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Bank Of China Denies Default

Tyler Durden's picture




 

Either things in China are now very serious (and Jean-Claude Juncker has been hired as chief propaganda officer), or the BOC hired Erin Callan as CFO. Either way, for now at least, the Bank of China "is fine":

Then again, looking back in history, the instances when banks volunteered to being in default are... er... uhm.... not many.

via BBG

 

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Thu, 06/20/2013 - 07:58 | 3674624 kliguy38
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hehehehe............as a friend of mine once said in a very high position in the ponzi......"but of course"

Thu, 06/20/2013 - 08:01 | 3674630 Harlequin001
Harlequin001's picture

...it all always ends with gold... hehehehehe.

Options expiry is on the 26th people, so grab the popcorn, light the blue touch paper and stand well back...

July could get exciting...

Thu, 06/20/2013 - 08:32 | 3674744 Quinvarius
Quinvarius's picture

It is no different than when we were on a gold standard and banks issued more paper than gold backing.  This is a bank run on physical gold that started after Cyprus.  Paper  promises to deliver with counter party risk are not as valuable as real gold.  If it is in the system, you are likely to never see it.  Remember, there is no evidence that JPM ever delivered on last month's gold contracts.  So what is going on at the COMEX behind the scenes is probably not a good thing.  One class of investor will be allowed to default and the rest will be forced to deliver. 

Thu, 06/20/2013 - 09:28 | 3674949 Spirit Of Truth
Spirit Of Truth's picture

Ooopsie!  Central planning proving its worth here.

Thu, 06/20/2013 - 08:22 | 3674713 max2205
max2205's picture

STR. Sell the rips and there will be many...maybe to new highs.  I see a bull trap in here down the road

 

Watch the dia spy pair for clues

Thu, 06/20/2013 - 08:13 | 3674668 BlueStreet
BlueStreet's picture

The defenders of the 50 day have their work cut out for themselves today.  

Thu, 06/20/2013 - 08:18 | 3674687 Headbanger
Headbanger's picture

Me thinks they gets crushed by extremely obeses black swan crap smashing on their heads.

Thu, 06/20/2013 - 07:58 | 3674625 HulkHogan
HulkHogan's picture

When it gets serious you have to lie.

Thu, 06/20/2013 - 10:16 | 3675093 123dobryden
123dobryden's picture

that implies saying truth before

Thu, 06/20/2013 - 10:49 | 3675208 icanhasbailout
icanhasbailout's picture

no, just that the lying is voluntary before that point

Thu, 06/20/2013 - 16:27 | 3676528 earleflorida
earleflorida's picture

old bernak principle: if you want prosperity, prepare for pomo

new obi principle: if you want properity through peace, prepare for war

very old roman principle: war is a good thingy, if you want peace, fabricate and levant it for moar of a 'bread and circus' ir[i]s tax collection 

very, very old indian principle: never smoke peace pipe with Us, for prosperity is a malignant crack`pipe of genocidal warp'd carcinogens       Ps. this last principle is all that's left of indigenous american indian written upon the mojave desert scrolls   

Thu, 06/20/2013 - 07:58 | 3674626 Skin666
Skin666's picture

And so it begins...

Thu, 06/20/2013 - 07:59 | 3674627 GetZeeGold
GetZeeGold's picture

 Step 1 : Deny that crap.

Thu, 06/20/2013 - 08:01 | 3674638 Harlequin001
Harlequin001's picture

Step 2 : Deny that crap.

Thu, 06/20/2013 - 08:03 | 3674640 Wakanda
Wakanda's picture

Step 3 : Deny that crap.

Thu, 06/20/2013 - 08:04 | 3674643 UGrev
UGrev's picture

Step 4: Deny that crap and go on TV with cramer right before it collapses to deny it again.

Thu, 06/20/2013 - 08:09 | 3674652 GetZeeGold
GetZeeGold's picture

 

 

Followed by a crushing appearance on the Daily Show.

http://www.youtube.com/watch?v=xt-fb7IQ4Ko

Thu, 06/20/2013 - 08:22 | 3674711 Mae Kadoodie
Mae Kadoodie's picture

Denial is a Yellow River.

Thu, 06/20/2013 - 08:34 | 3674751 marathonman
marathonman's picture

Filled with thousands of dead pig carcasses.

Thu, 06/20/2013 - 09:42 | 3674984 LFMayor
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and aborted girl foetuses,  right AnAnon?  Center of the heavens my ass!

Thu, 06/20/2013 - 10:19 | 3675100 THX 1178
THX 1178's picture

Denial is a yellow vitamin-fortified river flowing onto the car-door-handle of sensibility.

Thu, 06/20/2013 - 08:06 | 3674646 Dr. Engali
Dr. Engali's picture

When step 1,2, and 3 don't work you move on to step 4....go on tv and deny that crap in a forceful manner.

Thu, 06/20/2013 - 08:15 | 3674665 GetZeeGold
GetZeeGold's picture

 

 

I see our lone junker is up this morning.

 

Heh heh........wazzup Amigo?

Thu, 06/20/2013 - 08:22 | 3674714 razorthin
razorthin's picture

He's long chairsatan bubbles.

Thu, 06/20/2013 - 08:38 | 3674761 Dr. Engali
Dr. Engali's picture

I love my serial junker.

I'm living the dream my friend..... Living the dream.

Thu, 06/20/2013 - 13:08 | 3675700 The_Dude
The_Dude's picture

Here  Junkie, Junkie, Junkie....over here boy.....

Thu, 06/20/2013 - 08:05 | 3674647 tocointhephrase
tocointhephrase's picture

Step 4 : ???

Thu, 06/20/2013 - 08:10 | 3674662 RunningMan
RunningMan's picture

Step 5: Baffle them with financial mumbo jumbo and acronym laden "solutions"

Thu, 06/20/2013 - 08:19 | 3674695 taint
taint's picture

Step 6: make profit

Thu, 06/20/2013 - 08:41 | 3674770 Smuckers
Smuckers's picture

Step 7 inches more forward onto that trapdoor in the floor.

Thu, 06/20/2013 - 11:56 | 3675499 prains
prains's picture

Step 8 RELEASE THE KRAKEN !!!

Thu, 06/20/2013 - 08:16 | 3674679 CaptainSpaulding
CaptainSpaulding's picture

Deny what crap? Fixed it

Thu, 06/20/2013 - 08:30 | 3674738 flapdoodle
flapdoodle's picture

Step six - have Obama say its true - then no one will believe it...

Thu, 06/20/2013 - 13:13 | 3675722 Angry White Dude
Angry White Dude's picture

I thought Step 1 was cut a hole in the box.

Thu, 06/20/2013 - 14:47 | 3676093 Wakanda
Wakanda's picture

Step 1.5 : Do some blow.

Thu, 06/20/2013 - 08:01 | 3674629 Dr. Engali
Dr. Engali's picture

Hehehe denial is not a river in Egypt baby, it's the sign of a problem.

Thu, 06/20/2013 - 07:59 | 3674631 edb5s
edb5s's picture

Get to work, Kevin Henry!!! We're gonna need a lot of blow to get the Dow green today.

Thu, 06/20/2013 - 07:59 | 3674632 Jayda1850
Jayda1850's picture

A quick denial, smells like panic to me.

Thu, 06/20/2013 - 08:00 | 3674635 Wakanda
Wakanda's picture

China?  I thought de nile was in Egypt.

Sorry   : - p

Thu, 06/20/2013 - 08:09 | 3674658 Headbanger
Headbanger's picture

No egg roll for you!  For year!

Thu, 06/20/2013 - 08:02 | 3674642 Headbanger
Headbanger's picture

The Black Swan has just arrived and crapped on the Bernankes bald head!

http://www.marketwatch.com/investing/bond/10_year

Thu, 06/20/2013 - 08:05 | 3674644 LoneStarHog
LoneStarHog's picture

How you say, "Bush's Fault", in Chinese?

Thu, 06/20/2013 - 08:17 | 3674673 the not so migh...
the not so mighty maximiza's picture

?????

Thu, 06/20/2013 - 09:55 | 3675027 JimBowie1958
JimBowie1958's picture
????????
Thu, 06/20/2013 - 08:05 | 3674648 the not so migh...
the not so mighty maximiza's picture

the world runs on denial baby

 

Thu, 06/20/2013 - 08:06 | 3674653 tu-ne-cede-malis
tu-ne-cede-malis's picture

All the banks are default.  They operate on a fractional reserve!  With probably 0% reserves! 

Thu, 06/20/2013 - 08:08 | 3674655 virgilcaine
virgilcaine's picture

Should be a nasty mkt day today.. nasty.

 

Thu, 06/20/2013 - 08:09 | 3674659 the not so migh...
the not so mighty maximiza's picture

there is a POMO today isn't there?

Thu, 06/20/2013 - 08:16 | 3674684 LawsofPhysics
LawsofPhysics's picture

Yes.  The operations we know of are here;

 

http://www.newyorkfed.org/markets/tot_operation_schedule.html

 

Thu, 06/20/2013 - 08:47 | 3674795 Non Passaran
Non Passaran's picture

"We know of" :-)

Thu, 06/20/2013 - 08:17 | 3674688 GetZeeGold
GetZeeGold's picture

 

 

It's been canceled due to sequestration.

Thu, 06/20/2013 - 09:02 | 3674858 OneTinSoldier66
OneTinSoldier66's picture

Yes. I've noticed how things started to go from being Bush's fault to being Sequestration's fault. When the TPTB finally figure out the horse they're beating is dead, then they find a new dead horse to beat.

Thu, 06/20/2013 - 08:09 | 3674660 BurningBetty
BurningBetty's picture

That's what everyone was saying from within before Pound Sterling got devaluated :-) 

"There is no problem with the pound!"

"There will be no devaluation!"

.....truth always gets out....the more you compress it, the louder it speaks when it bursts. 

Thu, 06/20/2013 - 08:12 | 3674663 uranian
uranian's picture

We're within a couple of days of a major peak on the siderograph, which tends to mark change, rather than direction. It's rarely such a clear chart as this one; I'm wondering if this is Lehman moment mark 2, except this time the central banks have already bailed the world out to tens of trillions.

Thu, 06/20/2013 - 08:16 | 3674680 css1971
css1971's picture

Nah. The VIX is at 16 and declining. What could possibly go wrong?

Thu, 06/20/2013 - 08:13 | 3674669 buzzsaw99
buzzsaw99's picture

gold bitchez?

Thu, 06/20/2013 - 08:14 | 3674672 Blopper
Blopper's picture

China, you should stick to your words of no injection to fund your repo market and make sure it be so.

 

Let the market crash begins.

Thu, 06/20/2013 - 08:15 | 3674675 Bryan
Bryan's picture

"denies default" - bwahahaha!!!   Hm, a country denying reality.  What else is new?

Thu, 06/20/2013 - 08:15 | 3674677 Apostate2
Apostate2's picture

Cue,\ (or is that Q?) Mr Wu

http://www.youtube.com/watch?v=3w3X95uWv8A

Thu, 06/20/2013 - 08:36 | 3674754 lakecity55
lakecity55's picture

"Cocksuckers, Sweargin'!"

Thu, 06/20/2013 - 10:45 | 3675192 dynomutt
dynomutt's picture

Are you really just a shadow of the man that I once knew?

Are you crazy? Are you high?

Thu, 06/20/2013 - 08:16 | 3674681 LawsofPhysics
LawsofPhysics's picture

The real owners in China and America have been on the same page for 40+ years folks.  One goal is to make sure everyone works for chinese wages.

Thu, 06/20/2013 - 08:41 | 3674773 resurger
resurger's picture

you hit a critical nerve.

Thu, 06/20/2013 - 09:00 | 3674851 giggler123
giggler123's picture

Wal*art's dead then.  Can't sell something for 1$ when you get paid less and have to eat to...

Thu, 06/20/2013 - 10:07 | 3675070 MachoMan
MachoMan's picture

It's interesting that china is taking a big shit at the same time we're talking up tapering on this side of the pond...

Thu, 06/20/2013 - 10:14 | 3675087 Money 4 Nothing
Money 4 Nothing's picture

Search free trade zones in the USA.

Coincidentally, they just happen to be in every state near internment camps. Gifted land to China which is not Sovereign American soil, meaning.. no trespassing.

 

Thu, 06/20/2013 - 08:16 | 3674682 buzzsaw99
buzzsaw99's picture

<--- They aren't making anymore gold

<--- We are running out of gold

Thu, 06/20/2013 - 08:43 | 3674781 Non Passaran
Non Passaran's picture

[don't vote if you think the both is true]

Thu, 06/20/2013 - 08:16 | 3674683 Seasmoke
Seasmoke's picture

75,000 in gold. 25,000 in silver. 100,000 in cash.

What happens now ?

Thu, 06/20/2013 - 08:19 | 3674692 GetZeeGold
GetZeeGold's picture

 

 

I'd dump the cash while you still can.

Thu, 06/20/2013 - 09:02 | 3674853 giggler123
giggler123's picture

Oh dear, you lost out then by not buying palladium. ;)

Thu, 06/20/2013 - 09:09 | 3674888 newengland
newengland's picture

Do not move now. Wait a little longer.

Get the boat ready ;-)

Thu, 06/20/2013 - 09:18 | 3674923 Central Wanker
Central Wanker's picture

Buy steadily more metals. The prices may go much lower before they go much higher.

Buy with 5-10k per month, maybe. Maintain the silver-to-gold ratio.

Thu, 06/20/2013 - 08:18 | 3674689 orangegeek
orangegeek's picture

US Dollar heading sharply higher as....wait for it.....the US Dollar becomes the investor safe haven for the masses...and gold falls another $90 - but has rebounded back to down $70 - whew - that was close - it was like gold was collapsing again.

 

http://bullandbearmash.com/chart/spot-us-dollar-climbs-almost-1-as-euro-...

 

USD, not gold, has always been the safe haven - as unpopular as this sounds.

 

 

Thu, 06/20/2013 - 08:25 | 3674719 UGrev
UGrev's picture

That's because of the mental block people have about buying precious metals brought on by the propaganda machine... as unpopular as that sounds. 

Thu, 06/20/2013 - 10:13 | 3675084 MachoMan
MachoMan's picture

If its only real value is a perceived value, then your observation should scare the shit out of everyone...  At the end of the day, the argument for gold is one purely of induction.

Thu, 06/20/2013 - 08:26 | 3674725 fonzannoon
fonzannoon's picture

Yes it's true the almighty dollar is roaring. Ignore that noise in the backround.

http://usdebtclock.org/

Thu, 06/20/2013 - 08:38 | 3674760 ekm
ekm's picture

It's because contracts are in dollars.

If I face a margin call and firesell something, I'll buy dollars to settle

Thu, 06/20/2013 - 08:39 | 3674764 Quinvarius
Quinvarius's picture

I remember explaining to people when the USD was at 84 this was not true.  Now it is at 82 and it it is still not true.  The Dollar exchange rate is SET by central bankers, not the market.  They are never going to let it strengthen.  They want it weaker.  The economy cannot handle the dollar above 80.

But do as you will.

Thu, 06/20/2013 - 09:05 | 3674862 newengland
newengland's picture

One fall at a time ...

FX is the biggest market. One fall at a time to allow an orderly-ish adjustment to the newest fiatsco.

Thu, 06/20/2013 - 08:18 | 3674693 stocktivity
stocktivity's picture

but....but....who's going to buy when Ben starts to sell?

Thu, 06/20/2013 - 08:22 | 3674708 the not so migh...
the not so mighty maximiza's picture

Planet Zaton

Thu, 06/20/2013 - 14:16 | 3675957 WAMO556
WAMO556's picture

Xena the warrior princess will be buying!

Thu, 06/20/2013 - 08:21 | 3674702 XitSam
XitSam's picture

Just out of curiosity, I don't recall hearing anything about Taiwan since the whole financial crisis started, how are they doing? Do they have a central bank?  If Cyprus and 300,000 population Iceland grab weeks of headlines, Taiwan ought to be mentioned if they were in trouble?

Thu, 06/20/2013 - 09:02 | 3674852 newengland
newengland's picture

Taiwan goes down on the Chinese ledger. You know what that means, yes? Rhetorical question.

Thu, 06/20/2013 - 08:33 | 3674747 Uncle Zuzu
Uncle Zuzu's picture

I trust Chinese accounting. I don't want them to send me to a re-education camp.

Thu, 06/20/2013 - 09:00 | 3674849 newengland
newengland's picture

This has been coming for a while. Still, I'm sorry to see this. Trade accordingly. Math, not magic, and least of all political promises, Gone With The Wind.

Thu, 06/20/2013 - 10:44 | 3675195 jpc578
jpc578's picture

Is Bank of China the new Bank of United States?

 

Maybe Jim Cramer can reassure the market that Bank of China is "fine", just like he did with Bear.

Thu, 06/20/2013 - 11:15 | 3675360 Bansters-in-my-...
Bansters-in-my- feces's picture

"It is not Official until it is denied".

Thu, 06/20/2013 - 11:16 | 3675361 CheapBastard
CheapBastard's picture

"I swear. I did not have relations with that woman."

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