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Which means that, all else equal, the pain for European banks, courtesy of the allegedly criminal management of the company of one Jon Corzine, is about to hit previously unseen levels.
perhaps alot sooner than you think.
J. Corzine, MFCEO, Getting Slapped With A Subpoena
So when does it all fall apart.
Probably never. These evil assholes are actually quite adept at keeping the ball in the air for a long long time.
Presented without comment ...
... if you can't figure this math out ... or which side you are on ... well ... <insert some crap about history you won't read here> ...
When does it fall apart? When oil (WTI) is a little over $100. Give the DOW another 15% at most. When it's that much higher, WTI will be knocking on $110.
All of this has to do with oil. From the Fall of '08, to the Wars around the globe, to the current collapse of the Fiat Ponzi, it all comes back to oil.
Cockroach banksters will surive holocousts and nuclear attacks.
Live with it bitchez!
I agree, I'm beginning to think that after what happened in 08 with the Lehman crash, and Paulson scaring the shit out of the dumbfucks in the House and Senate, that this will never end because nobody's watching the store. I wonder if they can just splash as many digits around the world as they want with impunity.
They can; until gold is worth how much though? $100k per? LOL!
Like all good shoplifters, the one's on Wall St. are watching the store. Loot and pillage my friend.
It took 20 years for the Savings and Loans to finish in court, WorldCom is still going, BreX I don't think has ever been closed.
Courts for baby lawyers to get their teeth cut and endless legal fees, what could be more kenysian.
Frankly I'm bullish about the whole thing...lol
What was truly funny today was when a they thought Jeffries was another MF. Whitney had to come out and essentialy defend them saying they weren't risk takers. People where saying they where the same size and same rating and where investing like MF. I think that there are alot of bodies that are about to float to the surface and MF was the first.
And as of right now this minute, go to CNBC and Commerzbank is the next body. This is getting crazier and crazier.
Well of course they are, CNBC can't justify it's 24 hour infomercial channel without defending it's sponsor.
J. Corzine, MFCEO, Getting Beaten Senseless with an Arrest Warrant.
Bernie Ebers comes to mind. When does he get out?
This is bullish, right?
Definitely bullish ... extra bullish with some bullishness on the side. Hell, with all this extra bullish news coming out over the past few days, I don't know why we're not at Dow 14,000.
This is black swannish of the soft variety, like a felt swan swimming down a river of ashes.
Pancho Neruda Six
In the language of "1984", its double plus bullish!
To the printing presses! Damn the inflation, full speed ahead!
So how fast can the money parked at the fed be recalled to the banks?
It's not a question of speed. It's a question of confidence (ref: Jefferies). With the SEC's perpetual inability to enforce anything, and with moral hazard every place you look, confidence is gone.
The question is, how many more primary dealers are going to drop off in the next week or so?
That's a good question. I think the other good question is how many go away before we hit a confidence breaking point. I think maybe two more is the limit, and they better be small.
I would guess some Euro land primary dealers are hurting.
TD, I must dissent. All global markets needs is ... well ... more cowbell. If the 'Nank had three neurons touching in his skull, he'd have Christopher Walken on the white courtesy phone stat. I mean, he puts his pants on and knocks out GOLD!
Baby, don't fear the reaper.
Thanks. So it's not really an issue for the bank making the deposit so much as it is for the OTHER banks that might have wanted to use the funds?
To me it doesn't look like "perpetual inability" to enforce anything. It looks more like corrupt refusal to enforce their own regulatory laws. I can only buy the ignorance cop-out so many times before it just looks like blatant corruption.
It is, without question, blatant corruption.
you got it
If all the bastards go to jail, who will replace the useful idiots?
a) They're not idiots. They are very deliberately complicit and corrupt!
b) There are plenty of reserves all warmed up and waiting on the benches for an opportunity to take to the field!
For every politician who "won" a chance to dip their snout in the swill trough, there are 6 more who lost and will be trying again.
For every bank executive who got promoted to a "bonus" slice of the swag, there are a dozen more jostling for position to take their place.
For every career regulator who has turned the other way and pocketed a bribe, there are a dozen more waiting to take their place as they exit through the revolving door to a cushy position with a "benefactor".
It's the system that is corrupt, not just the individuals who are "following the rules", "following orders" and/or "following the money".
As a corrupt senior cop once confided in me when I asked him why he did it: "You either get on the bus or get run over by it!"
Government is the problem, not the solution ... and the biggest problem of all is a remote central government!
What are the remaining factors between the present situation and a cascade of liquidity withdrawal like the one that made the Fed and Treasury say we were hours from collapse in '08? Just time, or were there other critical factors which have yet to rear their heads?
When the sharks smell this much blood in the water....could be just one more little moronic keystroke away that causes some great white to take a big ole bite and take this corpse down. Happy hunting.
Oh that shark bites . . . with its teeth babe.
There is no shark in the water. Have been looking to see one since 2007 but none sighted yet.
Multiple connent - sorry all
Why are many here at ZH pulling cash out of the financial system and parking it in hard assets, e.g. precious metals?
Maybe in part, but grab a gold coin, heft it in your hand as you gaze at the pretty color. To get that feeling from looking at a paper account I think you'd need a 7 or 8 digit number on the bottom line.
Maybe because precious metals have outperformed most stocks since the beginning of the year (and before, too).
How is this taking cash out of the financial system?
You pay money to someone, what do they do with it?
It goes to all the employees of the mint and the mine and all they consume, it goes to taxes on the mine and the employees and all they consume. It goes to the driver who delivered the fuel to the mine, to his boss, and the trucking company itself, and to taxes on the drivers income, all he consumes, taxes on the trucking company, taxes on the fuel .....................etcetera etcetera
In the end,
It mostly goes to taxes.
btw as I understand it looting, pilaging or outright theft of account funds, should it cause a default/bankruptcy does not technicaly trigger a cds payout just so you know.
you are wrong
...confidence is gone = lose your counterparty = buy gold
Has the mission been completed? You know that I have the greatest enthusiasm for it.
lets get it clear.. will the eruo go down or up?
i am interesting in currencies only.
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