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Contagion Arrives: European Peripheral Bond Risk Soars
Just yesterday, German FinMin Schaeuble bent the truth, proclaiming that there was no sign of contagion from Grexit concerns. Today, it appears, he will be eating his words, as Italian, Spanish, and Portuguese bond spreads have exploded higher (up 15-30bps this week) amid the collapse of Greek sovereign and bank bonds.
It's not just Greek Sovereigns that are plunging, Greek Bank Bonds have collapsed...
and here is the contagion that Schaeuble is in denial about...
It's not just Schaeuble that doesn't see any problems. Stan Druckenmiller, the Chairman and CEO of Duquesne Family Office, said that with regard Greece leaving the euro:
"Draghi has QE at his disposal. My guess is there won’t be contagion, but even if there is, he can contain it, and soon as market participants see that, you won’t get contagion."
However, it's no longer about bonds or Draghi, it's about redenomination risk once again and who gets what idea next (because if there is one thing that is not allowed in the EU, it's thinking for yourself).
* * *
All we need now is for some EU leader to claim "Grexit risk is contained," and we know trouble is ahead.
Charts: Bloomberg
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You fucked up, you trusted us...
It'll be contained like West Africa Ebola was so quickly snuffed out in 2013.
Right. So should I go long repo men or not?
You need a late night infomercial telling people how to win big in the market, any market.....
We have that. Keep stacking.
http://www.silverdoctors.com/the-entire-world-is-pouncing-on-silver/
Europe is in deep doo-doo for lots of reasons:
Police: Muslims threw Christians overboard during Med voyagehttp://news.yahoo.com/aid-agency-says-41-migrants-feared-dead-sea-142032...
I live in Germany with X denominated notes everywhere. I keep nothing inside the bank save a few hunder € per month, and even that I am seriously considering trimming down to a flat 100€.
Those with cash will be king when either there is a liquidity squeeze or when its redomination time.
I like my Grexit to be orderly and served with a plate of bacon and eggs....
Popcorn and afternoon cable news footage, personally, but I like your style.
Cable news? Masochistic much?
The cool destruction on video and the high dudgeon from the talking heads and commentators, talking about the bad luck thats befallen the beleagered rioters in spite of such innocent good intentions.
Always flip over to MSNBC for a little high dudgeon how there was too much market malfeasance and not enough central commanding and controlling by unelected elect who Know.
Soooo buy stocks?
Of course!!
We won't hit a top until ZH caves and jumps into the stawk market. BTW- the DAX is outperforming the DOW.
This is a really bad soap opera...
This is a soap opera (requires it to be really bad)...
frixed that ;-)
Time for the "emperor" to activate his trap
http://bit.ly/1vdjEIS
Juncker will soon be forced to lie again... If he ever stopped.
It's not a lie if you believe it......
When italy hits the fan, it will leave a large greecey spot.
Been waiting patiently for 2 years for Italy's turn. Please wake me up when the time arrives.
QQQ has been holding onto that pun for a while too, bidening his time, waiting to strike.
Contained? Send the Bernank over there to calm some nerves...
so dis what a greecy gre-xit fire gunna look like.... grilled cheese samaiches for all
No matter what S&P will soar. I'm so tired of value investing.
I think Spain and Italy are watching this closely.....to see what to do and what not to do....the first one makes most of the mistakes....why not....
Ah, but Greece was small enough to fail, they'll tell us. Spain and Italy are TBTF, dontcha know.
Fucking imbeciles, couldn't run a bath.
At least one asset class is heading upwards !
As they say : its not the bond spreads that bake the cake; its the bank runs that will follow.
Draghi can save the bond market but in case of default he won't be able t save the bank runs!
"It's not just Schaeuble that doesn't see any problems"
"It's not just Schaeuble WHO doesn't see any problems". FIFY.
p.s. http://www.zerohedge.com/news/2015-03-17/its-official-americans-r-stoopid
Yes they are. They can't even get the basics of Grammar* correct. 'Mericans, you use THAT when talking about THINGS, and WHO when talking about PEOPLE.
The joke is that even "highly educated" people in the US do this -- including Bill Clinton, but he does it to be 'folksy' when speaking to Prols.
* http://www.grammarbook.com/grammar/whoVwhVt.asp
* http://www2.gsu.edu/~eslhpb/grammar/lecture_13/that.html
You really know the place is devolving when Reverse Snobbery is growing, when it's more fashionable to sound 'common' or 'folksy' (i.e. poorly educated or dumb), than educated or smart. Seems to be on the rise on ZH also, alas.
I just talk funny. U know one of those peeps who have to take philosophy in college because lol we math peeps r the ones not to be trusted by the gov?... Might snap and go postal on them. Hahahahaha and if not u get passion assassin warlords in ur bed for jealousies ww3. Yea my parents thought I was never gonna start talking and when I did I started talking poetry. Hey but I was a dr Seuss junkie. Yea u can see it in my aptitude tests... Like I go off the scales in some things and to the top in the 99 percentile and then comes vocabulary and splat I'm in the 60's. U know I needed to take Latin as it would have given me the logic of language. Right but then I would be even worse at making up silly words for fun.
Sometimes I find it to hard to get the words I need to talk? Thinks it's vitamin b I need at those times. It's something I have it graze for in food. Not sure but ~ I did grab some of those pills but I'm the worst when it comes to taking pills.
wrods r easier when I finally at an old age started learning to use my photographic memory vs trying to memorize. I suck at just memorization. And for recall trying to see what it is I am reading to try to recal or as I do with my other memory stuff. I wished I had learned to use my photographic memory for more things other than where one does it that way naturally. Or via experience or lab.
Roast thing I can do is paraphrase right... Far too creative to take it in and spit it out like it came in for a test. But I did figure out how to get by that for straight a's
When I was young I couldn't never get them to let me into the dumb reading or English classes though.... Big sad face
Lol
My problem with reading besides the crap they gave me was that I am so ambidextrous that I wanted to read from left to right and then right to left and then left to right as the lines went down the page
And it took me a bit to learn how the rest if u folks do things
On the best most complete aptitude test I took. When they handed it to me the chick said wow I have never seen a brain like this on a chick before... Except for the basics as I got more specialized it was normals for me to be the only chick in my classes. Once or twice there would be another and once there were actually two and I have don't lots of college!
She was like yea I have seen chicks w some of this stuff but to this extreme like this where u go off the charts nerd like that...
Which is okay because when I am prolific in my abilities and talking about it most people can't understand shit I am saying anyways.... Lol
But I am great at explaining some extremely complicated stuff to those who might be having difficulty understanding the content and need some tutoring ... So they can tease me when they get it amd realize my speaking issues.... Even when well practiced ... Silly people!
Actually, you presumed 'that' to refer to Shaeuble. In this sentence 'that' doesn't refer to Shaeuble. The reference is to 'It' - the subject of the sentence in compound verb sentence.
The sentence is a cumbersome compound verb, double-negative arrangment. If you were to break it in two, it would be nearly unintelligible in saying "It is not just Shaeuble", and "It does not see any problems". This arrangement pre-supposes a collective of those who see no problem - 'It'.
I might add that common usage of English does not refer to collectives as 'Who', but only to the collective's constituent members.
For instance: "The British Government struggled to remain solvent for decades after debasing the pound Sterling prior to World War I. It influenced the creation of the Federal Reserve of the United States through Benjamin Strong, who was useful for that very purpose."
Collectives have reality only conceptually. As such, they lack humanity. I might ask Socialists to remember that fact.
This construction is cumbersome because it is indirect, because it contains a double negative, and because it assumes the existence of a collective.
Your substitution of the word 'who' would be correct if the phraseology were, "Shaeuble is not the only one WHO does not see any problems". This construction is still cumbersome because of the double negative.
It would be a more direct and intelligible construction to say, "Shaueble is not alone in his belief all is well."
By the way, I am an American.
So, if you are going Americans generally on the use of Language, could you at least do it correctly? Your point lacks impact when you err for the purpose of highlighting others' errors.
Shmehitah has arrived
What was the topic? Exponential performance - and exceptional lies.
Let's call it 50 - 50, i get 50 and you pay 50.
And Schaeuble is a that - not a who!