Art Cashin On Draghi Leaving A Hole In J-Hole

Tyler Durden's picture

With economies faltering fast; ministers to cajole; and 'promised' plans going pear-shaped by the second; is it any wonder that Mario is not popping across the pond for some R&R at Bernanke's J-Hole. As the ever-avuncular Art Cashin notes, however, Mario Draghi's withdrawl as a speaker at Jackson Hole is logical and was almost inevitable as "you don't go to your best friend's daughter's wedding and upstage him at the event." One other factor that UBS's top-man notes is next week's ECB meeting - Draghi dare not say something that might complicate negotiations within the ECB (whose statement will not be postponeable).


Via UBS' Art Cashin,

Draghi Defers – ECB head, Mario Draghi, has withdrawn as a speaker at Jackson Hole. That is logical and almost inevitable.


As I told Bob Pisani yesterday in our daily CNBC website interview, Draghi would have been gagged by circumstances and politics. He could not afford to outshine Bernanke.


Jackson Hole is primarily a Fed/Bernanke event. As I noted to Becky Quick this morning, you don't go to your best friend's daughter's wedding and upstage him at the event. So that left Draghi in a position to be dry, professorial even purposely boring, lest he steal the spotlight from the host.


But, on the other hand, the world has been waiting for weeks to get details behind his assertion that he would "do what is necessary. And it will be enough". A vacuous speech wouldn't do, either.


That made Draghi's Jackson Hole position untenable. He dare not steal the spotlight but he could not be bland and vague. So he withdrew. 


One other factor is next week's ECB meeting. Draghi dare not say something that might complicate negotiations within the ECB (whose statement will not be postponeable).


Despite the clear motivation of Draghi to withdrew and avoid unnecessary complications, markets are looking for conspiracies. On the announcement, the Euro and EU markets spiked a bit. The theory behind that spike is too complicated to explain in this space.

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
bankonthebust's picture

There is nothing he can say or do.

LongSoupLine's picture

well, there's alot he can say.  however, you are correct regarding the "do" part.

Doubleguns's picture

He could send Berlusconi in his place. THAT would be entertaining.

Catflappo's picture

Is Art Cashin ever anything other than "ever avuncular"?

Cunnial's picture

A more fitting title: J-hole without a-hole Draghi.

Au_Ag_CuPbCu's picture

Don't worry Cunnial, there will be plenty of A-Holes there.

LeisureSmith's picture

A-Holes at J-Hole make O-faces.

Falkor's picture

Read my absent lips!

Too Big 2's picture

Draghi can't possibly have anything better to add to his grand statement of "We'll do whatever it takes!" as this would entail answering questions about how and when..... I hate it when the people want details.

the 300000000th percent's picture

one less sock puppet at the puppet show


spekulatn's picture

Well done ZH!


Art Cashin On Draghi Leaving A Hole In J-Hole


LongSoupLine's picture

Jackson Hole?  lets just call it what it is..."The Goldman Sachs reunion and political boondoggle"

ElvisDog's picture

Is it too much to ask for a drunk picture of Bernanke like that one of Krugman that was circulating a while back?

Dr. Engali's picture

What in the hell does wall street need analysts any longer for? Not that they weren't a joke in the first place. But if the whole market rises or falls on the words of one man why waste the money?

francis_sawyer's picture

Draghi & Bernanke plan another get together later this summer...



lsbumblebee's picture

Art's the Rona Barrett of the financial scene.

Shizzmoney's picture

Oh, there's are plenty of A-Holes in J-Hole, alright.

Robslob's picture

I need only say this once:


Simply because there will be no more wrong moves left to make...

ElvisDog's picture

You silly goose, Central Banks will never, ever willingly do what is right. They will keep trying to support the current system, in which they are the overlords, until it collapses. At that point, they and our political leaders will say "no one could have forseen this unexpected event" and "it would have been much worse without our previous stimulus programs".

spanish inquisition's picture

All the best talented dancing boys are in Tampa for the RNC. Gonna have to look to each other if they feel the need to "foam the runway".

irie1029's picture

Hmm sorta ike Ron Paul at RNC.. Everyone get in line. 

Hype Alert's picture

I still think an analysis of the Weimar Republic and Zimbabwe stock markets for best performing sectors is the only thing we need to look at.  This market is going up on printing alone and those are our best two proven examples that demonstrate what we are experiencing.

mark mchugh's picture

Of course, maybe the idea that the fate of the world hinges on what a couple of MIT PhD's have to say tells me all I need to know.


(We are so fucked)

SmoothCoolSmoke's picture

I beg to differ, there will be no shortage of "A-holes" at the gathering in Wyoming.