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The Complete And Annotated Guide To The European Bank Run (Or The Final Phase Of Goldman's World Domination Plan)
"Nervous investors around the globe are accelerating their exit from the debt of European governments and banks, increasing the risk of a credit squeeze that could set off a downward spiral. Financial institutions are dumping their vast holdings of European government debt and spurning new bond issues by countries like Spain and Italy. And many have decided not to renew short-term loans to European banks, which are needed to finance day-to-day operations. " So begins an article not in some hyperventilating fringe blog, but a cover article in the venerable New York Times titled "Europe Fears a Credit Squeeze as Investors Sell Bond Holdings." Said otherwise, Europe's continental bank run in which virtually, but not quite, all banks are dumping any peripheral exposure with reckless abandon is now on. Granted, considering the epic collapse in bond prices of Italian, French, Austrian, Hungarian, Spanish and Belgian bonds which all hit record wide yields and spreads in the past week, and furthermore following last week's "Sold To You": European Banks Quietly Dumping €300 Billion In Italian Debt" which predicted precisely this outcome, the news is not much of a surprise. However, learning that everyone (with two exceptions) has given up on Europe's financial system should send a shudder through the back of everyone who still is capable of independent thought - because said otherwise, the world's largest economic block is becoming unglued, and its entire financial system is on the edge of a complete meltdown. And just to make sure that various fringe bloggers who warned this would happen over a year ago no longer lead to the hyperventilation of the venerable NYT, below, with the help of Goldman's Jernej Omahan, we bring to our readers the complete annotated and abbreviated beginner's guide to the pan-European bank run.
But first some more details from the NYT:
The flight from European sovereign debt and banks has spanned the globe. European institutions like the Royal Bank of Scotland and pension funds in the Netherlands have been heavy sellers in recent days. And earlier this month, Kokusai Asset Management in Japan unloaded nearly $1 billion in Italian debt.
At the same time, American institutions are pulling back on loans to even the sturdiest banks in Europe. When a $300 million certificate of deposit held by Vanguard’s $114 billion Prime Money Market Fund from Rabobank in the Netherlands came due on Nov. 9, Vanguard decided to let the loan expire and move the money out of Europe. Rabobank enjoys a AAA-credit rating and is considered one of the strongest banks in the world.
American money market funds, long a key supplier of dollars to European banks through short-term loans, have also become nervous. Fund managers have cut their holdings of notes issued by euro zone banks by $261 billion from around its peak in May, a 54 percent drop, according to JPMorgan Chase research.
Is this setting familiar to anyone? It should be: "Experts say the cycle of anxiety, forced selling and surging borrowing costs is reminiscent of the months before the collapse of Lehman Brothers in 2008, when worries about subprime mortgages in the United States metastasized into a global market crisis."
Ah, but there is one major difference: last time around, the banks were not all in on the wrong side of the world's worst poker hand (as described by Kyle Bass earlier). Now they are. And should Europe's banks begin a domino-like spiral of collapse, there will be nobody to bail out first Europe, then Japan, then China, then the US and finally the world.
But lest someone suggest this is merely the deranged ramblings of yet another blogger, here is Goldman Sachs with a far more cool, calm and collected explanation for why we should all panic (which comes at the sublime moment: just as Goldman takes over all the key political locus points of the European continent: more on that in the conclusion...)
Core’ banks cut GIIPS debt by €42 bn (-31%) in 3Q; a manifestation of PSI side-effects?
In 3Q2011, banks from the ‘core’ cut their net GIIPS sovereign debt holdings by €42 bn (or by one-third), mostly Italian (€26 bn), Spanish (€7 bn) and Greek (markdown of €7 bn). French and Benelux banks cut their exposures most, by €21 bn and €9 bn, respectively. GIIPS portfolios remained unchanged with periphery banks.
Greek PSI sets a risky precedent, in our view, as the prospect of ‘voluntary’ haircuts becoming a template for GIIPS crisis resolution could drive exposure reduction. Core banks now have €88 bn of GIIPS sovereign bonds remaining. We expect this to decline. Problematically, we observe that GIIPS bond reductions are not resulting in ‘core’ bond purchases but in a rise in deposits at the ECB.
- The disposal of GIIPS sovereign debt accelerated during 3Q2011, and we highlight the following.
- Banks cut net GIIPS sovereign exposure by €43 bn. The largest reductions relate to Italian (€26 bn), Spanish (€7 bn) and Greek (€7 bn) net sovereign debt positions.
- Almost all of the reduction (€42 bn) came from banks in the European ‘core’, where the GIIPS bond positions therefore fell by just over one-third (31%). At the same time the banks from the ‘periphery’ kept their exposures unchanged.
- French (€21 bn) and Benelux (€9 bn) banks reduced their exposure most.
- Individually BNP (€12 bn), KBC (€4.4 bn), SG (€4.1 bn), BARC (€3.5 bn) and ING (€3.5 bn) cut the net sovereign exposures most, in absolute terms.
We expect this trend to extend into 4Q and to ultimately lead to a long-term reduction GIIPS bond holdings by core banks.
Greek PSI – and the ‘voluntary’ 50% haircut – has changed the risk perception of GIIPS bonds. We believe it has allowed for an assumption that PSI will be used as a template in helping other GIIPS sovereigns improve their public finances. Such intention is denied by policy makers. Banks, on the other hand, express their view of the likelihood of such an event through the changes in their net positions.
It is important to emphasizes that a bank’s decision to hold sovereign debt is not an expression of an investment preference. Rather, it is a decision related to liquidity management. As such banks seek ‘risk free’ assets that can be used to access liquidity at any time, particularly at the time of crisis. Regulators continue to treat sovereign debt as highest-quality and risk free (0% risk-weight) collateral. With no RWA constraint and full refinancing eligibility, banks are encouraged to hold sovereign debt; its (selective) transition from a ‘risk free’ to a ‘risk’ asset is therefore unexpected and highly damaging.
Earlier we said all but two entities have been dumping PIIGS (or GIIPS as Goldman prefers to call them). Sure enough, one of the unlucky two tasked with buying everything sold in the secondary market is of course the ECB: the same bank that everyone is accusing of not doing more to help.
Funding: Increasingly reliant on the ECB
The use of ECB facilities rose again in October, driven by Spanish (€7 bn) and Italian (€6 bn) banks. For 4Q, we expect a sharp increase in use by Italian banks, driven by: (1) LCH’s increased margin requirements on Italian REPOs, which now make market REPOs comparatively more expensive than those at the ECB; and (2) a steady fading of the ECB funding ‘stigma’. It is possible that the majority of the €300 bn of interbank funding and market REPOs could end up on ECB’s balance sheet. That alone would have the capacity to lift current ECB use from €579 bn to just below €900 bn. This level of use would compare with previous crisis peak levels (2009) of €870-897 bn.
We have long argued that the ECB has capacity to back-stop bank funding requirements – and there is no change to this view. That said, a gradual closing of the last functioning wholesale funding market – short-term REPOs, backed by government bonds – is certainly not an encouraging sign. The re-opening of the long-term funding markets has been pushed further out, in our view.
LCH triggers increased margin requirements on Italian REPOs
On November 9, 2011, LCH.Clearnet (LCH) announced its decision to increase ‘deposit factors’ applied to Italian debt repo transactions (e.g. haircut on collateral) by 3.5% to 5% depending on the duration of the collateral. The move was not a surprise as LCH’s Risk Management Framework states that it “would generally consider a spread of 450bp over the 10-year AAA benchmark to be indicative of additional sovereign risk”, which may cause it to “materially increase the margin required for positions in that issuer”. Previously, ECB interventions kept the spreads below the key trigger level of 450bp.
Italian banks likely to switch to the ECB
Owing to increased margin requirement, market REPOs have become more expensive. In our view, the banks are therefore likely to look for alternative sources of funding, especially with the ECB.
Typically, the cost a bank faces to fund a sovereign bond portfolio through a tri-party repo transaction consists of: (i) the funding rate (‘repo rate’) for the duration of the repo and applied to the market value of the bonds; and (ii) additional funding costs, mostly in the form of the haircut/margin required by the Central Clearing House as collateral. The higher the haircut/margin level and the marginal funding cost, the higher the cost of the borrowing, which becomes ineffective when it exceeds the cost of the ECB repo facility (1.5% repo rate + haircut funding cost).
The Italian banks’ funding currently includes €155 bn of customer repos and €193 bn of interbank funding exposure to non resident MFIs. The large portion of the latter takes the form of secured funding (repos). In addition, the Italian banks currently draw on €111 bn of ECB funding.
It is possible that the majority of the €300 bn of interbank funding and market REPOs could end up on the ECB’s balance sheet. That alone would have the capacity to lift current ECB use from €579 bn to just below €900 bn. This level of use would compare with previous crisis peak levels (2009) of €870-897 bn.
So just why again is it that anyone accuses the ECB of doing nothing? When all is said and done under the current regime, the ECB balance sheet will be just under €2 trillion, and that is without any incremental printing, courtesy of the farce that is "sterilization" with banks which exist only due to the ECB, thereby making said sterilization about the most idiotic thing ever conceived. Yet that is what spin is for...
In the meantime, the European shadow banking system is on the verge of a complete shutdown, with repos of all shapes and sizes about go dark.
And summarizing all of the above visually, here come the charts:
And while we already discussed that one half of Europe's dumb money is the ECB by necessity, to get the answer for who is the other half we go back to our post from last Friday:
Completing the picture is the answer of who the dumb money is:
Italian bonds still have one support bloc. Domestic banks appear to be holding on to their much larger holdings. As of last December, EBA stress tests showed Intesa Sanpaolo held €60bn of Italian debt. UniCredit and Banca Monte dei Paschi di Siena held €49bn and €32bn respectively. Recent results indicate that those holdings have changed little.
“We will keep investing the largest part of our liquidity in Italian government bonds,” said Corrado Passera, chief executive officer at Intesa Sanpaolo, in a call with analysts this week. “We believe they provide the right yields vis-à-vis the cost. So no policy change on our side.”
Still, according to the investment banker advising firms on their Italian holdings, the domestic banks’ decisions to hold on could have more to do with their inability to offload such large amounts quickly and without deep losses. Indeed, some Italian bankers seem resigned to the situation.
Capital concerns are also preventing them from selling. “The key issue is on solvency and I think they made a mistake in requiring us to hold more capital,” said the chief executive of a mid-sized Italian bank. “To meet these levels we cannot sell too much of our sovereign debt.”
So instead of selling, Italian banks are doing all they can to dodecatuple down and...buy!?
To summarize: everyone is dumping European paper, except for the ECB and Italian banks, which have no choice and instead have to double down and buy more. In the meantime, the market is going increasingly bidless as liquidity evaporates, confidence has disappeared and virtually everyone now expects a repeat of Lehman brothers. Of course, this means that when the bottom finally out from the market, the implosion of the Italian banking system, and thus economy, will be instantaneous. And when Italy goes, so goes its $2 trillion+ in sovereign debt, and at that point we will see just how effectively hedged and offloaded the rest of the world is, as contagion shifts from Italy and slowly but surely engulfs the entire world.
Incidentally, is it really that surprising that Goldman is now doing its best to precipitate a bank run of Europe's major financial institutions by "suddenly" exposing the truth that was there all along? During the great financial crisis of 2008, the one biggest winner from the collapse of Bear and Lehman was none other than the squid. This time around, Goldman has set its sights on Europe and has already made sure that its tentacles will be in firmly in control at all the right places when the collapse comes, as the Independent shows.
And when banks are falling over like houses of cards in the middle of a tornado cluster, and the financial power vacuum is in desperate need to be filled, who will step in once again but... Goldman Sachs.
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money line, power, slave labour, top of the heap, mega bunga luxury... life is short, ok. But lets live it like kings.
That's what its all about for the corrupted. They do run the world. They always have except for small instances, usually after the storm when you need virtue to build a nation until the next rot sets in again.
'Cos human nature is immuable.
piigs. piimps. giimps, wiimps. Eurotrash was easier back in the day.
Yeah, their all about to get DAS BOOT!!!
Sheep and spinning wheels, bitchez!
Revealing people power & government collusion. We stand in solidarity with #OccupyWallStreet & all who #occupy. Donate to @OccupyPDX:http://bit.ly/sw2YhT #opdxhttp://unsettleportland.org/
if this is real, you know who the pigmen are, and how the own both sides.
"is it really that surprising that Goldman is now doing its best to precipitate a bank run of Europe's major financial institutions by "suddenly" exposing the truth that was there all along? During the great financial crisis of 2008, the one biggest winner from the collapse of Bear and Lehman was none other than the squid. This time around, Goldman has set its sights on Europe and has already made sure that its tentacles will be in firmly in control at all the right places when the collapse comes."
I could not have said it better!
Feb. 2009 Rep. kanjorski gives an interview on C-SPAN explaining the potential 5.5 trillion worldwide draw down or electronic run on the banks...Pretty scarey.
Here it is for your viewing: http://www.liveleak.com/view?i=ca2_1234032281
One of the questions he has for the panicked lady caller is the Government doesn't have all the answers and entreats her and the public for our help. Good lord...It's a classic Atlas Shrugged moment indeed!!!
maybe it will stay here for a while
MBS offering to co op OWS
http://msnbcmedia.msn.com/i/msnbc/sections/news/CLGF-msnbc.pdf
You do realise, Tyler/Zero Hedge, that having identified Goldman Sachs and its leading architects in the problem and present difficulties/future troubles*, are they now targeted to supply the solution, which if they fail to be able and enabled to deliver to the satisfaction of the many [99%] as opposed to the few [1%], will see them savaged by the system you have identified them as having cornered to control.
I wish them all the luck and success in the world for that. They might be in dire straits need of it ...... for one doesn't so much control an enraged and unruly mob with legitimate grievances, as hope and pray that they don't discover you should you be the subject and object of their ire desire.
* Thanks for that sterling service. Not many would be so gifted and generous as to provide such vital information for free.
Are you Reggie Middleton?
libertarian86.blogspot.com
Spain and Germany are historical allies in combat dating as far back as Vienna in 1529 facing down the Ottoman. During WWII, over 45K voluteer(Blue Division) to help Germany defeat the commies. They fought like Tiger. The Blue Legion choose to stay and defend Berlin to the death,
Visigoth conquest of Spain in the 4th century began a long line of Teutonic Kings and Queens that lasted until 1713.
Germans have always made me feel very welcomed in Deutscheland. Two of my best friends are Germans. I find them to be proud honest hard working volks.
Plus German women are awesome
You must be a Hapsburg offshoot whose family fought for Franco. Good luck. With Auntie Merkel. And good voting today!
Stalinist Spain and France would have turned out swell. /sarc
Yes we would all be living in Putin gas! (no sarc but good laff)
Risk free...isn't that something Nicholas Nassim what's his name said something about?
Mr Bass is definitely an economic savant.
the true story next week imho will be the farce that is the "super duper" committee...they are already preparing a plan "b" and further delay of any decisions that mean anything of import to the supposedly free citizens of this country...the requisite cuts will not be made...decisions of any import will be delayed..and the sad charade will continue...the debt burden will grow and u.s. ratings will be cut...
"although the official deadline is midnight wednesday, the committee is legally barred from voting on any plan that was not made public at least 48 hours in advance."
deficit panel gridlocks as deadline nears
time has run out...these are not supermen nor superwomen...these are hardly citizens...
TUNE IN, TURN ON, DROP OUT... it 'worked' last time
the age old battle... who gets the narginal profits from producitivity increases. the provider of capital or the the provider of labor. on this topic my position cannot be any moar clear: the answer is ... ME.
After reading all the comments and the article, I'm going to buy a little bit of Credit Suisse in Zurich on Monday as it is priced in CHF.
Thanks for the help guys om
The potential for chaos here is just so awesome -- it's just mind blowing to think what might actually happen. I can't even imagine what it's going to be like -- could the whole house of cards come crashing down, like in a few days? It seems crazy to even think this, but yet, like, it seems inevitable too. Surely the powers that be can keep it off a bit longer, or can they? I don't know.
cathrynm hi - i am physically in shape and looking for a cyber mates. i am into FICTION novels, archery, and paint ball.
whatever happens, happens. so if youre thinking what im thinking just private message me.
I am no catherine so I won't tickle yor toe...but will sell yo my book.
http://www.falakpema.com/buythebook.html
Just need to remember two things before you read it to understand relevance of that age to ours :
1° Venice was GS of that age, controlling global money line, financing and raping the Greek Byzantine Empire during fourth Crusade, just like what's happening today on Euro land play by GS.
2° The Knights Templar iconised the 'ideological ethnic cleanser' in Holy Land AND european banking network; aka CIA + WS in today's world...many parallels with today. The Franks of those days in 'clash of Civilization' were the Yanks of today in similar crusade.
So its a fictional read with relevance to these days. Just saying.
This Eurozone thing is really is getting out of hand real quick. The only true and viable solution is quite simple: what needs to happen is that Germany AND Greece should both leave the zone. Germany because it is too rich and Greece is just too dirt poor and ought never have been allowed in!
Yes, both countries need to rip themselves away from the Euro.,,,countries of largely opposite wealth levels should NEVER be bundled up together in the first place.
This would leave the Eurozone w/only mediocre but financially similar-shaped countries within, for the time being. Therefore. this breakup would bring the euro to about 80 to 90 range vs the USD. The D-mark, of course would fair much higher, probably around the 1.80 level and the Greek currency will eventually drop to a peso-like area.
This dramatic change will be very costly for many; but it is really the only way out of a very bad situation, and it must happen sooner rather than later.
Yeah, go boyz, give use more smaller speculation targets!
Damn EUR too big for potshots...
A DM would have to go the way of the CHF anyway, did you think about that?
No, they would print at their own pace and be always one step behind.
Put a fork in it boys. This turkey is done
but ... Turkey is not in the Eurozone ...
If anybody wants to know where I am, I'll be driving the float of the birthday cake that says EAT ME, that turns into the DEATHMOBILE with the bust of the founder of FABER COLLEGE on the hood...
Duh, that makes you a US Senator by now. Are you the recently departed Judd Gregg now an international advisor for the Golden man-Sackers?
Senator Blutarsky just rolls off the tongue... Imagine he still wears the pirate bandana and sword, and will be om the GS payroll as soon as he retires with his gold-plated Senate pension. K Street Baby!
30/30 lever
Be the Job you wish they'd invent for you!
New York Times motto: All the News that's Fit to Fabricate
Past archived trade transcripts from the bond traders room
18 Nov Trading trasncripts http://capital3x.com/trades/18-nov-2011-live-trading-transcripts/
Thorough...accurate, I'm sure. Thank you.
is this why all the Central Banks are buying gold?
<<Goldman is now doing its best to precipitate a bank run of Europe's major financial institutions by "suddenly" exposing the truth that was there all along? >>
The BBC reporter who rudely blasted Kyle bas the other day for "taking advantage of the crisis"...why doesn't BBC interview GS and blast them?
I do NOT understand the FIgures and Numbers presented .
To me it looks like "THE NEW CLOTHES OF THE EMPEROR "
I do also NOT understand how it can be that BIS ( Bank of International Settlements ) DATA show a completely DIFFERENT PICTURE ...where it is EUROPEAN BANKS who are the NET CREDITORS in this WORLD
In my opinion what is presented is GIBBERISH ... presented to foil the common investing public
This i say because if i can trust THE BANK OF ALL BANKS DATA ( BIS ) then it is the USA BANKS who owe NET 3 TRILLION USD to EUROPEAN AND JAPANESE BANKS ... NOT the other way around . The European Banks have a lot of CREDIT out there ...TRUE ... but that is only in DANGER ... if the BIG CREDITOR : aka THE US BANKS run away from their Debt .... Come on ... There You have the STRATEGY behind presenting a GIBBERISH and CONFUSING SET OF DATA by GOLDMAN & SACHS
GO TO THIS LINK and SEE FOR YOURSELF :
http://web.worldbank.org/WBSITE/EXTERNAL/DATASTATISTICS/EXTDECQEDS/0,,menuPK:1805431~pagePK:64168427~piPK:64168435~theSitePK:1805415,00.html
from the web-site of BIS
http://www.bis.org/
GS is more crooked than a lacrosse stick. They could out Abacus Abacus by going Abacus squared. When you control the money line you can artificially fix the rate of flux, lie about its peaks and troughs and make net flows fly like neutrinos, faster than light beams.
Great to be a HFT fixer of neutrino and black spots in the money 'milky way' galaxy, where anti matter neutralises material flux. "Your word against mine and my name is Goldman Nostradamus, so its up yours fella!"
Thucydide could not have said it better to the Melians in his dialogue.
There's a war being fought. Hardball. GS lies. USA government lies. EU lies. BIS lies. Yadda yadda yadda. Empires at work.
While GS thinks it is being all smarty-pants about Europe, it forgot the golden lesson: Never wage a war on three flanks (and never enter a land war in Asia).
One place that ZH consistently ignores is Russia. I might suggest that Russia is being very canny in all of this, and although the oligarchs are definitely aligned with the banking cartels of Europe, there life in the old bear yet. If only they could stop krokodil Fair warning - NSFL / graphic video, although the one where the doctor chops off a foot with the subject's naked bones showing is a little more graphic. Oh, and what it does to your arm if you inject.1.
Disclosure: Oh for the days when governments built shit, and fixed problems and merely existed to enhance civilization, and the competitive elements were all about standards of living 2. All this crap, and people forgot to upgrade their local systems because of TNCs. Disaster Capitalism & Vulture funds aren't real Capitalism.
When reading commentaries I conclude that my overall assumption of a USA ked Assault on The EURO now has been under way for a long time.. it is an assault ...done by all and any .. also quit DIRTY ways . It is an attempt to divide destroy and rule .. not so much out of desire ..rather out of necessity .
The US wants a fractioned Europe ..fractioned in smaller and bigger nation states and definitely without an EURO ..because the US cannot allow any competitor on the global Sceene as a possible Reserve Currency Option .. That same second this happened .. it is ..GOOD BYE .. to all the EXTORTION and HIGHRIDING on all other peoples hard labour which the US has become acustomesd to .. since end of 2nd World War
Interesting thread drift on the purchase of weapons. Especially, considering that 98% of you will find that you are incapable of actually pulling the trigger when it counts. Read ON COMBAT: The Psychology and Physiology of Deadly Conflict in War and Peace to find out why. Most of you are wasting your money.
SOVEREIGN ALCHEMY WILL FAIL
As the Austrian economist von Mises said: “There is no means of avoiding the final collapse of a boom brought about by credit expansion. The alternative is only whether the crisis should come sooner as the result of a voluntary abandonment of further credit expansion or later as a final and total catastrophe of the currency involved.”http://www.mmnews.de/index.php/english-news/4923-sovereign-alchemy-will-fail
why are we paying attention to all this?
don't you realize a much more important discovery has been made, one that changes the most basic way we as humans sustain life?
According to the EU- WATER DOES NOT HYDRATE!
They are banning, under the threat of two years imprisonment, anybody from claiming that water does indeed...well quench your thirst and keep you alive.
WTF? so water is not wet after all?
you can not make this shit up...
EU: Water does NOT hydrateyeah we're pretty much doomed.
First rate science in only three years. Why are people doubting whether the enlightened technocrats are going to be able to correctly respond to the lightning fast euro meltdown in time?
Sigh.
Grow up.
It is merely a ruling (tongue in cheek at that) to prevent grandiose claims of health benefits of bottled water. You know, that stuff labeled "NAIVE" and stupid fuckwittery claims that "minerals" in it are healthy? Not water as a chemical. Remember when Coke used tap water in the UK, purified it, labeled it "Dasani" and thought that the slogan "Spunk in a bottle" would sell? [Hint: spunk = jism = cum in the UK]. Oh wait... multimillion dollar losses there, tossers.
Oh, and yes: fizzy / carbonated drinks are the biggest scam (and waste of a precious resource, aluminium) this century. Talk about market monopolies [three majors only] and dark arts.
Hint, you fucktard: The ruling is there to stop people labeling pizza a vegetable. OH SNAP!
Food companies that produce frozen pizzas for schools, the salt industry and potato growers requested the changes, and some conservatives in Congress say the federal government shouldn't be telling children what to eat.
http://www.dailymail.co.uk/news/article-2062056/Pizza-vegetable--covered...
Seems like Jamie Oliver had no impact on your IQ levels: hint. Proper nutrion both reduces crime / aggression levels, and increases IQ. The USA needs both.
Indeed. I agree
What an absolutely important ruling it was. I think most people agree the number #1 threat to EU is the grandiose claims of the health benefits of bottled water.
Threes years of research and funding was worth it. Thank the maker for the enlightened eurocrats protecting the commoners from this very compelling threat.
Now that this grave threat has been properly dealt with, there will be time to deal with lower priorities like those trivial sovereign debt problems that occurred just recently, out- of-the-blue.
If you're gullible enough to believe pizza is a vegetable because someone put a "vegetable", label on it or to believe that carbonated drinks are good for you, then you have worse problems beyond the reach of any patriarchal regulation.
Ahh... you're one of those Americans who are genetically unable to process Irony.
My condolences.
I take your junk, and dine off the ironic status it was given with, and suck the marrow from its sweet, sweet, sweet Vegetable and Non-hydrating sustenance.
Fuckwit. Same IQ as your Avatar.
Mr. Van Rompuy, doesn't speak to or at any individuals. But comments to the collective. It's part of the 'community method.' Any personalization or application of community speak to the individual is a forbidden realization of individual identity.
The speculators are ruining the Bond Markets. Green chutes are coming though. Mr. Barroso unveiled his "jobs" plan.
His speech last week called for bold, new, cutting edge ideas: sustainable growth and job creation, and maintaining financial stability.
As a former leader of the Maoist MRPP in college, he understands the complexities and intricacies of markets.
Thank goodness he is President of the venerable European Commission and the free market expert, Mr. Van Rompuy is the President of the European Council.
The EU will bring the bond markets to a heel.
Saving Money - Explained - Office Series 13
http://www.youtube.com/watch?v=9_eOy6nU_iM
The Squid cometh! All over the Eurethra. It's gonna be a mess.
I've been hoping for this bankrun for almost 3 years now.
Tyler and Reggie always announce it and then it never materializes.
This is like hanging a steak in front of a dog so he can never reach it.
Darn !
You've got to get your timeline act together !
Goldman Sachs can’t escape this kind of collapse because they are the “squid.”
The primary point is that if the euro zone collapses, the road to world government is derailed for years, if not forever. And the biggest loser, if that happens, is Goldman. Why would they execute a bank run, then? IMO, it is not in Goldman’s interest to force a bank run.
What it might be is that Goldman thinks the edifice is coming down and they might as well gobble up these banks on the way down. But it’s one thing to gobble up real estate as Chase did after the 2008 financial collapse and bailout and as Goldman did by buying up depressed stock with bailout money and gobbling up Bank of America by government decree (probably soon to be Merrill Lynch Bank of America and then simply Merrill). But if you gobble up French banks you are gobbling up debt.
If you watch the German banks, you are watching Goldman…and you can’t tell me that any of these people know the extent of the debt.
This will be debt that will never be paid…
BTW, Zero Hedge: What a weekend you’ve given us along with powerful commentary such as that by TruthInSunshine (haven't had time to squeeze in all the thread). I am on the road but my attention is on my iPhone and ZH).
What I am truly gobsmacked by is the fact that US, UK and Japanese banks have just as much toxic sovereign debt on their books in the form of Treasuries, Gilts and JGB's and these banks are getting away with not being investigated because they are the ones using the largest amounts of central bank Ponzi money from the Fed, the Old Lady and the BoJ!!!! Apparently, in this game of poker, the Europeans are the ones who can't play the game. Mind you the chinese are amongst the best game players in the world, and mah jong is a damn sight more complicated than poker!
Go is the game you're looking for. Computers can now comfortably beat grand master chess players, whilst are only up to a 4th Dan at Go. Think on that.
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Although the ECB is governed by European law directly and thus not by corporate law applying to private law companies, its set-up resembles that of a corporation in the sense that the ECB has shareholders and stock capital. Thanks.
Regards,
Chandler Real Estate