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What Just Happened In Today's "Crazy" And Biggest Ever "Window-Dressing" Reverse Repo?
Back in the day, when the sophisticated deep thinkers who effuse deep economic thought, were deeply contemplating whether the Fed's IOER was a better tool to assist if and when (hint: never) the Fed begins to hike rates, or whether the relatively new (conceived about a year ago) Reverse Repo was the better candidate to help push liquidity out of America's bloated financial institutions, we made it very clear that the entire debate is completely irrelevant, as the only purpose of the Reverse Repo was to assist banks in pretending (with the Fed's explicit knowledge) that they have a better balance sheet than they represent.
We did this first in January in "Window Dressing On, Window Dressing Off... Amounting To $140 Billion In Two Days", then in April in "Month-End Window Dressing Sends Fed Reverse Repo Usage To $208 Billion: Second Highest Ever", then in June "WTF Chart Of The Day: "Holy $340 Billion In Quarter-End Window Dressing, Batman", then in July "Record $189 Billion Injected Into Market From "Window Dressing" Reverse Repo Unwind."
Of course, the abovementioned deep thinkers ignored this because it would mean that all the argumentation about the Reverse Repo facility as a means to assist the rate hiking cycle was irrelevant, and that instead of hiking rates the Fed was far more concerned with the collateral shortage that the TBAC loudly complained about in the summer of 2013... just months before the RRP was unleashed (recall "Desperately Seeking $11.2 Trillion In Collateral"). Pure coincidence, right?
Well, the argument largely became moot when two weeks ago, following the Fed's recent announcement Reverse Repo would be capped at $300 billion, leading even the deepest of pundits to realize they have been fooled all along, and the RRP facility was never meant to be a rate hike-facilitating mechanism, the Fed released this:
Statement to Revise the Time of Day of the Overnight Reverse Repurchase Agreement Operation for September 30, 2014
As noted in the September 17, 2014, Statement to Revise the Terms of the Overnight Reverse Repurchase Agreement Operational Exercise, the Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York (New York Fed) has been working internally and with market participants on operational aspects of tri-party reverse repurchase agreements (RRPs) to ensure that this tool will be ready to support the monetary policy objectives of the Federal Open Market Committee (FOMC).
Regarding the operation to be conducted on Tuesday, September 30, 2014, the Desk will conduct the operation several hours earlier than usual, from 8:00 to 8:30 a.m. (Eastern Time). All other terms of the exercise will remain the same.
This change only applies to the operation conducted on September 30, 2014. The operations conducted from Monday, September 22, to Monday, September 29, and those conducted on and after Wednesday, October 1, will be conducted at the previous time of 12:45 to 1:15 p.m. Any future changes to these operations will be announced with at least one business day’s prior notice on the New York Fed’s website.
Wait, why did the Fed explicitly warn that just one reverse repo operation would be temporally-adjusted, namely that of September 30, i.e., today? Simple: what is today?
Why quarter end, "window dressing" day of course.
In other words, the Fed ripped off the mask that RRP was anything more than a way for the Fed to allow banks to appear more palatable to... drumroll... Fed regulators. Regulators such as Carmen Segarra, who once again made the news, not only for being fired for daring to ask probing questions about the Fed's "close" relationship with Goldman Sachs, but for providing 48 hours of recording confirming that the NY Fed is merely a branch of Goldman Sachs.
So fast forward to today at 8:30 am when the Fed announced the result of today's "special" window-dressing Reverse Repo operation. What was unveiled blew our socks right off, because not only was the Reverse Repo an absolutely whopping $407 billion, but the low rate on the auction was an unprecedented -0.20%!
And here is what today's operation looks like in historical context:
That's right: at $407 billion, it far exceeded the $300 billion new cap on the program.
So yes: everyone can now admit that Reverse Repo was nothing more than Fed-mandated window dressing, no point in covering that up any more.
But what about that Low rate of -0.20%?
For the answer we go to Stone McCarthy which has done a forensic analysis of precisely what happened in today's "Crazy" (as they call it) Reverse Repo operation.
From SMRA:
Quarter-End ON RRP Craziness
Today's quarter-end ON RRP offering from the Fed included a total of $407.167 bln in submissions, far exceeding the new $300 bln overall cap on the program
As such the 5 bps fixed rate was not applicable, and the allocation was decided by an auction mechanism. Bidders (since September 22) are required to include in their submission a rate at which they would be willing to engage in the Fed's RRP operation. Today these bids ranged from a low of -20 bps to a high of +5 bps.
The Fed by starting at the lowest rate and working upward was able to do the $300 bln max at a stop-out rate of 0%. All awards were at this stop-out rate. Thus the bidder at -20 bps was probably envisioning a stop out rate well above their -20 bps bid.
Today's offering was a test of the program. The Fed conducted this operation at 8:30am this morning in anticipation of quarter-end considerations. Typically the dealine for the operation is 1:15pm. The stop-out rate was even lower than what we envisioned. We were thinking 1 or 2 bps.
What this means is that today's offering was done at a rate below the fixed rate of 5 bps, and thus today the floor aspect of the ON RRP program was not effective. This will probably be the situation at most future quarter-end offerings.
Oops: this means that the RRP as a mechanism to hike rates will certainly fail due to the discontinuity of collateral requirements, which spike at quarter end. Because try as it might, the Fed simply has no way of hiking rates on all other days except March 31, June 30, September 30 and December 31.
Why such a surge in submissions?
As quarter-end approaches dealers typically pare positions for balance sheet dressing purposes. They may also be less willing to engage in matched-book RP activities in helping financing their customers.
The lull in dealer financing demand means that the MMFs, the primary counterparty party to the Fed offerings, have liquidity to put to work that is redirected to the Fed ON RRP offering.
At previous quarter-ends the MMFs have accounted for around 89% of the "take-up" of the ON RRP offerings.
This compares to around 82% on non-quarter-end dates.
Does this argue for a higher cap than the $300 bln?
Not necessarily. The MMFs, of course, wish that cap were higher. If so, such may have provided ample quarter-end investment opportunities with positive interest rates. Indeed, some Treasury bills were trading at negative interest rates in response to the capping of the ON RRP program at $300 bln, previously there wasn't a cap.
The cap was imposed because the FOMC was worried that in times of financial distress (not routine quarter-ends) the MMFs would only engage in lending to the Fed with the dealers and other money market borrowers getting cut off.
Some worried that the Fed might become too dominate a player in the money markets.
The results of today's offering are not really surprising. The Desk probably anticipated something close to what happened here. We think that what we saw in today's offering will be typical of future quarter-ends. Despite that fact that the MMFs would probably prefer a much higher cap, thereby rendering somewhat higher quarter-end returns, what they are earning (0%) is still better than the negative returns on bills that mature early in the new quarter. In other words, the ON RRP program is still a better alternative than what would exist in the absence of this program.
And there you have it.
A bigger problem, however, emerges, now that it is empirically proven that the Reverse Repo is now meaningless and doomed as a means to allow the Fed to hike rates in a world in which the Fed Funds rates is irrelevant, and a parallel rate corridor somehow has to be established. Which means that only the IOER fallback exists, a rate hike environment fallback which as we wrote back in 2012 is also meaningless as it only controls for one half of the rate increase corridor.
So... still betting on a rate hike in mid-2015, when the Fed itself has just admitted, and the market has confirmed, it has no clue how it will hike rates?
We'll take the much, much over.
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Fraud Markets!
RIPS
$407 bln was total amt of bids submitted. Total bids accepted was 300 bln, just like the fed said they were gonna do.
Capping at 300 bln sounds right to me.
Hell freezing over?
Or slightly before then?
Ben Bernanke and Janet Yellen both list 'that paper chase' under their twatter hobbies.
Equities to infinity and beyond............
Buzzed Litebeer to the rescue!
Negative rates = Paradise!
If the likes of Zero Hedge weren't around, the public would never even get a chance to understand the smoke & mirrors Ponzi that the Fed is running.
I guarantee that if they haven't yet already tried (through various methods), there will be serious attempts to disrupt and/or take down Zero Hedge's news & information feed flow.
Or maybe ZH serves as a pressure release valve. Everyone can come on here and scream FUCK BERNANKE instead of kicking their dog. Also it makes it easeir to track the pro putin crowd's ip addresses
DT's can get really bad, no?
Nice to see you again, Fonz
Don't forget... this place will rot your brain.
too late. waaay too late.
Fonz, I challenge ZH on many assertions they make that I believe are incorrect, too (e.g. the real military/economic strength of China, which I think they conflate), but you are just wrong about stock being more important than flow, and it is pretty basic stuff.
Stock of presently created/purchased assets just sits on the sidelines, with literally no place to go (since every channel is already stuffed).
New flow at least prompts the primary dealers to do something, anything, with manna from the Central Banks' electronic printers, even if much of that "investment" is folly in allocation, is done at huge mis-pricing, and will create a a wipeout of prices, activity and illusionary wealth during the next crisis.
It's the accumulation of stock (and I know you know I don't mean stocks) that have allowed the fed to own a big enough chunk of the bond market to maintain control of it. The hard part for them is providing enough excess collateral out there for everyone else who needs it. So the fed has been fighting to keep yields from imploding. Itg also gives them the ability to raise rates just enough off the zero bound to make everyone believe that they have true power tor raise rates, However they have control of the stock market, they clearly have it. I mean it's not even debatable that what we are looking at is a real market anymore. So they can have a nice little ebb and flow to yields and they will have some churn within the market (small caps right now) while the broad index stays slightly below ATH's and then pops through them again.
I am not saying that flow plays no part in all this, and it may take shape in other forms from here. But I am pointing out that it's stock that has given them control.
Of course I know you don't mean stocks (just to confirm).
Stock = total amount of assets ALREADY CREATED BY CENTRAL BANKS.
Think about it; where is the majority of the EXISTING STOCK of assets already located, or, what is it doing, to be more technical, at present?
It's sitting either on Central Bank balance sheets, print's been digested and regurgitated by Primary Dealers and their minions into investments in equities, bonds, other investable address classes, or is sitting as excess reserves on bank balance sheets.
It's already been "used up." It's already gone through the digestive track (miss inefficiently a manner as it may have).
It's detritus.
Sure they already own it and can create some churn out there like occasionally popping a momo bubble in some sector and creating btfd opportunities in others, perpetuating the illusion of a real market.
Even if you play it out and you are dead on accurate where this goes. Lets take Japan, this was from the other day
"The BoJ now holds 1.5% of the entire Japanese equity market cap (or roughly JPY 480 trillion worth) and is set to surpass Nippon Life as the largest individual holder of Japanese stocks"
still another 98.5% to go. We could be here a while.
Exactly.
And what is Japan to do? They can't escape the black hole that their own central bank has created, which continues to suffocate more of their real, actual private sector with each passing day/month/year...
...otherwise known as Krugmanomics.
thanks guys for this exchange!
We bought the dip.
Just who the F felt entitled to publish a chart of my sex life?
Just like to throw this out there --
This appears to be a much larger story than most would anticipate. We are truly in the financial end times.
Google is wallpapering over anything dealing with "reverse repo rate."
For example, you all can try this where you sit;
Google "Reverse Repo Rate" and almost all results have to do with the RBI.
Then try the same thing on Bing or Yahoo -- materially different results which are, to say the least, materially more relevant.
There was a guy I saw once..
He had a tray on the street corner..
There were three shells and pea under one of them...
the same happens for example with Reuters and the news they generate, with the same "wallpapering effect"
it's "controlling the narrative". happens with lots of issues and themes, so I'm afraid I can't see it automatically as an "end times omen"
<p>Controlling the narrative is an important thing for those in charge to do. <br /><br />However, the RPP is a fairly abstract concept that -- I would venture to say -- most people here do not fully understand what it means and how it works. </p><p>When concepts such as the RPP are "wallpapered over" -- I see it as a materially bigger thing than, for example, the wallpapering over the source of the funding of the Maidan protestors. <br /><br />That being said -- I've gotten in contact with the Tylers as to becoming a site sponsor to do various series, covering mostly EU and EMZ sillies. However, I hate one sided "propaganda" and was wondering if you would be willing to write responses to my articles -- and I'd include them all in the same article. Let the people decide. <br /><br />Whatcha think? </p>
"still another 98.5% to go. We could be here a while."
Fonz, where do YOU see the AU limbo line going to?
the flow of real goods/commodities is the only thing that matters. So long as trade is occuring between countries, we may yet still avoid WWIII. All this financial horseshit in the "official" "markets" will be irrelevant soon enough. Populations/evolution always determines what is relevant and when. How many people, globally, live on how many dollars per day again?
Personally, I see plenty of opportunity in the coming chaos. Things like "wealth" and "money" get re-defined all the time. Embrace it, you will all live longer, and be considerably more profitable as well...
in short I see plenty of economic activity occuring outside the control of the "taxman" and I expect it will only increase...
All this financial horseshit in the "official" "markets" will be irrelevant soon enough
as a paper pusher I find that mildly offensive. But more importantly I feel pretty good in saying that if you want to see the short/intermediate future you need to just buy one of these.
https://www.google.com/search?q=birinyi+ruler&espv=2&biw=1280&bih=923&tb...
Technology advances, humans don't and real capital and talent always go where they are respected...
Same as it ever was fonz...
I am sure that you know truly wealthy families don't hold much of their wealth in public markets. We also think differently about what wealth/assets in terms of generations...
This is a classic case of where I don't disagree with you at all LOP especially about where the wealthy keep their money and how they pass it down generationally. I can tell from your posts and business that you are prepared to work with things as they are presently and if they should change drastically. I am simply putting forth the possibility that they may not change drastically for quite some time.
Just to say hi I wanted to point out the American demographic situation is much different from Japan. They have a homogeneity that we do not. The culture is extremely subservient and tradition bound. The US is a melting pot, which generates a lot of heat. We may not have a Japan length timeline to play with.
Not predictin', just sayin'.
Collateral? What collateral?
You don't have any steenking collateral that the FeralReserve can put their moneygrubbing hands on.
<lost in a boating accident>
They're toast.
f-----------k you hombre
It has been going on since ZH became popular. The troll action drove away the best and smartest posters years ago, and devalued the site's reputation to "conspiracy nut" "right wing kook" and "anti semite" status.
At least to infinity + 2.358
I'm thoroughly convinced now that neither Bernanke nor Yellen have been running the Fed. In fact, Matthew "Free Money for Everyone!!" Lesko has been pulling the levers behind the curtain.
He'd be the perfect spokesman for the Fed.
Also, the reason for the 8am - 8:30am time framewas so the mmkt funds wouldn't be scrambling all morning long looking for overnight depo bids in a vacuum.
If the funds can get their RRP allocations earlier it makes investing the rest of the daily liquidity that much more orderly...So yes, qtr ends require different timing so that daily mmkt flows don't go full retard.
I'm curious who bid -20bps? Who needed, desperately, the balance sheet protection afforded by "winning" the auction?
Anyone betting the Patriots -3 last night.
J-E-T-S . . .. JETS JETS JETS
Sincerely , Rex Ryan
Yup..... Get the bulk done and worry about the tag ends later, after the cut-offs.
Note the Primes. Cute bumping up for Qtr/End.
Just wait until the new regs about liquidity/pricing come full swing and the institutions start bitching about their clients bitching about floating prices. Watch the Institutional Primes while way away to naught with the funds redeployed to Tresury Onlys. Making collateral all that much harder to come by.
Unintended consequences?
Anybody but me see it? All the additional regs keep forcing more and more funds into treasuries.
Unintended or blatant?
Who cares.... It is what it is.
The beauty of fiat currency is that the "record" amounts always get bigger. Repos, IPOs, etc.
Damnnation !
I mean....particularly after finding this site years ago....I kinda knew that we (U.S.) were in a ever shrinking corner.
But man.....it's like a maze that will eventually lead to the abyss. Debt, Fiat Ponzi, Peak Cheap Energy, Demographics and no real control over interest rates......it's all funneling us to the collapse.
At some point people will understand. At some point people will take back life .
And I cannot say what will happen to the self appointed class. But time has come to the end game. Time has come, i would like to be kind but i don't feel like it after witnessesing this never-ending abuse of life.
That is what really hurts. The fact that all my love for this world has to contend with this. Not a matter of understnding. I can understand most. This is LIFE. WTF? This is not money.
As I say. New reality series. Let's watch Jamie Dimon scratch out an existence in Harlem.
boy this is the kind of reportage that's worth actually contributing to Zero Hedge for. Heecchh. What am I saying; slapping my own face; never pay for anything you can get for free. But, thanks; (talk is cheap); nice work guys.
ebola virus confirmed in Texas. Crap. Maybe now the clowns will shut the border.
LOL I can almost hear the head scratching all across this board as we have now graduated from "yields will go parabolic causing the currency to collapse" to the fed can never raise rates, ever.
One thing you can be sure of now, the fed will raise rates.
Of course the Fed will raise rates. However, if you actually read the piece, not in any way it can control.
Tyler its stock, not flow. Sorry man but because it is stock and not flow the fed will not lose control of rates. I believe you know this. The truth shall set you free.
yep, they will not lose control
anyway, 30 year DOWNTREND in rates remains intact.
The Fed lost control in 2008.
The fed TOOK control in 2008.
"The fed TOOK control in 2008." of the ATM machine. Pretty much out of the interest rate business.
I see none of you have a clue what stock vs flow is.
Here is a clue. When this ends http://www.zerohedge.com/news/2014-09-30/goodbye-pomo-normalcy-returns-o...
and the market does not crash, and yields do not spike,and zh whines about backdoor QE or whatever...it was STOCK not flow that mattered
fonz maybe right....we will be in the midst of WW3 with bombs in the air and I doubt the stock markets will crash, let alone even a sustainable drop...same shit everyday...junk (GPRO) goes to da moon while Gold and Silver prices keep tanking...I dont know how many more days Silver can keep going down like this without SOMEBODY going ballistic. We are at a point that whatever the central bank does...there will be major losers....obviously there is always one winner, the banks.
The Fed is a great place to stash your countries failing economic policys: Japan's inflation/ EU deflation, but the Fed is not where you should be looking for a crash. The crash will come when the yuan becomes the lender of choice.
The crash will be in the US dollar going up as global eonomies die, inflation or deflation hiding the failed economics of governments is where the lie must die as well. In the rest of the world this will happen as US currency loans become more difficult then impossable to fund, this leads to more failed economics and more and more local currency trying to find a place to hide out as the world economies die slowly at first then crash.
It took 3 years for the market to even take this first step. Will it take another 3 years for the markets to wake up to no business but Fed business? If the yuan can't or won't replace the US dollar lending then it really is game over.
fonzannoon'
You get it.... Neo-Liberal took total control in 2008. And it will take total control of the global economy through Global-Warming. We ain’t seen nothing yet!
Divided States ...,
You wrote: “we will be in the midst of WW3…”
You’re absolutely right. And you can clearly see it by US having the largest army; and by US having the biggest Gestapo (homeland security) with 1.6 billion hollow-tip bullets, that are illegal in war, and 2,717 of ‘Mine Resistant’ tanks.
Tyler
Great article… And very important topic.
The Fed took control overtly in 1913. Covertly they've had control since before the Civil war. After all it was they that had Lincoln shot for wanting to print his own money. At least that is my understanding.
At best we're talking thirty day paper.
A surging dollar makes buying any new debt suspect. If your China and Japan you're lovin it...unless that money is spent already (it already is) and you need to raise dollars.
The best way to do that is to buy plant and equipment in the USA and turn it into a productive asset. Those are now very valuable dollars "with interest."
Never forget that it was the US Army that guaranteed the free flow of goods from the American West to the East...THEN the settlers came.
That guarantee of payment has been gone a long time.
Sorry guys, in the short term the fed doesnt have to raise rates at least a 1 year horizon. Three reasons
1) Japanese and Euro Money will buy T-Bills here due to the strengthening dollar carry trade.
2) The only thing the ECB can really do is make yields more negative, see number 1.
3) Highly likely domestic money will flow to treasuries for return of investment as the US economy worsens.
This gives the fed the perfect storm to put the 10 year bill wherever they want to and unwind a portion of their portfolio.
Anyone who thinks they can see past one year is kidding themselves.
The Fed is leveraged 79-1 last time I checked, one hell of a unwind.
This is the whole "transmission mechanism is broken" meme. In other words the "flow" needs to be in the recovery not the debt.
But instead you have "the debt" in the form of the dollar.
VERBOTEN.
The Government can pay for anything because you can't "roll over your dollars"... Only spend or save them.
I say again...the default risk is astronomical here.
If I can price the debt in the form of actual currency...why would I buy your SHITTY Government?
Wile E Coyote just slammed into something again...
Try looking at it differently, the rest of the world see the dollar as Money, not currency......
Do you really believe the BRICS see the dollar as money or as a fiat that needs to die?
WWCD? (What Would China Do?)
My history book is laughing at you right now fonz. How many fiat currency manipulating central banks all thought the same? The list is endless and none of them ended well.
and what if that "reserve currencies do not last forever" chart is another 100 years off? You will still be right and we will both be dead.
What we can't predict is how much fraud will be utilized to keep the system functioning without QE. Btw I value your opinion greatly and do not disagree with you or your opinion all that much. I sense you think the US reserve currency status is not in play for now and I will just say no one can predict when it happens. But we sure know why it happens and that is when people and countries lose confidence in the currency. Losing confidence in the currency comes from devaluing it. We shall see as we are at that inflection point.
It is my belief though that a recently strong dollar indicates the Fed is done in the traditional QE. Whether they are done with 'Belgium' buying treasuries is another story.
no no fonz!!! you dont get it!! its coming...soon!!!! always soon!!! imminent!!! just around the corner!!!!! really........in the near future!!!!! for sure!!!!
https://www.youtube.com/watch?v=anwW_5kialI
holy crap fonz came back and now kito too....just like old times.
+coincidence?
Fonz, you know the day the peasants take a leveraged long position, the Fed will pull the rug.
They can't wait to laugh at the schmucks.
What currency has survived mass overprinting of it while the rest of the world is actively working to circumvent it?
"maybe" a few quarter point moves for symbolism ... but won't get over 1% for a long long time
The market has in fact raised rates. Then pricing of risk has not been eliminated as it has in Europe, Japan, Russia, South Africa, etc, etc.
This is confirmed by the dollar soaring in value I might add. Name one reason for a currency to surge?
Taper is Einstein's stop sign...and now your loop has become a feedback loop.
Would appear someone has turned up the volume on their "ghetto blaster" as well.
one reason - like it or not the dollar is still the worlds reserve currency, for how long thats a question.
Think the Yuan is a reserve currency, try again
http://www.bloomberg.com/quote/BDIY:IND
Baltic dry is half of what it was a year ago, and that is with a SHITLOAD of capacity comming off line in shipping. China is still an export economy.
You need to make "move two." (See above.). Currency is nothing more than debt...so sure...King Dollar it is then. But then why own anything else?
In the meantime the Government is complaining about "hoarding" when probably half the economy isn't paying their taxes.
That sounds like someone has their priorities screwed up.
Thats the "transmission" no one talks about. In short "who paid for that microphone?". The THEORY is that we ARE inflating everything away.
Instead prices are collapsing and we are left with a THEORY of demand.
That THEORY involves the Government.
The theory was that we would also be inflating our debt away, that hasnt worked out so well.... All we have done is make this a two class society....
Sounds like the new magic toothpaste; "just inflate away those discolored teeth with new Ipana Dollar Paste".
Fed can control anything it wants in the system. It is just a video game anyway
It will simply NOT control it because they will be told to do just that in order to cause maximum damage.
fuck I am fucked.
Seriously; Tyler this is significant reportage and interpretation; we are really fucked up, and our "masters" are really trying to just chill out about it; eg. lie, deceive, distract, use only gray cats at twilight, etc. etc. Our Banks are desperate; or in Desperate Straits"; (always wondered what a desperate strait was, anyway). Window dressing like Macys at Christmas Time.
I disagree Tyler, why wouldn't they? After all their whole ( real ) purpose is to enrich themselves. Why not jack up rates, after all we the people are on the hook to pay up. How could they possibly loose control of the market when they can print and spend however much they want and have ( through the captured banks ) control of the exchanges? Just logic.
The plan only works as long as we are able and willing to pay. It won't do them much good if they are decorating lamp posts.
One day at a time, Fonz. Yes, you have to start the next ZH anonymous meeting with "I haven't posted for 1 day," but we've all been there. You can do it, man! (says the pot calling the kettle black).
I took a month off. I emailed info@zh asking for them to disable my account so I could not post. They did not and so every once in a while when I can't contain pointing out certain ironies i end up posting.
Wait wait wait, Fonz is seemingly one of the more sane individuals around here and he can't stay off ZH for a month? You asked info@zh? really?
If this is true, I have to concede that all hope is lost. If (what I would consider above average understanding) individuals can't even contain themselves from using a website... and ASK to be "policed"...
game over man.
Yeah this is their house. We all agreed to that. I wanted my "account" with them closed.
Dwell on that if it makes you happy.
Bullshit. You said you didn't want to post for a month and you wanted them to disable your account. I don't know if you can delete your account, but you sure as shit can walk away.
I said I DID not post for a month, and I did not. I also said that this is their house so it is my account with them and I wanted them to disable it.
But you know what is better than walking away? Coming back every once in a while and pointing out the hypocrisy and groupthink that has invaded this place.
>But you know what is better than walking away?
Asking to be disabled for lack of willpower to stop posting... and then saying it is better this way?
I stopped posting for a month and during that time I asked them to close my account. It's definitely true that had they closed it that would have taken the opportunity to post away from me and made it that much easier. If you want a concession on that then I guess you have it. But as long as I still have an open mic on here I won't sit on here all day every day like so many others. But every once in a while I will pop on here and go off on the stupidity unless I find it completely worthless to do so. That's my call to make. I guess if that is a lack of willpower it's my problem and not yours eh?
Man, I WANT you to do just that. Pop in and point out the bullshit. I try to do the same. It is raining today, giving me plenty time to post.
but i gotta say, lack of willpower is something people gotta think about, hopefully this exchange sparks something somewhere for someone.
keep up the good work.
I limit myself to one drink a night and by 11pm I have usually had 3 on most nights. You won't find me naked and disoriented in a dumpster (often) but I have always had a hard time with willpower. I weigh 180lbs btw I noticed HH asked but then lost interest :)
Great weight unless you are a 4 ft woman...but even then, you could be serving your own drinks off the top of your head. I have an easy cure for sticking to just one drink - use a bigger glass;)
What's wrong with being disoriented in a dumpster? It beats the gutter.
I have zero willpower when it comes to single malt scotch, Bourbon and women.
You must be hell on bartenders.
Fonz,
Some of us appreciate the honesty and the opinions of ZH-ers even if it is opposite of our own. Keep posting and fuck the whiners.
Fuck. I came here to learn a few things, get opinions, which most often happens in the comments. Like today, this post. And, they're entertaining, that's for sure. Don't know why I signed up for an account. To ask questions, i suppose. So, is there a cure, Doc?
I don't know if I'd call it hypocrisy, but certainly willfull blindness to the power that keeps the system going is pervasive. Best just to find a way to play along that is morally acceptable and stop fighting the power. I can't bring myself to invest in the ponzi or participate in its perpetuation by buying government debt, but I have no problem shorting the miners, which actually has a way higher beta anyway, and is arguably the most risk-free trade on the planet.
Change your password to something unmemorizable - that'll have the same effect.
I believe you can reset it via email. Next idea?
lol
How much do you weigh, Fonz?
How much do you weigh Hedgeless?
If my memory serves correctly you were the original one who left to find the next watering hole because of the discrimination policy :)
Funny about my silent junkers above. Loyalists to the end eh? The other irony is that the site that used to be fight club seems to have successfully drowned out dissenting opinion.
Here lets keep rolling with ironies. Here is an article I bet the ZH pro Putin crowd did not get to see on here
"Earlier this month, the Russian government seized its citizens’ pension contributions."
http://www.businessweek.com/articles/2014-08-18/russia-seized-citizens-p...
Refresh my memory, I work in the private sector, Exactly what is a pension?
Mexico...
A promise from people who you don't know that they will "take care of your money for you".
an article of faith
"Here is an article I bet the ZH pro Putin crowd did not get to see on here"
Ahh yes, the old "Putin Lovers" strawman. People don't love Putin, they simply respect the man for standing up for his countrys self interest and being a strong leader; as opposed to our leaders.
Resorting to painting people with a false brush is a sure indication that facts don't support your opinion.
Whats your take about the part where he actually did take his citizens pensions? How is that standing up for his country's self interest, and if it is, then do you support the U.S doing the same?
Putin appears to 'stand up' for Russia's interests, but not necessarily for the interests of the Russian people. Obama appears to be opposed to what would seem to be America's interests, and is clearly not acting in the best interests of the broad swath ofAmerican people. To me there does seem to be a difference, but perhaps it's just that I have more Russian ancestry (1/4) than Irish (1/8). All of which is not to say that I wouldn't like to see both disappear into the dustbin of history and take their cronies/sycophants/supporting staff with them ASAP.
Perceptions... Our PTB surely must see that time is wasting and midnight is riding up the driveway. Putin is probably smarter and recognizes his overt hand is weaker so he will need the support of his people if this thing really goes full retard. The part most in the west don't get is the system is broken. Putin seems to get it. Pieces are being positioned (by turn even). Putin's best play is for the citizens of the west to wake up so he plays for time. Obama needs to push things along to overtake the east before the collapse happens.
Tick tock boom. Niether guy would hesitate for a second to have any of us killed if it meant better things for them. My perception is simply that Putin sees less value in my death than Obama.
6-3 195#
From the Business Week article:
The US government would never tap all of our phones.
The US government would never torture people.
The US government would never kill Americans without a trial.
The US government would never hold prisoners indefinitely.
The US government would never manipulate the stock market.
The US government would never negotiate wiith terrorists.
The US government would never confiscate everyone’s 401(k).
Exactly HH.
.Gov are assholes for not confiscating our pensions. Putin knows whats best for his people and he did it. We should only hope for the same treatment from our leaders.
Just this AM I heard a local radio personality going on about how horrible the Chinese were for how they might handle the protests in Hong Kong, and how horribly they handled Tiananmen Square, and how the US is so much better. I guess he forgot Kent State, Chicago '68, and Bull Connor.
Sometimes I wish I could go through life with blinders on. Saves having to think.
WTF? You guys gonna compare your prom dresses and hair-do's next?
I can't believe Bill Clinton never thought of that.
Oh, wait...
fonzannoon Thanks for the link. The chick who wrote the article looks like she's still in her 20s. Must be why she says "Critics of personal pension accounts usually worry that most people can’t cope with the risks involved in investing in financial markets. But if you live in a country with a profligate government and a loose definition of property rights, losing your account to the government is potentially a bigger risk. In most countries, it’s extremely unlikely that the government will outright seize pensions. In America, it’s nearly impossible to change Social Security or Medicare benefits, and the idea of the U.S. government confiscating everyone’s 401(k) is unimaginable to all but the most ardent conspiracy theorists. However, it’s not unrealistic to think that the American government could take a bigger bite out of individuals’ 401(k) assets with higher tax rates: Income taxes are at historic lows, and if the American government needs to raise revenue in the future, taxes on 401(k) withdrawals may be higher (along with taxes on everything else). But at least the account’s assets will still belong to you."
Still laughing.
accident, sorry, dbl pst.
My wife probably wishes I would take a month off too. She doesn't like that I keep trying to unplug her from the matrix.
I agree, rates will be raised.
After the election they will have more flexibility. 4% GDP increase. No more excuses not to raise. Possible it could happen next fomc.
Half a trillion to tidy quarter end up.
Quadrillion to scotch tape the coming disaster
bless the Lord and pass the bandages.
LOL!!!
I wish I understood this.
And i am glad i do not.
The Fed is moving around the chairs on the Titanic hoping the passengers stay calm.
It is impossible to understand this. That is why it is important to just let it go. Become watchers. Do not participate, mentally, emotionally or for God's sake, financially.
My personal opinion is to let this all become a real time open play of humanity. I still participate in things I can affect, including preparation, but as far as all this shit I just let it go. It all boils down to greed anyway.
I stopped getting upset years ago.
Overall feels like Humanities blow off top.
reminds me of Mickey Mouse, as the sorcers apprentice, in the movie Fantasia .....the music just getting louder and louder as it comes to the catastrophe
Shocking
Over my head..I need a cocktail
When has that ever stopped you from making your opinion known?
Next quarter 460 BN.
Collateral resources in Africa should be getting pretty cheap no. How bout outer space? They could claim a lot of stuff out there and under the oceans. If they poisoned the fresh water drinking water would be valuable.
Fuck it. Arrest Loyd Blankfein, Jamie Dimon and all central bankers and be done with it.
If you think you may need something, anything, for the next twenty or thirty years, you should buy it now because it won't be available soon.
Dude, if you think MREs are yummy yum now, wait until you unzip one in 25 yrs.
I wish I understood it better as well, Ivanovich. There is something however that I understand quite well: Cleverness, Chicanery, Obfuscation and Deception all go hand-in-hand. When an organization has to engage in the sort of laws-of-physics bending acrobatics that make a mockery of balancing a checkbook the old-fashioned way, your Rat-shit sensors are not leading you astray...
I have little understanding of this either but I think it means someone needs a lot of cash fast?
The Banks are in-solvent according to the banking rules; so they have to borrow a huge shit wad of money to have on their book-keeping system for the ritual quaterly "exam". then they give it all back again. Obviously this is not a "solution" to anything; it's just childish nonsense. Our large banks, remain, insolvent.
SAT 800 -The Banks are in-solvent according to the banking rules.
According to Kyle Bass the banks in the US were recapitalized unlike Europe. Are you refering to the banks the US gave billions to or all of them?
Stll trying to figure out how the whole derivatives mess plays out and what exactly triggers it.
...Stll trying to figure out how the whole derivatives mess plays out and what exactly triggers it...
It plays out with a whole, whole bunch of people standing around with thier dicks in their hand. Exactly what triggers it...well...God knows, there are no shortage of triggers. 2007-2008 is the case study, and I'm still trying to get my head around that. I think when the music stops on the next one, the record player won't start back up again. And there won't be any seats left for the vast majority of those involved and by extension those not involved...like you and me.
Collateral damage. Ha! I made a pun...
Fonz, if yields go parabolic every W/S trading freak looking for yield will pile into FRN's. Look at Spain, Portugal, Greece.
The Fed. likes this stronger $ jawboning meme. The stronger $ helps cap inflation... The kind you and I live with everyday. (food, energy, healthcare, insurance, education, ect.) You know... REAL WORLD expenses.
The Fed. is channeling Mario Draghi with a nice dose of Jean-Claude Juncker.
As Doc E. said ~ Any rate increases will be trivial and are already priced in. It's pure conjecture at this point, because the Fed. knows "full well" the economy can't handle any type of tightening. The effects of QE winding down are already spilling into other areas of liquidity.
I didn't junk you Fonz.
No argument from me. Be careful Yen it's statements like those that are going to get you in trouble on here.
I've been through the (5) stages of loss and grief on Zero Hedge Fonz.
The 5 Stages of Loss and Grief | Psych Central
We're all very impassioned people at Z/H Fonz... Thoughts tend to stick and take shape better when you're in that state of mind. I've walked away for a week or 2 several times. I'm sure many others have as well... That's healthy.
You'll aways be a friend and person I respect, no matter what your view is. (sans ~ cutting heads off of people)
No matter how nice you are, or valid your point is, there will always be people with differing views... The older you grow, the more you'll appreciate that. ;-)
"I've been through the (5) stages of loss and grief on Zero Hedge Fonz.
The 5 Stages of Loss and Grief | Psych Central
We're all very impassioned people at Z/H Fonz... Thoughts tend to stick and take shape better when you're in that state of mind. I've walked away for a week or 2 several times. I'm sure many others have as well... That's healthy."
Amen to that. I walk away when I find myself revisiting a stage I'd thought I'd gotten over after certain things I read on ZH.
It's a journey for sure. But that's the thing about Fight Club. You get the shit knocked out of you....you leave for a while.....toughen up.....and come back for more. Iron sharpening iron. With the occasional knicks.
Chumbawamba BITCHEZ~ Good comment Jumbotron
Chumbawamba - Tubthumping - YouTube
LOL ! Right. But I must say I may have to take another break after today. After maneco below offered his excellent "Fed Chicanery For Dummies" explanation I am feeling anger and grief all over again.
And just when I thought I had it licked.