This page has been archived and commenting is disabled.
Italian Treasury "Discovered" Larger Cash Pile Than Expected; Likely To Withdraw From More If Not All 2011 Bond Auctions
And the news just gets uber-surreal. According to a Reuters report, the Italian Treasury has a "larger cash pile than generally perceived according to sources." As a reminder this is precisely the excuse that Italy used when it scrambled to cancel medium and long-term auctions for late August as was previously noted. Which can only mean one thing: in order to prevent more ongoing routs, Italy will likely now withdraw from all bond auctions for the "foreseeable future" in order to not give the market a chance to do some real price discovery. Sure enough, the subsequent Reuters headline says that the "Italian Treasury's cash pile is enough to last most of 2011." Odd that we predicted this, and the next steps, just this morning, when we said: "look for Spain to follow Italy in a self-imposed bond market exile." Translation: while Greece, Portugal and Ireland are unable to access capital markets, Italy, as we predicted, has just self-imposed a capital markets exile likely until the end of the year.
»
- 905 reads
- Printer-friendly version
- Send to friend
- advertisements -
I always look down the back of the sofa
"I always look down the back of the sofa"
I do believe that Italy's sofa is one of those EeeeeCccccccBbbbb ya's.
U.S. 8,000 metric tons gold/300 million sheeple - Italy 4000 metric tons gold/50 million Italians = Italy more than twice as much gold per capita than U.S.
"markets"... "price discovery"... - fuck that circus - free the world, bomb wall street. Got gold, Bitchez?
What do you mean, only sheeple in the US and only non-sheeple in Italy? A slight exaggeration, I'd say.
Well, the Italian PM addressed yesterday the Parliament and said: NO SPENDING UNTIL THE END OF THE YEAR. Seems it was more than words!
It looks like the Tesoro is hereby giving the TBTF the middle finger salute. If you think about it the only serious Italian Treasuries buyers are the Italian themselves and the French Banks. If now the ECB helps for transitory liquidity there is really no reason for them to "take the shit" from the CDS market, the TBTF banks and all the rest...
Bold move, might go in several ways and might show the way to further capital controls globally...
Excrement meet High Powered Industrial Fan.
Pile of Cash, bitchez.
The land of mafia and church.
Bene. Bravissimo.
Is somebody after the motherlode ?....................
This cash was found in one of the UHaul packing boxes, in the corner of the Italian Treasurer's office.
Funny story: Apparently, when the Italian Treasury Department moved into its new digs a year ago, they forgot about this box of money, and as time went on, it just slipped everyones' mind.
Let's just all be glad that they found this and that the Italian economy is strong, that their debt levels and structural deficit (and debt) is manageable, and that good parmiagiano reggiano is only $5 an ounce to dig out of the ground.
Great! now we can get back to focusing on Spain. Is Zapatero still on vacation or has Oli Rehn already stepped in as prime-minister?
God i can't wait till the masses "get it" and i can finally use my guy fawkes mask... How much blatent deception and manipulation of truth is necessary to spring a commercially drugged populace into indignation?
Waddell & Reed on lockdown today
what! they sold their gold before it could be confiscated by the IMF!
PARIS — A French court ordered an investigation on Thursday into the role of IMF head Christine Lagarde in a huge settlement paid to a businessman friend of President Nicolas Sarkozy when she was finance minister.
Hilarious. That has to be the lamest excuse ever offered by a national Treasury,
I'm surprised they passed over some more credible alternatives as:
"Mario has just won the Euromillions lottery"
"Yesterday we discovered the lost city of Atlantis, and recovered all the gold from their ancient treasury"
"The Mafia have decided to go straight and have just paid over all the back-taxes on their smuggling activities"
Wow, just looked in my wallet, I had exactly what I thought, can I get a 6 figure salary job at the Italian Treasury?
A "Larger Cash Pile" CALLED PENSION FUNDS?
Somewhere, someplace, a happy porcelain pig with grandma's savings is being trashed...
And she ain't gonna like it!
OR DID THEY SELL ITALIAN "TRADITION" FOR PAPER?
China to the rescue!
Or is this a red herring while they sell their Gold Reserves? They had only enough till September a couple of days ago, rarely anything that is so cash strapped underestimates their reserves.
Dude: What the hell is this?
Walter: My dirty undies. Laundry, Dude. The whites.
Dude: Walter, I'm sure there's a reason you brought your dirty undies.
Walter: That's right, Dude. The weight. The ringer can't look empty.
The Italians must have pictures of someone in a compromising position.
Thats how I get my previously unknown piles of cash.
Uber-surreal hits the nail on the head. I am just waiting for the headline "White House: Aliens beamed all gold out of Fort Knox"
"White House: Aliens beamed all gold out of Fort Knox"
Certainly more plausible than ad nauseum ad infinitum stream of bullshite coming out of just about everywhere.
And, dare I say, bullish.
Even though it's terrible for the country I am glad there still seem to be plenty of folks who happily listen to the shite and are willing to be on the sell side.
http://finance.yahoo.com/blogs/daniel-gross/why-inflationistas-biggest-l...
Gold hardly budged today. It fell by as much on a horrible day for equities as it rose on some news that the Koreans added some gold to their holdings a couple of days ago.
Flight containers just arrived in rome from unknown origin, unloading now. Wow, its freshly minted toilet paper signed by tim and ben! Party on.
The REAL money markets love it!
GOLD 1682.00 15.70 +0.94% SILVER 42.195 0.437 +1.05%I guess they found the Al Capone vault that Geraldo missed?
This reminds me that I need to check my pants pockets when I get home.
The made a private placement with the mafia.
Silvio called some of his friends and offered them a chance to launder their money.
The Italian Post Office finally got back from that 13 year cappucino break and decided to just open all those envelopes and packages that have been stacking up in their back rooms.
What ever happened to those counterfeit Treasury bonds they nabbed at the border last year???
Seriously though, What steps will Italy take to delay/confound the audit that shows this is all freshly created electronic blips? Will they hire Goldman Sucks? or maybe some Goldman Sucks spinoff that doesn't quite have GSs reputation?
have to say, the fuss about auctions is rather lame. the outstanding debt is around 400 times as big as the auctions and so is secondary market volume...i suggest that italy "publish and be damned" the value of this worthless paper and any exchange of worthless cash from someone for worthless debt is an exercise in futility. italian debt or cash is not a store of value, neither is Fed money, or treasuries or banknotes..about as valuable as a free local newspaper
Wholesale Scissors
Wholesale Wallet
Wholesale Vuvuzela
Wholesale Directory
Lunch Box
Discount Wholesaler
Industrial Supplies
Pen Holder
Wholesale Scarf
Garden Decorations
Wholesale Tellurion
Wholesale Umbrella
Wholesale Tie
Wholesale Umbrella
Wholesale TelePhone
Promotional Products
Personal Safety Products
Wholesale Camera
Wholesale Album
Vocal Concert Products
Wholesale Shoe
Wholesale Cap
Voice Recorder
Business Gift
Patient Care Products
Money Bank
Sport Support Products
Wine Set
Promotional Products
Wholesale Badge
Wholesale Camera
Arts Crafts
Electroluminescent
Wholesale Bedding
Silicone Bakeware
Personal Safety Products
Wholesale Pom Poms
Wholesale Ashtray
Wholesale Watch
Photo Frame
Garden Decorations
Gift Box
Wholesale Cup
Electrical Gifts
Wholesale Bracelet