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Big banks, huh? The bigger they are...
'I am not sure what possessed MS to increase their exposure to French banks by 300% within a year (I suspect same dearth of lending opportunities given trillions of excess reserves parked at the Fed). The French engagement ($39bn) exceeds MS’s market capitalization ($26bn) by far.'
Surely you can guess, no?
Uh.....the French paper paid higher rates and as US MM rates tanked fund assets shifted more toward Europe?
loose free money, looser spending...anything goes, as too much liquidity looking for quick in-outs...
french bankers have always been a big part of the problem.
but MS says they hedged
Things are getting scary in Germany.
The state sponsored media is pushing a new book called "Dare Less Democracy", which explains that democracy and democratic process is a threat to Germany!
The tinder-box in Europe is Islam Vs. White. When that blows, watch out below. They are keepignit dry for some reason/time.
The rollign Burkha bans are the sparks. Riligious intolerance in Europe? In France? Sacre Bleau! In a public bus in Paris I thought I was in North Africa. Rather exotic actually. All that perfume too.
Anyways, i digress.... and there you go. Islam Vs. White.
An Upper a Downer or Three
feel free to live there instead of in the tourist magazine depiction thereof
Dude, making generalisations based on a cursory visit is not very clever.
dude, making a statement about a cursory visit does not mean a) it was the only visit b) not imply that I may somehow be under-informed about situations.
It was a statement. is all.
But then, you are a drunken monkey.
If democracy is a threat to Germany, which over 60 million people died for to achieve, and as Germany is the de facto economic head of the EU, then democracy is a threat to everyone within the EU. By extension, I must assume the arguments would apply to everyone on the planet.
This is dangerous stuff. What would the reaction be in the US if the New York Times pushed the same agenda here?
The Europeans accuse us of being soft while they are rioting in the streets over austerity cuts. They don't have a clue what would happen here if this crap was ever let loose.
This is a very serious development at a critical point in history, and cannot be ignored. Thank you very much for this post, BarryG.
A very legitimate question. Does anyone know how many countries in Europe have anything like the second amendment? I know Italy has a fairly high percentage of gun ownership, i mean, heck they killed off all the game in their part of the Alps a long time ago, but I don't know about the rest of europe.
I just see another wave of creditor countries worrying about being paid back. At the end of the day, isn't this what has always lead the world into war?
Gun ownership of some form is allowed in every country in Europe to my knowledge, but for instance, % of pop with guns in GB is very low. Even Russia allows gun ownership (no handguns or full-auto), with a license, which is easy to obtain.
"What would the reaction be in the US if the New York Times pushed the same agenda here?"
Didn't Newsweek ask if the constitution still mattered? The reaction in the USA was nil.
strange how in most industie4s there are limits to how big you can get with anti monopoly laws but in the worlkd of finance big is ok particulalry if your faliure could bring the entire system down, all the better
ZIRP has caused all us to become maverick gamblers. This leverage into bullshit like France, Greece, pig bellies etc. is a consequence of that. Not the cause.
hey, feel free to go out and DO something with 0% money and earn a nice 5% ROI and be rich.
Don't you think EVERYONE wants to do that?
Where the fuck do you think your expected little coupon COMES FROM? Do all you savings account idiots think you're ENTITLED to 6%? Someone has to earn MORE than that to pay you your stupid coupon.
I love how everyone is a freakin jew now, DEMANDING that their money MAKE more money by virtue of existing. The bank can't find any borrowers at the rate you think you deserve.
makes sense. And that explains more about the contagion - gangrene - global effect, right on TD.
US MM are between a rock and a hard place.
Today they are buying the worst crap imaginable like MS and BAC
...on a dead cat bounce anticipating some kind of relief rally in the coming days. BAC could move up to 7.90 and still look like garbage.
Who is this mysterious 'they' you keep reporting about Robo?
Did 'they' also go all-in long at DOW 12,800 like you did?
they long term trend seems to be set
we are due for some rebound inducing disinformation shortly (seems like a 5-7 day news cycle at this point) - someone must be trying to play the bounces on the way down
the beast is not dead - prepare to be amazed
Run a news search on BBG terminal with "Christian Noyer". He's the frenchie in ECB. Go through the list and see how many times this muppet has been screaming "french banks DON'T need capital" or "it's absurd to say french banks need fresh capital".
Ladies and gents, France is "poof, it's gone". If u have anything in french banks or, well, anything that even smells like France i recommend u pull out fast.
Oh no, I bought a French gun (never fired and only dropped once). Are you saying I should drop it for the second time?
the French spearheaded the Libyan invasion...they are not pacifists like you think they are.
If the French are so hard, then perhaps they could fight in their own weight class against say ....... Germany?
French financial problems must have been solved - The CAC40 just rallied nearly 4% in 3 hours.
the bernank hoisted by his own petard. HA!
'We'll give you 0% for your money....for a fee of course'.
WOW its got to be REAL bad when people are willing to PAY someone else to hold their money for a guaranteed LOSS!
In other news on CNBC they had a guy saying Germany was hidding 1 trillion in losses.
Trillion here, trillion there.... no big deal.
STILL at DUH 10,800 after the baked-in QE trillions were not delivered, which should put the DUH at around 9,800 at least just going by the point QE3 started pricing in every bit of bad news.
Nothing but fraud everywhere.
if banks aren't going to pay any interest fractional reserve banking should be shut down
Exactly what I was thinking. The fuckers want to have the cake and eat it too. All the smart money is junping onto the other side of the "usury" trade and the banks don't like it. Fuck them, sounds like it is time for folks with sound money who perform their due diligence to be the "banks" for a while.
Sigh...the banks have no takers at the rates they can profitably lend.
Do you people GET THAT? There is no MAGIC fking LAW that says you get 6% interest on your stupid savings. You're lending the money to the bank at 6% so they can hope to aggregate and lend it to someone else at higher. Slight problem: THERE ARE NO TAKERS at those rates.
There is NOTHING TO DO to earn a positive ROI anymore. This is what CONTRACTION means. Debt growth WILL NOT occur, i.e., nobody will borrow additional dollars at a rate sufficient for you to get a stupid coupon on your goddamned savings account, in a climate of aggregate contraction.
Peak oil has shut this whole goddamned machine of compounding growth down.
its Zirp that made it worse you cannot have capitlaism without capital
European TARP. Europe closes green:
When listening to Salgado one would think that all is golden in Spain. Instead they have 21%+ official unemployment, almost 50% ue-rate for people under 25 yrs, massive housing bubble deflating, massive budget deficit, hidden debt, u name it they got it. And all we get is continuous DENIAL of all and every problem. Spain is toast folks. Take your money and run.
Are BNP's assets MTM or MTF?
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