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Everyone has heard of Belgian waffles. Below we present the Belgian donut, because sometimes a chart is worth a thousand CDS runs.
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Down 1,000 basis points in 90 days, but who is counting?
Dear Lord, thank you for giving me the solice of not owning a single share of a bond fund as we head into December and then 2011. Amen.
"Bonds; instruments of guaranteed confistication" Famous quotation. And, yes, Amen, also.
+
eeep!
The whole house of cards in europe is coming down and the people holding paper are getting out and as fast as they can. Ask yourself for the last two days why we didn't end positive in the US but was down -30 and -40 on both days. It's because it should have been down days of -300 and -400 for the dow with all the news coming out of europe and asia (especially China). The PPT is doing everything they can to keep the illusion in the US going and in Europe the illusion is failing because they have reached the point of no return. Countries have been hiding their problems and it's coming to ahead. Even countries that weren't even in the PIIGS discussion (Belgium) we are finding out are in trouble. The big three France, Germany and UK needs the charade to continue because their banks are the ones that invested heavily in these countries (the reason for the EU not wanting a haircut for the senior debt institutions). They want the problems and austerity to be on those countries and not theirs. But what they don't know is they are just buying time and will eventually have to kill the Euro/ECB for their own currency.
The Nasdaq is surprisingly keeping the market under wraps today.
GOOG -3.3%
AAPL -1.5%
AMZN -2.0%
Just waiting for today's POMO fix to take them higher.
Come and gone.
Looks like we're going to have to move to something harder. Where are the markets eyeballs, and what can we inject into them to fuck them up more?
Dollar up, American stocks down.
Think about buying BGB - the H&S has just about hit target. Not an endorsement of Belgium per se - just a high% ST trade.
Every hedge fund decided to buy the nipple bottom on the XAU.
Up, up, and away.
Speaking of bottoms, how low can solars go? Leo has to be buying with both fists.
http://money.cnn.com/quote/quote.html?symb=SOL&iid=last5
They are all down 30-40% in 6-8 weeks. Leo's wife is throwing his shirts/shoes on the front lawn as we speak.
At least with those Hellenic Bonds he was buying back at 5% Leo has diversified his losses across multiple asset classes. The five year opened at 12.289. That's going to leave a hole in some Canadians' pensions.
http://noir.bloomberg.com/apps/cbuilder?ticker1=GGGB5YR%3AIND
TISFS.
8)
Jeepers, should I sell them now Leo?
To the commenter who suggested MNEAF a few months ago.. I toast to you friend.. show yourself! It kinda looks like a dounut holer on the chart with a sharp piercing tip.
I love ya Robo!!!
In Elliott Wave terms, this could be getting to the end of the third wave, assuming we are in a serious bear market and a series of 5--which I believe to be true. That means a bounce for the 4th and then lookout below.
In EW, that looks like a 3rd of a 3rd or the most powerful wave. We may still have to finish the full 3rd wave before a 4th rebound in the spring. by then, Europe will most likely be toast!
It could be interpreted that way as well. Time will tell.
Cool chart. Buy now. Looks like they're on sale.
Europe stopped right at the 200-day.
Bottom fishers will be buying hand over fist.
How do you embed photos?
All animals are equal, but some animals are more equal than others. Even here.
very well said!
By being annointed.
Cool, I eagerly await that day.
The same way you embed a coed. Just get her drunk.................
WTF?!
Where's the volume?!
Take off your bulltard pasties, please. For your own sake, if nothing else.
They blame it on the Anglo-Saxon press.
mmmm, donut.
The legendary Belgian dentist (aka the retail investor) must be screaming blue murder. Unrealised gains sure do evaporate faster than they accumulate.
Everyone scared to death today.
They certainly should be....
They'll be having economic crisis talks shortly. Just as soon as they decide which language to use.
Multilateral Financial Market Stabalisation and Sovereign Debt Risk Mitigation Tactics and Strategies for a Unified EU..talks.
MFMSSDRMTSUEU
Unbelievable, its a real Crash. This means nobody wants to buy Belgian Government Bonds.
I will post an updated yield chart if someone tells me how.
You cannot post a photo unless you're a contributor.
You will have to post it elsewhere and link to it here, I'm afraid.
from Markit CDS, daily wideners
Italy 17.50%
Denmark 14.09%
Belgium 13.34%
hey im going to a joseph stiglitz lecture and want to ask him a tough question ...any specific ones for joe that might sting?
what is the best thing for the regular folks of the world to do to stop the banksters and their fraud and rape? where is the best leverage, what leg can we kick out?
really, its a political grab by elites or a fight against corruption, the numbers hardly matter to me anymore
Doh!
Belgium has the thrid highest repayment burden in 2011 behind Italy and Greece.
Vix in the US still low around 22 or so.
Relax Tyler. Everything will be fine until 2013 according to the great Merkel..., or maybe that was 12/13 or 3013, when we'll get serious about hair cuts. Whatever.
A small country of little strategic value but with a short fuse and many secrets. Fun fun.
What do they make in Belgium besides beer and waffles?
More Belgians.
pedophiles
Magnificent Moustaches!
Currently chocolate, chips, weird sea-side resorts and car designers. One day they might get around to making a government, but it's unlikely.
Pretty soon though they'll be making Euros out of thin air. And that's all that counts.
Haha above.
Belgium makes excellent chocolate too.
EU Unelected Officials
What else does anyone need besides beer and waffles?
weapons smuggling
Flemm.
Belgium joins financial markets’ hit list 24 November 2010, (Guardian.UK) http://www.guardian.co.uk/world/2010/nov/24/belgium-financial-markets-hit-list
TD, how about overlaying the manneken piss on that chart at the end of august right at 108,000 unloading his junk?
Focusing on Belgium is a great way to forget that the EU doesn't have the means to bail out Spain.
Nobody talking about France or Japan either. The shit sandwich is being passed around so only one diner stinks at a time...but they are all shit smeared with no handiwipes left.
I would say Japan is a special case, their government owes money to their own population who made the money by working and saved it by putting it in the gov't coffers. Europe is not borrowing from their citizens because they do not have any. EU does not tax, EU does not issue bonds, EU has a tiny budget compared to the individual countries. Yet, they have their own currency and more so one of the highest valued ones. When you buy a bond for 1.3 Euro now, you must consider the risk of having it paid back in a 0.7 Euro 10 years out when everyone realizes EUR is just a bastard child of a weak political union. You have to demand higher rate to offset this risk. Printing money out of a thin air by ECB is not gonna help, because the income/asset side of their balance sheet will be limited to whatever leftovers the member states throw at it. But hey, maybe this is intentional. Once in the corner, people will chew the unification of fiscal policy across the union a lot easier.
TD,
You're killing me... because sometimes a chart is worth a thousand CDS runs. Hilarius
And I got laughed out of town for bringing up Belgium five weeks ago in my only article .... Stll working better than solar
I suspect the magical 2013 date is the expiration of many swaps.
She's a fool if she thinks the banks won't start rolling them into new ones in 2012. As long as the swap threat exists, the banks get taxpayer backstops. Rolling the swaps costs them nothing.
I know its all a slow motion house of cards falling, but the way money flows in and out of places, commodities, currencies, bonds etc is rigged.
You would have to think though, that trading at 108 the Belgian Government bond was overpriced, even if it is only priced in the ECB version of itself?
Doesn't anything above 100 mean it is trading above face 'value'? There are many other government papers similarly priced presently.