Live Webcast Of ECB Press Conference

Tyler Durden's picture

Update 2: This about summarizes it: "We have no Plan B. Having a Plan B means to admit defeat"

Update: Draghi says LTRO has been an "unquestionable success" but does not answer if there will be future LTROs. Bookmark this statement. Also says that ECB has to do things "together" when asked about Jens Weidmann criticism, with whom he says his relationship is excellent.

Will Goldman-alum Mario Draghi further infuriate German central bankers and announce additional easing steps by the ECB, whose balance sheet has become a "bad bank" punching bag for everyone who wishes to divert attention from their own problems, or will he, after flooding the world with €1 trillion since coming to power a few months ago, be satisfied for the time being and not preannounce another LTRO? Also, will he mention the previously noted collateral margin calls that have appeared recently like hairline fractures in the ECB's balance sheet, discussing the specifics of why, how and where these come from, or will he conveniently skip this rather problematic issue? Find out during the Draghi press conference starting at 8:30 am Eastern.

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GetZeeGold's picture



This time it's


SmoothCoolSmoke's picture

Why does any of this matter?  I guess I've gone off the deep end.  These people will lie, cheat, steal, probably murder, to get things to turn out in there favor.

cossack55's picture

Ah, SCS, the deep-end is actually only 3" deep these days.  Don't dive.

K_I_T_T_Y's picture

Mr. Draghi is late....

Dr. No's picture

Central banks are "bad banks" by design.  They soak up all the bad assets of the largest banks in exchange for "liquidity".

blindman's picture
'Looney Tunes' Intro
first thing,
arrest the bankers !
George Carlin: Death Penalty for Bankers
Posted on March 7, 2012 by maxkeiser
06 March 2012
The Failure of the Current Banking Model and the Deliberate Mispricing of Risk For Personal Gain

Propaganda Wars : Our Version – Risk Weighted Lies. 1
By Golem XIV
February 28, 2012
"What scares the banks is any criticism that goes beyond claims of greed or fraud or even incompetence, and instead questions the system itself. The sanctity and perfection of the system and its right to ‘regulate’ itself, is what they are totally committed to protect. The system is what gives them their status and wealth. Question that and you threaten them where they are vulnerable.

It seems to me therefore that it is high time we questioned not just the probity, or even the solvency of the big global banks but their very intellectual foundation. It is time for us to wrench back the initiative from the banks. The financial elite have spent all this last year rewriting history so that blame for the banking crisis has been turned away from them and laid instead at the door of ‘people’ and then entire nations who ‘took’ on debts they coudn’t afford.

It is time to counter-attack and make the case, that it was and is the way that banks and banking go about their normal business that caused this crisis and are still causing it. We have to show that it was not a break down in an otherwise fine system which caused this crisis but that it was a result and consequence of a system which is an utter failure at doing what it prides itself most on being able to do – managing risk. Not just a onetime failure but a systemic failure which presents an on-going danger to the rest of us.

So let’s be clear. There is no systemic risk at all in welfare spending, no matter how large it becomes, for the simple reason that there is no surprise in welfare spending. It does not jump out at you unexpectedly. Welfare and social spending are a slow moving behemoths that can be seen coming for decades ahead. The only danger is they will trample you to death if you are stupid enough to stand there for decades listening, slack jawed, to the competing teams of witless cretins whose flatulent play-acting is all that remains of our political process.

There is, I suggest, a very clear, present and on-going systemic risk and danger from global banking. It was, after all, banking not welfare which gave us the phrase ‘systemic risk’. Bankers deal in risk. The welfare state deals in…welfare. Like it or loath it, there is no ‘risk’ in welfare or in social spending. They are linear and entirely predictable problems. Banking on the other hand not only deals in risk, it manufactures it. Risk is what bankers bank on."

ebworthen's picture

"Blah, blah, blah..."

Translation:  "Bend over you dumb sheeple."

Sheeple:  "Baaahh!"

lizzy36's picture

Draghi: FTMFW "Pace of Monetary Expansion Remains Subdued". Subdued? 

$2Trillion in 3 months is subdued?

Hate to see how he defines!

ebworthen's picture

Interesting that the press conference is in English...must mean he is trying to satisfy U.S. Markets and sensibilities versus European ones; CALPERS will take the bait no doubt.

Or...bullshit sounds better in English?

gmak's picture

ENglish is the official business language in Europe. It is used for meetings conferences etc, even when all the participants speak the same language. You haven't lived until you've been in a meeting where all German businessmen are speaking English to each other. :-)

Banksters's picture

 Greece will announce the results of its bond swap tomorrow, finance minister Evangelos Venizelos (right) told parliament this morning.

"A historic process will be completed tonight," he declared.

...if "all goes well," he added

He then grabbed an aide and dipped him in German mustard before swallowing him whole."

alphamapp's picture

since when does christopher walken run european monetary policy?

wow.. wowwiee!!! wow wow wow!

"all you gotta do is get a free range balance sheet.  it doesn't matter how you get it, buy it or hunt it down with a knife. All that matters is you treat the market with respect"

Peter K's picture

Forgot to mention that the Euro has no treasury in the BS answer:)

Zola's picture

Nothing worse than an idiot pretending he is smart

CvlDobd's picture

It would be nice if one of the Tylers could be at these conferences and show Mario the success of the LTRO via the Brent priced in euros chart.

NotApplicable's picture

"Unquestionable" = STFU

Pretorian's picture

He is the best , must be is Goldy he will make the EU working again as a swiss watch.

lizzy36's picture

Draghi's "plan" can be summed up as follows:

"If you're gonna play the game, boy
You gotta learn to play it

You've got to know when to hold 'em
Know when to fold
Know when to walk away
Know when to run
You never count your
When you're sittin' at the table
There'll be time enough for
When the dealin's done

Now every gambler knows the secret to
Is knowin' what to throw away
And knowin' what to keep
every hand's a winner
And every hand's a loser
And the best that you can
hope for
Is to die in your sleep"

Wisdom by Kenny Rogers.

It is a bargin my friend's picture

"We have no Plan B. Having a Plan B means to admit defeat"


I'd love that to be his fucking epitah

Zero Govt's picture

Trichet had a plan: when Stress Test 1 is a proven sham before the ink dries, and Stress Test 2 falls apart at the seams before it's out of the printer, retire

Brilliant man Trichet, well diplomat. Loads of pomp, zero responsibility

master of the mews's picture

feels like listening to Greenspan when he was in front of congress telling his lies of the day.

Sandmann's picture

Draghi is simply not impressive. Whoever picked him to be Head Puppet at the ECB obviously has no idea just how unconvincing the man is. What a pity a German never got the job because he would have been convincing and his policies too.....but Draghi gives Europe the worst possible image

Peter K's picture

I'm amased by how closely Mario follows what is written in the newspapers :)

Piranha's picture

"pillars of trust"  - nice one......also "acting responsibel with taxpayers money" - yep he's a stand up guy

Trader47's picture

Dont believe a word from this SOB,EVERYTHING they say or do(NOT) are lies,,

Italians are quite good at it,,anything you buy off them, theres always something missing,,  

Bring back Triche, at least his silly frenchie accent was funny,,,,, PRICE STABILITY,, MY ASS

onebir's picture

The first rule of Plan B is...

there is no Plan B.

Bartanist's picture

I guess sometimes the hand that receives is above the hand that gives and gives and gives.

Greece has the ECB by the short hairs and hopefully they are using their leverage to suck the vampires dry.

Can the ECB afford to take the loss of and on Greece? Enquiring minds want to find out. They certainly lack the stones to take the risk ... at this time. How many tanks does the ECB have at its disposal? I am thinking their hold on NATO forces is tenuous at best.

Zero Govt's picture

Missed it, damn!

Did i miss a change to fiscal responsibility or was it the usual fare, print like a banshee loon and trash everyones money?