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ECB To Fund Eurozone Central Banks As PSI Sweetener

Tyler Durden's picture





 

A number of headlines from Bloomberg, via Die Welt, that the ECB will undergo a bond swap with the NCBs on their greek government bonds and the 'profit' will flow to governments.

  • *ECB SWAPPING GREEK BONDS FOR NEW GREEK BONDS, WELT SAYS
  • *ECB BOND SWAP TO BE COMPLETE BY MONDAY, WELT SAYS
  • *ECB TO PROFIT FROM BOND SWAP, WELT SAYS - Explain please!
  • *WELT: ECB SWAPPING EST. EU50 BLN GREEK BONDS AT NOMINAL VALUE
  • *ECB TO DISTRIBUTE PROFIT FROM SWAP TO GOVERNMENTS, WELT SAYS

This is absolute delusion. The ECB (via the NCBs) claims EUR50bn nominal value of GGBs - so likely took a EUR20-30bn loss on this given the prices they bought at under the SMP and the current market price. We explained last week (must-read) the delusional nature of these profits (that will disappear immediatley the new bonds break) and assume this is yet another attempt to make market participants believe they wil help with PSI. However, there is more to this in our humble opinion. Since the ECB says they will distribute profits (which we know are illusory) to governments - it is nothing but a covert attempt to funnel money (think printing) to local government central banks (accept 20c bonds and offer 100c bonds) - and the illusory profits here are simply giving away free money to the NCBs. Perhaps the loud screaming over the pain associated with even an 'orderly' Greek default is enough that the ECB needs to placate them with some new freshly printed money? For now, the PSI remains in limbo for the hold-out blocking-stake reasons we have discussed at length - if the ECB were to step into the market and buy/swap with hold-outs all of their UK-law bonds at Par (for huge gains to the hedgies) then perhaps we get a deal done - but this would be astounding and leave the rest of the European sovereign debt market disabled as investors pushed for the same deal and vigilantes drove Portugal and then Spain to this point...

Please explain how a notional swap in any helps the Greeks? (no debt reduction)

No surprise we see this -

  • *ECB SPOKESMAN DECLINES TO COMMENT ON WELT BOND-SWAP REPORT

Finally, and as before, we issue a formal question to Mr. Draghi to point out just where on the chart below does the ECB book profits on Greek bonds?

 

And some overnight insight that we tend to agree wth from Credit Suisse:

We remain very cautious about the long-term sustainability of the debt after restructuring, and it is just possible (not our core case) that the troika takes the rational decision that it is cheaper to let Greece default and reimburse the ECB for its approx. €30bn of GGB losses than to pay the rising but nominally €130bn. Yet it was only on 14 February (two days before writing) that the ECB was confidently talking of distributing its GGB profits, so we are cautious about second-guessing the analytical framework being used.

 


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Thu, 02/16/2012 - 12:56 | Link to Comment transaccountin
transaccountin's picture

Fresh hopioum. AHHHH it feels good!

Thu, 02/16/2012 - 13:11 | Link to Comment slaughterer
slaughterer's picture

There are lies

Then there are desperate lies.

Then there are "Greek deal" lies.  

I have learned this now.  

Thu, 02/16/2012 - 13:15 | Link to Comment fonzannoon
fonzannoon's picture

There are high frequency trading monkeys running around buying on every announcement.

Thu, 02/16/2012 - 13:31 | Link to Comment JW n FL
Thu, 02/16/2012 - 22:08 | Link to Comment Buck Johnson
Buck Johnson's picture

Soon the lies will run out and one morning we will find out that Greece has defaulted.

Thu, 02/16/2012 - 12:56 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Europonzi at the disco!  Dance dance party!  Everybody party!

Fri, 02/17/2012 - 00:40 | Link to Comment StychoKiller
Thu, 02/16/2012 - 12:57 | Link to Comment TradingJoe
TradingJoe's picture

AND ALL OF THIS AHEAD OF MONDAY!!!! When we are closed!!!

Thu, 02/16/2012 - 13:17 | Link to Comment T-roll
T-roll's picture

I don't think it's a coincidence that the decision will be made on a day when US markets will be closed.  Tuesday will be interesting.  I guess the market will either take-off like a rocket or tank based on what happens Monday.  I guess it will depend on if Germany decides to tell Greece to screw itself or not.

Thu, 02/16/2012 - 13:22 | Link to Comment TradingJoe
TradingJoe's picture

I agree, maybe this why today was the day to announce the big swap :))!

Thu, 02/16/2012 - 13:28 | Link to Comment SheepDog-One
SheepDog-One's picture

What are markets closed on Monday for, Whitney Houston Day?

Thu, 02/16/2012 - 12:57 | Link to Comment Silver Bug
Silver Bug's picture

Central bankers creating more black holes of debt.

 

http://ronpaul2012blog.blogspot.com/

Thu, 02/16/2012 - 12:57 | Link to Comment slaughterer
slaughterer's picture

Very creative rumor.    For all the right reasons, ZH shoots its down.  

Thu, 02/16/2012 - 12:59 | Link to Comment SmoothCoolSmoke
SmoothCoolSmoke's picture

Bernanke, "SCOREBOARD."

Thu, 02/16/2012 - 12:59 | Link to Comment ZeroPower
ZeroPower's picture

*ECB TO PROFIT FROM BOND SWAP, WELT SAYS

HOW IN THE FUCK

Thu, 02/16/2012 - 13:06 | Link to Comment SheepDog-One
SheepDog-One's picture

We used to assign the unexplainable as 'PFM', pure fukin MAGIC!

Thu, 02/16/2012 - 14:02 | Link to Comment AgShaman
AgShaman's picture

PSI = Pounds per Square Insurrection

Govts and Central Bankers love to add excess hairspray to the potato gun....then look around in astonishment when they blow a hole in the neighbor's garage

Thu, 02/16/2012 - 15:28 | Link to Comment BlackholeDivestment
BlackholeDivestment's picture

                                                      LMAO SheepDogOne. 

http://www.biblegateway.com/passage/?search=2+Thessalonians+2%3A8-14&version=KJV

.....PFM...... is explained though. Our generation is declairing http://bible.cc/revelation/14-8.htm  ..........................................................the fall of Chairsatan's Black Hole Babylon ..........................................................................and the drunken market Whore ...............................................................................riding ''The''Bullshit Bullish Beast'' ...................................................................with the Black Horse scale Cup of Fornication ....................................................................................filled with the Wine of Wrath.  http://www.biblegateway.com/passage/?search=Revelation+17-18&version=KJV

It's PFM fer sure Shep, but, it's also the revelation of the ''prophetic strong delusion'' .............................................................................of the Suicide Vampire Squid ...........................................................................of the Great Wal Mart of China ...........(AKA ''SD'' Street Devil or PF2AM3 ''pure fuckin fallen angel money market magic'') .................................................^ ^...........................................................

              Angel in the Whirlwind^^   ]0[    ^^Money  Printing 

                                                  V  V

                                          http://www.youtube.com/watch?v=DDq9LWdJopE 

                                                 ............................................... 

                                                       .............

                                                      ...

Thu, 02/16/2012 - 13:08 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

That's elementary:

1.Create Swaps

2.Swap them

3.Profit

Questions?

Thu, 02/16/2012 - 13:41 | Link to Comment unrulian
unrulian's picture

i'm not that bright...

so.... if i pay off one credit card with another one at a lower rate the difference in rates is actually profit?

sweet

Thu, 02/16/2012 - 13:14 | Link to Comment CrashisOptimistic
CrashisOptimistic's picture

2011 Lesson #1:

GOVERNMENTS WILL DO **ANYTHING** TO KEEP THE WHEELS TURNING.

They will kill people. (Gadaffi)  They will jail them until they resign and then release them. (DSK).  They will force people to lend money to other people they don't want to lend to (PSI).  They will redefine words.  They will redefine accounting.  They will do anything.

In the end, there is only one thing they cannot do.  When it becomes clear, it will all unravel, but not until then.  They will declare absurd things to be true by edict until they reach that one unfixable limit.

That limit is oil.  There is nothing else they can not do.  They will try to fake oil, too, with the SPR, but in the end only oil is beyond their power.

Thu, 02/16/2012 - 12:59 | Link to Comment vote_libertaria...
vote_libertarian_party's picture

Well that explains todays stock spike higher...everything is FIXED...again!!!

 

'Nobody has losses' fantasy world is a lovely place.

Thu, 02/16/2012 - 12:59 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

well this should fix everything wtf are they gonna do about neg gdp....wtf does the swap do NOTHING

Thu, 02/16/2012 - 14:04 | Link to Comment Vince Clortho
Vince Clortho's picture

with words.

 

Have to respect that everything can be fixed with words.

Thu, 02/16/2012 - 12:59 | Link to Comment Yen Cross
Yen Cross's picture

 BTFD is in vogue I see. I'm long Monet and Picasso./sarc

Thu, 02/16/2012 - 13:00 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

these fuckers should be charged with mkt manipulation...fucking joke

Thu, 02/16/2012 - 13:07 | Link to Comment alien-IQ
alien-IQ's picture

instead of charging them with market manipulation, a crime that will surely land them a stiff 5 digit fine (puke).

how about if we just made them walk the streets of Athens without a bodyguard and carrying a sign that identifies who they are. I think that might better achieve the type of justice they deserve.

Thu, 02/16/2012 - 13:44 | Link to Comment unrulian
unrulian's picture

the greek pansies would through tomatoes at them....drop them off in kabul with a plackard that says.... i love jesus

Thu, 02/16/2012 - 13:01 | Link to Comment lizzy36
lizzy36's picture

Desperate times. Desperate lies. Desperate.

I have a buddy who says the best structured products he creates are when he has a motivated seller (cough desperate) meeting a motivated buyer. 

The longer gravity is ignored, the more desperate all sides get. 

Thu, 02/16/2012 - 13:20 | Link to Comment Manthong
Manthong's picture

Geobbels didn’t even have the gonads to try a lie this big

Thu, 02/16/2012 - 13:03 | Link to Comment alien-IQ
alien-IQ's picture

Oil at 103, dollar falling off the cliff, EUR/USD going completely parabolic. /ES vertical since 8am

you just gotta laugh.

Thu, 02/16/2012 - 13:03 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

wait till psi says fu to the deal....watch paulson on cnbc yesterday quoting how jamie dimon says us banks are immune to a greek default...-----hey jamie thats only if you cds gets elected

Thu, 02/16/2012 - 13:03 | Link to Comment firstdivision
firstdivision's picture

So the Euro goes up vertically due to the ECB will have to print.  Sure, that makes perfect sense.

Thu, 02/16/2012 - 17:44 | Link to Comment mark mchugh
mark mchugh's picture

Well, yeah....What does diluting the hell out of your currency have to do with stealing from Forex traders?

Thu, 02/16/2012 - 13:03 | Link to Comment Roland99
Roland99's picture

ooo...that big shiny Print button looks too good to not press!

Fri, 02/17/2012 - 00:47 | Link to Comment StychoKiller
Fri, 02/17/2012 - 09:39 | Link to Comment Roland99
Roland99's picture

that's exactly the button I had in mind!

Bravo!

Thu, 02/16/2012 - 13:04 | Link to Comment falak pema
falak pema's picture

For those who predict that a Grek default is planned for March 23 here is an interesting twist about CDS mega bomb payout on OTC transactions in US banking, as in Euro banking :


ART CASHIN: Forget Greece, Traders Are Worried About Something That Could Send Us Back To The Middle Ages Sam Ro | 2 hours ago


Read more: http://www.businessinsider.com/art-cashin-greece-traders-cds-middle-ages-2012-2#ixzz1mZ4JZfke

 

So, Europe goes under into deep recession, and...WS swims into what...??? 

I love those who sit on the Titanic and drill holes into its hull, all in the name of Euro shenanigans, forgetting there are shenanigans in Big Apple and Big City that would make even Abacus blush in pristine innocence. 

I want my money back...Is the cry of the CDS market if its deemed voluntary in Greece, and that will freeze derivatives like the ice age of banking world wide. Drill away at the hull of WS Titanic, its gotta to be thick pray the banksta cabal, as Costa Concordia of Greece goes to maximum tilt. 

Thu, 02/16/2012 - 13:10 | Link to Comment Tyler Durden
Tyler Durden's picture

Both the CDS triggering, which was news in July 2011, and the Debka-esque story are completely irrelevant. The only things that matter are i) insurance company impairments and ii) Greek bonds repoed to various central banks via Shadow banking. ii) is the only thing today's action is trying to address. As for i), pray that suspension of MTM works through bankruptcy.

Thu, 02/16/2012 - 13:40 | Link to Comment falak pema
falak pema's picture

TD : you will make a catholic out of me, on my knees singing " I pray God, that suspension of MTM works through bankruptcy"... its Greek to me, HOW marking to market will work miracles and go through the bankruptcy wall  but I'll try and educate myself. I have a sinking feeling that this "mark" will greatly "unmark" my own personal account like melting butter. 

As for insurance company impairments, or insolvency,  I'll tell them to not impair by going soluble, disappearing into acidified solution, but go to inert like gold that doesn't dissolve! Its all like money bet on roulette wheel, the accounting in this world, marking to market and disappearing like salt in hot water; where red beats black, as odd beats even, until that run of luck kicks the acid bucket...and all disappears! 

I remember that from "Casino" and SS/DeN and even "the Great Sinner"...great film with Ava Gardner and GP. It makes casino royale and empty pockets  after blow out, more palatable, and the acidity less corrosive. I'll have my glass of Muscat to forget all that! Of course, on my knees and without my hat on! 

Thu, 02/16/2012 - 15:05 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

i'm pretty sure this won't be newz to you:  traditionally, BK liquidation is only done @ market

otherwize, like GM, it would just be another rectalRefi to those with contractual claims whose wealth is needed by others for the "greater good".  listen to the music?

when the furniture is sold to the highest cash bidder, the gavel falls on everyone alike = BKmarket

how much longer the books will reflect that the used furniture is "worth" 100X what the "market" might say is just a matter of how long the ponzi-stone continues to produce blood, as far as i can see

how long will it be "worth it" to bear the "social consequences and long-term costs" of pretending the growing zombie population will be solvent sum day?  

and what will happen then, in the "market"?  what shall people see as the "greatest good" on that blessed morn?

this is the opera we're all watching, and we're pretty much all in, together, thanks to the fuking commie pols and fascist banksters and thePeople who get the treacle-down, too, we might all admit...

that matket "sigma-signal" may be first displayed in greece, but as SD-1 sez, we'll deal w/ the can when we catch up to it, again, this afternoon or tomorrow at the latest; just a little kick aaaaand...we're all set till "tomorrow"

tyler has polished off the entire year's communion wine and is in the pulpit, BiCheZ!   

Thu, 02/16/2012 - 13:05 | Link to Comment mckee
mckee's picture

Buy high sell low... make it up in volume.

Thu, 02/16/2012 - 13:11 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Make what up on volume?  They are booking losses!

Thu, 02/16/2012 - 14:07 | Link to Comment mckee
mckee's picture

Losses? That'd almost be like buying high and selling low!

Thu, 02/16/2012 - 14:08 | Link to Comment mckee
mckee's picture

Losses? That'd almost be like buying high and selling low!

Thu, 02/16/2012 - 13:05 | Link to Comment mckee
mckee's picture

Buy high sell low... make it up in volume.

Thu, 02/16/2012 - 13:07 | Link to Comment resurger
resurger's picture

i read an article today that ISDA (International Swaps & Derivatives Association) controls the CDS Market and the "Credit Default" event's which caused MF Global to go bankrupt.

In my perspective i think three of them (JP, MF and ISDA) wanted this to happed.. a CDS Market worth 32 Trillion USD's

So how do you expect Greece to default exactly?

http://www.marketoracle.co.uk/Article33140.html

 

 

Thu, 02/16/2012 - 13:18 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

'So how do you expect Greece to default exactly?'

I don't by the simple fact that it already did. Ask yourself a simple question: If I figure out a way to keep circulating blood through a corpse, is it still dead? Simple. The only people left questioning this default are the ones who excepted Clinton's remark about the is-ness of something and the banking cabal. Both are semi-retarded.

Thu, 02/16/2012 - 13:25 | Link to Comment resurger
resurger's picture

There is no question about that Gene, but see the TBTF will go fucking Bankrupt and the 0.00001% will not allow that shit to happen!

Imagine triggering CDS's worth 32,000,000,000,000 USD how the fuck can they afford that shit?! maybe half of those CDS's are naked.

after all Fuck TPTB, but we have to wait what time brings

 

Thu, 02/16/2012 - 13:31 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Sovereign CDS will trigger the end. The Atonement Cometh, naked CDS or not.

Thu, 02/16/2012 - 13:38 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

If you're suggesting that we need RICO on horse steroids, then I concur.

Thu, 02/16/2012 - 13:07 | Link to Comment mktsrmanipulated
mktsrmanipulated's picture

hooray another deal...comon give it up..selling this shit and will continue...

Thu, 02/16/2012 - 13:07 | Link to Comment Yen Cross
Yen Cross's picture

Why isn't AAPL leading the crew after the 5% drop yesterday currently trading @ 492.69.  WTF? Oh wait it must be the ponzi XLF!

Thu, 02/16/2012 - 13:16 | Link to Comment slaughterer
slaughterer's picture

This "Greek deal" lie actually broke AAPL's downward channel.  (Maybe its sole purpose).    We are covering like mad right now.  

Thu, 02/16/2012 - 13:08 | Link to Comment SheepDog-One
SheepDog-One's picture

'The profits' will flow to govts'....OK then WHO took the LOSS? SOMEONE had to!

What a bunch of BS...profits without loss...OMFG.

Thu, 02/16/2012 - 13:08 | Link to Comment YesWeKahn
YesWeKahn's picture

In the meanwhile, the market is attempting yet another 52 weeks high.

Thu, 02/16/2012 - 13:09 | Link to Comment homer8043
homer8043's picture

The level of unreality in the EU reminds me of the history of Nazi Germany. Before anyone goes off the deep end, not the racism, violence, or warmongering, just the unreality and deception.

Thu, 02/16/2012 - 13:09 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Finally, and as before, we issue a formal question to Mr. Draghi to point out just where on the chart below does the ECB book profits on Greek bonds?

Draghi laughs at you from his unicorn, Tyler, as he rides into the sunset on the trail to find the elusive den of the leprechauns.

Thu, 02/16/2012 - 13:37 | Link to Comment AccreditedEYE
AccreditedEYE's picture

lol  And, how dare Tyler try and make a Goldman tentacle justify what he does and why he is doing it. <sarc> Every day this show gets more and more insane and I become more amazed at how long the human mind can elude itself of the truth.

Thu, 02/16/2012 - 13:49 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The mind believes what it wants to.  Everything else is reality.

Thu, 02/16/2012 - 14:22 | Link to Comment Elwood P Suggins
Elwood P Suggins's picture

TD Draghi farts in your general direction.

Thu, 02/16/2012 - 13:10 | Link to Comment Coffin Dodger
Coffin Dodger's picture

If Greece is 'allowed' to default, they will serve as an excellent example of what happens to a Western Sovereign nation that has not taken it's obligation to the banking system overlords seriously.

It's a win-win for the bankers - default and Greece will be thrown into chaos, societal collapse and possible civil war. It will be all over the news, every day, anguished reporters will witness terrible scenes, beamed directly into your home for you to be horrified by. LOOK WHAT WILL HAPPEN TO YOU SHOULD YOU NOT HONOUR YOUR DEBT TO US.

The banking system has dragged this facade on just long enough to allow a firewall to be put between itself and the Greek debts. There may yet be unforeseen consequences, but the bankers have convinced themselves that they need worry no longer about contagion - the rest of the little PIIGS will be only too glad to pay tribute to their masters lest they join Greece 'outside The System'.

Thu, 02/16/2012 - 13:10 | Link to Comment PaperBear
PaperBear's picture

This is retardness to the nth power.

Thu, 02/16/2012 - 13:16 | Link to Comment SheepDog-One
SheepDog-One's picture

Full retard X10.

And yet they just do this shit day after day with a straight face, apparently in full delusion that everyone else is 10X dumber than them. 

Thu, 02/16/2012 - 13:23 | Link to Comment Yen Cross
Yen Cross's picture

The " man with the XAU" theory Sheepdog. He junked me. Good on you and your crew. +1

Thu, 02/16/2012 - 13:11 | Link to Comment LookingWithAmazement
LookingWithAmazement's picture

"ECB To Fund Eurozone Central Banks As PSI Sweetener"

Exactly. Therefore: no collapse. Greek default will be a non-event. They just have to organize it.

Thu, 02/16/2012 - 13:21 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The ECB is booking losses and making up for it on the asset side of its balance sheet by loaning gold and fractionalizing the cash, increasing inflation in magnitude only known in third world countries.

BORING WORLD WE LIVE IN.

Thu, 02/16/2012 - 13:12 | Link to Comment lolmao500
lolmao500's picture

- U.S. intelligence: Israel is likely to strike Iran in spring, as weather will suit better

- Iran: Our satellite photographed Israel's Dimona reactor, IDF bases

- Netanyahu: International sanctions against Iran not working (aka war is on bitchez)

Thu, 02/16/2012 - 13:24 | Link to Comment SheepDog-One
SheepDog-One's picture

This is all just 'marching in place' BS until the ICBM's start flying.

Thu, 02/16/2012 - 13:12 | Link to Comment Peter K
Peter K's picture

... and a big positive for the Euro currency:)

In the words of Nick Leeson's boss, the ECB has found a new way to make money:)

Thu, 02/16/2012 - 13:13 | Link to Comment sangell
sangell's picture

Draghi's got a digital money machine. He don't need no stinkin balance sheet.

Thu, 02/16/2012 - 13:24 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The balace sheet is the reason or the cash.  He books losses, loans gold, reserves cash, loans cash, presto chango!  Balance!

Thu, 02/16/2012 - 13:15 | Link to Comment The Swedish Chef
The Swedish Chef's picture


Please explain how a notional swap in any helps the Greeks? (no debt reduction)

Can kicking obviously. Swap March ´12 bonds for March ´13 bonds. In the time you´ve won you can have something like 30-35 FinMin meetings and twentysomething dealines.

Thu, 02/16/2012 - 13:21 | Link to Comment Genzero
Genzero's picture

It was never about 'helping the Greeks'.

Thu, 02/16/2012 - 13:16 | Link to Comment Terminus C
Terminus C's picture

Hey it's not just the ECB creating fantasy profits.  GM and Crysler have posted their first profit in 15 years.  I suppose inventory is future sales, ergo profit.

Thu, 02/16/2012 - 13:22 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

So which currencie will hyperinflate first?  The euro?  The dollar?  The yen?  La-tee-da!

Thu, 02/16/2012 - 13:31 | Link to Comment Yen Cross
Yen Cross's picture

Watch T-10's and you sha!! have your answer. It used to be the 2nd largest economy. The hopium is even in the GBP q/e parabolic rise. LMFAO!

Thu, 02/16/2012 - 13:29 | Link to Comment ekm
ekm's picture

ECB knows it's all crap. Think macro.

There is an external reason to continue the elephant shit. My speculation is that they can't attack Iran if there is a financial collapse.

I speculate that they will continue with idiotica like this until Iran attack. After that, they will let it go.

Thu, 02/16/2012 - 13:32 | Link to Comment SheepDog-One
SheepDog-One's picture

Yep. Just marching in place till the ICBM MIRV's start dropping from orbit.

Thu, 02/16/2012 - 13:31 | Link to Comment DavidC
DavidC's picture

Tyler,
You're surely not suggesting that this is (yet) another act of desperation?

It just gets better and better...

DavidC

Thu, 02/16/2012 - 13:31 | Link to Comment SheepDog-One
SheepDog-One's picture

The 'AAPLDAQ correlation' has already been unhinged I guess....only when its UP does it drive 90% of market activity. Now that its off -40 points, it is totaly irrelevant to market movement.

Thu, 02/16/2012 - 13:35 | Link to Comment SheepDog-One
SheepDog-One's picture

ONLY 15 more trading days like today, and we're ABOVE previous all-time record high market megabubble top! AMAZING!

Thu, 02/16/2012 - 13:35 | Link to Comment Everybodys All ...
Everybodys All American's picture

What crisis ...

ECB TO PROFIT FROM BOND SWAP, WELT SAYS - Explain please!

You really have to admire the disinformation.

Thu, 02/16/2012 - 14:42 | Link to Comment tekhneek
tekhneek's picture

*ECB SWAPPING GREEK BONDS FOR NEW GREEK BONDS, WELT SAYS

ROFL

Thu, 02/16/2012 - 15:15 | Link to Comment kito
kito's picture

ECB To Fund Eurozone Central Banks As PSI Sweetener....  more dangerous than aspertame

 

 


Thu, 02/16/2012 - 18:02 | Link to Comment Georgesblog
Georgesblog's picture

Since these bailout funds only circulate between bank vaults and investment banks, the public shouldn't get to excited about this monetization of debt.  It isn't money, and the general population never sees it, anyway. People get the poverty, banks get the liquidity.

http://thedailyclimb.wordpress.com/

Thu, 02/23/2012 - 04:57 | Link to Comment sikefeier0728
sikefeier0728's picture

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