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It Just Got Worse: Italian Treasury Just Announced It Will Not Sell 3 Month Bills At The August 10 Auction

Tyler Durden's picture


Little by little, Italy's self-imposed exile will completely isolate it from capital markets. Here's to hoping that €60 trillion in previously undiscovered money last the country for a looooong while.

Below are the BTP auctions that are now cancelled according to our count:


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Fri, 08/05/2011 - 12:07 | 1527156 King Dong
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Fri, 08/05/2011 - 12:18 | 1527211 caerus
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Fri, 08/05/2011 - 12:20 | 1527232 TheTmfreak
TheTmfreak's picture

I think a "bullish bitchez" is in order.

Fri, 08/05/2011 - 12:19 | 1527222 jus_lite_reading
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This might be the most important news of the week...

Time to open the M bottle!!!! I have been saving this for almost 15 years for this day!!!

Fri, 08/05/2011 - 12:36 | 1527330 Pizza spaghetti...
Pizza spaghetti and mandolino's picture

 Believe it or not, Italy can make it. Berlusconi will save Italy, notwithstanding all bunga bunga.

Will the USA avoid Civil War II ?

Fri, 08/05/2011 - 12:36 | 1527334 Pizza spaghetti...
Pizza spaghetti and mandolino's picture

 Believe it or not, Italy can make it. Berlusconi will save Italy, notwithstanding all bunga bunga.

Will the USA avoid Civil War II ?

Fri, 08/05/2011 - 12:09 | 1527160 agent default
agent default's picture

Well they are talking about issuing Eurobonds now, so this will presumably make all the Euro zone problems go away.

(Yeah right).  These guys are truly out of their minds.

Fri, 08/05/2011 - 12:07 | 1527162 bob_dabolina
bob_dabolina's picture

Just a few short days ago and over 1000 DOW points later I can't help but sit back and chuckle at Cramers advice to unsophisticated investors to buy calls. 


Fri, 08/05/2011 - 12:35 | 1527327 SheepDog-One
SheepDog-One's picture

Of course Cramer has his disclaimer and all calls he makes are for that minute in time only!

Fri, 08/05/2011 - 12:09 | 1527164 US Uncut
US Uncut's picture

Can someone give rough explanation about why this become negative for our market? Other than the broader implications that Italy is ... collapsing?  Why did the dow just do an about face and tank up to 200 points?   Why would not sell bills? DOesn't that raise money for them? Sorry, my understanding of some of this is not good. 

Fri, 08/05/2011 - 12:12 | 1527178 tmosley
tmosley's picture

They aren't selling bills because they don't want the market to price them as the junk that they are.  This is a way of pretending that all is well--fiddling while Rome burns.

Fri, 08/05/2011 - 12:17 | 1527201 hedgeless_horseman
hedgeless_horseman's picture

we are all currency traders now

Fri, 08/05/2011 - 12:20 | 1527229 j0nx
j0nx's picture

Kinda like how Obama BBQs and parties while America burns and mobs of his people initimidate and beat innocent white people without anyone calling it a hate crime? Yeah, exactly like that.

Fri, 08/05/2011 - 12:15 | 1527197 docj
docj's picture

Why did the dow just do an about face and tank up to 200 points?

GS putting the "GO for QE3!!!" rumor out there, perhaps?

Fri, 08/05/2011 - 12:23 | 1527245 SheepDog-One
SheepDog-One's picture

Cool! Im buying some more silver today on this dip waiting for the monkey boys to trot out all they know onto the stage...QE.

Fri, 08/05/2011 - 12:10 | 1527165 US Uncut
US Uncut's picture

Can someone give rough explanation about why this become negative for our market? Other than the broader implications that Italy is ... collapsing?  Why did the dow just do an about face and tank up to 200 points?   Why would not sell bills? DOesn't that raise money for them? Sorry, my understanding of some of this is not good. 

Fri, 08/05/2011 - 12:13 | 1527188 Quintus
Quintus's picture



Wall St. wants QE3 to kick off asap.  Any and all news received until that happens will be construed as negative and the market will be sold accordingly.  This will continue until Ben does as he's told.

A classic protection racket, in other words.


Fri, 08/05/2011 - 12:41 | 1527355 GeorgeHayduke
GeorgeHayduke's picture

I think we have a winner here.

Remember, in this market thinking like a criminal or mafia boss is the only way to understand what's going on. Unfortunately, such thinking is not my strong suit so I rarely do well in such environments.

Fri, 08/05/2011 - 13:23 | 1527539 Doyle Hargraves
Doyle Hargraves's picture

Yeah Wall Street wants QE3 and some more...I am still betting on the controlled demo of BAC in the near future to realize that end. The original mafia bosses (BAC) get to go on a boat ride in NY harbor and get some new shoes out of the deal. With that accomplished the vacuum is created and QE3/fiscal stimulus/bad asset backstopping to infinity will be justified by TPTB.

Fri, 08/05/2011 - 12:21 | 1527221 TruthInSunshine
TruthInSunshine's picture


Wall St. wants QE3 to kick off asap.  Any and all news received until that happens will be construed as negative and the market will be sold accordingly.  This will continue until Ben does as he's told.

A classic protection racket, in other words.


I edited my comment, because quintas is actually far closer to the reality.

Banksters wanna get their Heroin fix and are jonesing badly.

Fri, 08/05/2011 - 12:10 | 1527170 carbonmutant
carbonmutant's picture

McCulley on Bloomberg: "We had a Minsky moment where we repealed the business cycle and created this bubble of debt."

Fri, 08/05/2011 - 12:11 | 1527173 Quintus
Quintus's picture

Maybe they should send the little Italian plumber guy with the big moustache out to find enough gold coins to keep them funded.

Makes as much sense as anything else I've heard from the Italian FinMin lately.

Fri, 08/05/2011 - 12:19 | 1527220 Tortfeasor
Tortfeasor's picture

Let them eat smushed mushrooms!

Fri, 08/05/2011 - 12:11 | 1527175 JW n FL
JW n FL's picture

Jim Grant on Bloomberg - 20th June 2011

On Money Market Funds and why looking for yield in Europe is a BAD BET FOR ALL!

Fri, 08/05/2011 - 12:12 | 1527176 jkruffin
jkruffin's picture

US Postal Service reports $3.1 Billion loss, and warns of default......No wonder  Geithner needed 72 billion real fast.... This country is going in the gutter fast...

Fri, 08/05/2011 - 12:15 | 1527193 machineh
machineh's picture

'Your check's in the mail' takes on a whole new meaning. :-O

Fri, 08/05/2011 - 13:05 | 1527230 Tortfeasor
Tortfeasor's picture

But the radio ads tell me the USPS doesn't cost 1 red cent of taxpayer money...

Fri, 08/05/2011 - 12:09 | 1527179 scratch_and_sniff
scratch_and_sniff's picture

brutal euro spike there, if this is going to be the vibe in august i may get an extra box of diphers.

Fri, 08/05/2011 - 12:30 | 1527291 anonnn
anonnn's picture


Fri, 08/05/2011 - 12:13 | 1527184 buzzsaw99
buzzsaw99's picture

their cash would last longer if they quit paying the coupon.

Fri, 08/05/2011 - 12:13 | 1527185 TruthInSunshine
TruthInSunshine's picture

Not having to sell debt/bonds is the latest sign of pride, strength and invincibility on the part of Italy.



Fri, 08/05/2011 - 12:10 | 1527187 RobotTrader
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-1682 TICK, possibly a NYSE record.

VXO spiked over 40

Fri, 08/05/2011 - 12:15 | 1527190 EscapeKey
EscapeKey's picture

The PPT just drove up the DJIA from -245 to -43 in, what, less than 10 minutes?

Fri, 08/05/2011 - 12:13 | 1527195 Gibu The Great
Gibu The Great's picture

ECB says they are going to commit to buying spanish/italian debt.

At this rate we will be positive in 5...4...3...

Fri, 08/05/2011 - 12:16 | 1527203 EscapeKey
EscapeKey's picture

fucking lol! Why don't they just print us all prosperity?

Gold surging on the news as well...

Fri, 08/05/2011 - 12:17 | 1527207 tmosley
tmosley's picture

Debt monetization is bullish.


Fri, 08/05/2011 - 14:51 | 1527840 malikai
malikai's picture

We're saved!

Fri, 08/05/2011 - 12:17 | 1527208 Quintus
Quintus's picture

I wonder where they'll get the money to do that?

The EFSF is just about empty after dealing with the 3 existing bailout patients and the Germans do not seem minded to hand over another €1.5 trillion.

I call BS on that.

Fri, 08/05/2011 - 12:22 | 1527242 Gibu The Great
Gibu The Great's picture

The rain forest, of course. It's only paper.

Fri, 08/05/2011 - 12:27 | 1527266 Quintus
Quintus's picture

The Germans will have a conniption.

Unless they have radically changed their position on the benefits of Hyperinflation.

Fri, 08/05/2011 - 12:17 | 1527205 SheepDog-One
SheepDog-One's picture

Just so far today we've had almost 400 points of DOW swings, most of them 200 point moves within minutes....very confidence inspiring!

Fri, 08/05/2011 - 12:18 | 1527215 EscapeKey
EscapeKey's picture

I look f/w to the margin hike on ES futures. (as if!)

Fri, 08/05/2011 - 12:37 | 1527339 hedgeless_horseman
hedgeless_horseman's picture

flag as sadly accurate (1)

Fri, 08/05/2011 - 12:24 | 1527251 fuu
fuu's picture

Wow from -200 to -5 to -80 in the span of 6 minutes.

Fri, 08/05/2011 - 12:26 | 1527262 Gibu The Great
Gibu The Great's picture

Looking like we might swing positive yet. Ridiculous.

Fri, 08/05/2011 - 12:30 | 1527297 SheepDog-One
SheepDog-One's picture

And then probably end the day down -300.

Fri, 08/05/2011 - 12:36 | 1527343 Gibu The Great
Gibu The Great's picture

Annnndddd we're in the green. We'll go +300 on the Dow I bet!

I would like to see the Dow -300 at the close but I feel like we've been saved... for now.

Fri, 08/05/2011 - 12:15 | 1527196 Subprime JD
Subprime JD's picture

Hey I've been looking for your post! Im thinking 1168 is near term bottom. We just bounced hard off that level.

Fri, 08/05/2011 - 12:18 | 1527209 SheepDog-One
SheepDog-One's picture

LOL youre listening to Robo? The guy who was bragging about being all in at 12,700 for the big run up?

Fri, 08/05/2011 - 12:25 | 1527258 Subprime JD
Subprime JD's picture

Robo is the best and absolutely hilarious. 1168 is the near term low. ECB and the FED to the rescue.

Fri, 08/05/2011 - 12:33 | 1527333 SheepDog-One
SheepDog-One's picture

Whatever, Robo.

Fri, 08/05/2011 - 12:46 | 1527387 lieutenantjohnchard
lieutenantjohnchard's picture

my thoughts, too. he had to create another id to pat himself on the back. pathetic, but predictable given his narcissistic personality disorder.

Fri, 08/05/2011 - 12:15 | 1527191 Cpl Hicks
Cpl Hicks's picture



Wouldn't it be worse if they did sell 3-mo bills?

At least they got some money coming in what with shaking down all those who arrive from North Africa.

Fri, 08/05/2011 - 12:14 | 1527192 Idiocracy
Idiocracy's picture

60 trillion?  Lira maybe....

Fri, 08/05/2011 - 12:15 | 1527194 SheepDog-One
SheepDog-One's picture

LOL, I just dusted off my 'DOW 10K' hat, looks like today I might be putting it back on!

BTW Robo how'd that 'Im all in at 12,700 for the 'debt deal' huge run up' workin out for ya?

Fri, 08/05/2011 - 12:16 | 1527198 tmosley
tmosley's picture

Damn, I am feeling good today.  It looks like my long awaited high volatility plunge in silver is here, and this one wasn't precipitated by fake crap Osama bin CIAdin selling and margin increases.

The plunging price will keep physical off of the paper markets, and make me some good deals from those silver retailers foolish enough to continue to link their bullion prices strongly to spot.

Fri, 08/05/2011 - 12:18 | 1527212 anonnn
anonnn's picture

The time is 2011. Are redefinitions in order?:

God ?

Invisible Hand ?

fiat ?

Wall Street ?

Accounting ?

Justice ?




Fri, 08/05/2011 - 12:18 | 1527213 docsdoc
docsdoc's picture

Mafia financing

Fri, 08/05/2011 - 12:19 | 1527216 hunglow
hunglow's picture

Rush L. gives shout out to Tyler.

Fri, 08/05/2011 - 12:19 | 1527223 Highrev
Highrev's picture

So Tyler, just what makes your motor run?

Raising debt limits, unlimited borrowing and currency debasement?


Spending cuts, austerity, and a strong currency?


Come on, come clean with us. You can't have your cake and eat it too.

Fri, 08/05/2011 - 12:20 | 1527225 Archimedes
Archimedes's picture

Whoa -200 then -21. The market is truly broken. Even the Robots don't know what to do. Soon the market will just go dark....

Fri, 08/05/2011 - 12:20 | 1527228 r101958
r101958's picture

Dow just went from -200 to -40 in a matter of minutes. PPT.

Fri, 08/05/2011 - 12:26 | 1527261 TruthInSunshine
TruthInSunshine's picture

This proves more QE/methadone is not needed.

Fri, 08/05/2011 - 12:27 | 1527270 SheepDog-One
SheepDog-One's picture

I guess the FED has the jitters, cant decide whether to tank markets for QE or continue to rescue them. They got full manic depression. One minute sobbing in tears in the corner, the next jubilant and jumping around the room cheering!

Fri, 08/05/2011 - 12:31 | 1527319 walküre
walküre's picture

Ben is bipolar.

Fri, 08/05/2011 - 12:31 | 1527299 walküre
walküre's picture

The TSX is a better indicator. Heavy on resources. Everything in plain sight is being sold.

Fri, 08/05/2011 - 12:23 | 1527246 Franken_Stein
Franken_Stein's picture


And in order to tell us just that, you wrote an extra article ?



If I got $1 for every time the breakup of the eurozone was announced in the last 3 years, I'd already be a millionaire by now.

Tyler sounds more and more like Ambrose Evans-Pritchard.

AEP is also telling the same thing in different words over and over and over and over and over again.

For 10 fucking years now !

It's getting boring.


How can one make money with such uncreative and dull repetitive work ?


Fri, 08/05/2011 - 12:27 | 1527277 Ghordius
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"Tyler sounds more and more like Ambrose Evans-Pritchard"

Sad. True.

Fri, 08/05/2011 - 13:30 | 1527581 Coke and Hookers
Coke and Hookers's picture

Ambrose Evans-Pritchard actually seems to think that the Euro situation can be fixed if Germany and co just caugh up the money. Then he starts talking about the structural imbalances of the Euro (which suggests that it can't be fixed with liquidity). Ambrose actually sounds like two different persons wrapped into one - a eurosceptic realist who sees the Euro for what it is and a delusional stimulus keynesian who quotes Willem Buiter. Frankly I'm fed up with Ambrose's ever increasing flip-flop bullshit.

I don't think it's fair to compare Tyler to Ambrose. Tyler is like the realistic version of Ambrose, a doomsayer for the right reasons minus the flip-flopping.

Fri, 08/05/2011 - 16:34 | 1528180 Ghordius
Ghordius's picture

Yes, better. And no, you can't compare. And both are under the influence of the heavy propaganda that screams for an EuroBond and an EuroTax. Which is silly to hear from an EuroCritic.

Fri, 08/05/2011 - 12:23 | 1527248 walküre
walküre's picture

On a day like today, you want to make sure that there's ample supply of deodorant on the floor at the NYSE.

The wild swings make even me break out in sweat just watching it from afar. Imagine the guys working the floor?

Fri, 08/05/2011 - 12:25 | 1527283 SheepDog-One
SheepDog-One's picture

R2D2 down there sweating on the floor and rusting up!

Fri, 08/05/2011 - 12:27 | 1527267 mt paul
mt paul's picture

Italy found 60 trillion 

or is it 60 billion ...

Fri, 08/05/2011 - 12:29 | 1527305 walküre
walküre's picture

60 billion Euros today, 60 trillion Lira tomorrow!

Fri, 08/05/2011 - 12:28 | 1527282 Caravaggio
Caravaggio's picture

There were banks on the boot when Wall Street was just a muddy turkey's property with occasional bullshit here and there. Time is coming to eat some mud again, cowboys.

Fri, 08/05/2011 - 13:30 | 1527579 pods
pods's picture

They were prolly saying the same thing in Egypt when Rome was flourishing.  

We will crash, that is a guarantee.  But Italy rise?  Doubt it.

Italian banks only took off when one of the five arrows went to Naples.


Fri, 08/05/2011 - 13:32 | 1527587 Caravaggio
Caravaggio's picture

Until you crash, nobody will rise. Hope soon.

Fri, 08/05/2011 - 15:31 | 1527971 pods
pods's picture

I am all for a crash if that allows the people to regain their sovereignty.  Everyone in the world is stuck in this fiat web.

It is not centered in the US though, City of London is the center of the cancer.


Fri, 08/05/2011 - 12:29 | 1527292 SheepDog-One
SheepDog-One's picture

Up +100, down -300, back to even, back down -200....just another day in Bananamerica.

Fri, 08/05/2011 - 12:34 | 1527325 anonnn
anonnn's picture

Could there be 2 Invisible Hands ?

Fri, 08/05/2011 - 12:37 | 1527340 SheepDog-One
SheepDog-One's picture

Yes and theyre improperly touching us!

Fri, 08/05/2011 - 12:45 | 1527382 TruthInSunshine
TruthInSunshine's picture

All I know is that Mr. Margin's calls can't be refused.

RoboMomo knows this all too well.

Fri, 08/05/2011 - 12:58 | 1527440 Texas Ginslinger
Texas Ginslinger's picture

Tremonti saw the Goldline International ad here, with the smiling Glenn Beck endorsement, and is on the phone with them now putting in his order.......

Fri, 08/05/2011 - 13:03 | 1527456 Escapeclaws
Escapeclaws's picture

As a side question, I wonder about that quadrillion dollar nominal value mountain of derivatives. You would think it would be affected by all this or have something to do with these gyrating markets. Even with the non-nominal value being around 10% or less, we are still talking trillions. "What the hand what the eye, dare frame thy fearful symmetrie".

Fri, 08/05/2011 - 13:23 | 1527530 Coke and Hookers
Coke and Hookers's picture

"Little by little, Italy's self-imposed exile will completely isolate it from capital markets."

This is a good development. Nations should not participate in capital markets at all. What Italy needs to do now is to withdraw from the Euro, default on all foreign and domestic Euro denominated debt (basically pretend the Euro doesn't exist) and reintroduce the lira (or perhaps sestertii). Then they need to pass a law that makes illegal for the state to borrow money or participate in the bondmarket in any way. It will be a tough few years but lancing boils can be painful.

Fri, 08/05/2011 - 13:30 | 1527580 US Uncut
US Uncut's picture

I am sorry, I cannot follow this!!!  Up 100, down 200, up 125?????????? What the HELL is going on?!!!

Mon, 08/15/2011 - 04:05 | 1560801 nameman
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