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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kliguy38's picture a friend of mine once said in a very high position in the ponzi......"but of course"

Harlequin001's picture 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...

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. 

Spirit Of Truth's picture

Ooopsie!  Central planning proving its worth here.

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

BlueStreet's picture

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

Headbanger's picture

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

HulkHogan's picture

When it gets serious you have to lie.

123dobryden's picture

that implies saying truth before

icanhasbailout's picture

no, just that the lying is voluntary before that point

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   

Skin666's picture

And so it begins...

GetZeeGold's picture

 Step 1 : Deny that crap.

UGrev's picture

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

GetZeeGold's picture



Followed by a crushing appearance on the Daily Show.

Mae Kadoodie's picture

Denial is a Yellow River.

marathonman's picture

Filled with thousands of dead pig carcasses.

LFMayor's picture

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

THX 1178's picture

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

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.

GetZeeGold's picture



I see our lone junker is up this morning.


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

razorthin's picture

He's long chairsatan bubbles.

Dr. Engali's picture

I love my serial junker.

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

The_Dude's picture

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

RunningMan's picture

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

Smuckers's picture

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

prains's picture


flapdoodle's picture

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

Angry White Dude's picture

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

Wakanda's picture

Step 1.5 : Do some blow.

Dr. Engali's picture

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

edb5s's picture

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

Jayda1850's picture

A quick denial, smells like panic to me.

Wakanda's picture

China?  I thought de nile was in Egypt.

Sorry   : - p

Headbanger's picture

No egg roll for you!  For year!

Headbanger's picture

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

LoneStarHog's picture

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

the not so mighty maximiza's picture

the world runs on denial baby


tu-ne-cede-malis's picture

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

virgilcaine's picture

Should be a nasty mkt day today.. nasty.