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Largest Austrian Bank Crashes After "Revealing" 40% Surge In Bad Debt Provisions, Record Loss
Update: just as expected, the confidence-preservation brigade is quick on the scene:
- HUNGARY LOAN-REFUND LAW VIOLATES RULE OF LAW: BANK ASSOCIATION
- HUNGARY LOAN-REFUND LAW DAMAGES INVESTOR CONFIDENCE, BANKS SAY
Because clearly marking loans to fair value would crush investor confidence. And clearly investors are dumb enough not to realize that it is precisely by hiding what is beneath the surface, that they have zero confidence in the system.
* * *
Ever since 2012, when we first revealed that the biggest problem plaguing Europe's financial sector is the $2 trillion+ in bad debt on the books of European banks (not our numbers, the IMF's), it became clear that the only way Europe can avoid a complete financial meltdown coupled with currency disintegration, is if it can constantly keep rolling over said bad debt (obviously the only way to do that would be to create an epic debt bubble leading managers of other people's money to do idiotic things like buy Spanish debt at 2.75%). This is why not only the BOJ launched its mega QE in 2013, but why Draghi also kicked in with NIRP a month ago: the logic - do anything and everything to reflate the biggest credit bubble possible as otherwise European banks will have no choice but to face up to their trillions in bad loans.
Unfortunately for some banks, especially those which operate in Europe's supposedly highest-rated country, Austria, sometimes just being able to kick the can is not enough as on occasion a law will change, having the unintended consequence of forcing the bank to admit just how ugly its balance sheet truly is. That's what happened overnight when Erste Group, Austria's largest bank by assets, and the third biggest bank in Eastern Europe after UniCredit and Raiffeisen, announced that, oops, its earlier forecast about the amount of bad loans on its books is wrong, and will have to rise by a massive 40%, leading to what will be a record $2.2 billion loss, and triggering writedowns.
Shareholders, not used to being told the truth and instead preferring sweet, little lies, promptly took the stock to the woodshed.
Analysts, whose job it is to predict these things, were shocked:"This is a clearly bad surprise as it comes in addition to the already ‘badly surprising’ warning issued by the group at the beginning of this year,” Natixis Securities SAS analyst Steven Gould said in a note to clients. “These announcements hurt the management’s credibility going forward."
What was the catalyst for the early recognition of the massive writedown? Bloomberg explains:
The provisions are caused by new rules due to be approved by Parliament in Hungary today, forcing banks to refund “unfair” loan fees, and by the Romanian central bank’s push for faster bad-debt reduction amid the European Central Bank’s bank health check, Erste said. Writedowns on goodwill and deferred tax assets, triggered by the loan-loss provisions, may reach as much as 1 billion euros.
“By taking these measures, we have done everything in our power to avoid one-off effects from 2015 onward,” Chief Executive Officer Andreas Treichl said in the statement. “We are convinced that these measures will also help us pass the asset-quality review and stress test comfortably.”
...
Hungary contributed to Erste’s loss with a new law forcing it to repay some loan costs to customers. New rules due to be approved by Parliament in Budapest today will require banks to refund certain expenses on as much as 6.5 trillion forint ($28 billion) of loans going back as far as 10 years, according to the draft bill.
Higher bad-debt provisions in Romania, the Black Sea country of 20 million where Erste bought Banca Comerciala Romana SA for 3.75 billion euros in 2005, were caused by the central bank’s pressure on banks to clean up their balance sheets as part of the ECB’s bank health check, Erste said.
Ironically, it is the poor Eastern European sovereigns themselves who are forcing banks to do what is effectively is the job of their regulator, the ECB. Needless to say, the last thing the ECB will do is force banks to clean up their balance sheets: if anything Draghi knows full well that Erste is just the harbinger and Europe is loading to the brim with banks that are in the same situation. Should the ECB actually force banks to either revealt the true state of their bad debt and/or take measures to remedy it, the entire financial system would implode overnight.
Which is why instead we have an annual confidence building farce known as the "stress test", which in the past has seen Bankia and Dexia pass with flying colors, and this year would have also given Erste an AAA+++ grade as well:
The loss won’t hit Erste’s regulatory capital to the full extent, and the bank’s common equity Tier 1 ratio will reach about 10 percent by the end of the year without raising fresh capital, Erste said. That’s because goodwill, brand value and other intangible assets of its Romanian unit that Erste is writing down aren’t part of the regulatory capital.
Which also goes to show just how ridiculous Europe's definitions of capital truly are.
As for Erste, it's ok - the stock has been punished and now it is time for the BTFD algos to lift it right back to where it was, because as has been made very clear in the past 6 years, fundamentals are no longer relevant or matter when making capital allocation decisions. The only thing that does matter is how much more of a moral hazard will the central banks push the system into before one day what happened to Erste today takes place at the global level, and the can containing the entire modern financial system which is broken beyond repair can no longer be kicked down the street.
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Tick tock, tick tock.
Better call Saul!
I thought was just Greece ... kind of blaming on their lazyness and socialism...
it seems it is everybody the same ... why this debt thing???
Armstrong says this debt thing has been used countless times ... it seems every 40-50 years countries do the same thing ... but WHY?
are people by definition insane ... you know doing the same thing repeatdly and expecting different results or smt else is at play?
following up on this thought just occured to me ... but in finance humans can never get it together ... always making the same mistake with this debt system ... over and over and over again ...
Why? it is the same people who have made amazing achievements in everything else discovering electricity, computers ... you name it ... still in finance they suck ... they seem to be insane by definition ....
wondering....afer reading Armstrong and he really knows history ... especially financial history
...always making the same mistake with this debt system...
Mistake. Keep thinking that.
If they "keep doing it" you better bet your sweet ass it's because it keeps fucking paying, boyo.
You can bank on that and only that.
...because it keeps paying...
well, i would believe it if it was a few cases, but here is the whole world ... the same system ... over and over and over again .... for hunderds and hunders and hunderds of years.
it seems very clear humans just suck at finance and then again they seem to be execelling at almost everything else ... going even to the Moon...yeah well,
read Armstrong and you will see what i am talking about ...
Armstrong dances around the issues.
And, don't get me wrong. I appreciate his work.
Cycles repeat because human nature never changes. Concepts like Greshaw's Law always assert themselves (or say the invisible hand - Adam Smith).
What is part of the cycles is how sociopaths rise to power. How power corrupts.
Of course it is in our very DNA to want more... we are programmed for growth.
Debt based systems simply reflect who we are. That is why they keep popping up.
Attempting to change the amplitude of effects is perhaps Martin's angle in saying we need to do something smarter - but really it isn't any different on the surface than all the other centralized attempts to squash the business cycle. Where I agree with him is perhaps in a different place - that evolution requires pressure and we have the tools (technology) now to do better. General education - not centralization.
"Debt based systems simply reflect who we are"
may be you right ... but, when you know how it will end WHY start at the benning, and it is not one country it is the WHOLE world and it seems doing it for ever with the hope of different result .... in my book this is INSANITY
ReJoice And Give Thanks... "THEY" Pushesd GOLD Down Again Yesterday...
Fear NOT, Everything Is Just Fine In Bankster FED Fairyland,
With The Printers (To The .001% Chozen Few) At The READY.
wow, their stock is cheaper than silver! We should buy a bunch of it while it's on sale now! Does it come in tubes of 20?
And how bad is this, given that, banks and bankers keep on falling ?
2 trillion debt over there
2 trillion in excess reserves over here
net net -- all balanced
Gas pipeline is gonna run through which country, again?
Yup. Is nuts for sure.
Money supply has to expland exponentially
Productivity does not
The only way to make this equation work is to pile on more debt or more base money.
Either way, it's fucking inflationary
If there's one thing you can count on, it's that the real value of cash and bonds is getting destroyed, default or not
The people (psychopaths) that run the system benefit HUGELY, on the backs of Joe Public every time and run away with their loot when TSHTF
Not insane for them, is it?
The insane part is how humans allow the psychopaths take over every damn time.
"Debt-based systems simply reflect who we are."
Honestly, I think each broad-based monetary system has benefits and pitfalls.
A fixed monetary system (like gold - which worked pretty well for a very long time) invites currency deflation as population and growth increase and scarce resources are used-up. Also, balance of trade issues can lead to catastrophic imbalances in the currency supply of net importers.
An expansionary monetary system tries, at least, to match growth and create stable pricing. The problem here is how do you manage it? Central control has obvious problems, but leaving it up to the market by using a debt-based system REQUIRES exponential growth (ie eventual failure is baked into the cake). Then, of course, there is the greed of the issuers that must be dealt with.
If you want to facilitate maximum growth and utilization of resources (which can be viewed as both a virtue, or a cancer) the debt-based system makes initial sense - especially when its certain and eventual failure seems so far away.
At humanity's current stage, where population is slamming into resource limits, however, debt-based fiat it is at its failure point. Under these circumstances, a zero-growth, or better yet, a system that will function in a contracting market will need to be transitioned to, if any semblance of stability is to be maintained.
-20%, that's a good start
Solid post C. There is no utopia and the current system is toast. Even the mechanics of debt are turning the tide regarding demographics. Hand in hand with resources, social complexity, you name it. A pefect storm for a debt based system - globally. And the powerful are going to drag us to hell trying to keep the party going for themselves.
Great point!
Only problem with that system is that it makes it hard for people in power to steal from everyone else. Rich people might loose money in that system.
Oh they're "loosing" money all right but they're fighting a "losing" battle in doing so.
Nice post and I agree with you.
I just wanted to point out that the exponetial grow would be slower if we let the TBTF bank actualy fail.
We are morally weak and easily corrupted, but going all the way back to the Stoics- even strong leaders have been led into temptation...
in 161 AD Upon becoming Grand Poobah - Marcus Aurelius reduced the silver content of the denarius from 2.68 grams to 2.57 grams to finance his shovel ready spending spree...
in 168 AD Marcus Aurelius increased the silver content of the denarius from 2.57 grams to 2.67 grams. (THINK ABOUT THAT...)
in 170 AD Marcus Aurelius reduced the silver content of the denarius 2.67grams to 2.57 grams (because fighting those damn Germans was draining his treasury and he needed more coins)
in 180 AD Marcus Aurelius croaked and Commodus became Grand Poobah and promptly rinsed his hands of Marcus Aurelius and repeated his predecessor's devaluation for his own shovel ready spending spree, this time to 2.34 grams
The "shovel-ready spending/jobs program" basically Rinses & Repeats with each Roman Emperor. Spending money to reduce the money supply... not so much (read never).
no debt was harmed (or issued) in this demonstration
It's not DEBT (that's a different problem)
It is the failure to CLEAR & SETTLE that throws another coin in the great RINSE, REPEAT machine.
Smart people keep reinventing the "flexibility" wheel to address this, but these same smart people consistently neglect to incorporate mean reversion/counter-cyclicality/responsibility into their reinvented wheel, and thus the cycle continues...
"They" are smart people, and they know they can get away with it, and no one stops them, either because they don't understand the inevitable consequence of the engineering, or they are bought off.
Are you a bot?
That is the oddest prose I think I have ever seen (three post sample). Each paragraph is this disjointed idea, not really logically strung together, echoing the same sort of stuff (e.g. you cite "Armstrong" in every post.
If you really want to learn shit, go the the front page, scroll to the bottom, find the links to go to the previous page of posts (e.g. 1 2 3 4 5 6 7 8 9 … next › last ») and choose the "last" option.
Start reading in chronological order towards the present.
When you finally catch up with us, you won't ask dumb questions, you will post brillian sarcasm (or that weird off-beat humor like Knuckles or slewie the pi-rat). After all, once you figure out what is really going on you will need a coping mechanism that works for you.
And I suspect you willl have dropped yoru Armstrong fetish by then.
Carry on.
Regards,
Cooter
i think is an important thing to discuss, thats why i tried to improve it each time ... i
t just struck me as odd thats all that people will do the same thing over and over.
you acceot this as normal business?
if that was the case, people would have been stuck in other areas and we would never had these amazing discoveries ...
armstrong it is just someone i respect for his knowledge ... i take it back
The simple conclusion is that it keeps working for "the few".
Every. Single. Time.
It's in really bad taste to name "the few", but if you are honest with yourself after researching it, don't state your conclusions here.
We get away with a lot here. But there were a few that found the boundaries of our little play pen.
His name was.....
I don't know individual names, but Italy with a certain group of people was the birth of it all.
Coping mechanism - AKA Beer!
Many believe they are experts oddsmakers when in fact they do not understand the games or attendant risk.
Should not wager unless they have an edge...most people calculate their edge ("...what's that?") inaccurately, if at all.
The pros, however, know very well what their edge is...
...the magic crystals in their blood from their mothers side of the "family"?
Am I right? Am I right?
"the magic crystals in their blood from their mothers side of the "family"
Best laugh I have had in awhile Pat, Thanks
From one mick donkey motherfucker to another...
You're most welcome and always glad to help.
Edit: big fan of your blog, btw. Still crawling the old stuff, but I'll get up to speed soon.
The cycle repeats throughout history because naive, sheep-like humans such as yourself cannot see through the illusions created by the handful of elites who rule over us all. They use illusions to keep the masses subdued, while they usurp and control all capital created by the producers of society in order to achieve easy power and wealth.
It's all by DESIGN, they BUILD IT UP, only to later BURN IT BACK DOWN.
Anyone who trades anything knows that a CRASH is always welcomed by the biggest players in the game....because it means they can swoop up ALL assets for PENNIES on the dollar. It's not a goddamned CONSPIRACY, it's just REALITY.
This is why the Austrians need cheap Russian gas via South Stream, any savings they can create will need to go to bail out their banks.
While I am sure this is unrelated, it *IS* Hungary and Austria rocking the boat. I wonder just a bit if there isn't some serious shit going on behind the scenes.
After all, any group of banks in any country can theoretically sink the whole system just by pulling down their pants for all to see. Sure, their banks will take a hit, but it could well bring it all down too.
Maybe this is what Hollande should have done, "Oh, you want to fine/blackmail us. Fine. Tomorrow we go public with our balance sheets." The voice on the other end would reply, "Well, that is hasty and illogical. Perhaps if we .... instead?"
Regards,
Cooter
My thoughts exactly
Someones pants will fall eventually even if by mistake, rubber bands last only so long...
Funny, I was thinking the same. What a strange coincidence that this is happening shortly after Austria approved the construction of Russian’s South Stream Nat Gas pipeline… And this is supposedly coming from tighter regulations out of Hungary and Romania?!! That smells fishy.
"I'm too smart to get stuck.
That's for the dummies."
I used see it all the time when I played poker.
Sometimes I was the dummy.
Gambling is like that.
God forbid reality should take hold anywhere.
"Reality" is going to be a gigantic kick in the balls for everybody.
We are all Wile E. Coyote, Super-Genius.
I know I'll gain a nice collection of dis-arrows for this...
But, thanks to the ability to short sell and buy puts...the .0001% who knew this information (in advance) and knew it was going to tank the stock price were still able to make a fortune off the headline.
I'm no expert in market mechanics, but if it's wrong for the FED to invent dollars through debt...it just seems that brokers who invent stock through short sales are equally as wrong. None of which seems so bad, until the .0001%'ers make tens/hundreds of millions of dollars on either side of the news.
Dunno who would junk that?
Looks like ya got the tiger by the balls.
I sort of figured that out when I read Jessie Livermore's autobiography. It really demonstrated how the "inside class" uses stocks to screw the "outside class". No other demarcation fits; your an insider or your an outsider. Sophisticated hedgefunds simply work to become insiders (like banging a certain ex-President's daughter). Think that stinky hasn't generated some primo investment ideas?
If outside folks can get trends right, they can ride the ride and make a return. And maybe that works when the economy is generally expanding, growing, industries are innovating, etc. But all the land on the Earth is camped by people now; nothing new to explore. All the giant/supergiant oil fields have been found (oil discoveries peaked in the 60s). Et cetra.
At this juncture, I would rather take my dough and establish a business I think could actually survive over the long haul and gamble on my retirement htat way. Everything I put into a retirement fund will either be stolen outright or inflated to toilet paper. That includes not just stocks, but simple bank accounts with deposits greater than a month of rent/food/gas/etc.
Best of luck trading against the insiders.
Regards,
Cooter
Worse is that calling it a casino seems so normal. That says enough for me.
Sounds about right to me, I went through the FSU business school and nobody ever bothered pointing out to me the fed was not federal. What could I possibly know?
Silly rabbit. Of course it's Federal. Says so right in the name. It's would be like...I dunno..against the law for them to claim Federal status and not be.
And really sneaky and underhanded.
Paraphrasing a bit here, but Henry Ford said putting money on a horse does not make it faster or stronger and the same applies to companies when people buy stock in it.
Brokers get their name from the likelyhood you'll be broker after you listen to them.
..Ford said putting money on a horse does not make it faster or stronger and the same applies to companies when people buy stock in it...
I think he bet Nazi, as well. Still undecided if it was a winning bet.
I know it was a lucrative one, though.
shut up hasbara throll, you're on the side of the anti Christ.
LOL so true, I am thinking of changing my handle to FEDERAL BROKER :)))))
Don't forget...yada...yada...yada
Somebody say mine name? You didn't talk to those regulators did you?
Quick! Put a gold coin in my shirt pocket.
You must not own a boat...8^)
I don't. Best I could muster in a pinch was a leaky canoe...and it sank...tragically.
A few of my clients own an old RV and they swear is the goose that lays golden eggs.
I believe them. Best clients ever, next to my chicken restaurant franchise client.
Who needs a boat when he has a selfmade log raft, it was his first and most prized one, sad he lost it.
Oy vey
vhen are dey going to learn
dhey ran out of other peoples
money
sheessssssh
Plus one....for Oy Vey
It's all good man....Putin to Obama...stay out of my territory and stares at him with those steely blue eyes.
saul is not around at the mo.
how about lord roth.
lord edwyn is very pissed off with these austrian nazis.
this is just a taster forget about putniks gas pipe actuality and focus on printing money paper for jewish royalty.
you know it makes sense.
Damn...my watch stopped ticken
Goes to show how much bad debt is hidng right under the surface of the world economy. When this monster breaks surface, it will be Godzilla in proportion.
Kredit Anstalt revisited.
This oughta trigger some strong words from Draghi! I'm surprised shareholders would panic and dump the stock, when it's only a matter of time before Draghi 'says some stuff' and resolves the whole situation. I guess some people just aren't used to living in a world run by all-powerful wizard central bankers with the power to resolve all the worlds problems through magic words.
BTFD ... tomorrow is a new day and next week "investors" will buy the deeply discounted debt ... me thinks, but what do i know ...
some powerful words from Draghi? what do you think the man is, a "word-bazooka"? capable to change things with words only? oh, wait... nevermind...
"Ironically, it is the poor Eastern European sovereigns themselves who are forcing banks to do what is effectively is the job of their regulator, the ECB. Needless to say, the last thing the ECB will do is force banks to clean up their balance sheets"
it's not that ironic, more a logic from national regulators who were in charge and allowed Poles, Hungarians and others to take loans and in particular mortgages in EUR and - gasp! - CHF. at that time nobody complained (well, I was grumbling)
to repeat: at that time, the regulators in charge were national. the liberal "free trade" logic was that the customer knows best (caveat emptor). they allowed borrowing in EUR and CHF for the masses - in countries that still have their national currencies. you know, freedom. btw, this happened in Iceland, too. later, those were seen as "unjust", and both Hungary and Poland did some things about it which bankers are still smarting about
now - in September, if I remember right - the ECB is in charge. but only for the biggest banks involved in several countries. nobody has a clue what the ECB will do, but it's known that it will start with stress tests. saying now that the ECB will not force banks to clean up their balance sheet smacks me as premature. and very strongly as something taken out of the monetary and banking history of the US and UK, not the european continent. example: Sweden, in the '90s
Little Johnny, can you use the word BAZOOKAS with its European-nuanced meaning in a sentence?
Sure I can: Rachel Welch was sporting a fine pair of bazookas in her first full-length Hollywood film!
B A Z O O K A S ! !
Strong words for sure! What kind of terrorists were these guys to pass such laws?
Well I must confess, i should never have sold those assholes that magic wand. It is all my fault guys, and gals, and NSA bots, and Trolls and .gov paid shills, and all the rest of the things reading/posting/logging/managing/the thoughts and expressions on this.. oh fvk it. I AM SORRY OK? Shit .. Yukon Jack makes a great breakfast drink...
So does the ole Jimmy Beam:-)
"Which also goes to show just how ridiculous Europe's definitions of capital truly are"
you mean the international Basel III definitions?
as I won't tire to explain, the typical european bank's balance sheet is different from the typical US/UK bank
they have way more direct/business loans to what the economy really is, in the eurozone: the small and medium enterprises (in full private/personal ownership)
so they contain things which Anglo American banks only let pass through, via securitization, bonds and stocks/IPOs
and so a regulator will accept a higher leverage, because it's more of the "good things" and the "bad things" all mixed together like some of the CDOs which the others produced and for long time nobody knew what they contained
and unraveling that kind of balance sheet needs... time. in the same way as markets had to wait for the "resolution" of some of those CDOs
You are correct Al, *BUT* only if Austia isn't thinking they might be the first to defect and buddy up with Russia.
Given the recent news regarding SouthStream, Austria may have been threatened bluntly behind the scenes, so they played hardball and threatened to take down the whole banking system but showing "just a a little bit" of rot.
First to defect in this situation gets the best deal (even if still shitty) and I bet Russia is making very favorable overtures.
It is becoming more and more clear to me that Europe is coming apart and it can only stay together if the banking-debt circle jerk stays unbroken. I think that is what this is about.
Regards,
Cooter
I think we really need to start redifining the term crash around here. I say we use a 50% drop as "crash". Thie move on that chart qualifies as your typical btfd.
agreed. And when it does happen, we will all have the equivalent feeling of having a damn good shit.
The financial system is constipated with bad debt and needs an enema!
The corpse will have a final bowel evacuation before burial.
The patient has only been kept 'alive' by artificial means since 2008.
Way past an enema at this stage.Call the mortician and organize the wake.
Sheeeeiiit......
They made hay for what? 12 years while Ol' Spooky Bin Ladin was a pop cycle in some DOD cryo tube. And he still had use, post thaw.
This corpse can dance around like Bernie a while longer....and still be useful once truly dead. It's just mostly dead.
Bullish.
+1 for the Bernie economy referance.
https://dublinsmickdotcom.files.wordpress.com/2013/11/232.jpg
Benny's great escape
wonder who made the first bernie comparison.....ummm...who was it now?
RIPS
Manual Disimpaction.
I say goes to ZERO as a crash. But what do I know... I'm just an ignorant raccoon with no money in that game anyhow. It's fun to sit on the sidelines and watch the action. Gotta run out and buy some more popcorn....
No way man, I think you've got it completely backwards. In these modern days with central banker wizards roaming the earth, spreading their magic and incantations and bringing security and comfort to all (and by 'all' I mean the top .01% of the population), I think we need to define a 'crash' as any case where the close is lower than the open, and then the following day open is lower than that prior day close. This applies to the indexes and also to every individual equity that trades on the exchanges (with the exception of the mining stocks, which have their own rules).
And let me tell you, having been on the wrong side of some of these crashes, it can take a long time to recover from them - up to 6 hours in many cases, so they're not to be treated lightly.
ZH headings are getting as misleading as the KWN ones
click bait and lots of fillers
Yeah, when I saw the headline I thought the bank had gone into liquidation.
Its the "after revealing" part that is so frustrating. Theyre probably ALL bad ALL the time...but the shafting is only AFTER REVEALING
I gota my ass to Wellsfargo and withdraw my 12 dollars and 19 cents before the run!
Aw, G.O.O.D, just enough to tide you over till the bank reopens. I'll take twelve dollars and 19 cents.
- There you are. - That'll close my account. Your account's still here. That's a loan.
A loan you say? @ 39.8% per week? Wow what a deal! I was starting to sweat the idea of being broke for a second. Thanks for saving me , hate for the neighbors to think I might be having financial dif . It is all about image these days, ya know?
If that excites you, wait til you see the monthly transaction fees, low balance fees and the "my ugly JAP daughter needs braces" so I'll call it a weekly "maintenance fee" fee.
Thank God for looking out for my best interest. Last 401k I had, they charged me 18 dollars in fees to lose me 33 dollars over 6 months. Another great deal from the money changers.
The real fun comes when you drain that 401K.
I was literally screaming into the phone "cut the fucking check and give my fucking money you twat". They did after taking a hefty munch out of it,
Oh was that fun...but less painful than "donating" it to my "country's" ailing economy.
That kinda sore ass never goes away.
Lol I hear that. I waited for 6 months after I quit that shitbag out fit and took matters into my own hands and like the true genius that I am I bought silver. NOW, I just purchased a bullet mold so i can use this worthless shit to shoot werewolves.
Shame that only silver works.
But what the hell, I care to send the very best.
I bought silver with what remained of my "retirement"...that's the only thing I feel good about. I won't say what spot was when I did it.
Don't wanna rub it in on those late to the party.
But, with the taxes and penalty...it's close to a wash at today's spot...and maybe over if you think today's spot is pure poop. And I do.
This has absolutely nothing to do with Russian gas/oil pipelines, pinky swear.
ABSOLUTELY RIGHT!!!
IT'S SO TRANSPARENT....AUSTRIA AND HUNGARY HAVE BANK CRASHES AND RUNS...JUST AFTER SIGNING DEALS FOR GAS PIPELINES WITH PUTIN??? AND FRANCE HAS A RECORD BANK FINE BECAUSE THEY ARE SELLING WARSHIPS TO PUTIN...
LOL SOMEONE'S PISSING OFF THE JEWS IN NEW YORK!!!! HAHAHAHA.... YOU SIDE WITH PUTIN THE JEWS WILL CRUSH YOUR BANKS LOLOLOLOLOLOL. SO TRANSPARENT EVEN I CAN SEE IT.....THE END IS COMING SOON....WHEN THE BANKSTERS START FIGHTING EACHOTHER THE BULLETS AREN'T FAR BEHIND!!!!
FUCK YOU GCHQ AND NSA SCUM TROLLS....YOU'LL HAVE TO SHOOT ME BEFORE I STOP SEEING THROUGH AND CALLING OUT YOUR BULLSHIT...DIAF
WWIII starts with banking. Same as WWII.
When you forget what war is like....you want war
Happy 4th everyone
Happy 4th everyone
Happy 4th everyone
You better shut your piehole if you know whats good for you-you pumpkin pie haircutted freak.
Shut the front door.....toughf...guy
For these bank crashy thingys to work like they want them to -enough people have to have enough money in them is order for the fuse to properly light. Otherwises it just fizzles-or sumpin'.
I think that's why Puty-Poot is still breathing-and basically nobody else on the planet gives a shit.
Beat me to it.
Couldn't even wait a bit for it to be less obvious.
More "sanctions"....
Long Bosch Nail Guns and breezy 50 story balconies.
Get to work, Mr. Draghi... time to fire up the Euro printers
you wish. the ECB balance sheet is shrinking. not that you are supposed to notice
romania is the beacon of truth, justice, and the capitalist way. how funny.
USA is the beacon of truth, justice, and the capitalist way. how funny.
Look buzz, it works the other way 'round too... ;)
Speaking of Austria, how about some nice Austrian Gold Philharmonics?
http://www.apmex.com/category/155/austrian-gold-philharmonics-2014-prior
These coins are legal tender coins in the EU since they are Euro coins with a Euro face value. This means that you can carry them in and out of the EU in your pocket and EU customs agents cannot say anything.
they are nice. yet I was not aware on any "coins" or "face values" restrictions in the eurozone. in fact, gold was always welcome, here. even during the US Gold Prohibition of 1934-1974. thousands of "we buy gold!" shops in the eurozone
Did not know that.
I guess a "you're welcome" is in order.
Gold Buffaloes, 1 oz. .999
Amerika still makes the best coins. And the best cannabis 'produce.'
So we got that, which is nice.
sorry to disappoint you but on entering the EU with such coins, customs assesses them at their market value. Anything above eur 10 000 has to be declared. I agree they are pretty though, I have a few myself.
declared, yes. but besides declaring, is there anything else? that declaration thing is even on cash, of any denomination. nosy, yes
.
Sooo .. South Stereaming gets expensive, huh? May the PTB rot in hell, because the producers will not fall to Nudelman-ism.
big things start in Austria
they invented the croissant and the sachertorte.
Don't forget Kreditanstalt, Austrians built that as well.
The bankruptcy of that bank in 1931 helped start the great depression
the croissant is supposed to be a Turkish half-moon, and legend says it's so to remember that the Turkish armies were vanquished at the gates of Vienna
with the help of the dreaded Polish Lancers, which were the "tanks of that age" (which led to all the legends of Polish lancers attacking German tanks)
and the Polish Lancers used swan's wings on their backs, making them in full charge a very... apocalyptic vision
they were vanquished twice... fortunately the Vienna pastry makers had the good taste not to make the croissant into a full moon!
No wonder so many Poles wear red cardinal's hats like bats out of hell and like to walk the corridors of the Vatican; apocalyptic place which M. Angelo decorated for Pole dancers impaled on day of last judgement!
but the Turks had their economic revenge. they left coffee, in their camps. and the Viennese were immediately hooked. which led to brisk trade for the Ottoman Empire
i'll remember it ... and will start eating a croissant once in awhile ...
Word up.
Me too.
But I'm still drawing the line @ soccer and Nutella. And tea.
The only time I eat Nutella is on lightly toasted sourdough (whole loaf - sliced to my preferred thickness) with a touch of butter, almond butter, Nutella, and a little sriracha on top (layered in order listed). The whole thing should be warm or better for the best effect.
Sriracha goes very well with chocolate flavors. My favorite VN food join in Dallas, TX (Mai's - rough neighborhood but amazing food) has this peanut sauce they serve with spring rolls. I am convinced they put Nutella in it (or an equivalent) and I always put Sambal Oelek on top. Once I moved north, I approximated the flavors as best I could and the above is as close as I can get.
I have never been able to repro that peanut sauce - but I keep trying!
Regards,
Cooter
+1000
Interesting.
Thai chicken satay w/ peanut sauce is like catnip for me.
If they've been sneaking Nutella in that sauce, I've got some horizons to broaden.
This whole problem can be solved by confiscating the savings of the serfs and giving it to the banks.
I need a job at the IMF.
Yeah, like giving piles of cash to a high maintenance young girlfriend!
A'int nothing being solved.
Regards,
Cooter
It's Creditanstallt all over again.
That's the first thing I thought but then remembered their toolbox of fuckery is larger.
I just read the Wikipedia article about CA. So Hitler was right about the Jews after all?
“These announcements hurt the management’s credibility going forward."
Ha Ha Ha! Give them all the usual Multi-Million dollar bonus and a promotion like they do in Merika.
Another bank gone tit's up.
Yeah, these sociopaths are thinking what is needed is some sort of jump to what they percieve as a higher economic steady state. The question here is whether or not they realize such requires pounding the vast majority of the population into a Hunger Games sort of world. Unlike Martin Armstrong, I wager they do know. The proverbial "barbarians" are at the gate - balance of power in the world is in play. So, we have a regular economic Mexican standoff going on.
what a name - "Erste bank" which translates as "First bank"
is it going to be the first one in a long long line of these zombies falling out ?
When I was a kid I always noticed that banks were always "first" something or another and I wanted to start a bank and be the "second" something or another.
Regards,
Cooter
Cincinnatti's Fifth Third Bank is your prototype!
HehHeh-look at this outfit!!
https://www.53.com/site
Østjydske Bank -36% today. Take that Erste (-16%), you are only Zweite today!
Interesting 'update'. Since when does the 'Banking Asdociation' and 'banks' get to tell a sovereign country what to do? Errrr, never mind...
Actually not recognizing goodwill as regulatory capital is prudent, not ridiculous and it is not different from the US or UK. You could make a similar argument on deferred tax assets, which are eligible to some extent, but that would destroy the French banks among others..
Other than for Erste's shareholders and its management, which might be sacked any time, this is not a big deal. Erste has rock solid operations in Austria, the Czech Republic and Slovakia, but has issues in Romania, Hungary and Croatia which are in total much smaller than the beforementioned. And I am speaking from within a competitor of Erste..
....which might be sacked any time, this is not a big deal....
You keep saying that word, "sacked". I don't think it means what you think it means.
Proper sacking starts at 2:05 ...
http://www.youtube.com/watch?v=NvIKL_pTZFE
Regards,
Cooter
Don't take it too seriously...or this could happen:
http://gawker.com/dad-gets-brain-injury-from-headbanging-to-motorhead-16...
Dad Gets Brain Injury From Headbanging to Motörhead"We are not against headbanging," Dr. Ariyan Pirayesh Islamian, one of the man's doctors, told theAssociated Press. "The risk of injury is very, very low. But I think if (our patient) had (gone) to a classical concert, this would not have happened."
Or just enjoyed a long boring game for faggy assed soccer.
Now I see clearly.
Because fuck that.....Gimme more Lemmy!
Those faggedy assed soccer fans is what will give you the drain bamage.
Exactly, home boy. Enjoy your circus. But whatever you do, don't stop rooting for "your team" and pay no mind to the theft of your wealth and sovereignty. You won't miss the freedom bit, cause none of you ever had it.
Loyal subjects to whatever local inbred had the fanciest hat or chair or castle.
Stings a bit, huh?
Drain Bamage, indeed and ball-less to boot.
Has that 2x4 always been up your ass, or is that a new addition?