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ECB is monetizing Italian debt .... call it for what it is.
Now I know why gold is down.../sarcasm.
All the analysts say that the auction went well ... and surely they couldn't be All wrong could they? /sarcasm (just in case)
Good Citizens of Metropolis!
What does it all mean?
I truly don't know.
I'm just glad I have a large cock.
Thank God for small miracles.
(glitch with the zoomed-picture, somthing from riots popping up - or intentional? :) )
Well, how long until Mario+Mario get along with it?
That's just your imagination, Fips.
Obviously, "You Can't Handle The Truth."
Thanks, Tyler. First laugh of the day. Oops, I forgot to read Dilbert.
Green ES time.
Well gee, here's something nobody would have evaaaaaah thought; Italian yields spike.
Scratching their heads at the ECB wondering how this is possible what with all the good news out there.
Simplest trade ever: Short italian bonds, short euros , long physical gold...
These markets are reacting normally. Nothing to see here, move along.
Just as well the ECB is completely independent and not politically aligned in any way.
I remember back in the eighties when interest rates were going through the roof. Purchasing vehicles and homes got the lender double digit interest income.
We survived through that. I don't know what the big deal is on 6% or 7% is for a country's debt. If we as individuals can get hosed and survive, why not governments?
If we as individuals can get hosed and survive, why not governments?
Not everyone survived - plenty of people and companies went bust. Typically the most indebted ones, relative to their income.
Most governments are astonishingly over-indebted relative to their income, and cannot service their debt, hence they will not survive.
I believe it's an indication of just how close to the brink the countries run their finances. In the 80's individual households were able to cut back and adjust discretionary expenses by 5% to 20% to meet the higher expenses of debt placed on them. It wasn't pleasant, but it was possible. Countries on the other hand have placed themselves into such a budget jam that it is politically impossible to cut discretionary expenses to meet higher debt expenses. As silly as it sounds, very few, if any, countries have "discretionary" expenses.
Beacause they are levered up to their necks in unrepayable debt.
How much does Italy's bond market suck if two ex godlmanites can't get it to behave?
"..ECB intervenes again.."
It's a new reality.. the walking-dead planet-sphere of State-aid zombies
There's more central bank subsidies, crutches, props and State interventions, tampering, mangling and 'solve-it' meetings it's getting like a Wax Museum of the pickled dead around here
...wake me up when this implodes (as it always does) in shambolic shit and we're back in the land of living (free market)
don't worry, Monti, ops sorry GS, is going to fix the problem
or maybe Monti son is going to fix the problem with a nice swap with JPM and Brazil central bank
Ban BTP shorts?
With 250% Greek 1 year yields, I don't understand why ES futures aren't surging....
This smells like the beginning of a cascade failure in the bond market. Future discrepancies in the details of the European bailout would only make the situation worse.
hmmm ... would this be an "after death" experience then? ... or just a death rattle?
Nothing to see here. These aren't the droids we're looking for. Move along.
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