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Mario Draghi Live Webcast

Tyler Durden's picture


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:


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: ECB MAY TERMINATE ACTIONS IN EVENT OF NON COMPLIANCE - just in case Berlucsoni is reelected

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.


Since SMP 2.0 is now here, SMP 1.0 is history:

  • DRAGHI SAYS ECB WILL HOLD SMP SECURITIES TO MATURITY - in other words, no sales. Ever.

Naturally, Germany said "9".


Weidmann resignation next?

Webcast link



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Thu, 09/06/2012 - 08:19 | 2767589 knight99
knight99's picture

we will find out super mario has no magic mushrooms here we go

Thu, 09/06/2012 - 08:22 | 2767598 GetZeeGold
GetZeeGold's picture



No way I'm paying for the live event.....I've seen this movie before.


Thu, 09/06/2012 - 08:28 | 2767614 IBelieveInMagic
IBelieveInMagic's picture

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.

Thu, 09/06/2012 - 08:32 | 2767629 flacon
flacon's picture

Baghdad Bob is back! 

Thu, 09/06/2012 - 08:44 | 2767681 Ratscam
Ratscam's picture

Fuck you, unelected Draghi!

Thu, 09/06/2012 - 08:59 | 2767731 stocktivity
stocktivity's picture

It's all Bullshit!

Thu, 09/06/2012 - 09:10 | 2767772 bonderøven-farm ass
bonderøven-farm ass's picture

It's all about the "Lah-qwid-a-teee"..................................SilVer BITCHEZZ

Thu, 09/06/2012 - 09:08 | 2767764 IBelieveInMagic
IBelieveInMagic's picture

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.

Thu, 09/06/2012 - 08:33 | 2767634 GetZeeGold
GetZeeGold's picture



Soooooo kick the F#$%#king can?


Do I have that right?


Thu, 09/06/2012 - 08:40 | 2767663 GolfHatesMe
GolfHatesMe's picture



Thu, 09/06/2012 - 09:33 | 2767845 silver500
silver500's picture

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.

Thu, 09/06/2012 - 08:29 | 2767619 bank guy in Brussels
bank guy in Brussels's picture

Fire truck at Frankfurt ECB building as Mario Draghi starts to speak ... seriously ... picture here

'Pull it'

Thu, 09/06/2012 - 08:34 | 2767639 Ghordius
Ghordius's picture

The Fire trucks are there to provide extra liquidity, of course. btw, the telegraph article was disappointing (as often)

Thu, 09/06/2012 - 09:09 | 2767769 1fortheroad
1fortheroad's picture




Thu, 09/06/2012 - 08:20 | 2767592 LongSoupLine
LongSoupLine's picture

If ECB's Drahgi disappoints, I'm loading up on the PM dip.  If not, well, I'll enjoy the ramp on my stockpile.

Thu, 09/06/2012 - 08:32 | 2767631 Gief Gold Plox
Gief Gold Plox's picture

What's your buy price if it's not a secret? I ask because I too am waiting for the same dip.

Thu, 09/06/2012 - 08:43 | 2767678 LongSoupLine
LongSoupLine's picture

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.

Thu, 09/06/2012 - 08:47 | 2767689 Gief Gold Plox
Gief Gold Plox's picture

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.

Thu, 09/06/2012 - 09:17 | 2767788 eclectic syncretist
eclectic syncretist's picture

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.

Thu, 09/06/2012 - 08:38 | 2767658 HelluvaEngineer
HelluvaEngineer's picture

Exactly right.  Everyone knows that the CBs will print next month.  If they don't, it will be the month after that.

Thu, 09/06/2012 - 08:32 | 2767594 Mercury
Mercury's picture

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.


Thu, 09/06/2012 - 08:21 | 2767597 Its_the_economy...
Its_the_economy_stupid's picture

I feel and cuddly just watching the Round Table participants. All will be well.

Thu, 09/06/2012 - 08:22 | 2767599 Its_the_economy...
Its_the_economy_stupid's picture

Strike that. We're fugged.

Thu, 09/06/2012 - 08:22 | 2767600 Shelby Moore III
Shelby Moore III's picture

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.

Thu, 09/06/2012 - 08:26 | 2767610 Its_the_economy...
Its_the_economy_stupid's picture


Thu, 09/06/2012 - 09:09 | 2767770 rwe2late
rwe2late's picture


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.

Thu, 09/06/2012 - 08:25 | 2767605 Boilermaker
Boilermaker's picture

Let's jack up the ES anyway!!!!

Thu, 09/06/2012 - 08:40 | 2767664 HelluvaEngineer
HelluvaEngineer's picture

Well, it is Thursday after all!

Thu, 09/06/2012 - 08:27 | 2767611 Itch
Itch's picture

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.

Thu, 09/06/2012 - 08:27 | 2767612 Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

I wouldnt be surprised if the markets rally on nothing, deferring hope to Gentle Ben again and the German constitutional cour.

Thu, 09/06/2012 - 08:27 | 2767613 Ponzi_Scheme
Ponzi_Scheme's picture

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.

Thu, 09/06/2012 - 08:28 | 2767618 teahouse
teahouse's picture

here we go...


Thu, 09/06/2012 - 08:39 | 2767660 GetZeeGold
GetZeeGold's picture



Hell yes......this it IT!


Thu, 09/06/2012 - 08:30 | 2767622 JSD
JSD's picture

I hope they'll be playing this music during the press conference.

Thu, 09/06/2012 - 08:32 | 2767632 1835jackson
1835jackson's picture

yeah circus music

Thu, 09/06/2012 - 08:33 | 2767638 JSD
JSD's picture

So what you're saying is...

Thu, 09/06/2012 - 08:41 | 2767667 spanish inquisition
spanish inquisition's picture

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!

Thu, 09/06/2012 - 08:35 | 2767648 SLOMO66
SLOMO66's picture

Is it me? Or is there nothing new here?....

Thu, 09/06/2012 - 08:37 | 2767655 teahouse
teahouse's picture

we have seen the movie in july...he is not fully covered 

Thu, 09/06/2012 - 08:42 | 2767669 buzzsaw99
buzzsaw99's picture

if venus de milo had arms she would be flipping draghi the double bird right about now

Thu, 09/06/2012 - 09:24 | 2767809 Jim in MN
Jim in MN's picture


Thu, 09/06/2012 - 09:21 | 2767671 Bernankenstein
Bernankenstein's picture

Bernank here,

"Bong" buying program, per 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.

Thu, 09/06/2012 - 08:42 | 2767673 fonzannoon
fonzannoon's picture

treasuries selling

Thu, 09/06/2012 - 08:43 | 2767676 dingoj
dingoj's picture

gold and EUR not too happy with this Eurospeak bullshit!

Conditionality, bitches!

Thu, 09/06/2012 - 08:45 | 2767683 FischerBlack
FischerBlack's picture

He had the opportunity to call the program Monetary Open Market Operations, aka MOMO. He missed that opportunity and I'm disappointed.

Thu, 09/06/2012 - 08:46 | 2767684 Yen Cross
Yen Cross's picture

 This is nothing but a rehash of the same old shit! Nothing new here, other than a new accronym.

Thu, 09/06/2012 - 08:49 | 2767693 buzzsaw99
buzzsaw99's picture

a great big nothingburger with nothing on the side

Thu, 09/06/2012 - 08:51 | 2767704 Howdan
Howdan's picture

Which we all know means for the market.................(EVERYBODY TOGETHER NOW) : BULLISH!!! Green screens all round kidz

Thu, 09/06/2012 - 08:48 | 2767690 DOT
DOT's picture

Monti says OMT

Thu, 09/06/2012 - 08:49 | 2767694 GolfHatesMe
GolfHatesMe's picture

Collateral will not be required. We will require that you at least Think about collateral

Thu, 09/06/2012 - 08:50 | 2767696 Howdan
Howdan's picture

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!

Thu, 09/06/2012 - 09:21 | 2767801 CharlesH
CharlesH's picture

Nowdays you got more chance making money playing a game of poker with your friends :)

Thu, 09/06/2012 - 08:50 | 2767699 john milton
john milton's picture

"its up to you to quess..."


Thu, 09/06/2012 - 08:55 | 2767700 Monedas
Monedas's picture

Draghi and Obama ---- the worst Equal Opportunity Hires in  H I S T O R Y  !

Thu, 09/06/2012 - 08:51 | 2767702 ThunderingTurd
ThunderingTurd's picture

"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.

Thu, 09/06/2012 - 08:51 | 2767705 kevinearick
kevinearick's picture

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?

Thu, 09/06/2012 - 09:20 | 2767797 kevinearick
kevinearick's picture

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.

Thu, 09/06/2012 - 10:20 | 2768039 tip e. canoe
tip e. canoe's picture

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.

Thu, 09/06/2012 - 14:13 | 2768943 kevinearick
kevinearick's picture

robot land mines everywhere you turn..

Thu, 09/06/2012 - 08:57 | 2767708 bdc63
bdc63's picture

... 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? ...


Thu, 09/06/2012 - 08:53 | 2767711 Instant Wealth
Instant Wealth's picture

Welcome to the Italian Monetary Union ...

Thu, 09/06/2012 - 08:53 | 2767712 timbo_em
timbo_em's picture

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)?

Thu, 09/06/2012 - 08:54 | 2767716 realtick
Thu, 09/06/2012 - 08:55 | 2767718 caimen garou
caimen garou's picture

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!

Thu, 09/06/2012 - 08:57 | 2767726 ThunderingTurd
ThunderingTurd's picture

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. 

Thu, 09/06/2012 - 09:11 | 2767730 Monedas
Monedas's picture

"The Impossible Ream !"            Check out ....

Thu, 09/06/2012 - 09:01 | 2767735 gatorengineer
gatorengineer's picture

Short sell the news move is comming, and then we go back to regularly scheduled Bot Manipulation.....

Thu, 09/06/2012 - 09:03 | 2767739 dingoj
dingoj's picture

Europe is fucked, the economy is to shreds, ECB will give free money to PIIGS, lets all have a big party!

Thu, 09/06/2012 - 09:04 | 2767741 Yen Cross
Yen Cross's picture

 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;-).

Thu, 09/06/2012 - 09:38 | 2767872 bonderøven-farm ass
bonderøven-farm ass's picture

The Spanish have Spiderman towels to barter.  The Italians are just shit out of luck.......

Thu, 09/06/2012 - 09:04 | 2767746 frenzic
frenzic's picture

Elitist scum need to be handed very slippery bars of soap. Karma's a bitch.

Thu, 09/06/2012 - 09:04 | 2767747 orangegeek
orangegeek's picture

Doing what Europeans do best - lots of talk and no action.

Thu, 09/06/2012 - 09:04 | 2767748 No Euros please...
No Euros please we're British's picture

Guess it's true about the men that brag they have a big bazooka.

Thu, 09/06/2012 - 09:05 | 2767751 Dollar Bill Hiccup
Dollar Bill Hiccup's picture



Thu, 09/06/2012 - 09:06 | 2767761 frenzic
frenzic's picture

By way of zircon encrusted tweezers.

Thu, 09/06/2012 - 09:05 | 2767755 AynRandFan
AynRandFan's picture

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.

Thu, 09/06/2012 - 09:14 | 2767781 CharlesH
CharlesH's picture


Thu, 09/06/2012 - 09:41 | 2767888 rwe2late
rwe2late's picture

AynRandFan -atic

You are delusional if you believe "businesses" 

do not "have any say in what the government does anymore".

Thu, 09/06/2012 - 09:11 | 2767774 AynRandFan
AynRandFan's picture

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".

Thu, 09/06/2012 - 09:18 | 2767789 fonzannoon
fonzannoon's picture

Well said ARF

Thu, 09/06/2012 - 09:12 | 2767777 kita27
kita27's picture

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...

Thu, 09/06/2012 - 09:12 | 2767779 WaEver
WaEver's picture

Anybody seen Mark "out of the box". Getting killed on his shorts I suppose

Thu, 09/06/2012 - 09:14 | 2767784 IridiumRebel
IridiumRebel's picture



Now go stuff your face with a ribeye bought by the very people who will assume all of your handout laiden debt.

Thu, 09/06/2012 - 09:14 | 2767785 Zero Govt
Zero Govt's picture

"...the Irish Govt has been an exempler of compliance..."

bend over Ireland

Thu, 09/06/2012 - 09:17 | 2767787 sockratte
sockratte's picture

stagflation bitchez

Thu, 09/06/2012 - 09:18 | 2767790 Jason T
Jason T's picture

Draghi summoned Mephistopholes I see..

Thu, 09/06/2012 - 09:19 | 2767795 tradewithdave
tradewithdave's picture

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

Thu, 09/06/2012 - 09:25 | 2767798 yogibear
yogibear's picture

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.

Thu, 09/06/2012 - 09:23 | 2767807 youngman
youngman's picture

Hold till me that means the countries can just spend as much as they want...this is going to 10 trillion...

Thu, 09/06/2012 - 09:35 | 2767813 Zero Govt
Zero Govt's picture

"...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 

Thu, 09/06/2012 - 09:30 | 2767833 Jim in MN
Jim in MN's picture



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.



Thu, 09/06/2012 - 10:48 | 2768158 Death and Gravity
Death and Gravity's picture


How do I get out of this chickenshit outfit?

Thu, 09/06/2012 - 09:32 | 2767836 boffster
boffster's picture

move along

nothing to see here

Thu, 09/06/2012 - 09:33 | 2767841 ThisIsBob
ThisIsBob's picture

Tell it to price, lol.

Thu, 09/06/2012 - 09:33 | 2767848 IridiumRebel
IridiumRebel's picture

there it was.......can we install a TP dispenser on the side of his and all the others faces?

Thu, 09/06/2012 - 09:43 | 2767899 SmoothCoolSmoke
SmoothCoolSmoke's picture

Well looks like the Criminal Elite win again.    And...."despite all our rage we are still just rats in a cage".   GD Mofos.

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