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Biderman Batters 'Believe-Me'-Draghi
Somewhat stunned by the market's exuberant reaction to Mario Draghi's 'Believe Me' speech this morning, Charles Biderman, CEO of TrimTabs, sees the slow-motion train-wreck that is the European crisis speeding up and rapidly running out of track. Stepping back to look again at the European big picture; Biderman sees a bunch of economies whose citizens are making less money than before (and even before the current recessions European economies were not generating enough taxable income to pay current government expenses).
Now, a worsening recession means there will be less taxable income for governments to fund ever growing entitlements. Add that to a huge pile of dismal bad debts, and Charles sees the European crisis as "not a solvable problem the way the world works today." Neither Draghi nor any of the bankers even bothers to talk about the real problem of not enough regional income and too much government spending.
Draghi’s only solution is some form of money printing. "Printing money to pay bills maybe will work over the short term. But long term, it cannot"; if money printing works in the real world why not print and give every one a billion Dollars, Euros or Yen? While governments will do anything to maintain the status quo (and avoid the tough times ahead), Charles succinctly reminds that, "the road to hell is paved with good intentions."
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A dragon from Goldman Sachs is going to save Europe?
Wall Street tells the dumbest fairy tales.
Jim O'Neil post-apocalyptically impossibly hot Tex-Mex-Curry-Af-Pak dinner evacuation subsequent to a Romneyesque description of the Bank of England's preparedness to suffering a laughingstock that Jimbo's name would be even breathed within the Halls of Westminster and the Palace, that the Pigmen would entrust the City's image.
Magic.
Simply magic.
At least it would devalue Cable.
"the road to hell is paved with good intentions."
Whose?
Sounds like a broken record playing "monopoly money imaginary debt drama" over and over and over...
It's almost as if the Bankers want to keep pounding it into our heads, Hitler style, so that we will believe that it's real
IT'S JUST FUCKING PAPER YOU STUPID FUCKING MORONS! GIVE ME THE FUCKING PRINTING PRESS AND LET ME PRINT MONEY, I'LL SOLVE YOUR FUCKING PROBLEM
Yes. This is the plan.
THURSDAY, JULY 26, 2012
KingCast and Mortgage Movies remain pensive as James Holmes' father, Robert Holmes, is set to provide crippling info. on Libor & other banking scandals.
Off topic but likely on topic
Colorado shooting massacre linked with LIBOR investigation:
When I wrote my Dark Night journal entry for the Colorado shooting massacre I had no idea of this.... First of all, the GAO and I told you years ago that Sam Shaulson's ******* client Citibank laundered money. And now you know that Bank of America launders money and apparently lied in the pending Pennsylvania case of Lorayne Souders v. BOA, watch the movie below.
But what about this new coincidence involving the Libor scandal. Heck as a licensed title insurance producer in New Hampshire I closed Libor Loans all the time ten years ago under the false belief that they were better than the rest, come to find out it was all a complete and utter International scam.
"Most important to note about James Holmes, however, this report says, is that his father, Robert Holmes, was said to have been scheduled to testify within the next few weeks before a US Senate panel on the largest bank fraud scandal in world history that is currently unfolding and threatens to destabilize and destroy the Western banking system. Robert Holmes, whose "blueblood" family links go back to the Mayflower, is known throughout the global banking community as being the creator of one of the most sophisticated computer algorithms ever developed and is credited with developing predictive models for financial services; credit and fraud risk models, first and third party application fraud models and internet/online banking fraud models.
Educated at the University of California, Berkeley and Stanford University, Robert Holmes is currently the senior lead scientist with the American credit score company FICO, which was formally known as Fair, Isaac and Company, and which every American citizen is beholden to should they need to borrow money."
http://www.thetreeofliberty.com/vb/showthread.php?t=167191
Got a legit source for that?
This was "written" by Sorcha Faal?
Still the Fact remains-The ECB can and will move markets Gobally for years to come.
As I state constantly Euro/USD back to $1.30 by end of this quarter. It may not be fair, but this is how the gaming is done.
Just think what will happen when Merkel says, " Germay backs All that is needed to save the Euro".
Get out of your Euro short positions now. It will rocket higher during the Olympics. Forget logic. FX has no logic.
Biderman, how's your FB long? looks like down 25% from when it entered your Market Picks, 43% from when you suggested people buy into the IPO ...
Just goes to show you that sound macroeconomic theory is so simple that even Biderman can grasp it. In fact, the only way not to grasp it is if you hold a position whose very existence is predicated on not understanding it.
Stock picking, on the other hand, is not as simple. Sometimes the voting machine and the weighing machine give the same results. If you suspect any investment is going to rely on the voting machine to make you money, then you really don't understand risk! And that's why Biderman would recomend FB to his subscribers - not to mention CRM.
But the FB IPO fail should have been just as predictable to anyone as the macroeconomic theory. It was overpriced, a simple calculation could tell you that. Still so many 'experts' thought it was the best thing since sliced bread. What does this tell you? To me these people are not smarter, they're gamblers in a rigged casino like the rest of us.
The never-ending focus on Biderman's FB stock pick which has yet to see a quarterly report really obfuscates the larger an important messages here. There's only one man in history who was right on his stock picks 100% of the time.
today was the quarterly report and it didnt take a genius to figure out years ago that the IPO pop happened on SecondMarket, which is when the accredited investors got in, and not on the NASDAQ.
acredited investors? hummmmmm.
Stocks are up globally...guess that's accredited.
Muppets, lol.
Biderman is a joke. Between Biderman and Goldman you can make a fortune with the opposite bet.
No ZH! Please - no more Charlie - well, much more sporadic if at all please. He is just telling us stuff we already know.
And even if I 'need to know it' I'd rather read it myself rather than have Charlie read it haphazardly off an autocue for me.
"flappo"...WHO'S FORCING YOU?
Again...I happen to like Biderman!...Is that ok?
Not to mention the view, love it! Still a better angle so your head doesn't block Alcatraz? Please?
No-one's forcing me - I just happen to think Zerohedge generally carries far weightier and worthy items than Biderman's.
I am not even saying I dislike Biderman - in fact I am in total agreement with nearly everything he says (though I listen less and less often to him...).
The comment suggesting that am into CNBC and Jim Cramer is somewhat disturbing and I am surprised someone leaping to such an inelegant conclusion is even reading ZH in the first place.
All I am doing is suggesting that ZH is above needing to carry near-daily missives from Charles Biderman.
The reality is, there simply aren't that many people doing what he does, not daily anyway. He brings short easy to understand videos with a clear macroeconomic view. I can understand why they show him. Perhaps they also have some deal going between him and ZH who knows. The fact is you don't have to click the link, plenty of other posts.
You can always go to CNBS and get your Cramer fix.
Cramer? How about Biderman himself on the BlowHorn pumping and defending the housing bubble, 2006.
http://www.youtube.com/watch?v=MIFGfgKHrwU&feature=player_detailpage#t=127s
Peter Schiff is the man.
Give me Kyle Bass any day, with a side of Meredith Whitney. Screw it, Lauren Lyster is the place to go. I could look at listen to her all day long.
Lauren Lyster is the Woman!
One sexy fox...smart too. Go to youtube watch her interview Marc Faber, I couldn't concentrate on what the guy was saying, just her skimpy white top.
Tis why I don't through stones. We all have our bad calls in the past.
I think we can all agree that much has changed since 2006.
Yes, we already know it, but it's nice to see Biderman abd Santilli join us on the bus ride over the cliff.
Good intentions?
Slow motion train wreck?
More like 'STOP ACTION' train wreck...
Printing money to pay bills maybe will work over the short term...
And that IS the idea, the goal.... kick the can.
If they can engineer another year of bullshit and massage that into another year and then another and then another thay have done their jobs. When TSHTF they won't be in office. Just look at Greenspan and Rubin.
Is that anything like a Harryhausen bubble?
Mr Biderman, are you still long FacePlant and at what point do you exit that POS position?
Dup
He will exit at the bottom, when the pain becomes a physical torment, it's inevitable.
You can always tax your way out with a 100% rate on Chik Fil A. I am gayer than Aids for Chik Fil A! Amen!
"the road to hell is paved with good intentions."
The road to financial perdition is paved with colorful scraps of paper with 0's printed on them.
The road to hell remains unpaved.
The revolution is not being televised.
Follow the yellow brick road to hell and back...
You better believe Draghi, Bernanke and every other central banker in the club is going to print. Bernanke takes his que from Wall Street.
Any sense of skittishness and Bernanke and the Fed will obey their masters on Wall Street and print more money for Wall Street.
Watch the commodities start taking off and prices march upward, especially with the drought.
yes i remember
reading biderman's DOOMISH article on zero hedge days ago when spx @ 1332 = me PANIC COVER MY SHORTS (avg short price == 1370)
that same day i remember reading an article on cbs-mw titled: DEPRESSION COMING. it was on their front page headline = more reason to cover shorts..cbs-mw = contrarian INDICATORS
that same day i announced that i had covered my EUR shorts of 1.265 (avg price) @ 1.2058...they are now @ 1.23...= better shorting place..or wait for 1.24...i HELD to my 1.315 shorts..
sorry zero hedge...biderman will be correct in the end..but U gotta understand the central bank manipulations aided and abetted by QEorganizer!! Its better to SHORT PUMPS THAN DUMPS!! and 1332 = was a DUMP = cover shorts !!
i understand that PEFORMANCE CHASERS like to short dumps and buy pumps... oh well...not my problem !!
While the road to hell applies, it’s hard to find “the good intentions.”
The struggle to hold the Eurozone together and the support for it is coming from the banker cartel. Cooperating financial media and the bought economists placed in universities and companies to promote the party line keep the message before the public. And the message reads:
“A default by a Eurozone country or a political roadblock by a country to accept bailout terms or a country voluntarily leaving the Eurozone, all would be a financial disaster of epic proportions hurting all of the peoples Europe and circling the globe with its negative repercussions.”
Those independent thinkers who were alive before the Eurozone was created recognize this as one big fat lie! A Eurozone breakup means some of the money the bankers expected to steal won’t be recoverable. A breakup of the Eurozone means a recovered sovereignty for nations such as Germany - a development that would be a plus for the people of Germany and a minus for European and American banks.
In short, anyone who believes significant financial growth in Europe wouldn’t have been possible without formation of the Eurozone is delusional. The Eurozone is a constraint on growth.
The bankers created the European Union for two reasons: 1) to control business in the various countries (a single currency means central control), and 2) as a needed puzzle piece in the development of world government. At the same time, a lot of corporations saw it as a good way to muscle out their competitors. It was sold on the basis, of course, that it would compete with North America; it did, but only for select industries.
So. How has it worked out for the people of Europe? Well, results have wrought laws creating conditions similar to debtors’ prison in Old England. Staggering unemployment crisscrosses all of Europe, driven by the push from the bankers in the name of “austerity.”
This isn’t the touted “all pulling together”; this is the infliction of serious pain; this is joblessness and homelessness. And now cometh hunger.
Unemployment is a huge drag on growth especially when government money is used to pay workers, factors recounted in Christoph Dreier‘s report on “Record Unemployment in Euro Zone” July 3, 2012 on Global Research.
Even with the constant news emanating from the European financial crisis with most of the emphasis based on plans and counter-plans developed by the bankers for solving the problems, the most under-reported and under-emphasized story is drastic poverty-creating unemployment throughout the zone.
Says Dreier: “The response of the European bourgeoisie to this crisis is to intensify its attacks on workers across the continent. At the (June) EU summit … measures were agreed to facilitate further bailouts of the banks, but no serious steps were taken to combat the worsening recession."
The unemployment in the Eurozone has risen continually since April 2008 when it stood at 6%. The current rate of 11.1% (May) is only the tip of the ice berg, says Dreier. Real unemployment is considerably worse.
“European youth unemployment, in particular, has risen dramatically. It increased from 20.5 percent in May 2011 to 22.6 percent last month. The highest youth jobless rate—52.1 percent—was recorded by Greece and Spain.
“This means that more than half of all young people in these countries are out of work under conditions where many of their parents have been laid off or suffered wage cuts and the education systems are under systematic attack. According to the European Commission, 68 percent of all Greek youngsters say they would like to leave the country.”
Reports Dreier: “The record unemployment is the result of the austerity measures imposed by the European Union, especially in southern European countries. These measures have been dictated by the banks, which are determined to make the working class pay for the bailouts of the financial elite that have bankrupted entire countries. In Greece, at the behest of the EU, real wages have been reduced by up to 66 percent, taxes on consumption have been sharply raised, pensions have been slashed, and hundreds of thousands of workers have been laid off in both the public and private sectors. Similar attacks have been imposed in Spain, Portugal and Ireland.
"As social welfare programs are shredded, the impact on workers and their families of the loss of employment is magnified. In Greece, for example, unemployment benefits totaling €360 a month are paid for just one year. After the year is up, the unemployed are left with nothing.
“The most recent quarterly report by the European Commission estimates that the number of homeless people in Greece has increased in the past two years by 25 percent, to 20,000…"
http://www.globalresearch.ca/index.php?context=va&aid=31740
It is past time to repeal the Federal Reserve Act, the European Central Bank, the single market system of the supranational European Union and the Eurozone monetary union.
give me my Billion dollars and i will carry krugmans jockstrap
Meanwhile in the U. S.
An Overview of the United States National Debt
The Current Outstanding Public Debt of the United States is:
$15,882,491,122,065.69
Last Updated: Thursday, July 26th, 2012 (updated daily)
Every man, woman and child in the United States currently owes $52,275 for their share of the U.S. public debt
Public Debt: $11,065,979,692,064.08
Intragovernmental Holdings: $4,816,511,430,001.61
Total U.S. National Debt: $15,882,491,122,065.69
Question: Who owns the public debt?
Answer: Mutual funds, pension funds, foreign governments, foreign investors, American investors, etc.
Which Foreign governments own the most U.S. debt?
Answer: Here is the Top 10 (as of Apr/2012)
1. China, Mainland, $1145.5 billion dollars
2. Japan, $1066.1 billion dollars
3. Oil Exporters*, $252.4 billion dollars
4. Carib Bnkng Ctrs**, $247.0 billion dollars
5. Brazil, $246.7 billion dollars
6. All Other, $209.8 billion dollars
7. Taiwan, $188.3 billion dollars
8. United Kingdom, $154.2 billion dollars
9. Switzerland, $151.1 billion dollars
10. Russia, $146.8 billion dollars
*Includes oil exporting countries such as Saudi Arabia and Iran
**includes countries such as Bermuda and the Cayman Islands
Of the $5.1 trillion dollars of US debt that is owned by foreign governments, China and Japan own nearly half, as evidenced by this chart:
Growth of US Debt Over Past 50 Years
Current: $15,882,491,122,065.69
2010: $13,178,317,356,215.73
2004: $7,379,052,696,330.32
1999: $5,656,270,901,615.43
1994: $4,692,749,910,013.32
1989: $2,857,430,960,187.32
1984: $1,572,266,000,000.00
1979: $826,519,000,000.00
1974: $475,059,815,731.55
1969: $353,720,253,841.41
1964: $311,712,899,257.30
1959: $284,705,907,078.22
Commonly Asked Questions:
How much Money does the United States Owe China?
A: $1.15 Trillion (Apr/2012)
How much Money does the United States Owe Japan?
A: $1.07 Trillion (Apr/2012)
How much Money does the United States Owe Russia?
A: $146.8 Billion (Apr/2012)
How much Money does the United States Owe the United Kingdom?
A: $154.2 Billion (Apr/2012)
How much Money does the United States Owe Germany?
A: $65.6 Billion (Apr/2012)
How much Money does the United States Owe Canada?
A: $56.4 Billion (Apr/2012)
I have a deal I would like to make with the IRS, Congress, and the President...........
I'll pay my $156,875 tommorow for myself, my daughter and wife, IF you'll pass a "ban on deficit spending amendment to the Constitution" tommorow!! Problem solved!
No Takers?????
Ya I thought so, ok I'll guess I'll just keep buying gold, silver, and ammo then!
hmmm gold and silver......
...end the fed...US gov't print their own dollars...15T of them...pay off debt...problem solved.....wait, they're not that smart.....stick with gold lead and tin.
And its ALL owed to the FED.
As every dollar is an IOU and therfore as the FED is the issuer, to the FED their all You-Owe-Me's!
http://www.youtube.com/watch?v=-JLbAePwoHQ
You didn't make that debt, someone else made it for you.
All your debts are belong to us.
There fixed it for ya.
9. Switzerland !!!! -> I will start my own tropical island based on the Swiss model :: All you need is a pittoresque place with some subsidised farmers,an housing scheme and secret bank accounts.
"Printing money to pay bills maybe will work over the short term. But long term, it cannot"...
That is the longer, moral, ethical question. With the force of law behind it, it can print while throwing in jail the "unlawful" who do the very same thing.
Helluva racket...lol.
If the road to hell is paved with good intentions...where are we going when the road is paved with bad intentions?
That would be the shortcut.
Technocrats do not speak in public without lying. That seems to be a requirement by whoever puts them in power.
The market rises on the rumor because money can be made not because the rumor may be true or not.
When money cannot be made on rumors the markets will not move in relation to the rumors.
That does not mean that the market will return to fundamentals.
The reason the market does not move on fundamentals is because the essence of fiat currency has entered the market. The markets are based on bankster fraud. The value of markets like currencies is determined, set, by bankers.
What is changing and what will continue to change is the depth of the worldwide depression and political and social unrest.
The answer is revolution against bankers and the current monetary system. Politically we will see if that is possible in the upcoming elections. If not then the likely result will be a general worldwide revolution against the current monetary regime.
+1
“As the Federal Reserve can create money, theoretically the Federal Reserve’s prop-up schemes could continue until the Federal Reserve owns all dollar-denominated financial assets. To cover the holes in its own balance sheet, the Federal Reserve could just print more money.
“Some suspect that the Federal Reserve, in order to forestall a declining dollar and thus declining prices of dollar-denominated financial instruments, is behind the sales of naked shorts every time demand for physical bullion drives up the price of gold and silver. The short sales–paper sales–cancel the impact on price of the increased demand for bullion.
“Some also believe that they see the Federal Reserve’s hand in the stock market. One day stocks fall 200 points. The next day stocks rise 200 points. This up and down pattern has been ongoing for a long time. One possible explanation is that as wary investors sell their equity holdings, the Federal Reserve, or the “plunge protection team,” steps in and buys.”
– Paul Craig Roberts, The Meaning of Libor-gate, July 20, 2012
http://www.counterpunch.org/2012/07/20/the-meaning-of-libor-gate/
It seems like the more that we learn, the more we really don’t know.
http://www.elliottwavetechnology.com/2012/07/the-more-we-learn-more-we-dont-know.html
Good take on what is moving the market today. The separation from valuation has been in the works a long time ...lonterm to short-term planning, rumor based instant moves, the inevitable phoniness of an increasingly political economy, etc
But folks are not going to revolt. Too many are feeding at the public trough or don't know or understand or care. No, if a revolution is to matter it must involve those who influence and drive the world.
I like Biderman's videos, so fuck you if you don't.
We can follow the road paved with good intentions, or...
we can follow the Yellow Brick Road.
I concur with the majority of the posters on here. Biderman is like a cross between Liberace and a deli owner.
His Facebook stock pick was asinine. His laments are tired, worn out and insipid.
Biderman is looking more angry and disheveled than before.
Wonder if he's angry because these gold mining stocks keep blowing up and the U.S. Dollar and U.S. Treasuries are in a once in a lifetime meltup.
No, he is angry because you don't know that Credit Unions are insured by NCUA.gov.
hey robo, how is your CMG long position working out for you?
Draghi translation "We will spend all of your money to continue the status quo...that benefits us.
The CB's have to print. There is no choice. All they know is to try and reflate the growth trajectory. That IS capitalism..Growth until exhaustion or collapse.
"That IS capitalism..Growth until exhaustion or collapse."
Actually that is capitalism according to governments and central banks.
This guy is worse at reading a teleprompter than Obumer.
ZH highlighted Einhorn's concise summary or the EU financial situation. Adding words to that is a bit redundant. Your move Bernank.
It was a ten minute interview. Here are four of the most overheated minutes. "You're a fiscal cliff!" "No, YOU'RE a fiscal cliff!" Good show everybody. [Business Insider]
http://gawker.com/5929463/today-congressman-barney-frank-and-maria-barti...
Even a second grader can see Draghi was bluffing.
If he were truly going to buy sovereign bonds, he would just buy first at the lows and then talk up the bonds (not talk up the bonds higher and then buy at higher price levels).
But for manipulated by MMs and PDs market, this was a good enough excuse to mark up the stock market.
Also, "believe me" gave it away. Draghi was definitely bluffing -- trying to intimidate the shorts by a false display of intentions to buy bonds.
This is like Bin Laden telling Navy SEALs, if you attack me in Pakistan, "believe me" I have an atomic bomb and I will use it. "And believe me, it will be enough"!
Draghi wants to scare the hell out of bond holders,as they will sell out of bonds out of fear of subordination. Then he (ECB) will pick up the crap paper much cheaper. Just watch yields widen out again over the next week.
I thought the ECB does not pre-commit and pre-announce.
Draghi has no choice. What do you expect? If he said they were 99.9% committed it would fall apart in a day. Expect more of the same and just fade it.
Biderman lost all respect when he went up against Schiff and got his A$$ handed to him --- he was wrong in 2006 and is a false prophet -
http://www.youtube.com/watch?v=7MagNCXV8SA
who the f*ck cares about Biderman? Certainly not the markets. You could equally find a hundred articulate folks on the other side of him
I'll take mine in yuan. That currency would go apeshit if something like that happened!
The road to good intentions is lead by a European jester gargling dicks and promising the world when he doesn't have two nickels to rub together... The Merkel phonecall is gonna be a classic. I bet he lets it ring.... FUCK YOU DRAGHI!!
Charles is a little awkward, to be generous.
I don't think ZH should continue Biderman boostering.
And now for something complete different, possible explanation of why Corzine is not in jail.
http://www.breitbart.com/Big-Government/2012/07/26/Exclusive-Attorney-to...
It is always comforting to see a talking St. Bernard chuckle at it's own jokes.