This page has been archived and commenting is disabled.
Artist's Impression Of What The ECB Just Did
That's going to leave a mark...
h/t @ECantoni
* * *
As University College Dublin professor Karl Whelan recently concluded,
One of the key uncertainties surrounding the situation in Greece is the relationship between the Greek banks and the ECB. Lots of press coverage is suggesting the ECB has a set of well-established rules that mean it will not be able to lend to Greek banks in March unless the government negotiates a new EU-IMF program to replace the one expiring at the end of this month.
Well the ECB has almost complete discretion over which banks it lends to. I have written about the ECB’s Risk Control Framework before and it’s been rolled out regularly in the years since I wrote that post. The bottom line is that the ECB can single out specific institutions and decide to not lend to them for pretty much whatever “risk-related” reason they feel like putting forward.
...
The ECB is pretty clearly playing from its tried and tested playbook in their current stand-off with the Greek government. Governing Council members know they can cut off lots of credit from the Greek banks in March and many of them are happy to tell the world they are thinking about doing this. As a result, they hope to get Greece’s new government to sign a new deal with the EU and IMF.
But don’t believe for a minute that this is a technocratic thing to do with “the ECB having to follow its rules.” And it has almost nothing to do with Greek government bonds being junk-rated. All of the issues discussed above come down to discretionary decisions by the ECB Governing Council (restrictions on T-bills, waivers on junk-rated government bonds, arbitrary lines-in-the-sand on government guaranteed bonds and the mysterious rules of ELA) and there is plenty of wiggle room for them to allow Greek banks to continue receiving various sources of funding next month in the absence of an EU-IMF program agreement.
I fully expect the ECB-as-heavy-hearted-technocrat angle to dominate press coverage of this story this month. That’s a pity because the “ECB in politicised mission creep while helping trigger a bank run” story is more interesting and closer to the truth.
»
- 24067 reads
- Printer-friendly version
- Send to friend
- advertisements -
Inside info is a valuable thing http://www.businessinsider.com/goldman-sachs-shorted-greek-debt-after-it... Goldman Sachs Shorted Greek Debt After It Arranged Those Shady Swaps
That's right - Goldman Sachs made big money helping to falsify Greece's EU application, hiding massive amounts of debt. They then used that inside information to bet against Greek bonds, and made a killing.
Worshiping Lucifer has its' perks.
Until it doesn't.
Beyond talended!
I think I just peed a lil' bit!
He just calked his foot to the wall? What an amateur, he has no idea how to use a glory hole.
I thought all Banksters knew how to use a nail gun properly. Idiot.
What Eva it takes, bitchez
Dude...if you're Greece you don't want drachmas.
"Long repo men. Germany wants there military hardware back."
Sooner or later someone is going to invite the Chinese in. People talk about the Russians looking for another warm water port. What about a Chinese cruiser or two?
Will be fun to watch.
yet another country touched by my noodly appandage!
ECB already left...many marks.
It is written: "They that slurp their pasta shall be smoted!" :>D
Long may yer noodles wave, arrh!
Sorry Greece but "sometimes all your gold isn't enough either."
I mean seriously...who couldn't see this coming from a mile away? The whole purpose of the "bail ins" was to provide cover for "Europeans" to get their money OUT of Greece.
A sixty billion euro write off for Germany is NOT a big deal.
Bear Bombers over Berlin on the other hand...
so what will they call the greek russian bank?
Goldman Sachs......
ha. nice one.
In Cyrillic or Greek alphabet?
Broke
Outfrickenstanding bro!
Merkel and the fascist thieves " And the nerve of them to even come here and talk to us in that way with their half baked ideas".
this is drachma. nice. i love it.
I dont agree with this cartoon. I think this ECB move is calculated and correct. They need to make an example of someone. Its going to be Greece. They are going to exit the Euro, if they dont shut the fuck up and then starve for capital. They will enter the stone age and resemble Syria, more than pretend to be better than Turkey. Everyone else will shut the fuck up. Its how the Mafia works.
This is the word of the Lord. Thanks be to Draghi.
It is becoming more about psychology than 'rules' now. The Greeks are screwed whatever, but they can take control of their own destiny a bit more if they tell The ECB and the debt holders to go whistle. Default. Think about Iceland. Have a shit time for a bit, but you know what everyone else in The West ain't far behind, so perhaps first in, first to get out. Alternatively sink on the ECB ship at the same time as the rest, and continue to be beholden to their 'rules'. Bollocks to that!
+1 best observation yet.
"Fuck you. Pay me."
Sounds about right.
Not Syria, probably more like Somalia, or Yemen. Essentially a completely failed state at the southern tip of the EU.
Mexico is like Syria, a political core surrounded by a lawless country. How soon will it completely fail, too?
Its over, the Euro is finished; its goin to zero.
well, and goldman will win in this shit?
in 50 years historians hopefully dig in this shit to find greece did a "300" again?
or will the narrative be that the selfish greeks terrorized the poor eurocrats?
questions over questions
WTF is this shit really?
Central Bank agression on ordinary Greek people?
Did they decide to fruntrun their own planned cathartic market reversal by trying to ignite a new Greek drama for scapegoating purposes?
Has the North Russians cyberhacking the SPY E-T-F storyline then fallen by the wayside now?
But hasn't it been told over and over again that Greece has been fixed? Meanwhile, the markets were so awesome!
That's so surprising and confusing. Where's the solidarity whatever it takes?
Where's that cool new QE, Mario? Will it be used to fill up the ATMs?
Now, really, people, scrunitize the bankers playing dirty games. And their servants on Bloomberg, CNBC, etc that are prividing the cover stories for them. It's always something else when something is wobbling and never them, right?
We are simply witnessing some naked arses as the tide goes out. The scope of pure propaganda in contrast to the reality,throughout the West, is impossibly difficult for the average citizen to wrap their heads around. --And yet, everyone can now see for themselves just how hollow the power of the banking cabal has become, because here we have a case where a country in rebellion has announced, point blank and without obfuscation, that it is bankrupt and therefore refuses to accept any more cash from the EU,-- but which then prompts the EU to respond by threatening to cut off all funding! .....say what? (!!!) Seriously, you can't make this stuff up without a tab of acid.
Devoluted States of Europe
POPCORN TIME!
draghi prefers ice picks in the back than nail guns...is that italian thing...cosa nostra...greeks, learn from history... dont fuck with Roma.
what we are seeing is that the EU is becoming a real state..which means, like the US or China or Russia, power comes out of the barrel of a gun and if you stand out you WILL BE POUNDED down!
germany pulled another Bismark grand unification, the first gave rise to the German Reich under the Hohenzollern emperors...the second made all of europe 2nd class citizens with Germany first amoung not so equal.
UK was absolutely cynical and absolutely right to have stayed out.
Adolf Hitler's dream was realized without a single shot fired.
And the Greeks, need to learn, just like the American confederacy..that they are NO lONGER SOVEREIGN.
That 'learning' cost a lot of lives. Is NATO going to attack Greece? The EU doesn't have an army of its' own, per se.
This'll look good on YouTube, just like the burning of innocent Ukrainians.
Have you talked to the Soviet Americanus on the street? The innocent Ukrainians are being burned by Putin and Russian Neo-Nazis. The Donbas is shelling itself in order to bring in a new Tsarist Nazi Soviet Union.
It seems like there's nothing left too unthinkable for the EUSSR and its muscle to pull.
What???? innocent Ukrainians are being burned by..... now restate that correctly. NBCABCFOXCBSCNN all wrapped up in one bullshit statement.
The gun is fired by a bankster. The foot does not belong to a bankster.
I like the suggestion put forth on the other thread. The greeks need to renegotiate that debt with negative interest rates and allow the bankers to pay them so that the banks don't have to write the debt off, "win-win".
There is case precedent for this: The US sends money to Israel. In the guise of Foreign Aid (Cash, Arms).
I would have thought a drowning man cutting off the weight attached to him would have been just as good.
If the EU is to survive it needs to get rid of the deadwood.
But how does the EU rid itself of the EC?
and if Greece wishes to survive - same thing. let greece manage their own monetary affairs. and sufer the weight of their own policies (or maybe enjoy the fruits). thats the problem. one monetary authority over supposedly many sovereign nations. free rider problems and moral hazard problems areinevitable. keep the union (free trade), dump the monetary union. i bet greece would become the most stewardist of stewards over their money and fiscal affairs.
If Greece wants to survive it has to address nepotism and corruption (taxes).
Something it never has and never will do.
agree, but, isn't that a better outcome than this?
Euro monthly shows no signs of slowing down
http://bullandbearmash.com/chart/euro-monthly-takes-beating-usd-rockets-...
We may see interim stalls, but downside should continue
I thought the picture at the top of the page was Pete Carroll last Sunday night.
LOL...thought that was USG for past 60 years....
That's going to leave a [Deutsch]mark
ECB and normal predator strategy:
FULL BLUFF MODE
-----
That's been so successful for them for so long, they may even forget they're bluffing. That's okay, hold firm. The time has come for learning.
Dominoes , Dominoes , Spain Next. ... Jim Sinclair is right . . . .and Jim Willie . . .