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As Italian Bank Trading Halts Resume, The Borsa Italiana Breaks

Submitted by Tyler Durden on 09/12/2011 11:08 -0400

Just after the FTSE Mib announced it is in process of breaking once again, we get notification that the Italian banks are resuming their rolling halts as predicted earlier this morning, with Intesa the first to go offline after plunging 7.9%. What next: any selling will be punshiable by death? Or will the Society for the Prevention of Cruelty to the Status Quo^TM not go that far?

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Mon, 09/12/2011 - 11:09 | 1659638 doomandbloom

( furious hand gestures )

Mon, 09/12/2011 - 11:13 | 1659669 Transitory Disi...

That's what Timmmmmayyy does when he guides in Helicopter Ben

Mon, 09/12/2011 - 11:20 | 1659703 tocointhephrase

Just the gesture gets a bit faster.

Mon, 09/12/2011 - 11:09 | 1659640 SilverDosed

silver bitchez

Mon, 09/12/2011 - 11:10 | 1659651 slackrabbit

gold and silver....real money

Mon, 09/12/2011 - 13:46 | 1660202 akenathon

Gold and Silver?

I have been bullish for so long time on this but now it's time to sell down to $1'000 Gold as we have already bypassed the point of no return...

My take is that they are going to link all the currencies (except for South America and China) and decrete that Gold will be exchanged at a fixed value

Not sure Europe will survive this week but despite this, people will sell gold and silver as they can't eat that...and what's left will be confiscated!!!!!!!

Once again...don't be too greedy!!!

Mon, 09/12/2011 - 11:10 | 1659653 Robslob

Zee stababilite...ZEEK HILE!

Mon, 09/12/2011 - 11:17 | 1659659 hedgeless_horseman

Society for the Prevention of Cruelty to the Status Quo^TM

Member Directory: http://www.bis.org/cbanks.htm

They even have a magazine...

Mon, 09/12/2011 - 11:18 | 1659690 oogs66

anything with bivariate must work

Mon, 09/12/2011 - 11:20 | 1659699 EscapeKey

What I'd like to know is that when the last Austrian-side CB sponsored article was released. All the American always seem to be Keynesian. Surely, this is not another blatant display of bias?

Mon, 09/12/2011 - 11:36 | 1659719 hedgeless_horseman

http://www.ijcb.org/journal/ijcb11q3a2.pdf

This study is appealing for several reasons. The most important way the Fed and the ECB achieve their monetary policy goals is by setting, respectively, the federal funds target rate (FFTR) and the main refinancing operation (MRO) rate.

These policy rates are important because they signal the stance of monetary policy, affect investment decisions, and often have considerable impact on financial markets. Understanding the way the two central banks set their target rates and identifying the variables taken into account in the process is of great interest.

Reads like a freshman-level community college econ paper.

Mon, 09/12/2011 - 11:12 | 1659663 mayhem_korner

"TM" LOL.

Mon, 09/12/2011 - 11:12 | 1659664 Quintus

Just look at the Save Haven (TM) Dollar surge as the Euro lies on it's deathbed.

Hold on a minute.......

Mon, 09/12/2011 - 11:14 | 1659672 EscapeKey

As Peter Schiff says, the USD is the slightly better looking horse in the glue factory.

Mon, 09/12/2011 - 12:06 | 1659876 Ponzi Unit

...the leper with the most fingers...

Mon, 09/12/2011 - 12:57 | 1660041 topcallingtroll

Last sovereign standing wins the entire pot.

That sovereign can run deficits without tears forever and make the rest of the world bend over and take it.

In the land of the handless lepers, the one fingered man is king.

Mon, 09/12/2011 - 11:13 | 1659666 Cognitive Dissonance

Throw some spaghetti on that Borsa and see if it fixes it.

Mon, 09/12/2011 - 11:13 | 1659668 Construct

Watch out Tyler they might classify you as a terrorist and all sorts of 'things' will start to happen behind your back everyday.

Mon, 09/12/2011 - 11:15 | 1659678 mayhem_korner

"I'm a-gonna make him an offer he can't refuse."

Mon, 09/12/2011 - 11:24 | 1659728 Tyler Durden

Too late: Zero Hedge, el blog que aterroriza a los mercados

Mon, 09/12/2011 - 11:29 | 1659749 mayhem_korner

From the post...

Muchos expertos de Wall Street acusan a Zero Hedge de dar demasiada importancia a teorías de la conspiración bancaria mundial.

Beware the "muchos expertos de Wall Street"...both of 'em.

Mon, 09/12/2011 - 11:30 | 1659759 milanitaly

Tyler, we have already lost a lot of money, please start to look at Germany now

Mon, 09/12/2011 - 11:34 | 1659772 Construct

Germany. like it or not. is the only good country in europe if you ask me.

Mon, 09/12/2011 - 11:40 | 1659802 milanitaly

We will see when Germany will be alone with its EuroMark and should save its banking system with new public debts.

Mon, 09/12/2011 - 11:46 | 1659809 Construct

Yupp they have a catch 22. Bail out all these third world shit holes in Europe to keep the Euro alive or save her self and the Euro falls apart.

Lets speculate Germany took all her 'good money' and saved all these third world garbage shit puke holes of Europe would that save the Euro? yes but Germany would then be broke.

Mon, 09/12/2011 - 11:48 | 1659836 milanitaly

They have already lost two World Wars. Go on bet on Germany

Mon, 09/12/2011 - 11:52 | 1659849 Construct

They have. But who want world wars? Look at America going broke building countries in the middle east that will fall apart the very second they leave. Germany is good in other things and I hope she focus on those things. Industry as an example.

Mon, 09/12/2011 - 12:27 | 1659948 NoClueSneaker

?Thyssen-Krupp Maritime Systems ? :-P

Beer ... the main reason why there is a Germany. Angie Ferkel created free trade agreement with Korea - bybye, german industry. Siemens ist an TBTF Bank with an small

electronic shop in front. (The very same shit as GE, patent vultures & racketeers )...

Mon, 09/12/2011 - 11:50 | 1659845 Gandalf6900

che ti fa tanto schifo la lira?

Mon, 09/12/2011 - 12:30 | 1659957 milanitaly

Per me è l'unica soluzione

Mon, 09/12/2011 - 15:43 | 1660926 prains

How are all the Italians going to get home from New Zealand after the rugby world cup?there's not enough debris floating in the pacific to get them all home!

Mon, 09/12/2011 - 13:21 | 1660125 Texas Ginslinger

that web page translated;

Blog North American call Zero Hegde shook Friday to the markets and put to Greece against the cords.

The minister of Finances of Greece, Evangelos Venizelos, accused yesterday this blog to be the culprit of the rumor according to which its country was going to suspend payments. “One is a game of very badly taste, an orchestrated speculation that he has like objective to the Euro and all the Eurozona “, he affirmed Venizelos.

Post hung in Zero Hedge to the 7,44 hours Friday 9 of September threw the first broadside: “Today it is D-day for the possesors of debt bonds of Greece”, affirmed. “They win behind schedule this”. It added that the operation ran the risk of not carrying out itself, and that could mean that many banks remained blocked. In summary: “Bankruptcy, the word that does not agree to hear Europe”.

As a result of this opinion, the markets were put nervous. The European bags fell this Friday more of a 4% in average. The Spanish lost a 4.44%.

(...post hung....I like that)

Mon, 09/12/2011 - 23:15 | 1662436 Hephasteus

I herad they put a hit out on the Bears. But got confused when they changed thier voices.

Mon, 09/12/2011 - 11:32 | 1659767 JOYFUL

no, no, you got it all wrong:

"terrorists" are supported and coddled by the ADMINISTRATION...aka AL CIAEDA - hell, they'll even go out and steal other folks stuff just to be fair to their "terrorist" buddies in Libya and Syria et al- unofficial slogan of the State Dept is "no terrorist left behind"....

'DOMESTIC terrorists' - now there's the root of the 'problem' ...shifty eyed white folks trying to hang on to stuff what belong to the STATE n all!

See somethin, spray somethin....be the skunk you know you can be!

Mon, 09/12/2011 - 12:10 | 1659885 Construct

Indeed, future terrorists will be white american gold bugs. scary stuff. :)

Mon, 09/12/2011 - 11:15 | 1659675 SheepDog-One

Put Negrodamus on the case! Hell he just solved the US economic collapse with 1 magical jobs bill, send him to Italy!

Mon, 09/12/2011 - 11:19 | 1659698 TradingJoe

Catchy, eh?! :))

Mon, 09/12/2011 - 11:22 | 1659711 SheepDog-One

The Legend of Baggerbama! Thats one magical negro!

Mon, 09/12/2011 - 11:16 | 1659682 Ancona

7.9% is nothing, look at SocGen, BNP Paribas and Credit Agricole, those guys are down a hell of a lot more than 8%. This shit is getting real in one quick hurry.

Mon, 09/12/2011 - 11:16 | 1659685 Jim in MN

How about only opening when enough stock is pre-ordered to make it worthwhile? At the right price? For the right shares? How about painting the tape ahead of time?

Oh hell just allocate the shares and send the bill later. Fuck it. It's all central bankers and stooges now anyhow.

Mon, 09/12/2011 - 11:19 | 1659695 SheepDog-One

+2% daily opens should just be mandatory now, hell with the DOW at 20,000 everyone in america and the WORLD will have a high paying cushy job!

Mon, 09/12/2011 - 11:21 | 1659712 Cdad

It's all central bankers and stooges now anyhow.

A cabal that is about to fail.....globally.

Mon, 09/12/2011 - 12:12 | 1659896 Ponzi Unit

Hmm, something tells me these fuckers will find a way to stay in power, even if their apparatus crumbles. Serious gangstas, muthafucka. My guess is we get totalitarian police state. Total Information Awareness, remember that one?

Mon, 09/12/2011 - 11:19 | 1659696 treemagnet

I think their reset button doesn't mean what I think they think it means.

Mon, 09/12/2011 - 11:20 | 1659702 pappyhlace

whens the french bank downgrades from Moody coming...lets make it rain

Mon, 09/12/2011 - 11:22 | 1659714 Irish66

after close?

Mon, 09/12/2011 - 11:21 | 1659709 treemagnet

If S&P downgrades something, and nobody is around to hear it, does it make a sound?

Mon, 09/12/2011 - 13:09 | 1660081 Jonas Parker

Yes, a "giant sucking sound"...

Mon, 09/12/2011 - 11:26 | 1659734 korthaj

Banking here in europe is starting to show signs of problems, "We currently have technical problems which means we can not set prices for our products. We will be back as soon as we can!", translated from swedish http://www8.warrants.commerzbank.com/News/News.aspx?c=35013

http://www8.warrants.commerzbank.com/Products/ProductDetails.aspx?rp=Non...

The broker insists its not liquidity problems just technical problems.

Regards

Mon, 09/12/2011 - 11:27 | 1659740 Karl Napp

Intesa has to roll only 9.6 Bln. EURO debt till the end of 2011, Commerzbank 164 bln, Deutsche bank 71 bln.

Mon, 09/12/2011 - 11:31 | 1659763 Cdad

[enter from stage left.....Ben Bernanke]

"My brother's in Europe...the US tax payer is here to help. Bend over, all. Bailing out is such sweet sorrow."

Mon, 09/12/2011 - 13:00 | 1660053 prains

bend and befriend

Mon, 09/12/2011 - 11:46 | 1659822 milanitaly

Tell it to the German supporters.

The real problem in Europe is Germany. I will not pay more taxes to save the German Banks!

Mon, 09/12/2011 - 12:21 | 1659909 Ponzi Unit

Ma scherzi! Gli allemani lavoranno quando gli italiani bevanno i cappuccini.

Vero, i tedeschi hanno meno fantasia, pero... dai!

Translation: You gotta be kidding, the Germans actually work while the Italian sip cappuccinos.

Sure they are not as imaginative and fun, but, come on, really, it's the Germans' fault?

Mon, 09/12/2011 - 12:25 | 1659943 milanitaly

They work as they can sell their Mercedes in Italy at 50.000 Euro instead of 200.000.000 of Lire.

Mon, 09/12/2011 - 12:34 | 1659968 PY-129-20

The average inflation of Italy

in 1975: 17.24 %
in 1976: 16.53 %
in 1977: 17.25 %
in 1978: 12.11 %
in 1979: 14.74 %
in 1980: 21.06 %
in 1981: 17.99 %
in 1982: 16.48 %

Fine with me. Let them try without us. Germany will survive.

Mon, 09/12/2011 - 12:42 | 1659989 milanitaly

Hitler said the same things from his bunker.

http://en.wikipedia.org/wiki/Italian_resistance_movement

Mon, 09/12/2011 - 13:00 | 1660057 PY-129-20

I have Italian friends and even relatives (Northern Italy - you know, the part of Italy that still produces some things). I like Italian Cuisine, music, art, literature and even to some degree their philosophy. I love Tuscany and who wouldn't?

But I am sick of paying for the whole EU show and I do not want to recapitalize European banks - wether they are German, Italian, French or whatsoever. And I don't want to see my nation wasting money for some foreign nations - billions - that we will never see again and that will not help to increase our relationship to these nations. Instead of wasting it - we should invest in our own nation.

All I am saying - we will survive all of this, because we still produce good things and we have creative people (musicians, as well as philosophers, inventors).

And Hitler - I mean it is getting old, seriously. Try Beethoven! Or Kant!

Mon, 09/12/2011 - 11:42 | 1659799 Jack Kreuz

Hey, Tyler, write about the imminent breaking of the Shanghai and Shenzhen exchanges. Just check the premiums being paid for A-shares over H-shares. For example, in Shanghai, Guangzhou Shipyard trades for 3 times as much as in Hong Kong. (No Depositary Receipt distortion here by the way.)

Mon, 09/12/2011 - 11:40 | 1659800 Belarus

Uh-hm, all Asia indices down between 2-5%, European idices all down 1.5% to 3%. U.S. markets? Pricefull. The europeans and Asia should have learned their lesson: the only thing that matters is stocks need to be propped up no matter what. Indeed, we are by and far away the leaders in financial innovation.

Mon, 09/12/2011 - 12:30 | 1659942 Ponzi Unit

Yeah, the PM suppression is making me ricochet from anger to depression to detachment, to irritation, to slow burning rage. And I have not been witness to this bullshit for a decade or more, as have veteran gold bugs.

$100 off the highs? Maybe from euro weakness, but recent events should have this stuff north of $2000, easily.

Next stop: 1780

Mon, 09/12/2011 - 13:28 | 1660148 Jasper M

Note the assumption.

It's not "suppression", it's price discovery.

Al Lot of PM is now in very leveraged, and thus very weak, hands, Paulson, for example, lost 34% this year. Gold is about the only large holding he hasn't taken a Bath on… and thus the only thing he has to sell for margin calls.

You are not wrong; but you are early.There Will be a time to go all in for PM, but it is not yet. An awful lot of the money supply is about to evaporate, and the central banks are powerless to stop it.

Mon, 09/12/2011 - 15:12 | 1660716 Ponzi Unit

You have more faith in free markets than I do. Yes, I assume suppression, because there is abundant research and documentaion (see GATA, et. al.) to support the assumption.

Mon, 09/12/2011 - 11:45 | 1659811 tocointhephrase

You are either with us or the terrorists (George W Bush). Guess this thing is gonna blow then!

Mon, 09/12/2011 - 11:46 | 1659824 PulauHantu29