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Wednesday Trading Session Set To Be "The Most Volatile In Living Memory" Warns Telegraph, Plunge In Bunds Expected
If there was any doubt about where futures will open tomorrow, the following article from the Telegraph should assuage all doubts: "Traders greeted the move by BaFin, the German regulator, with a mixture of
anger and astonishment. One bond trader said he expected Wednesday's trading
session to be one of the most volatile in living memory: "It will be
complete chaos, I really don't know what the Germans think they are doing."
We couldn't have summarized it better if we tried.
One immediate effect was that the cost of insuring European government debt fell as markets were hit by a so-called "short squeeze" where investors with short positions are forced to offload their holdings and buy the bonds, causing the price to increase.
This is certain to please the German authorities, who have waged an increasingly hostile war of words with supposed speculators.
BaFin said the ban was being introduced due to "extraordinary volatility in debt securities issued by eurozone countries".
In a statement, it said short-selling had led to excessive price movements "which could have led to significant disadvantages for financial markets and have threatened the stability of the entire financial system". However, traders said that the measures, which will also prohibit the naked short-selling of shares in major German financial institutions, such as Allianz. Commerzbank, and Deutsche Bank, could lead to an immediate backlash from investors around the world.
They added that the ban was likely to be effectively unenforceable. It will not stop traders from shorting the bonds and shares using other European markets.
"Without the two-way flow the German market is likely to become utterly dysfunctional," said one London-based bond trader. "Nobody ever thought they'd do this in a million years and it raises the long-term question of who is now going to want to buy their debt."
...
Analysts at Bank of America Merrill Lynch summed up the mood with a note titled What's Germany going to ban next? Rainy days, harsh words, the Macarena?
If this pans out as expected, look for Bunds to collapse tomorrow, and wipe out a few billion from Pimco's NAV. We warned in February that the flight to safety in Bunds was both shortsighted, and too good to last. Now that trading in Bunds may be effectively prohibited altogether, we will be very curious to see where market clearing occurs, if anywhere. Because the only thing worse than a low price is no price.
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Until the PTB step in and wipe away any indication a true price clearing mechanism would have given us.
Perhaps they should have asked the same question of the US Government during 2008.
+1
LOL. Was just watching "Wall Street" on FMC (plays all the time) and GG's birthday is May 6th. Flash Crash? May 6th. Some coincidence, huh?
That is a bit convenient no?
"Perhaps they should have asked the same question of the US Government during 2008."
The ultimate hypocrisy spoken by BoA.
"It's only bad when they do it, not when we do it."
the more power you have, the more hypocritical you are....people speak poorly of populists with pitchforks and torches but actually general folks are not demanding enough of rich and powerful...and rich and powerful are the opposite...the less power you have the more likely you will expect moral behavior of yourself, the less tolerant you will be of you personally crossing lines into suspect moral behavior, while you will also be more lax in your moral expectations of others, but if you feel powerful and entitled you will be very easy on yourself, be okay with moral deficiencies, (you deserve it after all), while you also will be more strict in your moral expectations of others, less tolerant of any of their slight moral failings...
as the rich get richer...I wish I could find an ETF to go long on hypocrisy
+1
That is good news. About time the Macarena was banned. Can they ban Al Gore with it?
now, now. don't get hysterical. just al doing the macarena.
Given German history, Merkel knows these are becoming desperate times, that very bad things can follow (war anyone?) and that she can't sit idly by while a speculative attack on the Eurozone takes place.
Rather than ridiculing the German response, the ZH community should offer up some specific and constructive comments on how to address this mess in real time (IOW, something beyond the normal missive of not living beyond one's means - right though that is). In fact, if some ZHers have some thoughts about it, and have some German or European connections, why not contact them and try to do right?
You can ban gambling in some places. Same thing.
This is true.
But of you're a German (French, etc.) bank and you are on the wrong side of a CDS bet-- or are on the right side and have a bankrupt counterparty-- guess what?
The German government won't be there to bail you out. They are essentially saying, "if you want to speculate in certain CDS's, don't do it naked over here. If you do, go somewhere else, because we are not in the business of giving handouts to over-levered speculators."
In gambling terms, the Germans may not allow gambling, but lets say... Spain does. Just because you won the bet on a CDS parlay in Barcelona doesn't mean that all those chips can be cashed in. The counterparty (and seocndarily the House) must be able to cover.
"...because we are not in the business of giving handouts to over-levered speculators."
Terrific! Assetman
No problem, they can find pigeons elsewhere. I only hope that this ban is extended to the whole of Europe so that we don't have to bail out the idiotic banks or countries which get trapped.
The decision to bail out always comes down to a choice-- not a "have to".
Unfortunately, you have no choice in the matter.
I love the smell of napalm in the Morning!
napalm is bad for the surf...who knew?
napalm is bad for the serf...
there, fixed it.
no.. napalm is good for the serfs....
there now really fixed.
Checking my money market account for European bond exposure tonight.
Punters are just going to short using options and rate futures and longs are still going to dump. This is really a non event.
Yes, practically speaking, it probably should be a non-event, but markets being what they are, I think it will stir things up quite a bit. I expect a big gap down in US futures tomorrow, then a lame rally back to near even end-of-day. This feels quite a bit like early 2008.
Popcorn!
Look son, Merkel has Balls
Does the SEC spend time on his/her websites a lot?
I want more information about how the proposed capital gains taxes will affect London. I mean... what the hell? Anyone on the ground care to share?
Maybe it doesn't really matter anymore.
I have trouble understanding how so many people can actually tell themselves that they trade based on "fundamentals." How the hell can you trade on a "fundamental" like Merkel going apeshit or a total change of government in the UK? Even if you have a cousin in MI6 and you have an agent doing Merkel's toenails.
You're assuming there's going to be a gain to tax...
that's an interesting point. see japan's lost decade...
The increased capital gains tax has interesting implications for gold ownership too. What good is it if you preserved your wealth if you show a massive paper capital gain in devalued GBP?
the joy of owning physical. it leaves no traces.
The new normal?
"It will be complete chaos, I really don't know what the Germans think they are doing."
That's right you really don't know what the Germans are doing. Good thing the Germans know what they're doing.
Senate hearings, review boards, investigations, political theatre.....lets just cut the crap and get to the meat of the matter. Let's see how fast the solutions come now. It takes German effiecency to get the job done.
Thank you Ms. Merkel
+1. At t least they got everybody's attention. A nice time=out from the games the children are playing.
Good thing the Germans know what they're doing.
HAHAHAHAHAHAHAHAHAAAAAAAA
The most arrogant mother fuckers on earth and they wear the badge with honor.
There's a reason for that.
lol, yeah, because they don't actually know what they're doing.
Naked shorts you say?
So let me get this right we all think naked shorting is a great thing now do we? Silly to ban it? Shorting is fine, helps price discovery but whats up everyones arse on ZH today, naked shorts are something Goldman and Citi and all those other arseholes we bailed out do. Its not something real people do just the soulless ghouls behind prop desks and hedgies who have a enough capital to naked short, force a price down and make money of it. Explain to me how there is any problem with this being banned.
As for the Germans being arrogant fuck that. Americans are far more arrogant then Germans and the French take that arrogance and put it on a whole new level. I mean seriously faust the Germans have been doing a shit load better then old Heli-ben and Timmy the Geit, nevermind summers and all those other imbeciles.
"So let me get this right we all think naked shorting is a great thing now do we?"
Yeah I'm a little lost. This all seems like a tempest in a teacup. The ban is only for naked short selling right? Regular old short selling is still perfectly ok isn't it?
If so, why is this all so much bigger than it seems? (to me)
Agreed...HAHAHAHAHABAHAHAHAHA
I can think of only one thing to say; God speed Angela.-
I married into a German family, and the one thing I know for sure is, they don't f**k around trying to dodge or hide difficult situations. If they think something needs to be done, they do it, and damn the consequences. I don't know what they're up to here, but in my experience, 'what you see is what you get' so its probably just exactly what they say it is.
Despite the honorable German character, I find it difficult to believe that politics is somehow different there than the rest of the world.
I agree it's a political move. They take advantage of the depreciating Euro in international trade, for increase in exports, then reintroduce DM for domestic commerce. It's a dual currency play from the 20's (i.e., Rentenmark/ Reichsmark).
Me too, but it depends where they are going to buy their energy from until they cecede.
All these wind turbines dont generate more than a 9V puff of electricity.
Maybe they can just scrub up Silesian coal (and just tell the lettuce-heads to stuff global warming).
Two birds with one stone.
Its not shorts, its lederhosen in any case.
So when can we buy the german "mark"
Cheering Mrs Merkel. For the moment only, other things she has said appeared to lean towards wto.
Ah hell you cant trust any off them, what am i thinking.
Seems to be a setup for debut of DMII. Will the DMIs I came home with in 89 be valid once again?
Asia Is Red
Stock markets in Asia fell on Wednesday and the euro continued to slide on fresh investor concerns over policymakers' ability to stem the potential fallout from the Greek debt crisis.
http://www.nytimes.com/pages/business/global/index.html
But look at the euro and the GBP against the dollar:
http://www.netdania.com/Products/live-streaming-currency-rates-foreign-e...
What, that's it? Down 1%? I expected something major, and the GDP and EUR are now both up vs the Dollar.
The only reason BoA analyst are pissed is they will no longer be able to pillage Europe. The Bundebank and the ECB will hold the line. I would expect major government intervention tomorrow to squeeze any big financial players trying to manipulate the market. The Germans are going for blood and speculators will be wounded....
If skank of amurkin and merrill hate it I like it.
Jesse!
http://jessescrossroadscafe.blogspot.com/2010/05/merkel-to-wall-street-a...
"The financiers have been saying that 'Europe cannot print money faster than Goldman Sachs can create naked Credit Default Swaps.' Well, Goldman can still create those swaps, but they may have trouble finding counterparties for them in Europe. And those who buy them may do so at their peril, since Europe is obviously seeking to isolate itself from the consequences of speculative excess by an overleveraged financial system."
Merkel has a bigger pair than the POTUS. :-P
Obummer = Mosquito Balls
Goldman Sachs Hands Clients Losses in ‘Top Trades’
a la b berg
When did POTUS get a pair?
Thanks for pointing us to this article.
Loved this quote: "But one has to admit that the lady has style, and, unlike her American counterpart, is not afraid to occasionally take the wheel and drive, rather than sit in the back seat offering platitudes, and fine sounding words, and toothlessly petulant criticism."
Look for Bund interest rates to plunge as short covering goes panic ballistic. You Idiots have it backwards.
The markets may take a hit, but count the CDS dead on arrival. It is a worthless piece of crap. Especially, when the counter party issuing the CDS does not hold the capital to pay on default. It's Bull$$$$...
jory, just for the record you are the first person to be insulting as you enter. Is that how you live?
Who gives a damn about the markets. If you are a player you either have a death wish or think you are smarter than exigencies.
Gold getting bombed.
Euro has cleared 1.22
Stock futures are green.
No sleep for the PPT.
Cheeky Bastard's Futures Link:
http://www.zerohedge.com/article/futures-charts-may-17th
Bombed is too strong a word, really. If you look at the chart, this is just normal, healthy consolidation. The only stocks holding their own right now that I see are the gold miners.
UUP is doing ok too I guess
Its been getting "bombed" since $700
The Telegraph is mainstream media.
Shanghai, Hong Kong, & Tokyo all off the lows and at the highs of the session at 8:37 pst
No one seems to give a flying fuck.
So why am I so nervous......
As of now Asia's not that red, european futures are green, Euro is a bit off its 1.21 low. Come on guys, the rest of the world is not thinking this is a catastrophe.
Not "that" red.
Hmmmm, wonder what your definition of "that" is.
I guess we all have a floating definition of "that".
There is "that".
To me, I see a see of red being furiously pumped.
No fundamentals here. Only man-I-pull-your-you-know-what-see-you-laters!
Asian charts are almost all horrendously bearish, and overdue for a weak relief rally. The fact that they're red at all speaks to how bad things are getting. They should be able to stabilize at least temporarily at this point.
Max Keiser has an item 4hours 250 billion to find a home Oh O. ?
domino effect maybe.
Between you, cell phones and Clinton...
IDK WTF it is that we are talking about.
Looks like another crisis to be un-wasted by The Most Open and Transparent Administration In History as it endeavors to cultivate a New World Order
transparantly open to ridicule
dlt
http://www.youtube.com/watch?v=O3ZOKDmorj0
'nuf said.
"We warned in February that the flight to safety in Bunds was both shortsighted, and too good to last."
I feel the same way about UST now. It feels to me like the world is climbing out of the lifeboats and on to the Titanic, because it is the bigger boat. There may well be a better entry point on this trade, but if (when) sentiment on the US turns, it could happen very quickly indeed.
The EURUSD rate is great for German exporters and a kick in the nuts for USA and China. I can buy much better quality now for the same price...
As for the new German regulations, it may be nothing more than an attempt to placate opposition party members. After all, there are easy ways around it, via futures or offshore.
Anyway, Bernanke (aka Mr Inflation in Germany) what ya gonna do now?
+100 - unsustainable fake rally that looks to me like it has a good chance of collapsing in an ugly mess in the fairly near term (< month or so). And if the US treasury market fails (and it must, eventually), that will be really, really ugly.
"It feels to me like the world is climbing out of the lifeboats and on to the Titanic, because it is the bigger boat."
Well said! Bravo.
+100 Great analogy.
VIX will gap up to open then calm down and fill the gap by 11:01a CST, then stay out until the bump up again from 1p-2:36p CST (2p-3:36p EST) at which time the SPX goes red again. 3:36p SPX ticks green to close up 0.5% by 4p EST. Wait, this happened on Monday.....
"Act of Desperation"
‘‘This will close the CDS markets if it is anything like what it appears to be,’’ said Backshall at Credit Derivatives Research. ‘‘The removal of the possibility to hedge government bond risk will necessarily cause risk premia to rise in bond markets, which could easily lead to a broad-based repricing of government bond risk.’’
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajxxDiFsQuto&pos=2
This is EXACTLY what we need.
Agreed!
+2
A CDS isn't the only way to hedge government bond risk. Buy a put option on the bond.
When are the Germans going to announce a few hundred billion in Bund issuance? Seems like a good time to raise cash for, I don't know, a Greek bailout?
If they want to commit political suicide, sure, raising cash for Greek bailout makes perfectly good sense.
There will be a opening presented, I do think. And the Germans would be best served using the proceeds as reserves for losses when many German banks become nationalized.
"Nobody ever thought they'd do this in a million years and it raises the long-term question of who is now going to want to buy their debt"
Who gives a shit? The ECB, the FED, or someother secretive CB with a magical unicorn?
If people think Germany is a good investment they will buy the bond. If nobody feels they are a good risk, than nobody buys the bond.
Is it really that complicated that we need CDS?
Can someone please explain the need for CDS? I really want someone to lay it out for me. How does Germany saying no CDS mean that all hell breaks loose?
Bob, but how does one determine when something "is a good investment" as you say? (rhetorical)
Everything is sensitive to price, and price must be discovered through supply meeting demand or bid meeting ask.
However, you must remember that for a trade to be effected, there must be a buyer for every seller. Someone has to want to sell and someone has to want to buy the same thing at a particualr price level. (just because you like something at a particular price, doesn't mean someone is willing to sell it to you at that price)
Credit default swaps actually add "liquidity" to the market for credit instruments by creating a more efficient path to price discovery through a narrowing of the bid/ask spreads. Why, because they provide more capital and players into the market for the same good, and because they add more data points for people looking to price things they want to sell, as well as for people looking to price things they want to buy.
Otherwise, sellers are more likely to be "way up here in price" and buyers are more likely to be "way down here" in price, when key news is running through the market and being interpreted in different ways. As a result, buyers and sellers take bigger leaps of faith to effect a transaction, resulting in more violent price swings.
Using your terms, the situation with the Bund is that some will see it a good investment, going forward, at price level x , while others will see it as a bad investment at price level x. This is how and where a trade happens!
Ultimately, the CDS help those that find a reason to buy at price x meet up with those who find a reason to sell at price x, because you always need a buyer and a seller to make a trade. If you have only buyers at price x, then you have no market and no trades happen. (in this case price adjusts to find the point where a buyer meets a seller)
I see nothing wrong with CDS. It's just another contract. Regulating securities is attempting to control speech, at a fundamental level.
Just one more reason as to why the regulatory regime makes no sense.
However, I strongly doubt that CDS would be such a huge market without the byzantine insurance system or the government backstops. I doubt many CDS traders are really banking on another AIG-type bailout, however... if that were attempted again, who knows what the freaks would do?
Aeropostale,
I may have it wrong, but imo, you misunderstand NAKED shorting. It is illegal here also, but not enforced by our ever vigilant and trustworthy SEC. Germany announced that SHORT CDS contracts will be illegal. Same thing . Do you know why NAKED shorting should be illegal? Maybe you should.
If you bet with someone, the counterparty has a right to know you have the cash or collateral to pay your losses. Likewise, sovereign governments have the duty to make sure CDS counterparties have the collateral to pay and not expect the dumbass taxpayer to pay yet again. Capisce?
Naked shorting a CDS means you purchase a CDS without holding any of the underlying bonds. That's it. The Germans seem to think you need a "hedge-able risk" to purchase CDS protection. Why? Because they're captured by gulag capitalism. You either like their bonds or you love their bonds. There is no shorting their bonds. There is no trading default protection on their bonds. They're just burning all the lifeboats now.
Wrong. No shorting if you don't own the bonds. Why should you be able to naked short another country's bonds? (Or anything else for that matter?) What are the incentives when this is allowed?
Fraud is Speech! (too)
FREE MADOFF!!
How DID capitalism survive before synthetics??
CDS puts liquidity where liquidity doesn't belong.
Bond (Bunds) are based on faith and trust. I lend money you to you at 1% and I expect my money back with 1% interest. If I have done my homework, and I trust you, than you will earn my money. If I have done my homework, and I do not trust you, you do not deserve my money. If I lend to you and you dont pay me back than it is my fault for putting my trust and money into you (because if I had evaluated the risk properly I wouldn't have had to worry about losing my money in the first place)
I am not going to lend money to you if you are a bad credit risk. Now we add CDS to the equation. Now I will lend to you because you are a bad credit risk. The bottom line is that you are a bad credit risk and don't deserve money lent to you in the first place.
a-fricken-men, man....
Personally, Randians creep me out.
"....and the BEST intersections are four-way-stops!!
Crashes make the best traffic lights!!...etc"
and yet somehow, i remain more worried by oligarchs, criminals, cheats, and those who seek to DISMANTLE regulations, than by the regulations themselves.
Weak, that was some rambling story you just told - many words with no substance. This looks like the same argument for needing HFT for liquidity purposes. Individuals can buy or sell the bonds or hold until maturity.
If you argued that the CDS could be used for hedging purposes on the bonds you would have a legitimate argument. However, this is allowed - it is only naked shorting that is being outlawed.
A part of the problem is unlimited leverage and equal to that is fed bank borrowing at zero interest rates. This FAKE ILLEGITIMATE CONFETTI BULLSHIT is being used to try to take down countries. Now, add to this the story that was not covered much by ZeroHedge (just mentioned in the front running section - not sure why) about banks conspiring together on bid rigging, and you have legitimate reasons for this move. You can call them the speculators or the wolf pack, but in essence they are colluding gypsy crooks.
Germany is being pushed into a corner again, at least they might stand up to the bankers. Wouldn't it be funny if Merkel has more balls than the male leaders?
Merkel's quotes, "
Since you BUY a CDS to hedge long bond exposure, how do you sell a CDS without being naked short? Honest question. The only ones who can sell CDS without being naked short are the issuers of the bonds being hedged, no?
By having the underlying bond. Buy the bond, then buy the CDS (covered). Hold both to maturity or sell the CDS to another entity with the same bond exposure that does not have a hedge. There should never be more than 100% CDS to underlying bonds. This was the example of buying 5 insurance policies on a house and then purposely burning it down - that's what happened with the mortgage securities and we had to bail out AIG on these ridiculous bets that had no capital backing them.
They were all just side bets - why not just allow me to make a 10 trillion dollar bet that greece will default - if I lose the bet, I'm sorry but taxpayers will have to provide a bailout to the counter party to my bet (GS as largest writer). Same deal.
All the bailouts around the world are not bailing out people in countries, they are bailing out banks and sticking taxpayers around the world with the bill. We need these CDS to be transparent, standardized and traded on an exchange. Without this, they are truly weapons of mass destruction.
Excellent concise explanation. Thanks.
Actually, most of the problems go away if CDS writers are required to reserve against their exposures. If they're like insurance policies, then treat them as such. Central clearing and nightly mark-to-market as with Reg T will probably solve almost all of the other problems.
But bond issuers really don't care about making the market work. They used to be able to control how the market percieved default risk, by gaming the ratings agency models, etc. CDS make it impossible to manipulate these perceptions.
Excellent response, Mister Brando!
Thank you...(360037)
Would it be safe to assume the May 6th "flash crash" was a warning shot across the bow, by the banksters..??
I mean, really, how dare a gov't leader, anywhere in the world, stand up to them..
"Wouldn't it be funny if Merkel has more balls than the male leaders?"
actually colonel, it makes perfect sense. left is right. down is up. black is white. wrong is right. the women have cajones and the men are pussies. the work of Bagalamukhi perhaps?
"Bagalamukhi is also called Pitambaradevi or Brahmastra Roopini and she turns each thing into its opposite. She turns speech into silence, knowledge into ignorance, power into impotence, defeat into victory. She represents the knowledge whereby each thing must in time become its opposite. As the still point between dualities she allows us to master them. To see the failure hidden in success, the death hidden in life, or the joy hidden in sorrow are ways of contacting her reality. Bagalamukhi is the secret presence of the opposite wherein each thing is dissolved back into the Unborn & the Uncreated."
http://en.wikipedia.org/wiki/Bagalamukhi
Awesome Oh wise Canoer!
"To some degree this is a battle between the politicians and the markets,"-Merkel
The issue which has swept down the centuries and which will have to be fought sooner or later is the people versus the banks.-Lord Acton
It's really not a battle between politicians and the markets... it's a battle between regulators and a handful of rogue speculators who will come in and make overleveraged bets on ensuring someone else's demise.
If Merkel battles the markets-- she will lose. Badly.
If she targets the real miscreants of the financial community (think Goldman's role in the AIG deal)-- and allows them to implode when they can't collect from counterparties-- then she just might win... and the markets will eventually recover from it.
Okay Carl, you make a good point. But what is the cost of the liquidity? I know it's great for Wall Street but look at what has happened. Is it worth it? These bailouts are all about the exposure banks have to this stuff. If it wasn't for all this derivative gobbledygook the house of cards wouldn't be so difficult dismantle. It doesn't matter what industry your in, when your in it, it's easy to do the sales pitch because you believe it. I'm sure the guys at People magazine will tell you that they bring a lot of benefits to society - getting people to read, how not to screw around, see if Angelina has laid a beating on Brad, etc, etc. But in the end what is that benefit? There really isn't one when you weigh the costs.
with this logic, that pack of big red I bought at the piggly wiggly needs credit default swaps (and synthetic too)
We need CDS' because we need the illusion that all the risk on the planet can be hedged away, and because we need a temporary middleman between the asset holder and the ones who will eventually pay for the existence of risk. Without this illusion, there can be no free lunch.
In the US, this function was filled quite heroically by the FP Desk at AIG, who then handed things over to the US Taxpayer. Without this system, the elite would not be able to accumulate all that they deserve by virtue of their presence on this Earth. Who would then grace us?
+1. You have a nice way with words...
Hedging risk vs. hedging trust are two totally different beasts.
Chindit, you're the new William Burroughs of finance (And yes that is a compliment). Beautiful. +20
"Desperation is the raw material of drastic change. Only those who can leave behind everything they have ever believed in can hope to escape" - WSB
That was good.
hehehe...oh yeaah..
We need IRS because we need the illusion of the viability of a world denominated in fiat currency and paper assets as they are anchored by their basis on the so-called "risk-free rate of return". When the "risk-free" illusion explodes, do we recalculate all risk, or just say "Fuck It!"? Will anyone be able to pay? Will collateral actually change hands? Will the collateral be worth anything? Will the voters stand for it? It's positively laughable. Too clever.
Chindit: my favorite quote by Antal Fekete: "You cannot hedge debt risk by owning more debt."
fuck you, too†
i tried to be friends, your just to serious.
SEC to you, BABE.
Serious? I use humor and satire to take the edge off. Oh, I also use blasphemy, as you can see in my Klarman article response.
Don't mean to offend. By the way, I'm on a very different time schedule than most ZH'ers, being situated half way around the world. Thus, I cannot always respond in a timely manner. Apologies.
blasphemy
had to dictionary that word.
me neither, just tell me, is it 07:00 your time or my time.
this could really help my day, today please†
Just about 8pm here.
¥ ¥
§
«»……«»
thanks, i think i understand now†
so true...Dylan Ratigan had it right when he asked if what AIG did was theft, insure against losses it could never cover, "Is it theft?" probably why he's not at CNBC anymore. They up and stole other peoples money and then US taxpayer money.
Absolutely. In the long run, I would rather buy bunds than bonds. I understand what the Germans are doing and why they are doing it. It is all the other countries that are confused. Well done Germany!
Come on Bob, deep down, I mean really deep down, yep, right around the ring piece, you gotta feel sorry for that trader at GSax who might have to cancel the order for his third Aston Martin. It brings a tear to my eye.
Goldbugs getting Pimpsmacked. Hehehehehehe!!!!!
There's an old phrase for this... Central Bank Intervention
Goldbugs getting ready to buy........
I have suddenly become suspicious of who it was that was doing said pimpsmacking....
Ba(r)Fin'
But ...
It worked
It' be nice to see the world bank shit out it's liver and cough up it's lungs and heart.
Veeeery interesting my man!
Where do you get that from?
†
kiss
Its time like this when the digestive system of the people "in charge" become loose, so to speak. No doubt, Ben is going through his share of toilet paper right now.
I want to give an update on the Globex session. ES has been down almost 13 pts. from the close. It may have found a turning point for W3 of this move down at 1106. It also may be entering W4, and we could see a rally during the night that would give us an opening in the morning that is above today’s close. Just some possibilities to keep in mind. 1106 was at a typical-projected level for a W3 target (161.8% of W1). This initial rally that I am watching now may also be W4 of W3, but I think it is probably the W4 for this move. If it is, a typical W4 target (50%) would be 1121.50. These are just my after-hours musings and can change as ES unfolds.
The Shit In Spain Falls Without Gain
Spain came close to its first debt auction failure on Tuesday, highlighting the funding problems for weaker eurozone economies.
http://www.ft.com/cms/s/0/7cc4dcd4-629c-11df-b1d1-00144feab49a.html
.
Yo, Boston.
Check your inbox.
Looks like it's in the final stages of a wave goodbye
I feel like a small child who just was given a candy. Excellent coverage TD.
One never knows who will laugh the last. However my bet, it will be you.
So, you still ridiculing the deflationistas, TD?
Great opportunity to lever up on CRE, baby. rofl.
For reference, you may want to read this article:
http://www.gold-silver.us/what_silver_gold_buys.html
What Does Silver and Gold Buy?By John Q. Public
IntroductionOK. So you have some silver and gold or you want to buy some [more], and you are wondering- what would I barter it for in a currency collapse scenario? How much would I expect to pay for things? How much would I expect to need to take care of my family? Of course this is a very difficult question, but one thing we can do is to look back to a time where silver and gold were treated as money, and see how much it cost to live. We could then try and see how things have changed since then, and see if we can put that into perspective. This is what I attempt to do in this article...
I am an AOCS member and we have a thousands of businesses that take AOCS Silver Rounds in barter.
http://www.opencurrency.com
cheers
In last ditch attempts to fix their broken ideaology and financial systems, fascism is the way forward. The free market is only allowed to the upside.