This page has been archived and commenting is disabled.

They Just Learned The OMT Still Has No Legal Term Sheet

Tyler Durden's picture





 

Moments ago, the following headline hit the tape:

  • ASMUSSEN SAYS ECB HASN'T SEEN NEED TO PUBLISH OMT LEGAL TEXT

That's right: the ECB is trying to get the German Constitutional court to pass the OMT (i.e., On Merkel's Tab) bond purchasing program, and yet there still is no legal term sheet.

The photo below captures the reaction by the Karlsruhe Kardinals upon hearing this unmitigated idiocy.

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 06/11/2013 - 08:25 | Link to Comment medium giraffe
medium giraffe's picture

This calls for some 11th hour backroom fudge.

Tue, 06/11/2013 - 08:34 | Link to Comment Groundhog Day
Groundhog Day's picture

Np plan b huh draghi

Tue, 06/11/2013 - 08:37 | Link to Comment aint no fortuna...
aint no fortunate son's picture

geesh, what's a few minor details?

Tue, 06/11/2013 - 09:14 | Link to Comment NoDebt
NoDebt's picture

They need to pass it so they can know what's in it.

Credit to Nancy Pelosi.  I thought she was just a dingbat when she said that, but now I understand she's a freaking genius.

Tue, 06/11/2013 - 09:56 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"(Legal) rules? We don't need no stinking rules. Rubber stamp this mother f**ker or we'll destroy the world........starting with you Germans." - Draghi

Tue, 06/11/2013 - 09:34 | Link to Comment SafelyGraze
SafelyGraze's picture

go ahead and pass it so they can see what's in it

precisely

+1

Tue, 06/11/2013 - 10:11 | Link to Comment indygo55
indygo55's picture

OT Is it just me or does anyone else get the advertisements for CenturyLink "PRISIM" services?

Tue, 06/11/2013 - 08:54 | Link to Comment Element
Element's picture

 

 

FRC (Fat Rich Cunts) - The Screaming Jets
https://www.youtube.com/watch?v=L-ziNf7pP4I

Tue, 06/11/2013 - 09:04 | Link to Comment Sudden Debt
Sudden Debt's picture

HAHAHA!!! DON'T WORRY!!!

THOSE GERMANS WILL BEND AND SWALLOW IT LIKE AN AMERICAN PRESIDENT WHEN HE SEES A MUSLIM!!

Tue, 06/11/2013 - 08:46 | Link to Comment Haus-Targaryen
Haus-Targaryen's picture

If the court approves this without the text -- it looses all credibility.

Tue, 06/11/2013 - 10:06 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Ultimately the court is there to legitimize the power behind the court, even if that means preverting "justice" or losing credibity. Even the worst banana republics have banana supreme courts.

Tue, 06/11/2013 - 10:44 | Link to Comment DeadFred
DeadFred's picture

There is a lot of justifiable hand wringing about the NSA tapping domestic phones and computers. Just remember that the vast majority of what they monitor is still foreign. My guess is that Carlyle owned Booz Allen might have 'inadvertently' recorded the communications of some German court justices. If so one has to wonder, what does the Carlyle Group want the decision to be? Similarly why did SCOTUS Chief Justice Roberts seemingly change his mind about Obamacare at the last minute. Why did the Cyprus and Greek parliaments okay the gutting of their countries? ...

This is very fertile ground for us paranoids.

Tue, 06/11/2013 - 11:11 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"This is very fertile ground for us paranoids free thinkers."

Fixed it for you.  :)

Tue, 06/11/2013 - 14:01 | Link to Comment DeadFred
DeadFred's picture

Thanks. My bad

Tue, 06/11/2013 - 08:47 | Link to Comment Stoploss
Stoploss's picture

DUH,   you have to pass it, to find out what's inside...

Even Nancy knows that.

Tue, 06/11/2013 - 13:55 | Link to Comment JimBowie1958
JimBowie1958's picture

To be fair, she probably passes a great many things without knowing whats in them.

But enough talk about her private sex life.....

Tue, 06/11/2013 - 11:34 | Link to Comment Azannoth
Azannoth's picture

The Legal Text? Ummm the dog ate it .. sorry you just have to make without

Tue, 06/11/2013 - 08:25 | Link to Comment insanelysane
insanelysane's picture

Taking one from the Pelosi playbook:  You've got to declare it Constitutional to find out what the terms are.

Tue, 06/11/2013 - 08:27 | Link to Comment fonzannoon
fonzannoon's picture

nice job!

Tue, 06/11/2013 - 08:27 | Link to Comment GMadScientist
GMadScientist's picture

They out-Hanked Hank!

"Okay, Cardinals, one of you has a pink slip in your hat..."

Tue, 06/11/2013 - 08:26 | Link to Comment kaa1016
kaa1016's picture

Is it me or does it seem like things all over the world are spiraling out of control? This should be a fun summer in the capital markets, especially if you love volatility.

Tue, 06/11/2013 - 08:27 | Link to Comment GMadScientist
GMadScientist's picture

Perhaps you're just confusing the capital markets with the world?

 

Tue, 06/11/2013 - 08:33 | Link to Comment insanelysane
insanelysane's picture

If the Germans go along with this farce, then yes, the Western World is officially out of control.

Tue, 06/11/2013 - 09:32 | Link to Comment Cojones
Cojones's picture

First this and then PRISM, better not piss off the Germans. Everybody knows what happens when you piss off the Germans. 

This time, however, I'd be on their side.

Tue, 06/11/2013 - 09:09 | Link to Comment Aurora Ex Machina
Aurora Ex Machina's picture

I'll provide this for the scientists / rational beings in the room. Northern Climate Artic super systems could be broken.

 

This is a Bad News[TM] type deal.

Tue, 06/11/2013 - 09:16 | Link to Comment medium giraffe
medium giraffe's picture

Atlantic conveyor looks broken too.  That's deep shit.

 

Sea ice:

http://ameg.me

Tue, 06/11/2013 - 09:24 | Link to Comment SmallerGovNow2
SmallerGovNow2's picture

Interesting stuff but what's it all mean?

Tue, 06/11/2013 - 09:28 | Link to Comment medium giraffe
medium giraffe's picture

Hope you like hurricanes and methane.

Tue, 06/11/2013 - 09:37 | Link to Comment Urban Redneck
Urban Redneck's picture

And magnetic (pre-GPS) compasses acting possessed.  

Tue, 06/11/2013 - 10:04 | Link to Comment Non Passaran
Non Passaran's picture

That's bullshit, the methane hoax was busted in subsequent research.

Now go to some leftie climate conspiracy site.

Tue, 06/11/2013 - 10:50 | Link to Comment medium giraffe
medium giraffe's picture

Whew! Thank goodness you came along just in time with your expert opinion to refute all of the data from the US Energy Dept, JPL, Cambridge University etc.  I'll certainly take the word of a bigot in the comments section on a blog site over, say, actual scientists.

Finally I'll be able to sleep soundly.  +1, well done! That was a close one! 

I'll get in contact with these guys and let them know straight away:

http://www.youtube.com/watch?feature=player_embedded&v=Wofv9o0j1Ew

I'm not sure how hard science has any particular political leaning though.  Curious....

Tue, 06/11/2013 - 14:54 | Link to Comment JimBowie1958
JimBowie1958's picture

 I'll certainly take the word of a bigot in the comments section on a blog site over, say, actual scientists.

Then you are an ignoramus for not knowing that there are actual scientists that think AGW is bullshit, the methane scare is bullshit, and climate change science totally discredited and shanghaied by neoMarxist radicals looking for any excuse to give government absolute control over our everyday lives.

Even the NYT says there has been no warming for 15 years  now.

http://www.nytimes.com/2013/06/11/science/earth/what-to-make-of-a-climate-change-plateau.html?_r=0

And besides your bullshit premise, what the fuck makes the guy a BIGOT for disagreeing with you about climate issues?

Shit, now you're a racist or a bigot if you disagree with the leftwing hamster herd on ANY topic at all.

Tue, 06/11/2013 - 09:52 | Link to Comment Urban Redneck
Urban Redneck's picture

The intersection of human time and geologic time is like a bad acid trip to Schrödinger's catbox, but what's going on beneath the surface?  Mo money ain't going to fix shit- and Wall Street bankers have fewer conflicts of interest and just as selfless concerns of the Apocalypse underling their cries for MOAR!

 

Tue, 06/11/2013 - 11:53 | Link to Comment dtwn
dtwn's picture

Scientist here.  Very interesting, thanks for the links.  I read through the comments and found it quite refreshing that there was actually a civilized discussion taking place even though it appeared some posters disagreed on some points.  A lot of exchange of ideas and I didn't see politics brought into the discussion at all. 

Tue, 06/11/2013 - 14:08 | Link to Comment JimBowie1958
JimBowie1958's picture

If we cannot survive some fairly small climate change, on the gelogical time scale, should we survive?

Why should humanity be the exception to evolution?

Tue, 06/11/2013 - 15:29 | Link to Comment Urban Redneck
Urban Redneck's picture

an anthem for the protest

(or the flip side for the knowing)

Tue, 06/11/2013 - 08:26 | Link to Comment fonzannoon
fonzannoon's picture

we have to pass the term sheet so we can find out what is in it.

Tue, 06/11/2013 - 08:28 | Link to Comment shovelhead
shovelhead's picture

Lol,

Great minds Fonz...

Tue, 06/11/2013 - 08:26 | Link to Comment shovelhead
shovelhead's picture

"You have to pass it to know what's in it."

Got the Tee shirt.

Tue, 06/11/2013 - 08:28 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's better just to wing it than put it down on paper....that way you won't get boxed in.

Tue, 06/11/2013 - 08:41 | Link to Comment pods
pods's picture

I see they've played Calvinball too?

pods

Tue, 06/11/2013 - 08:29 | Link to Comment slaughterer
slaughterer's picture

A conscientious German bureaucrat like Asmussen (portrayed by Michael Lewis very accurately) should not be tolerating this let alone broadcast this, unless there is some other interest at play.

Tue, 06/11/2013 - 08:29 | Link to Comment PaperBear
PaperBear's picture

It’s because they are making up the law as they go along.

Tue, 06/11/2013 - 08:32 | Link to Comment SpanishGoop
SpanishGoop's picture

If there is no legal term sheet the court can't declare it unconsitutional can they?

There, they did it again.

 

Tue, 06/11/2013 - 08:37 | Link to Comment falak pema
falak pema's picture

The ECB is using the famous invisible cloak we hear about for "coding" all digital messages, ultra secret. Those judges don't know how to undo the cloak, what oafs! 

Cloak and daggers! I think its those hidden daggers that scares the shit out of these judges.

"We don't want to be hung, drawn and quartered!" 

 

Tue, 06/11/2013 - 08:41 | Link to Comment rehypothecator
rehypothecator's picture

So now we know how the Romulins made their cloaking device: They just wrapped their spaceships in copies of the OMT contract.  Poof! It's cloaked! Nothing to see here.  

Tue, 06/11/2013 - 08:52 | Link to Comment DOT
DOT's picture

All laws are good laws if they are secret.

 

Tue, 06/11/2013 - 08:38 | Link to Comment Gringo Viejo
Gringo Viejo's picture

Like the hats.

Tue, 06/11/2013 - 08:38 | Link to Comment timbo_em
timbo_em's picture

Lemme guess: there will never be a legal term sheet because there is no legal ground for such madness. Thank god the new normal markets are run by an Apple I otherwise OMT would have never worked.

Tue, 06/11/2013 - 08:40 | Link to Comment medium giraffe
medium giraffe's picture

Euro tanking.

Tue, 06/11/2013 - 08:43 | Link to Comment Yen Cross
Yen Cross's picture

     The fed. is who is financing the bond buying in Europe. Tyler just put the foreign bank holdings chart up a few days ago. Foreign banks are holding  $1.2 trillion.

     I'm not sure how active the ECB has been directly buying bonds, but it sounds like they want to be ready if the Fed. starts to tighten. Draghi pulled a boner last fall when a reporter asked him (ECB press meeting) about the other bailout program the ECB concocted, and he said no plans had been drawn up for implementation. The ECB is a bunch of bullshite artists.

Tue, 06/11/2013 - 09:37 | Link to Comment medium giraffe
medium giraffe's picture

Yep.  Remember everyone getting hot under the collar when it was reported that the Fed was pumping foreign banks in the states? 

Tue, 06/11/2013 - 08:44 | Link to Comment exartizo
exartizo's picture

lol. funny Tyler(s).

Tue, 06/11/2013 - 08:48 | Link to Comment Hayek FA
Hayek FA's picture

 

Lawless Bureaucracy! you cannot make this shit up.

Tue, 06/11/2013 - 09:18 | Link to Comment astoriajoe
astoriajoe's picture

Apparently, they can. And they are.

Tue, 06/11/2013 - 08:52 | Link to Comment butchee
butchee's picture

As Draghi said last week "It is the most sucessful monetary policy ever".....  How can it not even exist?  LOfuckingL!

Tue, 06/11/2013 - 09:36 | Link to Comment Non Passaran
Non Passaran's picture

That's what he meant. It doesn't exist so it's UNPOSSIBLE that it ever fails.

 

Tue, 06/11/2013 - 08:54 | Link to Comment Smegley Wanxalot
Smegley Wanxalot's picture

I think the legal term in german is Arschenficken.

Tue, 06/11/2013 - 09:01 | Link to Comment Dr. Engali
Dr. Engali's picture

We really do have a bunch of retards running this joint.

Tue, 06/11/2013 - 09:18 | Link to Comment NoDebt
NoDebt's picture

No, man, not like that.  They're all such super geniuses they give the APPEARANCE of retardation.  You just aren't smart enough to see the big picture they see.

Tue, 06/11/2013 - 09:11 | Link to Comment Skin666
Skin666's picture

Is it me, or is this shit quickening up?

Tue, 06/11/2013 - 09:17 | Link to Comment astoriajoe
astoriajoe's picture

I'm sure if the President just goes and gives a good speech or something he can settle it all down and we'll be green by lunch.

Tue, 06/11/2013 - 09:31 | Link to Comment Azannoth
Azannoth's picture

So they are asking a Constitutional Court to give them a Legal Blank Cheque to do whatever the f*ck they want?! You can't make this shit up!

what's even more funny is they probably will get it..

Tue, 06/11/2013 - 09:43 | Link to Comment Debugas
Debugas's picture

the legal text ? I knwo what is in there - just one word: SCAM

Tue, 06/11/2013 - 10:32 | Link to Comment MarsInScorpio
MarsInScorpio's picture

They are now officially "Shameless" criminals.

 

No guilt, no conscience, no shame; the three attributes of a psychotic sociopath.

 

So it's true - the financial world is run by diagnosable psychotics.

 

Keep stacking. And stay off the radar. Buy out-of-town with a fake name and address. Keep a sunken boat somewhere waaaay offshore to buttress your story.

 

Don't tell any living soul about your stash. They are going to steal your PMs so don’t worry about going to jail for not reporting them – at least you’ll still have it when you get out; what will the rest of the debt-serfs have?

 

We are going to need to protect ourselves because nobody else will.

 

The low-info niche will get riled up when they have to cut the welfare payments. The seniors will get riled up when they have to cut health care and social security. The youth will get riled when . . . hmmmm, looking at Europe with its 65% unemployment, maybe nothing will get them riled up.

 

Could get very bloody.

-30-

 

Tue, 06/11/2013 - 10:42 | Link to Comment fuckitall
fuckitall's picture

Surprised Draghi even needs German guarantee on bond purchases.  Fed doesn't need US govt guarantee on all the trash they purchase, they can say it's worth whatever they wana say it's worth, nobody's gonna question it.

Say goodbye to EUR and USD folks, both will be printed to oblivion.

Tue, 06/11/2013 - 10:39 | Link to Comment Frastric
Frastric's picture

Should have photoshopped that picture to show their heads exploding!

Tue, 06/11/2013 - 13:37 | Link to Comment trebuchet
trebuchet's picture

How can you have a term sheet on unlimited bond purchases?

 

Its outrageous to even suggest one should exist!

 

 

 

 

Do NOT follow this link or you will be banned from the site!