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ECB Passes €200 Billion In Cumulative PIIGS Bonds Purchases: Now Monetizing 30% More Each Month Than The Fed
For a bank that everyone is bashing for "doing nothing" the ECB sure continues not only to be active in the open market but monetize well more than the Fed: in the past week the ECB's SMP program announced it purchased €8.581 billion in PIIGS bonds in the open market, which brings total notional purchases to €209.1 billion over the life of the program since inception on May 14, 2010. However, due to interim maturities, about €5.5 billion have matured from the total holdings, which means that on a net basis, total purchases have only now passed €200 billion for the first time, and are now at EUR 203.5 billion. More importantly, since the resumption of the SMP program in August, the ECB has bought €131 billion in PIIGS bonds, or about $176 billion. This works out to just under $60 billion per month (and no, it is not sterilized when the sterilizing banks exist solely courtesy to ECB funding as noted before) and is just modestly less than what the Fed monetized on a monthly basis at its peak QE, and about 30% more than what the Fed does now during Operation Twist! ($45 billion monthly at last check) So... Who was it that said the ECB needs to print more?
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ZH should be reporting on this:
Senate Moves To Allow Military To Intern Americans Without Trial
http://www.infowars.com/senate-moves-to-allow-military-to-intern-america...
This bill is coming to you from the same fuckers that think buying gold is a terrorist activity.
When the SHTF, all the goldbugs and people that understand the systemic fraud and corruption in the financial system will be rounded up and sent to the nearest FEMA camp
It's a great day in Amerika!
as long as the camps are co-ed!
Oh they will be. White woman with black men in one camp. White men with black women in another.
EU to USA: "my Ponzi is bigger than yours!"
i swear to you! here in europe nobody (!) (whose job isn't in finance) knows just how much the big banks, the ECB and the non-elected eurocrats are f*%&ing them in their collective arses. No lube. With super STDs that will be transmitted to their children and children's children!
Sheeple are the same everywhere.
Euro sheeple are just as ignorant and complacent as our sheeple.
The only consolation is that they will be totally surprised if the music stops playing and all the seats are taken before they have any idea that there is a problem.
Isn't it good to see that the Europeans are finally picking up from the US?
US always wants to lead and inspire the world, so one would think US would be quite proud to see Europe finally getting it.
Besides, regarding: 30% more than the Fed every month" - Duh, one should hope so, given the EU area economy and population is twice as big as the US - in fact the EU area economy is the BIGGEST ECONOMY IN THE WORLD - i.e. not the US economy as they say fifty times a day on the Blowhorn Tube a.k.a. Bloomberg TV.
In fact, to cath up and keep up with the US - and, its co-dependent financier and manufacturer China - the EU should print, monetize and quantitively ease to the tune of a couple of hundred percent more than the US for quite a while. But alas, it is indeed fun to moan and marvel at your neighbor while your own house sinks into the quicksand you built it on and crocodiles eat your children. Those US "tears", are they...?
I sometimes wonder if you do not live happier in ignorance. If you had to chose you way of dying, a heart attack would be preferable over a long drawn out affair. So most Europeans party on like there is no tomorrow, completely oblivious to what is going on and the happy few are already tormented with the collapse they see coming. I wish I could unsee it sometimes.
You'll be the "Coed"...
And get Fucked in your "Mangina" Ass.
That's how prisons work.
Flying triangles.. ES now a percent higher than crude and 2 percent higher than the EURO pop - http://hedge.ly/tGfSoC ..
If you've got nothing to hide, what's the big deal? Terrorists should be locked up forever. Preferably killed.
Now, massa finna be lettin dis one slide. But yalls keeps dat readin n dem lerninz up, yousa be outs dis hea house ana right back in da field.
You did notr indicate sarc
ahhh, thats why the military needed few millions coffins for future purposes..
I called my Senators office (both actually), Sen Ayottes aide/clerk answered the phone and I told him I was a constituent and that I had concerns with a bill that allows the military to arrest and detain a US citizen, on US soil nonetheless, without charging him/her and without due process (timely trial by jury of peers).
The aide replies that yes, that was brought up as a concern and that the language had been changed to allow the President to determine if arrested individual should be processed in a civilian court.
I replied that this solution sounded an awful lot like a dictatorship as opposed to what was laid out in the constitution and that I was outraged that the Senator felt this was in any way an appropriate solution to my concerns.
He said he'd pass along my concerns (my interpretation of that reply was that she didn't give a fuck about the constitution and shut the fuck up or we'll arrest your ass and put you in prison without trial by peers).
Just thought you all might be interested in that tidbit.
this bill will not survive Constitutional challenge, but good luck if you're the one who has to make the suit.
The breathless GOP lemmings out there are clamoring for this crap; they don't seem to get yet that THEY are the target. There are no fucking terrorists. There hasn't been a credible attack in a decade and even if there were, none would be stopped by this bill or anything that's come since 911.
Each President has made it a priority to enhance State power. They don't give much of a fuck about real criminals or real crime anymore. It is all drug war and terrorism. If we do not collectively reject this shit and get a new government in soon, they will completely foreclose any ability to do so via "the system." It is already prohibitively difficult to do so even with a tidal wave of voter support.
Cops spend all their time looking for assets to "forfeit" into their own pockets and they don't give a shit if you're beaten and robbed or even killed. And especially if you're white and a black does it...just STFU and go away. But if you have some pot in a car they can seize or you give them a chance to blast your door down in SWATzi gear over a few hundred worth of some controlled substance, look the fuck out.
And notice how the talk is this idiotic battlefield rhetoric from all the talking heads...when is the last time ANYONE heard of a warrant being served into gunfire? Nobody is resisting. There are no fucking super armed drug gangs hiding out in places shooting it out with the police and there haven't been for decades. That's all just TV shit. Crime is down yet our police are looking like it's a war out there- there's no war other than the one they brought with them.
Our freedoms are under attack? Not by terrorists...by our own government! NOTHING Al Qaida did affects my freedom an iota!
If the dictator er president has this power granted already then why have the need for a new law? Looks like tyranny, smells like tyranny, yeah it's tyranny. It's bad enough the president can target citizens without due process now. BTW I had no problem though getting Alawaki or whatever the hell his name was. The problem with labeling a guy as a terrorist though is that it can have such a wide usage. Lets face it if TSHF no laws will be the same. God help this once great constitutional government because it is currenly being run by losers.
It aint losers who can shoot a helfire from a drone up your ass and get away with it. Evil, but losers?
Kill the fucking PIIGS.
http://www.youtube.com/watch?v=EjYLRxHWKiQ
um...some of the comments suggested correctly that provisions of the bill specifically exclude US Citizens.
Still, vote this bullshit down and eliminate all the Senators
But it's sterilized, they say.
So not bullish, but steer-ish?
Yep. As sterilized as a syringe of a 16th century doctor.
Someone needs to ask the ECB if those purchases last week were soley PIIGS bonds.
It looked like there was some kind of intervention with French bonds.
So Euro will be weaken due to devaluation and printing like the US did in the past?
Why is not everyone shouting how they are both still printing? The "markets" are kept in illusion.
It takes dozens of months to translate into prices...
Hi everyone...Back from Vacation. Total news blackout.
So what did I mi-
HOLY SHIT!
We're looking at a 600 point Dow ramp by EOD. --R_T
LOL! So basically everyone has been selling to the ECB. Additionally, the ECB has been highly active in all PIIG failed auctions recently. This is going swimmingly well.
This is what we on ZH have feared for years: covert global QE. This is why we are buying gold/silver. So what is there to complain about?
That not one single DC or NY crook has been arrested, tried, hanged, and quartered while their family watches.
You gotta be suspected of selling drugs for that...
makes my call on energy on Market Watch look pretty good.
EU MInsky moment? http://ftalphaville.ft.com/blog/2011/11/28/765131/a-minsky-moment-in-the-eurozone/
Gotta keep things in perspective, s&p at same place it was last tuesday. It's just bullshit how it got there.
BS? I would expect them to take out the short stops from last week by hammering it above 1200 today while the hype is hot. IF they fail to do this, then this rally is a one off anomaly.
Today's miracle seems to have lost its steam already. Hard to cause a short squeeze when shorts are not as plentiful.
Lost steam? RSI on SPY is around 80 currently.
So you're stating that SPY is overbought. Or do you use RSI as the higher the number, the "not bought enough" it is?
Also yields are calling bullshit on this, so it is an obvious attempt at a short squeeze.
No one can tell me shorts dont know how to play this game by now.
-1,000 on the DOW over the last 8 trading days....sit back now and wait for the pop to die and re-short it.
Please, Sir, may have more?
OMG!! Bawny Fwank is not seeking reelection. Must be moving on to the ECB so he can do for Europe what he did for Fannie & Freddie. I can see the planes on Cape Cod loaded with gold and waiting for takeoff.
http://vegasxau.blogspot.com
They would have trouble understanding Bawny at the ECB. His accent is a hindrance. Plus he farts too much. Europeans consider that poor etiquette
Good point.
Maybe, on second thought he is going to be Silvio Berlusconi's personal aide. I'm sure they could learn a lot from each other. Kinda international cross-cultural exchange or some such shit.
http://vegasxau.blogspot.com
Don't let the door hit you in the ... a never mind.
Into the maelstrom. Why would we not expect the ECB to follow the SOP set down by the Fed? The next (logical?) step is to print money, in line with the Fed SOP.
So they say it's aim is to prevent a war against Syria... good luck with that.
http://rt.com/news/russian-aircraft-carrier-syria-363/
Sea alert: Russian warships head for SyriaMoscow is deploying warships at its base in the Syrian port of Tartus. The long-planned mission comes, providentially, at the very moment when it could help prevent a potential conflict in the strategically important Middle Eastern country.
The Russian battle group will consist of three vessels led by the heavy aircraft-carrying missile cruiser, Admiral Kuznetsov.
Nevertheless, he added that the presence of a military force other than NATO’s is very useful for this region, because “it will prevent the outbreak of an armed conflict,” Izvestia quoted Kravchenko as saying.
This is horrible news.
as an american , i can say that i hope the russians bring all tubes to bear on nato and the stupid amerikan mercenary forces.....enough is enough.......i hope they put a end to this zionist israeli inspired war on the arab nations...
by the way, perhaps the russians did not like what we did to their friends in libya. but they sat it out because they were waiting until the time when we did something a little too close to home for them and syria is it , imho. its about those damn straits over by turkey etc and the sphere of influence. they are not going to allow the area over by turkey to be overrun by "western and zionist" interest.....they will fight to protect their interest in their only way out of the black sea for their fleet......
This wars have nothing to do with zionism.
This is the euro-oligarchy and their monetarist empire throwing hissy fits as they crumble to dust.
NATO does want Israel to engage in war as that would automatically pull all arab and moslem (Indonesia, Nigeria, 50% of France, etc) nations directly into this war.
Israel knows the trap was set by the british when they partitioned Mandate Palestine the way they did (in order to create a perpetual war zone).
NATO will crash and burn alone. Not only Israel, but the whole world knows NATO is a bunch of thugs not to be trusted (remember Q-daffy was NATO's and the EU's darling just months prior to the Libyan "spring").
euro-oligarchy
Sure
NATO does what Uncle Sam wants
Not more, not less
Merkel, like all politicians, talks out of both sides of the mouth.
but but but.....what about weimar?
TMV is whacked.....way rich.
Another Doug Noland "Rip Your Face Off" rally.
All the doomers are sitting aghast.
Poor Art Cashin is too old to understand the power of speculation when interest rates are near zero.
There is a certain face-ripping and giddy velocity of the DAX today, no doubt.
Was this what Lloyd Blankfein was alluding to when he recently said that the recovery would make a sudden, unexpected quantum leap? Squid in fine form today ripping apart bears. I can name multiple tickers where their HFTs are gashing into the guts of bears right now. Ugly. Now I do not feel so bad having my shorts stopped at last Friday's high.
it never fails...............
$BANK is in it's midrange, $TICK also mid to low, SP is still breaking out to new highs. Sustained rally.
so far, "risk-0n" 4sur, R_T
so far
QE is good news! L0L!!! such is the depravity of our keynesian post-modern conditioning, i guess
but, it's all good, b/c banksters are, like, santa, rrr-right? what could be the possible downside to adding aother freaking zer0, here?
D00M, BiCheZ!!!
Ooooh please ECB... do SOMETHING!
LOL, ECB has already been buying everything hand over fist like mad.
(channeling Tootsie Pop ad, c. 1971)
Mr. Owl, how many 300 point hopium rallies does it take to get back to even for the year?
The world may never know...
Both rumors (the IMF and "elite bonds") have now been officially denied. Bond yields are still going north. Not a single actual thing on the debt fiasco is solved, nor is there even a path set forth to solve it.
So what the fuck is the 3+% rally all about?
I dont think its got much to do with them. Must be the FED buying mortgage debt. Makes sense as this is basically a QE announcement. The give away is how much HYG is outperforming EURUSD. Im surprised no ones making more of this.
Someone please tell me if Im wrong, but isnt that 500 billion of mortage risk off the banks books, and 500 billion in new dollars floating around? Isnt this just the kind of announcement theyve all been waiting for?
On the wires currently: BOE King says inflation = job growth.
WTF? Where do they find these people? Seriously, you can't make this shit up.
http://vegasxau.blogspot.com
Hello ZH,
I've been lurking here for about a month now and am becoming hopelessly addicted to the site. I'm just a back-office wonk of a fund company. I don't claim to know a whole lot but I trade my own account.
I loaded up on SPXU today. This rally is crap. I'll keep accumulating SPXU if this market keeps going up until I'm tapped out then I'll buy a bag ov chips and sit back and wait....
I sure wish I put that short NFLX / long GMCR trade on a few weeks ago....
ZH should talk about this, but then it is well known in ZH circles anyway -
http://www.spiegel.de/international/europe/0,1518,800285,00.html
It is an interesting read anyway.
This is a "meat grinder" market. You put your cash in and the market will grind it out of you. The market has gone nowhere for a long time. Putting money in is foolish. Don't play.
Whatever, kill the fucking pigs.
Yet the broken minded bank eCONomists who just a few short months ago were telling how ECB will raise rates to 2% come december 2011 because the perpetual motion growth machine is doing SO WELL, are now screming for rate cuts and monetization.Don't you just love the original "thoughts" these sad highly payed PhD's are giving to all of us...
To me this is just another piece of the mounting evidence that ALL of the zeuro-banks are insolvent to the bone.
coming soon http://www.offgridminds.com/storage/thumbnails/12293217-15311988-thumbna...
.....and what did my 300 Billion dollars buy me?
US Tax Payer
But everyone thinks the Germans won't stand for money printing,well gues what Fritz you're getting it now but its called bond purchases,the British are getting it and it's called QE,I reckon if you did a straw poll of a thousand Brits and Krauts you wouldn't get five in either country who had a clue what you were talking about if you asked them what QE and bond purchases were and what the likely outcome will be.
So it's all working perfectly to plan.