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French, Italian CDS Hit Record, Yen Resumes Climb

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Fri, 08/05/2011 - 06:48 | 1526068 Freewheelin Franklin
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Enter Christine Lagarde



Fri, 08/05/2011 - 07:35 | 1526110 GetZeeGold
GetZeeGold's picture


Nigel Farage could so totally take Chuck Norris.


Fri, 08/05/2011 - 07:46 | 1526146 Use of Weapons
Use of Weapons's picture

She just had her wings pulled off:

She is accused of wrongdoing over her role in a €403 million ($543m) payment to businessman Bernard Tapie when she was the French finance minister.

Opposition leaders in France initiated the case against her after claiming that the payment had been a way of rewarding Mr Tapie for switching political sides to support President Nicolas Sarkozy during the 2007 election campaign.

Ms Lagarde issued a statement through her lawyers in which she ruled out resigning from her IMF job, which pays $US467,940 ($447,853) a year. She denies any wrongdoing.



What amazes me is that a) we all knew this before she was elected and b) why hit her yesterday?1



In other news, I just had a 'condolences on your accident' notification, so keep it frosty all - house cleaning time. Titannic out.

  • 1. Snark intended
Fri, 08/05/2011 - 06:53 | 1526071 LMAO
LMAO's picture

And right now, Olli Rehn making a live statement on Euro-zone problems.

He installs that much confidence in as to how they are going to solve the problems that it leaves one cowering in a corner in fetal position. The way in which he assures us he's confident is uncanny to say the least.

Fri, 08/05/2011 - 06:53 | 1526074 iNull
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"brief intermission in which even the robots apparently took some long overdue shut-visual sensor"

There will come a time Tyler when you realize the universe is conscious. And that every act, no matter how small, is recorded.

Fri, 08/05/2011 - 06:54 | 1526075 duncecap rack
duncecap rack's picture

Why is the Euro rallying?

Fri, 08/05/2011 - 06:57 | 1526078 ZeroPower
ZeroPower's picture

EU's Rehn doing damage control.


Fri, 08/05/2011 - 06:58 | 1526080 Ghordius
Ghordius's picture

The Euro is not rallying. Take off the Dollar/Pound glasses and you'll see it.

Fri, 08/05/2011 - 06:56 | 1526076 ZeroPower
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No mention of Hungary? CDS @ 387/402 from 395/435 this morning (lol @ MMs for capturing b/o).

Belgium 258/278 this am, bit tighter now with SovX WE tightening as well. Definately a sov to watch the next weeks however.

Fri, 08/05/2011 - 06:56 | 1526077 Ghordius
Ghordius's picture

What is this confidence in the CDS market? Why should the CDS be any indicator of the real "chances of default"? This is silly.

The Spanish and Italian Bond markets are now political.

On one side you have huge amount of debt, mostly owed by Europeans to Europeans. Amount= X

On the other side you have humungus amounts of BETS on this debt, mostly owed by TBTF banks to TBTF banks. Amount = X times Y

The CDS beast has to be fed. Something has to happen - in the bizzarro world of the derivatives. The underlying has nothing to do except to do what the casino winners want.

Fri, 08/05/2011 - 07:00 | 1526084 wang (not verified)
wang's picture

Weinberg on Bloomberg a half hour ago - sees   upward revision for previous jobs report and a 130 print in today's



Fri, 08/05/2011 - 07:04 | 1526090 FunkyOldGeezer
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Why take the word of / listen to one or two strategists when the whole game is rigged.

Perfect example: at 11:43- 11:44 BST both the Italian, Spanish and US idices began a small sell off, from the top of the day so far, only to rebound from that minor bottom at 11:48 - 11;49. Why else would these three indices move together so beautifully in almost perfect sync???


Fri, 08/05/2011 - 07:07 | 1526094 kito
kito's picture

 what happened with those italian bank runs????? 

Fri, 08/05/2011 - 07:16 | 1526102 FunkyOldGeezer
FunkyOldGeezer's picture

The Italian bank runs will be back on, soon enough.

Fri, 08/05/2011 - 07:37 | 1526097 Instant Wealth
Instant Wealth's picture

Check Wiki and learn the following.

José Manuel Barroso was a member of a Maoist Party in Portugal. Angela Merkel was raised in the former GDR, a soviet puppet state. She was an "Aparatshik" in the communist youth organization "Freie Deutsche Jugend", teaching "AgitProp". Some even say she has a Stasi-file under the name "IM Erika".

It´s all too obvious. They are trying to destroy "corrupt capitalism" from within.


Fri, 08/05/2011 - 07:16 | 1526099 HarrisonBergeron
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This whole system has hemochromatosis, let it bleed.

Fri, 08/05/2011 - 07:20 | 1526107 FunkyOldGeezer
FunkyOldGeezer's picture

.....but the central banks don't have enough 'metal'.


This whole system has hemochromatosis, let it bleed.

Fri, 08/05/2011 - 07:14 | 1526100 entendance
Fri, 08/05/2011 - 07:33 | 1526128 Instant Wealth
Instant Wealth's picture

Someone wrote recently, should Italy go down the drain, the EFSF has to be raised from 440 billion to 4 trillion euros. (?)

Fri, 08/05/2011 - 09:11 | 1526409 falak pema
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Correlation wise one could also say the cost of sustaining the WS + derivative ponzi is too high. So you can take your pick and choose which one takes the other to the bottom. 

When you hitch a ride on a scorpion's back to cross a river, and mid-stream, if the scorpion bites you saying... I don't know how to swim but I'm going to bite you anyway 'cos that's what a scorpion does...then you know you are in the financial world of today! 

Fri, 08/05/2011 - 07:21 | 1526109 chump666
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pre open/futures starting to tank.NFP looks like it will be crap number

Wed, 09/14/2011 - 04:53 | 1667438 chinawholesaler
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