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Ivory Coast Defaults On $2.3 Billion In Bonds, Bonds Rise, Cocoa Drops
Another confirmation of just how insane everything is comes from West Africa. The London Club announces that the Ivory Coast is now in default after the January 31, 30 day grace period expires, and bonds jump. And with former president Gbagbo now out of negotiating options, and likely to resort to violence, resulting in further destruction of cocoa supplies, cocoa futures... drop.
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Well, that should be good for another hundred points tomorrow.
Make it a DOUBLE, why stop at a hundred ?
More cause for celebration.
Bail out the banks that go under with IC !!
I like my new movie,
Turd Speilberg
http://www.youtube.com/watch?v=RBGqtOKmWHo
Here is another mother's basement story.
How an Unemployed Machinist Pulled a Nathan Rothschild on Rothschild's Bank.
By,
Anonymous: A True Story
The sordid details begin when all hope was lost with the election of Barack H. Obama. The 2008 Presidential election failed to yield a candidate with the knowledge and will to fix the severe transgressions of the USA and our monetary system. On September 16, 2008, failures of large financial institutions in the United States, due to exposure of securities of packaged subprime to prime loans and credit default swaps issued to insure these loans and their issuers, rapidly devolved into a global crisis resulting in a number of bank failures in Europe and sharp reductions in the value of equities (stock) and commodities worldwide. The failure of banks in Iceland resulted in a devaluation of the Icelandic Krona and threatened the government with bankruptcy. Iceland decided to give the middle finger to the IMF and go it alone. They are now well on their way to a real robust recovery. In the United States, 15 banks failed in 2008, while several others were rescued through government intervention or acquisitions by other banks. On October 11, 2008, the head of the International Monetary Fund (IMF) warned that the world financial system was teetering on the "brink of systemic meltdown". Henry Paulson, head of the US Treasury threatened "martial law" if the Federal Government did not aqueous to his blackmail. What followed was privatizing the profits of banks and socializing their loses on the backs of the American tax payers to the tune of trillions of dollars. This was all the motivation I needed to do something really smart on my part.
Unemployed two years at the time living in my mothers basement, I had an 810 point credit score, $250,000 in available credit, zero debt, and a nest egg of $20,000 in the bank. Knowing I would never be able to secure meaningful employment with the way things were going, I could not accept I would be living in my mothers basement for the rest of my life. The banks began pulling my available credit at a rapid pace. My available credit dropped to $50k within the year 2009. I had credit card checks at 0% on the reaming cards when I made my move, maxing out all available unsecured credit in cash advances. Being an armature economist for 35 years and knowing the devastation of the housing market in Florida, I began shopping for a home of my own. After negotiating the original selling price from $100k to $33k, the home I purchased near the end of 2009 was a foreclosure built 2005 and first purchased for $311k on March 3rd of the following year, incidentally the same day I lost my job back then.
It's a really nice home with 1900sf under air 2750sf total, 3 bedroom, 2 bath, with a man cave, a 2 car garage, and good size lanai. Turned out the home was a hydroponics grow house with minimal damage originally thought to be a Chinese drywall house. I really wanted to fly down Walstreetpro2 and have him smash-up the drywall for me making a documentary of it called "The Chinese Drywall Syndrome", but those plans changed when I discovered after forensic analysis what the house really was and no need to go postal on that Chinese drywall shit. The well water system pumped directly into the house used in the grow operation had released moisture and sulfur making it appear as having Chines drywall. No one ever lived in the house and was empty for two years before my purchase. Perhaps the man upstairs was smiling down upon me at the time, thus my good fortune.
That hopey changey thing the President promised me was a complete failure, but I learned well from the likes of JP Morgan, Goldman Sachs, and the rest of the International Banking Cartel bandits on how thy do the thing. The kicker is, I paid cash for the place and took advantage of the cash for house clunkers rebate bringing my opportunity cost down to $29,000. My monthly expenses with the Florida homestead exemption gives me $1,000 in property taxes and about $300 in monthly utility bills. Lowering my overhead costs at a time like this was of paramount importance to me given my continued unemployment and economic collapse to come. I feel no remorse for my financial shenanigans playing the system like a fiddle as I was taught by them how to do it. I stopped making the payments on the credit cards last March when my money ran out. So far the notices for payment have been few and far between. Perhaps that is because they know I will immediately file for bankruptcy if they get out of line. One more thing; It is virtually impossible for the bank to take the house in bankruptcy court in Florida on a homestead that is 100% paid off. Non-collateralized debt is unsecured debt. What is it about unsecured debt that some people don't get? By the way, it's 75*F in South Florida today. Have a nice day.
The moral of the story;
There is no moral hazard anymore, all is fair in love and banking.
If the water damage caused mold growth, which seems likely in a humid place like Florida (and may explain the sulfur smell), then the house has much worse problems than Chinese drywall...
TPOG
All is fair in business and government, as situational ethics involve weighing costs, benefits, and incentives. Maximizing return is the goal.
Individuals often seek the goal of a fine reputation, so follow an ethical code based on a longer time frame.
Just sayin', you sound as though you joined the evil bankers/politicians side of the ethical divide, seeing your only choices to be a loser or a cheater yourself.
I do strongly object to your assumption :
"with the knowledge and will to fix the severe transgressions of the USA and our monetary system"
if with that you intended to subtly designate the Mc Cain/Palin team you are a hopeless joker...
Sweet. Like the price points - mahsta.
Loved it Turd !
remove the auger from our Anuuse !
Cant wait for #2
Peace !
Someone loaned them munney?
no, just a bunch of paper.
you know which colour the bills had?
US toilet roll$
Hell: capitalists have been pillaging Cote d'Ivoire for hundreds of years.
You don't think they've gotten paid for their 'investment'?
Sorry William, I fat fingered the Junk button on my iPhone.
I fully support the default on these bonds. The imf or whichever bank loaned that money can dump them off on whatever central bank is buying on that day. fudge 'em up the chocolate chute.
Seconded!!!
Unanimously approved!!
It's your patriotic duty to support QE3.
If things are on fire like you say, QE will wrap up this month. End of story for the markets.
no
Must agree with my evil twin brother on this one.
But, can you both be in the same place at the same time?
We are HarryWanger's alter-egos. Separate, yet the same.
Roses are red, violets are blue.
I'm schizophrenic and so am I!
:>D :>(
@Hamy
Thank you for exposing Prof. K's bullshit and running his demented ass off.
It's your patriotic duty to move to.... anywhere BUT HERE!
You...you're good!
Lest we forget losses will be passed through to the taxpayer.
I thought default was a regular re-occurance in Africa? Frontier markets and all... lol
2.3B? they should have asked to suckle at the daily POMO fest for a day or so,
.....sorted
Yeah! The Ivory Coast Central bank should just redeem those bonds with the local equivalent of bernanke bux. Here's your money aholz!
sorted? WTF? Buy Pitney Bowes!
On January 31, Dutch condom specialty shop Condomerie announced its plans to ship 2,000 condoms in the shape of "little blue helmets" from their store in Amsterdam to the Ivory Coast in hopes of raising awareness, easing tensions, and spreading around a little love.
22 hours ago Details
Excellent post, William!! You are becoming one of us. Welcome to the dark side.
"Another confirmation of just how insane everything is comes from West Africa"
Christ...what are you talking about? Forget West Africa, how about the freaking reaction in the US markets? Bonds up and cocoa down? Is that what you meant?
Kraft and Nestlé will go down tomorrow, but not enough to short them.
Does this Snickers taste like blood to you?
WAW! YOU FOUND THE HIDDEN SIERRA LEONE HIDDEN DIAMOND!
They are hard to sell... you'll need a jew to unload it.
that is a mistaken steroetype. the jews keep the good diamonds off the market.
schizo markets last 12hrs...
something is up...that's a fucking major bull trap.
impossible to sort out.
I sold my puts today... should go long for 2 months or so... but don't really know what sector...
I'll pass this round for a few weeks I think.
Anything that has to do with fraud, graft and corruption should be safe
total overpricing of risk, i think their will be shorts lining up on commodities again, but the Egyptian thing is still going to be a problem.
huge cyclone about to hit Australia, should effect sugar prices.
the rally started in europe on BP paying dividends, then Egypt blowover, then the ISM...
a panic buy.
Schizo, hell. How about those 3 mini crashes in SPY? All bottoming at 128.6692.
ah what the fuck, either the market doesn't correct start Feb, or we get the mother of all flash crashes coming.
mini flash crashes are like warning shots...
Augghh!! It's a trap:
http://www.halolz.com/2009/09/11/its-a-trap-7/?iact=hc&vpx=1059&vpy=267&...
adm?............................those bastards
turns out it wasn't chocolate on those Ivory Coast bonds.. it was poo.
Well thank fcuk for that. I thought I was going to be stuck with all my hoarded chocolate.
There goes the plan to issue gold foil covered chocolate coinage.
Go for the Ferrer-Roche balls.
The explanation of course is that everything is always priced in - - except for "investors" coming to their senses daily to realize that stocks are always undervalued. Price doesn't matter, it always should be higher.
Chocolate bars are cheaper. When I was a kid they cost one silver dime, now they are only 99 cents.
The dimes or the bars?
Look at the chocolate induced rampup (frontrun for a possible selloff tomorrow) on all the worlds markets today !!!
http://www.sgxniftydowfutureslive.com/index_files/DOWFUTURES.htm
Its almost funny - but in reality there is no "price discovery" for "anything"
Sad !
The shakeout before the big runup begins.
wrong spot