• ilene
    01/28/2015 - 19:33
    Suppose you could print up counterfeit dollars, euros or yen that were identical to the real things. Fun, you think? Here's how it plays out. 

European Central Bank

Tyler Durden's picture

Greece Slams EU Bailout-ers: "We Don't Want The $7 Billion, We Want To Rethink The Whole Program"





As Eurogroup chief Jeroen Dijsselbloem (of "template" foot in mouth infamy) heads to Athens for talks today, Bloomberg reports the new Greek Finance Minister Yanis Varoufakis has a clear message for his European overlords of the past: “We don’t want the 7 billion euros...We want to sit down and rethink the whole program." While this exposes the nation's banking system to further runs, yesterday's revelation that Russia could step in with financing should they need it, leaves Dijsselbloem and Shulz with less and less leverage even as Spain's chief economic advisor warns, if Greece doesn't play along, "there will be problems on all fronts."

 
Tyler Durden's picture

Syriza's Original 40 Point Manifesto





The daily bulletin of Italy’s Communist Refoundation Party published today the apparently official program of the Greek coalition of the left, Syriza. Here the 40 points of the Syriza program...

 
Tyler Durden's picture

"Monetary Policy Has Lost Any Semblance Of Discipline," Stephen Roach Slams "QE Lemmings





In the QE era, monetary policy has lost any semblance of discipline and coherence. As Draghi attempts to deliver on his nearly two-and-a-half-year-old commitment, the limits of his promise – like comparable assurances by the Fed and the BOJ – could become glaringly apparent. Like lemmings at the cliff’s edge, central banks seem steeped in denial of the risks they face.

 
Tyler Durden's picture

Now We 'Know' Greek Banks Are Really In Trouble





"When it gets serious, you have to lie," were the infamous words of one J-C Juncker and today - following the 40-50% collapse in Greek Bank equity capital this week,ECB's Bank Supervision boss Nouy has come out to calm everything down:

*NOUY SAYS GREEK BANKS ARE 'PRETTY STRONG',  HAVE STRENGTHENED THEIR BALANCE SHEETS
*ECB'S NOUY SAYS GREEK BANKS WILL SURVIVE CURRENT CRISIS

Which, translated for the elites means, "sell-sell-sell." And then - just to add even more pressure, S&P puts Greece on Watch Negative.

 
Tyler Durden's picture

Greece At The Crossroads: The Oligarchs Blew It





Once one oligarchy falls, it will threaten to topple a long line of oligarch dominoes.

 
GoldCore's picture

Euro Gold Surges To EUR 1,168 As SYRIZA Threaten TROIKA





Calling all Greeks - now would be a good time to protect your self from TROIKA bail-ins and deposit confiscation. Also, protect against possible return to drachma. Greeks will soon learn value of a real safe haven 

 
Tyler Durden's picture

Ekloges 2015: Greece Votes In Historic For Europe Election





Will today be the beginning of the end of the Eurozone? The answer, as of this moment, is in the hands of some 9.8 million eligible to vote Greeks whose choice will determine the shape of the Eurozone in the coming days and months.

 
Tyler Durden's picture

Davos – The Arrogance Of Officialdom





In 55BC, Cicero stood before the Senate of Rome (warning of its looming demise), spoke of the “arrogance of officialdom” and the more one studies going ons throughout history, the clearer it becomes – the story remains the same, only the actors change - history repeats because the passions of man never change. Those who may grudgingly support the ECB stimulus in the hope that it will buy time for governments to enact structural overhauls, keep praying that politicians will push aside their own personal self-interests for once and focus of the interests of the people. Such wishful thinking is foolish since history demonstrates that only takes place when the system collapses. People who do hold to this view are also worried that looser monetary policy may work against structural measures. The European Central Bank’s stimulus diminishes any incentive for governments to reform. The policy makers and specialists at Davos were divided over the effect of even that program; but where do these people get off assuming they have the ability and right to manipulate the world?

 
GoldCore's picture

QE…D: Why Printing Money will end badly for the US





So who pays? Someone has to, you can not just create money out of thin air. The answer is “we do, you and I”, in the form of a devalued: currency, diminished savings and devaluing pensions.

You are witness to possibly the greatest economic slight of hand ever perpetuated on a people, when the long gaze of history looks at this decision, deflation fears will not be part of the final analysis, arrogance, stupidity and theft will be.

 
Tyler Durden's picture

This Is What Gold Does In A Currency Crisis, Euro Edition





Yesterday the European Central Bank acknowledged that the currency it manages is being sucked into a deflationary vortex. It responded in the usual way with, in effect, a massive devaluation. Eurozone citizens have also responded predictably, by converting their unbacked, make-believe, soon-to-be-worth-a-lot-less paper money into something tangible. They’re bidding gold up dramatically.

 
Tyler Durden's picture

5 Things To Ponder: The ABC's Of The ECB's QE





Well the day has finally arrived that after two years of promises, jawboning and hope - the European Central Bank finally announced they will take the plunge into the Quantitative Easing (QE) pool. Whether or not the ECB's QE program has the desired effect or not will not be realized for a while. However, this week's reading list is a variety of opinions and initial takes on the "ABC's of the ECB's QE."

 
Tyler Durden's picture

The Lunatics Are Running the Asylum: Draghi’s Money Printing Bazooka





There is no reason to assume that this time will be different. These boom-bust sequences will continue until the economy is structurally undermined to such an extent that monetary intervention cannot even create the illusory prosperity of a capital-consuming boom anymore. The bankers applauding Draghi’s actions today will come to rue them tomorrow.

 
Tyler Durden's picture

Frontrunning: January 23





  • Saudi Arabia’s New King Probably Will Not Change Current Oil Policy (BBG)
  • Saudi King’s Death Clouds Already Tense Relationship With U.S. (WSJ)
  • Oil Pares Gains as New Saudi King Says Policies Stable (BBG)
  • Kuroda Says BOJ to Mull Fresh Options in Case of More Easing (BBG)
  • U.S. pulls more staff from Yemen embassy amid deepening crisis (Reuters)
  • Putin Said to Shrink Inner Circle as Hawks Beat Billionaires (BBG)
  • A Few Savvy Investors Had Swiss Central Bank Figured Out (WSJ)
 
rcwhalen's picture

Swiss Francs & Global Debt Deflation





"There will first be a pernicious excitement, and next a fatal collapse." -- Walter Bagehot, Lombard Street (1844)

 
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