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They Just Learned The OMT Still Has No Legal Term Sheet
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.
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This calls for some 11th hour backroom fudge.
Np plan b huh draghi
geesh, what's a few minor details?
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.
"(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
go ahead and pass it so they can see what's in it
precisely
+1
OT Is it just me or does anyone else get the advertisements for CenturyLink "PRISIM" services?
FRC (Fat Rich Cunts) - The Screaming Jets
https://www.youtube.com/watch?v=L-ziNf7pP4I
HAHAHA!!! DON'T WORRY!!!
THOSE GERMANS WILL BEND AND SWALLOW IT LIKE AN AMERICAN PRESIDENT WHEN HE SEES A MUSLIM!!
If the court approves this without the text -- it looses all credibility.
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.
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.
"This is very fertile ground for us paranoids free thinkers."
Fixed it for you. :)
Thanks. My bad
DUH, you have to pass it, to find out what's inside...
Even Nancy knows that.
To be fair, she probably passes a great many things without knowing whats in them.
But enough talk about her private sex life.....
The Legal Text? Ummm the dog ate it .. sorry you just have to make without
Taking one from the Pelosi playbook: You've got to declare it Constitutional to find out what the terms are.
nice job!
They out-Hanked Hank!
"Okay, Cardinals, one of you has a pink slip in your hat..."
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.
Perhaps you're just confusing the capital markets with the world?
If the Germans go along with this farce, then yes, the Western World is officially out of control.
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.
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.
Atlantic conveyor looks broken too. That's deep shit.
Sea ice:
http://ameg.me
Interesting stuff but what's it all mean?
Hope you like hurricanes and methane.
And magnetic (pre-GPS) compasses acting possessed.
That's bullshit, the methane hoax was busted in subsequent research.
Now go to some leftie climate conspiracy site.
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....
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.
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!
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.
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?
confucius say, i have found the limit of my ignorance.
an anthem for the protest
(or the flip side for the knowing)
we have to pass the term sheet so we can find out what is in it.
Lol,
Great minds Fonz...
"You have to pass it to know what's in it."
Got the Tee shirt.
It's better just to wing it than put it down on paper....that way you won't get boxed in.
I see they've played Calvinball too?
pods
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.
It’s because they are making up the law as they go along.
If there is no legal term sheet the court can't declare it unconsitutional can they?
There, they did it again.
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!"
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.
All laws are good laws if they are secret.
Like the hats.
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.
Euro tanking.
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.
Yep. Remember everyone getting hot under the collar when it was reported that the Fed was pumping foreign banks in the states?
lol. funny Tyler(s).
Lawless Bureaucracy! you cannot make this shit up.
Apparently, they can. And they are.
As Draghi said last week "It is the most sucessful monetary policy ever"..... How can it not even exist? LOfuckingL!
That's what he meant. It doesn't exist so it's UNPOSSIBLE that it ever fails.
I think the legal term in german is Arschenficken.
We really do have a bunch of retards running this joint.
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.
Is it me, or is this shit quickening up?
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.
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..
the legal text ? I knwo what is in there - just one word: SCAM
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-
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.
Should have photoshopped that picture to show their heads exploding!
http://www.youtube.com/watch?feature=player_detailpage&v=acSPCEHejGY#t=183s
How can you have a term sheet on unlimited bond purchases?
Its outrageous to even suggest one should exist!