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As Trichets Spins, ECB On Every Bond Bid
Hearing that as the head of the ECB continues to not answer any question, his organization is buying Portuguese and Irish bonds actively. If the vigilante attack intensifies not even the ECB will be able to withstand the onslaught.
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and US stocks recover after micro momentary weakness as Brian Sack takes out every offer in the western world on the spectacular non-news.
Good. Let's hope so.
As long as the Europeans realize that monetization is the ONLY rational answer, then the ECB will have all the firepower it needs.
Monetization is NEVER the answer.
MONETARISM is a FARCE
Only fools and paid to be fools, are for MONETARISM
Except people that also need meds.
MONETARISM, killed more people than RELIGION
In fact, it STARTS and PERPETUATERS most RELIGIOUS wars.
American Credit System
Fixed exchange rates
Glass-Steagall (especially on derivatives and bogus mortgages)
TheMonetaryRed -> Go say that to a middle-class Chinese, stupido. He seems to enjoy the 50% yearly inflation Bernie just brought in his country.
Monetization only "works" when the assets destroyed and replaced by the printing press are small, and thus almost nobody pays attention to the inflation at 3% instead of 1.5%.This is screwing people in silence.
It doesn't work when you have 600,000 billion dollars of assets destroyed to replace, created by the same stupid policies you laudate.
ECB will buy everything. If Japs are buying REITS, can't europe buy everything in sight as well? Europe has pelnty of trees. Not to mention that their Euro500 piece of paper is equal to 6.5 $100 pieces of paper (paper: not to be confused with stores of value.)
Now that the cash market is open, I'm sure the index will now flatten out for the next 6 hours.
Got totally screwed over yesterday and closed all shorts, Maybe I should take the fkn red pill or was it the blue pill. Sure miss the 90's
ECB is trying the same stunt as the fed, all this cat and mouse shit will end in tears.
Jean-Claude is the epitome of the European elitist prick
He looked to me like he was struggling to try to project confidence
Now secretly buying bonds to try to back up his BS?
We'll see what he has to say again next time when we know if anything is working.
"You don't need to see his Identification."
"These Aren't the droids you're looking for"
"He can go about his business"
"Move Along." - Obi-Wan Kenobe
I SAY FUCK YOU TO: Bernanke, Trichet, Greenspan, Volcker, THE US CONGRESS! Oh, and EVERYONE in the EU! I used to think we should just nuke the middle east, fill the hole with water and then call it lake USA! Now I just wish that all of the above mentioned would all somehow chock on ther dinner at the very same time! Now that would be something! Have a great day everybody!
100 pip candle city !!
"If the vigilante attack intensifies not even the ECB will be able to withstand the onslaught."
Actually they can, and they will.
This will be yet another crisis that will soon reside in the dustbin of ZH history. But never fear, there will soon be another crisis to get up the old dander!
Dollar dropping, Dow up, and gold flat. Oil up? WTF? They get nothing they wanted. I guess the program was rally today anyway.
But over 80 on dxy we should not be coming up on 88 oil.
In fact they should be doing exactley the opposite of what they are doing: destroy money base instead of creating money out of thin air bu buying bonds. Moreover I keep writing that the only way out to the European debt crisis and the much feared domino or contagion effects is to a) stop the Ponzi scheme of public debt and its market for lemons of sovereign debt along with its EU money creation, b) restructure the debt and c) issue new one at EU level. Moreover a tax on financial transactions could start to help funding the EU budget and some EU governments. A financial transaction tax giving revenues for some 200 billions Euro per year could replace several austerity measures and aid packages to single countries.
When EU foreign currencies where attacked by speculation we got the Euro to replace them. If now we get sovereign bonds to be attacked we need the EU bond to replace them.
These are the problems that come with:
a) trying to maintain lies
b) complexity
c) finding a place in this world for useless parasites who think they are "elite"
The solutions are obvious:
Get rid of the useless pricks, tell the truth and simplify the system... but I guess the useless pricks would object.
He can't say what he's doing or he'll get a Karlsruhe decision stuck in his printing press.
Trichet playing chicken with the vigilantes....this will be interesting. My bet is that the vigilantes swerve first.
Why did every currency rally except the USD? I can see why the Euro is getting support when the ECB is buying the bonds but why the JPY, AUD ....? Also when Bernanke announced he is buying bonds the USD took a dive, not rally. I don't get it.