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Latest Irish Rumor Per WSJ: European Officials Weigh EUR 80-100bln Rescue For Ireland
From the WSJ:
- Officials also discussing smaller bailout for Irish banking sector alone
- Eurozone members want UK contribution to rescue - Good luck with this. This is a non-starter.
- IMF to have role in Irish rescue
The EURUSD so far calls shenanigans on the latest development, and may soon breach 1.35.
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I am an avid reader of ZH, but their newfound thesis of inflation (it was the "d word" for quite some time, until maybe 6 month ago) seems to loose steam quickly. Just look at the the commodities complex. With all due respect, Tyler is beginning to sound like a contrary indicator himself. Referring here to last night's '30% Rise in Cotton story' - http://www.zerohedge.com/article/upcoming-30-price-increase-cotton-products-and-defaulting-chinese-clothing-manufacturers-may
Cotton lost almost 20% from the parabolic top in just a week.
ZH had it's "gold bitches" phase this year....but the blog is recovering lately, can it get back to its former glory remains to be seen. They should let EP go honestly, not a good addition.
biflation bitches!
No one is right 100% of the time....except for me, obviously
Cotton is rising due to fundamentals. It fell due to a change in margin requirements. The former exerts a persistent force on the markets, the latter's effect is purely transitory.
But hey, go all in dollars if you like. Don't come crying to Zerohedge when your life savings won't buy you a cup of coffee.
In fact, youre wrong GhostTrader. Tyler in many past articles states the 'biflation' conclusion, inflation in what you need to buy, deflation in what you have and are trying to sell or count as an 'asset'. I've agreed with it, and it is whats going on right now.
CORRECT +1000
You might watch what's the IMF planning for Ireland... it could be disastrous like in Argentina last decades.
The Role of the IMF in Argentina, 1991-2002Issues Paper/Terms of Reference for an Evaluation by the Independent Evaluation Office (IEO)
http://www.imf.org/external/np/ieo/2003/arg/index.htm
Just breached it.. 1.3499
ALL IN BABY:
Short EUR/USD 100,000,000 1.35119
and we have a winnah....
The trade is reversing back to ~ 1.35633. I would suggest to put your pips in your pocket and wait for the re-trace.
It's a short-covering thing.
:D
Hah, yeah not real money.. I wish!
http://fxtrader.investopedia.com/
You can learn a lot from demo accounts. That's good. :D
Do you run any algorithms? (Robots...)
Been working on programming mine on the JForex platform. Finally at the point where I'm modifying trailing stops and tweaking position monitoring. I didn't know much about java, which set me back a bit.
Guess we'll see how it all pans out, should be tradeable for any currency pair.
So you don't run MT4/5? There are many algos already written for that platform.
I wish you the best of luck! You have chosen the most exciting market in the world to trade.
:D
No, I'm only dealing with this one because the platform is run by a swiss bank. I prefer to have an account held overseas versus the U.S. flavors in light of the regulations that are out. It also fits into my plan to eventually emigrate somewhere else.
As for MT, yes I am aware of that and have looked at a few things - but I won't port to that platform unless this particular Forex dealer doesn't pan out.
One of my decisions to go to Forex was limited interference. As in, the market is so huge - even central banks and the infecting legions of HFT's can't push it around that much. That appeals to me. It is a market that has a built-in autoimmune system. Probably one of the last.
WTF has that got do with Ireland and the collapse of the Euro.
Ireland will be an independent state only in name at this rate.
POMO is the way to bails out the dominos. POMO infusions into potatoes field bitchez!
.
There is no way the UK should be involved, we have no part whatsoever in the Eurozone
You do now...
Okay, here is the Big Secret: this has comparatively little to do with the Euro. There's no reason why Greece couldn't have defaulted inside the Euro, and no reason why Ireland couldn't have restructured its banks inside the Euro. No reason except for the urgent "need" to prevent banks in Germany, France, etc., etc. from taking losses on their, ah, investments. Savin' the Euro is a good story to tell mug voters in Germany who don't realise how insolvent their own financial system is, and who would much rather hear about stupid Irish and lazy Greeks than bailouts of bust German banks. Well, guess what, the UK's banks are pretty heavily exposed to Irish debt too. Now, I'd rather see the Irish banks restructured and the chips falling where they fall, instead of the deal that's apparently on the table. But you can't deny that the consequences of that restructuring would hit the UK pretty hard.
The best post of the year, IMO. +260 TRILLION, or roughly the amount of debt the US really is in.
Thank you kindly.
I can speak for most people in the UK,piss off its your problem.
...soon to be our banks' problem, however.
I'm sorry, what? The United Kingdom not involved? What an absurd statement!
If the name wasn't officially The United Kingdom of Great Britain and Northern Ireland, it would have been called IndyMac or CountryWide.
Who do you think wrote all that toxic crap in the first place, Saudi Arabia? Remember when your cousin went on holiday in Spain...in her new villa on the Atlantic coast? And her friends and their friends were doing the same?
Do you think that that stuff just appeared by magic, out of thin air? Someone just left the keys in a Spanish villa for any Englishman to have, gratis?
I suggest you rethink that idea.
So you mean the UK is Ireland's single largest creditor ($188B) in front of Germany ($184B) and France ($60B) but it's not the UK's problem?
You think if Ireland defaulted on its debt it would only default on its Euro denominated debt to Eurozone members only but not its UK debt?
U.S. Dollar is rocketing huge on this news....
And US markets rocketing down.
Actually, it appears to be falling back a bit now. More rumours, just what we need. Come on.
Still expecting that snapback, Harry?
The only thing that got snapped the last few days are your long positions.
But, hey, you've been warned, this melt up we've been seeing all October will continue to work......until it doesn't.
Held 1175 support and will now continue to move higher. This is a healthy pull back to move higher. Nothing more. Also, AAPL held 300 and is moving higher. We've seen our pull back on this overblown story.
...a case of "best-looking-horse-in-glue-factory" syndrome...
or "tug-o-war"
Soon we'll have more stories like "State Budgets In Crisis!" or "U.S. Economy Softens" or perhaps "Mexico Invades Arizona"....
This "bad news" was precicted as retailiation to the US Fed $600 BILLION POMO injection that the whole world sees as a scam. Wait until Japan steps to the plate...
China is under pressure to scream YAO!
More BS. And how is this going to be painless?? It's going to kill whoever contributes and/or the IMF will be creating an electronic debit for Ireland and all the rest to draw on.....it won't work until they decide to default and write off the debt...having the Germans, Brits, etc. cough up wealth (whatever they have left) to make interest payments to the creditors is completely insane......the policy makers around the world are completely clueless and will most certainly end up collapsing the entire world.
Last November it was Dubai, then it was Greece, next up Ireland, then Portugal. When opportunity knocks, you better pounce. Check out fire sale on Chinese solars...Mmmmm, love them dips! LOL!
They just keep on papering over the problems...they never matter anymore so keep on buying those dips! LOL!
Remember how first it was the credit markets that froze in August of 2007, then next up was BSC, then SEC banning shorting of financials, then FRE/FNM, and then BOOM.
So good luck with that pouncing. Because this time it really is different.
LMAO! What a dumb shit! Typical filthy lying Greek tool! (Probably voted for Obamao) Dubai's worries are far from over. Greece is a financial cesspool and will be indefinitely. Ireland's worries have just begun. Portugal is a fool's paradise. The jokes on you!
Beat it shorty, the joke is on you. Lube up, you're about to get ramped from behind!
How's NBG doing for ya? Packin' fudge on those spreads? 10yr yield at 11.88% and rising sharply, again. Portugal at 7.07% and rising sharply, again. Ireland, forgetaboutit.
Hey leo, some advice- buy all the JPM, C, BAC and NBG you can! ROTFLMAO!
Dollar is going parabolic up; gold and silver parabolic down. Treasuries took a beating yesterday. Any idea what's going on??
Lots of funds who listened to all the guys like Peter Schiff, Jim Puplava, Eric King, etc. are getting destroyed and are facing massive margin calls.
No doubt, many funds will be folding after this week.
Many of everything is folding, longs in equities, mom and pop shops....the country is destroyed bottom line.
Indices aren't anywhere close to oversold yet. They should really take their first loss.
People who listen to Schiff don't use margin.
Well said. The "short term gain" crowd buying on margin deserve to have their asses handed to them.
Good Riddance to them!!!!!
Robo---we need more eye candy.
Not necessarily.
Although, I don't know many people, male or female, who don't appreciate looking at beautiful women...as long as there is no degradation, implied or explicit.
I am soooo glad he got over that "Ukrainian escort" thing and "Mrs. Watanabe." Kinda made me feel dirty just sitting here minding my own business.
Yep Slartebart whats going on is 'world economic end game'. No one believing any of the BS anymore, Chinese ICBM warnings, further melt downs in banks that were stress tested and deemed 'stress tested A-OK' only months ago...back to swirling the bowl and no one wants any part of further bailout farces.
Top hedge fund managers cutting their gold positions:
http://finance.yahoo.com/news/Soros-Cuts-Gold-Holdings-for-bloomberg-958756394.html;_ylt=AheN4T0z0jUpI7RWtvfjB0e7YWsA;_ylu=X3oDMTE2aXYzM3J2BHBvcwMxMQRzZWMDdG9wU3RvcmllcwRzbGsDc29yb3NjdXRzZ29s?x=0&sec=topStories&pos=8&asset=&ccode=
Gold is out....for now.
Haven't you heard????
Gold is out, chinese solars are in
(if I have to add "sarcasm" in the last sentence then you are a bigger idiot than I thought)
Come on IRELAND, END THE COMEDY.
STARVE THE BEAST.
SAVE THE WORLD.
IRA style, fuck the scum Brits bankers.
Erin's in Dubai so they got another flat chested girl to take her place.
Her name is Simon. Do you hear what this bitch is saying.
What a fuckin' shill. "This is a sign of European strength !"
Bwahahahaha
Oh Erin's in the wasteland of Dubai trying to blow as many princes in bed sheets as possible again?
Erin blows the GE execs who are part of my .org, NYFeds.
She gets head from the Dubai prince as payback. Vacation in Dubai.
Simon is also on record saying that the Fed needs more secrecy so that its operations have a better chance of success.
Of course, "Success at what?" is the question.
Ireland must stand alone. Debt is a future claim to labor. Slaves or Free Men. Choose, the Sun will rise anyway tommorow. The cost of Fiat is lies. Groups of the population at the expense of others. This is, of course, the best that interventionism can attain when it does not hurt the interests of all groups. But while making the whole community poorer, it may still enrich some strata. Which groups belong to the latter class depends on the special data of each case. The idea which generated what is called qualitative credit control is to channel the additional credit in such a way as to concentrate the alleged blessings of credit expansion upon certain groups and to withhold them from other groups.
UK contribution? WTF?
They could just as well throw some tea and crumpets Ireland's way
This plus mortgage fraud @ the same time?
What's da VIX ?
Gold has had a down week and and everyone is quick to call it a top and looks at it like it is a pure inflation hedge. It has been the truth for 5,000 years-a lot longer than the numbers that are transferred from bank to bank that we call a fiat currency. Peter Schiff and a lot of other have been right and will continue to be right. Countries are bankrupt, states are bankrupt, municipalities are bankrupt. None of that is changing because the dollar is stronger today. Margin requirements are changing and the powers that be are doing everything they can to bring down PM's because as more people learn the truth, the closer they are to their demise.
This is paper and margins.Check Ebay out,Silver coins selling for more than ever in recent times,the official figures don,t correspond with whats actually happening.Time for a whiskey,baby .........
Yep, and guns and large supplies of ammo also historically go far to assure ones personal safety and well being in the face of melt downs at the hands of madmen as well.
Go,go,go Ireland .... declare independence from the world.
Quote today:
" "We must all work together in order to survive with the eurozone, because if we do not survive with the eurozone, we will not survive with the European Union," said EU President Herman Van Rompuy."
This is just what we Brits want -- bring it on!
+ 9,4444674989234560 Bye,bye E.U. Bye,bye before it bankrupts us in the UK.
Before? UK´s bankrupt already.
Quote today:
" "We must all work together in order to survive with the eurozone, because if we do not survive with the eurozone, we will not survive with the European Union," said EU President Herman Van Rompuy."
This is just what we Brits want -- bring it on!
I say bring it all on! Call the FED's bluff, theyre holding nothing but a pair of 2's and are all in.
Truth from the Low Grade Bank Clerk,what next Gold at $2000
Can't U2 just hold a big-ass benefit concert?
Or Geldof?
"We Aren't The World"
Retail names still very strong.
This selloff might be a giant fakeout.
Right, its just a fakeout, because certainly the equity markets arent massively overvalued to ridiculous nosebleed 80+ PE levels or anything, and in reality everythings actually fine and people really believe in 'bailout world' extend and pretend as a highly reliable sound economic policy the world can be based upon. As you say, Im sure theyre just trying to fake-out someone.
Theres 1 sure way to test your fakeout theory- remove the constant stock market support from the FED, stop POMO, stop QE2, stop all market manipulation, and put that rate back to 3% at least from its present 0% ZIRP...then lets see how sound it all is without total FED life support systems.
Hmmph! Uh Yeeea-uh! Choke-ass chicken Robo Tradin muthafucka!!!!
translation: Sheep dog raises some good points Robo
noting similar things and am very leery.
If the Fed is really going to let things go, and we repeat 2008, there is plenty of time to make assloads short
No, it's real. It's just that it's currency-driven, not earnings-driven.
UK Independence from the Bankrupt EU superstate, Yes Please ................................
It's too late. You really think us Germans did want the EU superstate? We do have something in common and that's our insolvent banks which have exposure to each and every fucking junk all over the world. UK banks hold 180b of debt and German banks 150b. No chance, that Ireland the banks does not get a bailout.
For the US it could get interesting, because a bailout of Ireland means loss of fiscal independence, so there might be a demand by EU/IMF to raise the corporate tax of actually 12,5%, that is used by US corps to avoid paying taxes in US.
"Officials also discussing smaller bailout for Irish banking sector alone"
Translation of statement by EU-"You Mics already guarenteed your banks' debts. You either play ball or we force it. Our boys at da banks are on board with us...just in case you didn't know that..."
Ireland is denying they are in serious trouble! This may be the middle finger.
Interesting. I wonder how this will affect the equities market...
Down,down, down and down !!
The only serious trouble in Ireland is to run out of Guinness and Whiskey.
the only serious trouble in Ireland is :
" they are delusional "
So much for QE2 instilling confidence. How's that working now? I've got a 1990 Ford 350 I'll sell to the Fed.
I've got a 1999 Ford Focus they can buy!
read this commment on cbc.ca re. the fall in CDN$ today - makes a lot of sense:
"Well this was all agreed upon during the G20 meeting.
Re-invent the EU crisis, China inflation worry, and voila, markets collapse, commodities sell off, gold and silver sacked, and US dollar rises.
Happened after the last G20 as well.
What do you expect when you put corrupt bankers in the same room.
Of course the wink wink, nod nod group was informed so's they could place their short positions first.
They won't be happy till they own it all.
Of course they'll pay for it with our tax dollars!"
http://www.cbc.ca/money/story/2010/11/16/loonie-markets.html#socialcomments
I wondered the same thing myself. I don't see how the european leaders could have been surprised by all of this. They had to have discussed this at g20 last week. The challenge for all the sheeple is to determine the goal of their plan. What are they trying to accomplish?
Let's see. Not as much Fed-QE2-bashing this week, and the USD is up significantly - I bet Ben Shalom is happy - so there you go, looking at the money trail and focusing on who stands to benefit the most you have in a nutshell "what they were trying to accomplish."
Check out the bottom fishers trying to "make their year"....
Reacting after the fact is the fools way as your charts so ably point out
Chart: EURUSD
http://99ercharts.blogspot.com/2010/11/eurusd_16.html
http://www.zerohedge.com/forum/99er-charts
The UK gave AAPL and the world the Beatles therefore they have no further obligations.
Irish PM's statement at 5.00pm a big fat nothing
Who else is loving the gold price action? Can't wait to load up again @ 1290 ~ 1300.
So when are the 24-hours up?? Remember that "ultimatum" yesterday?
The Irish PM just called it did he not?
8 hours left. I hope Ireland stays tough and rejects the bailout BS, they're already saying 'WTF, we're not in such bad shape, others are far worse off'.
Wink wink at the USA with $220 trillion actual debt or whatever the real nosebleed number is, as no one can even count that high.
Better buy some guns and food Harry.
1500ET (US)
nm
Yeeeahhh, how's that whole 'Eurozone' thing working out so far?
This is a prime example of the folly of forcing square pegs into round holes.
Germans are becoming enraged at the notion of all these bailouts, let alone the real thing, while the PIIGS+? resent that they no longer possess their very own printing presses.
In the interim, the Chinese keep constructing buildings and cities (remaining vacant), as they apparently really did buy into the 'Field of Dreams' plot, as they now nervously anticipate the real possibility that 1/3+ of their export market, the good ole' U.S of A has a weak and suffering consumer, and that its mad central banksters are creating wicked commodity/input cost inflation in and on Chinese factories and dinner tables.
The Chinese will realize little help from Europe as the U.S. consumer goes into full de-leverage mode, and credit lines in the U.S. and Europe contract further.
The BRIC wall (and CNBC mega-perma bull growth for equity markets forEvah tagline) also appears to have seriously defective mortar.
Stay tuned.
Nonsense! The EU disintegrating would be like Yugoslavia breaking up into several smaller independent nations! Nonsense! The Titanic is UNSINKABLE!
I'm curious if anyone knows the answer to this:
Did Ireland use the Brit Pound before it joined the EU?
If they withdraw or are forced out of the EU, what currency would they then use? I doubt that England would allow them to adopt the Pound again!
The Irish pound was established in 1928 but it remained on a 1:1 Sterling peg until 1978. (The coinage looked very nice.) In the (pretty gruesome) event of a Euro exit, the Republic of Ireland would almost certainly move back to a sterling peg.
The punt...you silly c***.
It would be interesting to know if these destabilising rumours come from those holders of Irish banks junior debt. Someone is relentless, presumably for a purpose.
How can you have any pudding if you don't eat your meat?
Ireland says no to pudding?
Go, Ireland, go! Prove that the Emperor has no threads...
It may all collapse, and the world will rediscover the beauty of cash vs credit, and the criminal fractional reserve banking system can burn in hell.
All because of the first earthquake, that was Ireland, that triggered the Tsunami.
I bet we have lowly, slinking jekylls lurking around Ireland. Can't stop AP 5.56, 7.62 or .308, bitchez.
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