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Frontrunning: November 8
- Japan Bought 300 Million Euro Worth of EFSF Bonds, Official Says (Bloomberg) - don't spend it all at once boys
- Italian Vote Will Test Berlusconi’s Majority (Bloomberg)
- BOJ Should Seek 10-Fold Easing, Yen at 100, Ex-Board Member Says (Bloomberg)
- France unveils five-year €65bn savings plan (FT)
- China’s exporters see slowing growth (MarketWatch)
- Financing Markets Tighten Spigots (WSJ)
- MPs demand ‘radical overhaul’ of BOE (FT)
- Obama to attend Asian economic summits (WaPo)
- China wealth fund prepares to restructure (MarketWatch)
- Schapiro Floats Money-Fund Fix (WSJ)
- China Housing Prices Decline (WSJ)
- Papandreou Talks on Greek Government With Rival to Resume (Bloomberg)
European highlights:
- Germany Exports s.a. for September +0.9% m/m – higher than expected. Consensus -0.8% m/m. Previous 3.5% m/m.
- Germany Imports s.a. for September -0.8% m/m - lower than expected. Consensus 0.4% m/m. Previous -0.1% m/m.
- Germany Trade Balance for September s.a 15.3B – higher than expected. Consensus 12.5B. Previous 11.8B.
- Switzerland SECO Consumer Confidence for October -24 – lower than expected. Consensus -22. Previous -17.
- UK Manufacturing Production for September 0.2% m/m 2.0% y/y – higher than expected. Consensus 0.2% m/m -0.8% y/y. Previous 0.2% m/m -0.1% y/y.
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House prices decline in China? Oh.
"Japan Bought 300 Million Euro Worth of EFSF Bonds"
If 10% of the EFSF is all that the big saving Japanese have bought then EFSF is not going to get off the ground.
Hilarious isn't it?
I see that there is another meeting of the EU leaders scheduled for Nov 17th at which they will propose expanding their imaginary EFSF from €1trn to the clearly needed €2 - €3trn.
That's the answer all right. If your imaginary bailout fund isn't big enough to calm the markets, just imagine one three times as big and see if that works.
I think it's telling that the EU think seems to believe that the problem is that the EFSF does not have a sufficiently large headline number, rather than that the fact that it has NO FUNDING.
Imaginary numbers being pushed around in an imaginary, giant Excel sheet in the sky.
Imaginary inflation
Imaginary deflation
Imaginary GDP expansion
Imaginary unemployed
It is in fact all in their head.
Japan has good reason to play in this game. They'll be Greece soon enough. Playing saviour for a day will help them in the long run. Admittedly, it's not enough to help. But that's not Japan's problem.
and working its way into our future.
"BOJ Should Seek 10-Fold Easing" - They want an 10 fold increase from -
"Current BOJ Governor Masaaki Shirakawa and his policy board bolstered credit and asset-purchase plans by 5 trillion yen ($64 billion) to a total of 55 trillion yen on Oct. 27, adding the new money to a program that buys government bonds and funds tied to stocks and real estate.
So its QE to the power of ten all around? If gold was going to 20k (Mike Maloney video) before, what is the magic number if the central banks are going to ramp up fiat creation by a factor of 10?
I read a lot of headlines every day. My esp is telling me that the world's banksters are ready to go all in.
Printing is their last ditch effort. Apparently they don't think they have anything to lose. And they are right ... they don't. They already are insolvent.
Japan wants a 10 fold printing event?
OK ... I don't say this very often ... but ... WTF?
Folks it would go a lot easier on the rest of us if we could figure out a way to stop them before they bet your farm.
I no naka no kawazu taikai wo shirazu (neko ni koban).
Baka wa shinanakya naoranai.
Schapiro Floats Money-Fund Fix
In recent months, investors have grown concerned about money-market funds' exposure to the troubled European banking sector. In turn, fears of the funds pulling back from European banks have worried the banks' shareholders. (Cant have worried shareholders)
Speaking in Manhattan, Ms. Schapiro said the SEC is weighing at least two policy options designed to ensure that money funds are less vulnerable to customer runs in time of panic... (I'd say the time to panic is now)
Money market=found treasure
Hmm...plain vanilla checking at a credit union or community bank v. the Bank of Cash Under the Mattress. Decisions, decisions. FDIC insurance doesn't mean much if you don't have to keep much in the bank.
At the rate they are raising that EFSF money they will have that $1T in 2 years. When stark said the crisis will be over.
Time stamp t -729 days
Obama to visit Asian Summit meeting.
Ps....He is bringing the military.
It's the USA way,don\t you know.
Pss...Fuck you Obama.