• Sprott Money
    04/29/2016 - 05:58
    There is unfortunately no basis for renewed optimism that this current litigation will have any meaningful impact on precious metals manipulation – with respect to either silver or gold.

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Draghi Defers – ECB head, Mario Draghi, has withdrawn as a speaker at Jackson Hole.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.

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 08/28/2012 - 09:56 | 2743365 bankonthebust
bankonthebust's picture

There is nothing he can say or do.

Tue, 08/28/2012 - 09:59 | 2743374 SilverTree
SilverTree's picture


Tue, 08/28/2012 - 10:07 | 2743392 LongSoupLine
LongSoupLine's picture

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

Tue, 08/28/2012 - 10:37 | 2743490 Doubleguns
Doubleguns's picture

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

Tue, 08/28/2012 - 16:52 | 2744610 Catflappo
Catflappo's picture

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

Tue, 08/28/2012 - 09:56 | 2743368 Cunnial
Cunnial's picture

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

Tue, 08/28/2012 - 10:10 | 2743398 Au_Ag_CuPbCu
Au_Ag_CuPbCu's picture

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

Tue, 08/28/2012 - 10:31 | 2743474 LeisureSmith
LeisureSmith's picture

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

Tue, 08/28/2012 - 09:58 | 2743370 Falkor
Falkor's picture

Read my absent lips!

Tue, 08/28/2012 - 10:01 | 2743377 Too Big 2
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.

Tue, 08/28/2012 - 10:03 | 2743381 the 300000000th...
the 300000000th percent's picture

one less sock puppet at the puppet show


Tue, 08/28/2012 - 10:05 | 2743387 spekulatn
spekulatn's picture

Well done ZH!


Art Cashin On Draghi Leaving A Hole In J-Hole


Tue, 08/28/2012 - 10:04 | 2743388 LongSoupLine
LongSoupLine's picture

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

Tue, 08/28/2012 - 10:17 | 2743421 ElvisDog
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?

Tue, 08/28/2012 - 10:06 | 2743389 Dr. Engali
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?

Tue, 08/28/2012 - 10:08 | 2743393 francis_sawyer
francis_sawyer's picture

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




Tue, 08/28/2012 - 10:09 | 2743396 lsbumblebee
lsbumblebee's picture

Art's the Rona Barrett of the financial scene.

Tue, 08/28/2012 - 10:09 | 2743397 Shizzmoney
Shizzmoney's picture

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

Tue, 08/28/2012 - 10:11 | 2743399 Robslob
Robslob's picture

I need only say this once:


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

Tue, 08/28/2012 - 10:19 | 2743426 ElvisDog
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".

Tue, 08/28/2012 - 10:12 | 2743403 spanish inquisition
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".

Tue, 08/28/2012 - 10:29 | 2743468 irie1029
irie1029's picture

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

Tue, 08/28/2012 - 10:35 | 2743483 Hype Alert
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.

Tue, 08/28/2012 - 10:52 | 2743547 mark mchugh
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)

Tue, 08/28/2012 - 11:09 | 2743602 SmoothCoolSmoke
SmoothCoolSmoke's picture

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

Do NOT follow this link or you will be banned from the site!