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Euro Titanic Taking On More Water With Latest Batch Of Headlines
The market is shocked, shocked, that the "groundbreaking" resolution (in Barroso's words) due for today is now nothing but a mirage:
- EU Official Says Bank Heads Won’t Be at Summit Table Tonight
- EU leaders may frame agenda for more bank talks on bondholder losses in 2nd bailout
pkg for Greece. - Says IIF doesn’t entirely represent private banks
And the kicker:
- Says Greek debt swap would take several weeks
EURUSD now at the lows; its second derivative - stocks - will soon likely follow.
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Good.
Good grief?
This is clearly bullish! :)
one thing I find intriguing is that anybody in the financial world cares about any of these press releases.
we've heard this same stuff day in and day out for months and months now... You'd think investors would just start to ignore it...
sort of like the "red, orange, yellow, green" terror alert system we have at our Airport, which has been on Orange alert for 10 years now.
edit:
because today there is no deal, but tomorrow there will be a deal, then the next day no deal again, then the next time a deal. back and forth... boingy boing.
Reminds me of the sign hung above a bar:
"Free Beer Tomorrow."
Every day you can get excited because there will be free beer tomorrow.
pods
Copper up over 4%.
Short squeeze. Once they are gone, TSHTF.
China has more copper above ground than many nations have in the ground. The talk is bullshit about them bailing everyone out.
The desperation reeks of September 2008.
Only headline that is missing thus far:
WARREN BUFFETT TO BUY GREECE
"warren buffett to buy greece"
will happen but for pennies on the dollar. so he might have to wait a couple of months more to rename his country to Warren Greeceland.
The endless rumors and foot shuffling say everything that needs to be said. There is no solution.
Robotrader confidently predicted a strong day - Contra Robotrader indicator means big sell off today!
If getting a Greek haircut is anything like going Greek there's going to be plenty of sore assholes when all this is over and done with.
This should open up the lending spigots
Mother of God...Then what's for dinner?
Wake me when their heads are on the table.
Gold will drop too :*(
You wish.... Gold will skyrocket off this new!
By drop, did you mean punch through 1720 like it just did?
As of 3 minutes ago, it looks like gold just through the euro from the express train to Shangrala
I bet it won't stay there very long.
If markets fall hard it will follow.
Tick, tock.. Hope so buy low..
maxmad
You wish.... Gold will skyrocket off this new!
How can this be Bullish for Gold(in the US?).
This meltdown if it occurs will be a contagion, and will likely wipe the stock mkt.
Italy is on the ropes now also.
IF the mkt melts down, UNLESS the mindset has changed look for a HUGE upswing in US Treasuries and Bonds,and the Dollar.
ALL Gold PM negative.(except for the EU,some may jump into gold, but I see it coming this way unless folks have WISED UP.
Gold and silver are the only assets with no counter-party risk. I think Reggie Middleton and Max Keiser are smarter than you dude. while everything went down over the last 3 years what has gold and silver done? Learn something before your embarrass yourself.
While you're :*( -ing, I'll be BTFD should it come.
Silver's up pretty well -cool beans.
Yes but the 'managing hand' of the 'market' is on display yet again. What a joke, in the midst of the worst global economy - probably ever, and precious metals are well off their highs. Any moves upward are instantly capped and then pressured lower. What a circus show.
It's a rigged game. You can't beat the House...especially when we're talking fascists. What would be interesting is if Canada decided to go on a gold standard. Would that end "politics as we know it"? What say you Mr. Hearst?
Correct me if I'm wrong but I've always understood that Candadian politicans are not Gold friendly people when it comes to using it as money. I think Mexico returning to a Silver Peso is much more realistic. Once a major country re-monetizes precious metals it will set an example of how to stabalize currencies. Then other countries will probably follow as well. Problem is setting an example and introducing Gold money to compete with the status quo can be very treacherous as Gadaffi found out.
your an idiot, any moves downward are just manipulation to get the shorts out. they have to come up with 212 tonnes to deliver to Chavez. what stock has done better than gold or silver this year--none, not google, not apple, none dude.
OH plz, gold and silver are safe haven posers and is up because the Chinese government would be overthrown if it tanks after marketing it to their citizens to tame their property bubble.
OH plz, gold and silver are safe haven posers and is up because the Chinese government would be overthrown if it tanks after marketing it to their citizens to tame their property bubble.
And yet, I have the same number of ounces that I had yesterday.
You better short it now, before the Europeans outlaw naked shorting of gold.
S&P still green.. no worries
oh wait... it was down 207 yesterday,.... and it keeps droping today...
The number is going up for sure. lool
Friv
Won't be for long
Trust a nigga
say what?
You need to diversify yo bonds nigga.
-Black guy to France
(only 3 seconds)
http://www.youtube.com/watch?v=Qid_WGBrQjA
The GZA, not just any black guy.
and when I swing my swords, they all choppable....
EFSF won't be finalized until the end of November? LOL. What happened to the Merkel/Sarkozy solution by the end of October. What idiots.
Well. At least the ECB, with unlimited resources, will continue to buy bonds on the secondary market in the meantime. When the EFSF gets finalised, it'll be forced to stop.
It's not Merkozy, it's Barroso solution! No it's Van Rumpoy! AAAARGH! Stop listening to those assholes! Or maybe you might find useful tips in the scientology church.
/Sarcasm, actually Anonymous is a far more reliable source. P.S. Nigel Farage is Anonymous in that matter.
I always thought that 6 days was a little tight to sort out the problems of unwinding a global financial ponzi that's been a century in the making. I'd have thought they'll need at least two weeks if they want to do it properly.
We have to pass the health care plan to see what's in it.
Nancy Piglosi
banks not at the table? oh no? how will they lobby for their bailout money?
wait
that's right, dumb politicians will do that for them!
Exactly. Banks ARE at the table. Their reps I mean.
Maybe they are hoping everyone forgets about the summit and the Euro disaster all together.
Release the pandemic cheeves
Unless the banksters can swap their distressed Greek debt for new bonds of higher market value, they have no incentive to make it 'voluntary.'
But a 50% haircut is too small to stop the Greek economy from carrying on imploding.
Brussels, we've got a problem!
Punt! Should be good for an afternoon melt-up?
I wonder when the first big fund will decide to bail out...first out will be a survivor, MAYBE if theyre fast enough. The rest will go down in flames.
Dexia first (not by choice), MF Global today announced they are now looking to hire lawyers to sell off assets and "other alternatives" due to Euro derivatives exposure according to CNBC. Who's next and when? Farking Theta is killing me softly.
And?
Probably this means 'even agreeing on the terms of a Greek debt swap may take several weeks.'
Whereas the bulls thought everything would be finalized tonight and tied with a pretty bow.
Uncertainty, Bitchez!
1.38475
That's the spot
I have a serious question.
Draghi (incoming ECB president) said this morning that the ECB is going to keep buying bonds in secondary market. However the motion passed in Germany this morning stated that the ECB will no longer "need" to buy bonds.
In this context what does "no longer need to buy bonds" mean?
Since when did they bother to coordinate their press releases?
German translation can be tricky. In this case it means:
Careful Froggie, or all your truffles belong to us.
Instead, Germany will begin to stockpile polish sausage?
There was a series of magazine ads years ago that trumpeted "for people who like to smoke", showing a bunch of pretty women sitting around yukking it up. I never saw the counterpart ad, "for people who need to smoke" a bunch of hungry pensioners puffing their cost-cutter cigs until their fingers burned.
Draghi doesn't need to buy 'zone bonds, he just likes to. In Europe we call this 'solidarity', which is European for "some loafer's hand on my wallet".
If or when EFSF is up and running, the ECB stops buying bonds. At least this is what I understand. Since the decision to install the EFSF and the billion different versions of it is going to take weeks, months, years, never, the ECB is going to buy, buy, buy. Until all the debt is bought and the EFSF is not necessary anymore :-)
I agree that the German statement didn't seem that generous, along the lines of 'you get this but not a stitch more'. I figured it was typical politician's liberties with the truth, but clearly the fx market is unhappy. At current trend the euro hits zero next Wednsday.
In Italian it means "you have such beautiful eyes m'lady. And beautiful lips. Would I be too forward if I were to say I've been in the desert far too long and you are like water to me?" that's assuming you are a girl of course since this is said "in the masculine form...con gusto."
Stocks will soon follow down? That cant be, RoboTrader has given the all-clear for a wild equities rally for his widows and orphans paper trade portfolio. Then again, last time Robo set the rally call was at DOW 12,700.
No worries, Robo is up big on the NFLX perma-trade... the current all time high is ... hmm it seems my ticker feed is quoting bad today just like yesterday. I'm sorry, I can't tell you how valuable a NFLX share is anymore due to my feed's "technical difficulties."
Euro Titanic----I love it!
Me too -- when Herman strikes up the band.
Hey -- they're playing 'Nearer My Gold To Thee'! ;-)
And they've got 1st, 2nd, 3rd, and steerage class passengers too!
Is this political parlance for "Oudea couldn't make it to Brussels today"?
I picture a painting, a la dogs playing poker, except the dogs represent banks, with the ECB walking in with a knife to begin castrations, and all the dogs pointing CDS-pistols, double-fisted, at each others heads. Yes, I think that about sums it up.
Except those pistols shut off lending to all businesses in the countries. And we might want to toss in a shut down of all ATM machines in those countries, too.
It's not at all clear how any of this works.
Greece has to rollover debt. Banks are the buyers, with the ECB now prohibited by the Germans from being buyers of such. So how does this work? The banks rollover their 5% interest rate bonds and re-lend at 80%?
Precisely what is supposed to lower the interest rate on new Greek bonds? The defaults of 60%? Default lowers future interest rates? I would always presume a defaulter to be more credit worthy and accept less interest on money I'd lend them. Wouldn't you?
I guess theyre just in a new paradigm now of constant muddy news headlines which are intended to mean nothing, but good enough confusion to allow algos to churn up markets.
Seems they plan to keep Greece on an official rescue drip feed for up to a decade. Then Greece doesn't have to auction any debt publicly ... it just keeps running up its tab with the Troika, at whatever administered rate they set.
But that means staying insolvent, while the Greek economy burns. It's no solution, just a postponjement.
Bernanke should form another monetary expansion and buy the Euro debt, including all the Greek bonds. 80% is a great deal!
-Paul Krugman
Not really clear on how the ECB runs policy, but arent there enough italians and french to out vote the Germans?
The ECB is independent, the Germans can bitch about them not buying but cant stop them.
At least im not aware of any legal mechanism where which the Germans could.
The ECB's debts are joint and several on the member countries. If a country defaults on debt, and say, Poland won't pay (to restore ECB reserve requirements), Germany and other countries have to make up Poland's share.
So Greece, Spain, Italy, Ireland, Portugal, Belgium, AND, Poland, Finland and the rest could refuse to pay their shares, leaving it to Germany and France and whoever.
In that context, Germany can also refuse to pay. That would be that for the ECB buying risky debt, and I suspect they will be forbidden from doing so in any agreement.
CrashisOptimistic ,
What your describing and how, shows this to be nothing but SOVERIGN NATIONS COMMUNISM.
EU treaty forbids ECB buying bonds. So the breach of the treaty is justification to breach it until EZ explodes? That's why Weber and Stark resigned at the ECB.
When have the little things like treaties stopped a central bank from overstepping its bounds?
Good point.
I'll bet that's why the banks walked.
"Take 60% loss on your present Greek bond holdings. Cooperate in not declaring default so you are not going to collect on your CDS hedges. And also, agree to re-lend Greece money at 5% indefinitely.
In return for doing this, Mr. Bankster, you'll have our gratitude."
Bankers look at each other; decorum requires them not to laugh. They simply take out their cellphones and tell their chauffeurs to bring the cars around front and then they leave.
buy a good single malt , and chill this shit is going to drag on till the ring every short sale then can out of it.
Isn't it ironic that Iceland set the standard? First to say "thanks for the loan and all - but no, I won't be paying you back so fuck off....thank you for playing 'Survivor, Iceland edition'"
Not at all; Iceland is small enough to be a democracy. That, plus the corrupt ruling class fled with the loot. Ireland, it turns out, is too big at 3.5M to be a democracy. We voted in a new lot on the promise of repudiating the debt, but they did nothing. The popular will is irrelevant, at least until it becomes suddenly relevant again.
Iceland defaulted first, and in doing so defaulted best.
Iceland truly can go to the sea. No matter the crime they still have "Iceland."
s&p is giving all its got to stay green
as per ZH post, 'check is in the mail,' rinse, repeat.
How will they spin this this time?
Stocks taking on water as well. Cue submarine emergency sound.
http://www.audiomicro.com/submarine-dive-horn-ocean-beach-submarine-dive-horn-free-sound-effects-44624
something must have been incorrect on Google translator, Weeks should have been translated as Months
This is about as riveting as the debt ceiling talks. Gosh will they do it? I can't take the anticipation.
weeks? I doubt the market will wait that long
No1 cares if the Titanic sinks as long as the '1st class' gets in the lifeboats
Very Very true.
wow... watch this UK politician named Douglas Carswell. He is speaking the right words......
http://rt.com/news/uk-eu-membership-economy-777/
Northern League, a member of the ruling centre-right coalition,
had a fist-fight with members from the opposition FLI party of
speaker Gianfranco Fini, Reuters reports. Two deputies grabbed
each other by the throat as other parliamentarians rushed to
separate them, while parliament was temporarily suspended.
The trouble broke out because of sarcastic remarks on
television by Fini alleging that the wife of League leader
Umberto Bossi had retired at 39.
this is awesome
Source FD:
I can confirm that a significant new offer was made by Mr. Charles Dallara, IIF Managing Director, on behalf of private investors in discussions in Brussels with European officials yesterday. The offer was for a debt exchange on a voluntary basis in support of Greece. I am not able to elaborate at this point.
Voluntary, yeah right! That would bring stability!? Please someone close all those f^&# banks and create one solid EFSF!!
Just more 'Ham Bone' for the 'Jaw Bone' from the 'Bone Head's!'
In the infamous words of Sammy Jackson circa Jurassic Park: "Hang on to yo butts"
I'm waiting for the U.S. to jump in and promise to back stop the whole enchalada. I wouldn't be suprised to see Obama, Blankfein, Fuld, Geithner, Bernanke, Dimon, Greenspan, Volker, Paulson, and all the European counterparts on stage for a great big "we have to do this or else."
LOL,
DAX looks a bit panicky here...
OH Jesus... The markets are going into turmoil again... And why does Jim Cramer have a full size ad out on this site
broke433
I guess same reason we have Omassas face plastered all over it.
Which is a crime.
EUR/USD down over 100 pips now-that's one crazy looking graph!
SPX just broke out of channel established on Oct 4th, look out below!
Not on this planet. Gold and silver are the only assets with no counter-party risk.