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Endgame Begins - UK "Foreign Office Sources Say Merkel Now Thinks Greece Will Default"
Courtesy of the BBC's Andrew Neil, on the back of the previously noted formal annexation demand of Greece by Germany:
Of course, this is what we, and everyone else whose frontal lobe has not bee hijacked by the status quo, said back in January 2010...
JP Morgan and Morgan Stanley better pray they are right when they say they are 100% insulated from contagion, because we are all about to find out.
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Fuck YEAH! I AM 300% SHORT!
No wonder Jaime hasn't been able to say 'there will be no contagion to the US banking system' enough lately.
Talk 'em down, Jaime, talk 'em down.
And the EUR/USD finishes the week above 1.32 hmm...
Portugal, which was on deck, is up.
Spain and Italy are warming up.
Some see Italy as too big to fail, while others see it as too big to save.
George Soros was out giving free, unsolicited, born of the goodness of his heart investment advice to the masses to go long Italian bonds, so....
It's not too big now that it had its rating cut.
While I do believe that this Greek Tragedy will play out, millenia old revenge will be extracted, it si Spain that will rattle the EU.
Spain, that other fascist country.
Very interesting, all the three big players in the "EU is in Danger" game were fascist countries.
Franco/Hitler/Mussolini.
Ergo, the Vatican hand is clear as daylight on a dreary london day.
It's Spain that has been set-up to be the first big one. At least Italy still makes many things, is very much in the arms supply business... not so Espania.
ori
/watershed-day-may-this-pour-through-a-million-pairs-of-eyes/
PIIGS do not include Germany you clown. Germany is the strongest of the EU
Perhaps Men in thongs have brains in their balls?
Or eyes at the soles of their feet? Or perhaps men in thongs just do not know their history. Or can they not tell that this story involves all nations mentioned in a big Greek Drachma?
Germany is the strongest of the EU. I would never have known that if you had not been so kind to let me know, thong-man.
ori
I am in 30 year US treasuries and 3X short the S&P with 96% of my assets. Come and get me!
Was jus `membering back in da daze when the ON was above 6% and Treasuries paid a 15% (coupon - yield - forgot?) and suits were complaining the income coming in from their UST's wasn't enough - and them zany IOTTES (just from da interest) paid gave back the cost in a month and doubled thr bid.
Bond yields were great and CC rates were lower than dey be now - born 16 and one half years too soon.
I loved this `un:
Foreign Office Sources Say Merkel Now Thinks Greece Will Default.
How much again, do UK and German stakeholders actually pay for Merkle's and the foreign office's services? Gotz to get me one of those kind jobs - require lot less iknowlege an' focus an' effort dan de job down at the Big M - and no greasey apron to boot!
THE MARKET HAS BEEN TELEGRAPHING GREECE'S DEFAULT FOR 3 F*CKING MONTHS. Whatever they're paying their civil servants on the "old" side of the pond - it be too much and dat be for sure.
Foreign Office Sources Say Merkel Now Thinks Greece Will Default .. sheeeeiiit .. take down will be easy .. - it looks like the Johnny's and Janie's wearing the name tags in the globalony cathedrals of government .. (rule 2 - never show your hand when you're holding a loosing bluff) ... just think how much could have been saved had da Euro Suits forwent getting all "whitey" with that sophomoric schoolyard bluff they ran on Iran: "Sanctions to begin in 6 months" - who the f*ck they think the f*cking with - some cookie cutter "and inbred dumb" tin horn Barbie / Ken Doll western politico knit-wit just like them. It look like the west's political civil servant class now use the "law of crappy people" in screening processes - err - right after "8 inches or less!" and just as clueless about personal survival as their bribe givers.
Look at it this way - i guess - they don't care about saving their constituents national cash box - running up oil prices by hook crook or feign has been the game for decades - war ain't about securing oil dweeb nauts - it about - and be only about :SECURING HIGHER OIL PRICES. HIGHER COMMODITY PRICES - and since "currency" is now a commodity - dem greenbacks, though the stack is the same height - will buy less than half the stack could 5 years back. Good side: instead of MSFT trading near the 30$ it trade these days (pretty much the same as 5 years ago. WITHOUT the inflation carry, MSFT would be bidding at a buck `an 13 cents - that 's how ya grow ane econimy - shorten the "value ruler" and everything look the same or better dan it did yesterday!
Jamie Dimon's daughter asks him: "Daddy, what's a black swan?"
Jamie replies: "Princess Crown Jewel, that's a reference to what most people think of as an unlikely, random & catastrophic event, but one that is pre-ordained by people like your Daddy, that we in the better class utilize to ring the register, as we knew about it beforehand, and were able to profit off of it in about 3,600 ways, making more in a few days than most families make in generations."
Jamie Dimon's daughter: "Daddy, I don't understand what you just said, but can I get a British au pair? I don't like my current Swedish one, because she keeps telling me to do my homework before I can listen to my iTunes or take the Bugatti to eponymous for some shopping therapy."
Jamie Dimon: "Of course, my Princess Crown Jewel. Nothing is too good for the perfection that is you."
Then again, word has it that Jamie is a closet lesbian.
So he secretly likes women?
No he puts on a dress and ogles scantily-varnished cupboards.
Jamie and I are the same.
We are lesbians trapped in male bodies.
This will be my excuse if I am ever accused of rape.
Still smoking (or should I type smo-king?) the strong stuff eh Ori? I wonder what colour the sky is in your world?
Spain a fascist country? unfortunately, not anymore, how can you explain that spanish transexuals can change sex free of charge? or that 50% of the babies are of foreign descent? or the import of 8 million of übermenschen from the fine nations of Ecuador, Morocco and Senegal? (Catholic, white Poles and Lithianians need not apply for inmigration into Spain of course, they just want brown people to show how progressive they are.....)
integrating the global population dude.
first they mix the colours, then they light the fuse - malcontent colours fight, keeps 'em busy defending their "realities" and ignoring the THEFT of century's wealth from labour by those who can, while those who breed faster, breed. . . eventually, when the "financial rug" is pulled, the fiat gets replaced with a new imaginary math story, and. . .
pwnd.
Don Diego, they import those guys because someone has to work.
The native Spanish are too busy doing the following:
- Declaring themselves chronically ill
- Eating pinchitos and cervezas at the bar
- Being "Agustito" anywhere but at work
- Complaining on how the government doesn't help them
- Trying hard to get a job at the government in order to become unfireable and do as they please
Spain doesn't need immigration to be fuckedup. They fuckedup themselves long ago and don't fuck their women enough to keep their own population.
nothing of that happened under Franco...when a manual worker could maintain himself, his wife and 4 kids and pay his house in 10 years.
nice shit
http://www.youtube.com/watch?v=HX_-faiNTVU
Watch what Soros says and what Soros' does...... fake hail mary pass?
Ron Paul rising slowly but sreadily in the polls. For the very astute, that means an increasingly likely public sector deleveraging associated with the Republican ticket. For those that think the Republicans can't win:
- Incumbents almost NEVER win if there is a recession in the last year of their term.
- Monetary policy will increasingly be up for grabs in this electoral cycle. Americans have had enough of inflation. Whether Bernanke is right or not doesn't matter. His political bullets are spent. Hardly anyone understands debt deflation and Krugman and company have lost credibility.
I am long 30 year treasuries and 3X short the S&P 500 with 96% of my assets. Come and get me!
Print motherfuckers, print!!!
That is definitly a pretty ballsy position you have there.
If you are long US treasuries, why would you want them to print? You're already getting negative returns.
Short S&P makes sense, but 3X with 96% of assets is a pretty hardcore position.
Open market purchases will put Federal Reserve policy further in the political arena. Bernanke has nothing left but smoke and mirrors. This is the easiest short ever devised by mankind.
If the Fed prints, they are politically fucked. By the time the Republican primaries are finished, you'll have a Republican party that promises not to print, and a Democratic incumbant that promises nothing but cheap money and more debt.
If you are a believer in a 2012 recession as I am, the markets will liquidate in any scenario. The choice to print locks in a bigger Republican victory.
What mechanism are you using for your 3X S&P 500 short? I hope it isn't an ETF, as the triple inverse ETFs are virtually gauranteed to lose money, they only make money under very specific conditions.
And I think it is pretty clear that printing results in DOW 30,000. Or S&P 3,000. Might rethink that position.
Bernanke reelected Obama for a 2nd term this week. Not much else matters.
Of course he's long Italian bonds, it's been disclosed
Markets have not had correlation for months now. Too bad for anyone trying to do anything except buy. I wonder if the retail investor thinks the rally will last forever.
The global default is priced in after all.
Most are still clueless.
They just pretend to be. It's like why there are oxygen masks on planes....
The mask will not fully inflate ... Because there is no oxygen ... It is merely to keep you placated until hypoxia renders you harmless.
Barton Biggs' granddaughter (speaking here beginning at 0:57) was 31x long Greek Bonds
*p.s. - This story can't possibly be true. I won't believe it until the uber-credible Joe Wiesenthal of BI notoriety (and a propaganda bundler for Obama/Lieberman 2012) confirms it.
Joe @ BI is unbelievable. He says the sun is bright and dark in the same sentence.
This is a short squeeze situation (covered here on this site for the past week or so)...I started selling CHF & EUR today...let it rip back to $1.41 EUR/USD I'll be selling all the way out...on strength
Good luck.
Exactly, EUR rallied all week into today's close. I'm beginning to wonder if these defaults won't actually be a positive for markets. Everyone just defaults on the obligations they owe eachother, balance sheets all take a hit at the same time so on a relative basis, things don't really change that much and the uncertainty goes away. Wouldn't that be ironic...
So many contrarians, that the contrarian argument is to bet with the EUR bears. Euro is headed for ~ 1.2 USD. May not be a straight line, but the fucker is going DOWN.
It will be extremely bullish for the markets, because greek default and staying in the Euro is a nobrainer.
My missus said that the other day. If everybody tells their creditors to go fuck themselves, most of the money / assets stay where they are now and life goes on. Not like you can jail 7 billion people for non-payment of debts, no matter how much the 20,000 members or so of the actual worldwide 'elite' would no doubt like to.
Unfortunately, anyone who's currently sitting pretty, watching interest roll in on money they made up out of thin air in the first place, ain't gonna go along with that plan! And there are enough of that type to prevent that, which is the only common sense plan available.
I posted this on mon/tues, can't recall, but that basically the EURUSD has 1.32s to run to. Hit that short again if you can get 132s on sunday night, saw lots of flows hitting the offer all thursday/friday and it STILL kept pushing higher. Remains to be seen whether whatever dealer or bank kept lifting it will be doing so on a most likely risk/off week coming up.
Something to be said for the EUR in that it doesn't have a printing press....!!
Absinthe ... oooooh is it a nasty taste.
You are doing it all wrong.
The Whip
2 oz Cognac
1 oz Sweet Vermouth
1 oz Dry Vermouth
1/2 oz Orange Curacao
1/2 oz Absinthe
Shake and strain into a chilled crystal deep champagne saucer.
Wash, rinse, repeat until the little green fairies wearing orange panties tell you to stop.
How do you make Cognac?
Can you get crystal deep champagne saucers at rummage sales?
Frogs make cognac. Secret recipe...maybe frog piss?
Best place to obtain a good set of crystal deep champagne saucers at a reasonable price is from a pikey.
Pikeys don't really exist up here. I think it's because of the snow that's asshole-deep to a helluva tall Indian....
This might explain that party pooping selloff right at the end of the usual end-of-day, especially friday, ramp. LOL Funny to see those smartypants out-of-the-loop rampers getting stuck holding the bag.
I Assure you with a capital A that you are not in the loop. What selloff? We closed within 3 sp points of high of day.
Market will not go down until/if Greece actually defaults or austerity (ie no debt increase) starts in US. Rumors are dime a dozen and people who remain bearish on stocks dont see the larger story - DJIA could be at 18,000 and gold at $3000 and people shorting nominal stocks could have been taken out on stretchers
Please comprehend before you post: I said the selloff pertained to the late day ramp.
Market has one last burst AT BEST. No one really expects end of world news on Greece. The "good news", assuming you get it, will be SOLD.
It depends on the meaning of insulation to many of them. I don't believe for a minute that our banks are shielded from Europe. The US and the European banks make up the Western banking system, they have to sell and trade and buy each others debt and money in the trillions in order for the system to work. If the US didn't, what other countries would have the capital to work like that no one else does alone. Hell, many of our banks (all) use the UK banking system (remember Corzine Hypothication or whatever it's called) to do alot of their dirt because they allow alot more and aren't under so much scrutiny like the US.
Dimon and others may be correct, they aren't holding alot of Greek, Portugal or Italian and Spain debt. But they are holding alot of France and Germany and other European countries debt or loans along with their banks. And many of those banks and countries lent alot of money to the PIIGS and eastern Europe and so if they start to fail then it opens a hole up in their financial sheets that is extremely big. And in so doing that "German Bank" or whatever that have hundreds of billions in bonds from these areas will need it's insurance from the CDS's that most of the US banks and insurance companies insured.
Dimon is hopeing that a chain reaction cataclysm doesn't happen, or thinks that it won't happen (CORZINE). But if it does he may be betting that the US will bail us out again. It's the insulation of hope.
They are lying. Even if Dimon says they aren't holding "a lot" of Sovereign Debt - he doesn't know what his Counterparties are holding. Geithner has been one of the biggest supporters of a Greek bailout - why ? maybe because Greece looks like some US states and maybe because Goldman Sachs has a lot to hide in Greece. Maybe because Allianz and Deutsche Bank and SocGen have a lot to hide in Greece and might be asking AIG for some money. Why did Chriatne Lagarde spend so much time urging Hank Paulson to support AIG with TARP funds ? Maybe she knew about SocGen.
Best thing is to let Greece go and Spain and Italy and see if Jamie Dimon is right. After all he will still get his bonus from US taxpayers even if JP Morgan Chase goes Bear or Lehman..........Bankers are Special. Their coins are double-headed
>>>They are lying. Even if Dimon says they aren't holding "a lot" of Sovereign Debt - he doesn't know what his Counterparties are holding.<<<
Yes, who is swimming naked will be ugly...given the players (the visual metaphor wants to make me wretch.) And Dimon is relying on potentially "naked swimmers" to be holding a life vest for him??? Geezus...
Well, I posted this yesterday to another thread and got zero comment.
Before we even get to see who is naked, I see a giant clusterfuck in the offing re: CDSs where nobody recognizes the so-called authority making the decision as to whether or not they've been triggered. What then?
This guy's got some street creds and it's not clear to him? Why is he saying really this? To get everyone on board the deal because the "naked swimmers" are legion and will take this down? Hmmm...
http://www.bloomberg.com/news/2012-01-24/binding-greek-deal-would-trigge...
Exactly, anyone with a functioning brain knew Greece was going to default years ago.
http://davidmorganblog.blogspot.com/
PULL THE PLUG, CUT THE SOUVLAKI!!
Facebook IPO should cover over Greece default. Nobody will notice. Right?
I noticed. Some of us are waking up.
Facebook. Who really cares? Overvalued and vulnerable to the next big thing that draws eyeballs.
The largest data repository of really useful intelligence on the largest number of relatively high-wealth people can't be overvalued. If you're evaluating Facebook on revenue, you're missing the point. Not a trade.
No.
If that's the sort of thing you're after, you should be going long on Huawei...
Not familiar. What's the site?
A telco doesn't have the info, just the access. Facebook's a lot more dangerous than AT&T ever was.
I own 5 June puts at 32...I am ready.
You frickin morons, even an idiot knew 2 years ago that Greece is fucked. Only suckers would short this bastard now.
I was just about to place the order for the casket.
Bullish.
I'm shocked, SHOCKED that they release this statement well after the market closes on a Friday.
Now they'll get the creative writing team together to conjure up a few really juicy rumors to be floated by 3pm Sunday and save the day...again.
extremely perceptive....BTFD
Probably. It took me a long time to figure out that "they" push the market in a certain direction long, long, long, long after every fiber of one's being has been convinced that it will go the other way. When the average person finally relents and decides to stop fighting "them," "they" finally push it the other way. I suspect "they" are not done with the fake rally yet. Patience, grasshopper.
I have a proven history of being early, so will not be surprised at all if I miss a FED induced rally this week. But my money says you had better keep those stops tight as March 20 looms large on the horizon. The correction seems to be at hand (nice call Slaughterer, very prescient if correct, I thought we could would see 1360) and as far as I am concerned time has again returned to think about return OF capital vs return ON capital. May have to go ahead and get that monster box this week ;-)
Dimon knows there will be no issues because Bernanke will print. This game has grown really stale anymore. Blow it up, it is our best hope of a better future.
You just summed it up. Bulls are fixing TO SUCK MAJOR WIND. Tight stops in an illiquid market??? Look at VOLUME.
Even if Merkel had made the statement before the NYSE closed, I doubt the whoremasters who own the media would have released such news right then. They need ample time to spin it before the opening bell on Monday.
Merkel didn't make a statement.
"Sources" .... British Foreign Office? .......... say that that is what she ... The Germans? ....... are thinking.
Doesn't mean it's not true of course.
I didn't mean a formal press release, but those "sources" didn't read her mind. If there is any truth to the claim, she said something to somebody.
Unless she was just reading the Alphabits she eats for dinner.
In the US, Alphabits is a breakfast cereal.
No shit? Really?
Here is the deal. I don't think I've ever seen so many BULLS here on ZeroHedge trying to console themselves.
Which deal is that? "
...so many BULLS..."
so the BEARS had it all these time. Ahh.
Reuters: "Greece and its private creditors head back to the negotiating table on Saturday to put together the final pieces of a long-awaited debt swap agreement needed to avert an unruly default."
Whatever form of default they choose is OK by me.
Agreed.
This is probably like the first domino of ... several until this trick finally sinks and drags everything down with it.
You can be sure of this.
Before the ink is dry on this deal Portugal will want a 40% reduction in its National Debt.
Spain will follow with a demand for 25%.
Game over.
No matter how Greece is "spun", there is a set of dominos ready to go off. Default is certain. The central banks and politicians are leading you off a cliff.
Just serveral dominos... I hope you are right.
Arma... (what's the word?) averted.
Only a few firecrackers...Not to worry!
I feel like I've been waiting for the Great Pumpkin for this to happen.
http://www.youtube.com/watch?v=xiSIQzwIPzQ
I feel like I've been waiting for the Great Pumpkin for this to happen.
I"ll bring chips and beer.
Who's bringing the hookers?
akak's got the hookers. I'm bringing the illicit substances.
such as?
Let's rock out here. I heard they throw killer parties.
Chataue de Amerois:
http://www.redicecreations.com/article.php?id=359
Kill the PIIGS.
http://www.youtube.com/watch?v=fdDhV45lYHU&ob=av2n
Shhh. DHS is listening.
Colloidal Silver.
raw milk and fresh veggies.
No matter where I treat my guest
You see they always like my kitchen best ...
<misplaced>
Oh..wait... might have found it \/
Google: 30 lbs cocaine found at UN.
http://www.youtube.com/watch?v=qYS732zyYfU
I am bringing the JP Morgan Credit Card with the picture of Jamie Dimon on it.
As long as Merkle doesn't show up I'll be there. Last time she did she hogged all of the hookers.
In Soviet Russia Hooker Hog You.
Count me in... but I only got EUROs.
Make sure the hookers are REALLY dumb ;)
It's about friggen time. I'm tired of this treadmill.
And just yesterday, at Davos, she was jibbering on with happy talk about governments ensuring blah blah blah...
Guess she had dinner with the wrong hedge fund managers.
Also at Davos, yesterday Arianna Huffington proposed that next year the WEF be held on a Greek isle instead of in Davos. Cheaper, still cushy and elite, and helping out that periphery state - - - with transactions in Drachmas!
They new this a year ago. It isnt about being honest, it was about buying time so everybody can save there asses.
TK7936 is really...
End Game? Couldn't the central banks just pitch in and bailout the bondholders even if Greece can't pay? Didn't the FED buy MBS that were underwater mortgages to help out the MBS holders?
Sure, got a few 100Billion FRNs to loan to the Central banks, they're kinda short right now? No worries, they'll pay you back as soon as their Govts pay them (the Govts will pay them once the banks pay them... [Turtles ALLLL the way down...])
come on! this is already priced in!
The futures didn't care.
FYI, the futures closed at 4:15pm and don't open again until Sunday @ 5pm.
But apparently SPY does trade until 8pm.
They will...
As for "priced in"...just more stupid banker speak used for the masses watching the BlowHorn [CNBC] in the morning. The only thing "priced in" to the US equity market is "price". And price, as the criminal syndicate known as Wall Street likes to say, is very "transitory."
This is bullish. Some central bank somewhere was just itching for a reason to print.
sure, algos will go long EUR on this too...
Speaking of algos, has anyone seen that gold EU2263 spike?
http://silverdoctors.blogspot.com/2012/01/hfts-flash-smash-gold-to-eur-2...
If this gets picked up by Bloomberg anc CNBC and WSJ and FT, welcome to the BEAR MARKET DISASTER on Monday.
It will not be reported
I am pretty sure that not even the MSM can fail to report this.
However like BSC it will be spun as a positive. Remember how relieved the market was when JPM got BSC as an early christmas gift?
which "it"? the collapse of Greece or the collapse of the USA?
http://www.youtube.com/watch?feature=player_detailpage&v=owt4M_4FFss
I hope the foreplay for Portugal is substantially shorter than the 2.5 years it has taken greece to blow.
Aye there lies the problem matie - it takes bloody well forever for shit to actually happen - it is torture.
I wouldn't worry too much about prolonged foreplay with Portugal. I think once Greece pops, it's gonna be an outright orgy of dominos falling.
Correct. Every asset manager in the world will sell his euro debt and his euros. The idea that J. Dimon has floated about no contagion was again just pap for the masses. He will sell as hard as any of them.
The rumor/rally/rumor/rally was all about a battle for selling prices at improved levels and the struggle for the best short position, in general. Hell, the US market is ready to sell off anyway simply for complete lack of participation.
So let the creative writers write whatever they like...
Greece doesn't have to "pop".
The deal is already done.
Only question is how much.
Once that is known Portugal will want 80% of that deal.
Spain will want 50% of that deal.
Greece is the template for the entire deal.
That's why it's taking so long.
It's not about Greece.
It will take much more than 2.5 years.
* Glances at the periodic table *
Well, by my measure, it has already been more than 3.
2.5 years ain't good enuf for ya? jeez....
speaking of blow I want to see some junk bond buying cock gobblers get burned real bad
a true blow job can be a work of art. Patience a virtue.
Ahhh.... SAN ANTONIO! We almost had that pesky little debt problem taken care of! But noooo. Reality had to hit Greece.
Now who will keep us safe from "contagion" and all those pesky derivates and unfunded liabilities?
*hugs Saiga-12
Yup. Profit taking in size today at the Edwards household. But what a run it has been!
Yeah die Welt said this about Schäuble 3 weeks ago...
Gotta love that counter party risk.
Freudian slip?
MSM: Breaking News
Details are emerging of a brazen asymmetric attack on the US Fleet in the Straits of Hormuz. Iranian Navel forces have successfully staged an attack on numerous ships within the gulf. Unconfirmed sources have stated that the Iranian Navy have disabled, or possibly sunk, a US Frigate. The Pentagon would only confirm that US forces are at full alert and that they are currently engaging Iranian forces. However, the Pentagon would not confirm what shipping assets have been attacked overnight and would neither confirm or deny that a US Frigate was sunk. No details on the number of ships either attacked, sunk or disabled was provided"
That should do it bitchez.... move right along
Link please
Cue the curtains it's showtime, bitchez.
Tyler hasn't reported it yet. Care to cite your source?
Stax / Lennon - are you guys really that slow tonight? Rogue is citing a future event.
LH thanks for the laugh.......
Everyone should have seen the Lint attack by the Belly-Button forces....
Breaks my heart when our Armed Forces are abused at home and abroad :-(
And just for dramatic effect:
http://www.youtube.com/watch?v=XkUaV9GZDuk
Puhleese, don't try to claim that you know what any woman THINKS, its an impossibility built atop an incapability.
Go read CREATURE FROM JEKYLL ISLAND, then vote for RON PAUL. Or be a dick, freedom is.......
...about to rise from the ashes or we are officially f'd
RON PAUL 2012 Bitchez...
Eh. Give it at least 6 months to bake. I don't think this is going to have a time frame of 1-2 weeks or even 1-2 months. I think it's at least 6 months, given central bankers' proclivity for prolonging the inevitable.
lets hope this revelation didnt originate from johnny english..............