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THiS Is A "CReDiT EVeNT"
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The CDS stuff is all bullshit; smoke and mirrors. Remember Lehman? There were articles about hundreds of billions that would need to be paid out in the event of a default. When Lehman actually did file, the total payout?
http://dealbook.nytimes.com/2008/10/22/lehman-debt-swaps-settled-for-52-...
$5.2 billion. It turns out that many holders of CDS held positions on both sides, so many simple cancelled each other out. I have to wonder how this would play out in a Greek default.
Obviously it would be gargantuant or else they would have allowed Greece to default by now. Think about it. Greece by itself is so irrelevant, it's not even funny. Like it's not funny to make jokes about midgets. But Greeks are suffering unless they've taken the payouts and prepared for Day X. The day that Greek banks stand still. Followed by the day the Greek people get their handfull of New Drachmas that aren't worth a hoot because they're not backed by anything. Seriously, how do they expect to jump start the Greek economy? How?
The real worry is that other countries walk away from the bankers. Like a junkie leaving his dealer, or rats from a ship.
Like musical chairs, only with a difference. There are only so many chairs, so when the music stops, some are left without seating at the PIGS table. But, a number of the seats have massive ram rods that deploy upon the seating of the occupant. They get fucked, even though they have a seat at the Big Person's table ! Then , there is one last special seat that works like Russian Roulette. Five out of six times some one sits in the chair, no problem. But - one lucky occupant sets off the remote switch in the chair that all important one out of six times that ignites the false flag event that takes the whole little people's table in a massive explosion of extermination. Slow or fast, doesn't matter. Dead is dead. Welcome to Jamaica - have a nice day, ho ho ho, ha ha ha !
Isn't it funny how these kinds of farcical images are now an absolutely fair commentary on our revered financial markets?
The credit protection business is one big pyramid/Ponzi scheme ready to crash unless some tells you it's not a pipe.
Really, the whole edifice is straight out of an Abbot and Costello routine.
From I read those in charge of this ISDA or wtf it is are all the US big banks and they won't admit it's a default as to not trigger swaps which would wipe their asses out(because they have no exposure lol). Then I heard eventually the derivatives will become completely worthless and the heads of the ISDA are shitting their pants trying to find the back door.
Derivatives, swaps etc wtf dude? Seriously? This whole POS is gona crash so hard gold will be worth $3.00 oz. LOL.
Only those countries w/o nukes are at risk of a credit squeeze and high interest rates. Notice that the nuclear powers (USA/France/UK/Germany) can run massive deficits and the interest rates on 10 year Govt bonds decline below 2%. Those smaller, non nuke, countries suffer with austerity programs and unsubstainable interest rates making them econmic slaves to the supernuke powers. Italy may be an exception at this point but will be able to cut a good deal if they play the nuke card. Get it, threaten to use it and everything will be fine with the central bankers.
Missed Japan---no nukes, national debt to GDP 220%, low interest rates with a 1% 10 year note, and with a strong currency. Theory does not pass the fact check.
Sorry to disappoint you but Germany has no nukes. There are a few nukes in Germany, yes. But they belong to the United States of America.
Interesting, but the Russians certainly got hammered ten years ago.
And when did the Germans get nuclear weapons ?
In a top secret location under the Harz mountains is where the Nazis are stacking all the Wunderwaffen that were developed after the war with the help of stupid Americans. They thought that our scientists deflected when in fact, those German scientists used the test fields and labs in the US to further the Nazi cause. Americans will never know what the Nazis have stored under the Harz and other Middle Earth mountains all over Germany.
Psst, Walküre.
Nice Face!
Quote from the chum bucket..
“In the last six months, there's probably been no better time to let Greece strategically default than right now,” says a Citigroup credit analyst.
You hear that Greece?? You dirty, lazy, tax evading, swimming pool hidey ho's..
You will default when we at the ISDA say say you will..
Last week I wasn't feeling well. I went to the Dr. and he said don't worry you're just having a credit event. It will pass
Ceci n'est pas une Credit Event.
Quelle honeur, quelle horreur! :)
williambanzai7
Fred Blase and George "The Animal" Steele?
As Steele recalled in a later shoot interview, his infamous "Duh-dahh" interview style happened by accident. Throughout his career, Steele prided himself on being able to cut eloquent and effective promos, and ranked his mic skills with the best in the business. At a WWF TV taping in the early 1980s, he was cutting one of these promos when Vince McMahon cut him off, and reminded Steele that his gimmick was the "Animal", and for an animal he was "making too much sense". Incensed, Steele did a second take of nothing but garbled and incoherent syllables ("Duhh-dahh"). Steele did this deliberately, and out of pure frustration, thinking that McMahon would acquiesce and allow Steele to cut his normal, eloquent promos. Much to Steele's shock, McMahon replied, "That's exactly what I want!", and this would remain Steele's interview style for the rest of his WWF run. Steele started to fully cultivate his gimmick of a menacing imbecile.
Tablecloth cape, embroidered number 8 sayin'
"I am a proud man, I am a proud man"
Dancin' to the beat of a mother coming down, sing it
Please remain calm
Please remain calm
It's hard to tell the difference of a prophet from a crackpot
I wouldn't blame you if you'd rather stay in bed
We'd go smilin', we'd go down smilin'
Dancin' to the beat of a mother coming down, take it
Please remain calm
Please remain calm
Calm
This is a test of the emergency broadcasting system
This is a test, this is only a test
You can stand single file, put your head between your legs
You can stop drop and roll 'cause this is only a test, kick it
Imagine if that guy was put on a "Greek" cure; the amount of grease he would generate from his Greek belly!
A thousand greek Travoltas could sing with their hair all greased like Elvis!
we need more camel toe
http://www.youtube.com/watch?v=oEN-6iPgm00
there ya go..
Zis iz MADNESS!
Madness O_0
Goldbug guru Jim Sinclair gave a major rant the other day on ISDA and Greece. He was totally cranked about the ISDA committee likely opining that a Greek PSI so-called agreement for a Greek haircut of 50% or 70% was not a default.
Jim thinks this is a big event, which he sees as (1) essentially admitting that the major US banks are insolvent (because they write most CDS) and (2)necessitating 'QE to infinity', endless money-printing to cover up for those banks.
'QE to infinity' is Jim's favourite theme and prediction, with a shiny future of gold amid hyperinflation.
Sinclair called ISDA:
"The most powerful body in the financial world ... This organization supersedes all governments and central banks today in terms of the financial power they edict."
As if they were the Bilderbergers, Trilaterial Commission, Rothschilds etc. all rolled into one.
Jim's rant on ISDA is both audio, and in text form here:
http://www.ellismartinreport.com/node/181
Asked about his worst nightmare, Diogenes said, "Waking to find myself living in a palace and everyone else in barrels.".
The Blue pill is painful Sir ...
Imagine them trying to get a legal opinion on the question. They'd have to go to the same Nmrod who wrote the MERS opinion.
Given the way the Greek 'negotiations' are going, that wheelbarrow is going to develop a flat tire...
Painfully funny, wild Bill.
What, you couldn't get Reggie to pose for the first pic? I mean, he's been all over this Europe thing, half-naked and otherwise.
Yepper dawgs - Reggie woud have oiled up, grabbed the spear, and a barrel of pontifications sprinkled with charts, and gone all Greek on the issues. Back door'ed them to death.