Fed's Emergency Meeting With Primary Dealers Ends

Tyler Durden's picture

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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redpill's picture

An "emergency" meeting on "market conditions?"  I smell a rat.  Was this supposed to be the tell that QE3 is incoming imminently?

malikai's picture

If your view of their view of "market conditions" is the R2K and ES, you'd probably be correct in assuming so.

AldousHuxley's picture

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.






Fish Gone Bad's picture

Has anyone noticed how Geithner looks like Eraser Head?

TaxSlave's picture

 I smell a rat.

Ya think?

+$16,000,000,000,000 for understatement.

scratch_and_sniff's picture

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.

scratch_and_sniff's picture

Interesting, another 3 junkers who love Tylers cock in their mouth. "ummm Tyler baby, freak me out some more, i love the scary shit.

I am a Man I am Forty's picture

oh come on folks, that's fucking funny

Vergeltung's picture

maybe you should read more, before you make an ass out of yourself again soon.


More from Bloomberg which confirms this is not the previously scheduled meeting:

  • The Treasury has canceled its regularly scheduled individual meetings with bond dealers in favor of the group meeting, according to the people, who declined to be identified because the meeting hasn’t been publicly announced


scratch_and_sniff's picture

Maybe you should read the post beofore you get bogged down;

  • No Contingency Plan For Aug 2 Discussed .
  • now fuck off.

    Vergeltung's picture

    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?


    scratch_and_sniff's picture

    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.

    Calculated_Risk's picture

    Stop being a pussy and take the punch! You got 0wnEd!!!

    KrugmansChauffeur's picture

    "However, if there is no debt ceiling extension, three possible options were discussed:"



    Vergeltung's picture

    um, IIRC, the regular meeting was cancelled and this was in it's place.

    redpill's picture

    If you dislike this site so much, why don't YOU fuck off?


    scratch_and_sniff's picture

    cause i took the blue pill motherfucker, and i just cant get enough of the abuse.

    scratch_and_sniff's picture

    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.

    scratch_and_sniff's picture

    hey they should really allow soundfonts on this site, cause that ones' crying out for a drum roll.

    SheepDog-One's picture

    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.

    DosZap's picture


    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.

    Scisco's picture

    Because politicians are more trustworthy than bankers.

    EscapeKey's picture

    "The money power preys upon the nation in times of peace, and conspires against it in times of adversity. It is more despotic than monarchy, more insolent than autocracy, more selfish than bureaucracy. It denounces, as public enemies, all who question its methods or throw light upon its crimes. I have two great enemies, the Southern Army in front of me, and the financial institutions in the rear. Of the two, the one in my rear is my greatest foe." 

    - Abraham Lincoln, 16th President of the US, November 1864. 

    Scisco's picture

    I completely agree and my point is made by that quote, which is, no monopoly should have the power to issue currency.

    Noah Vail's picture

    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.

    Scisco's picture

    False choice. Force the issuance of currency to be transparent and auditable. Then restrict any new issuance or even prohibit it altogether.

    Doyle Hargraves's picture

    How about competing currencies, only the strong survives...

    scatterbrains's picture

    when's the last time you voted in a Banker ?


    Downtoolong's picture

    Ditto. Since they apparently didn't use the Cone Of Silence, I wonder if they were speaking in code?

    malikai's picture

    Where does $460/oz come from?

    EDIT: Nevermind, just realized that's the price of Tungsten.

    Palmer Eldritch's picture

    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.'


    Palmer Eldritch's picture

    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.'


    Cdad's picture

    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!

    slaughterer's picture

    Wish I had a fly on the wall at this meeting.  Any intel leaks would be welcome. 

    YesWeKahn's picture

    "Sargent at Arms!  Do your job!"


    Be careful with what you say. Some poor gey just got jail sentence for a similar wish.

    scratch_and_sniff's picture

    Its amazing what ignorance sounds like, kind of brutal really.

    Doyle Hargraves's picture

    'Its amazing what ignorance sounds like, kind of brutal really.'


    You certainly know firsthand, you sure spout a lot of it!

    smlbizman's picture

    does anyone remember when the prime rate mattered?

    does anyone know when it will matter again?

    Paul S.'s picture

    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).


    Spitzer's picture

    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.

    Mr Lennon Hendrix's picture

    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.

    Spitzer's picture

    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.

    Jim B's picture

    Play acting.... Trying to induce panic....

    ??'s picture

    Did they serve lunch?

    Doyle Hargraves's picture

    Yeah Peasant under glass and blood from the local blood bank to wash it down. Fucking douchebags!

    MichaelG's picture

    "Time to eat our peas(ants)."