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It Just Went From Bad To Far, Far Worse As Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden
Remember when we said (yesterday) that Germany will soon balk over the fact that it is pledging its entire economy to bail out an insolvent Europe? Well, that moment has come.
Dow Jones just hitting the tape referencing Spiegel
- German Govt: Italy Too Big For EFSF To Save - Spiegel
- German Govt: Doubts Whether Tripling EFSF Would Help It Save Italy
- German Govt: Italy Must Make Savings, Reforms To Exit Crisis - Spiegel
- Italy Debt Guarantee Could Raise Doubts Over Germany's Finances - Spiegel
- German Govt: EFSF Should Only Help Small, Mid-Size Countries - Spiegel
As a reminder, yesterday's stopgap announcement by the ECB to expand its SMP purchases of secondary market Italian and Spanish bonds was merely as a precursor to full EFSF monetization until its comes fully online in September (or sooner) in a vastly expanded format (between €1.5 and €3.5 trillion).
If Germany is now against this, which appears to be the case, it pretty much means, well, game over.
Add the uncerainty over the unwind of the Europe rescue "gamechanger" as one of the more naive CNBC anchors said yesterday, and Monday is now guaranteed to be a bloodbath.
As for those saying China will gladly step in and fund a $5 trillion EFSF shortfall, they may want to read the following article from Reuters:
Italian Economy Minister Giulio Tremonti said on Thursday that Asian investors are reluctant to buy Italian bonds because it sees they are not being bought by the European Central Bank.
Speaking at a news conference, Tremonti also said it would be desirable for the central bank to follow the lead of the Japanese and Swiss central banks in taking expansionary steps to tackly the euro zone's crisis.
"I note that the Bank of Japan today launched quantitative easing and the Swiss cen bank cut rates to zero, we are waiting for decisions if possible, but desirable (from the ECB)," Tremonti said.
When you talk to Asia they say: "We don't understand what Europe is," he continued. "The second point is that they say 'if your central bank doesn't buy your bonds, why should we buy them"?
P.S. Time to unwind that Bund short we suggested yesterday. In fact, if true, it is time for a big rush to safety.
h/t London Dude Trader
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you remind me of a joke that someone posted here on ZH a long time ago, last year: when you die, you know you've gone to heaven if the English greet you, the French do the cooking, the Germans organize everything, and the Italians provide the entertainment. You've gone to Hell if the French greet you, the English do the cooking, the Italians organize everything, and the Germans provide the entertainment.
The shit storm has come in on the shit winds; ladies and gentlemen, we have a SHITACANE.
A shitzu-nami?
kingpin - shitcloud & fight w girl
If you went into this weekend holding long equity positions...my condolences.
For those who went into the weekend short...see ya here:
http://www.compasspointbeachresort.com/photo_gallery.html
first round is on me:-)
i got the second
See if you can make a weed connection while I'm making my travel plans.
leveraged short. Yeehaaa!
The can just bounced from the end of the road...
... and that's good!
The cat bounced off a ledge on its way to the abyss.
unfortunately i can only press the green arrow once.
All this time we thought we were kicking the can down a road; turns out it was a blind alley!
So does this blow up the euro? And if it does do we see a big rally in the dollar?
No. The ECB needs to be re-capitalized by the national central banks (i.e. taxpayers), though.
It was only words murmured in desperation to save their precious ponzi from freefall....We all knew there was not a chance Germany could cover this terd. We have gone global now, next stop war... tick,tock,tick,tock,tick,tock
This is game Over for the banking cartel.
I would hope so, but I'm not holding my breath...
Actually, it's just beginning. The fun's yet to come. You think they're gonna give up their newly-gained wealth? They've got the mostly universal human trait of greed on their side. They're gonna pay proles to kill proles, and it'll work, too.
Before they go, most ordinary people will loose their life savings/pensions/investments
most ordinary people will loose their life savings/pensions/investments
I thought the thieving TBTF (thru Bernanke) already completed this task.
This is awesome and for me sums up all that is bad about the monster that is the EU. I live in Ireland and we are sick to the back teeth with all the Eurocrats telling us what we can and can't do with our own politicians licking their boots. It's bloody sickening! Seems as though we cannot shrug the veil of being a subservient nation, it's like it's part of our psyche. We say nothing, do what we are told, but always in the past we eventually fought back. Do we still have that in us or has being part of the Eu machine completely crushed our spirit? Lets see..
you have a beautiful country my friend...good luck
Sure, the Celtic Tiger drank willingly from the EU's money spigot. Now that things have changed, I pray Ireland will find the courage to turn its back on the Continent, and go back to being an island.
Nah - they will build that friggin causeway again...........
www.youtube.com/watch?v=bBARpgnYKvU
If the knitter's weary, the "big baby" will have no new bonnet. ;)
how 'bout a good old "pog mo thoin" Banksters!
Viva la Iceland!
One of the terrors of striking out on your own is that you can no longer blame bad results on others. Some prefer the straight jacket to the pain of responsibility.
Just wanted to state that I've noticed (esp in this thread) that your discourse has really improved. You seem to have grown wiser (grew up?). Felt that I needed to say this after having (in the past) beaten on you unmercilessly. (NOTE: this isn't sarcasm)
You still got it in you. I'm 75% black Irish in the US, and I can feel the blood boiling. Next target I see that even smells guilty will taste a bullet or a blade. Comes from the old country, and I know you limeys haven't given it up.
About time Germany told the parasites to fuck off, long live the Deutsch Mark Bitchez!
Poor way to frame the situation.
Not really, I mean the whole ponzi can go down now, or later? Which do you think will hurt worse? We already see how Greece is dealing with it, right? Let's pile another few nations on there and let them extend and pretend, living large off the production of others and reneging on their debt in order to restructure what will be an inevitable default anyway, or we can let the ship go down now and deal with it like adults. I am sure there is a warehouse somewhere in Germany with trillions of DM on pallets waiting for the time they will see daylight again.
I meant the parasite thing. There's no moral or ethical high ground in this catastrophe. The parasite metaphor implies that there is.
Really?! There is moral and ethical high ground in this! Do not spend more than you have making promises to the masses you never will be able to keep because you lack the productivity to do so. Pretty fuckin simple. So you mean to tell me that it is ethically and morally sound for Germany's productive class to be on the hook for the largesse other EU nations promised their populace?! By definition they are parasites because they will be taking from others' productive lives to live on in their current state. You got to be smoking some serious serious hopium! As a final word here is some shameless self promotion to hammer my point home, lest you think I am above ridiculing and name calling!
http://www.youtube.com/watch?v=2sBmUszhP_Q
It's one thing when you walk through a swamp and get leeches on you, it is another when you apply them yourself.
The German, French, US, Japan and China have applied these leeches to ourselves. We offered loans to people, corporations, and whole nations for which they were not qualified, and they took them, what a surprise. Then when they couldn't pay them back instead of letting them die respectable deaths we we basically put the brain dead things on life support.
#41
http://www.youtube.com/watch?v=L_Kuo8lb6Bg&feature=player_embedded
Downgrade: America Thanks Tea Party?
Yes, America was downgraded becase 80 freshmen congressmen out of 535 demanded a balance budget. It wasn't because the country was spending $3.9 trillion while taking in $2.2 trillion of revenues. It was those extremists who wanted to reduce the deficit. Never trust a person who is balances their budget and is not drowning in debt. Only insane people live within their means. We need to keep heading down the same path that got us here. Keep bailing out Wall Street, blowing up other countries, and expanding the welfare state.
Well, tax rates are at 60 year historic lows. Recently, Obama and the democrats proposed 3 trillion in cuts with 1 trillion in revenue increases. If you wanted to cut into the deficit, that was the best offer on the table. Enact that and you cut the partisan crap, allow for a common decision (common sense needs to be common you know) and avoid a downgrade. But the tea baggers and other Repubilcans's rejected because the 4 trillion dollar deal over their Lemon Pledge. You know, Gover Norquist's anti-tax pledge for those who think government is a lemon so they refuse to fund it.
Of course, the lemon pledgers still want the benefits of the programs they oppose. If raising revenue is an anathema, when exactly are the Pubs going to pay for the Medicare Act of 2003, the Afghan War, and the Iraq War, all of which were funded by borrowing? Hey, its only been 8 years. last i checked, all three government programs are still running. And all those programs were voted in by lemon pledge signors including, Kantor and Boehner.
And if the Pubs want to cut spending? Great. Its not enough. Curious thous that they don't want to cut any corporate welfare programs which directly benefit the Koch brothers. Apparently, tea baggers think some corporate welfare programs are really important.
President Eisenhower, a REAL republican and a REAL fiscal conservative. He repeatedly kept tax rates high in the 1950's to pay off the WWII debts. But Tea baggers believe Eisenhower was a commie liberal. Seems to me tea baggers claiming they are fiscal conservatives has the some forceful logic as Harold Camping followers claiming they are rational christians and we better prepare for rapture. Confusing the lemon pledge with fiscal conservatism is really dumb. It simply justifies "borrow and spend" over "tax and spend." Seems to me that spending is an issue--and I'd say it is--but tax and spend is the better of of two bad choices.
Turn off the TV and try to think for a change. Maybe read a book or go outside and try to earn a living.
Lexington Duffet
America is in this current dangerous dilemma because of both parties. Neither one will put the country first. Neither one can say they made a fucking mess of things.
Sadly, the momentum is still going the wrong way. Everyone seems to be expecting a miracle, that the cavalry will come charging over the hill and save the day. Economic "miracles" are far less common than curses.
Even magic printing buttons have a cost, contrary to our Princeton book-learned academic.
Only the return of American manufacturing, hard time for our financial criminals, and hard work by all Americans will get us out of this perpetual bullshit cycle.
The highest tax bracket was 28% under Reagan, you dumbfuck sheeple.
That's $300 billion in cuts per year after an increase in spending of $1 trillion per year. Braindead Craps like you are using the 0bama budget of $3.9 trillion as the new norm. Even with that Crap deal, the deficits would be at $1.2 trillion per year, you fucking moron.
If a shortage of revenues is the problem, when exactly are 0bozo and the Craps going to pay for the payroll tax cut that they want to extend
Last I checked, 0bozo is the president and the Craps had full control of Congress for two years. They could have ended the Iraq and Afghan wars at any time. Instead they chose to start another war in Libya.
Woodrow Wilson was a REAL democrat and REAL fiscal conservative. Tax rates were 2%. The serfs paid their fuedal lords 10%. Today's Crap brains want 50% of their serf's earnings. You Craps can give 0bozo all of your money but you choose not to because even though you are fucking idiots, you know he's a bigger fucking idiot.
I'm curious why the Craps never whine about parasite banker George Soros wrecking economies around the world and parasites like Jeff Immelt of GE shipping jobs to China and not paying any taxes. Could it be that those two parasites supported the Holy Messiah and are now exempt from paying the punitive taxes that they want imposed on everyone else?
I think $2.2 trillion in taxes is enough for the federal government to spend each year. That was Clinton's budget during his last year of presidency. You think Bill Clinton was a good president don't you? Were you sitting there 11 years ago thinking the government was too small?
Top income tax rate in the early 1960's was 91%. For many years afterwards it stood at 71%.
For most of the 1950's to 1970's, corporate tax rates stood at between 48%-52%.
"tea baggers"?
Clearly you're a moron (whether you believe what you say or you get paid to say what you say).
The VAST majority of tea party ppl are common sense folk that have not ever been activist of any kind their whole lifes.
Did you see the mall after that GB event? NOT A SPEC OF TRASH. This sleepy giant has awoken and is going to take out the trash (like you) out.
Just hope for everyone sake (including your pathetic self, ironically) it's not too late.
Agreed. The "tea bagger" shit is getting old, however, it has become self prophetic as we are the ones who will dipping our balls on their foreheads when this shit it over with.
Thanks for clearing that up! ;>)
"Yes, America was downgraded becase 80 freshmen congressmen out of 535 demanded a balance budget."
And there still isn't a balanced budget, therefore the Tea Party really had NO affect (when measuring the bottom line). I don't like the movement (now hijacked by a bunch of idiots- but this is always the case, and it's why I don't do group shit), but I will defend logic till the end...
clearly you didn't grasp the mob rule context in our loss. We (the tea party) got steam rolled by the status quo.
That video was a joke JW. Why post that kind of bullshit on here?
It is funny to see the idiot monkey's jump out of their skin over a GAG Video! but as well it had that Eddie Murphy vibe of making fun of ALL the different idiots who are playing Russian Roulette nowa dayz! I like that, fuckem ALL if they cant take a Joke!
Evelyn De Rothschild Warning Masses - Too Late (Holding Bonds, Oil, Gold)
http://www.youtube.com/watch?v=7Fw1RMKWypo
It wasn't funny. None of this is funny. It's sickening and it's tragic.
I have read your posts for a while and up until now I have bit my tongue. But I just have to say that you are a complete moron. If you believe that taking on more debt and continuing to feed the banking pig is a good idea then you deserve everthing you get when the shit finally hits the fan. Trying to blame this on people who want the government to live within their means is complete idiocy. But I just have to consider the source to confirm my suspicions.
Debt is money. More debt is more money. In a deflationary debt collapse more debt means the system is more liquid. Of course if you want to collapse now then I would take the austerity route. The road to hell is paved with good intentions.
Debt is not money. Gold is money. If you believe debt is money go run up your charge cards and then don't pay them. See what the bank says when you tell them I'm in debt therefore I am rich.
Gold is an asset highly convertible into various currencies by way of traders. It is not money. The Fed creates money by issuing debt, every loan you take out creates money. Money is debt, learn this lesson and you will understand more clearly how the game is being played.
You seem to understand how the game was played. What is happening now is the game will be changed. Debt based money is the problem, not the solution.
I agree 100% but how do we get from here to there without anarchy in the streets? A debt collapse death spiral is the worst possible option to restructure to a sane montary system. At least with debt expansion we buy time to educate more of the populous to reject the proposed restructure that undoubtedly will be more of the same.
Anything OTHER than anarchy means that TPTB have control. Anarchy = diversity, and diversity means a lack of centralized control. But, yes, if you're not wanting anarchy then by all means sign up for your shackles...
Debt is the illusion of money. You can't have something that is one entity's asset and another entity's liability serve as money for a long sustaned period of time. Gold does not have counter party risk and is therefore the only thing that can be used for money over a long tome frame. The average life span of all fiat is 40 years.
Fiat money is Play-Doh.
I'm not disagreeing with you I have been in the gold community for many years both shares and physical. The money system is collapsing from the debt hockey stick exponential curve. Those on ZH who think that we can austerity or way out of this are delusional. You could cut every gov program at this point and it wouldn't stop the collapse, in fact it would acelerate it. The 1000+ derivative nightmare is lurking out there waiting for the next trigger which complicates things further. Austerity equals sure death. Debt expansion may be a hail mary but its the only option left. Unfortunately the political will to do it has been exhausted leaving the central banks. Interesting dilemma.
reefermadness
When you say debt is money, I assume you are referring to the other side of the Fed's balance sheet.
But this rests entirely on the implicit full faith and credit of the United States, just like Fanny and Freddie.
Money debt has been expanding at a far greater rate than the economy has been expanding and that the economy can ever expand in the future.
The only unknown I see, for which money creation is being justified by the Fed and their ilk, is within the quantum of crap paper assets contained at the Fed and the TBTF. Bernanke is/has been providing liquidity at the margin, partly to provide money for bonuses.
That is where liquidity has gone. It has not gone into the real economy.
So in this reefer world of economic expansion of debt and zero expansion in the economy, money can be paper, electronic , gold or silver. It is up to the individual to decide which money form will have acceptance tomorrow.
But debt is debt. Easier to acquire than to eliminate.
Austerity- paying for past debts, unfortunately, is long over due. They're knocking at the door.
OK, then name ONE country that has ever paid its debts? They all default. Austerity doesn't work it only makes life more miserable for those who hold out hope that it will.
You say "collapse" like it's a bad thing...
Listen, anything based on perpetual growth on a finite planet is going to FAIL. What else needs to be known?
The money system is collapsing from the debt hockey stick exponential curve.
The only thing raising the poosibility of collapse is some arbitrary limit to more debt, like the dect ceiling.
If there's no such arbitrary limit, this debt thing could go on and on, no problem. If the debt ceiling automatically rose as more debt was created, no problem. It could get to 100 trillion and keep right on going, no problem.
That's exactly how it's going to play out. They'll simply disregard the debt ceiling if they have to.
Deflationary collapse isn't the problem because it's not going to happen.
Hyperinflation and collapse of confidence in the the currency is what's going to happen. I guarantee it.
It's not just the US dollar. It's the Euro too. Like the Fed, the ECB will print and print and print and keep printing till the Euro is worthless.
what the fed creates, is definitely not money, but a caricature
more like a grand illusion...
http://www.youtube.com/watch?v=lpqbn6xWH_g
LMAO! Pass the doobie! You're high as a muthafuckah!
Hey, Sen. Schumer, that gun to the head analogy works better for the IRS than the Tea Party.
That was moronic, but I guess you know your voters better than I do.
What are the universal word's for "printing press" ?
"Hope & Change"
"I didn't mean tomorrow or next week" !
I'm wit ya.
Hope and change... and for that matter reading, threatens the hierarchy that I like very much.
join me now to stop collectivism (and reading) where ever it rears it's evil head.
because we all know that only collectivists read
I love how the hope and change is shaken up Wall Street and ended the constant wars
slewie is bullish on safety, BiCheZ
Come on, you know: Safety not guaranteed, bitchez.
What is that ticker symbol: OSHA ?
No, it's: SHTF!
No the ticker symbol you are looking for is: RGR
for those in the US i recommend gold & silver US Mint-produced coins, FRNs, food and other supplies, including bicycles
go long, BiCheZ!
Aren't Schwinn's "Made in China" now ?
yes, but they are assembled by american pirates!
here is a link to their products @ kmart, but there are several pages to the line: Schwinn Bicycle from Kmart.com
other super stores carry the brand too, of course, and they also have a more stylish line which i have seen in one of the local shops.
i use bike shops and super stores. last winter, i purchesed a bike from KMart which was on deep sale. someone had messed up the front brake and i got a further cash discount, plus the promise to bring it in and have the bike guy fix it. but, he's not there every day. and, i know from experience it is hard to catch him, when schedules change.
so, 3 weeks later, i'm still riding around with one brake. i saw something else that would be fine, so i took the bike back, with the receipt, and they counted out the cash to me. it took 5-10 minutes. then i went and bought the other bike and rode home. The End.
http://www.youtube.com/watch?v=rli2mlB6OBg&feature=related
Like NEW is the only way one can get a bicycle?
I've NEVER purchased a new vehicle, car OR bicycle. Doing so has meant that I've been able to get better quality for less.
But back to point... there's a bazillion bicycles in folks' garages (vast majority barely used, it at all), so many in fact that there's no need to manufacture a single new one again!
Double up !
or
Double down ?
Its noice that the world's demise can no longer be blamed on the united states but on the idiots in Europe
not until Tuesday. Monday it's the US.
Italy crashes the same day MTV aires Season 4, Episode 1 of Jersey Shore -- filmed in Italy.
Coincidence? I think not.
perfect
Maybe the Jersey boy's taught them how to "Fist Pump" for a reason ?
Nein Bitchez!
We need more wars bitxhezzz. On another note from the Dump State of USA.
Tolls may rise at Holland and Lincoln Tunnels, GW Bridge, Hudson River crossings, PATH train: source
http://www.nydailynews.com/ny_local/2011/08/05/2011-08-05_tolls_may_rise_at_holland_and_lincoln_tunnels_gw_bridge_hudson_river_crossings_p.html#ixzz1UCVt0OyF
Most New Yorkers like to take it up the ass. That's why they keep voting for those crooks. Soon it will be too expensive for anyone to do business in Manhattan
What the article fails to mention is that the Grorge Washington Bridge was built in 1931 at a cost of $59 million. At current toll rates it generates $1 million per day in revenue.
Expensive? WTF do you intend to do when the lights go out, the water and sewage treatment stop, and the bridges and tunnels are blocked?
Good luck, city dwellers- something tells me you may need it. If you make it out my way and have the right attitude, we may be able to put you to work.
Its about time for Germany to stop bailing out the rest of Europe. It is not Germany's fault or problem that these others countries screwed up their economies. Stop taking from those who are productive and giving it to the unproductive, especially when the unproductive squander what they have.
The proles have been taught the well is bottomless. Why save?
It will be even more interesting when the market prices in the fact that we live in a world of finite resources.
The proles do ok, add the extra black money from working fly shifts, part time soft drug dealing or petty crime that a lot of those on benefits have time to get up to as well.
I know one benefit couple who have the girlfriend registered as the carer of her grandmother so she gets a bit extra but the only job she ever does is mow her lawn, once a month, only in the summer.
I have known a few people on benefits over the years and sure they couldn’t dream of my standard of living but they get by and still have enough for smokes, a few cans of beer or half a bottle of vodka at the weekend.
When you consider 200 years ago these people were being dressed up in red little uniforms are sent into battle like real toy soldiers , its an improvement and they know it.
g,
Now that I think abou it,by jove.
Why NOT?.
Is Germany so different than the FORMERLY most wealthy/powerful nation on the planet..........they fooked US, why not everyone just get fooked.
TIme for a Jerkle Cirk.
So, sick of this shite I could Scream..................
For all those who saw this coming and told friends---Don't expect respect, they will blame you! However, the next time you speak they will be listening more attentively.
I had been preaching this to all my friends, up until a year ago.
You start talking about it and everyone gives you that glazed eye look. There is no quicker way to ruin the party. LOL
The response is usually "Do you really think they are going to let us fail"
mmmmmmmmmmmmmmmmm'
Fuck em'
A sheep is a sheep is a sheep.
What the hell do they "need" us for when they've been grooming about 4x the amount of middle class sheep in Asia to take our place? Contrary to popular belief, any era of facism is -not- over. Their best days (and record-shattering profits) are still ahead. Only thing is, we're not part of it.
yes...i was warned not to be so "doom and gloomy" else no one would invite me out anymore...:(
Yep. I did wake up one guy, and he's paying attention now, but he still doesn't understand the scale of this thing. But hey, at least we tried, right?
Well, I'm too busy on my farm to join in their reindeer games. I'll be sure to be just as friendly when things turn...
@ threeggg, a couple of guys I am talking with are BEGINNING to come out of their slumber.
Other than them and the already awake, I have given up. Not worth the trouble and being ostracized.
I tried. You tried. Fuck 'em.
Don't talk about The End Of The World being Nigh. You just sound like a nut.
Talk about how you make money during a bond/currency crisis and how to protect your wealth. People act on that kind of information.
That's 100% correct. I'm averaging about 66% conversion rate in convincing people to prep harder and invest in PMs. That'll have to do, as it's now probably time to shut up and hold on tight.
Hyperinflation on the way!
There's a guy in Der Spiegel who has doubts about capacity to save Italy, which coincides with a assertion of some unknown Chineese guy who has some other doubts wheater to step in buying of Italy's bonds...Yeah, which means that Euro is dead...mmmmmokay...
Forget it guys, that's aint gonna happen. Chineese are massively diversifying what's left of their US Treasury assets and guess what they're into now? Yes! Thank you young man in the first row...It's Euro! BTW, Yesterday they (Chineese) did say that world needs THE NEW RESERVE CURRENCY, and ASAP! I don't think that sinergy of all US portals, including ZH, wont do much to eventualy bring down the Euro prospects in this...
P.S. I'll throw one predicament of my own here...In a few years, maybe even next year, it will be much more about Chineese rating agencies (especially one) and about their say in terms of debt solvency throughout. But, you can ridicule them for some time more...enjoy!
I don't know, Red. I'm not too impressed with the china gov boyz. the morons bought plenty of U.S. I.O.U's over the years and supposedly are now holding 1000 tonnes of gold. BFD!
They started the buy program not when gold was $300., but when it was $1200. Sound real smart? Now they are selling Dollars for Euros. Hmmm. Do we buy charmin or do we buy angel soft? Besides, do you really think they give a shit more about Mr.Kow tow, than our G men give about Joe blow? Whatever.
"Sinergy " as in "sino" or as in cyclical, either way I like the misspelling.
Unintentional double post.
Herd all the morons into t bills and then pull the plug. Bankster 101.
Apropos on the agriculture reference. There's a reason banksters raise their young on farms and ranches.
And the Black Hand gears up to assassinate a puppet politician somewhere in Eastern Europe...
I still have some old franc, lira and mark coins did not convert to Euros.
What Would Hugh Hendry Do?
German Bundesbitchez T.I.N.A (There is no Alternative) Angela Merkel, will have a Telephoneconferenz with Obama and Sarkozy and the German (ignorante) Bitchez will go in to the fire for the whole Eurozone. Burn deutscher Michel, burn.
Wish Mama Cass were still around to sing----Monday ,Monday ---
http://www.youtube.com/watch?v=h81Ojd3d2rY
And California Dreaming and Sing for your Supper, et al.
And he doesn't think the Swiss Central Bank cut rates to zero because they don't want any more flight deposits?
He's on the ball that man. Europe is in safe hands.
Not going to be a good week for bulls. Unfortunately, we could have another commodity meltdown, taking down gold, oil, copper, etc.
Copper had a massive downside reversal on the highest volume of the year.
http://www.wallstreetbear.com/board/view.php?topic=84940&post=303281
I doubt gold will be able to hold up, either. PM bulls are likely to also get slaughtered in the the Monday massacre
Yes, and as we know from the past, your gold calls have always been spot on.
You ever hear of buying on weakness? No, I didn't think so.
In a post-apocalyptic world, I'd want Robo-trader to be part of my gang. He'd be like the moral officer, or some shit: there's always an upside to everything.
edit: I didn't really go over his post... he was positive this time, wasn't he?
The people you want with you in the post Peak apocalypse are those who can hunt/snare small game, farm, endure hunger without stealing and
Keep Their Mouths Shut about where they will be.
Ja and zee women would have to be of a very stimulating nature....
siegggg....
dr strangleove voice.
I am PM bull myself but I will say that silver is the hardest of all any investment to call (other than just buying physical and holding onto it through time). When the market is down, it follows the base metals down (like Thursday), and when the market is up (like Friday) it did not react as the base metals or follow gold either. Silver is simply the favorite whipping boy of the Wall Street Elite. In the end, physical silver will no doubt be the way to go, but I will invest/trade in other markets to make the funds to purchase the physical in the future (though not waiting long to do so). In this case I have to agree with RobotTrader that even though gold and silver SHOULD zoom up from here, perhaps silver will indeed follow the base metals down again and even if gold soars, they can bash silver in spite. Also, after gold has had a good run-up, you can bet they'll raise the margins in gold to take the prices of the precious metals complex down again.
Makes sense if you can clear the fog off your eyes, and look at history. Gold marks a person as one of them, silver represents the middle class. Middle class is not only about $$$- it's about a certain level of education, mostly involved with the nuts and bolts of making things work, as well.
Smack down the middle class is job #1 for the elitist douchebags, because the middle class breeds the generals who lead revolutions. Engineers, tradesmen and foremen have the ability to win battles- fry-cooks and service reps don't. Buy and hold until the time comes, because the generals will trade in silver, as they always have done.
Silver investment is the only vote for the middle class any of us have right now.
I am PM bull myself but I will say that silver is the hardest of all any investment to call
You're speaking of the paper silver market, which they can keep suppressed via naked shorting and other criminal manipulations.
But they can't suppress the physical market. It's pure supply & demand.
When supply falls behind demand, price will go up. Just be patient ...as you pointed out:
(other than just buying physical and holding onto it through time).
If gold/silver were traded only for their industrial use, I might agree with you Robo. PMs already up 2% in trading in India (whose markets were open on Saturday). Capital flight from Europe and US Treasuries has to go somewhere. PMs will get their share.
That should send EURCHF closer to parity.
Mmm, so what happens on the U.S. market open. Thankfully I'm out of nearly all long positions, save a couple of energy utilities. I'd need oxycontin to sleep if I had a lot of open positions this weekend heading into Monday.
...I hear the hoofbeats of the beast, the Lesson is over. http://bible.cc/revelation/6-5.htm The sound of a RUSH through the stargate, down into the bottomless pit of the black hole, ...is ringing in the ear. http://www.youtube.com/watch?v=YbgbLfDIVUQ
Saudi Arabian market, first to open, down 5.5 percent. Mama Kass where are you?
There's a new banking index....it's called the HUI and made up of companies that print real money - called gold. The junior banks - exploring for real money (gold) and traded in Canada (you know...the only country in North America with a AAA rating)....will explode making the internet stock boom look like childs play. The fun starts Monday for those who want to play early. Most will wait until prices are much higher like the crowd that got into internet stocks in Jan 2000 right before the crash.
My Dear Extended Family:
It was Friday evening in London when I wrote this piece after excusing myself from the GATA conference festivities to report back to you.
I will be back at my post in the AM on Saturday ready for the battle ahead, assuring you in the process that victory is ours.
Allow me simply to summarize what exists in the gold market at the present time:
1. There are no signs whatsoever of a top in the gold price.
2. When $1,650 was selected mathematically based on probabilities it was simply the first level off the bottom that might have offered a top. It has not.
3. The key number in the gold market is $1,764.
4. As gold approaches that number you can anticipate furious but very short price reactions.
5. Thursday and early today you may have witnessed the last great attempt of the Short Cabal to discredit gold shares.
6. Various member of the voluntary Short of Gold Shares Cabal are quietly looking towards the exit.
7. There are quite a few hedge funds now seeking quality gold share positions where the leverage might exceed the percentage leverage left in gold itself.
8. Dean Harry Schultz said that I should call him when gold trades at $2,400.
9. Stay near your phone my dear friend of more than 45 years, Dean Harry.
10. Alf Fields, a man a great integrity, went silent two years ago because he did not want to publish short term interim highs that might have lost gold positions for the less than fleet of foot. Before Alf went quiet he spoke of $3,000 plus. I believe Alf to be the man to watch, if he will speak.
11. The compromise crafted by the US Senate and House by which the debt ceiling was raised is the event that has broken confidence in US financial management internationally. History books will point that out as the low point of judgment in this entire drama.
12. As long as the good Lord permits me, I will be by your side. My job is not to pontificate but to identify resources for you. Every trade has two events. One is in and the other may be diversification. I dedicate myself to seeing that clearly for you. A virtual reserve currency is coming. You will not be able to own or trade that virtual reserve currency as you have been able with the dollar. Gold will be attached to that virtual reserve currency via a broad measure of world liquidity. It will be something akin to a planetary measure of liquidity as M3 was in the past for the dollar. That linkage, which is not convertibility, will translate into price, but no central bank of any nation will need to add to or delete from their then reserves.
The Goldmans of the world will invent OTC derivatives and maybe even a listed second derivative to speculate on word liquidity via the gold price. There will be no 1980 type collapse in the gold price. Over valuation which occurs in all bull markets might be by 20%. This will result in producing gold mining shares becoming the utilities of 2016
onward.
Respectfully,
Jim Sinclair
BTW, CNBC announced last week that they are programming a "GOLD" show this Tuesday; I wonder if that's still on?
The BlowHorn and gold? Here's their resident "expert",
Dennis Gartman told CNBC on Friday that the status of gold as a safe haven was under threat.
"Gold is not safe. Gold moves $40 to $60 to $80 a day, that's not safe," he said. "The U.S. dollar probably is somewhat safe, but the US dollar securities at the short end of the yield curve is probably the only safe place in the world right now."
http://www.cnbc.com/id/44030531
Jim's the man.
They either print a couple of trillion euros or else the Euro is finished.
The EFSF is just fiscal masterbation.
My bets are on printing in extremis.
This all smells of ameteur theatrics now - I was wrong about the Bundesbank - they know exactly what they are doing and are following the BIS rather then the US treasury rulebook........ I think......
Its either $$ dollar bitches or Gold Bitches - nothing in between Bitches.
To be honest I am not quite sure where this is going - my bets are on the Euro and therefore Gold but I could be wrong.............
game time...8/8/11 will be known as???
all i got is monday bloody monday (thanks bono)
"Just Another Manic Monday"
The Bangles (lol)
Case of the Mondays
http://www.youtube.com/watch?v=Dq72lrDRXpM (DJ Shadow version)
http://www.youtube.com/watch?v=CP02PlLgJqc (original)
DJ Shadow ftw.
the shadow knows...endtroducing was the shit
Evil in the hearts of man ...
that mos def mix is dope. one back at ya:
http://www.youtube.com/watch?v=7HH_Ha3cEHU
UNKLE (post dj shadow) - Burn My Shadow
I have burned my tomorrows
And I stand inside today
At the edge of the future
And my dreams all fade away
For most investors ... I don't like Mondays
http://www.youtube.com/watch?v=o2I84-A9duY