Update - Denied.... And Here Is Today's Completely Idiotic Rumor
Update: Steve Liesman with the party spoiler: "Imf official denies 600b aid rumor." Yet idiots still bidding stocks.
With just 20 minutes left, today the rumor comes not form the FT but the Nikkei:
- G-20 CONSIDERING IMF LENDING PROGRAM FOR EUROPE:NIKKEI;
- G-20 CONSIDERING $600B IMF LENDING PROGRAM FOR EUROPE: NIKKEI
Apparently the fact that before this rumor we had news that the IMF is short $120 billion in cash for already proposed credit facilities is completely irrelevant. Idiotic momentum algos rule!
IMF: May Need $120 Billion In Extra Resources With New Loan Facility
WASHINGTON -(Dow Jones)- The International Monetary Fund's executive board said Wednesday the IMF may need more cash resources to help finance a new lending facility created last week.
Although IMF staff said in a policy paper that potential resource needs are difficult to determine, they estimate the fund may need an additional $120 billion in its reserves to help finance countries short of cash.
IMF staff also said the fund's new short-term lending facilities designed to prevent crises getting out of hand would work well if coordinated internationally, such as with central banks providing foreign-exchange swap lines. It pointed to Europe in particular.
"Avenues for co-financing by other multilateral and regional institutions could also be done similar to the recent Fund-supported programs with European Union members as part of the (Balance of Payment) Facility and European Financial Stabilization Facility," IMF's senior staff wrote in a policy paper prepared for the board
European leaders are meeting later this week in an eleventh-hour attempt to forge a debt-crisis strategy. Europe is on the brink of financial calamity as bank funding dries up, core EU sovereign debt is threatened with rating downgrades and the euro zone's largest economies flirt with an inability to pay massive upcoming bills.
Officials are considering pooling funding from European central banks through the IMF as one of several options being considered to douse the debt fires. In addition, euro-zone leaders have courted financing from emerging markets, also likely be channeled through the IMF.
Italy, rapidly becoming the new heart of the sovereign-debt crisis in Europe, rejected an offer by the IMF for a short-term credit line in November, instead opting for IMF monitoring of its economic-overhaul policies. But economists have said the monitoring program stands a good chance of turning into a lending program.
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Again, new plans of indebted countries lending to themselves. G20=Eur+USA+Japan, all insolvent, China has already said no. Maybe adding Argentina, South Africa, Mexico and Brazil may solve the problem now.
QE(G)20
the hedge just got a mention on bloomberg by matt miller for this headline...congrats
Honest to God: this drama is way more entertaining than any soap opera ...
It's like they are in a stage of Denial before death. They are saying everything and anything in order to not say the word insolvent or default.
HI MATT!!! Welcome to FightClub. Smack Liesman in the face for me!
Robert Prechter had some interesting commentary today on the role of central banking:
http://thespiritoftruth.blogspot.com/
I lend myself money every month at 0% interest just so I can make my mortgage payment. Thank goodness for my personal liquidity backstop.
But to the point, the IMF is a cancer in the body of national sovereignty. The only reason it exists is so that it can make arbitrary financially-vampiric decisions without any direct oversight by any legislature or other elected body.
The 21st Century is heralding the death of democracy. Whatever say 'we the people' had in the 20th is now long gone. Technocrats and unelected multinational bureaucrats rule the day. RIP liberty.
I own an FN FAL and have a thousand rounds of .308 - I still get to vote no matter what.
OT: HELP RON PAUL PUSH OVER $1M today to run ads in Iowa and New Hampshire!
http://ronpaul2012.com/
Zero Hedge story was just quoted on Bloomberg TV
You ever see Durden and Bloomberg together? Just saying.
Come to think of it, I've never seen TD and J. Edgar Hoover together either. This is getting weird
I've never seen Tyler and Ben Bernanke together
Agreed, but the rumors certainly are entertaining. Here, let me try;
"G20 SUMMIT REPORTS MARTIANS HAVE AGREED TO LEND THE G20 COUNTRIES 900 TRILLION DOLLARS. THE MARTIANS FEEL COMPELLED TO ACT IN LIGHT OF THE QUALITY OF THE EARTH-MADE GOODS AND FAVORABLE EXCHANGE RATE WHICH NOW STANDS AT 1 TRILLION DOLLARS PER MW SPACE CREDIT"
stop, you'll give krugman a stiffy
Zimbabwe has plenty of cash. They could bail out the entire planet and still have enough left for hookers and blow for everyone!
My apologies to ECB, CNBC and FT for releasing tomorrow's rumor a little early.
ZH post 2021: World Prime Minister Obama says World Monetary Fund to pledge $600 Deca-Trillion to support the Inter-Global-One-World-Currency-Bank. (tweeted from 14th hole)
You have to assume someone inside the criminal enterprise running this ponzi needed that last minute rumor pop to short the ever loving shit out of this pig of a market before tomorrow's reality check.
No matter how hard they try, try and try again they caint git it up over 127 SPY.. come on nutsach you pussy! push harder! bet you caint! bitch!
Took them long enough.
Efforts from all corners of the Globe to get the S&P to close above resistance. 15 minutes left, I don't think it will happen. Gonna be a nail biter.
Idiotic Rumor Du Jour, bitchez
anyone else notice that on the rally from 1068 to 1289.25 the euro was trading 1.4240 now Es is back up to 1265 and euro is struggling to hold onto 1.34
ie ES -1.9% from 10/27/2011
and euro -5.74% same period
little disconnect....you gotta be kidding me
just shows how bond and currency guys are so much more intellegent that equity guys
Shorts are folding like cheap suits. It is amazing -- same thing for a few days now, launch a rumor and stage a small volume ramp and watch the shorts scurry...
Very funny
Not this guy. I couldn't resist the urge to pull the trigger on some CRM and LNKD puts just before the close. Had to do it. Wish me luck.
I just feathered in some more calls on April TZA as well. When its in the 20s, cannot help myself
Paper-trading heros are just so..... awesome.....
People who make assumptions about other people, perhaps with the subconscious desire to be like them, are just so... pathetic....
LOL- that's hardly what is happening.... It's stupid long money trying to chase higher- there aren't enough shorts around to dictate anything...
Quit watching CNBC, it's rotting your brain.....
Never watch CNBC. Did you see that candlestick ramp-up? Seems more like weak handed short-covering to me...
Here's one FAZ long that hasn't cut bait. You can only prolong financial stupidity for so long...
LOLOL!!!
Clockwork..
It is hilarious that rumor timing can tell me when 3:15 rolls around better than my watch can.
Arent they asleep right now over in Japan??
Japanese never sleep, bro
I guess you call it a converted global intervention....first FT/Guardian (UK), now Nikkei, (Japan) next Globe & Mail (Canada) and then National Enquirer (US) spreading rumors. Fuckin Wall Street is spewing more rumors right now than in the baseball Winter Meetings.
FT/Guardian are hysterical since November.
"either Eurobonds & printing or death!"
Another rumor: "some banks risk bankrupcy if the EUR does not break"
Bankruptcy...
DavidC
I thought last Monday's rally was based on the $600B "fund"??? this is nothing new! what the FUCK!?!?
Well yea but who says rumors are not re-useable?
And... refuted. again.
Idiotic doesn't begin to describe the complete lack of synapses occuring in the brains of these suckers.
And only equities seemed to re-react to this bullshit.
Sort of like condoms.
Rumor, rinse, repeat...
It was vital the 'market' did not go down on the downgrade possibilities so they throw a spanner into the cogs to jam the spinning wheel
600B ? is that a down payment on the interest?
Just central bankster walkin-around money till Friday.
Debt .. because everyone has it
The key term in this announcement is "lending". This will not resolve anything. Debt on top of debt...
First?
There we go... Now today is complete.
This is to pump the fraud market to let Goldman boys to unload some of their trash.
No problem! We'll lend ourselves more money, and just make all the people slaves! No really....this will work!
today's slaves are tomorrow's Soylant green.
But the rumor mill does work...for those son-of-a-bitch computers.... Insiders love it as Insiders pump out stock ..like Howard S. from SBUX sold to you computer.....take that..another 800,000 shares....lol
Money, money, money is a gal's best friend And the Euro is destined to become every Oligarch's girl Friday!
One banker intervention in the markets after another, followed by one bailout after another, more and more perverted...destroying all credibility. Self destruction, really.
I wonder how much ES the IMF and Ben Bernanke just took on?
Santa rally on!
At this point, theyre just reduced to pretending theyre fooling each other. Just a total farce, the markets are ruined for REAL capital formation for generations.
destroying what little remains of capital formation, following 20 years of artificially low interest rates.
Indeed. Here, in this case, the old mark 'em up rally, followed by puking them into the ETFs...which supposedly is the last part of the market that Average Joe is still interested.
Just disgusting. And bankers will be surprised at the mail bomb sent to DB. It has been said before many times on this site, the criminal syndicate known as Wall Street is filled with psychopaths.
IMF short cash? Just sell more gold. Everytime they sell gold the price rises so sell away IMF - $2,000 here we come.
stateside
http://www.statesidereport.com
When they announce (or at least float the rumor) that Cuba is going to bailout the entire EU...that's when I go long...Not until then.
This is what happens when Scheitner is left unsupervised in Europe.
Fucking Geithner and his stupid bailouts.
I'd say that letter to the DB CEO is Europe's reply to the S&P downgrade lizzy...
Yeah... that's how we roll...
that bomb was all the excuse needed to close the post office for good!
I am telling you! Broken record, but maybe Tyler will get WB7 to add "Where is Timmy" before he posts the US Fleet maps.
I'm waiting for Godzilla and Mothra to rise out of the sea.
I could see Gamera not being too happy about this market manipulation either.
las vegas notary public, witness for the state in mortgage fraud cases, found dead........hmmm.
http://articles.sfgate.com/2011-11-30/news/30466087_1_notarizing-robo-signing-home-foreclosures
It gets more extreme everyday. Can't wait to hear what they have planned for tomorrow, much less 2012 (if we make it that far).
Jamie Dimon at his best!
http://www.cnbc.com/id/15840232?video=3000061154&play=1
same asshole that has positions listed as open in his firm but tells their employees that they arent really hiring
Yep, I saw that story. The man seriously needs to learn when to keep his mouth shut. I'm saying that for his own good.
JPM increases lending to Eurozone.
http://www.ft.com/intl/cms/s/0/9feb9fa2-2106-11e1-8a43-00144feabdc0.html...
What a duplicitous shithead.
i am such a fool for continuing to play this market.
Anyone who doesn't have a direct line to Ben Bernanke is just asking to get raped by this market.
they are definatley pushing for the stops above 1268
Higher it goes, more it's going to crash.
The USA will just click the money to the IMF..that is the plan stan....Geitner and Bernanke will print away.....its all going on right now I think..laws...what laws...this is survival of the elite..the Bankers...laws don´t matter to them.....the USA will allow the IMF to buy the junk...and also buy the USA junk...junk is junk...and the Bankers keep their bonuses ..but they will be much bogger to keep their % of wealth intact
IMF is becoming the world's Federal Reserve if you haven't noticed. The 120B (US) is 20% of the 720B total with the other 600B coming from the G20. 720B if levered correctly could conceivably put a big dent in the debt hole and you know that's the game plan.
I've got an acronym for all this ... WTF.
Thought you were going into Paul Simon.
Just sell some more junk, punk
Propose a new plan, man
Get a new loan, Joan
You set the markets free.
Get on the bus, Gus
You don’t need to discuss much
Just drop a new headline
And set the markets free
I was into Paul Simon.....yes we are supposed to be 20%..but that is all over by now...again the rules don´t matter..the laws don´t matter..its survival of the bankers....what we as ZeroHedgers need to figure out is how to get on the recieving end of these loans that will never have to be paid back...were do we apply to the ECB or the IMf...I want some.."you got to give it to me"....I´ll give you a hint..a hell of a harmonica player and from Detroit...motor city breakdown...
J. Geils Band - with Richard Salwitz on harmonic (aka Magic Dick)
It's not "equity guys". It's a smoke screen for the sheeple. IMO
my es short was looking good for a litle bit today.
Is that it? 600 billion? This market has about 2 trillion priced in.
After this last two weeks headlines I'm now offcially bearish. Why would anyone in the right mind want to "invest" anything into a market that changes hourly on every latest headline. It's become a joke, but not so much for the pension plans that pray this market will hold at current levels. Maybe a slight run-up to this EU talk tomorrow, but I bet we'll turn down significantly by Friday or Monday. If QE3 has any chance it won't be at 1,260 range.
EUR and SP500 got seriously disconnected.
Each time they release rumor it works just fine to pump the market. Even after the rumor is officially denied, the SP500 keeps about 50% of the gains. Welcome to new, brave world of price discovery, bitchez!
Nah, probably nothing to do with IMF, it's probably news about an ECB rate cut tomorrow just leaked...
Except EURUSD isnt bothered