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Fed's Emergency Meeting With Primary Dealers Ends
From RBS' O'Donnell:
- NY Fed Meeting Over
- No Contingency Plan For Aug 2 Discussed
- No Decision On Next Week Treasury Auctions
- Talks Focused On 'Market Conditions'
- Primary dealers at NY Fed agreed Congress should act quickly to raise debt ceiling
Translation: Tiny Tim has absolutely no idea what he will do on Wednesday, aside from telling CTRL P-dawg to sell the gold-painted Tungsten in Fort Knox of course. At $460/ounce MTU that's not bad good: still about $100 billion $341 million based on today's market prices. Or something. In retrospect, maybe not the best idea. (the Fed has 261,398,899.3 ounces of [gold|tungsten])
h/t LDT
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An "emergency" meeting on "market conditions?" I smell a rat. Was this supposed to be the tell that QE3 is incoming imminently?
If your view of their view of "market conditions" is the R2K and ES, you'd probably be correct in assuming so.
The next release of the approximate purchase amount and tentative outright Treasury operation schedule will be at 2 p.m. on August 10, 2011.
Bernanke just told Geithner how much more they will be printing.
BUY LOW NOW. SELL HIGH LATER!
http://www.newyorkfed.org/markets/tot_operation_schedule.html
Has anyone noticed how Geithner looks like Eraser Head?
Ya think?
+$16,000,000,000,000 for understatement.
Not really, because it wasn’t actually an emergency meeting, it was scheduled and happens regularly as clockwork; pre-refunding meeting among primary dealers...but dont let me stop you pissing your knickers.
Interesting, another 3 junkers who love Tylers cock in their mouth. "ummm Tyler baby, freak me out some more, i love the scary shit.
oh come on folks, that's fucking funny
maybe you should read more, before you make an ass out of yourself again soon.
Maybe you should read the post beofore you get bogged down;
now fuck off.
you said it was regularly scheduled. I showed you that you had it wrong. seemed to take the air out of your whole premise I imagine, eh?
douchebag.
Tell me again, how often are indivdual meets with PD's scraped in favor of group meetings? No need to go overboard, just tell me the last 3 times it happened.
Weak!
Stop being a pussy and take the punch! You got 0wnEd!!!
oh really
"However, if there is no debt ceiling extension, three possible options were discussed:"
um, IIRC, the regular meeting was cancelled and this was in it's place.
fuck off
If you dislike this site so much, why don't YOU fuck off?
cause i took the blue pill motherfucker, and i just cant get enough of the abuse.
hard to outwit that. you win.
when it all boils down to wit alone, speaking from experience, both parties fall into a no-win situation, so don’t worry about it.
More like a no-wit situation.
hey they should really allow soundfonts on this site, cause that ones' crying out for a drum roll.
QE3 from what, this time 100% out of thin air printed debt? I dont think they have a way out of this one, anything that comes will dissapoint everyone. Except Robos much hated gold bugs.
SD-O,
Simple way out of this, if we had HONEST players.
Convert the US system to United States Notes......NO cost or interest to Gov't.( The Fed would crap, but to save the country,someone w/NADS needs to pull a fast one on them).Congress could do it, without ANYONES approval.
Use USD's for only overseas transactions.
Because politicians are more trustworthy than bankers.
- Abraham Lincoln, 16th President of the US, November 1864.
I completely agree and my point is made by that quote, which is, no monopoly should have the power to issue currency.
So which do you prefer, abolishing the Fed and returning control of money over to congress, or leaving the Fed in place.
CHECKMATE: man vs. man - no winners.
False choice. Force the issuance of currency to be transparent and auditable. Then restrict any new issuance or even prohibit it altogether.
How about competing currencies, only the strong survives...
when's the last time you voted in a Banker ?
Ditto. Since they apparently didn't use the Cone Of Silence, I wonder if they were speaking in code?
Where does $460/oz come from?
EDIT: Nevermind, just realized that's the price of Tungsten.
Hey at least that's 12 times higher than the $42.22/oz they have the gold valued at on their Balance Sheet! Knowing Eraserhead he'd sell it to JPM and GS at that price and say he 'done good.'
Ta,
Hey at least that's 12 times higher than the $42.22/oz they have the gold valued at on their Balance Sheet! Knowing Eraserhead he'd sell it to JPM and GS at that price and say he 'done good.'
Ta,
Sargent at Arms! Arrest those men leaving the NY Fed building...immediately! Save the nation and arrest the criminal syndicate Wall Street bankers. They are all grouped up and vulnerable.
Sargent at Arms! Do your job!
Wish I had a fly on the wall at this meeting. Any intel leaks would be welcome.
"Sargent at Arms! Do your job!"
Be careful with what you say. Some poor gey just got jail sentence for a similar wish.
Its amazing what ignorance sounds like, kind of brutal really.
'Its amazing what ignorance sounds like, kind of brutal really.'
You certainly know firsthand, you sure spout a lot of it!
does anyone remember when the prime rate mattered?
does anyone know when it will matter again?
Timmy, call Steve Jobs. He can give you a bridge loan.
Latest figures from the US Treasury Department show that the country has an operating cash balance of $73.7bn (£45.3bn).
Apple's most recent financial results put its reserves at $76.4bn (£46.9bn).
http://www.bbc.co.uk/news/technology-14340470
Speaking of steve jobs, where is all of that cash ?
I have always wondered who the first corporation is going to be, to hold some of their cash in physical gold. That day is coming.
King Euro freegold.
Who is to say they don't?
(Other) Tangible Assets....perhaps.
They do use gold, and quite generously considering the board see the dumpmore often than not.
No, I don't think this is as common as you think or happaening at all.
Even the boards of allot gold mining companies don't know what the fuck is going on with gold. Like Berrick buying copper plays, hedge books, stuff like that.
Show me some evidence of a large corp who is holding any gold, physical gold.
Play acting.... Trying to induce panic....
Did they serve lunch?
Yeah Peasant under glass and blood from the local blood bank to wash it down. Fucking douchebags!
"Time to eat our peas(ants)."
They had beer and chicken wings while cheering on the nyu interns who are "saving" the "market".
How much money could Timmy raise by going after tax cheats? Errrr; nevermind...
this has to be a set up for massive changes in congress managing the country's purse.
that and/or looting whatever public money there is left.
or it could just be complete and utter incompetence.
jomama,
It's the latter.................
BHO would have to do some fancy footwork to end game Congress on funding.
The Democrats would go apeshit at the thought of losing control.
Their entire voting base would be destroyed..........instantly.
Talks focused on how to manipulate market conditions.
Or they discussed which hookers to take to their masked ball at the Hamptons this weekend.
Just had to talk over who was gonna get the working parts of BofA and who to send to testify this time in front of the faux hearings on the default. Just had to get their story straight ahead of time. Might have also came up with a coordinated answer in case they are asked if gold is money...
Looks like they are giving Merrill Lynch to Greece, and the BAC retail franchise is going to ... the IMF.
PDs: If we don't keep jacking up the public debt we'll soon all be as useless as tits on a RoboTrader.
Tungsten is about 450$ per metric ton.
http://www.metal-pages.com/metalprices/tungsten/
they quote "mtu"what means Metric Ton unit, see
http://acronyms.thefreedictionary.com/Metric+ton+unit
The value of 8,000 tons tungsten is 3.6 millon US$.
Ton, ounce, what's the difference? Who has a ton of gold to sell me? ;-)
To say they did not call discuss contingency plans is complete BS. It would be, no, it IS inconceivable that responsible people would not discuss contingency plans.. If they did not, then they deserve to be shot..
Maybe it isn't called "contingency plan" but there is no way that the primary dealers weren't informed that they WOULD be doing their jobs of making bids and offers regardless on Tuesday, Wednesday, Thursday - and would not be making any noise about counterparty risk among the primary dealers. They also would be instructed that they may need to do repo lending and borrowing more than overnight . . . and keep it quiet. No raising liquidity or credit concerns. Keep focus on word DEBT. Not nearly as scary.
There is no contingency plan. The party will proceed as scheduled. You're either with us or against us, Blah, blah, blah, blah........
Um ! Did everyone see this ?
You might want to because I bet it will BLOW your mind !
http://www.youtube.com/watch?v=fgoHmCQtqas&feature=player_embedded
A bill called "Martial Law" trying to pass in the House.
WHAT !
there will be no martial law. Armed civilians outnumber armed military personel and blackwater type orgs 1000:1 if not 10-50 times that. Blackwater would last all of one day should they
Well, as Ms. Pelosi says they have to pass it to see what is in it !
Still...........A BILL CALLED "MARTIAL LAW" TRYING TO PASS IN THE HOUSE ?
http://www.youtube.com/watch?v=fgoHmCQtqas&feature=player_embedded
Doesn't that kinda sound odd ?
No, review the clip. They're going to force the politicians to be available to vote. That's what is meant by "martial law" so let's not be alarmist.
No, review the clip. They're going to force the politicians to be available to vote. That's what is meant by "martial law" so let's not be alarmist.
Man do you ever have that wrong. I'm well armed myself to say the least, and have all sorts of weapons, and 50+ acres to spread out on I know intimately.
One pass with an A10, and my whole mountain&valley paradise is now a puddle of molten lava - -and it would be even more likely if there were 200 friends "outnumbering" them here. Not a good plan, mr bill.
Better to hope the national guard and army refuse to shoot their own. But they do know how to make that happen, by using army units from a city to patrol them dffrnt 'necks in the country, and vice versa. Add in a touch of formented class warfare, turn off social media (remember the internet kill switch?), and hey -- they got a plan.
DCF, just so you know where I am coming from, I am ex US Army 11B, OEF and OIF vet, etc etc. If you think that the US Army is going to use an A-10 to strafe and or bomb your house on 50 acres, I think your a bit too paranoid. Its not going to happen my friend. The guys that fly those things, and 99% of the rest of us are JUST LIKE YOU and would never do something like that. EVER. Let me repeat, it will NEVER happen, we are on YOUR side brother.
Thanks for that, bill. I guess I knew that, but was just extrapolating. Kent state did after all actually happen, and the mere thought of our army going to war against its own people is kind of a desparate admission of failure. While I was never in uniform, back when I worked in DC it was as an analyst at the Pentagon and other places, so I kind of know what it's about, a very little. I didn't dislike most there except the windbags. But I got tired of being paid to be paranoid for a living and cut and ran in the '70s.
At any rate, my point stands. We don't outnumber them in force should they decide to use it. I do believe that as you say, the actual people involved would just refuse, however.
The guys that fly those things, and 99% of the rest of us are JUST LIKE YOU and would never do something like that. EVER.
You are missing the fact that soldiers will be reminded they are patriots protecting their families and fellow citizens from domestic terrorists. The soldiers job will not be to decide the oppositions guilt, but merely to follow orders.
Try Congressional Martial Law on for size.
Congressional Martial Law
The House leadership is using a parliamentary gambit to evade a longstanding House rule that is supposed to ensure that this kind of obfuscation does not occur. That House rule (Rule XIII(6)(a)) provides that a resolution (called a rule) reported by the Rules Committee cannot be considered by the House on the same legislative day that the rule is reported (except by a two-thirds vote of the House). This is supposed to ensure that Members of the House and the public have at least one day to examine and analyze what is in legislation before they have to debate and vote on it.
This extraordinary procedure is known as a “martial law” rule because it suspends the normal procedures and safeguards and allows the House Leadership to operate in a more authoritarian fashion.
The people that penned the bill's name thought they were being funny, huh?
alot of people on the Net are just like "oh poo poo" this is just a Bill to get the debt situation straightened out bla bla bla,ha ha ha you are a scardy cat bla bla.
But a bill with a name like "MARTIAL LAW"
http://www.youtube.com/watch?v=fgoHmCQtqas
Tell me this does not raise a brow !
Come on !
Hello!
Where have you been since the emergency banking and agriculture acts were enacted in 1933, the emergency war power acts, the war on terror, drugs and so on and so forth?
Does anyone realize the USG defaulted in 1933 and has been operating in chapter 11 reorganization ever since? Ever wonder why the constitution no longer seems applicable and even against public policy? Courts of martial in every county yet none seem to comprehend..
Woa... "Believe it or not, the rule is called the Martial Law Rule" - All eyes on Boston for the Faction Busting Squad next week!
who wants martial law bitchez
All they care is the stock price which reflects their 401K. Do they day trade?
Let's not confuse the issue: The Teasurie would not sell gold per se, they would sell their paper claims on such gold, if there is gold to sell, and that is another matter. The Treasurie, like couintless other institutions, has gold on loan from the Federal Reserve Bank. The lease agreement is akin to that of GLD. There is no delivery. Case in point, see Germany, and "its" gold housed at the FRBNY.
I call BS, the gold and or tungsten will NOT be sold.
Emergency meeting convenes:
Statement to come -
Everyone is going to starve to death, civil disorder to ensue, seniors will not get healthcare, and we will all die.....if the debt ceiling is not raised by 3 trillion immediately.
Also, Osama will rise from the dead and fly the International Space Station into your house and TSA agents will rape your children.
Do or die, you must comply....the clock is ticking.
....oh and by raising the debt ceiling we will also save life on earth according to Nancy Pelosi (but this has to happen RIGHT NOW, we don't even need to read the bill, we'll pass it and than find out what's in it)
hey, bob_d!
if this gets any strrrranger, timmah will be another "brown bottom"
In the week ending last Friday, according to the latest issue of the Vickers report, this sell-to-buy ratio stood at 6.43 to 1. This is higher than 95% of other weeks’ readings over the last decade.
Nothing's going to happen. But then I guess it depends on your definition of "nothing."
Just goes along with what I've been saying: Nobody much is actually holding stocks. Bots, algos and daytraders account for about 90% of trading. That's precarious. And many holders are actively selling
"That's precarious"
Yup, but only to bots, algos and daytraders. Let them crash and burn, I say!
When it comes to economics and the markets, I'm here as a student, CE. From what other far more informed people such as yourself have posted, the market certainly hasn't reflected reality in a very long time. To me at least ignorance is not bliss, and I'm thankful for a place like Zero Hedge. Tyler's handle is certainly appropriate too, for Zero Hedge has become a brotherhood of sorts.
As amateur, I assume US10y bond yields completed wave 2 to low of 2,84% (0,618 retrace target 2,867%) and is about to confirm strong long upward wave 3 ... which may end with rate caps and QE3 .. or some other form of market manipulation
They say imagination is the highest form of intelligence, sometimes i wonder.
The last headline made me spit out my water.
I swear, I read:
OPINION: Gold is about to get hammered. A U.S. default has always been gold's dream scenario. This week or early next week is the closest that scenario will come to materializing for a long time. Two alternatives: (1) the debt ceiling is raised and gold implodes as fear recedes (85%+ chance) or (2) the debt ceiling is not raised (15% chance) and we get (a) sell the news as the fear is already priced in, (b) massive forced liquidations from fallout in equity and/or treasury market, and/or (c) a tanking economy that drags gold down with it. The other joker in the deck is the Damocles Sword of margin hikes. Its been a good run but this moment is the one gold bulls have been waiting for and it may be about to pass.
Gold will plunge, equities will rocket. No change in strategy from the one we all know so well.
To avoid deflation Fed needs to print up a storm. QE3 is coming.
And the drag on the value of the dollar from the debt ceiling hike and ensuing disputes may be permanent
Good. Reinforces my decision in the '08 debaucle that its all going down, load up on gold at $400 and let the idiots beat each other to death fighting over worthless paper.
Raise the debt ceiling and have gold fall. It will be short term. In 2 years, we will be right back where we are now, and instead of the debt being 14.5 trillion it will be 17.5 trillion. Then what?????
Gold is only starting to hit it's stride. There will be a second wave of a rush to gold as events liek this week unfold.
Each 'crisis' has allowed a peak behind the curtain showing just how dangerous the situation really is. Dollar's leadership and all major currencies are now in question.
And there are other forces, grasshopper
as long as there is inflation, gold prices will increase. we're about to get doused with inflation. why dont you short gold and tell me in 6 months how it worked out for you?
I've been posting that same scenario here and on several other boards for two weeks now. I think you're right f1aw....I'll never short gold because of what it is, but I do think it will correct most likely. That specious comment aobut shorting it for 6 months must be from some mythical "investor". I trade -- that would be a 1 or 2 day trade, and if you want to wait 6 months to ask me how much I made, that's on you....Assuming our likely scenario comes to pass, that'd be why I'm down to core PM holdins and waiting for the drop with my finger on a very large trigger and the truck backed up....
I'm guessing that if anything, the wide spread of this meme is why things haven't gone down as expected. If we've all figured this out, there's no easy way to prevent a mass wealth transfer in what is the wrong direction as far as TPTB are concerned, so they have to figure out how to throw us a curve somehow.
Thanks for providing the much needed worry for this bull market to rocket higher.
Bullshit. Printing more debt will not make the worlds gold fall. Dollar falls, gold rises, countries around the world are not fooled.
Gold is about to get hammered. ?
I have seen the PSY-OP going around the MSM for the last few weeks.
So we are going to cut 1.2 T over the "next 10 years" and our deficit is 1.6 trillion "PER YEAR"
WHAT !
Alright mathematician do the math for me. ?
Everyone knows that the MSM is trying to telegraph a drop in PM"s so that the A_HOLES that are short can cover their short paper when a deal is done. Afterall can you imagine the paper they have printed trying to keep the price down building up to today. OMG ! INSANE!
People are much wiser from the last few years of these lies.
I see everyone on the net waiting for this paper blizzard so that they can load the boat !
Nice try though
hey man feel free to dump all your gold for bennybux. i know i ain't that fucking stupid.
I thought you said this was a primary dealer-FED meeting, so why would TImmah be there? He is like that uninvited party crasher. Of course there was not Aug 2 contingency dicsussed. It is a non-issue. In the event of deteriorating bond prices, the FED will buy the primary dealers toxic assets at face value.
"Let us know about large fund demanding redemption out of MMFs. We'll send our people to take care of it. Also remember the reverse repo desk is open and willing to take on large swaths of treasuries if need be. Don't worry about the rate. If you guys can agree to set it below the current .05 rate you're currently all bidding, we won't take notice."
The staged show will need to continue until some new national tax schemes are unleashed and more cuttings on social services are approved.
Call all that Gold Plated Tungsten Gold Pressed Latinum and sell it to Trekkies.
Trekkies like you?
I have some Captain Kirk moon rocks for sale if you're interested.
Concern is mounting that Cyprus may join Greece, Ireland and Portugal as the next ward of the European Union’s new bail-out fund.
http://www.ft.com/intl/cms/s/0/7c385916-b9c2-11e0-8171-00144feabdc0.html...
Lehman Aggregate Bond INdex keeps going up! Would seem this is the opposite of a country that is about to default on its obligations, lose its AAA rating, and face increased borrowing costs in the future.
It was a scheduled emergency meeting, supposedly Boehner was in on the meeting too via conference call while he was tanning in preparation for his TV appearance today!
Its bullshit these people having these secret meetings all the time, they should be arrested for subversive activities.
end the NY Fed.
"CTRL-P dawg" - funny and brilliant guys!
Bloomberg: Home Ownership Falls To Lowest Since 1998
http://www.bloomberg.com/news/2011-07-29/u-s-homeownership-rate-falls-to...
Wow bullish. Im sure the Blowhorn is already in full spin saying this is confirmation the massive bounce point in RE is the closest its ever been!
People still think theres miracles left in the printing press, the dollar has already defaulted, gold IS the new reserve currency. Its not 2008 anymore filled with Keynesian hopes dreams and promised miracles. Printing even more dollars wont change that a bit, dollar is dead. Print more, I dont care, it changes nothing.
no contingency plan discussed my a$$. what utter imcompetence
selling the gold is not really an option. even if it's not tungsten, it' likely been allocated to other countries/banks.
http://youtu.be/Zo4b8ZPlzrw
Trending on Twitter: #fuckyouwashington
Trending on youtube: "The Exploited"
http://www.youtube.com/watch?v=3bZzM4s0Hgs
A bunch of retards who don't understand America is bankrupt either way are using it. I best stick to zerohedge. May God make their pain short when they're eating each other.
Sounds like 1 of Timmy's 80 million, dependent upon the forced expropriation of the productive capacities of another (er, federal government largess).
I, for one welcome a default. The sooner, the better. The sooner the default, the sooner the downgrade, the sooner the end of reserve currency status, the sooner the end of endless dollar printing, the sooner the END OF THE FED.
I hope it's a real nasty default. I for one find it reprehensible that we as a people have come to point where we cower in fear over the fact that some stranger holds our grandmother's fate in their hand and can throw her off the cliff by withholding a "social security check." A default so long and lasting, one so bad, that we, as a nation, are forced to begin to once again care for own grandmothers. We become self-sufficient once again, dependent not upon some nameless faceless bureaucrat able to grant or deny our basic needs, but capable of putting food on our own table, a roof over our loved ones, and care for our loved ones, both friend and family. I pray that we begin to behave as our forefathers once did and show what really made this country great.
Merck to cut 13,000 jobs
http://online.wsj.com/article/SB1000142405311190480030457647575226074545...
Well, hopefully the PD's were all handed pink slips - no debt extension predicted for the short term!
Unemployed bankers, that's priceless!
He most likely said that they won't sell any treasuries what so ever, so they won't start a major panic on top of the panic that will come.
Correct me if I'm wrong here, but if the Fed sold that Gold, wouldn't that add about US$400 Billion to the monetary base, since that Gold offsets USDs created for other contries economies in the first place (other countries Gold for global reserve currency). Selling the Gold converts the metal to cash, which then circulates within the US economy aftre buying bonds, and then out into the global economy. Adding to the USD Tsunami
Would that not in itself be a US$400B QE3????????
What the fuck am I thinking?! Ben said Gold isn't a currency, so it should be okay. I must be as thick as 'TwoShortPlanks' to have said that.
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