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CME Goes To Collateral DefCon 1: Makes Maintenance Margin Equal To Initial For... Everything!?
Update: Based on unofficial statements by the CME, it appears that the exchange has gone the way of inviting more risk by lowering Initial to meet existing Maintenance margin across the board. We will likely only know for certain on Monday. We suppose the proposed explanation will be to minimize margin exposure for onboarded MF positions. Of course, that this is very much counterintuitive at a time when risk is spiking and vol readings per SPAN are soaring, and instead is inviting even more risk, is apparently irrelevant to the exchange.
The most important news announcement of the day was not anything to came out of Cannes (as nothing did), nor from Greece (the merry go round farce there continues unabated). No, it was a brief paragraph distributed by the CME long after everyone had gone home, and was already on their 3rd drink. It is critical, because not only is this announcement a direct consequence of what happened with MF Global several days ago, but because also it confirms one of our biggest concerns: systemic liquidity is non-existanet. We confirmed interbank liquidity in Europe was at an all time low earlier today, and can only assume the same is true for US banks. But what is very disturbing is that this is just as true at the exchange level, where it appears the aftermath of the MF collapse is just now being felt. What exactly was the announcement. Unless we are completely reading it incorrectly, it is nothing short of a margin call for tens if not hundreds of billions worth of product. Because as of close of business on November 4, today, the CME just made the maintenance margin, traditionally about 26% lower than the initial margin for specs, equal. For everything. Which means that by close of business Monday, millions of options and futures holders will be forced to deposit billions in additional capital to the CME just so they are not found to be margin deficient, and thus receive a margin call. Naturally, since it is very unlikely that this incremental amount of liquidity can be easily procured in one business day, we anticipate the issuance of hundreds of thousands of margin calls Monday, followed by forced liquidations of margin accounts across America... and the world. Just like when Lehman blew up, it took 5 days for Money Markets to break. Is this unprecedented elimination in the distinction between initial and maintenance margin the post-MF equivalent of the first domino to fall this time around?
From the CME (source):
And for those asking, here is a complete breakdown of all CME products and associated margins:
»
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My doctor gave me six months to live. Couldnt pay my bill, He gave me another six months... Henny Youngman bitchezz
I believe Buffet will be proven correct about one thing; "When the tide goes out we will see who is swimming naked"
imo it's not true of tides (he's from nebraska) but it is true of bear markets.
I wanna see velobabe and trimmed hedge swim naked. Wish they would come back.
But don't we see these predictions of a total mayhem every friday or else sunday night, on zh?
I'm sure it will be right one day ... this time for sure!
As Mark Faber says "Never under-estimate the power of printing money"
To that add, "Never under-estimate the power of a Euro Krisis-meating's Press Release"
Jus sayin
No, you don't. You see a lot of exasperation, and anger at corruption. But this move could easily be the Smoot-Hawley of our generation.
another WILDLY exaggerated prediction by cliff mosely-claven, which will invariably fall flat on its face
I like how you don't know how to read, yet you keep writing as if you do.
Never mind that this announcement was made in such a vague and irresponsible manner that it was bound to be interpreted the way I and 99% of the people here did. It COULD have been the Smoot-Hawley of our generation IF they had RAISED maintenence margins in the totally nonsense manner that they appeared to be attempting. But, thanks to the update (which I doubt you read), we see that this is not the case.
This is not a trigger. But you will none-the-less continue to claim that I said things I didn't say, and act as if the entire world had the information that will come in the future today, and that I am somehow at fault for misinterpreting that information that doesn't exist yet.
Funny, Trav holds me to be deficient in comparison with Almighty God.
Look at the products in the list above; the only metal entry is for a gold index. Bad for oil and E-minis, but fine for gold and silver.
It's a pathetic attempt to shake liquidity out of the dead fish, but will cause a huge dip in commodities
...which is fine by the Bernank who is tired of idling the chopper on the roof by now due to inflationary concerns.
Mini-crash + commodities dive == QE3 cleared for take-off.
thank you growyourownfood for adding some sanity to the discussion
CNBC showed a clip of Gensler being asked about MF Global today in a hallway after a meeting..then asked him as he was walking away if (paraphrasing) there were any other MF Globals out there at this time....he didn't answer the question verbally, just showed this strange sinister grin...it stuck with me, I thought his reaction to the question was really strange...now I think I know what the grin was about...this msrgin shave was decided by then and someone's anxious to see who will be knocked down Monday.
Dang, that post just reminded me of something. JPM silver shorts-MON. I would guess they still have at least 25k 5000 ounce contracts short if not substantially more, as they have not crashed it but one time and seem in no hurry to unload the rest. Everyone is waiting for round two to be unloaded before Jan1 when the Dodd Frank posistion limits kick in and the dumbfucks finally define what a swap is. Is this to force them out? The price of holding those shorts just went up bigtime.? If thats the case I take back every vile thing I ever called you Gensler. You little worm.
Silver is fixing to get MONKEYHAMMERED ShortTerm. No wonder Gainsville sent me an ad for eagles at 2.29 over spot after asking a 5er all year. Hmmmmm....................Im going to have to rent an armored car.
Nah. Just an old free markets dinosaur .waxing nostalgic. sorry for my remission. Now back to reality.
The price of holding those shorts just went up bigtime.
Well ya, except that the price will crater too and that ain't exactly bad for shorts.
Yes, but thats when they sell-em and finally get the hell out of the way. I have been through about 4 of their bullshit takedowns and with the amount of shorts the CBs hold they can take it down on a whim. Get rid of the threat and we can have true price discovery just like in the olden days. No matter how many long the specs buy the commercials just match it short + 5000 contracts. The CBs have deeper pockets than investors and this is how they have supperessed prices for years. Investors can't compete with ZIRP money. Surely they will not be so flagrant as to roll-em over again with position limits about 50 days away.
Thank you MF Global and your 50K stinky pieces of shit.
EXTERNALITIES BITCHEZ
What you're saying here makes sense to me.
But I believe they will never leave it alone forever. They (the Morgue et al) are working hand in hand with the producers of fiat. It should be a great time to exchange their paper for reality, for those so inclined ;-)
Yes, and also +1 for the post before. All of these moves are clear indicators of how the PM crowd truly is winning. I have also sat quietly and witnessed many of thes ecoordinated smackdowns; each one requires greater and greater force. There are more still to come, notably a tax treatment change. They will all ultimately fail. You ain't seen nothing yet. The rules will be changed and changed and changed until we realize cash price discovery. Period.
There is probably nothing more the majors would like to do other than exit their short postions. This should give them the opportunity to get a large part of that goal met. Why else would any right-minded exchange make such a goofy rule?
I was wondering about the gainseville "sale" as well. Makes a lot more sense in light of the recent news.
"sinister grin" @ 1.11 in video clip: http://video.cnbc.com/gallery/?video=3000055326
nice catch hamstercheese! My prediction is Gensler will not make it past day one of the World Series of Poker 2012 (assuming there is one;) with that poker face. "Sinister Grin" as he is dealt Pocket Aces. Hamstercheese that clip and observation is precious. Thanks for posting:)
His snicker has to be the most precious little look.
What does
CFTC + Snick-shiter grin + MF Global + inquisitive idiot reporter = Kabang baby!
So then Timmy gets Jaime to buy it for pennies. Kaching!
JPM is the only alternative; or the government won't open and they will shut off the waves.
Rick Santelli seems to be the only person there that is still thinking.
Rick is the only canary in the CNBC fold; the rest are canards.
Man who does not notice outrage, should remain sleeping.
Yep- has to be a reaction to whatever is really going on with MF and whoever else hasn't been caught yet;
The elders are moving to circle the wagons- too late?
maybe its time to attack iran..........
Benji, is that you?
;)
US will go to war only when zionazis tell them to via AIPAC
http://www.haaretz.com/print-edition/news/netanyahu-trying-to-persuade-c...
Wasting no time after its success in getting the administration to oppose Palestinian statehood at the United Nations, and still celebrating the UNESCO funding cut-off, AIPAC has returned to its #1 priority: pushing for war with Iran.
BUT watchout... China/Russia might want Iranian oil and they will fight against US and these two already have plenty of nukes.
Russia already has the Worlds largest reserves and is the Worlds largest producer. The Yanks need it more.
Russia doesn't need it but they want to control it. Natural gas is Russia's bread and butter. OPEC style monopoly. Control the supply and you can enhance your profitability and world power. Not bad for bunch of KGB thugs.
God gives you pomegranates and you make POM-wonderful. Even Costco could figure that out.
It was an easy move for them from colonial dictatorships to commodities.
What happened to the Palestinian feta cheese? All I see is this stuff from the chosen apartheiters at Trader Joe's. Who is blocking the people's sheep cheeses from the middle east? Nixon's dairy guys large and in charge, I reckon.
HPD, it defiitely look that way if you see the "head" lines (or should that be headlies) in the MSM.
Especially over in the UK. They are pumping the anti-Iran rhetoric...
ORI
war-memes-me-iran-israel-uk-us-social-engineering-planted-stories/
or if commingling funds was running rampant in Chicago and suddenly one of the crooks goes down you have an oh fuck moment with everyone scrambling to get their books right before the heat comes around.. markers being called, margins, positions getting unwound.. pay me bitch! what? You can't? wtf you mean you cant ?
Not so scatterbrained. Nope. Not at all.
I will be attempting to withdraw $150K of cash tomorrow from Regions (I expect it'll take 3 branches to fulfill my request). I'll let ya'll know how it goes . . . (and yes I'll be armed to the the teeth)
Damn, a hundred and fifty grand??? You'll be arrested as an Al Qaeda Terrorist for sure.
150k!?!? Allah be praised!
yabyum are you from Amsterdam? Just curious.
No worries. The branch will call the cops who will get lunch from the batfedea'd guys who will seize your cash and vehicle and then put it back to Jaime in the interim while you figure which hand grabbed your own ankle first.
Posession of cash (by terrorists and drug dealers aka all law-abiding US private citizens) in sufficiently large quantity, say $20000 or greater has for the most part been criminalized. On deposit of $3000 or more if questions are not asked (the bank is breaking the law) and paperwork is not filled out properly expect further inquiry. If the frequency of deposit/withdraw activity exceeds a certain threshold, again, expect further inquiry.
By filling out the paperwork you also have tipped off the criminal element in the US Government (among others) where to start looking for your stash of cash.
I recently converted my 401K to cash and had it wired to my bank. They could see it was for a 401K disbursement.
I thought they were going to call the FBI and Homeland Security when I told them I wanted it in cash. It was a VERY TALL stack of 100s. I had to wait a week for them to order the cash from the SF Fed.
They kept asking me why I want it and suggesting it was criminal. I asked them "Isnt it my money? Then its none of your business what I want to do with it. Do you see it came from a 401K disbursement wire? Is 401K an illegal racket? no? Then give me my money."
The questioning went on in circles for an hour before they realized nothing would give and told me to come back as the bank doesnt allow that sort of cash out without notice as its a small branch of a localized bank.
I finally got my cash. Now I keep $100 more than the checks I write for bills in the account. Peeled off about a dozen hundos and went to the gun store and bought a big ass safe.
That safe is one of the best purchases I have ever made. Cash, gold, silver and LEAD. Thing weighs nearly a metric ton. Next up: Burry some supplies where they wont be found.
#Winning
BRAFUCKINGVO!
Yep. 12 teeth on the avatar. You're legit.
I'll make my last withdrawal from the 401K in Jan. Employer's rules limit annual withdrawals.
I told them I was going to "tha club"and was gonna "make it rain". No more questions.
F'ing awesome!
yeah, one of those spook NFLers had somethin like 70k in a bag for that purpose and nobody gave him bullshit over it. Pacman Jones maybe or some other malcontent thug wannabe
Please tell me the safe is just a decoy.
Safe is the first place they'll look. You should fill it toilet paper and put the gold somewhere else....
Just point out that in the UK when you deposit money in a bank it is no longer your money. It is a loan to the bank and you are just a creditor making a shitty investment in the bank and are owed money. Obviously there is some legislation in place to make it look like it's your money, but it isn't. People don't tend to begin to understand this until the shit hits the fan.
The contract you signed with the bank determines if they have to give it to you on demand, how much they have to give etc. Considering they are typically leveraged 30:1 on top of the cash they are always trying to prevent withdrawals.
I imagine the US is relatively similar.
I did the same thing just before the last crash. The funny thing was when I re-deposited the cash a year later. I had to fill out paperwork explaining where I got all the cash. On the lines where I was supposed to write an essay to justify my terrorist behavior, I wrote one word: Self.
Let the watchman figure it out.
Last year I was denied a refi because the wanted to know why I had a few deposits in my checking account that were larger than 10K. wanted me to make statements about each one. I told them F.O. I work for a living and do not have to explain shit. Like asking for a loan and having cash flow is bad? Whatever, go find some fresh across the border subprime Mexicano to loan the money to. I just chaps their hide when they see a sheep who has escaped and not properly been sheared.
LOL Here is the response you will get.
"We don't have that kind of money here, you will have to order it and we will have it for you in 3 business days"..............next !
Been there done that a couple of years ago.
Good luck as you will need it.
Threeggg is right. I've never been to a branch willing to disburse large cash quantities like that on the spot. Check on the "funds availability policy" of your bank or credit union and you'll see that you're not really entitled to the deposits you make with the firm unless they want you to have them right away. They get to call the shots and you're not entitled to cash without advance notice and potentially significant delay.
Physical cash is fun and all, but its stupid to store more than a years worth of expenses as federal reserve notes... Why would you store "value" in a form that has a history of lower purchasing power, currently being devalued, and is a debt obligation by a group nobody but the banking cartels trust?
I say, burn the bitches and pull it all out in cash and wait the few days it will take to get it. Make arrangements to take delivery privately and be able to be armed (many banks have "no gun" policies... but at least where I live, that doesn't make it the law... :)
Bring a good bag, suitcase, pouch, etc and be ready to take delivery quickly and without drawing much attention while leaving.
Run on cash -- bitches
Then buy up real assets!
you could wire it to a gold dealer and just do it electronically.
It isn't as if there is LESS scrutiny pulling that many FRNs. You do not just "drop off" the radar screen when you pull 150k vis a vis wiring it somewhere. In fact, you obviously pull a HELL of a lot more scrutiny doing the former than the latter.
Getting a cashier's check for that amount to take to a coin store wouldn't raise an eyebrow. Pulling the same amount in FRNs does.
Srsly, why not just buy PMs with your debit card instead?
Wow, Trav gives really bad advice.
What, do you think someone starts following you around to see what you spend the cash on? Wires and checks are really, REALLY easy to track, you fucking idiot. If you are worried about gold confiscation (I am not), then the dumbest fucking thing you could possibly do would be to buy gold with anything other than cash.
It doesn't matter how "suspicious" they are, if there is no paper trail. All the eyebrows in the world could be raised simultaneously, but that doesn't mean they are going to know whether you spend the money on gold, heroin, or hookers.
JFC you are fucking stupid.
The cash pulled at the bank leaves a HUGE GLARING PAPER TRAIL, you stupid fucking MORON.
Then, when the Feds show up they can ask where the cash went. If you pull significant cash, you ARE a terrorist and they can confiscate that cash RIGHT NOW. There's a massive electronic and paper trail to requesting and withdrawing that much cash and you will be required to explain what happened to it.
Blew it on strippers and coke...just not going to cut it. And you're too stupid to be able to make up a credible lie, anyhow. If you want gold, buy fucking gold. Don't try to STRUCTURE as that is ILLEGAL TOO.
The problem with people like you, cliff, is that you mistakenly believe yourself to be clever, when in reality you are a fuckin idiot.
Right, so being able to access your transactions in a database is harder than coming to your house and asking you to willingly tell them what you spent it on.
I'm the stupid one?
Do you read your posts before you submit them, or do you just pathos'n'go?
tmosley ,
Only one problem paying w/cash.
You had best never plan on selling, w/out a receipt where you bought it and for what amount.
And, you better not try to buy incrementally amounts just under 10k at a pop.
Matter of fact, better not do it in reg intervals of 2k per month.Or $2k amts that equal or go past 10k in a calendar year.
The IRS has decided that is stacking.And is considered a federal crime, and they will come after you, and your purchases IF they can find them.( they call it money laundering).
Representative Steve Cohen AKA Nathan Thurm
http://www.youtube.com/watch?v=AfFwNiY-0xE&feature=channel_video_title
You won't get it. It's a challenge to get more than $3K from most branches unless you make prior arrangements. 150K... they'll laugh (or shit bricks.)
There's lots of weasel language in your account agreement that will let them defer a withdrawl, expect them to use it all.
They won't have that kind of money in cash, especially on a Saturday. They will tell you they have to order it, and they likely won't be lying.
BTW, make sure you withdraw it in $20s.
Gorbachev Money Decree Stirs Panic Among Savers : Soviet Union: Large-denomination ruble bills are declared worthless. Besieged banks refuse to open. January 24, 1991|MICHAEL PARKS | TIMES STAFF WRITERhttp://articles.latimes.com/1991-01-24/news/mn-987_1_savings-bank
Russia Won't Honor Pre-1993 Ruble Bills : Currency: Citizens have two weeks to trade up to about $35 worth of old notes for new ones. July 25, 1993|SONNI EFRON | TIMES STAFF WRITERhttp://articles.latimes.com/1993-07-25/news/mn-16831_1_ruble-bills
From the article on Russian Ruble Notes:
Police were summoned to maintain order at thousands of banks throughout the country as people sought to exchange their 50- and 100-ruble notes, withdrawn from circulation by Gorbachev, and grew angry when they were turned away by bank officials.
========================================================================================
Jesus, Mary & Joseph; 50 and 100 ruble notes are large denomination bills? At todays rate 100 rubles is just over $3!
The official pegged rate at the time was 1 rub = 1 gbp
They've knocked about 9 zeroes off since then as well...
Cash is King!!!!!!!!!!!!!1111111
The soviet ruble was the reserve currency of the warsaw pact, too. Big empire, was around as long as a lot of people could remember
http://www.youtube.com/watch?v=0jCr8QSGYss
There have been multiple commenters today feelin' a little ill - on Mon 10/31, halloween, the entire town/city where I live, (Lawrence, KS) had no internet for several hours and the "customer service agents" said that the "backbone of the internet" was broken and being worked on - WTF !?! Intermittent service for 5-6 hrs, cool since then. Weird.
The backbone was down?! ?Either bullshit, or they don't know what a backbone is. You know the major backbone is headquartered right there in Overland Park. We had no outage.
Yeah, we talk to people in KC all the time and no one there had issues - otherwise, I would have been really freaked out. Knology bought Sunflower for internet/cable here a while back - out of GA or KY, I don't know. Guy I had on the phone didn't sound like he knew a damn thing. Just weird.
I was as if millions of voices of investors cried out at once and then were silenced!
LOL, Awesome. "It's like the entire market was blown away."
That's no moon. (It's Gensler's balding pate.)
"Buying through margin hikes aint like dusting crops, boy"
"without enough collateral you could buy too close to the top or bounce right off a smashdown and that'd end your trip real quick"
What i thought, who's gonna be the next MF?
Could this be the one that nobody saw coming?
Honestly what good news would come out on a late Friday nite at 8pm. None! Good news, whether its a rumor or a blatant lie only comes out around 3:30pm on a trading day.
Lets see if CNBC can avoid mentioning this on Monday as everyone is scrambling to raise up the cash to top of their accounts.
By Sunday night they'll be on full spin. Probably talking about how some sort of war with Iran will be super bullish for stocks, and we'll all have free gas for our SUV's.
Everyone scrambles for cash, then the Fiat Ponzi collapses, and poof! It's all gone.
Exactly. Hyper inflation is primarily related to velocity, not money supply. How much longer will people continue to hold dollars.
And once more, jsut because its awesome: ANd it's gone: https://www.youtube.com/watch?v=4TlPo0yCSa4
I believe Hyperinflation is neither velocity nor supply but rather loss of confidence. Only cash matters, because checks and credit and digits on a screen are just too abstract to buy a carton of milk with, then the printing begins to try to catch up with the people but by then it's too late.
That is why when people say gold never went to zero...it is tangible.
Supply destroys confidence, confidence drives velocity.
I don't get it... If the there is a scramble for cash, then fractional reserve system collapses since the fractions get smaller with each withdrawal. Banks go under and a lot of securities go poof, however, the dollar would explode to the upside. When the ponzi collapses the electonic dollars that are "in savings" dissappear, ie money markets, bonds etc. And, there will be no SIPC and FDIC to back-up all the crap that is out there. Investors that took risk chasing higher returns will have to suffer the consequences of the risk gone bad. (Frankly, money market interest rates have not been paying you the risk they have exposed to Europe, some MMs are 40% exposed) In this case the physical dollar or unleveraged dollar will be in highest demand since there are so few of them to go around compared to the electronic dollars that are "in savings." If that is true gold and silver will be liquidated at any price they can get dollars (pennys?) for them.
Only after this severe liquidation will the pendulum swing back the other way and over compensate unleveraged dollars that get printed (into oblivion?) into a hyperinflation event.
There is a lot of time and pain to be had before metals have their day, IMHO.
I understand. You want to believe that just because people demand dollars there will be an increase in its value.
But the thing is, the dollar has no value. It has none. So when everyone runs towwards it at once they will run through the imaginary wall and off of a cliff.
I understand. You want to believe that just because people demand gold there will be an increase in its value.
But the thing is, gold has no value. It has none. So when everyone runs towards it at once they will run through the imaginary wall and over the cliff.
and then there is history.
how many unbacked currencies have failed in its course? is the number even known? see reinhart and rogoff for some anecdotes.
how has gold's value held up over the millennia? volatile, yes. but measured in whatever currency one chooses, what is the trend?
Gold is monie.
If you think monie has no value you may wish to enter reality at any time.
flaw in that. Gold is a real thing. Paper denominates real things.
The deflationists' mantra of "cash scarcity" pertains to credit due to the P+I/growth issue that I have gone over 50 times.
The problem is that the CBs entire PURPOSE, their raison de etre, is to prevent these types of crunches. That is what they did in 08 and that is what they will do again. They can try to balance the inherent collapse pressure of the system to prop up the currency's "value" in terms of avoiding liquidation for a LOT longer than people realize, while they print the coupon.
The issue becomes when the moneyness of credit instruments reaches a phase change. This is when oil to gold ratios and GSRs and real production matter more than promises. It's called backwardation.
The dollar is backed by the full faith and credit of the US military protecting the flow of oil throughout the world.
next question
the FRN is *also* backed by the need of the world to service the 75% of world debt denominated in it
The dollar is backed by the full faith and credit of the >CIVILIAN POLITICAL DECISIONS THAT LED TO THE< US military protecting the flow of oil throughout the world.
some of the cnbs announcers mentioned some kind of announcement after 12 midnight est......but I didn't hear what they were refering to?
Agreed... except for CME insiders who probably have huge bets that are going to profit massively based on this.
The SEC will get to their trades right after they finish investigating the flash crash, HFT frontrunning, MF Global...
This will be reversed before tomorrow morning. The headline should read DefCon 5.
What is it about the words "Complete and Total Worldwide Economic Collapse" did you people not understand?
I've been telling you this for years.
Oh well, stripping the sheeple of their wealth for the past 100 years was good while it lasted.
http://en.wikipedia.org/wiki/DEFCON
I know. It's not a DefCon 1 event, assumption on my part. If it is 1, put your head between your legs...
Thanks for the info.
TV lost control of the helm. The Internet has control of the helm now.
You are a very strange monkey, Michael.
Thank You.
CFTC announces investigation into manipulation in silver markets today: http://www.cftc.gov/PressRoom/PressReleases/silvermarketstatement
"continuing" since 2008. sending a message?
Yea, the message in full is : "and it continues in an appropriate and considered manner.”
Translate that: we'll be careful that no Big Fish will be caught.
What kills me about this strange CFTC statement is one question: What the Hell would drive the CFTC to even consider making such a statement?
Something is sure as hell fishy beyond the silver market fraud
KABOOM!!!
Maybe this "bad" news will neutralize the "good" news of G-Pip getting a vote of confidence?
Nah, TD is just trying to prevent us from sleepin' so Monday we all look real shit, not only the markets...
Not me Bro, I cleared positions and accounts this very Friday 1:28 EST and went all cash...
Should have seen some faces in the office...
http://www.youtube.com/watch?feature=player_detailpage&v=lAZgLcK5LzI
think it was written by Prince actually.
Dexia fails, MF Global fails, Jefferies has been defibrillatEd, Italy 10 yr is well above 6 percent, no QE3 (yet), and now this... I also remember being dumb founded at the levitating ability of equity markets in 2007 and 2008. The punch bowl is gone, and the hangover is coming.
i say the debt markets not equities. Municipal debt to be specific. "not publicly traded" and "not marked to market."
Not just the hangover, withdrawal.
And unlike most drugs, alcohol withdrawal can be fatal: http://en.wikipedia.org/wiki/Alcohol_withdrawal
Thanks for trying to make me feel better td but Im hesitant to get it excited. There's no way it could be that easy after all this bullshit slogging towards the end game.
Youre exactly right jdelano. They have another 150 tricks still up their sleeve. Of course they'll all fail, but it'll give them more time to finish robbing all of us.
+1
I love your screen name; he's a hero of mine. My reply to the post is Whoops ! I don't think many futures traders have accounts that run that close to maintenance margin values as to cause widespread, or even, significant forced squaring of accounts. But, as they say, that's just my opinion. I'm certainly not changing my short position on Govt. Bonds.
This isn't about the traders- this is about those holding stupid leverage, like every institution who has turned leverage into a long-term investment.
but also think of the poor traders, especially the ex mfglobals: they have to find other brokers in haste or be liquidated. they have had some $700 million stolen from them. they can get only 75% of their collateral back from the mfglobal (of the unstolen collateral; the rest is retained for the bankruptcy proceeding). and maintenance margin requirements have been raised on everything (not just gold and silver -- stocks and bonds too). ouch.
I'm noticing a lot of confusion in the comments section can anyone explain what this means and how they know that's what it means? the vibe I'm getting from this is that it's fairly routine
I'm hoping for fireworks but I can't help but think that monday will just be another day... that is until the markets realize what's happening to italy.
Remember, vomit can be explained away IF you keep your wits about you. But when your pants are "darkening" words can not help you. Team Depends depends on Depends.
Love your avatar.
cancel Xmas.
There's a new turd in the punch bowl and it's bigger than anything humanly possible.
How many Kourics is it?
Who let Bono in here!?
http://www.youtube.com/watch?v=I5f7hOhl-jE
Sell everything
Real price discovery in Gold & Silver will be determined only when futures contracts trade at full cash value. .......Jim Sinclair
I live for price smashdowns in the PMs. On behalf of my children and grandchildren, I thank you evil, sociopathic sonsabitches.
Uhhh...Nice screenshot of the letter, but could we see the whole thing?
I am pretty sure I read it was MF Global clients only.
Not sure that is enough to destroy the market.....though that would be nice.
Don't worry, the Plunge Protection Team will come to the rescue (for now).
[delted due to failure to pay attention]
All that's happening is predictable, as there are 7 stages that any major economy goes through. Those who know how it works profit & massive wealth is transferred to them. Several months ago I learned this information from a millionaire whose site I found & am sharing it with everyone I know.
His free video
"How To Create Incredible Wealth in Today's Economic Crisis"
is at:
http://theelevationgroup.net/presentation/register.php?a_aid=160667&a_bi...
Hope this info helps everyone as much as it has me.
Dr. Nancy
How many threads you going to do this on you advertrolling Bitch?
Maybe not...the CME just tweeted that they actually intend to LOWER INITIAL margins rather than hike maintenance margins to get to the 1:1 ratio- in order to PREVENT transferred MF Global accounts from having margin calls due to initial margin requirements at the new brokerage.
http://silverdoctors.blogspot.com/
Where are the goddamn margin raises on Italian debt?
Some more bullish news...
http://www.ksat.com/nationalnews/29687280/detail.html
White House Refuses Solyndra Subpoena
The White House counsel refused Friday to comply with a subpoena issued by a House panel regarding the failed solar energy company Solyndra, claiming that the initiative "was driven more by partisan politics than a legitimate effort to conduct a responsible investigation."
Bullish for impeachment.
http://www.spacedaily.com/reports/Pakistans_nuclear_weapons_vulnerable_t...
Pakistan's nuclear weapons vulnerable to theft: report
Pakistan has begun moving its nuclear weapons in low-security vans on congested roads to hide them from US spy agencies, making the weapons more vulnerable to theft by Islamist militants, two US magazines reported Friday. the head of the Strategic Plans Divisions (SPD), which is charged with safeguarding Pakistan's atomic weapons, was ordered to take action to keep the location of nuclear weapons and components hidden from the United States, the report said.
Bullish for nuclear terrorism.
http://www.guardian.co.uk/world/2011/nov/04/occupy-oakland-second-vetera...
Occupy Oakland: second Iraq war veteran injured after police clashes
Kayvan Sabehgi in intensive care with a lacerated spleen after protests in Oakland, a week after Scott Olsen was hurt. He says police beat him with batons
A second Iraq war veteran has suffered serious injuries after clashes between police and Occupy movement protesters in Oakland.
Sabehgi said he had not been in the occupied building, and was walking away from the main area of trouble when he was injured. He said he had his arms folded and was "totally peaceful" before being arrested
Bullish for riots.
http://thehill.com/blogs/e2-wire/e2-wire/191445-house-republicans-block-...
GOP blocks Dem attempt to subpoena oil company CEOs
Republicans on the House Natural Resources Committee on Wednesday rejected an attempt by Democrats to subpoena the CEOs of BP and the other companies blamed for last year’s massive Gulf of Mexico oil spill.
Rep. Edward Markey (D-Mass.), the ranking Democrat on the committee, offered a motion to subpoena the CEOs of BP, Halliburton, Transocean and Cameron. But in a 17-13 party-line vote, every Republican on the committee voted to table the subpoena request.
Bullish for BP...
http://www.newser.com/article/d9qpnj901/japan-oks-plan-to-give-115-billi...
Japan OKs plan to give $11.5 billion in aid to tsunami-hit nuclear plant operator
Japan's government Friday approved spending $11.5 billion of public money to help the operator of the tsunami-hit nuclear power plant decontaminiate the site and dismantle the reactors.
Bullish for TEPCO.
Jeez; nice reporting, dude. I managed to miss most of these items; I didn't know you could refuse a supoena because you had an opinion about the purpose of it's originator; I thought a supoena from the House had Legal Weight; silly me.
W administration made subpeonas 'quaint.' Remember? Rove and all his friends said...'Subpoenas? We don't answer to any fucking subpoenas.'
The carpet was laid and O is walking on the red one.
Yeah! And all of the subpoenas Bush ignored were just like this one, where every investigative arm of government is finding something rotten? What's the 'national security' angle on Solyndra?
I was a Bush supporter, but I now realize he was just another puppet. And you're right to condemn him for the precedent he extended. But there's real evidence of graft and lawlessness here, and no national security implications, just a circle jerk with our money.
I thought a supoena from the House had Legal Weight; silly me.
You are silly. For those that actually read the Constitution, the Office of the President, the Congress and the Supreme Court are equal in power and one cannot "demand" or order the other to do something. They are requests only.
Well. That's unsettling.
I can feel it. I can feel it.
What you feel is the battleship size YU-55 asteroid pulling on your brain waves telling you to PANIC as it passes closer to earth than the moon even....
http://www.nasa.gov/images/content/541440main_2005_YU55_approach.gif
So will this thing be visible to the naked eye or what?
From Rueters:
"Thousands of amateur and professional astronomers are expected to track YU 55's approach, which will be visible from the planet's northern hemisphere. It will be too dim to be seen with the naked eye, however, and it will be moving too fast for viewing by the Hubble Space Telescope."
"The best time to observe it would be in the early evening on November 8 from the East Coast of the United States," Yeomans said. "It is going to be very faint, even at its closest approach. You will need a decent-sized telescope to be able to actually see the object as it flies by."
Thanks.
is this the black dawn event we've all been waiting for?
Nadia Dawn?
It just rocked off the new madrid fault line at 2:00 am central standard time.
Think it's going to blow it. Everyone was freaking out in summer but I think now is when it pops.
Scratch that. It's finally showing up at USGS. Was magnitude 3 quake in oklahoma city.
Oh and battleships aren't 380,000 kilometers in diameter. This boys big.
So you're saying this tiny asteroid is as big as Ur-anus?
Lol. Wtf. You have the internet at your disposal.
Earth Diameter is 12,756 km
What the fuck is this that is coming then? Jupiter?
Dumbass
OH lol. One of the objects is said to be 38,000 kilometers. Or about the distance between earth and moon.
Here ya go.
http://www.youtube.com/watch?v=MqV0StQbJQs
The only thing I can figure out is it's the iron core of a dead dwarf star stripped and at background temps.
When it makes alignments we get axis shifts of a few inches and massive quakes. And it'll probably start another shitstorm on about the 10th and end in a bigger shitstorm about the 22nd of november.
I'm making alot of mistypes and stuff because I can feel these kinds of things. I felt it on the fall solstice and It's all over me right now.