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To those who bought Italy CDS last week, congratulations. To those who are buying it right now, also congratulations.
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AZURE !
the chart' plots 'Burlesque-crony' lifting his average prostitutes age from the usual teenagers due to public pressure
the chart plots 'Burlesque-crony' lifting his average prostitutes age from the usual teenagers due to public pressure
You may be right, we might go into a Dark Ages redux.
Que bonito es el oro!
L'inflatzione
that's spanish, genius.
LOL!!!!! I thought it was Urdu.
PIIGS Latin
Wow. Straight to the heart of the system.
Italy is a TBTF for too many reasons.
Where will they transfer this pain to?
Dominoes!
ORI
http://aadivaahan.wordpress.com/2011/02/23/ihumor-for-un-funny-days/
ORI
If you're going to post a link to your blog, please make sure the images you are displaying there show up.
Better yet - how about you stop spamming your worthless website on a site that is worth something?
+1 I generally like your posts here, but keep the advertisements off, please.
Added:
just struck me, is it time for Il Papa to take the heat again?
Notice:
1) Vatican Trouble Peaks April 15th 2010
2) Eskkkudjeeelaffyyll is erupting
3) Oil is in the news with Deep Water Horizon
4) Christ Church rocks in Early Spetember 2010, peaking of the Deep Water Horizon Story
5)Vatican story goes completely quiet.
Fast forward now:
1) Oil is in the news, explosively
2) ChristChurch rocks again
3) Bulsan Volcano blows
Maybe the Vatican story will "explode" into the news again. soon.
ORI
ORI- It already has... in Philadelphia!
Really? Links please?
Thanks.
And to the long timers who think I'm spamming....tch....tch... you post you tube links and other links and pictures that you think are relevant. I think my writing is.
easy enough to pass along, ne? Or are you that lazy? I give a few regulars a pass because I dis-like their point of view. But I welcome Michael, Gully Foyle, DavidP, who post relevant, even if in a round about way, original or well researched material or links for the most part.
Such a curious reaction.
Also, big, huge hat-tip to ZH and folks here and a few other forums I post on, my blog is well read and responded to.
I see it as an extension, not an intrusion.
Apologies for the image trouble, only in the US, here it is working fine.
ORI
http://www.reuters.com/article/2011/02/16/us-church-abuse-idUSTRE71F7S82...
CNN broke the news...
Someone has been connecting the dots:
http://www.youtube.com/watch?v=SKRG9P4yWhI
Is that a gun in your mouth or are you just unhappy to see me?
@Cog Diss
Lulz.
Obviously the person who junked me is an insulted (frustrated?) Mae West fan.
Now there's a voluptious blonde. :-)
Had me fooled.
I thought it was K_Daffy in has Minister of the Interior get up.
I can't keep my eyes off that HAT! She's HUGE!
I don't see a hat.
It's on top of the cow.
Sir, I see you are a neophyte or a disbeliever to the honored traditions of "hoggin".
This fine woman wouldn't even make the semi-finals.
"Too much of a good thing can be wonderful!" -- Mae West
CD: Tough crowd lately, and for no good reason. Ah the good ol' days when ZH was a wee little blog and everyone focused their ire on the evildoers in this world where it belonged....
@Cindy
Lulz is good. I like CD. You, he and I are ZH oldtimers. Good to see Jim in MN today. Miss deadhead, though.
I am lucky enough to have very intermittent email contact with deadhead. He doesn't check his ZH email account very often. He comes around here now and then, but something profound happened to him that led him to essentially abandon posting here on ZH.
He says he lurks often, but who knows what happens to a person who has been severely beaten by the very system he trusted all those years. I tried to channel some of that pain with my "Where have all the ZH Veterans gone...." article but each case is unique.
http://www.zerohedge.com/article/where-have-all-zero-hedge-veterans-gone-long-time-passing
Ah, come you two, Group Hug(())
Yeah, I miss some of the "old timers" I wll read that article CD.
Wonder how many of us will be left "standing" virtually in the next few years?
Sigh.
I agree with your assertion of truth speaker's fatigue...I did not read the post when it was originally posted, but glad I did now...
"many of man’s problems can easily be rectified by clear thinking, honesty and awareness"
removes the gun from his mouth
I'm currently working on a Zero Hedge article about Zero Hedge that quotes extensively from the book and movie. Gonna run long but it should be fun.
Warning.....it will ruffle feathers in the community.
You're in a good position to do that (for other sites too).
CD, I thought your post on what's become of the old posters was excellent, to the point that I'm willing to pay the extra $ to get your next installment in Blu-Ray! Ruffle on Brother.
I don't do Blu-Ray, but I do a really mean Billy Ray Valentine. :>)
http://en.wikipedia.org/wiki/Trading_Places
http://www.imdb.com/title/tt0086465/
The financial chart version of stepping on a rake.
Fucking classic! thanks for the laugh
annnnd....SMACK!
great image, Jim.
Spaghetti bitchez... ;-)
Underage hookers, bitchez...
i mean, the chart looks good and all, but is 4.81 to 4.86 really that big of a deal??
Even in penis length it hardly makes a difference.
Just shows you that with the right scale you can make anything look important.
meh $500,000 for every $1 Bil borrowed difference. But if you are broke, I suspect any increase sucks
Venice we have liftoff..
You caused me to reflect on Venice and some of the other Italian City-States and their history; they have all seen so many government financial plans explode, implode, disintegrate centrifugally, and vanish into the mist; and all during this time the families and the businesses that held the gold and the silver survived; for many many centuries. And today, in the ultramodern future that is suddenly now; everything is exactly the same.
The definitive Eurozone TBTF PIIG is on fire, and yet the Euro continues to gain vs the dollar?
Sure, it's a bizarro world, remember...
http://wiki.adultswim.com/xwiki/bin/Sealab+2021/Episode+19
Bizarro indeed! (Yet, Dr. Quinn still manages to get laid!) :>D
It doesn't take a rocket scientist to know that the EU will very shortly implode. I predicted Italy would crumble last year- my timing was off but the event was correct. This is just the start.
Now what worries me is all the absurd activity the gov'ts are doing these days. Do they know something we don't? Are they preparing for some sort of mass extinction event? I don't believe in all those 2012 Mayan end of the world scenarios but I will say that everything going on for sure is leading up to something.
And the clown berluisconi and his prostitute drama's keep everyone distracted
Sir, you were wrong last year, and are going to be wrong this year. Italy has over 3,000 tons of gold reserves. Slightly less than the 8,000 paper tons the USA has.
Do you know how much money Italy has made since October last year? With gold prices up some 20% at least since then?
Also, the EU was built to outlast the dollar. They took 60 years to design and build it. JUST TO OUTLIVE THE DOLLAR. it is not going anywhere IMO.
Google "FOFOA Open letter to the heads of the EMU" to expand your view a bit.
Cheers!
So true! I can't imagine anyone to deny the wisdom of your words.
The Bernanke dollar has BOTTOMED, folks.
QE 2 = BLUFF!
That's amore!!
buying housing right now is like betting on a horse race, there are many ways to lose and only one way to win
Better hurry up and buy a house quick!
The Recession is over. Rates are moving back up!
Do not wait
This is exactly what is happening in Canada right now (buying houses quickly). Our finance minister is quivering about our housing bubble and therefore the 35 yr mortgages are ending in March. Stupid realtors up here are brainwashing people to buy in now before it ends. The middle class is going to get so f**ked up here. No-one in Canada learned the lessons people in the US did and now the day approacheth. I'm nauseous just talking about it.
Not that I wish ILL on our Canuck Bros, but Karma's a biatch.
All the bad mouthing of the U.S., I told you it was coming to visit your door, and so it is.
Now its you turn to eat shice, force fed of course.
My condolences.When you pay 5x's the real value of something, and reality bites, it bites.
Yes, as the officially accredited soothsayers speak; "the risk/reward ratio sucks".
buying a house as "investment" has never been good long-term investment advice.
Homes are for living. "Capital" is for speculating.
Cash is heavenly :)
Never say 'never'. I made 3000% (no typo) on my house after living 23 years in it. But I'd confess I sold it in 2007, just before the market topped.
Quick get Berlusconi before he and his underage bitchez run off with the gold!
Berlusconi's `Slavish' Courtship of Qaddafi Haunts Italyhttp://www.bloomberg.com/news/2011-02-23/berlusconi-s-slavish-courtship-...
all of you smart guys bidding up prices of sovereign cds do realize that you are never going to get paid, right? just keep adding more risk into the system and hope you are not the last one holding the hot potato.
@rookie
Excellent analysis. Not exactly a "rookie" thing to say.
Thanks Cursive. I am frustrated by the lunacy of it all. It is astounding to me that the same guys who caused a global sovereign debt crisis can now bet on the default of nations.
Hot potatoes are to be passed around when they get too hot. Right now it is merely a warm potatoe.
You say potato I say potatoe!
I have no idea what you just said but I read enough of your posts in the past to now know to routinely junk you without reading them.
Uh.....to simplify you can hold the cds a little longer before you pass it along. It is not yet hot enough to burn you.
300k refugees floodin into Italy. Great for job growth?
Ci va il quartiere.
Oy Vey ! another LOL
Yep it still wasnt.too late to play yesterday.
Thanks TD for the heads up.
The debauched speculative classes are appreciative.
When the CDS in the sky..... hits you like Pizza Pie....thats amore........
Look for Ireland and Portugal to step up their purchases of Italian debt
sarcasm off/
Why would Ireland and Portugal need to get involved when Greece is buying them all.
The Leaning Tower is going to collapse
I hope this doesn't effect the upcoming Jersey Shore season that will be shot over there.
Meantime, all is good with €...
http://www.entendance.com/forums/viewtopic.php?f=7&t=789&p=15662#p15662
There goes italy? According to the chart the CDS is up 1%. Italian bond futures are down a mere 0.28%. Make that +0.5% wider vs. GBL.
I would understand the excitement if the CDS were up 20% or bonds were down 5%.
The European President's Working Group on Financial Markets would like to thank you for your comment with a free gelato on your departure.
Understood. For this, you have to come back for "There goes Italy, II", which will be out about September. This one is just to get the audience warmed up.
Warmed up! Ha! Ok, so oil prices are at the point where no one can afford the lifestyles they bought into, but we are waiting for September? AHAHAHA! Hilarious. You are hilarious!
This is dollar bullish, right?
Bhahahahahaha!
Actually probably.yes in a small way!
Poor dollar has been debased for 100 years and people still have hope for it.
I love ZH. Having said that, is ZH going to engage in the same hyperbole as CNBS/Bloomberg crowd? I understand that this is not good for Italy. But to headline it as "There goes Italy" is a bit overkill. Just my humble opinion.
When Mexico erupts into full civil war, I hope Americans can be so nonchalant in understanding the consequences of, you know, civil war.
"Hey Honey, Mexico is having a civil war."
"Did we get tickets?"
You mean they are not already?
If it ain't on TV, it ain't real. Hit me!
I'm in Mex all the time. In my haunt, Tijuana of late is especially explosive. The army now tells the citizens NOT to call the police, but to call them instead. The Federales and local police (who have had their guns temporarily 'checked') are running scared. Drug cartel rules the roost and has penetrated many levels of upper police force. You can see the cops grouping in patrol cars 3 or more (with 2 officers in each vehicle) throughout the town. The street beat traffic cops seem to be left alone as they don't have as much fear plastered across their faces.
fuck mexico
@Mr.LH, I agree that the Libyan revolution is a big deal for the Italians as they get a bulk of their oil from Libya. I was just arguing against the use of hyperbole in the headline. I mean 4.81% to 4.86% does not warrant a "there goes italy". Again this is just my opinion. I have appreciated reading your posts here and ultimately we are on the same side:-).
That move (50 bps) is identical to the rate move China has done three times in the past several months, ahead of a Fed rate hike, which mind you has never happened before now. And the Italian bonds moved in a flash like the rate was manipulated. The question is, how many more credits (dollars/Euros) must the financiers of the economic system shovel into the gaping black hole in order to keep the system together?
Finance is thundering down the mountain like an avalanche. It cracked long ago, but it is almost upon the middle classes of the world. Can you here it?
The best way to look at it imo, is to picture two black holes.
One of debt and derivatives obligations, the other was created by printing to pay it off. If somehow we can just get both black holes at exactly the same size to cancel each other out....it still probably wouldn't work. (and good luck being able to time that)
Even then that's not the game since they don't want to get rid of all these things that created the situation, they are just trying to decouple from it's effects.
But since the real world isn't fake dueling black holes, what do we see? We see all the debt, all debt obligations, as unpayble, and it's crushing us. (we can glass-steagall it of course). They are printing like mad to fill it in and it appears they have done that. The derivatives have temporarily stopped going down. It only took how many trillions in printing, backstopping, worthless shit?
When the free money stops however...the black hole that is currently munching on the excess will get hungry for new stuff again. Because it's inherent in the system. It is in its design. If it isn't being fed, it's crashing. Now that it will have to be bigger than ever and need more money than ever to continue growing the beast, it has already surpassed by far our ability to outpace it, and we don't have any head start unlike when we started these idiot ideas. There is no way that those derivatives can keep growing much further. The only chance they had to kick it down the road was carbon credits, and thank god that is DOA. There is no way they can engineer enough inflation to feed the beast, without destroying everything else.
No one is trying to change that in the status quo. Every time they print, you see the results. We've already unleashed an amount of money that will cause some sort of hyperinflation. The more money that goes out there, the higher the ceiling. But again, if the money isn't flowing into the derivatives and keeping it growing, then it will crash again. Which of course would lead to printing, which leads to more hypeinflation, etc.
We can't print it off, because it would mean instant hyperinflation that not even Weimar saw. (imagine printing off the money to pay off all the derivatives). As soon as you did that, they'd create more.
There's no way out except for undercutting the whole thing through Glass-Steagall by calling the worthless nothings, indeed what they are, nothing.
This game must stop. The derivatives, the mbs/cmbs, and all the scams must be wiped away, if we are to have a functional economy, with like markets. Glass-Steagall is the legal standard of what is, a legal tool to wipe away what isn't, and also our front line of protection by being the firewall.
Why anyone would choose the print or austerity button given this is so asinine, it make Barack Obama, Gov's Walker and Christie not only look like idiots, but also look like the fascists they are by putting our throats needlessly under their ivory tower knife.
CHICAGO POEM
by Lew Welch
excerpt:
All things considered, it’s a gentle and undemanding
planet, even here. Far gentler
Here than any of a dozen other places. The trouble is
always and only with what we build on top of it.
There’s nobody else to blame. You can’t fix it and you
can’t make it go away. It does no good appealing
To some ill-invented Thunderer
Brooding over some unimaginable crag.
It’s ours. Right down to the last small hinge it
all depends for its existence
Only and utterly upon our sufferance.
Driving back I saw Chicago rising in its gases and I
knew again that never will the
Man be made to stand against this pitiless, unparallel
monstrosity. It
Snuffles on the beach of its Great Lake like a
blind, red, rhinoceros.
It’s already running us down.
You can’t fix it. You can’t make it go away.
I don’t know what you’re going to do about it.
But I know what I’m going to do about it. I’m just
going to walk away from it. Maybe
A small part of it will die if I’m not aroundfeeding it anymore.
Who will Burlosconi swap teenage pros with now? The peasants have gone and spoiled a good thing for the dictator class. Dollars for Oil for pros swap/carry trade.
Qaddafi, of course. Soon they'll both be living in Maui.
Ukraine.
HIT THE SELL BUTTON!!!
[SELL]
[SELL]
.....
CRASH
Get yourself a good keyboard first.
http://williambanzai7.blogspot.com/2010/08/dr-bens-custom-keyboard.html
anybody noticing the move in gold and silver in the last 20min? FUBM!!!!
Madonna! Basta cosi!
I remember reading (around the turn of the century) that the catholic church was the largest holder of silver. Could TPTB be trying to shake some out of the Vatican?
You will hear these two words quite often dealing with Italians in the next days:"oh, cazzo!"