• Gold Money
    05/26/2016 - 14:27
    Here’s a question that might have you pondering: Is gold a commodity? More importantly, are we doing a disservice to the gold industry by calling gold a commodity? These may sound like silly...

Gross LTRO Liquidity Injection - €489 Billion; Net: - €210 Billion

Tyler Durden's picture

Your rating: None

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 12/21/2011 - 08:40 | 2000497 flyr1710
flyr1710's picture

oh the irony of Soc Gen explaining this

Wed, 12/21/2011 - 08:42 | 2000508 jcaz
jcaz's picture

Exactly-  it's so misleading that even Soc Gen feels a need to clarify- priceless!

Wed, 12/21/2011 - 08:41 | 2000502 knight99
knight99's picture

people will be begging for the next crisis to be like the one of 08. The great reset is coming

Wed, 12/21/2011 - 08:44 | 2000512 AngryGerman
AngryGerman's picture

we are still in for a little bit more of muddling through

Wed, 12/21/2011 - 10:36 | 2000821 Manthong
Manthong's picture

There may be a bit too much clarity out there now to allow for the s.o.s. market.

They slung another .25 Trillion euro into the mix and it is obviously not enough.

Day of reckoning?


Wed, 12/21/2011 - 08:43 | 2000509 Irish66
Irish66's picture

523 banks is scary

Wed, 12/21/2011 - 08:50 | 2000519 Everybodys All ...
Everybodys All American's picture

Somebody is printing. Who?

Wed, 12/21/2011 - 08:55 | 2000531 GeneMarchbanks
GeneMarchbanks's picture

Somebody isn't printing. Who?

Wed, 12/21/2011 - 09:14 | 2000558 Everybodys All ...
Everybodys All American's picture

It better not be our Fed printing is all I can say. Because their will be more than a political price to pay.

Wed, 12/21/2011 - 09:25 | 2000601 GeneMarchbanks
GeneMarchbanks's picture

Nah. Fed printing is coming shortly, the only question is whether it'll include Euro debt or just MBSs. That's the way the cookie crumbles...

Wed, 12/21/2011 - 09:43 | 2000660 Ghordius
Ghordius's picture

It's the ECB - not directly, but the effect is the same "as if".

Tried to explain it here 2000582.

It does not look like QE to the German, Dutch and Finnish Electorates, it's relief for those govs that have a good hold on their banking systems, and it's more "political" than a simple QE.

Call it PolitQE.

Wed, 12/21/2011 - 08:51 | 2000520 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Rehypothecation II. The truth hurts.

Wed, 12/21/2011 - 08:51 | 2000522 AngryGerman
AngryGerman's picture

Now something really important:

Jennifer Lopez mistaken for her toy boy's mother

According to the Enquirer, Jennifer recently spat back at a McDonald's employee after she and Casper (a backup dancer) visited the fast-food restaurant, and one of the cashiers asked Casper if he wanted to pay separately to his mum.


Fuck this, I'll do her. I'll sit on her lap and suck on her titties like a baby, I wouldn't mind.

Wed, 12/21/2011 - 08:53 | 2000527 max2205
max2205's picture

Kick can

Wed, 12/21/2011 - 08:53 | 2000529 agent default
agent default's picture

And pretty much everything is crashing right now.  Ok, who collapsed this time?

Wed, 12/21/2011 - 09:02 | 2000539 AngryGerman
AngryGerman's picture

it's the amy whinehouse effect: an alcoholic can die when drinking again after some days on the wagon.

Wed, 12/21/2011 - 09:04 | 2000542 WonderDawg
WonderDawg's picture

Maybe the implications of Oracle's earnings are being weighed more heavily than another liquidity-scheme by the Europeans?

Wed, 12/21/2011 - 09:10 | 2000550 valley chick
valley chick's picture

Maybe rumors again of a French downgrade...

Wed, 12/21/2011 - 09:06 | 2000545 Freegolder
Freegolder's picture

You said:


In other news, don't forget to add €210 billion in net "assets" to the ECB's already record balance sheet of €2.494 trillion, bringing it to a fresh new record of €2.7 trillion'


I say, please have a look at the figures produced each week. They are for the Eurozone as a whole, including all central banks. One day, one day, you will acknowledge that, maybe?


The ECB is NOT the Fed.

Wed, 12/21/2011 - 09:12 | 2000555 trebuchet
trebuchet's picture

so, LTROs = funding to cover the next set of write downs?

Wed, 12/21/2011 - 09:14 | 2000557 falak pema
falak pema's picture

why is the Frankfurt based bank a greater hedge fund than the BofJ, BofE? FED???

Its beyond my comprehension. Granted its a hybrid structure today. But if reality is bootstrapped to give it de facto fiscal backed clout, not yet there, but in pipeline, then why should the world consider it more dicey HF than the FED. Agreed its Math is impossible, but so is that of Japan, UK, USA. They are all wallowing in inextricable debt and they are all totally incestuous, which makes it the SAME financial construct. SO why beat one bank, knowing full well its ALL the central banks who are joint and several.

Unless you consider "exorbitant privilege", a totally "political" historical reality, as valid "economic" argument, to justify FED's unique role in the 'invisible handed market'. The market IS totally manipulated by the Oligarchs, the GS cabal. Its not ZH who will contradict this "de facto" reality...

Wed, 12/21/2011 - 09:41 | 2000662 Dcheeth2
Dcheeth2's picture

In this respect, its possible that the difference is in the fact that the Fed, BofJ & BofE can print and monetise their way through difficult storms. The ECB can't. Its that simple, they are loaning out shite free air not paper cash created on the printing press.  

So, they are most likely hedging their bets on there being growth in three years, to get this money back.

Wed, 12/21/2011 - 09:18 | 2000563 vegas
vegas's picture

Questions? And they call this a solution? I suppose if you try and confuse everybody, nobody will ask why the hell you don't solve the crisis and stop this bullshit. Oh wait, that's right, to solve it Vampire Squid et al has to take a bond haircut and we can't have that. Better for the entire continent to suffer for a generation or two so that bankers can get their bonuses. This is fucking pathetic.



Wed, 12/21/2011 - 09:19 | 2000570 dcb
dcb's picture

OK, some background is in order here, and I foillow this stuff on a regular basis. all of a sudden this phrase ltro has appeared without much background on what it is. I know there is some ecb program to lend at 1% for three years unlimited liquidity. Is this that program. If it is I don't understasnt the bid/ ask stuff. that's a bond type auction from what it sounds like. WOULD SOMEONE PLEASE EXPLAIN STRUCTURE OF SAID LTRO. SORRY ZH, BUT THERE ARE AT TIMES YOU DON'T PROVIDE ENOUGH INFO ON THINGS AND ASSUME EVERYONE KNOW WTF.

Wed, 12/21/2011 - 09:27 | 2000612 AngryGerman
AngryGerman's picture


maybe start  by reading this:


Wed, 12/21/2011 - 09:28 | 2000616 Tyler Durden
Tyler Durden's picture

LTRO has been covered extensively in the past two weeks

Wed, 12/21/2011 - 09:31 | 2000634 AngryGerman
AngryGerman's picture

maybe dcb is a politician...

Wed, 12/21/2011 - 10:31 | 2000802 Schmuck Raker
Schmuck Raker's picture


Wed, 12/21/2011 - 09:22 | 2000583 trebuchet
trebuchet's picture

bifurcation not carry  trade: roll short term quality for long term ECB money while dumping sovs....  not dealing with underlying fundamentals (obviously) but still marginally positive

Wed, 12/21/2011 - 09:24 | 2000597 bnbdnb
bnbdnb's picture

EUR/USD 1.20 in a week, maybe two.

Wed, 12/21/2011 - 09:30 | 2000629 dereksatkinson
dereksatkinson's picture

Another LTRO is late february.  wow.. 

Wed, 12/21/2011 - 10:01 | 2000705 EZYJET PILOT
EZYJET PILOT's picture

It annoys when they pretend that this will stimulate lending to households. They always mention this in their analysis for obvious reasons, namely to appease the sheeple. There is no way in the world any of this will find it's way into anything but risk inflating measures.

Wed, 12/21/2011 - 11:21 | 2001013 Yen Cross
Yen Cross's picture

 I just want to refinance the ass end of the horse!

Do NOT follow this link or you will be banned from the site!