Europe Imploding (Again) Following Another Ugly Italian Bond Auction, WSJ Article Discussing French Bank Nationalization

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Tue, 09/13/2011 - 07:21 | 1662909 HelluvaEngineer
HelluvaEngineer's picture

What the?!  We fixed this yesterday.  Oh well, time to get back to work.  Get China on the phone.

Tue, 09/13/2011 - 07:37 | 1662952 RemiG2010
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I hoped, the first post would be something like: "Welcome to Hell Bitchez!" or "Catastrophique so Magnifique!" I am disappointed.

Tue, 09/13/2011 - 07:44 | 1662965 max2205
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Hello New York, BUY. Hello Chicago. SELL!!!!

Tue, 09/13/2011 - 07:22 | 1662910 Hoppian
Hoppian's picture

Putain de merde!

Tue, 09/13/2011 - 07:23 | 1662912 williambanzai7
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I for one think the Financial Times owes a public explanation.

Tue, 09/13/2011 - 07:24 | 1662915 DefiantSurf
DefiantSurf's picture

I think I want my money back

Tue, 09/13/2011 - 07:30 | 1662934 HelluvaEngineer
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If you didn't let them hit your stops yesterday, I think you'll have it back soon enough.

Tue, 09/13/2011 - 07:32 | 1662941 DefiantSurf
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I was talking about my FT subscription, not my trades...I'm on the sidelines, simply don't have the balls to try and play this "market" money is in physicals

Tue, 09/13/2011 - 07:30 | 1662936 Irish66
Irish66's picture

The writer was on at 5 on CNBC..he covered his butt..hope, weeks, months.

Tue, 09/13/2011 - 07:31 | 1662939 Herman Strandsc...
Herman Strandschnecke's picture

I think I can explain: the item was lost in translation. It was a ufo seen over china reported originally and it unfortunately became a UIO (Unidentified Italian Official) seeks out China liason. Chinese whispers-always a problem.

Tue, 09/13/2011 - 07:24 | 1662913 Sueco
Sueco's picture

I wonder how much was bought by the criminals at ECB

Tue, 09/13/2011 - 07:26 | 1662914 Sequitur
Sequitur's picture

Hey look, Paribas = Bear Stearns CEO on CNBC, circa 2008 saying "we don't need no stinkin' money":

Tue, 09/13/2011 - 07:26 | 1662923 DefiantSurf
DefiantSurf's picture

Denial is the first step in problem resolution

Tue, 09/13/2011 - 07:26 | 1662916 papaswamp
papaswamp's picture

All is well...cue the next Chinese or Russian (snicker) rumor! market spike again!.weeeeee!


It really is going to be a bigger face plant than Lehman. I guess the German people are ready to go down with the more crispy Mercades reported.

Tue, 09/13/2011 - 07:26 | 1662921 Zgangsta
Zgangsta's picture

All of this is, of course, bearish for gold, as the perfectly logical market reaction has shown.

Tue, 09/13/2011 - 07:28 | 1662927 AUD
AUD's picture

What would be most interesting is what USD 'assets' have these eurobanks been left holding? Obviously not UST's or even GSE's.

Tue, 09/13/2011 - 07:30 | 1662929 buzzsaw99
buzzsaw99's picture

So the French bank's business model relied on constantly rolling short term funds from Vanguard and Legg Mason? Hey, when even Bill Miller can read the writing on the wall they have a serious problem. At least they still have Fidelity and FII huddled on the very short end.

Tue, 09/13/2011 - 07:44 | 1662966 LongSoupLine
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Meanwhile at SEC enforcement HQ...

Director of Enforcement: "Ok boys, saddle up we're heading to FT for a raid dubbed "Operation Horseshoe Crush".

Workers: "Yes, sir!"

Director: "OK, move it!!  Get the raid gear and op's kit in the vans and...WHOA...who's computer is this?!  Check out the rack on her!!  Scratch the operation, we'll do it another day, we've got some surfing to do.  Someone grab the emergency hand lotion kit and let's get to...errr, work."

Tue, 09/13/2011 - 07:44 | 1662967 Kuri
Kuri's picture

Italian language as used by bond sellers when time to pay has come : "you see, i cannot pay you right now buuut... (please, keep your gun in your pocket)... buuuut, i've rich friends, y'know ? Ok, they live a bit far from here but they're gonna lend me the money for sure and I pay you back asap. With an extra interest rate. Sounds good, no ? A looot of interest, actually. Just tell me how much interrest you want and you get it. Still friends ? "

Tue, 09/13/2011 - 07:51 | 1662991 ZeroPower
ZeroPower's picture

In early September, BNP released a statement—in English, which is highly unusual


Haha...this is true. Their traders even talk on the sqwuak box in french!

Tue, 09/13/2011 - 09:46 | 1663306 falak pema
falak pema's picture

How can Europe implode, it  doesn't exist. At worst, my baguette will cost less in french francs than it does today in euros. It will go back to pre-2000 prices. Jacques Delors will be remembered like Aristide Briand who advocated the European Union back in 1929 at the League of Nations after WW1. We know how that ended.

Tue, 09/13/2011 - 11:04 | 1663669 unununium
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WSJ: Hurry up and fail, French banks!  We got our own levitating shite over here and we need to make good on a few swaps.

Tue, 09/13/2011 - 13:13 | 1664251 dogster
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Ron Paul Oversight hearing on sound money - 2pm est

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