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Italian, Spanish, Belgian Spreads At Record, Intesa And Dexia Limit Down, Markets Plunge, Cats And Dogs Living Together...

Tyler Durden's picture





 

The meek and somnolent shall inherit nothing, because Europe just came back online and the apocalypse has resumed. Italian, Spanish and Belgian bonds opened lower, with spreads to Bunds surging the most since before the euro was introduced in 1999 (but before it was abolished in 2012). Specifically, the yield on 10-year Italian bonds jumped 19 basis points to 6.38% as of 7:40 a.m. in London after reaching 6.40%, the highest since 1997. The spread over bunds was as wide as 414 basis points. The yield on two-year Italian notes jumped to more than 5 percent. Additionally, the FTSE was down 2.7% as of first prints, the CAC 40 down 2.% and the lovely Italian FTSE MIB did open, however down 3.3%. We give it a few hours before it implodes. Furthermore, both Dexia and Intesa Sanpaolo are now limit down. US futures are down 7.5 and dropping. And this is just the beginning...

Make sure you have provisioned enough popcorn and single malt for your front row seats to the last attempt to prevent the end of the Eurozone.

 


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Fri, 08/05/2011 - 03:14 | Link to Comment Mongo
Mongo's picture

Cats And Dogs living together

LOL

Fri, 08/05/2011 - 04:13 | Link to Comment True.North
True.North's picture

Great quote Tyler, for those who don't know it (or him - Bill Murray)

Dr. Peter Venkman: This city is headed for a disaster of biblical proportions.

Mayor: What do you mean, "biblical"?

Dr Ray Stantz: What he means is Old Testament, Mr. Mayor, real wrath of God type stuff.

Dr. Peter Venkman: Exactly.

Dr Ray Stantz: Fire and brimstone coming down from the skies! Rivers and seas boiling!

Dr. Egon Spengler: Forty years of darkness! Earthquakes, volcanoes...

Winston Zeddemore: The dead rising from the grave!

Dr. Peter Venkman: Human sacrifice, dogs and cats living together... mass hysteria!

Mayor: All right, all right! I get the point!

Fri, 08/05/2011 - 05:10 | Link to Comment Highrev
Highrev's picture

The beginning of the end.

You guys are hysterical (pun intended). roflmao

Start jammin' and sing along. It's The End Of The World As We Know It (and I Feel Fine...)

http://www.youtube.com/watch?v=_eyFiClAzq8 

 

Fri, 08/05/2011 - 06:09 | Link to Comment J in Vegas
J in Vegas's picture

      I promised myself that I would never miss an opportunity again to make money off of shorts when the market takes another shit. I didn't know enough in 2008~2009 finacially to do anything other than panic (which I never sold any stocks, just watched them crater). Now I know. This is the time. Blood in the streets. I'm almost 40% shorts. Yesterdays -500 Dow plunge was sweet. I really feel no mercy for the 401(k) bathroom brigade and their stupid Cramer worshiping asses. I have no love for anybody caught in the "QE3 is coming all is well" long side. Fuck them all.  

       The beers are flowing, its my Friday, and some thoughts are flowing. After taking the red pill in the summer of 2008 I started to see how the shit is really going down. I saw the epic housing bust first hand here in Las Vegas. Epic. I own a home and a rental. Both are sooo upside down. I saw the 20%+ lay-offs in the casino's, the 75%+ lay-offs in construction. Thankfully I wasn't laid off. I saw first hand how unprepared the average "Sheeple" is. I made sure since then to be prepared for the future. I will be completly done by Jan 2012.

    And talking about the sheeple.... who I have to serve as a bartender everyday... most of them are clueless as to whats going one (don't be cheap, TIP!). And unlike most people here who's interactions with them is limited, I see and talk to 100's to 1000's per week (from all over the U.S. and the world). Today at work almost nobody had a clue other than my select posse that is in the know what had gone down today or what the future has in store.

     Lastly... since this is a financial site... some short picks to make some money.... Think as this list as the Anti~Robot Trader moves.

SH QID SJL TWM SKF PSQ DOG SRS EEV ... And last but not least SDOW which I bought last Thursday. Think of it as a little Financial WMD!

J in Vegas

Fri, 08/05/2011 - 06:31 | Link to Comment SamuelMaverick
SamuelMaverick's picture

Robo and Leo have been MIA . 

Fri, 08/05/2011 - 03:18 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

umm i see the big guns coming out if this mayhem contines, there have been some huge bids coming into Eur for some reason, i cant work out if its just a mad squeeze or if ECB is already buying...

Fri, 08/05/2011 - 04:24 | Link to Comment topcallingtroll
topcallingtroll's picture

People on zero hedge in general underestimate what the fed, ecb, and japan can do. The swiss however small are about to add their contribution to a coordinated effort. Italian and belgium bonds are probably a short term buy.

Fri, 08/05/2011 - 05:14 | Link to Comment Sudden Debt
Sudden Debt's picture

It's to late for the big guns...

It's to late for Spain, to late for Italy, Belgium 10yr is nearing 5% and after that it's just a matter of time, Portugal is doomed, Ireland is doomed, Cyprus is doomed....

The list is just to big. There isn't enough money to save them and if they want to save them by printing money, that could mean a 50% inflation jump.

Whatever happens.... SHIT IS GOING TO HIT THE FAN!

Fri, 08/05/2011 - 06:04 | Link to Comment Catullus
Catullus's picture

That's the US Fed with the swap lines.

Fri, 08/05/2011 - 03:19 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

Let her burn, Germany will be happy to be back on the DM and not subsidizing the massive amount of unproductive takers on the continent with German GDP and savings.

Fri, 08/05/2011 - 05:15 | Link to Comment irishlink
irishlink's picture

A few of us over here believe that Germany has been preparing to leave the EURO for months now. Then we will have a plunging Euro! The German banks have offloaded most of their exposure to the PIIGS as Merkel played hardball so the can could be kicked for longer,

Fri, 08/05/2011 - 03:20 | Link to Comment Frosty Gary
Frosty Gary's picture

Some travelin' music for everybody today...

http://www.youtube.com/watch?v=UVQKiqCZ9No

Fri, 08/05/2011 - 05:44 | Link to Comment zhandax
zhandax's picture

Spot on; they will be here in two weeks....I will try to post some video.

Fri, 08/05/2011 - 03:21 | Link to Comment madbomber
madbomber's picture

 

adjective
in·volved

1.
very intricate or complex: an involved reply. 2.
implicated: involved in crime. 3.
concerned in some affair, especially in a way likely to cause danger orunpleasantness: I didn't call the police because I didn't want to getinvolved. 4.
committed or engaged, as in a political cause or artistic movement:The civil rights demonstration attracted the involved young people ofthe area.

Fri, 08/05/2011 - 03:27 | Link to Comment FischerBlack
FischerBlack's picture

Next up, Italian authorities send Luca Brasi to the offices of the ratings agencies to make them an offer they can't refuse.

Fri, 08/05/2011 - 03:27 | Link to Comment AngryGerman
AngryGerman's picture

Gotta love the downfall. Banks stop trading. System overloads. Hope you already bought food for the weekend, bc your debit card wont work anymore in the afternoon. At least its fall, so we can go pick mushrooms...

Fri, 08/05/2011 - 03:35 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

From Bloomberg:

DAX  -226/3.52% Maybe I am wrong, maybe the lazy folks will take them down with them...

Fri, 08/05/2011 - 03:33 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

did no one tell you yet? Hitler is not dead, he has just been seen taking over the Bundestag with a bannana in a brown paper bag. WW3 is imminent, sell your gold and hide your young men arrrggggg!!!! DAX to zero!!

Fri, 08/05/2011 - 03:42 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

Actually, the DAX was showing a 0 value and -6414.76 a few seconds ago on Bloomberg. As far as Hitler well before my time buddy. Hard to argue that Germany is NOT the powerhouse of the EU though. When I lived there people were pissed about subsidizing the Eastern portion of Germany after reunification to bring them up to snuff, now all of Europe?! How long do you think they will wanna subsidize other nations lifestyles?

Fri, 08/05/2011 - 03:54 | Link to Comment scratch_and_sniff
scratch_and_sniff's picture

umm, cant see it happening myself either, Merkel will "eventually" hit a wall...that particular wall is Italy and Spain, even though this has been prophesised for years now there was a little part of me that thought it wouldn’t happen, but there really is nowhere left to hide - new currencies all round and mark down city for all involved. Still a way to go yet though...

Fri, 08/05/2011 - 04:02 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

I don't currently live there so I cannot say for sure but if the same folks I knew still live there (I got out right before the euro started up), they will not put up with it and would rather get rid of Merkel then just comply and blindly turn over what little they are allowed to keep of their production as it is. I don't think there is that much further to go. A lot of Europeans feel the same as you about it but facts are stubborn and they are upon us all now.

Fri, 08/05/2011 - 03:31 | Link to Comment Karl Tashjian
Karl Tashjian's picture

Preview of today's events:

 

http://www.youtube.com/watch?v=6-ecf9_X_Dk

Fri, 08/05/2011 - 03:32 | Link to Comment Ethics Gradient
Ethics Gradient's picture

Dr. Tyler Durder: This market is headed for a disaster of biblical proportions.
Sheeple: What do you mean, "biblical"?
Dr Reggie Middleton: What he means is Old Testament, Sheeple, real wrath of God type stuff.
Dr. Tyler Durder: Exactly.
Dr Reggie Middleton: Fire and brimstone coming down from the skies! Rivers and seas boiling!
Dr. George Washington: Forty years of darkness! Earthquakes, volcanoes...
williambanzai7 : The dead rising from the grave!
Dr. Tyler Durder: Human sacrifice, dogs and cats living together... mass hysteria!
Sheeple: All right, all right! I get the point!
Leo: Although talking to the housekeeper of the son of the aunt of the Finance Minister in Moldova, I really believe you can protect your capital by investing in Patagonian foam rubber producers.

Fri, 08/05/2011 - 03:54 | Link to Comment DutchR
DutchR's picture

EG, you owe me a new keyboard....

 

*gets a new coffee

Fri, 08/05/2011 - 04:52 | Link to Comment Derpin USA
Derpin USA's picture

That was already brilliant, but the Leo quote at the end just put it over the top. Truly epic lulz were heard by my neighbors.

Fri, 08/05/2011 - 05:17 | Link to Comment zhandax
zhandax's picture

EG, you will end up short a few keyboards and screens after that....

Fri, 08/05/2011 - 05:18 | Link to Comment doggings
doggings's picture

++  EG, funny as f***  , Leo's "rainman irrelevance" at the end, perfect. :)

Fri, 08/05/2011 - 05:28 | Link to Comment Ethics Gradient
Ethics Gradient's picture

Cheers everyone.

Best of luck to anyone who still has chips in play.

Fri, 08/05/2011 - 06:13 | Link to Comment J in Vegas
J in Vegas's picture

My chips are in !

Fri, 08/05/2011 - 03:33 | Link to Comment Number 156
Number 156's picture

Im fighting the urge to sleep so I can watch. Asia looks horrible!

Fri, 08/05/2011 - 03:38 | Link to Comment Pay Day Today
Pay Day Today's picture

There is something grotesquely fascinating about watching slow motion frame by frame footage of a fatal vehicle accident.

Fri, 08/05/2011 - 03:45 | Link to Comment Number 156
Number 156's picture

Dont let it bother your conscience, were all riding in said vehicle in one way or another. We might as well take the pain.

Fri, 08/05/2011 - 05:17 | Link to Comment Derpin USA
Derpin USA's picture

Did you say fatal vehicle accident?

Fri, 08/05/2011 - 03:33 | Link to Comment Tic tock
Tic tock's picture

I reckon...BAC, etc., are being sacrficed to keep JPM alive.

 

Fri, 08/05/2011 - 03:33 | Link to Comment Taku
Taku's picture

Italy just raided Moody's, S&P offices...

Fri, 08/05/2011 - 03:35 | Link to Comment experimentals
experimentals's picture

is this gonna be a good time to load up on pms?

Fri, 08/05/2011 - 03:37 | Link to Comment Die Weiße Rose
Die Weiße Rose's picture

the only thing that is gonna burn is Bernanke's Federal Arse

after the ECB and Angela Merkel is done with him...

 

Fri, 08/05/2011 - 03:39 | Link to Comment King_of_simpletons
King_of_simpletons's picture

The continuing financial crisis and the pain and squirming by the assholes incharge of world finance is providing me with too much fun.  I crave for more bullshit from these pricks, it is very entertaining.

Fri, 08/05/2011 - 05:22 | Link to Comment zhandax
zhandax's picture

Are you talking Europe?  Cause the squid is short and Bertwinkie is praying for it to come down some more so everyone begs him to fire up the Heidelbergs.

Fri, 08/05/2011 - 05:28 | Link to Comment zhandax
zhandax's picture

Where did the edit button go?

Fri, 08/05/2011 - 03:39 | Link to Comment Number 156
Number 156's picture

ATX down over 10% - ouch.

Fri, 08/05/2011 - 03:41 | Link to Comment Tic tock
Tic tock's picture

Bad, bad time to choose to worship Mammon, though, of course, you're free to choose

Fri, 08/05/2011 - 03:45 | Link to Comment Tic tock
Tic tock's picture

and lo, he remembered where he put that hammer, yesterday, at about eight o'clock.

Fri, 08/05/2011 - 03:56 | Link to Comment A Man without Q...
A Man without Qualities's picture

RBS was down 21% at the open.  Not good for UK govt considering they own 80% of it....

Fri, 08/05/2011 - 04:02 | Link to Comment Tic tock
Tic tock's picture

The issue is the 'unlimited sovereignty' of a central banking authority.

The capacity to infuse money into the economy is fundamentally underpinned by that authority.

The question as to the process and conduct of that Power MUST BE JUSTIFIED.

The 'government of the people' HAS BEEN PROVED to be a misnomer. Wherein would the people ultimately accept that their lives be governed by an UNJUST, UNTOUCHABLE  CABAL.

If the Banks will not step back, from responsibilities thay have proved unfit to assume, then they shall be removed from the way.

It would be better if they remembered humilty

Fri, 08/05/2011 - 04:03 | Link to Comment Doyle Hargraves
Doyle Hargraves's picture

+1776

+1861

Fri, 08/05/2011 - 04:10 | Link to Comment phungus_mungus
phungus_mungus's picture

The European Central Bank has abandoned Italy and Spain to their tortured fate.
The ECB throws Italy and Spain to the wolves

 

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/868285...

Fri, 08/05/2011 - 06:10 | Link to Comment Ghordius
Ghordius's picture

Blablabla, another comment by  on how the Eurozone is wrong, wrong, wrong. Of course it's wrong, it's "full of krauts, frogs, and..." I don't even know how he calls the Spaniards and the Italians...

Now he is chiding the ECB for not buying Spanish and Italian bonds.

Should then the ECB reverse, he would be chiding it for the opposite reason.

He is a cheerleader for the Pound and the Dollar, what I miss from him is arguments...

 

He is on the side of the money printers. Read what he wrote on a different article:

"My recurring nightmare ever since the Western debt edifice began to crumble four years ago is that the denouement would track the events of mid-1931, when leaders failed to reform a destructive fixed exchange system (Gold Standard) and the fuse finally detonated on Europe’s banking system. It was when political blunders turned recession into the Great Depression, and ideology intruded with a vengeance."

Fri, 08/05/2011 - 06:26 | Link to Comment Tom_333
Tom_333's picture

My presumption is that he refers to them as..."wogs".Britain for the British, or nowadays England for the English.They are a peculiar lot.Queer,gingercolored,enjoying the occasional flogging and buggery.Revelling in the olden days of substandardhousing and going without a shower until they have their weekly bath and leave a black streak around they tub. The last 20 years this has been supplemented with strong influences from their transantlantic cousins which has added obesity on a totally new level and the moronic idea that they can get rich by selling old houses to each other.

Fri, 08/05/2011 - 06:41 | Link to Comment Ghordius
Ghordius's picture

Yes, "Wogs, by Jingo!"

 

Sorry, I am not trying to bash the British - some of my best friends are British. I'm trying to point out some inconsistency in the arguments of the "Wogs-bashers", that's all..

Fri, 08/05/2011 - 04:11 | Link to Comment Tic tock
Tic tock's picture

Or, Central Bankers could agree that currency union is not feasible without a unified tax and legal code

Fri, 08/05/2011 - 06:15 | Link to Comment Ghordius
Ghordius's picture

Because... because... because why? Ah, sorry, I forgot: because Murdoch says so.

This is the usual: we want an EuroTax and an EuroBond. Signed: the TBTF Banks thirsting for churn and fees.

Fri, 08/05/2011 - 04:22 | Link to Comment Jendrzejczyk
Jendrzejczyk's picture

LULU crushed (-7.41%)

Hope Robotrader's mom baked him some cookies.

Fri, 08/05/2011 - 04:23 | Link to Comment falak pema
falak pema's picture

Well there is a long overdue correction on assets risks...is this APocalypse now?

That is the question as QE-3 is round the corner. For those who panick and say it is.

Fri, 08/05/2011 - 04:39 | Link to Comment Itsalie
Itsalie's picture

China buying euro, up 50pip in 5 min at 3am  now back up another 50pip at 4.30am, Ben and Tricheur have to resort to help from the mercenaries, live for them will be tough in future, there will be payback when you ask CCP for help.

Fri, 08/05/2011 - 04:39 | Link to Comment Itsalie
Itsalie's picture

China buying euro, up 50pip in 5 min at 3am  now back up another 50pip at 4.30am, Ben and Tricheur have to resort to help from the mercenaries, life for them will be tough in future, there will be payback when you ask CCP for help.

Fri, 08/05/2011 - 05:29 | Link to Comment oogs66
oogs66's picture

Europe isn't as ugly as I expected, but it's early.

Got to believe we will see some big government announcements today, they won't want to let us go into the weekend without some attempt to prop up the market.

Fri, 08/05/2011 - 06:19 | Link to Comment CrankItTo11
CrankItTo11's picture

When you said US futures are down 7.5, I thought you meant percent! LOL. I thought to myself, can't be! And surely it's not. But in context, you said % % % and I was rolling with it. :-) 

Fri, 08/05/2011 - 06:24 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

CNBC Propaganda Specialist Steve Liesman: Q: "Who could have seen this coming?"

A: Anyone who spends any time at all on Zero Hedge, Steve. 

Fri, 08/05/2011 - 08:01 | Link to Comment Minyan Vince
Minyan Vince's picture

anyone else notice that RobotTrader has gone radio silent...

Fri, 08/05/2011 - 08:29 | Link to Comment Grand Supercycle
Grand Supercycle's picture

SP500 bounce is possible from current oversold levels due to Thursday sell off.

http://stockmarket618.wordpress.com

Fri, 08/05/2011 - 10:36 | Link to Comment janus
janus's picture

mistah durden,

superlative, my man...just superlative.

this is like back in the day, when all those hep cats in the village started printing that New Journalism.  Welcome to the downtread of The Wheel, MSM -- the newest new is here, much newah and much bettah, Zero Hedgahs strut your stuff.

the wheel is turnin and it can't slow down/

you can't go back and you can't stand still/

if the thunder don't get cha then the lightinin' will,

janus

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