• Gold Money
    05/03/2016 - 11:35
    Crude oil time-spreads have completely dislocated from inventories. Historically, such dislocations have proved to be short lived. We expect that either spot prices will sell-off again or the back...

10 Year BTP = 6.66%; Italian Treasury Cancels November 10 Bill Auction

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Mon, 11/07/2011 - 12:58 | 1853582 Long-John-Silver
Long-John-Silver's picture

It's Done Bitchez!

Mon, 11/07/2011 - 13:06 | 1853630 Hard1
Hard1's picture

Woe to you oh funds and banks for the devil sends the PIIGS with wrath because he knows the time is short.

Let him who have understanding reckon the exposure of the PIIGS... for it is a human number.  This number is 66.6


Mon, 11/07/2011 - 13:14 | 1853676 fuu
fuu's picture

More debts...more debts...more debtss...ok stop debts.

Mon, 11/07/2011 - 13:17 | 1853692 wtf.gov
wtf.gov's picture

 I see what you did there: http://youtu.be/HtvIYRrgZ04

Mon, 11/07/2011 - 13:33 | 1853754 Troll Magnet
Troll Magnet's picture

I's ain't tak'n nut'n serisly until it's 9-9-9 because 9-9-9 is 9-9-9 and I's all for 9-9-9.

-Average Dumbass GOP Primary Voter

Mon, 11/07/2011 - 20:09 | 1855138 fuu
fuu's picture


Mon, 11/07/2011 - 12:58 | 1853586 gimli
gimli's picture

666 ..... makes me horny

Mon, 11/07/2011 - 13:03 | 1853616 Dr. Engali
Dr. Engali's picture

With that profile picture I'm sure there are a couple trolls around here that would be glad to take care of that problem for you.

Mon, 11/07/2011 - 13:06 | 1853636 smlbizman
smlbizman's picture

i heard this morn, once you go to 6.5 it is only 16 days till 7.00.....bloom or cnbc, dont recall wich one....

Mon, 11/07/2011 - 13:32 | 1853753 Manthong
Manthong's picture

That's from mainstream media.

I'm surprised it wasn't followed by the caveat "past performance is not a guarantee of future results".

Or is that going to be included in the next news cycle?


Mon, 11/07/2011 - 13:51 | 1853836 I Got Worms
I Got Worms's picture

Long pale horses!

Mon, 11/07/2011 - 12:58 | 1853588 kengland
kengland's picture

Iron Maiden said that was the number of the beast. Market yawns

Mon, 11/07/2011 - 13:21 | 1853710 Cow
Cow's picture

Revelation 13:15–18

Not sure, but I think iron Maiden came after Revelations.

Mon, 11/07/2011 - 12:59 | 1853592 GeneMarchbanks
GeneMarchbanks's picture

Wheeeew! Good thing it's canceled. Would've been rough...

Mon, 11/07/2011 - 12:59 | 1853593 qussl3
qussl3's picture

Just print already.

Piss China off, you know you want to.

Mon, 11/07/2011 - 13:15 | 1853678 V in PA
V in PA's picture

It'll make you feel good, good, good...

I learned it by watching you!

Mon, 11/07/2011 - 13:00 | 1853595 bob_dabolina
bob_dabolina's picture

We can help Italy like we help the middle east. 

Bomb the shit out of them and then provide aid. They need to be liberated.

Mon, 11/07/2011 - 13:05 | 1853631 CrimsonAvenger
CrimsonAvenger's picture

Actually, we can save a step by bombing them with rolls of pennies - they can then finance their own reconstruction without any further involvement on our part.

Mon, 11/07/2011 - 13:15 | 1853680 Leopold B. Scotch
Leopold B. Scotch's picture

Just make sure they're not pre 1982 pennies.  Otherwise, the Italians would just melt them down for their copper value at $ 0.025 / penny. 

Mon, 11/07/2011 - 13:22 | 1853708 Ghordius
Ghordius's picture

been there, done it, called it WWII

I do wish every joke about bombing would end with the joker experiencing a bomb explosion

Mon, 11/07/2011 - 13:34 | 1853756 Socratic Dog
Socratic Dog's picture

Gonna be a bit embarassing for you when the US finally becomes the recipient of such largess.  Could happen, you know.

Mon, 11/07/2011 - 13:00 | 1853597 EZT
EZT's picture

accounting error,we just found xx gazillion Euros, don`t need your money..

Mon, 11/07/2011 - 13:06 | 1853637 Quintus
Quintus's picture

Italy pulled that trick earlier this year.  Not even they have the balls to try that excuse twice, surely.

Mon, 11/07/2011 - 13:19 | 1853695 Leopold B. Scotch
Leopold B. Scotch's picture

Yep.  They found it in an account sequentially right next to the one at JP Morgan where all that missing MF Global cash was found... Which itself was found between the cushions of Jamie Dimon's office couch.

Hey, it happens.

Mon, 11/07/2011 - 14:09 | 1853924 JungleJim
JungleJim's picture

.... said couch being found up Barney Franc's a$$ .....

Mon, 11/07/2011 - 13:30 | 1853747 Scisco
Scisco's picture

Are you suggesting that there is a limit to how low politicians will stoop to save their bacon? I will be truly surprised if such a limit existed.

Mon, 11/07/2011 - 13:00 | 1853598 Mark123
Mark123's picture

I think they will sell better if they have an organ grinder and a monkey dancing.

Mon, 11/07/2011 - 13:00 | 1853600 NotApplicable
NotApplicable's picture

So, if they don't need any cash, is that because they are say... bankrupt?

Mon, 11/07/2011 - 13:04 | 1853621 Mike2756
Mike2756's picture

Back to the Lira?

Mon, 11/07/2011 - 13:07 | 1853643 qussl3
qussl3's picture

I think people underestimate Italian leverage with the lira card.

They can singlehandedly fuck the ENTIRE western banking estab with one move.

Dont think any pol can survive it tho, and Berlusconi is being systematically declawed.

Mon, 11/07/2011 - 13:23 | 1853720 Leopold B. Scotch
Leopold B. Scotch's picture

I've long been waiting for the point where it's every-man-for-himself among the power elite, where the political/banking nexus breaks down. 

That time is arrived in the periphery...  Pretty soon the shooting starts to distract it from ever hitting the centers in London and NY... at least, that's what's worked before.

Trade = go long shelters far away from cities with large populations.

Mon, 11/07/2011 - 15:06 | 1854120 Watson
Watson's picture

I agree.

Greece, to be blunt, doesn't have much to offer apart from tourism and a bit of agriculture.

On the other hand Italy has a genuinely successful manufacturing sector (the world buys Italian style, if not reliablity).
Add in a continuously depreciating currency (see the old lire), this (plus tourism and agriculture as well) is enough to produce a reasonable GDP/head.

So Italy really can go it alone without too much of a hit to the citizenry.
So there is much less EU leverage on the situation...

Mon, 11/07/2011 - 13:26 | 1853732 topcallingtroll
topcallingtroll's picture

Italy, you lie!

Mon, 11/07/2011 - 13:00 | 1853601 Biosci
Biosci's picture

From FT Alphaville:

As we have highlighted previously it’s worth remembering how quickly bond yields can get out of control by looking at what happened to Greek, Irish and Portuguese 10 year yields. The three sovereigns spent an average 43 consecutive days trading over 5.50% before they went north of 6.00% on a consistent basis  this fell to an average of 24 consecutive days trading over 6.00% before they began trading over 6.50%, and just 15 days trading over 6.50% before the 7.00% level was breached on consistent basis.

Is Italy setting a new record for 6.0 to 6.5?

Mon, 11/07/2011 - 13:00 | 1853603 Mister Ponzi
Mister Ponzi's picture

It is remarkable - to say the least - that even large scale ECB buying on a daily base does not help anymore. This looks damned close like the endgame for Italy.

Mon, 11/07/2011 - 13:04 | 1853626 qussl3
qussl3's picture

Killing the CDS market may have something to do with that.

Fucktards should have allowed CDS to pay and recap whichever institutions they needed to.

Now without a hedging mechanism, even the suckers wont hold PIIGS crap.

Mon, 11/07/2011 - 13:07 | 1853644 hedgeless_horseman
hedgeless_horseman's picture



...and said suckers are herded into U.S. Treasuries, which was and is the point.

And this is how we play the game called Economic Warfare.

Mon, 11/07/2011 - 13:12 | 1853669 gatorengineer
gatorengineer's picture

Hedgeless, you nailed it.......  

Mon, 11/07/2011 - 13:28 | 1853740 topcallingtroll
topcallingtroll's picture

Yep the world still revolves around America.
Good to be an American!

Mon, 11/07/2011 - 13:11 | 1853660 Mister Ponzi
Mister Ponzi's picture

Couldn't agree more. Over and over again, politicians punish those investors with foresight to bail out those who were not prudent, took too much risk or simply speculated on a bailout. I'm just not sure whether these consequences are really "unintended" - although given the sheer stupidity of Europe's politicians they are more likely unintended on this side of the Atlantic...

Mon, 11/07/2011 - 13:11 | 1853665 Ethics Gradient
Ethics Gradient's picture

There's larger scale recognition that the only way is down. At least there's a buyer today...

Merkel now has to show her hand - monetize the lot or let it fail.

Mon, 11/07/2011 - 13:19 | 1853697 Mister Ponzi
Mister Ponzi's picture

My guess is the ECB will start to monetize. But a) not before the EMU is at the brink of collapse (which is not yet the case although the brink looks closer every day) and b) probably against the will of German and Dutch ECB members and politicians. This will save the Euro for some time but it will have severe political consequences.

Mon, 11/07/2011 - 13:32 | 1853751 Piranhanoia
Piranhanoia's picture

The Merkozy's have a problem. They are willing to kill their own nations.  Their people will deal with them in the appropriate manner.  As soon as they realize they are being led to slavery.

Mon, 11/07/2011 - 16:28 | 1854406 Curtis LeMay
Curtis LeMay's picture


This might be a very opportune moment to invest in piano wire concessions.

Such a product will surely be in great need at kiosks up and down the Ku'Damm and Place de la Revolution in short order ;)

Mon, 11/07/2011 - 13:01 | 1853604 Dr. Engali
Dr. Engali's picture

But I thought they fixed this problem and it was all clear in Europe.

Mon, 11/07/2011 - 13:01 | 1853606 bonderøven-farm ass
bonderøven-farm ass's picture

Hexakosioihexekontahexaphobia, bitcheez.......


Mon, 11/07/2011 - 13:02 | 1853612 Subprime JD
Subprime JD's picture

The ECB needs to stop pussyfooting around and buy more Paper now! My poor beloved ponzi is imploding right before my eyes oh no!!

Mon, 11/07/2011 - 13:39 | 1853777 topcallingtroll
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I junked you just because you like it.

You know you want more bitch. Say it!

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