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Mario Draghi Live Webcast
At 2:30 pm CET, 8:30 am EST, Mario Draghi will take the podium and either whip out the Bazooka, which may lead to the resignation of Jens Weidmann from the ECB governing council and further unpredictable consequences (the ECB already broke European money markets when it lowered the deposit rate to 0.00%), or a water pistol, in the process destroying any remaining credibility he may have once and for all. More importantly, what today will show is who currently has the upper hand: Goldman, via its assorted money printing muppets, or Germany, for whom Weimar is always one CTRL-P away. Find out as soon as the ECB building fire alarm goes off and when Mario Draghi presents the latest and greatest details of his plans to reporters.
Conference highlights:
- DRAGHI SAYS INFLATION WILL REMAIN ABOVE 2% IN 2012, TO DROP BELOW 2% IN 2013
- DRAGHI SAYS INFLATION EXPECTATIONS ARE FIRMLY ANCHORED.
- ECB HAS DECIDED ON MODALITY FOR BOND PURCHASES IN SECONDARY MARKET
- DRAGHI SAYS PURCHASES WILL ADDRESS DISTORTIONS IN BOND MARKETS
- DRAGHI SAYS ECB WILL HAVE A FULLY EFFECTIVE BACKSTOP
- DRAGHI SAYS ECB WILL ACT STRICTLY WITHIN ITS MANDATE, ECB ACTS INDEPENDENTLY, EURO IS IRREVERSIBLE
- DRAGHI SAYS GOVERNMENTS MUST BE READY TO ACTIVATE EFSF, ESM
- DRAGHI SAYS NEED STRICT CONDITIONALITY
- DRAGHI SAYS ECB TOOK DECISION ON COLLATERAL
As for the economy, it's a goner:
- ECB 2013 GDP FORECAST -0.4% TO 1.4%
- ECB PREV. 2013 GDP FORECAST 0.0% TO 2%
- ECB 2012 GDP FORECAST -0.6% TO -0.2%
- ECB CUTS 2012 GDP FORECAST TO -0.4% FROM -0.1%
- ECB 2012 INFLATION FORECAST 2.4% TO 2.6%
The SMP 2.0 is called OMT: Outright Monetary Transactions: the same as SMP 1.0 but only buying bonds under 3 years.
- DRAGHI SAYS TRANSACTIONS HAVE STRICT CONDITIONALITY ATTACHED
- DRAGHI SAYS IMF INVOLVEMENT WILL BE SOUGHT
- DRAGHI SAYS ECB TO CONDUCT TRANSACTIONS IF WARRANTED
- DRAGHI: ECB MAY TERMINATE ACTIONS IN EVENT OF NON COMPLIANCE - just in case Berlucsoni is reelected
- DRAGHI SAYS THERE ARE NO EX-ANTE QUANTITATIVE LIMITS
ECB says bonds will be pari passu: unclear if this means retroactive as well, which would make the ECB balance sheet insolvent on Greek bond losses.
- DRAGHI SAYS TRANSACTIONS WILL BE FULLY STERILIZED
Since SMP 2.0 is now here, SMP 1.0 is history:
- DRAGHI SAYS SMP IS TERMINATED
- DRAGHI SAYS LIQUIDITY OF SMP WILL CONTINUE TO BE ABSORBED
- DRAGHI SAYS ECB WILL HOLD SMP SECURITIES TO MATURITY - in other words, no sales. Ever.
Naturally, Germany said "9".
- DRAGHI SAYS THERE WAS ONE DISSENTING VIEW
Weidmann resignation next?
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we will find out super mario has no magic mushrooms here we go
No way I'm paying for the live event.....I've seen this movie before.
They'll find a way to kick the can one more time -- all this exhuberent ranting at ZH is just to add to the hysteria to goad the CB's to take action.
I wouldn't short the market on any expectation of failure to act by ECB.
Baghdad Bob is back!
Fuck you, unelected Draghi!
It's all Bullshit!
It's all about the "Lah-qwid-a-teee"..................................SilVer BITCHEZZ
They'll keep talking and keep printing. The beauty is that it has not lead to hyperinflation as many have been expecting. One can only stand back in admiration at this slight of hand!
As long as the ME oil is kept in relative check, life appears to be tolerable.
Soooooo kick the F#$%#king can?
Do I have that right?
KFTC
In my view this is a very big kick, the can is now at least a year down the road. I the next big issues will be outside the Euro Area, in Japan, the UK and the US. I am now long Euro.
Fire truck at Frankfurt ECB building as Mario Draghi starts to speak ... seriously ... picture here
http://www.telegraph.co.uk/finance/debt-crisis-live/9523681/Debt-crisis-...
'Pull it'
The Fire trucks are there to provide extra liquidity, of course. btw, the telegraph article was disappointing (as often)
DRAGHI SAYS KISS MY BONITO ARSE
If Goldma...er ECB's Drahgi disappoints, I'm loading up on the PM dip. If not, well, I'll enjoy the ramp on my stockpile.
What's your buy price if it's not a secret? I ask because I too am waiting for the same dip.
Silver - I will scale purchase. 30.60, and if break below 30.50 or so I'll wait for waterfall to 29.50, then 28.60. I'm patient...this is a long term process, not a trade.
I am all for the long term process, it's just that I'm getting increasingly jumpy holding paper on hand. Don't like paper.
if you are truly for the long term process of holding PM you should have bought already!
You still have time to catch the next leg up, but time is running out. Gold and silver have been consolidating for nearly a year and are on the cusp of a breakout. There is always the possibility of another central bank smackdown but you can be pretty sure that there are a lot of people waiting on the sidelines for something like that just like you are.
The central banks openly inflating means the value of currency is going down relative to PM. Plain and simple.
Exactly right. Everyone knows that the CBs will print next month. If they don't, it will be the month after that.
Water pistol.
But you gotta love the rock video “cinematography” here: cutaways! crowd shots! close-ups of pensive gestures! the illusion of action! the sea parting for the stars! it's…it's...
…empty bureaucratic droning in front of poured cement columns.
I feel and cuddly just watching the Round Table participants. All will be well.
Strike that. We're fugged.
The article presents a false dichotomy. Both Germany and Goldman are still in the driver's seat, and they both want the same outcome, which is subservient debt slaves in a new fiscally unified Europe. The bond buying program is an economic implosion and debt maximization program. It is not reflationary and the market will figure this out eventually.
Doh!
Shelby
Who is this "Germany" you mention?
I thought the German banksters want their questionable loans repaid by assets and servitude( same as the other members of the global cartel, err "community").
I thought German industry was export oriented and has found agreeable the current arrangement of propping up its customers. Do they want a "strong deutschmark"?
I doubt the Germans in the sense of the average citizen are in charge. Or is the German government, unlike the other Western nations, not run by a financial oligarchy?
Will "Germany" take over NATO, the IMF, the World Bank, the EU, etc. and "rule" Europe?
I doubt the loyalties to the "nation" will trump the commitment to the interconnected and interdependent global corporations and rackets.
Let's jack up the ES anyway!!!!
Well, it is Thursday after all!
Whats all this about the fire alarm i heard...jesus is that what the rumors are amounting to now? Things are becomming very surreal indeed.
I wouldnt be surprised if the markets rally on nothing, deferring hope to Gentle Ben again and the German constitutional cour.
Won't CTRL-P cause inflation that will crush the unemployed ?.. Oh, I forgot... That's what food stamps from China are for.
We need more Liz Warrdn giving these bankers a stern talking to.
here we go...
Hell yes......this it IT!
I hope they'll be playing this music during the press conference.
yeah circus music
http://www.youtube.com/watch?v=uhscMsBhNhw
So what you're saying is...
There is a chance, and that......IOU's are just like money.... I don't want to put words on your fingertips, but are you proposing that Draghi is going to start issuing IOU's for bank debt? Brilliant!
Is it me? Or is there nothing new here?....
we have seen the movie in july...he is not fully covered
if venus de milo had arms she would be flipping draghi the double bird right about now
Priceless.
Bernank here,
"Bong" buying program, per CNBC.com website link. I fully support it.
"ECB's Draghi: Governing Council Has Decided on Sovereign Bong Buying Program; Jobless Claims Fall (click for more on jobs)" Well dang, link was taken down. It was spectacularly funny.
treasuries selling off....wtf
gold and EUR not too happy with this Eurospeak bullshit!
Conditionality, bitches!
He had the opportunity to call the program Monetary Open Market Operations, aka MOMO. He missed that opportunity and I'm disappointed.
This is nothing but a rehash of the same old shit! Nothing new here, other than a new accronym.
a great big nothingburger with nothing on the side
Which we all know means for the market.................(EVERYBODY TOGETHER NOW) : BULLISH!!! Green screens all round kidz
Monti says OMT
Collateral will not be required. We will require that you at least Think about collateral
This is just becoming a sick joke now. It's like some kind of warped Groundhog Day where we keep going round and round and round and round in circles with one "summit" after next and NOTHING being achieved.
Just get the damn thing over and done with will you?! GREXIT once and for all - after all, we know that's what governments and companies all over the world are preparing for.
Personally I find the markets so confusing now with all this absurd political manipulation and intervention. How on earth can you take positions in any asset class when the moves are so erratic? And don't get me started on macro data : Good news is bad (I mean good) news, bad news is good news, no news is good news, everything's now always bullish and green screens are the norm.
What happened to the "market"? Remember that little thing? No, neither do I anymore!
Nowdays you got more chance making money playing a game of poker with your friends :)
"its up to you to quess..."
Draghi and Obama ---- the worst Equal Opportunity Hires in H I S T O R Y !
"no quantitative limits"...should this read, "We will buy the shit out of these Spanish bonds; even if unemployment is 65% and we have no way to get our money back." Yes, I think that is how it should read.
implicit anti-money. the Fed cannot unwind itself. only you can do that. look at the accounting.
if a non-performing asset with 300% fractional reserve inflation embedded in the "market" price is sold at original cost to a paty intelligent enough to transform it into market clearing income...
what is the wealth of a canadian if you divide national resource value by population? what is the difference with the reported value based on its trade agreement with china, placing an artificial floor under frackimg and oil, and giving blank immunity to the chinese banking and municipal immigrants, who are returning the favor by driving re and commodity prices through the roof?
why would any canadian participate in the empire's "certification" program, unless programmed to do so from birth, in debt slavery?
it's a psychology problem;you have to deregulate yourself and aggregate from the bottom up, erasing artificial borders along the way. the law follows behavior, not the other way around, which is why all the loans are upside-down, credit is frozen and the empire is insolvent.
as greece demonstrates, the police state is already dissolving.
the law follows behavior, not the other way around, which is why all the loans are upside-down, credit is frozen and the empire is insolvent.
it's a shame so few fail to consider the concept of reflexivity, thus allowing it to be used as a tool of manipulation and enslavement so effectively.
robot land mines everywhere you turn..
... can't wait to hear the follow-up commentary from the 'homeland' ... they have already 'desented' in the ECB vote, so, is sucession from the union next? ...
Welcome to the Italian Monetary Union ...
So SMP 2.0 accompanied by a pormise 'please belives us that we are not senior' but when it get's tough please don't count on that promise because politicians change the rules hand over fist?
Oh and how will the ECB terminate this program once one country does not play by the rules? Is the ECB going to drop a shitload of bonds on the market in no time and hopes that someone picks it up (and repos those bonds at the ECB)?
Introducing The Consumer Psychosis Index
http://chartistfriendfrompittsburgh.blogspot.com/2012/09/the-consumer-ps...
ah, mario draghi, I think we have a close tie in the case of the antichrist! he is from europe,he says he can solve the worlds problems but we have one on this side the pond just like mario!
Well...if the ES isn't going to sell off on this bullshit news, I am of the opinion it isn't going to sell off.
"The Impossible Ream !" Check out .... http://www.obamasrealfather.com
Short sell the news move is comming, and then we go back to regularly scheduled Bot Manipulation.....
Europe is fucked, the economy is to shreds, ECB will give free money to PIIGS, lets all have a big party!
Looks like Italy and Spain had better get ready for 6 day work weeks as well ! The good news is they can use toilet paper for collateral in the soup lines;-).
The Spanish have Spiderman towels to barter. The Italians are just shit out of luck.......
Elitist scum need to be handed very slippery bars of soap. Karma's a bitch.
Doing what Europeans do best - lots of talk and no action.
Guess it's true about the men that brag they have a big bazooka.
HOW WILL STERILIZATION WORK?
By way of zircon encrusted tweezers.
Why even bother paying lip service to "conditionality" anymore? No one believes it. Everyone knows that avoidance of moral hazard has been discarded.
The level of propaganda these days is higher than I've ever seen. We have Bill Clinton trying to cloak outright socialism with references to a business-government partnership, as if businesses have any say in what the government does anymore.
Draghi is so far outside the ECB mandate, he pretends that buying sovereign debt in the secondary market isn't somehow just another way of monetizing (holding to maturity - which is never) and of bailing out banks. Lies, lies and lies.
+1
AynRandFan -atic
You are delusional if you believe "businesses"
do not "have any say in what the government does anymore".
The acceptance of unlimited credit risk by a central bank is a guarantee of hyperinflation. That's where the ECB is now. "Conditionality"? Take a look at Greece and explain how it has been required to perform any of its obligations under "conditionality".
Well said ARF
i just wanted to say to you all that im, just saying. Well no i am actually writing, but that doesnt matter does it? it sounds cool, and when people read it they will go, 'oh, this guy is cool.
Just saying...
Anybody seen Mark "out of the box". Getting killed on his shorts I suppose
Translation, "CRAP CRAP AND MORE CRAP....LIES LIES LIES......CANKICK CANKICK CANKICK."
Now go stuff your face with a ribeye bought by the very people who will assume all of your handout laiden debt.
"...the Irish Govt has been an exempler of compliance..."
bend over Ireland
stagflation bitchez
Draghi summoned Mephistopholes I see..
http://www.youtube.com/watch?v=ntDLdZqfZUk
Where's Banzai with his "Committee of Lifeguards to save the world and former SecTreas-es who have fallen in the Ritz Carlton pool and can't get up." Hello?
Dave Harrison
www.tradewithdave.com
A Goldman Sachs Euro puppet.
Benanke and the US Fed directing the Euro devaluation/counterfeiting.
Print, print, print. That's all that's left now.
Hold till maturity.....wow..to me that means the countries can just spend as much as they want...this is going to 10 trillion...
"...the proof is in the pudding... I and my predesessor of 8 years aim is to provide price stability"
Yes Mario, we got stable prices, it's just the €3 Trillion bill you've wracked up that gives your pudding the taste of an over-cooked, burnt, crumbling fruitcake
Translation:
We will open the fire doors.....for the wealthy and banks only. There is no quantitative limit. Please, Chinese Russian and Arab overlords and their Goldman handlers, allow us unelected idiots in suits to take junk bonds off your hands in exchange for precious, precious "eurolint".
Populace, be warned: If you approach another Davos gathering within 100 km you will be shotted. Meanwhile, huddle nicely together in your worthless homes and pray for "eurobread" this winter.
Germany, your fucking move losers. And don't forget we will seize bank license authority from you next week. Take THAT hahahahahahahahaha! Ahem.
Questions?
Yes.
How do I get out of this chickenshit outfit?
move along
nothing to see here
Tell it to price, lol.
there it was.......can we install a TP dispenser on the side of his and all the others faces?
Well looks like the Criminal Elite win again. And...."despite all our rage we are still just rats in a cage". GD Mofos.