-farm-shows-dept...
If one likes the area, then buy that land, return it to the farmer on terms very favorable to him, and book the good will. Then buy other land nearby where the prior owners are not so, "well respected in the area." Maybe English owners? Not that hard.
Or, you can invest in AMZN, BAC, PCLN, etc. It's a FREE market!!!! LOL.
The land question has really nothing to do with nationalism - it is just a narrow view of the world although that view is quite understandable given the history of the place - English Dutch and German settlers were made quite welcome in the west during a influx back in the early and mid eighties.
Once you accept the social mores you should get along quite well - however Ireland now is not as Irish as it once was so who knows.
"Pass thru" institutions include both international and domestic banks in Ireland.
Wherever the pigs (Not PIIGS) get to stuff their snout in the trough, they will. I'd love to know what "pass through" means in this case.
Just massive redistribution, is all. Tarping never stopped at all, it just went international.
I hear a giant sucking sound.
ORI
http://aadivaahan.wordpress.com
Whole world now runs on imaginary borrowing? This isnt even real...they're planning a world war.
I know a cannibal who passed his mother-in-law on his way through the jungle.
A few more bps and GS will tell you it's a "buy case".
So good for their P&L, but what about yours ?
Please define "far away". And, do they offer childcare, cable tv with footie?
http://www.youtube.com/watch?v=9yHP7xbuPPs
The WTF Blanket (Snuggie Parody)
How is Eurlibor doing?
And if you bought in august, you made a boatload of money.
If anyone thinks the Greeks know how to riot, and the French know how to build burning tire barricades, wait till we see how inventive the Irish can be when they get their Irish up. I give it a week, maybe two, before we start seeing bankers hanging in full banker dress from lampposts in downtown Dublin.
Seems more likely to me that they'll wind up a thin greasy smear on the inside of thier burning cars.
When Irish Eyes are Smiling - http://www.youtube.com/watch?v=awkioQ8bkVI
not happening. They've had plenty of notice.
Politicians can take bribes, destroy an economy or enslave their people. But if they cheat on their spouse, well, that's going too far. The MSM draws the line there.
I find the most interesting info is generally 180 out from the distractions.
I give it a week, maybe two, before we start seeing bankers hanging in full banker dress from lampposts in downtown Dublin.
The USA could use more Irish imports if that is the case. In China they literally kill fraud banksters. In America banksters get hundreds of millions of dollars in bonus money.
Green seems to suddenly be a very difficult thing to achieve! And without promises of free billions what would it be then? Seems them paradigms are shiftin.
Forgive me for being stupid here, maybe the coffee has not kicked in.
With the news listed above, explain to me how the Euro is up?
I understand the China raising rates rumor can effect the dollar, but utterly fail to see (in my little serf mind) how the euro is positive on Fx.....
Would someone be kind enough to re-edumacate moi....
Why would the Dollar ever go up vs anything?
Something happened at 5am est EUR went up against CHF and USD over 100 pips in 30 min and proportionately in everything else - intervention?
What the hell happened to Mish's site?
He's probably doing a clean up and moving it to a permanent domain instead of the *.blogspot.com. You get better search positioning having a top level domain.
google has a $10 deal to host blogger, with unlimited email accounts/bandwidth and a top level domain. Plus preferencial google search placement.
Or he's sick to the death of dealing with hate mail/retards and decided to close up shop.
Tell me about it. Probably one of the bigshots here on ZH can get us the real story, or Mish can chime in directly. T
That could nip the black helicopter talk in the bud, as fun as that might be to see which pseudonyms would get in there.
http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
Of far more import!
http://www.irishtimes.com/newspaper/frontpage/2010/1112/1224283151974.html
http://www.irishtimes.com/newspaper/opinion/2010/1108/1224282865400.html
Please don't confuse me with harrywanger...
But I gotta say that I'm not at all worried about some impending market crash. Too much POMO.
But what is POMO, and how valuable is it really? Comes down to imaginary money bottom line. Everythings been running on how wonderful QE would be for months, now seems no ones quite impressed.
PLease don't take my POMO
I need my POMO
I have grown accustom to its face
I feel warm and safe with my POMO
I can no longer live without it
I need my POMO fix...quickly
Not even worried about margins being crushed beneath expensive commodities?
New Bold Turd Flavor!
In the end today, its all about quantity of buy orders vs sell orders.
And remember, its not just $8B in POMO. How many X leverage will be applied. Shit, 20% of the NASDAQ is AAPL. Pretty easy to levitate that index with AAPL buys only. How many ES contracts do you need to buy? How much SPY? A couple bil ought to take care of it today. 32 bil next week is a lot of spinach for our PD popeyes.
I am surprised in addtion to the PIIGS nobody seems to have noticed Dubai missed their payment.
Now there is some real estate that I will have to pass on, no matter how cheap. 20 years from now, Dubai will define Hell Hole.
Hedgeles Horseman! Lets go mess up some Pasta Jays one of these days!
It's a hell-hole now...just look behind the wallpaper.
Absosulute shit hole. Vacuous existense, it will be nothing but sand in 20 years. Green pastures of Ireland all day long.
Thanks for the heads up.
http://www.ft.com/cms/s/0/7592823e-edcc-11df-9612-00144feab49a.html?ftca...
"As long as the music is playing you HAVE TO dance"
Chuck Prince
"As long as the music is playing you HAVE TO dance"
Chuck Prince
deficits don't matter
sayonara ireland, not even china can save you now
so who is writing the CDS's???
It still has a long way to unravel yet. Another large developer gone down today, workers not paid in a while.
More austerity, less jobs, more taxes, less services. Fucking banks. Evil scum, I wouldn't piss on a banker if he was on fire.
http://www.rte.ie/news/2010/1112/mcnamara.html
I would so I could take his wallet.
I would get that BEFORE pouring the petrol over him. :-)
The UK Post Office offers many savings accounts and as I understand they are AIG and only sold by the Post Office, Anyone with a post office savings account should read the small print at the bottom because if this is the case and I am fairly sure it is, and Ireland does goes bust that could be a problem because your funds are covered by the Irish Government and not the UK as I recall.
It may be wise to consider the saftey of these savings accounts given the bad state of things.
Sorry Not AiG but AiB anglo Irish Bank Just miss wrote the letters on my last post.
Some farms are being reposessed by the banks and sold off at auctions,here is a story of solidarity amoungst farmers, a farmer from County Meath whose farm was up for auction - 67 acres - his neighbours refused to bid,in fact there was only one bid of 1 Euro.
I wonder how long such community spirit will last?I don't think we have seen the last of the "gombeen".
http://www.independent.ie/opinion/analysis/euro1-bid-for-farm-shows-depth-of-locals-anger-toward-banks-2417299.html
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