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Lehman Deja Vu: There Goes Market Liquidity

Tyler Durden's picture


European liquidity just went into Defcon 1. Presenting the FRA-OIS spread. Oops.

And now moving to a US near you...

An explanation from a trading desk:

So the fact that Greece itself was stretched further on the rack was not the be all and end all of the new credit crisis and catalyst of the latest Libor jitters.

In reality, analysts immediately warned that the ramifications of any action on the 'threat' of French Bank downgrades was this time a significant event in the financing market.

When other EuroZone Banks had been downgraded or threatened with downgrades, the markets were to some extent immune because any shortfalls in Euro funding were continually topped up via swapped Dollars.

However, this '$-Funding' has been dominated by the Big French Banks and now we see the reality of such a polarized or skewed funding profile for Europe.

Not only are these French Banks significant players in the short-term $ markets, but many investors have large exposures to these entities either via CP?CD/ABCP or the Repo Markets.

**Based on the current market info on their money-market activities, we are told that the 3main French Banks collectively account for as much as 50% of all Eurozone CP/CD exposure as at recent month-end (31st May)...and, furthermore, they account for almost 15% of $ Repo Markets as per the end of Q1 2010 (31st March).!!!**


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Wed, 06/15/2011 - 12:44 | 1371465 Ahmeexnal
Ahmeexnal's picture

Euro, we have a problem!

Wed, 06/15/2011 - 12:45 | 1371468 baby_BLYTHE
baby_BLYTHE's picture

DOW/GOLD ratio @ 7.82!

Wed, 06/15/2011 - 12:56 | 1371537 equity_momo
equity_momo's picture

Along way to 3 , 2 ....1 still.

Wed, 06/15/2011 - 14:09 | 1371925 eureka
eureka's picture

Vive La France!

Wed, 06/15/2011 - 17:39 | 1372682 Greyhat
Greyhat's picture

God save the Irishmen! Jesus, bail them out, they are swapping shares for bonds. ;)

Wed, 06/15/2011 - 12:45 | 1371471 hedgeless_horseman
hedgeless_horseman's picture


Wed, 06/15/2011 - 12:47 | 1371476 Ahmeexnal
Ahmeexnal's picture


Like I noted days ago, it is infinitely easier to place Frankreich under another Vichy, than to deal with a Greek intifada.

Wed, 06/15/2011 - 12:52 | 1371502 Rider
Rider's picture


The F-PIIGS to be precise.

Wed, 06/15/2011 - 13:53 | 1371833 Ropingdown
Ropingdown's picture

Pfigis.  And it sounds kind of German.

Wed, 06/15/2011 - 12:53 | 1371523 Cleanclog
Cleanclog's picture

Might FIIGS be "Financial Institutions Including Goldman Sachs"?

Separate note - liquidity in equities IS gone except for HFT and options expiry prep.  Really raising the stakes for a gianourmous problem when several HFT unable to be got off simultaneously in different names.  Get out of the way of that panic!

Wed, 06/15/2011 - 13:10 | 1371622 Arius
Arius's picture

or...Financial International Institutions Goldman Sachs aka FIIGS.... peut- etre...

Thu, 06/16/2011 - 02:28 | 1373679 FlyPaper
FlyPaper's picture

LOL.  Excellent.

Wed, 06/15/2011 - 12:55 | 1371531 glenlloyd
glenlloyd's picture


Wed, 06/15/2011 - 13:03 | 1371550 Rodent Freikorps
Rodent Freikorps's picture


Wed, 06/15/2011 - 13:31 | 1371682 TruthInSunshine
TruthInSunshine's picture

Even a pig can fly [temporarily, before being rendered dead when slammed to the ground] if caught in a Typhoon.


- Ancient Chinese Proverb

Wed, 06/15/2011 - 14:42 | 1372075 Rodent Freikorps
Rodent Freikorps's picture


Wed, 06/15/2011 - 14:42 | 1372061 eureka
eureka's picture

For general enlightenment I coined the term the "USUK"s (US+UK) -

The true, original Mega Fi Scum of the Earth.

The world caught its disease:

Anglo-Fi-Filia (symptums: cannibalism, incest, rape & murder).

Ceterum censeo Angloginem USUKs delendam esse!

Wed, 06/15/2011 - 12:48 | 1371477 etrader
etrader's picture

Those PhD's Desks @  Soc Gen sure nailed it ;-)

Wed, 06/15/2011 - 12:49 | 1371482 slow_roast
slow_roast's picture

"Lehman who?" - Wall St.

Wed, 06/15/2011 - 12:47 | 1371492 Internet Tough Guy
Internet Tough Guy's picture

FRA/OIS spread was 128 after Lehman. Not quite there yet.

Wed, 06/15/2011 - 12:49 | 1371504 Tyler Durden
Tyler Durden's picture

Where was it before?

Wed, 06/15/2011 - 13:02 | 1371565 No Bid
No Bid's picture

80.8 on 08/15/08, exactly one month before bankruptcy.


As the original poster noted, a long way to go.

Wed, 06/15/2011 - 13:02 | 1371571 Tyler Durden
Tyler Durden's picture

And how many trillions in short-term central banking bailout capital was pledged on 8/15/2008 one month before bankruptcy?

Wed, 06/15/2011 - 13:07 | 1371604 falak pema
falak pema's picture

TD how come Euro zone is short of liquidity given the QE-2 pumping they are supposed to have received according to ZH estimates? 

Those Euro banks must be washed with 600 B USD of cash!

Wed, 06/15/2011 - 13:13 | 1371620 filletandrelease
filletandrelease's picture

and TED Spread heading lower, not higher?

Wed, 06/15/2011 - 13:14 | 1371626 Tyler Durden
Tyler Durden's picture

TED spread is completely irrelevant as it is based on LIEBOR

Wed, 06/15/2011 - 13:15 | 1371635 Tyler Durden
Tyler Durden's picture

That was base cash needed for statutory requirements. Any incremental cash will need to come from the ECB, which in turn means reactivation of FRBNY FX swap lines.

Wed, 06/15/2011 - 14:44 | 1372066 dark pools of soros
dark pools of soros's picture

you guys are totally missing out on Pandora.. empty your pockets and back up the truck!

Thu, 06/16/2011 - 00:17 | 1373565 Rusty Shorts
Rusty Shorts's picture

-- is it a full moon or what

Wed, 06/15/2011 - 14:20 | 1371982 slewie the pi-rat
slewie the pi-rat's picture

@ falak_p:  good question! 

ducking the Q of cause here, i think one of the underlying "reasons" for these liquidity events is the leverage of the financials, esp TBTF, even the FED.  so, a relatively normal event becomes a whoop-tee-freaking-doodoo as a 2-3% dip wipes out the entire capital equity structure of __________ (fill in blank; use xtra pages as needed).

Wed, 06/15/2011 - 13:08 | 1371614 No Bid
No Bid's picture

Not arguing that they should be weighed on the same scale.  Just agreeing that implying  Lehman II is around the corner via Greece is a bit heavy-handed.

Wed, 06/15/2011 - 13:21 | 1371665 Cassandra Syndrome
Cassandra Syndrome's picture

Why? Similar debt levels and possibly more rampant of a contagion, both financially and especially politically. Also need to factor in how more battered, bloodied and bruised the Global Financial System is in comparison to 2008.

The fact they cannot agree on a bailout may infer they simply haven't the resources to do so anymore.

Wed, 06/15/2011 - 16:27 | 1372504 Takingbets
Takingbets's picture

One can only hope they've run out of bullets. All these bailouts should have never have happened in the first place, including here.

Wed, 06/15/2011 - 13:22 | 1371674 Arius
Arius's picture

another thing to factor in....people are much more alert now, and expect smt to happen....which means they are much more inclined to shoot first and ask questions later...only this could speed things up very quickly....

not the same mindset as prior to Lehman....not many will stand up to the coming wave....people are not so sure the federalis got it together....its everyone for himself...

Wed, 06/15/2011 - 13:24 | 1371693 Cassandra Syndrome
Cassandra Syndrome's picture

Excellent point. People are more in touch with where whatever is left of their savings and investments are and can easily call their fund managers and cash it in.

What percentage of the entire system is available in liquid cash? Less than 1% possibly. Imagine more than 1% of people cashing in their chips at the same time?

Wed, 06/15/2011 - 13:30 | 1371707 Arius
Arius's picture

yep...lets hope for the best and prepare for the worst...

Wed, 06/15/2011 - 13:34 | 1371748 Lord Welligton
Lord Welligton's picture

It is I think about 3%.

I have made the point previously that if the people knew there was virtually no "cash" in the system they might panic.

Wed, 06/15/2011 - 13:48 | 1371824 trav7777
trav7777's picture

cash is now available, ad infinitum, by the CBs, especially the FRBNY

Wed, 06/15/2011 - 18:27 | 1372866 Cassandra Syndrome
Cassandra Syndrome's picture

Good point. I was working on a combined value of €10 Trillion worth of Gold, Silver and liquid M0 cash assets as a tiny subset of €1 Quadrillon worth of Derivatives, Property and real estate, equities, bonds and other capital and short term money market instruments.

A lot of the derivatives cancel each other out, so the 3% may be more accurate, in a fire sale event.

Wed, 06/15/2011 - 14:45 | 1372081 Eyes on the World
Eyes on the World's picture

Posted the play-by-play to my blog in hopes my regular folks reader will catch the drift - WE WON'T GET FOOLED AGAIN!

So, if a similar event occurred today where do we stand?  From the exchange above we gain some perspective:

  1. The "collateral" damage of a Greek collapse would be far-wider and more devastating than Lehman's collapse.  Check.
  2. The global financial system was much more prepared to absorb the collapse of Lehman in '08 than it is today if a similar event occurred.  Check.
  3. People who don't have resources don't make deals.  They sit on the sidelines.
  4. The populace is much more on edge and will panic financially sooner - i.e., runs on the bank.
  5. More people are educated today and watching the banks' every move, we won't get fooled again.
  6. Only a small percentage of total "money" is available in cash at any given time - maybe somewhere between 3 - 5% of total outstanding assets.  This means all it would take to shut down the financial system would be for somewhere around 5% of the people to demand all their money in cash.

Link: Here.

Wed, 06/15/2011 - 15:48 | 1372354 Bananamerican
Bananamerican's picture

eotw ftw

Wed, 06/15/2011 - 16:07 | 1372432 Lord Koos
Lord Koos's picture

I'm sooo glad I got most of mine out some time ago.

Wed, 06/15/2011 - 16:34 | 1372515 Takingbets
Takingbets's picture


Wed, 06/15/2011 - 18:28 | 1372873 Cassandra Syndrome
Cassandra Syndrome's picture

Nice summary of this interesting thread EOTW. Even 5% is a dangerous low number in a day of unravelling credit events.

Thu, 06/16/2011 - 02:30 | 1373678 Jalaluddin
Jalaluddin's picture

Do you remember what happened after the assassination of Archduke Ferdinand?

Thu, 06/16/2011 - 02:33 | 1373680 Jalaluddin
Jalaluddin's picture

Do you remember what happened after the assassination of Archduke Ferdinand?

Wed, 06/15/2011 - 12:48 | 1371495 banksterhater
banksterhater's picture

Joe ASSHOLE LAFORNICIA on CNBS to the rescue!

Wed, 06/15/2011 - 12:48 | 1371499 Alea Iacta Est
Alea Iacta Est's picture

And 3...2...1...queue French Riot!

Wed, 06/15/2011 - 12:56 | 1371518 The Fonz
The Fonz's picture

At least the French remember how to properly riot.

Wed, 06/15/2011 - 12:54 | 1371510 jtmo3
jtmo3's picture

No euros left in europe. They're over here buying dollars.

Wed, 06/15/2011 - 12:55 | 1371516 Bazooka
Bazooka's picture

A Bidless market is crash of epic proportion, dead ahead!

Disclosure: Long VXX, FAZ, UUP

Disclosure: I can't believe I got the fucking math question to post this message incorrect and had to try twice!


Wed, 06/15/2011 - 13:06 | 1371573 john39
john39's picture

don't feel bad, f's with me constantly.  I think its a formatting/text issue.  gets me posting as well.

Thu, 06/16/2011 - 02:54 | 1373697 Jalaluddin
Jalaluddin's picture

I think that Tyler's maths professor may make the occasional mistake,

and I am not sure the learned professor knows about unary minus.

Wed, 06/15/2011 - 12:55 | 1371517 plocequ1
plocequ1's picture

CSCO looks very very sick today

Wed, 06/15/2011 - 12:56 | 1371535 Cdad
Cdad's picture

Any minute now, those shares will find "value."  Holding my breath...

Wed, 06/15/2011 - 16:57 | 1372583 Bay of Pigs
Bay of Pigs's picture

Time for the Blowhorn to use that phrase today...

Call Liesman and get him back on the air to pump this bitch back up!

Wed, 06/15/2011 - 13:03 | 1371570 Boston
Boston's picture

Sounds crazy, but I'm gonna be buying soon (CSCO).

Wed, 06/15/2011 - 14:24 | 1372006 WSMassiv
WSMassiv's picture

Same here not crazy.  Short term high probability bounce. cya.

Wed, 06/15/2011 - 13:16 | 1371643 Al Huxley
Al Huxley's picture

Well, yeah, but it's looked sick since May of last year...

Wed, 06/15/2011 - 14:30 | 1372025 plocequ1
plocequ1's picture

Nokia looks even sicker. The horror. The horror

Wed, 06/15/2011 - 13:00 | 1371522 TruthInSunshine
TruthInSunshine's picture

Globalized, interwoven, incestuous margin/leverage/hot derivative-on-derivative action, bitches!

We've yet to see the prequel, let alone the main show, but we're much closer.

Wed, 06/15/2011 - 13:11 | 1371612 Oh regional Indian
Oh regional Indian's picture

Well said. Pithy.


Wed, 06/15/2011 - 13:19 | 1371654 Oh regional Indian
Oh regional Indian's picture

Well said. Pithy.


Wed, 06/15/2011 - 12:58 | 1371529 filletandrelease
filletandrelease's picture

the TED spread looks like it has heading lower over the last week...what gives?

Wed, 06/15/2011 - 20:28 | 1373150 ZeroPower
ZeroPower's picture

LIBOR slowly creeping lower.

 1mo Libor: 0.185%. Overnight Libor: 0.129%

Wed, 06/15/2011 - 12:58 | 1371530 dudley
dudley's picture

You would think that a South American style renegotiation and extension for all of these borrowers is priced in the market.  Thus the 600 Billion that went to Europe from QE 2 per Zero Hedge yesterday.  This looks like the perfect set up for the insiders to load up on stocks and PMs.

Wed, 06/15/2011 - 12:59 | 1371545 Caviar Emptor
Caviar Emptor's picture

Jerome Kerviel was the patsy: he was just far ahead of his time in running his own small piece of a total Ponzi hidden in plain sight! They tried to tell you it was just a one-off, criminal mischief thing but don't believe 'em: he was surrounded by colleagues who were all doing the same (as he testified and as others leaked). He was just the goat. 

He needed to be silenced and the market sold off hard on this otherwise "transitory" news because the traders at big Wall Street banks knew: it risked exposing and collapsing the world's biggest Ponzi involving derivatives traded back and forth across the Atlantic as a means of generating fake fees, bonuses and giving the appearance of business being conducted. The big accomplishment of 2008: Now that Ponzi is the headache of not just the banks but US and Euro central banks and governments too. 

Wed, 06/15/2011 - 13:04 | 1371557 Kokulakai
Kokulakai's picture


The P is silent as in swimming.

Wed, 06/15/2011 - 13:01 | 1371559 silvertrain
silvertrain's picture

calm down folks all of the banks just passed stress tests not long ago..

Wed, 06/15/2011 - 13:01 | 1371560 Caviar Emptor
Caviar Emptor's picture

Markit Itraxx up 4.2%

Wed, 06/15/2011 - 13:11 | 1371607 Oh regional Indian
Oh regional Indian's picture

Uh oh! What is going to happen in Asia tomorrow?

Another Thursday? Blackish looking already? 

scrrrrrlllluppppppp.... the sound of liquidity going down a black hole.


Wed, 06/15/2011 - 13:16 | 1371657 Beatscape
Beatscape's picture

This is the crisis they need to justify QE3.  More moola to hoist up the Euro ponzi scheme is on it's way! 

Wed, 06/15/2011 - 13:31 | 1371715 Silver Dreamer
Silver Dreamer's picture

True but QE3, regardless of how they package it, will redefine the term "crisis" in the end.

Wed, 06/15/2011 - 13:25 | 1371702 monopoly
monopoly's picture

Now I feel better. I thought I was the only one who got the math question wrong. And I had a math minor in college when I was a punk. lol

This market almost looks like it is real. Liking this FAZ. And there goes the mighty dollar. I guess we will be the last ones entering Hell.

Wed, 06/15/2011 - 13:40 | 1371750 TruthInSunshine
TruthInSunshine's picture

The captcha should be reformulated to be a Keynesian-Krugman inspired forumula based on the creation/destruction of fiat in a fractional reserve economy.

There could be no right answer to any of the potential queries as the context is fatally and insanely flawed, but it would be more fun.

Wed, 06/15/2011 - 14:09 | 1371903 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

The captcha should be reformulated to be a Keynesian-Krugman inspired forumula

My keyboard won't let me enter the numeral 8, on its side. ;)

Wed, 06/15/2011 - 14:40 | 1372064 Rodent Freikorps
Rodent Freikorps's picture

Alt 236

Thu, 06/16/2011 - 03:10 | 1373705 Jalaluddin
Jalaluddin's picture

An ∞ is an option-5 on my Mac keyboard.

How does it look to the rest of the group?

Wed, 06/15/2011 - 13:30 | 1371714 terryfuckwit
terryfuckwit's picture

bck to the important news my potatoes have appeared in 7 locations.. just tiny little leaves but great to see...


Wed, 06/15/2011 - 13:51 | 1371842 bozzy
bozzy's picture

lovin' it

Wed, 06/15/2011 - 13:42 | 1371784 surfer
surfer's picture

US banks are gonna stop lending to European (French German names), all pretty orchestrated as noted several times. If you cant be the demand, create the demand. All fairly straight forward one would think. EURO sacrificed at the holy altar.

Wed, 06/15/2011 - 14:08 | 1371908 PicassoInActions
PicassoInActions's picture

Why so many people are enjoying that market is crashing? I understand that the market is corrupt, rigged and manipulated.

But exactly what will  happened in reality if its indeed crashes hard? I am not talking some ideals and sifi theories.

Realistically, if the market will crash what will happened to regular people? 100 People has  some gold stashes....  then what? they will be running around to exchange their precise gold for some more amount of fiat money?

Or the idea that it will be like a switch flip? All rich will become poor and every1 who managed to get some gold will became rich overnight?


Of cause there are plenty of comments that if it crashes hard we will be on the way to healthy recovery.. will we?





Wed, 06/15/2011 - 14:12 | 1371924 Franken_Stein
Franken_Stein's picture


When was the last time you ate some radish ?

I have today, after a long period of abstinence.

It was delicious and very spicy.

Yummy !


Wed, 06/15/2011 - 14:20 | 1371966 Cast Iron Skillet
Cast Iron Skillet's picture

had Radieschen tonight for dinner along with smoked salmon and horseradish. num num!

Wed, 06/15/2011 - 16:33 | 1372512 achmachat
achmachat's picture

the ones we get at the market are meant to look nice, and just that. They don't have the small very spicy not so pretty ones anymore :-(

I grow strawberries in my backyard!

Wed, 06/15/2011 - 14:13 | 1371948 johngaltfla
johngaltfla's picture

Just about a month ago, on these pages and elsewhere, I said we would see a massive June liquidity crisis and almost all of the postings and data by Tyler and others have confirmed that fact.

Welcome to the crisis. This is going to make 2008 look like a piker.

Wed, 06/15/2011 - 14:40 | 1372060 TruthInSunshine
TruthInSunshine's picture

So what you are saying is The Bernanke is going to have to buy approximately 5 to 20 times the amount of U.S. Government Fiatski-based Notes, and pump about 5 to 20 times the liquidity into the global markets, just to temporarily prevent a collapse, as a direct result of his actions circa 2008-present, as he did during that same 2008-present period?

And you're further saying that assuming that he did do this, the resulting inflation would be in the triple digits in emerging markets and double digits in developed nations, and this would crush whatever is left of any organic, non-government propped economic activity, and throw us into an absolute economic black hole for a very, very long time?

I concur.

Wed, 06/15/2011 - 16:07 | 1372436 johngaltfla
johngaltfla's picture

Big difference between 2008 and today:


We had a myriad of "Fed Programs" to openly support various parts of the financial system lending to banks and buying assets. Now we just have, uh, the discount window. That window ain't big enough to save the PIIGS and our system so it's an either or all women and children for themselves proposition.

The Fed's only goal this time is to save the Fed, rest of the world and the U.S. be damned.

Wed, 06/15/2011 - 16:19 | 1372466 TruthInSunshine
TruthInSunshine's picture


The Fed has already planned their own fake suicide, like a hedge fund manager who has been engaged in a massive Ponzi for years, but only recently widely disovered and busted by the people, so he flies his plane that was supposed to contain his 'body' into a mountain or the ocean, while parachuting out prior to impact.

I wonder what the new, colorfully named, replacement version of the 'Federal' Reserve Bank will look like?

Wed, 06/15/2011 - 20:31 | 1373155 ZeroPower
ZeroPower's picture


Will you stand by your prediction if i reply back to you on July 1 asking "wheres the liquidity crisis?"

Remember, inflating the US economy (trying to, anyway) with countless billions of $ does not induce a full fledged liquidity crisis.

Wed, 06/15/2011 - 20:49 | 1373182 John_Coltrane
John_Coltrane's picture

A good side effect will be the required use of scientific notation to express future liquidity injections.  For example,  "Today the FED provided 2.2 * 10^12$ of liquidity, approaching its limit of one mole or 6 x 10^23$ of total injected funds.  FED chairsatan, Bernake, commented that one mole is still a pretty small number compared to the total number of atoms in the universe.

Thu, 06/16/2011 - 01:29 | 1373639 TruthInSunshine
TruthInSunshine's picture

If we're going to need scientific notation capable calculators to discuss further QE, screw it - it's all for naught.

Thu, 06/16/2011 - 03:20 | 1373710 Jalaluddin
Jalaluddin's picture

Tyler has it covered at the top of his comment box:

So now we have my prediction for QD3:

1050 Amerazoos

Q: But what is QD3? A: Quantitative Diseasing 3.

And thank you muchly, Tyler, for anticipating our needs.

Thu, 06/16/2011 - 03:19 | 1373711 Jalaluddin
Jalaluddin's picture

... but unfortunately it doesn't display properly on Firefox.

Thu, 06/16/2011 - 03:28 | 1373713 Jalaluddin
Jalaluddin's picture

It was supposed to be 10^50, but Bernanke is right

- why feel constrained by some piffling lttle number

such as the number of atoms in the universe?

Wed, 06/15/2011 - 14:57 | 1372037 Miles Kendig
Miles Kendig's picture

Just wait until Mr. Market or the ratings agencies wake up and realize that exposure of the Spanish Caja's to Greek paper will cause even more havoc within the French banking system.

Smoke some SocGen if you have it.

Perhaps the recently announced massive reductions in daily/weekly ATM availability of funds by La Banque Postale were a notable exception to the fiscal imprudence of France's banking sector.

Wed, 06/15/2011 - 22:28 | 1373349 PeterB
PeterB's picture

Someone has kept doing their homework. Are you still in contact with CB?

Wed, 06/15/2011 - 15:45 | 1372337 Paralympic Equity
Paralympic Equity's picture

I am affraid that this is just the begining.

Bankia - hahahaha (just that)

Bank of ireland - needs 5.3 bln EUR of capital form investors, MCAP 680 million EUR (goooood luck with that, the general meeting was today)

Banco Santander - last week sold only about half the offering of 1 billion EUR of covered bonds backed by loans to Spanish regional and local governments

Dexia - Zerohedge said it all some time ago, if you realy want to laugh go look at their short term debt structure.

Unicredit - Needs aprox. 6 bln EUR of capital


and the list goes on, and on, and on...


Fri, 06/17/2011 - 06:23 | 1376913 Urban Redneck
Urban Redneck's picture

That list doesn't even include the G14 banks who need to migrate OTC derivatives to an exchange and properly collateralize them.  Billions in new bank capital needed, billions in billions refinancing needed, and trillions in sovereign current operating issuance also needed... No room at the FED inn for both a regulated and shadow banking system, when they announce, "if it ain't sovereign, it ain't Tier 1", they will have exceeded the stupidity and risk miscalculation that led to AAA-Sub-Prime-Slime.

Wed, 06/15/2011 - 17:38 | 1372678 Imminent Collapse
Imminent Collapse's picture


Wed, 06/15/2011 - 19:15 | 1372993 theinebriatedsot
theinebriatedsot's picture

so do any of you really believe QE3 won't happen? of course it will; QE-nth will happen so they can save their asses. Also perpetual wars, and more 'false flag attacks' can be expected as well. They'll do ANYTHING to keep that position of power....even 'genetic cleansing' [mass murder]...

Wed, 06/15/2011 - 22:32 | 1373358 PeterB
PeterB's picture

QE was an illusion, a decoy to muster the heard into the shearing paddock. What happens if there really is no more QE is what I want to know?

Thu, 06/16/2011 - 03:12 | 1373707 bakken
bakken's picture

RE Pigs:   According to Lenovo(referrring to speculation profit), "in a typhoon even pigs can fly"  (this is a translation so may not be totally accurate).   I guess the EEU is lucky that it does not suffer serious weather events.  The French won't have to lug umbrellas around to protect against the fallout from flying hogs.

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