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ECB Admits Mistake In Spanish Collateral Haircut
For all the monotony of today's ECB press release in which Mario "talking in Keynesian circles" Dragi did his best impression of Diane Sawyer, not even the former Goldmanite could deny that the ECB did a mistake on its Spanish collateral haircut as reported previously:
- DRAGHI SAYS COLLATERAL MISTAKE DIDN'T AFFECT ECB LENDING
- DRAGHI: EUROSYSTEM AUDIT COMMITTEE TO ASSESS COLLATERAL USE
Luckily, the ECB has so much credibility that admitting it did not haircut billions in "money good" Spanish bonds will not impact how ze Germans view its monetary flouting prowess one bit. Also, if anyone can explain how ECB lending "was not affected" as a result of flawed collateral calculations we are all ears, because either we really have no idea how crediting works, or Mario Draghi seriously believes everyone out there is a consummate idiot.
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OT: what happpened to NY finished motor gasoline stocks? no wonder there are still 1 hour + gas lines.. http://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=MGFSXNY1&f=M
JIT strikes yet again. Hey, let's build a smarter planet - one where if there is one snafu in the supply chain, the whole world grinds to a halt.
Always easier to ask for forgiveness than permission.
Gov 101
Should I not have done that?
I'm sure it was pure accident they forgot about the haircuts. It's a good thing all these central banks are so transparent so we can help by pointing out their 'mistakes'. One has to wonder how many other mistakes they got away with because no one ratted them out. Forgot to mention we sold all our gold ten times over? Forgot to mention we're selling derivatives on treasuries and volatility that will blow up if things turn south just a tad? Bunch of snakes.
Give him a break, it was probably just a rounding error.
Kindergarten math level
http://mennodiscuss.com/viewtopic.php?f=27&t=9797
One for you, six for me.
Nope..........no mistake here. Even Steven, just as it should be.
Its very difficult to correctly value Spiderman towels, some are significantly rarer than others, mistake anyone couldve made, cut him some slack...
'HOPING' everyone out there is an idiot. Maybe if I cover my eyes no one can see me and it will all go away.
People/corporations make mistakes all the time. My concern is whether or not a person/corporation is ever held accountable.
To be fair about 90% of the people out there are complete idiots.
Collateral who needs collateral. Without collateral there will be no haircuts for instance. /sarc
As long as people accept hope and promises in exchange for their labor Draghi is a truth teller, even if he is lying through his teeth and out of both sides of his mouth.
Captain Draghi: "...and thirdly, our collateral rules are more what you'd call "guidelines" than actual rules. Welcome aboard the ECB, bitchez!"
Of course "consummate idiot", the arrogant Kings or emperors always view the losers in life as "capite censi". The emperors assume capite censi have nothing because they are stupid like animals who have no control over their destiny.
"...or Mario Draghi seriously believes everyone out there is a consummate idiot"
Calling MDB.
Prepare for "the ECB is special, it does not need collateral like everyone else" in 3, 2, 1...
What he says: Everything is okee dokee.
What he is thinking: Do not look directly at the cameras.
'or Mario Draghi seriously believes everyone out there is a consummate idiot.'
America just re-elected Obama and the rest of Europe is asking for handouts from ze germans. Yep, I think Super Mario has everyone pegged just about right.
The Eurocrats will not rest until youth unemployment is >80% and the entirity of Continental Europe has devolved into anarchy and cannibalism.
That makes perfect sense when you consider the people in charge (IMF, ECB, EU, UN, etc) are - literally - sex criminals.
http://dailybail.com/home/raw-video-molotov-cocktails-tear-gas-riots-in-...
ZH missed the bit where Draghi mentioned the big differences between the Eurozone and the US (and Japan and the UK):
Balanced trade
Stable prices
Enormous fiscal consolidation
Draghi omitted to mention the mark to market gold of course, I'll forgive him that one.
The EZ leads the world is sorting out its problems, yet they get zero credit for that here.
A deep depression is inevitable, the debt bubble has burst, and the EZ is confronting reality. Why the constant mockery?
Well done ECB.
Draghi Says ECB Stands Ready to Buy Bonds as Economy Weakens - Bloomberg.
Missing from the articles that I read on today's ECB presser except for ZeroHedge, of course, is that Draghi admitted that the ECB did not discount Spanish T-Bills the required 5% for "B" rated countries.
Technically, Spanish banks need to post an additional €16.6bn in new collateral. These banks are very weak and probably insolvent at this point, so Draghi pulled a bureaucratic trick from up his sleeve. He referred the matter to an ECB audit committee that will assess proper collateral use.
Spain cannot be allowed to fail, because it will take the whole eurozone down with it. Since it refuses the ask for a bailout, the ECB has no choice but to deploy any and all tricks it has to maintain the solvency of the banks and of Spain itself.
Those banks will eventually begin failing, but not today.
daerconomics.wordpress.com
crew cut or no crew cut...
A crew is a bunch of people; and in Spain its 60% of the under 25s who have their future cut from under their feet; to save the banksta cablal of 60+ oligarchs and their mignons.
This is a "minion", this is a "mignon"