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The First Money Market Casualty Of The ECB: JP Morgan

Tyler Durden's picture




 

Yesterday, the ECB took the rate on its deposit facility to 0.0%. Today the money market casualities begin. Then again, as reported over two years ago, forcing MM investors out and into stocks is what the plan was all along.

 

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Fri, 07/06/2012 - 07:49 | 2591199 GetZeeGold
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It's JPM......again.

 

I know you lost 9 billion on that whatcathingy.......tell us about the silver losses.

 

Fri, 07/06/2012 - 07:51 | 2591208 Ghordius
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lol, after all those years spent by JPM to make Gold, Silver and the EUR casualties, the first "casualty" would be JPM? Nah, we are not yet there...

Fri, 07/06/2012 - 07:53 | 2591213 GetZeeGold
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You can't make this sh!t up.

 

Fri, 07/06/2012 - 07:56 | 2591217 vast-dom
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banks are no longer in the banking business. banks are in the meddling destruction business.

Fri, 07/06/2012 - 08:24 | 2591264 BigJim
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I know this should be a big deal. But when you are part of the 'Counterfeiter of Last Resort' Borg, what fear you a few billion dollars of fiat losses?

Replenishment: it's all just a keystroke away. Get me Ben of the FiatPhone!

Fri, 07/06/2012 - 07:52 | 2591210 Wakanda
Wakanda's picture

Yeah really, I'm all ears.

Fri, 07/06/2012 - 10:20 | 2591730 JPM Hater001
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"It's JPM......again."

Still accepting members

Fri, 07/06/2012 - 07:58 | 2591221 youngman
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What is funny is the defination of good today.....its 100,000.........when a Republican was President...250,000 was a BAD number...lol...

Fri, 07/06/2012 - 16:17 | 2593181 RockyRacoon
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Average the job gains over the entire Geo. W. Bush 8 years and you get 11,000 per month.

That's what I'd call bad.   Of course, the average got pretty skewed toward the end of his term, and the working populace got screwed.   Watch out when slinging those numbers around.

Mon, 07/23/2012 - 02:28 | 2641691 icetears
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So abounding big investors are beat banal bazaar agitation for the assurance of coffer accounts that money bazaar ante accept alone beneath aught and ample amounts of banknote accept become a nuisance for at atomic one institution. Coffer of New York ..

jogos online


Fri, 07/06/2012 - 08:02 | 2591227 THX 1178
THX 1178's picture

That's the signpost up ahead...

Fri, 07/06/2012 - 08:42 | 2591345 John Law Lives
John Law Lives's picture

The next stop, the Twilight Bizarro-World Zone...

Fri, 07/06/2012 - 07:49 | 2591201 Shizzmoney
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Oh butters.

Fri, 07/06/2012 - 07:50 | 2591202 ArkansasAngie
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Warm up the presses. Low interests don't make people want to invest. New money has to be printed.

Fri, 07/06/2012 - 07:50 | 2591204 evolutionx
evolutionx's picture

2 year GErman Bund with negativ interest rate..

 

          http://www.cds-info.com/

Fri, 07/06/2012 - 07:53 | 2591211 DogSlime
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So is this effectively an endgame strategy?  Get everyone into stocks ready for the final, gigantic cull?

All aboard for the Muppet Massacre :)

Fri, 07/06/2012 - 07:59 | 2591222 GetZeeGold
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Bring it!

 

Fri, 07/06/2012 - 08:18 | 2591262 HoofHearted
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All of us here in ZHland know that we need to buy up real thingys instead of paper ones. Leave the stocks for someone else while we all have arable farmland, food and medical supplies, guns and ammo, and precious metals.

And if I'm gonna be a Muppet, I at least want to be Dr. Teeth!

Fri, 07/06/2012 - 09:01 | 2591439 mick_richfield
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I have an idea for investment-grade food that you can store in your house.  ( Depending on how severe you think the Collapse will be, this will make sense, or it won't. )  

Spice.  Northern hemisphere people should buy and hold spice.   For example whole black peppercorns.  They keep forever in your basement.  And if world trade is affected enough by the Collapse for the spice to stop flowing ... your friends and neighbors and townspeople will be very happy to have some spice.  Guess how much black pepper used to cost in Europe, when it was hard to get.

Also cocoa, coffee, vanilla, ginger, coffee, nutmeg.  And coffee.

Some people tell me that whiskey would be good to store.  I point out that there are people who will try to kill if they must to get whiskey.  Nobody kills for coffee.  ( Or, well ... maybe don't do the negotiations in the morning, if your customers are armed... ) 

Nobody kills over black pepper, or cocoa -- but black pepper used to be worth its weight in Aurum, and may be again.  Right now, the best black pepper I know sells for twenty bucks a pound, online.

 

Fri, 07/06/2012 - 09:33 | 2591565 francis_sawyer
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Just plant a friggin pepper tree (but they only grow certain climate zones in the continental US ~ vanilla, coffee, cocoa, & nutmeg plants will not thrive in most US climate zones)... If you have to buy something, buy sea salt...

Fri, 07/06/2012 - 09:42 | 2591601 blunderdog
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The spice must flow...

Fri, 07/06/2012 - 10:36 | 2591790 my puppy for prez
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Hey...I would kill for coffee!!!  Gotta have it to live!

LOL

Fri, 07/06/2012 - 11:26 | 2592006 Axenolith
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Pepper corn trees grow like weeds here in CA.  Our horse loves that shit, he'll munch a bunch of it when he gets the chance and give you a face full of pepper-breath afterwards.  The early settlers planted them for decoration and so as to not have to worry about having pepper...

Fri, 07/06/2012 - 07:55 | 2591215 Catullus
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In other words: there's now no reason to hold money in the ECB system.  Let the capital flight continue.

Fri, 07/06/2012 - 08:00 | 2591226 youngman
youngman's picture

Swiss bankers ...are making a killing....safe deposit boxes are going thru the roof....now that is an indicator..

Fri, 07/06/2012 - 08:06 | 2591234 Dead Canary
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There is also a growing industry for installing hidden compartments in Italian cars.

Fri, 07/06/2012 - 08:20 | 2591265 HoofHearted
HoofHearted's picture

There's been no reason to keep funds in euro accounts for some time...or in dollar accounts for that matter. Yet the sheeple/Muppets seem to do so. Long mattresses and shiny stuff...

Fri, 07/06/2012 - 07:58 | 2591220 Sudden Debt
Sudden Debt's picture

corporate capital of 10 million?

 

Fri, 07/06/2012 - 08:00 | 2591224 Gief Gold Plox
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How long before some bureaucrat tries to introduce a periodic, legally binding, obligation to invest a state-defined percentage of your income into... Oh wait! Goddamn it.

Fri, 07/06/2012 - 08:21 | 2591269 HoofHearted
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How long before we can opt out of the social security system? Now there's a better question....

Fri, 07/06/2012 - 08:03 | 2591230 CheapBastard
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China is in trouble also:

 

China Cuts Benchmark Rates for Second Time in Month

 

The one-year lending rate will fall by 31 basis points and the one-year deposit rate will drop by 25 basis points effective tomorrow, the People’s Bank of China said on its website today. The discount banks can offer on loans was widened to 30 percent from 20 percent, according to the statement.

 

China announced the interest-rate move at the same time as the BOE raised its asset-purchase target by 50 billion pounds ($78 billion) to 375 billion pounds, restarting its expansion of stimulus. Forty-five minutes later, the ECB cut its benchmark interest rate by a quarter percentage point to 0.75 percent and lowered its deposit rate to zero from 0.25 percent.

 

http://www.bloomberg.com/news/2012-07-05/china-cuts-benchmark-rates-for-...

Fri, 07/06/2012 - 08:04 | 2591233 GetZeeGold
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China is in trouble also:

 

Can't be.....I hear they have 500 new ghost cities in the works.

 

Fri, 07/06/2012 - 08:09 | 2591241 CheapBastard
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Plenty of new airports but few passengers in China A construction spree brings flight service to some unlikely locales, and a hoped-for spurt in air traffic fails to materialize.

 

Reporting from Libo, China — It's less than two hours before boarding time but most of the staff of Libo Airport are walking off their dinner of spicy dog meat with an evening stroll around the parking lot.

Others sit in a circle on a grassy median smoking cigarettes and marveling at a full moon. A security guard naps on a metal bench. A saleswoman behind the ticket counter enjoys a shoulder rub in the darkened terminal.

 

http://articles.latimes.com/2010/mar/13/business/la-fi-china-airport13-2...

Fri, 07/06/2012 - 09:12 | 2591473 aerojet
aerojet's picture

Dogmeat, lol!  There's nearly 1.5 billion people in China and they are so poor they eat dogs.  Who thought they were going to be flying anywhere?

Fri, 07/06/2012 - 10:56 | 2591867 Totentänzerlied
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"Even by rural Chinese standards, this place is a backwater. Roosters live in apartment courtyards. A sit-down restaurant means a stool on a dusty floor"

Oh, irony.

""But an airport's purpose is not just making money," he said."

Oh, Chinese US Citizenism.

Fri, 07/06/2012 - 08:10 | 2591242 recidivist
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serviced by a fleet of ghost tankers and freighters...

Fri, 07/06/2012 - 08:13 | 2591250 GetZeeGold
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That damn plane refueled itself and took off again with no one onboard....it was kinda spooky to watch.

 

Fri, 07/06/2012 - 08:32 | 2591286 Arnold Ziffel
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"Can you at least turn on the lights?" asks a traveler carrying a bag of snacks. "I'd like to see what I'm eating."

 

lol...pretty funny

Fri, 07/06/2012 - 08:39 | 2591327 LongSoupLine
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Can't be.....I hear they have 500 new ghost cities in the works.

 

Yep, and all 500 of them will be channel stuffed by GM and TATA.

Fri, 07/06/2012 - 08:19 | 2591263 hedgehog9999
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The Central Banks co-ordinated moves yesterday (as at many other occassions in the recent past) can only be explained as racqueteering at the highest levels.

An even then this thing is worsening by the day.............

 

Fri, 07/06/2012 - 08:24 | 2591272 BigJim
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 ...can only be explained as racqueteering at the highest levels...

Yes, our CBs are colluding to 'squash' savers.

Fri, 07/06/2012 - 08:21 | 2591270 giggler123
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You'd of thought these people in control wanted the system to fail?   The bank runs will start then the highstreet offers 0% or negative rates - I know they do now because of inflation but when they *actually* start offering 0% so called products, people will take their money and the game is over.

Fri, 07/06/2012 - 08:32 | 2591288 midgetrannyporn
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Just another tricky day for JPM's version of the muppets.

Fri, 07/06/2012 - 08:44 | 2591351 orangedrinkandchips
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Not sure if you are referencing the song...Another Tricky Day....I highly recommend it.....classic! (by The Who)

Fri, 07/06/2012 - 08:45 | 2591360 orangedrinkandchips
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Ok. So You can get out and switch out BUT YOU CANT GET IN??

It is a form of stress but not as bad as it could be or will be....no?

 

so they cant get in.....who would want to?

Fri, 07/06/2012 - 09:09 | 2591462 aerojet
aerojet's picture

Ugh, we're at zero and staying there--forever.  I still have MM fund accounts and I hate looking at the statements.  American Funds, which used to be a bulwark of widow & orphan investing, is killing me.

Fri, 07/06/2012 - 09:14 | 2591478 GMadScientist
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1st world problems.

Fri, 07/06/2012 - 09:19 | 2591500 tmosley
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You really think that having your money stolen via inflation and other central banking machinations is a first world problem?

This is how first world nations become third world nations.

Fri, 07/06/2012 - 09:48 | 2591620 blunderdog
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It's not really a 1st world problem.  Having enough money to be truly upset by low-interest rates is a RICH PERSON problem.

It's just so tragic that money just doesn't magically turn into more money the way it used to.  Heh.

Fri, 07/06/2012 - 10:03 | 2591677 jal
jal's picture

Here .. you forgot something ...

It's just so tragic that money just doesn't magically turn into more money the way it used to ... for the middle class.

Fri, 07/06/2012 - 16:15 | 2593175 blunderdog
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Nah.  I was middle-class for the first half of my career, and never once did my money turn into more.  Wrong generation, I guess--I didn't arrive to the market until the early '90s, and by then, the "buy and hold" strategy was already obsolete.

Fri, 07/06/2012 - 09:38 | 2591582 orangedrinkandchips
orangedrinkandchips's picture

"Dont sweat it....that's where I am....no future at all.....who woulda thought it....that's where we are..."

I use to work closely with STIFs.....that was back when it was 400-600bps.....then 911 came and I thought I saw it all with a 78bps REPO quote....shit...now it's 7bps IF YOURE LUCKY!

 

And that is wholesale quote....normally banks play with, say, 500bps REPO, and the banks takes 30-40bps for profit like normal....

 

but 7 bps? You are spending more for people to work this junk and a few cents isnt close to worth it....

 

Ironic....at a time when rates should be sky high due to the risk they are down....It's like stepping outside your door and floating up beacause gravity stopped working!

Fri, 07/06/2012 - 09:29 | 2591549 Downtoolong
Downtoolong's picture

And when all else fails and you still won't succumb to their coercion, what next? They just lobby your government to step in and do your buying and selling for you.

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