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Market Left With Bitter Aftertaste Following Italy €7.74 Billion BTP Auctions

Tyler Durden's picture

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Tue, 08/30/2011 - 07:18 | 1614173 Dick Darlington
Dick Darlington's picture

Interesting story from Italy. Small community using its own currency.


Tue, 08/30/2011 - 07:28 | 1614185 Pay Day Today
Pay Day Today's picture

Community currencies are very useful things. Good to set one up quite small scale for trading specific popular good and services within close networks of people. Then scale up as the need and desire arises.

Tue, 08/30/2011 - 08:32 | 1614273 anynonmous
anynonmous's picture

Business Insider is an excellent resource for balanced financial information and commentary


for example this headline

Actually That High Stakes Italian Bond Auction Went Pretty Well

Simone Foxman

(It never ceases to amaze me that Business Insider is as popular as it is, but then again I was once at a Walmart and it too was busy. I wonder if Simone would be the equivalent of a Walmart greeter and the readers of Business Insider the equiv of the people of Walmart.)

Tue, 08/30/2011 - 08:32 | 1614280 PY-129-20
PY-129-20's picture

Reminds me of the Austrian Freigeld and the miracle of Woergl during the Great Depression. It was terminated by the Austrian National Bank.



Tue, 08/30/2011 - 07:22 | 1614178 Dick Darlington
Dick Darlington's picture

OT: More unrest in Spain soon... Same as in Italy, many say "fu*k austerity".


Tue, 08/30/2011 - 07:25 | 1614180 props2009
props2009's picture

charts of gold vs corn crude vs s&p

Guess the winner ?

Tue, 08/30/2011 - 07:26 | 1614183 Sudden Debt
Sudden Debt's picture

hmm... our mainstream media is talking about a hugh succes in the italian auction :)

not that they ever covered bad info... :)

Tue, 08/30/2011 - 07:27 | 1614184 Dick Darlington
Dick Darlington's picture

It's called propaganda.

Tue, 08/30/2011 - 07:32 | 1614188 mayhem_korner
mayhem_korner's picture

When it comes to the affairs of Italy, it's propa gianda (to be consumed with reservo chianti)

Tue, 08/30/2011 - 07:30 | 1614186 papaswamp
papaswamp's picture

Italian Economic indicators substantially weaker than anticipated. Retail sales coming in lower than expected (-0.20% vs 0.20% exp).

What really has surprised me is the very little reaction to the bad Japanese economic news.

Household spending, though better than expected was still negative (-2.1%)

Unemployment rose (4.7%)

Retail sales YoY with a big contraction to 0.7% (1.5% exp)

Tue, 08/30/2011 - 08:00 | 1614213 tim73
tim73's picture

This article is full of crap, typical yank bullshit. When US T-bond yields drop it is all about "flight to safety" but when yields of Italian bonds drop it is all about "markets being not happy", according to you idiots.

Tue, 08/30/2011 - 08:05 | 1614224 LookingWithAmazement
LookingWithAmazement's picture

Again no armageddon. ECB saved Italy's day last few weeks. Boring world we live in.

Tue, 08/30/2011 - 09:47 | 1614367 slewie the pi-rat
slewie the pi-rat's picture

yes, this was italy raising euros without the EU

so, of course, it was "disappointing" to EU types, but i think messers ostwald and leister understand what happened, here, and italy raised some money, at a (neg) discount to what goes down w/ the ECB playing QE in the same sandbox

tyler has it right, too:  "...and if the EFSF is not activated soon enough, and expanded significantly, we expect to see the market test the ECB once again,..."  this is where merkel is gonna have her ample commie ass handed to her, politically, and if so, germany will hold elections, and france will hold a liquidation sale, imo.  i do not believe this turkey will fly w/out a new EU treaty and a new political arrangement, so never say never, but to me. it is a long shot

the EFSF is in trouble b/c it is, m/l illegal at the level they are trying to push.  this isn't america.  they don't have a federal system, they EU is a confederation of free states, much like the first US goobermint.  this level of debt, QE, and bailout violates the treaties of confederation.  like nobody is gonna notice? 

what are the central planners and banksters to do?  start a civil war and then establish a no fly zone and bomb the living shit outa everything to "protect civilians"?  declare martial law and the EU "too big to fail"?   have the FED bail them out?  that seems almost "reasonable", no?  maybe with china in a show of NWO solidarity? 

no, i don't think the EFSF will be "in time" b/c it ain't gonna happen without a new EU, no matter what the "feasibility study" says, it seems to me, at this point. 

as tyler said on august 15:   We can’t wait to hear Germany’s reaction to the fact that cumulative SMP purchases (and thus “Weimar” risk) increased by 30% in one week.

germany's reaction seems to be:  fuk loans!  if you want money, sell us your gold, and your industries;  if that doesn't get you straightened out, we may be willing to buy your children, later, but not for much.  that way we can all either stop kidding each other, or simply stop the EU.

the brothers grimm, BiCheZ!


Tue, 08/30/2011 - 09:28 | 1614475 oogs66
oogs66's picture

Italian and Spanish bond yields dangle by a thread. If the market decides to challenge the ecb, the market will win. The big move tighter was on no volume so the problems are still there

Tue, 08/30/2011 - 10:49 | 1614855 eleven
eleven's picture

Ma porco can!

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