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PIIGS CDS Hit All Time Wides
It has been a few month since everyone was throwing the word "contagion" around just to sound smart. Prepare to get a whole lot more of that. PIIGS CDS are now at a fresh all time record, way wider than during the May days, that lead to the flash crash and Greece's bankruptcy. All this means that the fair value of the market is now even lower than where it was on May 6, but the tail risk has been internalized by not only US but European taxpayers. That rubber band will snap again. Just a matter of time.
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As this relates to the PMs, I think its important to remember that, at the height of the Greek crisis in May, gold was trading around 1150. A more detailed update later at: (spam alert)
www.tfmetalsreport.blogspot.com
OT: Is Mish's site down, or down-and-out?
Well, he has either been in a tragic accident or maybe, more likely something do do with this:
http://www.youtube.com/watch?v=C_TD4TgcRRY&feature=related
re: spam alert
turd, i'll be right there behind you. (not in that sense... you can relax)
have read the first few, looks good, good luck with it.
Sell Everything
Sell all, and purchase liberty!
- Patrick Henry
is that an app?
http://seekingalpha.com/instablog/475264-tim-ayles/110521-be-careful-nex...
This is yet another signal, Sovereign risk has exposed the hollowness of the word sovereign. No nation, especially not one with a central bank (pretty much the whole world) is sovereign anymore, just beholden to the BIS and it's whimsical (punishingly whimsical) diktats.
Surely a sign of things to come everywhere.
Swine flu is contagious, after all.
ORI
http://aadivaahan.wordpress.com
The swine flu is not the only thing contagious- sovereign defaults are even more contagious. I KNOW China is waiting for the right moment to declare their US T's are worthless garbage and that they have been duped by not only the US but also the EU and UK. The Chinese are quite smart, but at the same time, very stupid.
It is happening again.
http://www.youtube.com/watch?v=pWa0dZMHYeE
Wonder how long it will take the world to figure out that Euro = Dollar = 0. I still see an equity flush and money piling into PM at the same time.
Euro = Dollar / 0
Damn, you just caused my browser to blow up.
you get the strangest captcha questions EscapeKey.
This operation is illegal. SEC takes care about it.
US has QE II, eurozone have the PIIGS. Currency wars, here we go.
US has CA, IL, NY, MI, FL, etc.
These are separate jurisdictions and have nothing to do with each other.
FEDs will be ok, CA,IL,NY will have issues.
I'm waiting until it becomes more clear to everyone that many of the environmental programs which result in asset grabs of land are nothing more than beefing up the FED's asset side of the balance sheet, as to be able to show collateral.
(by FED I don't mean Federal Reserve, but Federal Government)
and US woes are on the back burner..feel like I'm watching a world wide game of hackee sack.
Yup. Full contact hot potato. Players slipping on brass knuckles now.
the QE2 smokescreen accomplished its goal: get the PD's out and all funds "all in". seriously, its no coincidence that the PIIGS are blowing up days after QE2 was announced and we had a blow off top in equities.
the playbook is right on schedule.
and, if (or, should i say WHEN) US equities tank, the US/Fed will say it was because of Europe. and everyone in the US then loves the Fed for saving us thru monetization.
Tax payers, get ready to bend over. Again.
"These are not the CDS you are worried about. Return to your X-Box."
Obi Wan Bernanke
I'm sure Ben's enjoying some "Black Ops" this morning.
Duplicate.
"Contagion" only sounded smart when paired with "Asian" back when the "Tigers" lurched into crisis mode. We need something that rhymes with 'European' or 'Euro.'
Remember, in America if it rhymes, it must be true ;)
-Is that ZH proprietary PIIGS 5yr CDS index equal or cap-weighted?
Alabama reading test: mr dogs
nodeyrnt
osar
cmpn
Hey, it rhymes
I dunno, EURUSD @1.37 & AUDUSD @ 0.99..none of this hasn't been seen in the last week & USDCHF is static
Looks like the US can now open its eyes to beyond it borders. And the world has not been looking so good... As psychologist of the markets, I diagnose:
QE2: "clueless" narcissism
PIIGS: "contagious" psychosis
World system of central banks: "he is dead, Jim."
It's getting nasty bitchez!
I'm sure it's been posted, but the leveraged US muni funds blowing up as well, not just limited to one state.
When The UK was in the ERM at too high a level the BoE had interest rates over 10% busting the country and spending good money hand over fist until Sorros got his way Then the best thing happened The Uk dropped out of the ERM interest rates dropped and growth returned, Clearly the same thing is happening with the Euro and Sorros is at it again and the only way to get growth is for the Euro to break up,
The PIIGS need a much devalued Euro and Germany needs the Euro where it is and until this hapens this crap will go on and on until like the UK it does happen, I am not sure if or when but looking at this chart I wouldnt be supprised if the Euro is no more within 12 Months,
I assume if I can see this Sorros is loading his leveraged shorts as I write Is he doing God work?
Since Soros thinks he is god, then he'd be doing god's work. He is an evil dude, according to Malaysia and an economic criminal who sucks blood out of people according to Thailand. George (Schwartz) Soros is a vampire.
RIP Emerald Isle. You'll soon join Iceland in the world's outhouse. At least the Irish have had experience with this position in the past.
Nice! Let me guess: stock markets will go up today, thanks to Beny "MOFO" Bernacke
Funny, it looks like it happens any time USD is in trouble...
I'm pretty sure GS is involved in this CDS game, they always are when it smells bad.
Therefore, the question is why do you give such a focus to this meaningless game ?
I concur ..definite contagion in the area . I always wondered what it was like to feel smart.
My bet TSHTF this weekend . Nobody likes bad news on a Friday . I can't wait to see futures or Asia trading come Sunday night ...It should be the best show on Earth .
My concern is the Aussie market and if to drop all my gold and silver stocks and take the profits first thing monday.
I hear you .I wish you the best of luck .
The walls of the global economy are creaking and groaning. People have enough warning now to go protect their arses. If those able are not in gold and silver when the implosion begins they can blame nobody.
sovereign credit default swaps are the stupidest things ever. these guys are making money temporarily but when the credit event happens no one will be able to pay them. idiotic. sorry cheeky.
Don't know if you saw this, but there is talk of settling these contracts in gold. Sounds like a nice fraudulent way to relocate gold from sovereign nations to private entities.
http://www.huffingtonpost.com/janet-tavakoli/washington-must-ban-us-cr_b_489778.html
I say Europe takes the blue pill first.
Death of a country starts with one PIIG.
They rest see how easy it is, they all follow
America is a chicken, and we have Ben
I think you mean "the Red Pill"
I am absolutely amazed by how nobody in the MSM thinks that it's odd that the market cannot have a 1% down day. The futures, as always, are well off of their worst levels on soothing words from the EU. Give me a break! Yesterday's action was even more telling, you have CISCO, with $130B market cap before earnings that loses over 15% of its value because it guided sharply lower, yet the DOW only closed down 74 points. It's beyond lunacy at this point.
Everything is ok, just keep on moving...
I think it is just about time for my Trephination.
careful with that axe, eugene
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