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Citigroup Has The Best Summary Of Europe's Fiasco Yet: "Losses Are Unquantifiable"
Feel like every day Europe is juggling hot potatoes? You are not alone. As the following graphic summary from Citi's Matt King (whose insight into Europe, liquidity conduits, shadow banking and a comprehensive picture of modern financial "innovation" has rapidly become second to none) shows, the hot potatoes are getting hotter by the minute, and are flying ever faster and higher. But the kicker: King has the best punchline on Europe we have yet encountered: "Losses are unquantifiable" Q.E.D.
Passing The Potato
Europe - and no less most of the developed world - is caught in a self-reinforcing deleveraging process.
They are caught in a vicious triangle.
Asset Prices Are Overbaked
Asset prices are reconnecting with the real world, but the debts are hard to eliminate.
When Asset values drop, the debts remain!
Chipping Away - Deleveraging has Barely Started
Shifting from Private to Public balance sheets - Creating new risky assets.
Merely shifting from one pocket to the other creates MORE problems
But Who Will Buy The 'Hot Potatoes'?
Required Premium is greater than the Sustainable Premium; and Spain and Italy (among others) are getting uncomfortably close to the the cliff...
Individual Rationality May Be Collectively Disastrous
...Which leaves question of: Going Concern or Gone Concern? for Spain - but this is far more than a Periphery Problem.
Losses Are Unquantifiable - And Highly Profitable!
Source: Citi
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If the market has not priced any of this in by now then maybe it just won't. Maybe the market remains this place where the few remaining people play around until they run out of money and disappear too.
"Unquantifiable?"
Aren't the accountants supposed to work ot?
http://www.zerohedge.com/news/guest-post-rot-runs-deep-3-capture-professional-class
"...few remaining people play around..."
Should fewer and fewer students join the ranks of accountants; lawyers; doctors; ugh, heck, engineers (sorry folks, THAT'S ALL!)...
Just remember, according to zero hedge you shouldn't be trading or trying to create a profit to use to protect yourself. You should have a duffle bag of gold around your shoulders, one hand wrapped around a bag of beans and the other clutching a benelli. ZH you MF'ers are fucking crazy. I cna understand, picking up pennies in front of a steam roller is bone headed, but to pretend ppl shouldn't trade the market? LOL get fucked.
& the losses ni europe are totally quantifiable. The answer is 1.618 quintillion.
When the killbot(s) offer you a claw to consumate yer trade(s), count yer fingers, if any are left...
"unquantifiable" = mark to fantasy accounting
mark to market that shit and see most western banks go BK.
Of course it's unquantifiable. Kim Stolz still didn't send them her invoice. :)
"Losses Are Unquantifiable"
Of course it's quantifiable.
Quantifying it means exposing the whole rotten underbelly of the beast for the world to see.
That's the part he doesn't want to be quantifiable becasue then who's going to buy the beast?
They should be named Citi-Fraud
Citi To Pay $590 Million To Burned Shareholders In Toxic Asset Case
America's losses, unlike Europe's, are quantifiable. But who cares. Benny-boy and Timmy-kins can always create more money out of thin air. But they're not worried. As the wise prophet once said, "Everybody lies, but it doesn't matter since nobody listens."
The exponential growth of the defecit will expose all, when the people realise the money has lost its value through printing
or we dont print, which would be hell on earth in a very short period of time
Its all very simple really
They WILL PRINT, they always do if they can
My point as well AD. "Exponential Unquantifiable", it doesn't matter, you can string digits end to end to Mars and back. Ben and his hoard will continue to micro-manage anything of value that can either help or hinder "the cause" - And what is his cause? It's simply two fold; 1. His sole purpose is to further enrich and strengthen, through public and clandestine unification operations, the world's fiscal power elites. 2. Use their own assets; the world banking system, the international media outlets, and all economic market resources available to him to further his overlords absolute control of: A. The Industrial military complex B. Technological & Agricultural Sciences C. All Currencies, international & domestic. With this, they own the deed to the earth...And that day is fast approaching, and well beyond stopping this side of divine intervention.
divine intervention indeed
the bigger they are...
Sure it's quantifiable. 60 trillion. See? Easy.
It's incomprehensible.
But oh, so reprehensible...
It's indefensible !
And... Nonsensical!
Some would say whimsical.
Did we just have a SuperTramp moment?
Well ... all the world's asleep.
...and it would be comical
if the sums weren't so astronomical.
Citigroup is an expert in unquantifiable losses. Shitty bank has lost tens, if not hundreds of billions. Scum bank like BAC and Wells.
must be run by muslims, frieddie
and tyler continues to churn out posts giving these socialist economists air time........................
Well, isn't that special.....?
Put all the big banks in a deep frier for Thanksgiving. It's what America does with turkies.
Can't be quatified or won't be quantified? Jubileeeee, bitchez!
Quiet night on here. I am drinkin a beer toiling around. Here is what I am listening to. If anyone has a song out there I am all ears.
http://www.youtube.com/watch?v=eBB2OS4IoTs
http://www.youtube.com/watch?v=_VKouBHarIo
awesome knukles.
music'n'movies
http://www.youtube.com/watch?v=n1VTcJfL7RE
hollywood infected
your brain
you really wanted kissin in the rain
0 0 0 0 0 0ohhh
i've been living in the movies
seen puking american dreams
i'm obsessed
with the mess
that's america
i'm obsessed
with the mess
that's america
0000000000000
The following is apropos...
http://www.youtube.com/watch?v=W95qOOix0U0&feature=related
Cheap whiskey here
http://www.youtube.com/watch?v=gfngKaaDVro
Feelin' a wee bit rebellious
http://www.youtube.com/watch?v=ORifieiZiP4
or this
http://www.youtube.com/watch?v=DXzhEokVn0s
http://www.youtube.com/watch?v=nQr3SPcSNAQ
miles davis - kind of blue
http://www.youtube.com/watch?v=lltFGc6pBRw
Same as the short position in Silver when it goes pop. Unquantifiable except that JP Morgan and the US Fed will be both be instantly out of business.
Dick Bove:
Ignore the fiscal cliff, S&P to 1555
http://www.cnbc.com/id/48807520
I saw that assclown Bove on with Kudblow. He still had some of Jamie's jizz on his cheeks. He needs a better makeup/cleanup man
So, just what is the "euro-citizen" obligation to this mountain of unpayable debt anyways?
I'm constantly treated (really just annoyed...lol) as to what some retarded Keynesian MSM mouthpiece says "my obligation" is here in the US...which for the record is zero for me (outside of US currency destruction).
Just a question ;-)
well the last 'euro-citizen obligation' was called war reparations and that guy named...aaaah...hibler or hitner..oh..hitler made it everyone elses obligation.
Full note link?
Unquantifiable isn't so bad. Try figuring out the Fed's balance sheet. Here's a new rally cry for Ben's next put: "We can live with unquantifiable for an undetermined number of years!"
OK, there is one easy answer. We take over Spain (like Puerto Rico) first and then they can apply for statehood. We are all bi-lingual anyway!
spain hates americans.....i know several people that 'their life long dream' was to visit spain. they came back bitching about how the spanosh treated them like dirt....
my son studied for a year in barcelona during high school; he had zero complaints!] time back, tho
now? after 2008, maybe not so wunnerful
they went with the 'american model' didn't they?
RE boom/bust & the debt becomes unpayable
and they don't have the reserve currency... so they depend on the politics and kindness of neighbors now
...not that the spaniards minded when they were financing and building, flipping and cashing any more than WE did; of course
as i think about this today, it reminds me of guys who have had triple/qudruple by-pass surgery
after the surgery they get outa the hospital and they feel pretty good
then it hits them, usually; and they don't feel so good for a while; a long while; and then they "recover" more fully
isn't this about what "we" are going thru?
we fail! we bail! we by-pass and everything becomes unquantifiable: it is just yea or nay
so we don't die and we get thru the by-pass surgery and go home for a little QE1 and feel pretty damned good compared to before we went in
and then QE2 and reality sets in: this sucks and we feel like shit on a stick
the doctors tell us: do ZERO and just rest and heal and eventually you will begin to feel more like yourself again
meanwhile we can't do much at all and we really do need to rest. and heal
the time scales are not alike but the processes do seem similar to me today
it is the heart and it is serious but we are expected to keep recovering and we still have our families and our friends and the fuking gooberment and 'centralized dieticians' too
lucky us!
that's one of the great things about corporations, which can go extremely negative (debt) and have the negative counted as zero (bankruptcy).
your corporation has a thousand subsidiary corporations. all of them leverage their negligible assets for spectacular sums of borrowed cash. you use the cash to pay yourself (and your employees, but mostly yourself). then assign staggering debt to your subsidiaries, one by one, while keeping the other ones solvent.
if you do this right, the ponzi lasts for decades as you keep borrowing cash against the subsidiaries still in the black, then shove the debt into yet another bad subsidiary that dies.
remember please to donate 0.01 percent of your final winnings to a charitable cause before you relocate to another country.
bless your heart, you captain of industry.
Thanks for the anchor.
baaaaa...... nobody does thaaaat....
Corzine? Is that you?
C'mon 25% youth unemployment in Spain 50% in Greece they just dont want to work, it aint all that bad. Houses no one can truly afford in the UK C'mon thats not to bad either who needs a home. And Uk employment figures just released show a massive fall of 5900, even thou its because the government brought back the old enterprise allowance scheme to get ppl of the dole, no sign on, no hassle tactics.
Nope ignore the data people everythings fine just fine...oh look a shiny ball.
I see a clinic full of cynics
http://www.youtube.com/watch?v=7aItpjF5vXc
... juggleing potatoes, no ..... those are "hand grenades" .... and the pins preventing the ignition of the fuses, well they're missing too .....
unquantifiable yesterday, today and tomorrow
with zombie accounting, losses are not taken; no m2m means "unquantifiable"; this is a "new convention"
legal too!
and as such is the basis of systemic stability itself
Quite bullish news. If the world of banking has taught me anything, it's that losses that aren't quantified don't exist!
"Vicious Triangle"
"Unquantifiable Losses"
Yes...the bankers and plutocrats deserve that...all the way to the gallows and the guillotine!
as usual :> all of the above
Freddie Mercury Vs. Sid Vicious(Sex Pistols) 1977 - YouTube
plus ca change...
Regulators Issue Notice Of Suspension Of Duty To File Reports Pursuant To Arithmetic.
As for palliatives in music-video format, try The Avalanches - Frontier Psychiatrist.
"The golden truth is that once the election is over in the U.S., I fully expect that the global infatuation with the daily vicissitudes in Europe will shift to the catastrophic debt bubble in the U.S. Especially since I fully expect that Congress will loosen up the laws and kick the "fiscal cliff" down the road some more. And this will be fully financed by the Fed with "open-ended" QE in the form of large-scale mortgage and Treasury bond purchases. At that point I expect that our Asian financiers (China, Japan) will come realize that, while Europe is at least having conversations and making an attempt at solving its financial predicament, the U.S. is whistling in the dark as it heads down the path of collapse.
You need to move a large portion of your investment wealth into physical gold and silver, or you will be swept under the tide of George Santayana's prescient warning..."
Nice study by the famous R&R about how sovereigns not only stiff foreign bondholders (very popular in-country) but also their own citizens (not so popular, but also not so well known per R&R).
http://www.nber.org/papers/w13946.pdf
THE FORGOTTEN HISTORY OF DOMESTIC DEBT
Carmen M. Reinhart
Kenneth S. Rogoff
Well, if it is not quantafiable then it doesn't exists. That is the way it is reflected in EU policy. Ignore, so it doesn't exist. Even if it did, it will go away by itself. US debt is perhaps quantifiable. That is handy cause then the US knows how much debt it can hustle to the rest of the world.
Out of sight. Out of mind.
BTW. Arrest Citigroup.
Citi, as a failed nationalized bank, is not qualified to talk about debt, especially in Europe. Most Americans still believe that the EU is one country.
Buy the fucking Dream
But didn’t JPM’s Jamie Dimon say that the eurozone fiasco would have only a limited effect on JPM ?
The losses in first world financialista web economy are unquantifiable because the Citi-Squiddy cabal has made it so.
Eurozone financial collapse is just a hors d'oeuvre of the whole shooting match. And Citi of dirty-titty should know. But Citi, as manipulative as ever in its desperation, now wants its surrogates in Europe to haul up the white flag. As if that would solve the problem.
The losses are unquantifiable 'cos TBTF won't do due diligience of derivative "body count", preferring going down Perdition Road of more fiat dopium, the smoke n mirrors of more shadow banking OTC/HFT/rehypoth/int rate fixing/asset levitation sleight of hand, like the papal fumes of old to settle their own internecine power struggles in Eurozone, with bogey men of the desperate and damned sub-category all ready to be sacrificed on the bonfire of unfettered greed. Thanks to the collusion of CBs and political crony surrogates; all on the same page. A magnificent power conspiracy of our "free market" Oligarchical age, now out in the open like manifest destiny of those who were born to rule in the name of elitist "greed is good". A socio-economic construct as toxic as the Fukushima Mox pool cauldron of bubbling technological self destruction.
Its called waltzing on the Titanic! If they think it won't spill over to imperial fiat Rome they haven't read history!
Nemesis is very much a figure of our times. And its bred on Hubris which is just doing fine tolling inexorably the bell of its own tipping chimes, running amok in the land of unbridled crimes.
The punch line here of course remains : Losses Are Unquantifiable - And Highly Profitable!
Play on Oligopoly monopoly.