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Ratings Actions Out
From Peter Tchir of TF Market Advisors
Ratings Actions Out
Not sure why they felt the need to wait until 430 since most of it was leaked already. Germany back to stable outlook is good. Austria and France chance EFSF but guess that is what LTRO is for. Italy and Portugal would be in trouble in the real world but so long as ECB views them as money good the countries and banks can keep printing money (sorry use LTRO).
Roughly in line with expectations. I think the need to redo the EFSF and ESM concept is an issue that will need to be digested. Is BBB+ for Italy and junk for Portugal enough to cause some collateral provisions to be triggered or force some sellers? I don't think it will in any meaningful way but needs to be watched.
I'm surprised Belgium got by but then again it is a rating agency.
Will this spur any action by Moody's and Fitch? In the US they immediately came out in support of the US but Buffett doesn't seem to care as much about Europe so his employee's may be more willing to pile on.
With futures rallying hard after the close it will be curious to see how Europe reacts on Monday and what the markets look like Tuesday morning. Have a great long weekend, and out of sentimental value (and misery loves company) there are at least two index traders that got stopped out on IG7 shorts and flatteners on MLK week back in 2007 at the all time tights:) Always a weird time of year.
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Tell us something we don't know.
The world was waiting for downgrades by Standard and Poor's for various European sovereigns. In reality...who cares?
Tell us something we don't already know and while you're at it why not tell us something EVERYONE already does know?
The entire global financial system is a total sham, scam, fraud (with obvious intent) and a liar's den.
Why not just tell it like it is? Why not just tell us that if we are sitting on paper promises...we ain't got squat! Now that would be a breath of fresh air wouldn't it?
But no, the game of "pointing the finger" away from the U.S. continues.
It started back in early 2010 so we are now nearly 2 full years into it. Anything and everything is being done to keep attention away from where it really belongs, namely that the currency that the entire world uses for transactions (though this is changing) and for reserves is false.
THIS reality will at some point be visited and queried, this you can be assured of. The fact that Gold has risen (really the Dollar has devalued) roughly 6 fold in the last 11 years illustrates that the market place through muted smoke, mirrors and general stupidity is and has been placing bets that all this global paper is worth(less).
What a joke financial journalist's are today.
With straight faces they worry about Netflix, Gamestop and Sears while governments are mathematically bankrupt. "Governments" ... ALL governments because they virtually all use Dollars for reserves...everything paper IS broke yet we hear consistently of this plan or that one, none of which even hints at what the real problem is.
How hilarious is it that owners of Gold, Silver and the miners just went through the deepest emotional despair since 2001 when the bull market got started? Think about it, we are trading at $1,600+ Gold yet people were pissing their pants in fear.
5 years ago, 3 years ago, even 2 years ago investors would have been jumping up and down with glee if they knew Gold would trade to $1,600.
Fast forward to today and the bullish sentiment in Gold is virtually nonexistent.
"We" have already won the war, it is over because common sense, logic and pure mathematics says it's over. The only way to lose now is trade your positions in for the currency you fled in the first place.
Is the Dollar (or any other paper currency) more fundamentally sound today than the day you began accumulating metal? No... it is not, the Dollar has gotten fundamentally more screwed up each and every day for well more than 10 years. Nothing has been done nor will be done to fix the real problem...until "they" are forced to by the markets.
This is a currency crisis at it's core.
This is the largest, most wide spanding and worst currency crisis the world has ever seen. You cannot tell me that Gold, which has always been THE lifeboat through every past currency crisis will not float this time. I just don't understand "why" this time of all the corrections we have endured that the public is in a twit. Even the bought and paid for ratings agencies are telling you that the sovereign's are churning out paper that is more and more risky.
If you don't want to believe me, listen to S+P, they at least are telling you the proper direction if not scope of the problem.
www.lemetropolecafe.com
GooooooOO GATA!
I wish GATA had an infinite budget like the Fed has. Then this sham of a system could be brought down.
-John
http://www.youtube.com/all_comments?v=tcSIZg4wlgo
Better than the original post
it's so easy to kill the messenger,...?
were running out of messengers - whata we gonna use, carrier pigeons
From the sound of it, they'll just slap sticky-notes on the backs of Iranians.
It's the end of the western financial system as we know it. The've kicked this can down the road so long that we are at the end and there is no place to go.
+infinity, DavidPierre
Mr. Pierre,
I believe you, and I would like to take a moment to expound my sincerest apologies for the confrontation and we had last year in regards to Disney World.
I had a chance to view this debacle in a different light at the end of 2011 and it put our discussion into perspective. I am glad to see the way you are attacking issues these days. I hope, if for nothing else, you will forgive my juvenile postings and continue your good work.
EvlThePussy
Pussy:
Never no need for apologies.
It is all good.
This is Fight Club.
Quite frankly... I have forgotten that Disney episode.
Merci!
DP,
Fight Club it may be...
However, with the may things I may do wrong in life; I at least try to balance my mistakes by admitting when I am wrong and try to clear the air. I have expanded my personal perspective much since then.
See you in the aether.
Pussy :)
France should have had an extra downgrade. The ratings agencies all have conflicts of interest, except Weiss Ratings.. no plug intended.
S&P wants to remind everyone that its rating actions are only OPINIONS, so do not take it too seriously.
Gettin paid big fiat to have an opinion....is that a great gig or what ?
Yes.
But that's just my opinion.
If it's only an opinion then it doesn't matter, relatively speaking. Just ask that slimeball Lawrence O'Donnell (of some obscure TV channel).
http://www.youtube.com/watch?v=hP_7ePK773Q
Just take their opinion and disregard it and it is still AAA, relative to all the other fiats.
What the hell is this crap going on?
Pressure Builds On Hungary Over Economy, Constitution
http://www.eubusiness.com/news-eu/hungary-politics.eih/
Hungary isn't even in the Euro and the EU Commision is threatening them???
Official warning letters on those three areas would be ready to be sent if necessary next week, according to an EU source, and if Hungary fails to abide it will be brought before the European Court of Justice.
What the hell kind of communist bullshit is that?
https://en.wikipedia.org/wiki/Hungary_and_the_euro
The Keiser Report had a story last week or so that 2/3 of Hungarian mortgages are denominated in the Swissy. Apparently payments have nearly doubled as the Swissy strengthens against the forint.
And more to your point @Vaiman, I don't have a link, but I've read a couple stories that characterize the scrutiny on Hungary's central bank as a power play by TPTB to control the bank by bringing into the debt slave fold. Apparently there is resistance to this notion.
I pity the people of Hungary for the revised constitution which seems to screw them further, but perhaps the CB can withstand the external pressure and demonstrate the resistence is not always futile.
DISCLAIMER: That comment from the partiually informed
As of 1 Jan, VAT in Hungary is 27%
Why doesn't Hungary just default already. If they go, so goes Austria, then Unicredit and so on. I don't get it. Greeze is playing the extortion angle like a mafia Don, getting bail out after bail out under the threat "Save us or we will bring down Europe!". So why is Orban taking so much crap? What do the PTB have on him?
"Inquiring minds want to know"
It's just the latest installment of the European Soap Opera, which I see as a kind of idiot daytime TV, except it's played out in real history and the ratings for each installment are measured in millions of lives.
1. France tries to conquer Europe. They have really suave gaulic uniforms. The Russians defeat them.
2. Germany tries to conquer Europe. They have really cool gothic uniforms. The Russians defeat them.
3. Russia tries to conquer Europe. They have drab gray coats and drab gray hats. The Russians defeat them.
4. Germany and France try to conquer Europe. They have fine Italian suits and pastel-colored money..... What will happen?
Peter Tchir writes:
« I'm surprised Belgium got by ... »
We always do!
'It's great to be a Belgian' (Classic song)
"With a beer glass in my hand
Then you must understand
I'm a Belgian, and nothing worries me!"
http://www.youtube.com/watch?v=uTqknJDZrlI
Please stop waffling and take a side.
That's not punny.
Who cares about those hacks? What about this instead?
http://rt.com/politics/syria-iran-nato-rogozin-749/
Any conflict on Iran is a direct threat to Russia’s security – RogozinSo which bank has a run this weekend?
Is that a margin call I hear?
Not sure why any of this would be "good".
These aholes rated Lehman an "A" when they went bust. The ratings are always the last to admit the obvious - system failure is on the horizon and it's coming.
Apparently in Kazkhstan, people who want to underline how bad the economic situation of their country is are saying: "Do you know that Kazakhstan has now the same rating as Italy?"
Don't worry. The US gov't wouldn't let K-Stan go down the tubes.
After all, that's where the CIA stockpiled supplies in the months before September, 2001.
Ratings Agencys trying to control Governments and their actions. They are acting like the Judge and Jury on the Governments actions trying to take away the right of the Governments doing the right thing for their people. They have taken it too far.
We all know they are working for the TBTF Banks and their actions are designed to try and make the Governments force Austerity to make sure the Banks get paid off in full.
Do tell, what Government is "doing the right thing for their people" ?!? I'm looking for an exit plan.
+....ratings shmucks are both clever and lazy...?? ....methinx you are onto something...it's a great combo of talent.
I believe that the point of a ratings agency is to judge the entity in question. I believe people pay them to hear their opinions. Do you see a problem with that?
Maybe it would be better for the governments involved to do all this good for their people without anyone else expressing an opinion?
Maybe we should outlaw opinions altogether, until they have been reviewed by the entity in question? The following opinion, for example, could be submitted to the European Court of Justice before I would be allowed to type it up:
"In my opinion practically every government in Europe is made up of posturing, treasonous morons."
I am suspending my judgement on S&P ratings, let's say a couple of weeks, and see if they show their impartiality by donwgrading USA and UK.
Nah, it's fine. We'll just ask holders of Italian debt to take a 100% haircut, right?
Ya... that'll work... lol
"
Not sure why they felt the need to wait until 430 since most of it was leaked already."
The robots were turned off.
This is my gift to Germany.. and those who WANT to forget...
http://www.scribd.com/doc/77631294/TREUHAND-Looting-East-Germany
-------------
80% of EFSF funds come from Germany n France - approx 380bio E.
From Monday, EFSF is no longer a AAA hybrid orca.
Eurobonds are doomed as it were long before downgrades.
Also have a look and play with this ( html ):
http://graphics.thomsonreuters.com/11/08/EZ_BNKMP0811_SB.html
As i said yestarday, even Finland is on watch.
Austrian Banks have 4x the country;s GDP, exposure to CEE. That is, Germany is surrounded by ugly goats.
Germany is the ugliest of them all. But i will come back on that one later.
PP
All signs point to Phyzz.
http://www.squidoo.com/silvergoldbullion
Next up, action figures! :>D
With the US deficit climbing exponentially it's credit rating needs to drop. The Oil producing countries need to start turning away from the US dollar as a means of payment.
Bernanke and the Fed are on a mission to drastically devalue the US dollar even further.
Quite important... tomorrow election in Taiwan. If the DPP wins, it could get dicey.
jews love maximum damage
2006 redux
you don't think EVERYTHING serves jew interests? I know it does.
"EVERYTHING" -- that would include YOU as well, ya tool! Careful with those absolutes...
Also, your avatar is ugly.
ok, think of the usd as big turd sitting in the toilet which could be thought of as the global market. secondly, think of the euro as a little shitlet that was eeked out after the big turd and is hanging unknowingly by a string from the asshole i would call the banks. now think of the value of this euro shitlet come wiping time when suprisingly it transforms into a smear up the ass crack.
Maybe the ratings agencies should start rating movies as well. And restaurants.
Never mind the old saw, de gustibus non est disputandum.
I'm sure that S&P and the others could come up with a throughly irrelevant quantitative model.
That would be entertaining in and of itself.
It amazes me , that this doesn't have more comments? It just reaffirms market sentiment><
When the surreal becomes the real, the surprises are no longer suprises. Yawn.
Even if even the "money" may be real, we all know now that it is not.