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Frontrunning: October 21
- France Likely to Lose Top Rating: S&P (Bloomberg)
- BNP urges EFSF to issue credit default swaps (FT)
- China municipalities to issue bonds (FT)
- Europe forced into second summit (FT)
- EU Said to Consider Wielding $1.3 Trillion to Break Impasse (Bloomberg)
- Hilsenrath: Fed Is Poised for More Easing (Hilsenrath)
- Fed debate about more easing heats up (Reuters)
- Obama Nominates Former Fed President Hoenig for FDIC Vice Chair (Bloomberg)
- ECB Said to Weigh Bigger Loans for More Collateral Disclosure (Bloomberg)
- Banks face penalties in return for bail-outs (FT)
- Fed’s Bernanke Briefed Senate Democrats on Europe, Durbin Says (Bloomberg)
- Greek MPs vote through fresh cuts as man dies in day of street battles (UK Guardian)
- Japan to Sell $10.4 Billion More Debt for Quake Rebuilding (Bloomberg)
- Japan May Add $52 Billion in Aid for Companies Hurt by Yen (Bloomberg)
European economic highlights:
- Hungary Retail Sales for August 0.4% y/y. Consensus -0.9% y/y. Previous -1.3% y/y.
- Switzerland Money Supply - M3 for September 8.2% y/y. Previous 7.6% y/y. Revised 8.0% y/y.
- Germany IFO Business Survey for October 106.4 – higher than expected. Consensus 106.2. Previous 107.4. Revised 107.5.
- UK PSNB (nsa) for September 12bn m/m. Previous 13.2bn m/m.
- UK PSNCR (nsa) for September 13bn m/m. Previous 11.8bn m/m.
- Euroland Govt Debt/GDP ratio for 2010 85.4% y/y. Previous 85.1% y/y.
- UK Nationwide Consumer Confidence for September 45. Consensus 49. Previous 48.
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For me. That takes the biscuit.
my eyes dulled and my mind went blank temporarily.
That got me too. Banksters are predictable though, no?
http://worldwideponzicollapse.blogspot.com/2011/10/banksters-are-problem...
I don't think politicians are without blame.
They were either seduced by the "free money" which allowed they maintain the fiction of welfare paradise or they were simply bought off.
My favourite was:
They're going to print $1.3tr, but can't print $700bn to cover the ESFS? OK, that's obviously not what "Weilding" means. I'll explore another avenue. They're going to demand that nation states pay $1.3 trillion to fund France's banks and Italy's debt? No. That doesn't make sense either. OK, OK. Errm. No. Lost. Help required.
It can't possibly be a leak, a holding tactic to trick the market into not selling everything that isn't nailed down in the hope that they'll come up with a plan next week; they've done that so many times they'd be risking their credibility. Anyone would think they didn't have a clue...
Bloomberg's article says the European Stability Mechanism (500 billion euros) uses 'paid-in capital.'
Utter bullshit. The initial capital contributions are only 2 percent; the balance to be raised in the future with capital calls.
ESM is VAPORWARE. You have been warned.
Agreed. Made the point yesterday. The EFSF, as it stands and without alteration, amounts to 17 promises to deliver.
I can't for the life of me see how Europe can get out of this without hitting the printing press.
'I can't for the life of me see how Europe can get out of this without hitting the printing press.'
Italy, France, Spain, Portugal want this. So do the UK and US. Germany fears this path.
If the Germans bail on the Euro project I can see how you avoid the printing press. Germans leave, rest of Europe gets crushed. Deflation.
WTF happened to copper while I slept? Oh, I was so looking for S&P to catch copper, thus dragg'n down oil.. thus allowing me to spend some cash. Guess I will go into the weekend with a pocket full of greenbacks.. Again.
"BNP urges EFSF to issue credit default swaps "
Wow, financial system inside a financial system.
Greece gas to hit riot fire this week...
http://ekathimerini.com/4dcgi/_w_articles_wsite1_1_21/10/2011_411285
That's perverse.
Obama Nominates Former Fed President Hoenig for FDIC Vice Chair
that should shut him up for a while
Yes, good gamesmanship on Hoeing's part.
Or very bad. Imagine the Senate sitting on the nomination until the BOA CDSs blow up.
Then they will suddenly need an adult in the room.
"BNP urges EFSF to issue credit default swaps "
A triple layered, upside-down, steaming bullshit filled, ponzi cake...frosted with attractive FT/Guardian/MSM propaganda frosting. Baked and served up to the middle-class to be shoved down their throat with a CME/CTFC approved margin hiked (paper) silver spoon.