ECB Crushes Spiegel's "Absolutely Misleading" Monetization Report

Tyler Durden's picture

We said hours until the latest ECB rumor was dismissed. We meant minutes:


Socialists everywhere crushed. And now, time for Spiegel to cite "unnamed sources" that the EFSF is going to use 3-4x leverage... Just like last year. Because the broke continent can't even come up with new bullshit any more so must recycle.

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Gringo Viejo's picture

ECB's full of shit. Of course targets have been discussed!

strongband's picture

Bundesbank Spreadsheet.xlsx



GetZeeGold's picture



Excuse me.......just what Monetization Report isn't misleading?


dannyboy's picture

Dw this rumour takedown was worth like 40pips on EURUSD.. lol so farcical its amazing.

Biggvs's picture

Anonymous sources say that to maintain caps on European bond spreads, ECB purchases of Italian and Spanish bonds will not be necessary. Instead, Draghi will sell, sell, sell German bonds with both hands. That is all...

old naughty's picture

O sht.

They are re-cycling old shits now...That's horrific !

saturn's picture

Leverage, leverage, leverage. The boomerang is already on its way back. And it is a massive one.

Surrealist's picture
The Euro crisis party is back on again....


Euro Crisis Revving Up Again – Fasten Your Seatbelts

GetZeeGold's picture



It's like a Willy Wonka Everlasting can suck it and suck it....and it still sucks. It never goes away.


Inthemix96's picture

Well according to my well placed source inside the EU , I have it on good authority, that exactly not one of the daft fuckers has any idea who they are talking to, what they are saying, or what the fuck is going on.

He did add however as a bit of a side note, that van rumpey is a cunt, and enjoys "special" time with martin wolff, if you know what I mean, (nudge nudge, wink wink)

TrustWho's picture

Europeans say "good man have a pole and a hole and we use both----^ ^wink wink 

LongSoupLine's picture

What are the odds Speigel will be investigated for media corruption and blatent market manipulation attempt?


If you answered 0% because the story was likely planted by those whom "do" the investigating, then you win the prize.

XtraBullish's picture

Hank Paulsen's "BAZOOKA" is being lifted out of drydock - this will be a hyperinflationary CONFLAGRATION of the highest order. The 1%-ers care only about their WEALTH and to hell with the social/civil ramifications of a $5 loaf of bread. Currency debasement is the only avenue they have left but nickel and diming it through Chinese Water Torture treatments has failed. $3,000 gold and $100 silver is infinitely preferable to having your head hoisted above the angry rabble on a pike. Short cash. Short currencies. Short politicians. Easy as pie.

new game's picture

lets see now; two neg nums = pos num...


two lies gets you back to begin again.

recycle the recycled

fuck the fucked

or fucken fucked up...

vertexa's picture

Market crash immient? 

Phroneo's picture

This "source's" actions are surely illegal. I would lvoe to be able to anonymously leak a false rumor and be able to cash in on the resulting rally. If only there was justice in this world...

cebri88's picture

The ECB is not going to buy anything until they have control of the budget of both Italy and Spain.

JamesBond's picture

spot on!

no bonds until complete control of the budgets.  suck it up europe.  

Inthemix96's picture

Lets play a game of fuck the obomba's supporters off.

Barry Sotero walks into a bar with a big red parrot on his shoulder. The barman is amazed.

He says "Here, thats brilliant that, where the fuck did you get that from?"

The parrot responds "Kenya mate, there is fucking millions of them!"


Vooter's picture

Anyone who votes for a Democrat or a Republican is a complete fucking idiot...

falak pema's picture

Draghi is a master of "now you see it now you don't"; the Basic Instinct iconic moment. 

Pussy galore, Pussy amor; as long as it doesn't end up in the Putin pen like Pussy riot! 

The Euro hardcore Roar; is it a mouse or a lion I saw?

TIMBEEER's picture

If you're talking about the half-naked guy .. that must be Gollum. Herman van Gollum, often seen in the democratically elected "President's" Office of the European Union.

falak pema's picture

No I'm making an analogy between Sharon Stone's nonexistent panties and the erstwhile scheme to cap the euro bond spreads. 

Subliminal flash of mirrors to induce market/moviefan hopium. 

Its an art. 

asteroids's picture

What I think happened is that some hedge fund paid Der Lier to plant the report to have it run over the weekend. The market ramps while others take short positions. Come Monday morning, the ECB is forced to squash the story causing a chain reaction. Rinse, lather, and repeat. Don't believe ANYTHING that runs near weekends. Watch credit markets instead.

TIMBEEER's picture

Luckily no life has been decteded on Mars. Otherwise the amebae and bacteria would already be "voluntarily" participating in bailing out Spain, Italy and the like.

Dareconomics's picture

Lets look at the points from the ECB press release dismissing the debt monetization rumor:

  1. ECB SAYS BOND YIELD TARGETS HAVE NOT BEEN DISCUSSED BY THE COUNCIL. Yes, but the ECB does not say that this plan has not been discussed, just not by the Council. Draghi and his aids can and have discussed this.
  2. ABSOLUTELY MISLEADING TO REPORT ON DECISIONS NOT YET TAKEN Saying that the decision has not yet been taken is different from saying that a decision will not be taken.
  3. WILL ADHERE STRICTLY TO ITS MANDATE The ECB has twisted its mandate by averring that it can buy bonds in order to help "transmission problems" with its monetary policy.

The ECB will print and print hard when the time comes:


supermaxedout's picture

You want to know why the ECB will never !! monetize in big style the debts of the Euroland countries. Despite all the propaganda they did not till now. ECB  injected only 10% of the amount of money into the markets compared to the Fed in the same time, while Euroland economy is way bigger than US.

Big style monetizing  would erase the most important real wealth Euroland has.  The enormous amounts of savings of its inhabitants.  Its not just in Germany where the savers are sitting. In huge amounts savers are located in Italy and France besides the north European countries. In the end, when worst comes to the worst - which I do not expect - I predict the following:

1) All investment banks go bankrupt plus many others too. The one or other smaller Euroland country might do the same and make a deal similar to Greece - bad for the banks again.

2) But the savers in Europe are made whole by the governments or via the ECB. Because this is important, the savings of its inhabitants are necessary to give credit to the states. In Northern Europe all government debt is financed within the countries from the internal savings plus a part of the savers money is financing souvereign debt in Southern Europe. But Italy for example is completely self sufficient in this respect.

3) Nobody can win in these crisis times. So the goal is to loose the least.

Big loosers are the banks which were involved in financing shaky southern European debts, whether private or souvereign.

Big loosers for the moment are the people which loose their job in the government or public services due to the downsizing of the budgets. This is tough but for the economy it should be positive in the medium term. This surplus workforce is forced to contribute in the future to the cake. To make the cake bigger is always better than beeing a consumer of cake baked by others.

Smaller looser are the savers which are going to loose a part of their savings, due to the one or other partial souvereign debt default. But all the savings not connected to this problem are unharmed.

Big winner is Euroland as a whole, because it still has its huge savings to finance future projects. But to achieve this it is necessary that the Euro stays stable. Without a stable Euro all the savings of the Europeans are endangered.  Money printing produces Inflation, inflation kills the savings, without savings no capital, without capital no investments, without investments no  jobs, without jobs no taxes, without taxes no functioning state.

Hope this is clear now. Euroland as a whole is going to fight till death to defend the stability of the Euro. Hopefully they win. The Euro has  strong enemies, the hyperinflation bound US Dollar and  British Pound. The governments of US and UK are going clearly another way. Their problem is their debt ladden consumers in addition to their QE fueled debt. US and UK dominate natural resources and commodities. Once their debts are gone they still have this dominace they hope, to give them a fresh start.

Euroland on the other hand has more or less only the Euro. This is their treasure. Once the Euro is in seriously trouble (which means loosing significantly in value over an extended period), then ist game over for a long time for Euroland (given it continues as it is now). Then Europeans from Euroland need a long, long time of hard work till they have again such a treasure.

Nobody can look into the future, but believe me, to break up the Euro and to endanger the Euro is only a dream of US and UK but Euroland stays firm in this matter, simply because everything else would be like shooting in your own legs and arms.