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Misread headline as Collateral Requiem.
Are we trying too hard to read between the lines?
I misread illiquid as illicit.
Finally, a chance to swap my pog collection
It's scripted! Hollywood couldnt do better.
Oh wait -- I forgot:
Making it rain euro style.
What's next? Free houses for Gypsies? They won't take 'em those wise nomads.
no point fukking one nutter and not the other bigger nut : Bernanke, the king fiat printer.
The ECB has agreed to pick up 147 rusting, old power transformers I've been storing for a rainy day.
They're chock full of PCBs.
Trichet will be here to pick them up tomorrow at 8 a.m., and I'll get 84 million EUR for my 'collateral.'
It really surprised me because The Bernank had been not returning my phone calls or emails on a request for a Fed loan.
First, you need to swap them for a debt instrument.
I've got some grade AAAAA++WOULDBUYAGAIN Lehman Bros 10-year debt issues, which I picked up for pennies on par, post-bankruptcy. Great to know I can finally cash in.
Could Trichet not have found a more explicit way of announcing the ECB's desperation and panic?
Seriously, there may possibly be someone out there who does not recognise this as the "Oh my God we're all going to crash and burn!!!" signal it clearly is.
Doesn't the benchmark have to be Defaulted bonds as collateral like bernanke accepted in 2008 http://www.zerohedge.com/article/how-fed-gave-goldman-millions-exchange-defauted-bond-collateral ?
I think you first have to ask "what is a reserve currency" before you answer that. Indeed a central bank can take "defaulted on" paper. But it can also drive down interest rates to zero and literally "flatten" all banks so called "risk free" returns. This is to be respected precisely because "he don't get paid shit" like "all us big-wigs" (and of course big-wig wannabes). The fact is governments throughout the West were attacked in 2008 and only now as the dust has settled have these governments discovered a: who did it and more importantly b: they will not stop unless and until governments stop them. Needless to say "there's an infinite number of tools in that toolbox."
BRING OUT YOUR DEAD :)
At this point the ECB would probably cash an I.O.U. from Charles Manson...
This is pathetic. Why not just start the printing presses and give the monopoly money away first come first serve??
DSK's sperm is admitted as well.
I had "2008" on the phone - it wants the money back! Collateral damage, bitchez!
A 5 billion Euro ECB loan using 20 goats as collateral. What's not to love about that?
Should read: ECB Removes All Collateral Requirements.
I wonder if they have any used Bunga Bunga party panties they could trade in...they have to be worth quite a lot...
A slightly stained Baby wipe will be enough...
I got plenty of ink and paper which I would be glad to give as collateral on my mortgage to my bank. Might work in a future near you.
Brilliant. Just brilliant.
Those pesky collateral requirements have been the problem all along.
Everything's fixed now. The solution to rising leverage due to deposit withdrawls is to allow more leverage to inspire confidence. This will surely encourage business and consumers to put their deposits back in banks.
Shoot...I'm opening a BNP checking account right now, cashing all my gold and silver in, and going to put it in their no interest checking account I'm so inspired.
Finally, CDS can be offloaded to the central bank.
Then things go boom, and central bank makes all the payouts.
This is a bazooka exploding in the hands of the shooter.
bring out your dead
This is ridiculous.
Next, they'll let banks give stars and planets they say they own in other galaxies as collateral.
Somewhat interestingly they dropped the requirement that the collateral be 'traded on a regulated market' - does that mean they will accept defaulted GGBs?
Tyler, looks like the ECB may be following in Japanese example and will accept the personal IOU's of leading figures, backed by their personal holdings .. and perhaps the off the books transactions within emerging nations. Classic tell tale beyond D paper that appears especially noteworthy in the case of France with possible spillover to Austria, Spain and Italy.
Jean-Claude Dechet, the Gallic Garbagemonger.
ECB takes even Ruby's hot panties as collateral.
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