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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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Spirit Of Truth
Spirit Of Truth's picture

Ooopsie!  Central planning proving its worth here.

Thu, 06/20/2013 - 08:22 | Link to Comment 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 | Link to Comment BlueStreet
BlueStreet's picture

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

Thu, 06/20/2013 - 08:18 | Link to Comment 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 | Link to Comment HulkHogan
HulkHogan's picture

When it gets serious you have to lie.

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

that implies saying truth before

Thu, 06/20/2013 - 10:49 | Link to Comment icanhasbailout
icanhasbailout's picture

no, just that the lying is voluntary before that point

Thu, 06/20/2013 - 16:27 | Link to Comment 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 | Link to Comment Skin666
Skin666's picture

And so it begins...

Thu, 06/20/2013 - 07:59 | Link to Comment GetZeeGold
GetZeeGold's picture

 Step 1 : Deny that crap.

Thu, 06/20/2013 - 08:01 | Link to Comment Harlequin001
Harlequin001's picture

Step 2 : Deny that crap.

Thu, 06/20/2013 - 08:03 | Link to Comment Wakanda
Wakanda's picture

Step 3 : Deny that crap.

Thu, 06/20/2013 - 08:04 | Link to Comment 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 | Link to Comment 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 | Link to Comment Mae Kadoodie
Mae Kadoodie's picture

Denial is a Yellow River.

Thu, 06/20/2013 - 08:34 | Link to Comment marathonman
marathonman's picture

Filled with thousands of dead pig carcasses.

Thu, 06/20/2013 - 09:42 | Link to Comment LFMayor
LFMayor's picture

and aborted girl foetuses,  right AnAnon?  Center of the heavens my ass!

Thu, 06/20/2013 - 10:19 | Link to Comment 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 | Link to Comment 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 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I see our lone junker is up this morning.

 

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

Thu, 06/20/2013 - 08:22 | Link to Comment razorthin
razorthin's picture

He's long chairsatan bubbles.

Thu, 06/20/2013 - 08:38 | Link to Comment 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 | Link to Comment The_Dude
The_Dude's picture

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

Thu, 06/20/2013 - 08:05 | Link to Comment tocointhephrase
tocointhephrase's picture

Step 4 : ???

Thu, 06/20/2013 - 08:10 | Link to Comment RunningMan
RunningMan's picture

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

Thu, 06/20/2013 - 08:19 | Link to Comment taint
taint's picture

Step 6: make profit

Thu, 06/20/2013 - 08:41 | Link to Comment Smuckers
Smuckers's picture

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

Thu, 06/20/2013 - 11:56 | Link to Comment prains
prains's picture

Step 8 RELEASE THE KRAKEN !!!

Thu, 06/20/2013 - 08:16 | Link to Comment CaptainSpaulding
CaptainSpaulding's picture

Deny what crap? Fixed it

Thu, 06/20/2013 - 08:30 | Link to Comment flapdoodle
flapdoodle's picture

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

Thu, 06/20/2013 - 13:13 | Link to Comment 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 | Link to Comment Wakanda
Wakanda's picture

Step 1.5 : Do some blow.

Thu, 06/20/2013 - 08:01 | Link to Comment 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 | Link to Comment 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 | Link to Comment Jayda1850
Jayda1850's picture

A quick denial, smells like panic to me.

Thu, 06/20/2013 - 08:00 | Link to Comment Wakanda
Wakanda's picture

China?  I thought de nile was in Egypt.

Sorry   : - p

Thu, 06/20/2013 - 08:09 | Link to Comment Headbanger
Headbanger's picture

No egg roll for you!  For year!

Thu, 06/20/2013 - 08:02 | Link to Comment 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 | Link to Comment LoneStarHog
LoneStarHog's picture

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

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

?????

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

the world runs on denial baby

 

Thu, 06/20/2013 - 08:06 | Link to Comment tu-ne-cede-malis
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All the banks are default.  They operate on a fractional reserve!  With probably 0% reserves! 

Thu, 06/20/2013 - 08:08 | Link to Comment virgilcaine
virgilcaine's picture

Should be a nasty mkt day today.. nasty.

 

Thu, 06/20/2013 - 08:09 | Link to Comment 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 | Link to Comment 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 | Link to Comment Non Passaran
Non Passaran's picture

"We know of" :-)

Thu, 06/20/2013 - 08:17 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

It's been canceled due to sequestration.

Thu, 06/20/2013 - 09:02 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment css1971
css1971's picture

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

Thu, 06/20/2013 - 08:13 | Link to Comment buzzsaw99
buzzsaw99's picture

gold bitchez?

Thu, 06/20/2013 - 08:14 | Link to Comment 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 | Link to Comment Bryan
Bryan's picture

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

Thu, 06/20/2013 - 08:15 | Link to Comment Apostate2
Apostate2's picture

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

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

Thu, 06/20/2013 - 08:36 | Link to Comment lakecity55
lakecity55's picture

"Cocksuckers, Sweargin'!"

Thu, 06/20/2013 - 10:45 | Link to Comment 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 | Link to Comment 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 | Link to Comment resurger
resurger's picture

you hit a critical nerve.

Thu, 06/20/2013 - 09:00 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment buzzsaw99
buzzsaw99's picture

<--- They aren't making anymore gold

<--- We are running out of gold

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

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

Thu, 06/20/2013 - 08:16 | Link to Comment 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 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

I'd dump the cash while you still can.

Thu, 06/20/2013 - 09:02 | Link to Comment giggler123
giggler123's picture

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

Thu, 06/20/2013 - 09:09 | Link to Comment newengland
newengland's picture

Do not move now. Wait a little longer.

Get the boat ready ;-)

Thu, 06/20/2013 - 09:18 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment stocktivity
stocktivity's picture

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

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

Planet Zaton

Thu, 06/20/2013 - 14:16 | Link to Comment WAMO556
WAMO556's picture

Xena the warrior princess will be buying!

Thu, 06/20/2013 - 08:21 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment 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 | Link to Comment Bansters-in-my-...
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"It is not Official until it is denied".

Thu, 06/20/2013 - 11:16 | Link to Comment CheapBastard
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"I swear. I did not have relations with that woman."

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