Portugal, Which Has €20 Billion In Bond Maturity And Deficit Outflows In 2011, Has Only €4 Billion In Cash

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Thu, 03/03/2011 - 16:06 | 1016150 FunkyMonkeyBoy
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4 billion i cash? The Bernanke prints that and throws it at the S&P500 in a two hour period daily.

... and still the citizen's of the U.S. do nothing to stop this rampant criminal.

.... when it comes crashing down i'll save my tears for the innocent, not the complicit docile masses.

Thu, 03/03/2011 - 16:09 | 1016166 jus_lite_reading
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Muthafuckers wanna run the NAS to 3000 and they'll get it, but not before there's blood split. Ohio, Wisconsin are boiling over...

Thu, 03/03/2011 - 19:12 | 1016833 Triggernometry
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O caralho!

Thu, 03/03/2011 - 16:05 | 1016151 plocequ1
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Nice chart. The only thing missing is The Glove and The Blue meanies. Oh yea, Happy BTFD to you too.

Thu, 03/03/2011 - 16:13 | 1016186 John McCloy
John McCloy's picture

"Happy BTFD" +1 

  That one goes directly into the ZH lexicon.

Thu, 03/03/2011 - 16:05 | 1016155 jus_lite_reading
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Who gives a shit? NFLX and APPL are UP and the DOW is UP 220 points! Hip Hip Horray! Nothing else matters but how much the "stock market" is up!

PS. We're just a few social unrest points away from chaos...


Thu, 03/03/2011 - 16:06 | 1016159 Oh regional Indian
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Countrywide asset selloffs have been happenign covertly for decades (well, centuries actually). And every such privatization or internationalization has such a long and boriing legal history that in a time of real need....easy.

China will eat up the world with money while the US flattens what's left with munitions.

Not a pretty future. You should see pictures of Chinese open pit mine managers in the Sudan.



Thu, 03/03/2011 - 22:48 | 1017310 YHC-FTSE
YHC-FTSE's picture

"China will eat up the world with money while the US flattens what's left with munitions."

That actually made me say, OMG!. Black comedy at its finest.

Fri, 03/04/2011 - 00:57 | 1017622 Oh regional Indian
Oh regional Indian's picture

Gracias YHC.


Thu, 03/03/2011 - 23:42 | 1017450 Ahmeexnal
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If you want a vision of the future, imagine... a boot stamping on a human face --forever.
Fri, 03/04/2011 - 01:00 | 1017628 Oh regional Indian
Oh regional Indian's picture

Ahmeee, can see it and it's not pretty. At all. More than half the world lives like that right now, only they can't see it.


Thu, 03/03/2011 - 16:08 | 1016167 John McCloy
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Anyone notice in the past year these dow "rallies" are beginning to appear more like a flatline on a heart monitor with a 1 degree angle? It is as if volatility has ceased to exist as long as the entire world believes that the Fed will price fix everything and backstop all debts. 

Thu, 03/03/2011 - 16:17 | 1016204 HelluvaEngineer
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Yep.  They set the price point pre market, then the machines take over, adding a subtle lift to everything.

Thu, 03/03/2011 - 16:12 | 1016179 newworldorder
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sarcasm on:

This is but a small ripple in the great ocean of global finance. Someone always comes to the rescue of the small and the indigent. Why - most Europeans could not possibley live without one of their PIGS.

Thu, 03/03/2011 - 16:14 | 1016192 SpeakerFTD
Thu, 03/03/2011 - 16:15 | 1016193 Irwin Fletcher
Irwin Fletcher's picture

Only 5x leveraged? That's weak. 

Thu, 03/03/2011 - 16:15 | 1016196 Sudden Debt
Sudden Debt's picture



Damn. We're at near +3% in just 6 weeks and it's getting momentum.


Fri, 03/04/2011 - 00:06 | 1017524 IQ 145
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Thu, 03/03/2011 - 16:17 | 1016198 knukles
knukles's picture

Couldn't they just do a 5 for 1 cash split?
Send me off to Goldman, partnership material!

Thu, 03/03/2011 - 16:22 | 1016227 Sudden Debt
Sudden Debt's picture

1. Create a company

2. Sell all the land to the company

3. Allow the company with the land to call itself a country (for example Portugal II)

4. Default on portugal (which would be about 1 square feet big)




Thu, 03/03/2011 - 17:19 | 1016424 falak pema
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They should make you king of portugal, the defaulted one not the other. You could then have one square foot of kingdom. You would be the most sought after person in the world according to the inimitable formula of Coco Chanel : all zat is rare is priceless. King of the priceless! 

Thu, 03/03/2011 - 23:50 | 1017476 IQ 145
IQ 145's picture

 A description of Germany in 1923, with the Rentenmark. But of course, this is not what will transpire. So keep all that silver in the trunk of your car.  And  buy more, at two to one margin; at small private Austrian Banks readily available to you. Do it now. There is no other time. Cheers.

Thu, 03/03/2011 - 16:16 | 1016199 Johnk
Johnk's picture

Just listening to Satyajit Das' FCIC interview, about 18 minutes in:

“Generally when there is a disaster in the world, there are four people that you always find at the zone of the disaster, looking crippled and deeply injured, and they start with the German landesbanks, the Japanese banks, and usually you find Citigroup and Merrill Lynch somewhere nearby.”







Thu, 03/03/2011 - 16:20 | 1016210 John Wilmot
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Europe will continue to need bailouts, the ECB and ultimately the Fed will provide them. Done deal. The only variable is political - if any of the EU members reject the bailouts (i.e. more debt), then things could get interesting. Or, if Germany refuses to support them. Not likely at all IMO, but something to keep in mind.

Thu, 03/03/2011 - 16:34 | 1016269 Dick Darlington
Dick Darlington's picture

Slovakia does and there's growing resistance in Germany and Finland. Slovakia refused to be a part of the Greek bailout and called it a ponzi scheme like it is. Here's Bloomberg's take on the situation:


Thu, 03/03/2011 - 16:20 | 1016215 cougar_w
cougar_w's picture

The Portuguese Navy once ruled the waves, and Portugal had colonies all over the world. Now down to their last $4B and stoically denying they are insolvent. For all the world like a formerly rich lady standing at the door to a pawn shop looking at her hand and taking off her last gold ring.

How the great have fallen. I'm looking at you, America.

Thu, 03/03/2011 - 17:25 | 1016327 FeralSerf
FeralSerf's picture

40 years ago Portugal was a poor third world country.  Then the EU came along and made them an "equal" to the Germans.   If someone would make me an equal to the Rockefellers today, my first stop would be the Ferrari dealer.  I could use a new car.

All good things must come to an end.

America is a special case.  Never before in recorded history has a nation been given the right and the wherewithal to print the world's money.  When America finally turns tits-up, it won't be a Portugese disaster.  Everyone, including most of America's enemies, is not looking forward to this event.

Thu, 03/03/2011 - 22:52 | 1017325 YHC-FTSE
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A rare treat! That is a fantastic analogy, and an absolute gem of truth in the last paragraph.


Well done. +1

Thu, 03/03/2011 - 17:37 | 1016485 Translational Lift
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The US pawned that last gold ring a long time ago................

Fri, 03/04/2011 - 01:22 | 1017659 Saxxon
Saxxon's picture

I was in a pawn shop ('We Buy Gold!') in Pleasant Hill, Ca a few months back and actually saw a woman do that.

Thu, 03/03/2011 - 16:20 | 1016217 Ayn Rand
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No one in the EU or US cares about debt until the day they all care and then watch the shit hit the fan.

Thu, 03/03/2011 - 16:23 | 1016231 Misean
Misean's picture

Pffff...Portugal...It's not like they're Kredit-Anstalt or anything.

Thu, 03/03/2011 - 16:25 | 1016235 Sutton
Sutton's picture

Carry me caravan,

Take me away,

Take me to Portugal

Take me to Spain

Thu, 03/03/2011 - 16:28 | 1016244 NotApplicable
NotApplicable's picture

Doesn't Trichet have a magic checkbook, like The Bernank's?

Thu, 03/03/2011 - 16:33 | 1016268 Misean
Misean's picture

Yeah, but he has to borrow a pen from the German's.

Thu, 03/03/2011 - 16:55 | 1016337 Sudden Debt
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+10 :)

Thu, 03/03/2011 - 23:59 | 1017510 IQ 145
IQ 145's picture

 Ya, Ya. Est humor. But really. how many ounces of silver are t here to go around in t he world population? Do you have yours and a hundred other peoples locked up ? Why not ? It would be a shame to be so knowledgeable; and not succeed brilliantly.

Thu, 03/03/2011 - 18:04 | 1016572 dearth vader
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And Changela sewed up his breast pocket as well.

Thu, 03/03/2011 - 16:29 | 1016250 pazmaker
pazmaker's picture

...and the EUR soars!!!

Thu, 03/03/2011 - 16:42 | 1016298 FeralSerf
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It's soaring in USDs, not ounces of gold.  It's all relative.

Thu, 03/03/2011 - 16:31 | 1016254 sulfur
sulfur's picture

china wishes to buy in eu - us wants to buy into it - what i am wondering about is

are they playing together in means of chinese oligarchs and us oligarchs wanting the same

thing or are they really fighting each other

Thu, 03/03/2011 - 16:32 | 1016266 topcallingtroll
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The greater idiot is the ECB. They will buy most of the bonds.

And a hypocrit too for criticising the Fed.

Thu, 03/03/2011 - 16:48 | 1016319 Alcoholic Nativ...
Alcoholic Native American's picture

need more anonymous billionaires buying bonds

Thu, 03/03/2011 - 17:00 | 1016355 Blue Water
Blue Water's picture

Portugal also owns about $17 Billion worth of gold.

Thu, 03/03/2011 - 17:04 | 1016359 Weimar Ben Bernanke
Weimar Ben Bernanke's picture

Is not Portugal a suburb in  Spain? Well the EU was,and is a failed experiment. I hope the EU fails so any idiots in the US,Canada,or Mexico want to have an American Union they will see it will fail badly. I guess we could have a two hit combo on the "global recovery," the EU collapsing and China having hyperinflation and their real estate nuclear bubble. Also the only reason China wants to save the EU is to have the EU arms embargo on them lifted. With this they can get their hands on advanced military technology like the US to gains supremacy in Asia.

Thu, 03/03/2011 - 17:16 | 1016412 sulfur
sulfur's picture

well no portugal is a country west from spain :) true the eu has failed and they broke all of their own contracts but i tell you which rule they will not break the right to shoot people after martial law you will find it in the addendum to the eu constitution.

would be so nice if we the people could actually redefine the whole world (and germany which actually still runs under the constitution of the weimarer republic)  but i think they will bring the american union and desperately will try to keep the european one maybe under chinese lead.

after all a one world government is there over all target isnt it?

Fri, 03/04/2011 - 02:33 | 1017747 Non Passaran
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That's the first priority, then trade and political conessions/support.

Fri, 03/04/2011 - 05:18 | 1017856 Cashboy
Cashboy's picture

China is well advanced on its weapons but keeps it all low key.

China needs nothing from the West.

China's next move will be to buy Western companies with brands to add its own manufactured items to. China is relaising that Western Bonds will be worth nothing.

Thu, 03/03/2011 - 17:08 | 1016387 trav7777
trav7777's picture

ECB or Fed or China comes to rescue.

If you think American imperialism is bad, wait till you see what type of regards the chinks have for environment and humans

Thu, 03/03/2011 - 17:19 | 1016427 metastar
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Someone with a cape, mask, gun, or helicopter will come to the rescue (this time).

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