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We Are Off To The Races: BOJ Intervenes In FX Market, Sends Nikkei Surging As G7 Agree On Plaza Accord V2
And we are off. The JPYUSD is up nearly 200 pips as the Bank of Japan buys billions in dollars, using freshly printed Yen, following an agreement with the G7 which will likely see a new plaza accord to keep the Yen low despite ongoing repatriation. This follows earlier news that the BOJ will underwrite a ¥10 trillion in earthquake recovery bonds as Japan is now lurching from one monetization step to another. Keep an eye out for intervention aftershocks as the BOJ now can not allow the USDJPY to drop below 80 or it will be all over. This is what global reflation gone nuts looks like. On the other hand, if the BOJ fails to keep the USDJPY above 80 following this action, and the inflows of yen are far greater than anyone expected, most certainly the G7, then we have big problems.
And from Reuters:
The Group of Seven finance chiefs said authorities from the United States, Britain, Canada and the European Central Bank will join with Japan in joint foreign exchange intervention from Friday, at the request of the Japanese authorities.
The G7 finance leaders expressed their "readiness to provide any needed cooperation and our confidence in the resilience of the Japanese economy and financial sector", they said in a statement issued after a conference call.
The G7 finance chiefs held a teleconference around 7 a.m. Japan time on Friday (10:00 p.m. GMT on Thursday) to discuss the financial and economic impact of last week's massive earthquake and unfolding nuclear crisis.
Next up: Armageddon 2: the Sequel, in which the Chairsatan, Trichet, Shirikawa, King, and Hildebrand dig a deep hole in Haley's commet, in order to save the earth, only something goes horribly wrong and everyone blows up in a nuclear fireball. The end.
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That's just a theory.
It's not a theory in Japan tonite, it's cold hard facts, USDJPY proves it.
From reading posts here the thing to do is to stock up on booze and then when the shit hits the fan trade it for anything you want to zero hedgies. I'll be RICH!
I don't recall where I saw it, but one of the reports I saw out of Japan one or two days ago was that while food stocks were low to nonexistant in certain parts of the country, those stores with little food were still relatively well stocked with spirits. Who would have thunk it. Ignoring for the moment possible cultural differences, I may have had misguided thoughts as to what would be the more valuable tradeable commodities in the even shit went South stateside. The stash is -1 tonight. But I will say this, it's a more than satisfactory $10 bottle, bought B1G1 which made it $5, at a store that gives a 10% discount if you buy more than 6, which made it $4.50, and there were $2 dollar off hanger coupons on the bottles, making them $2.50. Fucking grocery is making it really hard for me to justify buying physical silver with a 4 buck premium.
On ZH a while ago, someone posted what were important supplies people wanted/needed in the seige for Sarajevo. Way up on the list was gravy.
Booze, check.
Batteries, check.
Gravy, check.
Edible stuff to pour gravy over, check.
Gravidyn water filtration system for around $200 I still consider one of my best investments. Another 60lbs of rice 2 days ago won me the accolade of the bag boy - 'never seen anyone buy this much rice before'. 33 bucks? I was taken aback a little. Am I really the craziest fucker in my town to throw down 33 dollars for 60 pounds of pre-incident rice? My beef with Bernanke - he has emasculated me into a coupon clipper, along with the smartest guys I know. It's insanely unproductive. Long juniors with physcial food bought 75% off retail as a hedge.
It's good to have some rice on hand but 20 pounds will feed one person 2 meals a day for a year.
Don't forget soy sauce lol.
But seriously, the real buy will be things that are expensive now and real expensive in the future. If rice goes from 55 cents a pound to $1.50 who cares? But look at honey, it is $5 a jar now will you buy it at $15?
So, stock up on honey maraschino cherries liquor and anything else you like, that will keep, that you can afford now but not when it doubles or triples.
supplies bitches!
from cached link:
24. Bow saws, axes and hatchets, Wedges (also, honing oil): If you have the fuel, or better still the raw electricity, look at melting down scrap steel and using disappearing wax molds or sandcasting molds to cast the simple forms that you need. A bow saw may seem like something complex to carve out, but if you cast your first mold around an existing blade, you can use that mold to cast your spare saw blades.
Well, that's enough to get us started. I look forward to your thoughts...
Quote I came across this list a few years ago and have found it illuminating as I contemplate PO. I find it especially interesting that 9 of the first 10 (and 16 of the first 20) items on the list are related to food, water, guns and fuel.To me - that speaks volumes.
100 Items in greatest demand during the siege of Sarajevo
1. Generators (Good ones cost dearly. Gas storage, risky. Noisy…target of thieves, invites marauders; maintenance etc.)
2. Water Filters/Purifiers
3. Portable Toilets
4. Seasoned Firewood. Wood takes about 6 - 12 months to become dried, for home uses.
5. Lamp Oil, Wicks, Lamps (First Choice: Buy CLEAR oil. If scarce, stockpile ANY!)
6. Coleman Fuel. Impossible to stockpile too much.
7. Guns, Ammunition, Pepper Spray, Knives, Clubs, Bats & Slingshots.
8. Hand-can openers, & hand egg beaters, whisks.
9. Honey/Syrups/white, brown sugar
10. Rice - Beans - Wheat
11. Vegetable Oil (for cooking) Without it food burns/must be boiled etc.)
12. Charcoal, Lighter Fluid (Will become scarce suddenly)
13. Water Containers (Urgent Item to obtain.) Any size. Small: HARD CLEAR PLASTIC ONLY - note - food grade if for drinking.
14. Propane Cylinders (Urgent: Definite shortages will occur.
15. Survival Guide Book.
16. Mantles: Aladdin, Coleman, ect. (Without this item, longer-term lighting is difficult.)
17. Baby Supplies: Diapers/formula. ointments/aspirin, etc.
18. Washboards, Mop Bucket w/wringer (for Laundry)
19. Cookstoves (Propane, Coleman & Kerosene)
20. Vitamins
21. Propane Cylinder Handle-Holder (Urgent: Small canister use is dangerous without this item)
22. Feminine Hygiene/Haircare/Skin products.
23. Thermal underwear (Tops & Bottoms)
24. Bow saws, axes and hatchets, Wedges (also, honing oil)
25. Aluminum Foil Reg. & Heavy Duty (Great Cooking and Barter Item)
26. Gasoline Containers (Plastic & Metal)
27. Garbage Bags (Impossible To Have Too Many)
28. Toilet Paper, Kleenex, Paper Towels
29. Milk - Powdered & Condensed (Shake Liquid every 3 to 4 months)
30. Garden Seeds (Non-Hybrid) (A MUST)
31. Clothes pins/line/hangers (A MUST)
32. Coleman’s Pump Repair Kit
33. Tuna Fish (in oil)
34. Fire Extinguishers (or..large box of Baking Soda in every room)
35. First aid kits
36. Batteries (all sizes…buy furthest-out for Expiration Dates)
37. Garlic, spices & vinegar, baking supplies
38. Big Dogs (and plenty of dog food)
39. Flour, yeast & salt
40. Matches. (“Strike Anywhere” preferred.) Boxed, wooden matches will go first
41. Writing paper/pads/pencils, solar calculators
42. Insulated ice chests (good for keeping items from freezing in Wintertime.)
43. Workboots, belts, Levis & durable shirts
44. Flashlights/LIGHTSTICKS & torches, “No. 76 Dietz” Lanterns
45. Journals, Diaries & Scrapbooks (jot down ideas, feelings, experience; Historic Times)
46. Garbage cans Plastic (great for storage, water, transporting - if with wheels)
47. Men’s Hygiene: Shampoo, Toothbrush/paste, Mouthwash/floss, nail clippers, etc
48. Cast iron cookware (sturdy, efficient)
49. Fishing supplies/tools
50. Mosquito coils/repellent, sprays/creams
51. Duct Tape
52. Tarps/stakes/twine/nails/rope/spikes
53. Candles
54. Laundry Detergent (liquid)
55. Backpacks, Duffle Bags
56. Garden tools & supplies
57. Scissors, fabrics & sewing supplies
58. Canned Fruits, Veggies, Soups, stews, etc.
59. Bleach (plain, NOT scented: 4 to 6% sodium hypochlorite)
60. Canning supplies, (Jars/lids/wax)
61. Knives & Sharpening tools: files, stones, steel
62. Bicycles…Tires/tubes/pumps/chains, etc
63. Sleeping Bags & blankets/pillows/mats
64. Carbon Monoxide Alarm (battery powered)
65. Board Games, Cards, Dice
66. d-con Rat poison, MOUSE PRUFE II, Roach Killer
67. Mousetraps, Ant traps & cockroach magnets
68. Paper plates/cups/utensils (stock up, folks)
69. Baby wipes, oils, waterless & Antibacterial soap (saves a lot of water)
70. Rain gear, rubberized boots, etc
71. Shaving supplies (razors & creams, talc, after shave)
72. Hand pumps & siphons (for water and for fuels)
73. Soysauce, vinegar, boullions/gravy/soupbase
74. Reading glasses
75. Chocolate/Cocoa/Tang/Punch (water enhancers)
76. “Survival-in-a-Can”
77. Woolen clothing, scarves/ear-muffs/mittens
78. Boy Scout Handbook, / also Leaders Catalog
79. Roll-on Window Insulation Kit (MANCO)
80. Graham crackers, saltines, pretzels, Trail mix/Jerky
81. Popcorn, Peanut Butter, Nuts
82. Socks, Underwear, T-shirts, etc. (extras)
83. Lumber (all types)
84. Wagons & carts (for transport to and from)
85. Cots & Inflatable mattresses
86. Gloves: Work/warming/gardening, etc.
87. Lantern Hangers
88. Screen Patches, glue, nails, screws,, nuts & bolts
89. Teas
90. Coffee
91. Cigarettes
92. Wine/Liquors (for bribes, medicinal etc)
93. Paraffin wax
94. Glue, nails, nuts, bolts, screws, etc.
95. Chewing gum/candies
96. Atomizers (for cooling/bathing)
97. Hats & cotton neckerchiefs
98. Goats/chickens
From a Sarajevo War Survivor:
1. Stockpiling helps, but you never know how long trouble will last, so locate near renewable food sources.
2. Living near a well with a manual pump is like being in Eden.
3. After awhile, even gold can lose its luster. But there is no luxury in war quite like toilet paper. Its surplus value is greater than gold’s.
4. If you had to go without one utility, lose electricity - it’s the easiest to do without (unless you’re in a very nice climate with no need for heat.)
5. Canned foods are awesome, especially if their contents are tasty without heating. One of the best things to stockpile is canned gravy - it makes a lot of the dry unappetizing things you find to eat in war somewhat edible. Only needs enough heat to “warm”, not to cook. It’s cheap too, especially if you buy it in bulk.
6. Bring some books - escapist ones like romance or mysteries become more valuable as the war continues. Sure, it’s great to have a lot of survival guides, but you’ll figure most of that out on your own anyway - trust me, you’ll have a lot of time on your hands.
7. The feeling that you’re human can fade pretty fast. I can’t tell you how many people I knew who would have traded a much needed meal for just a little bit of toothpaste, rouge, soap or cologne. Not much point in fighting if you have to lose your humanity. These things are morale-builders like nothing else.
8. Slow burning candles and matches, matches, matches.
9. More matches
Food and/or fuel prices will be their downfall.
To every action there is always an equal and opposite reaction. Newton's law of no free lunch.
Doesn't matter that:
-Portugal, Greece, Spain & Ireland are waiting in the queue for bailout (I think Moody's downgraded all Greece, Portugal and Spain ratings within last 2 weeks)
-ECB has no money (therefore that UBS LIBOR laundry) not even to fund those bankrupts, but to fund itself
let's think...
all what we need is some ponzi-fiat-credit piece of currency magic ... AAAAAND ?
EUR/CHF up over 1,1% in just 2 hours
The comments are rocking tonight. Tyler I think the intelligence of your readers is reaching criticality.
Yeah my IQ levels are melting down. Or - as government would put it, and I find it much nicer - they are under control. I'll try salt water injection
BTW, doesn't making JPY stronger makes more sense? So Japanese, when on mandatory holidays, could purchase goods with their savings - all over the world and enjoy Jen's strength?
Doesn't it make sense to think about Yen's purchasing power - for all materials/raw stuff to rebuild the country? They don't have that much natural resources, IMO.
Wasn't the decision made to prevent ponzi-pyramid from collapsing (Nikkei too much down -> DAX down -> No... DJ for sure not, this would be too bullish -> but perhaps other ones down -> panic) and, as usually in such case, let Japanese tax payer bleed for that ?
Until youse guys experience cit, you don't kow what cit is. A tidal surge is my worst fear.
Done 8.4 earthquakes and Cat 4 hurricanes. Surge will kill ya.
Water is the worst beast to fight.
Your complete and utter stupidity is even worse, dickdrip!
I guess I have to ask.
Not that it matters, but is this even fucking legal under US Law?
Is she over 16?
I'm in Kentucky.
Super Moon this weekend. Dude who predicted the 1989 quake says big one this weekend.
Scenario: 9.2 hits CA on Monday, major damage all over state. Frisco is almost completely destroyed. Stock market dips a little, back up in green by Thursday. Thanks to the Bernanke! Can't have those jooz on Wall Street lose money, now can we?!?
Hope all your investments are this moronic, based on some dufus from 1976.
No, but your mom wasn't worth the 2 bits I paid her!
What does that say about the person paying?
G7 also says they can't do any monetary things to help us out at their forex place because our credit score is 3.
Cold glass(optional), 2 LARGE dripping shots of Makers Mark, 1 large orange, squooze(optional:), 2 ice cubes, (optional), stirred, or not. Repeat.
Butthead, now I'm really thirsty!
Perfect day to start a war.
The reliance on bailouts means the financial system is not stable. One of these days, it's gonna have a nuclear meltdown - 100% guaranteed. Even yesterday people couldn't get money out of any ATM's if they had an account with one of the largest Japanese banks that I'm sure was sitting on the wrong side of some horrific margin calls. But don't panic...keep feeding Senor Ponzi.
It's stable as long as they keep bailing it out, right?
Seriously, they'll just jam it harder and harder. They could really give a fuck less about all these stupid thoughts about it not working.
Does Jesse's Cafe serve Jagerbombs or Jack n' Cokes?
I swear to the almighty, you just cannot make this stuff up anymore.
History is unfolding before our eyes!
F*** homework! Screw Hollywood, THIS STUFF IS LIVE and PEOPLE ARE SUFFERING!
Unbelivable! Truly!
G7...... G7....What.? Let me guess. Gee,7 fucking Idiots in a room,and no one knows which one is Dumbest.
FUCKING JOKE.....
make me puke.
How apropo:
" ... it will be all over."
or (really <and>, if not 80)
" ... we have big problems."
[your slip is showing]
allow it to drop below, fail to keep it above
the /ES is just insane right now and the manipulation is so obvious that it's maddening to watch. The volume is typically flat...once there is a slight dip in price A massive volume spike sends is soaring again and then the lull resumes...over and over again. It is now at +13 and no ceiling in sight. It is now a mere 18 points away from being Positive for the week!!!!!!
I can barely contain myself here. I feel like screaming.
OK, now it's getting serious:
Japan Disaster May Result in Production Delays of Newly Released iPad 2 Read more: http://www.foxnews.com/scitech/2011/03/17/japan-disaster-result-production-delays-newly-released-ipad-2/#ixzz1GvBMNOK9you know, sitting here, watching this tonight...these knuckleheads at the BOJ and the Fed.....this could really get out of hand easily....
the Euro is rocking.....and the dollar is starting to really crater...
yeah, the stock markets are propped tomorrow, but the americans and japanese, the peasants, our currencies are being trashed....our savings....are being destroyed to preserve the stock markets....are we fuckin' kidding?
and knowing how 'successful' and "adept" the Fed is, I wouldn't be surprised to wake up and find the dollar deathspriled into the sixties overnight.......
If all of this (earthqukes, radiation, market manipluation--I mean intervention, etc.) isn't the "worst case senario" then what is?
from the looks of it TPTB view the SPX dipping below 1250 as a worst case scenario that must be avoided at all cost...regardless of the hardship that will thrust upon the people of the world.
I'm watching the /ES and I just cannot believe what I am seeing. It defies logic and gravity.
Even the slightest dip seems to be met with out of the blue bid chasing that just keeps sending it higher and higher and higher.
And the $DXY is right back to where it was prior to the "intervention".
I've seen this all before...but...given all that is going on with the Tsunami, Earthquake, Radiation leak and now yet ANOTHER new fucking war...I can't help but to stare at this in complete amazement and disgust.
It looks wierd yes. CB cartel operations. They fuck everything up.
Bastards.
Sure, but what do you expect? If the dealers is out there to big all the eminis they can muster, why wouldn't we lift?
The second the situation is considered 'under control' (whether actually or not) were gonna hit 1300 is a blink.
Of course, were no longer considered being in, but that doesnt mean the options players dont wanna trap you out of your position and enforce max pain..as with any OpEx.
Just a anecdote, fwiw. A friend said to me last weekend: "I've been a stock investor for 40 years. This is crazy, this isn't a market anymore. It's nuts. I'm out and done." People are getting it.
BOOYAAH!
They will need to do alot of "intervening" after the invasion of Libya under "Operation Nobel Peace Price" to hold inflation and oil prices from going through the roof.
Well,
Congratulations G6 (ex Japan) taxpayers!
You are now the proud owners of way too many yen!
It's like buying a car; a depreciating asset as you sign the line.
It won't last, repairs and maintenance will break you.
It can't last, and the taxpayer loses.
Fukushima cannot be papered over.
Way to go cartel motherfuckers.
What's the half life (pun NOT intended) of this intervention Forex experts? The BOJ has done this already, repeatedly.
Opinions or guesses please? I'm thinking wait till Monday and short the yen hard across G6 currencies?
Orly? Anyone?
as far as shorting this market goes...only intraday and only for a scalp. the only way to win this game is not to play. seriously...you can't win any game in which your opponent has the power to change the rules in mid stream and you do not.
it's the Kobayashi Maru.
That's why I stated wait till Monday, exactly. These bastards are 24/7/365.
It's the Fukushima Fuck You.
Has currency come to daytrading? If so, it's dead and I'm out.
looks like the /ES is about to go parabolic off the 1280 mark and the $DXY is gonna go spelunking below 76 again.
I am Jacks puddle of puke.
That's a hell of a drop on DXY! Glad I own Silver.
Gold still down, deleayed reaction, harder to manipulate....
KMarketWatch (or Kpocketwacth) "G7, let's do it!"
Fucking bastards.
I'm (was) a sailor, thus my language when I'm pissed.
if the /ES breaks above 1285 it'll likely make it to 1300 and that would put it flat for the week. Can you imagine? A week with the kind of non stop bombardment of disasters we've seen and the fuckin market ends flat?
I can't watch this shit any more. I'm shutting down before I start breaking shit.
ciao. and good luck everyone.
use the fib retracement, this should be the top of /ES. possible bear flag on the /ES chart. oil spiking too, which will hurt the European market.
Ya, looks worrisome. Futures still postive though.
WTF? Changes minute by minite.
Prolly be a green open though. Criminals need to hide thier activities.
Whose the patsy is what I want to know.
It ain't Ben.
watching what these knuckleheads are doing...there's one conclusion....
if you haven't protected yourself with some gold or silver, you're suicidal.....
this is all going to end so, so, so badly.
They are not knuckleheads. They are CRIMINALS and ther should be an Interpol arrest on sight alert for them.
Damage to silver much less than gold. Gold is coming back now.
Central Banksters are the worst sort.
Ben should change his name to Yen.
watching what these knuckleheads are doing...there's one conclusion....
if you haven't protected yourself with some gold or silver, you're suicidal.....
this is all going to end so, so, so badly.
Wait, since when do governments openly announce they are collaborating together to manipulate FX rates?
since now.
The Japanese were at least honest when they were at it about two weeks ago. I think they would face serious public/investor backslash of they were not to annouce a G& meeting last night.
I "sort of" expected this, but just not on this scale.
It is horrendous.
CRIMINALS.
The G7 says to the naysayers..you think we won't blow this motherfucker sky high? We'll do it!
Someone please explain how a bunch of countries, who are in debt, decide to all sell the Yen. How does that work? I guess a bunch of central banks just manipulate a bunch of digits in some computers and the Yen drops and the Nikei spikes and world markets spike? Sweet!
Yen were bought, thus the spike. Japs need to export yen. Proud taxpayer, you own it now.
Yes. They can just "imagine" *currency* into existence to buy it.
Fucking Disney Land.
They do it because nobody's told them they can't.. and that's the truth.
FX price action back to nil and no retracement after just shy of a 300 point move on UJ. LOL - Scumbags.
Someone big forcing yen down? Hmmmmm.....
Too scary for me to short yet. Cartel may just change the "rules" over the weekend.
Shit, maybe my pure "play" account.
Not that I'm playing, to be sure.
Damn, I need an appprentice. I can't sleep any past week or so. Son, no interest. Wife, no mind for it.....
So at what point do we stop using the word "free" in relation to "markets"?
This is beyond ridiculous.
So now people are speculating upon speculation about intervention to intervene in the "Free Markets".
Is this like trying to guess which kid belongs to which Mom at the slave market in 1729?
Fucking unbeleviable...
Some humans ain't human
Some people ain't kind
You open up their hearts
And here's what you'll find
A few frozen pizzas
Some ice cubes with hair
A broken Popsicle
You don't want to go there
Some humans ain't human
Though they walk like we do
They live and they breathe
Just to turn the old screw
They screw you when you're sleeping
They try to screw you blind
Some humans ain't human
Some people ain't kind
You might go to church
And sit down in a pew
Those humans who ain't human
Could be sittin' right next to you
They talk about your family
They talk about your clothes
When they don't know their own ass
From their own elbows
Jealousy and stupidity
Don't equal harmony
Jealousy and stupidity
Don't equal harmony
Mmmm Mmmm
Mmmm Mmmm
Mmmm Mmmm
Mmmm Mmmm
Have you ever noticed
When you're feeling really good
There's always a pigeon
That'll come shit on your hood
Or you're feeling your freedom
And the world's off your back
Some cowboy from Texas
Starts his own war in Iraq
Some humans ain't human
Some people ain't kind
They lie through their teeth
With their head up their behind
You open up their hearts
And here's what you'll find
Some humans ain't human
Some people ain't kind
Look at the CHF/JPY, this is HUGE!
BoJ has spent $25 billion till now.
http://dawnwires.com/politics/boj-intervention-cost-2-trillion-yen-till-now-25-billion-and-more-intervention-to-come/
GM closes plant in Shreveport, LA due to lack of parts from Japan.
http://www.shreveporttimes.com/article/20110318/NEWS05/103180304/GM-s-Sh...|newswell|text|FRONTPAGE|s
China raises reserve requirement
http://dawnwires.com/investment-news/china-raises-reserve-requirement-ratio-50-bps/