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
kliguy38's picture

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
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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
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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
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I love my serial junker.

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

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

 

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