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Mario Draghi's "Q€ Unleashed" ECB Press Conference - Live Feed
After what feels like years of anticipation and promises, we found out last month that Q€ will happen. Today we find out exactly how Mario Draghi's magic trillion euro spending spree will occur (or not). Despite all the 'facts' surrounding a lack of liquidity, willing sellers, and available securities we are sure Draghi will have an answer for how he will fit 10lbs of 'stuff' into a 5lb bag. We also expect him to exuberasntly forecast higher inflation (less deflation) and stronger growth - because if he doesn't, what does that say about his optimism that Q€ is anything but more wealth transfers?
ECB Press Conference (live Feed)
Alternate if ECB embed feed is broken (click image for link)
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As a reminder, here’s what the distribution of asset purchases looks like across the eurozone:
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Socialism ends when Europeans run out of American taxpayer money [that was collected from skimming the earnings off jobs that, Hillary or Obama will tell you, the "government" created, out of thin air by way of money that was printed out of thin air].
Or something like that...
right you are, and Nixon on August 15th, 1971, too. I tell you, it was liberating, for us Europeans (all socialists, I tell you), when Tricky Dick said that the USD would backed by gold, from that day on
or something like that
"First by inflation, then by deflation..."
Release the CRACKen .....what could go wong?
Draghi looks like he's on Quaaludes.
Or stays up late and parties with hookers like Dominique Strauss-Kahn. I mean work cant be that trying, its just Printer on, printer off.
I took one look at that guy and basically thought..
- I'm not in the the whole reptillian club but wow does he look like a cross breed. It's like I can see snake genetics coming right out his face of something - anyone else notice that?
I'd almost expect cobra commander to be waiting in a room behind him hissing away with his clenched fist... gleeful at the coming financial carnage.
And for the record EU you do not get inflation when there is no growth caused by massive increasing debt. The Interest Rate of the EU will determine the growth rate of it's savers, and the contraction rate of it's borrowers - it's just that simple. The only thing that will work is setting interest rates at the rate you want growth (say 7%) and rewarding the saver, and resetting the borrower. No loan school cookies for you!
GEICO gecko smile, but thinner, more sinister...
Yeah, noticed it.
Fuck you, Paul Krugman
I easily imagine demon faces just behind the facade, they easily morph just squint and cock your head, you'll see it..
rubbish. You just have to look at some Etruscan and early Roman portraits and frescos, and you'll notice that Draghi looks exactly like them. In the Uffizi gallery of Art in Florence you would find further portraits of people that resemble Draghi. cross breed my hat. Draghi is many things, but "crossbreed" does not come into it. we have plenty of territorial pockets here in Europe with "characteristic faces"
In other words nothing has changed for over 2000 years. Damn halfbreeds have been ruling Europe for a very long time.
sure. US politics is discussing the return of a Bush or a Clinton, and you find it strange that in genetic terms 2'000 years is very, very little
Where are the Germans now?? I guess they have dealt with their hyperinflation demons or are just scared of Deutsche bank going tits up.
The world is drowning in cheap money, there is no more demand for such things and this will only accelerate the capital destruction and resource mis-allocation.
FYI, when it comes to anything required to maintain a higher standard of living in a biosphere with 7+ billion people, and growing, there is no such thing as "deflation". It's a fucking myth.
If the 1% won't spend deploy all the cheap money that keep getting then the 99% will gladly take a refund or retribution motherfuckers.
"I'll remove the cause, but NOT the symptom!"
https://www.youtube.com/watch?v=Oo-oWc4uEPE
Counterfeiting themselves money out of thin air, then buying themselves everything, telling us that we have to pay them back for having done so. Or something like that.
Man you know the company cars are pretty fresh when you can just print the notes for the cash purchase price.
Ghordo --
I'm hoping you can answer my question, without using "European Solidarity" "European Unity" or some other such nonsense... BUT
Can you explain to me why Germany is receiving the largest chunk of QE? Seems a bit strange to me the French get more and the Italians get as much QE as the Germans, when the Germans have a materially larger economy.
Seems to me the Germans are getting the raw end of the stick -- again.
Also, on an aside, I now understand your "Germans being German" comment a few days ago. I just bought a used car here in the Fatherland. A used car purchase in the US and the UK (from past experiences) can be done in a few hours, and is generally dependent upon how much free food they give you. My dealer "gibt Gas" and said he can go from "I want to purchase this car" to driving off in it in a mere --- 10 days.
I did some research, and it has to deal with the ass-backwards way that banks issue dealers lines of credit here, and how they hold subsequently hold their collateral.
Needless to say, I've chalked it up to Germans being German, and something along the lines of "fuck the customer, its time for my union-mandated break."
First experience in 28 months here in the Fatherland I can really say the process is about as backwards as humanly possible.
Haus, if go back in all our exchanges, and read them, You'll notice that I do not use such "Europhile Champagne Socialist" terms like those you are used to hear in Frankfurt and quoting here
Germany is getting the biggest chunk of QE because the Buba has the biggest capital chunck in the ECB. that simple. note the other three big ones, and how small the others are
now, you can either see this allotment as something that has to be spent... or that can be spent... if the BuBa wants to. we'll see what is what
you are too young to remember Germany with all the graffiti saying: "What happens if it is war... and nobody shows up?"
happy to hear you are discovering Germans! part of the old joke was: "One German, a Good Worker! Two Germans, a Trade Union! Three Germans, an Empire!"
Ghordo,
I had a very materialy typo in the above, which completely changed the meaning.
E.g., -- why ISN'T Germany receiving the largest chunk of QE? Its actually #2 behind the Frogs and on par with the Calzones.
in a financial world that demands QE from the eurozone, and please one trillion, asap, you are quibbling about a difference of twenty billion?
Frogs? Calzones? Haus, do you actually know where the name Frankfurt comes from?
Yeup.
That being said -- I do enjoy the deragatory names (let us not forget Inselaffen -- my personal favorite) with you as it offends your sense of Europäische Einheit.
Haus...<groan> when are you going to stop projecting your local issues and what you hear there... on me? When did I ever talk of "Einheit"?
ok, what I meant is that Frankreich (France) means Kingdom of the Francs. Frankfurt means... the Ford of the Francs
sure, there is something like France since quite a long time, after Charlemain's empire was divided among his sons
but the real differences between Frenchmen and Germans... are gradual. Your GF is from the East, isn't she? question: does she "fit in" completely, in Hesse?
now that you have bought your car, you'll notice a bit more how much all this changes whenever you drive one hour in every direction
LOL... Inselaffen? Why are you so fond of that term? it's... archaic
If you think German bureacracy is bad you have never dealt with the Dutch! I lived in Amsterdam for 8 years and by time I left I couldn't wait to leave their crazy-ass ways behind. They are basically Germans without the work ethic. Not nearly as friendly as the average German either, phony politeness. Happy to be back in the 'States, aside from the small problem of Obumblefuck & friends.
This was my experience with the French, and especially the Italians.
Italy was actually the worst. All I was trying to do was buy a stamp. I was shocked at how disorganized the entire nation is.
buying a stamp in Italy! lol. now, that experience I can understand. you have to know the tricks. one of them is to have the hotel do it. another is to go to the tobacconist
My headache was socks in Spain.....where the hell do you find the socks?!
"and Nixon on August 15th, 1971..."
There's hardly a doubt in my mind that Kissinger was pulling the string for all or most of Tricky Dicks actions.
The world now is in desperation QE/NIRP mode. It looks like the same old human problems that has plagued mankind from day one/ Pride and Greed is causing another catastrophe. Humans have tried just about every form of government and NONE has ever worked being only Rome with despot rulers holding on to power for a couple thousand years. Maybe there is no answer..
The reason the Romans lasted so long is because their money was Gold and Silver coins. I mean yeah they didnt innovate too much except in the military field so they could acquire gold from other folks. But gotta give it to them, they lasted a loooong time.
But it still goes full circle. Today, if we had gold/silver backed coins we would have to strip mine the planet to produce all the worlds coins so we could strip mine the planet. We race to our destruction chasing infinite growth on a finite planet. Sooner or later something has to give, as has given in times past. But this time.. it is going to be a Holyfvk moment.
Yeah, cuz we could not put a .01 gram of gold in a coin and call it $50, they would have to be one pound each .999. Strip mine the planet, perhaps we could avoid that with some thought..
.01 gram is 50 bucks, the price of gold goes to the moon, and here come the miners. YOU didnt give that much thought. It is all about perception. "I got mine". This is humans at their core. 3 dogs 1 bone.
Try FOFOA, get educated. Fiatskis dont work, wont work, fractional gold, silver coins could work. Of course gold price goes way up that is the point.. I tried..
But it is still the capitalist system. That in of itself is the problem. Corruption, market manipulation, aka HUMAN GREED/PRIDE. Nothing will work if humans cant control themselves. THIS is the problem, not the form of exchange. But yes, you did "give it a try."
Ah, the existentialist has spoken, well you fix the world I will stand back as you jam some more "ism's" at us. You will let us know when you design a system that does not work on human greed, you know fixes human nature.. Let me guess your "ism" just has not been implemented by the right people.. Batt77pp
No you are getting me wrong, I don't have the answer. There is no fix and there never will be as far as I am concerned. There is no perfection, especially when we start dealing with humans. Try getting 3 people in one room and get them to agree on anything. The divisions run deep.
I do that very thing many times per month. People will work together if you can educate and frame problems so that they understand the path to less pain or more pleasure is through mutual cooperation. Its simple, the hard part is getting their shoe on your foot to intellectually understand their motivations. Some folks that cannot be done with as they are psychopaths and should be imprisoned.
@COSMOS
There is no doubt that that is part of the reason.
Someone would likely counter this by pointing out that the silver & gold 'content' of the coins was systematically diminished over time, but the obvious rebuttal to that is that the 'PROCESS' of doing that took a very long time [& whereby the end result of the process amounted to the pure gold & silver, thus siphoned from coinage, eventually made its way into 'ELITE' hands, while the dregs were left with useless tokens when the trust in those tokens evaporated as it was learned that they had no redemptive value].
When you look it from that perspective, the EXACT SAME THING is happening now. The only difference is the technology. Since gold & silver are not used as 'currency' anymore, the process involves siezing control of a marketplace by way of:
- owning the franchise on counterfeitting fiat currency
- using the fiat currency to manipulate PHYSICAL commodity markets [both in terms of prices & leverage]
- systematically skimming PHYSICAL commodities from the marketplace [to be placed in private vaults]
- Perpetrating a geo-political system which places the criminals immune from prosecution
- Capturing a media system [which is committed to mind control tactics & preys of the stupidity of ordinary people, thus continuing to enslave them the bondage of their increasingly worthless currency]
So the only question remains is, once again, HOW LONG can that process go on?
Hey, if we are talking people who lasted a loooong time, let's better ask some aboriginees. Romans didn't even last as long as the pharaohs of egypt ... ;)
If there were khazars [with boats that could sail to Australia], around during any stage of Aborigine development, no doubt you'd never have heard anything about them unless the Ab's had eventually woke up one day, decided 'ENOUGH IS ENOUGH', figured out that they outnumbered them 98-2, & kicked them the hell off the island.
I have to admit...I have no idea why they are doing a QE...re they going to buy???? I think the countries that should not be creating new debt...will be adding to the pile if Draghi is buying anything...
What are they buying?
They are buying the 'wool' to pull over sheeple's eyes, & the 'time' that goes along with that whereby they continue to be slaves to the system.
Oh, & of course it [indirectly] buys Draghi & Co. more hookers, blow, fancy cars, & fancy dinners.
wrong question. who is going to buy what. note the handy table that Tyler has attached at the end. 80% of this "QE" is in the hands of the national banks of the EuroSystem, the "NCBs". national banks like Banque of France, BankItalia, Banco de Espana and the Deutsche BundesBank
the whole exercise is hugely political, with the bonus add on that the world's "MSM and markets" is so damn hooked on news of QE that they shut up when it looks like QE is "done the way they expect it"
fact is that every and each one of those national banks has a national banking system to herd and a national political agenda and opinion
fact is also that the "QE" is double the amount of new sovereign bond issuances, courtesy of nearly balanced budgets
Ghordius, I know you are kind of big on the EU. I have no problem with that.
But lets not pretend these "assets" in the national banks did not originate in private banks, mmkay?
A quick Google:
This is a direct, linear, not very well hidden money laundering mechanism.
I know this, and YOU sure as hell know this.
pods
true, but the difference is related to what happens in case of exit. The balance sheet of the ECB is not loaded with gov't debt, so in this case the country leaving the EZ will have no debt held in euros to the ECB. Furthermore, this allows for rate differentials in different countries, and if GaveKal and Pettis are correct, a major source of the EZ crisis was that interest rates were at the same time to high for Germany and too low for Spain and Greece (and probably France) given the inflation data. I don't know whether this is on purpose, but the drama around Grexit as well as this QE could be aimed at introducing rate differences within the EZ. In any case, even if this is correct, it has been a major failure so far... (except for Greece)
pods, I don't know where this comes from "kind of big on the EU". I mean if you were in one club because you like it and in another because your wife likes it...
the EUR is not the EU. the United Kingdom, for example, is in the EU but it isn't in the EUR/EuroZone/EZ, despite being the biggest trading place for the EUR
what you call money laundering mechanism I call nationalization, i.e. using tax payer money to bail out private banks. I hate that, though I can understand the political reasons for that, sometimes
so? btw, note that in those cases, it was the governments that did it. you do have to take out the sins of the national banks, and believe me, they are manyfold
pods, as a reminder: going back to gold? it's not an option, for us eurozoners, for reasons that are external to us. Do You Know That?
Germany had a non-aggression treaty with Russia once correct?
What if Germany were to politely ask for it's gold back again, as it IS Germany's gold.
If the FED has any qualms about delay in shipping it back, well, could be that Germany schedules a big closed door meeting with Putin about trade and how it can help out with Ukraine.
There are plenty of ways to push back on the US, as the US is about as weak as it has been in a long, long time.
France was set to deliver a ship to Russia as well.
Pleny of options for Europe.
Not that a gold standard will help. It won't work as long as there is fractional reserve banking. The bankers will counterfeit paper gold and through inflation and then deflation will own it all again.
pods
pods, there is a big difference between getting gold back, trusting some neighbours, and getting key Allies seriously mad at you
"pushing back", to put it in Chinese terms, is Yang-oriented. Europe's policies are Yin-oriented. meanwhile, you are 100% correct on options. the best options are those who are kept... open
But is the US actually a key ally or not? If the US was holding gold for Germany and leased it off to maintain the dollar, is that something that an ally would do?
I would say that continental Europe is not allies with the US nor the UK, where most of the leverage comes from that blew up the place to begin with.
pods
pods, we are faithful allies. we hold the US to it's self-requested role of leader of the free world, champion of free markets and the rule of law
hell, some of us even got rid of national colonies, because the US did not like them, having been a colony, once
can we go back to our discussion on how to beat a wife? I think the "rule of thumb" is important, in this context: no stick thicker then the husband's thumb
or perhaps we can ask Vicky Nuland how she expresses her feelings of alliance and respect for the sovereignty of others
Well, let me guess: I'd say "Deutsche Bank", followed closely by "Societe Generale" will buy the same shit they always buy. ;)
Look, monkeys who claim they control the tides and the movements of the stars.
Father Guido Sarducci's Five Minute University
https://www.youtube.com/watch?v=kO8x8eoU3L4
anyone printing out fiat paper money in excess to help the rich bastards is a fucking disgraceful scum not worthy of being called a human being.
This is the trickle down theory at work. Got to love it. The BIGGEST problem facing the money changers is how to get the cash into the hands of the plebes as the only way to circulate currency is through grants or loans. The peeps on the planet are all loaned out/debt ridden slack jawed overweight brain dead morons, so the idea is helicopters. Now you know why they are printing like crazy trying to keep main street alive but as they print the BIG HOGS at the banks are just writing themselves huge bonuses. It is a mess that is for sure. When the money ever does get to main street, then the gov is there with rules regs and taxes making sure the poor fvk trying to start up a biz is reamed raw. I can only see a crash, dead and dying peeps, stars falling from heaven and a fvking tidal wave after the earthquake that produces the volcano.
Where did you get that silly notion about moneychangers wanting to get money in hands of plebes. The helicopters only make drops for friends and families of the moneychangers silly boy. That is why they use helicopters for the drops, so they make sure it drops right below in the right place.
http://www.bloomberg.com/live/europe
Better source.
These people are fucking boring. They should do this in a variety show format, maybe like HeeHaw
Yeppers, the key is to inflate everhthing they own and deflate everything you own. It's a tough line to follow. cept for Bankers that is
QE...to infinity and beyond
Doesn't Draghi look like a weasel?