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No default. They enjoy torturing. Theater of cruelty, Antonin Artaud style.
Nobody gets left behind in this Eurocalypse!
'France on the other hand has been reluctant to back bigger losses for banks, since French banks are among the biggest holders of Greek government bonds.'
They smell it coming, the French. Beloved FrAAnce.
I think Tyler is having his Jim Cramer "They know nothing!" Bear Stearns moment.
Aren't we all?
But...but...what about a few trillions in positive fair value adjustments on structured liabilities (Bank of America terms)?
The roof, the roof, the roof is on fire!
We don't need no water—Let the motherfucka' burn!
Burn, motherfucka', burn!
Mugatu's crazy-pill moment comes to mind, too:
"The man has only one look for Christ's sake! Blue Steel, Ferrari, Latigra? They're the same face! Doesn't anyone notice this?! I feel like I'm taking crazy pills. I invented the piano key necktie. I invented it! What have you done, Derek? Nothing!"
I'm a little worried about Tyler - the anger is palpable.
Tyler, go watch the Ping-Pong Robots again. It soothes.
printing or not printing?
Tyler's or Germany's way?
Some insight from Don Coxe on G20, he was requested to write up a piece on commodity regulation for the upcoming meeting.
Are we the only ones dazed, confused, and tired beyond comprehension with this endless, ridiculous, pathetic, grovelling Groundhog Day bullshit?
Not at all. Seriously, what is wrong with these people?
Those who benefit from the status quo will not let it die easily.
Whales are large, slow creatures. Sometimes it takes years for them to be properly positioned.
Exactly. Just make the fucking decision muppets. Pull the plug or go the 2 Tril.
The despair evidnet in Tyler's words here have absolutely made my day since they so closely reflect the despair I feel. So very very very tedious, and I don't know for how much longer I can read the same chicken shit wrapped up as a different flavoured chicken salad.
I think the hardest thing for me has been watching the slo-mo trainwreck and trying to pretend it doesn't matter around friends and family who don't believe anything is wrong, and are probably sick of me talking about how close we are to the edge...I need to schedule a meeting with Cognitive Dissonance. Anyone seen him?
It's easier to read if presented in its properly ridiculous fashion. Think "Young Frankenstein" meets "High (finance) Anxiety." I'm already full on "looney tunes" reruns I'm at such a loss for words.
I thought that was a chicken salad sandwich, really tastes like crap though.
Playing musical chairs sux when the chairs are made of balsa wood.
It makes sense.. A greater Greek hair cut would imply more French intervention to recapitalize its banks, so it would surely lose its AAA rating. Germany doesn't want to bailout French banks.
ECB is proxy for a French monetary whore bath.
and they got themselves the head of the IMF too!
IMF also lent money to Greece
The French will eventually surrender, they always do.
this weekend will be a great example of that Allblacks 44, France 9
the haka will be spectacular
nine points for what?
9 points for attendance
that sounds like a GS fee!
It's only words. The Eurocrats are trying to get them right. Once they get the right words in the correct order, all these problems will just disapear. And the world will be safe for the spead of socialism, economic justice, livable wages, tooth fairies, ect, ect.. You get the drift. :)
Germany vs. France, or all of Europe for that matter. I'm down with Germany.
Allot of gold bugs seem to think that Euro land and the US have to keep printing in order for gold to continue up. That is just not the case. Gold will go up without new printing.
The top U.S. derivatives regulator is slated to vote today whether to curb trading in oil, wheat, gold and other commodities after a boom in raw-materials speculation, record-high prices and years of debate and delay.
Gold is going to collapse. Naked CDS unwind, may mean gold unwind. Commodity bubble may collapse in next few month.
@Spitzer & @DormRoom
Let me ease your confusion. Any collapse will set a series of events in motion that the paper price of anything let alone gold, will be the least of your worries. See Kyle Bass.
@ DormRoom and GMB
When the COMEX defaults, and the paper price of gold crashes to $200 an oz, good luck finding a seller of physical.
Well I hope they do something. Ties into what I looked at when the volume of commodity contracts traded went up by a factor of ten starting in July this year. Bloomberg has some old data. The total cntracts traded in the past few weeks in corn are higher than the total for all other commodity contracts combined in April.
I have a hard time believing there are 225k individual buyers of corn contracts in one day.
The paper money bubble needs to finish collapsing. There is no bubble in commodities. The idea that gold is in a bubble is ludacris beyond all comprehension.
I see it differently, this is what we have been waiting FOR.
IF you CANT PAPER IT, then you have 2 choices, do without, or BUY THE REAL DEAL.
Temp drop in prices, no one except a fool is going to get caught w/out Physical GOLD>
Yes please. We all know, that a default is unavoidable. Stop kicking the can.
Banks should accept a 100% on their Greek bonds and that's that. We all know Greece is a hopeless deadbeat, unless there is some ulterior political/foreign policy motive here, there is no point in beating this dead horse.
The real question is: After Greece fails, how much of a haircut will have to be
taken on Frdnce's debt?
downgrade in minutes
Guys, don't fuk with the Bernenk
Awesome - best posting this month!
STOP THE DRAMA - damnit!
Banks will wish they took 50 cents on the dollar on Greek debt. The one year GGGB is trading at 35 cents today.
Global Monetary System Collapse
We can but hope.
Sounds harsh, but really the current system is diseased and incurable. At this point, only collapse followed by reconstruction will purge the accumulated detritus of a century of fractional reserve, central bank based monetary ponzi fraud.
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