JPMorgan: "The Likelihood That The Portuguese Government Will Fall This Week Looks High"

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Tue, 03/22/2011 - 14:16 | 1086679 ReallySparky
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Failure is everywhere, Fed Fisher states today that US faces insolvency,blah, blah, blah, but there is hope.  Captain Obvious. It won't be long before this all blows up.

Tue, 03/22/2011 - 14:18 | 1086696 nevadan
nevadan's picture

There's nothing to worry about.  JCT will be along shortly to announce that he will probably raise interest rates when it seems appropriate.  It's all good.  Euro up.

Tue, 03/22/2011 - 14:36 | 1086798 egdeh orez
egdeh orez's picture

What does this do for precious metals? Is it bearish for PM then since dollar is going up?

Tue, 03/22/2011 - 14:38 | 1086803 Harlequin001
Harlequin001's picture

Buy and hold. Can't go wrong with that one.

Alternatively you could put your cash in a Portuguese bank...

Tue, 03/22/2011 - 14:47 | 1086855 Thomas
Thomas's picture

I had even odds that Spain would go down a year ago. What's with those guys? That's when the Roman candles will come out.

Tue, 03/22/2011 - 14:50 | 1086867 HoofHearted
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Portugal goes down, then it's Spain, Ireland, Greece, and Italy. After all, misery loves company.

Tue, 03/22/2011 - 15:15 | 1086969 dick cheneys ghost
dick cheneys ghost's picture

Census Detroit........Population lowest since 1910....Government souce leaked to newspaper.......i knew things were bad, but not that bad..

Tue, 03/22/2011 - 17:29 | 1087520 Zero Govt
Zero Govt's picture

Detroit down the toilet? ...proof what a 'success' the Democrats (socialism) is for your community

Tue, 03/22/2011 - 15:15 | 1086968 Calmyourself
Calmyourself's picture

Nothing material will go down and certainly not the entire system. Every big bank and concern in the world is dependant on this system as well as the sheep.   This will go on for a long, long time as they strip us bare.  The middle class will be totally asset stripped and only when that is done does this end.  The end will be nothing more than a slave state dressed up through mass media as the new fairness..  Nothing changes..

Wed, 03/23/2011 - 12:54 | 1089084 Harlequin001
Harlequin001's picture


Tue, 03/22/2011 - 15:39 | 1087046 Shocker
Shocker's picture

I'm Really surprised we have not joined them to be honest. We are in extremely rough shape but I guess people are too busy eating, and watching tv to notice.



Wed, 03/23/2011 - 02:16 | 1088951 Clancy
Clancy's picture

The Sinking of Lusitania, Part II

Tue, 03/22/2011 - 14:52 | 1086883 CD
CD's picture

I dunno abou the short term effect on the USDX, but THIS certainly does not look like good news for any PMs:

"On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, located at 1 Chase Manhattan Plaza, NY, NY, is ready to roll as both “weighmaster” and depository, for delivery of gold, silver, platinum and palladium contracts, as of March 17, 2011, two days later."

Tue, 03/22/2011 - 14:58 | 1086905 Dr. Richard Head
Dr. Richard Head's picture

The dayI store my goods with JP Morgan Chase is the day that I get surgery to become a woman. 

Tue, 03/22/2011 - 15:02 | 1086922 Dr. No
Dr. No's picture

That would be the only escape plan.  Once you get in with bed with JPM, they got you by the balls....

Tue, 03/22/2011 - 15:20 | 1086988 Dr. Richard Head
Dr. Richard Head's picture

Does this skirt make my adam's apple look big?  Fuck JP Morgan. 

Tue, 03/22/2011 - 18:09 | 1087616 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

No, but it does make you look like Ann Coulter.

Tue, 03/22/2011 - 19:02 | 1087751 Blues Traveler
Blues Traveler's picture


Tue, 03/22/2011 - 15:17 | 1086981 Calculated_Risk
Calculated_Risk's picture

"using a "self-certification" process"


Translation: 'Trust us, we have your gold right here... no need to worry. But don't try and withdraw it.'

Tue, 03/22/2011 - 17:05 | 1087437 SilverBoy
SilverBoy's picture

Third party certificates cost more because, well a third party actual verify the accuracy of the information.

Self certification - How Lame

Tue, 03/22/2011 - 16:06 | 1087185 FeralSerf
FeralSerf's picture

I wonder if they'll take gold colored tungsten bars too.

Tue, 03/22/2011 - 22:31 | 1088386 eftian
eftian's picture

No, thats what they`ll deliver!

Tue, 03/22/2011 - 16:31 | 1087300 Temporalist
Temporalist's picture

Whoops didn't see that..

Tue, 03/22/2011 - 16:52 | 1087395 IQ 145
IQ 145's picture

 "self-certification"=a fox who certifies himself to be a hen-house guardian. This sucks; and it's pretty blatant.

Tue, 03/22/2011 - 17:23 | 1087507 T-NUTZ
T-NUTZ's picture

kind of like being "the banker" in Monopoly?

Tue, 03/22/2011 - 16:33 | 1087297 Temporalist
Temporalist's picture

Something interesting about JPM and PMs.  I'd say the big players are getting ready for something in metals...bullish for PMs:

Will JP Morgan Now Make and Take 'Delivery' of Its Own Silver Shorts?

"The process of being approved as a licensed vault or weigh-master/assayer for the NYMEX/COMEX futures exchange...

...will ordinarily consume considerably more than 45 days.

On March 15, 2011, the Commodity Exchange (COMEX) and the New York Mercantile Exchange (NYMEX) advised the CFTC that they had approved J.P. Morgan's application to become a licensed vault facility, using a "self-certification" process. The newly licensed vault, located at 1 Chase Manhattan Plaza, NY, NY, is ready to roll as both “weighmaster” and depository, for delivery of gold, silver, platinum and palladium contracts, as of March 17, 2011, two days later."

Tue, 03/22/2011 - 16:48 | 1087377 IQ 145
IQ 145's picture

 Whoops. that one went right by me. "self-certification"; WTF? I don't like this.

Tue, 03/22/2011 - 14:37 | 1086799 Harlequin001
Harlequin001's picture

The failure of Portugal is inevitable, just like all the rest.

The problem is solvency, ain't no one raising rates anytime soon...

Tue, 03/22/2011 - 14:54 | 1086886 A Man without Q...
A Man without Qualities's picture

I suspect there is a big problem with the planned asset sales.  I suspect when they look at the accounts of these state owned entities and realize what they look like under international accounting standards for corporate entities, they realize the market will be horrified, so they are orchestrating an escape route, leaving another group can come it and take responsibility for the mess.

Portugal has been living the life since they joined the Euro, basically enjoying living standards far higher than their economy could support, and now it's coming apart at the seams.

Tue, 03/22/2011 - 20:50 | 1088101 Iam_Silverman
Iam_Silverman's picture

"I suspect there is a big problem with the planned asset sales."

See, if they had a more proactive Federal Reserve Bank like we do, there wouldn't be a problem at all.  Ours will buy anything.

Tue, 03/22/2011 - 14:58 | 1086907 pendragon
pendragon's picture

yes only counted 6 times so far in the last week. the broken record

Tue, 03/22/2011 - 14:36 | 1086794 ml8ml8
ml8ml8's picture

The Euro has been rising on the back of a US$ carry-trade.  We all know that trade works....until it doesn't.  Witness the Yen.  Who knows, maybe we'll have the G-7 intervening to stabilize the Euro sometime later this Spring.  /sarc

Tue, 03/22/2011 - 14:46 | 1086843 redpill
redpill's picture

The level of insolvencies is not of a level where it would impact human health, please move along.


Tue, 03/22/2011 - 16:31 | 1087298 PulauHantu29
PulauHantu29's picture

Really Sparky, it's always,

"Better then Expected!"

Tue, 03/22/2011 - 14:15 | 1086684 downwiththebanks
downwiththebanks's picture

Hopefully Portugal responds by saying the liklihood that JP Morgan remains in a state of insolvency papered over by mark-to-horseshit accounting gimmicks and public sector welfare is 100%.

Tue, 03/22/2011 - 14:25 | 1086735 Oh regional Indian
Oh regional Indian's picture

Nice. Low blow, well deserved.


Tue, 03/22/2011 - 14:27 | 1086745 DutchTreat
DutchTreat's picture

ROFLMAO! Retweeted by Tyler.

Tue, 03/22/2011 - 15:03 | 1086921 bbaez
bbaez's picture

Ending Corparate Welfare & Corporate Tax Loopholes could end American budget woes couldn't it?

Tue, 03/22/2011 - 15:26 | 1087010 downwiththebanks
downwiththebanks's picture

Taxing the shit out of world-destroying derivatives would allow caviar binges for to every man, woman and child alive.

Tue, 03/22/2011 - 14:17 | 1086685 arnoldsimage
arnoldsimage's picture

where's portugal?

Tue, 03/22/2011 - 14:18 | 1086697 Horatio Beanblower
Horatio Beanblower's picture

Just North West of Libya.

Tue, 03/22/2011 - 14:29 | 1086738 mogul rider
mogul rider's picture

Beside Spain , which is collapsing

Which is beside France which is collapsing

Which is beside Germany which is collapsing

Which is beside Eastern Europe which has collapsed

Which is above Italy which is collapsing

Which is above north Africa which is right fucked up

which is beside North America which is completely fucked up

Which is beside Japan which is melting

Which is beside China which is dissolving



Tue, 03/22/2011 - 14:28 | 1086756 KickIce
KickIce's picture

Yeah, but aside from that everything is fine, right?

Tue, 03/22/2011 - 14:39 | 1086813 Harlequin001
Harlequin001's picture

Absolutely marvellous, looking good for a rally...

Tue, 03/22/2011 - 14:50 | 1086865 redpill
redpill's picture

Positively bullshit, er I mean, bullish!  BTFD on max margin, pour Krystal over your naked girlfriends in the hottub and celebrate silver coiners getting thrown in prison as our country gets sold down the river.  Party like it's 1929!

Tue, 03/22/2011 - 15:02 | 1086923 Cash_is_Trash
Cash_is_Trash's picture

Are we having a volume-less melt-up in metals today? Or is that only strictly for equities?

Tue, 03/22/2011 - 15:12 | 1086960 Harlequin001
Harlequin001's picture

Nope, I'm buying...

Tue, 03/22/2011 - 14:42 | 1086827 tgatliff
tgatliff's picture

Absolutely!!! And the dumpster diving technical charting (its very complex and hard to understand  so it must be right)... Clearly indicates that the market is about to pop higher in the short, medium, and basically to infinity and beyond.... BUY BUY BUY!!  BOOYA!!

Tue, 03/22/2011 - 14:51 | 1086871 knukles
knukles's picture

Depends on where you live.

Tue, 03/22/2011 - 15:19 | 1086983 John_Coltrane
John_Coltrane's picture

Yes, antartica looks to be in good shape-but other continents are screwed.  Can millions of penguins really be wrong?

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