In New Levels Of Bizarro-Land-Ism, IMF Denies Its Own Rumor On Bond Market Intervention

The Associated Press is reporting on an very appropriate comment from Antonio Borges, head of the IMF's Europe program, that he is retracting his earlier comment that they will intervene in bond markets to support Italy and Spain. Sure enough, this will not come as a surprise to our readers, after we said first thing today that "we find that the person tasked with destroying his credibility, after the market no longer trusts anything Lagarde says, is IMF European Department Director Antonio Borges who according to Reuters, said that Europe needs between 100 billion and 200 billion euros to recapitalize its banks to win back investor confidence and should carry out the plan across the continent, not in a staggered process." Consider credibility destroyed.

In a dramatic turnaround, a senior official for the International Monetary Fund on Wednesday retracted an earlier comment that the IMF could intervene in bond markets to support struggling Italy and Spain.

"The fund can only lend its resources to countries, and cannot use these resources to intervene in bond markets directly," Antonio Borges, the head of the IMF's Europe program, said in a statement.

"Any alternative lending modalities to what we do now would require a different legal structure" for the IMF, the statement continued, adding that such changes had not been discussed with the fund's members.

Earlier Wednesday, Borges had said at a news conference in Brussels that the IMF could possibly invest alongside the eurozone's bailout fund to help Italy and Spain.

Oh to have been a fly on the phone call from Christine Lagarde to Borges in which she, in a calm, cool, and collected manner, with little to no use of obscenities, and references to the Spaniard's mother, grandmother, and barn animals, explained to him to, very credibly, say he was only kidding.

What next: Steve Liesman reports X only to turn around 30 minutes later and say he was true to his name and it was all the teleprompter's fault.

Comments

[mayhem_korner]

Whoops!  IMF showing its ace on the flop instead of the river...

[Ahmeexnal]

Forget about shorting the markets. They will come out with contradictory rumours every 5 minutes.

SHART, MEET FAN!

[SMG]

I think all these rumors are an attempt by the Oligarchy to delay the crash a little bit longer until they and all their lackey's are in the positions they want to be in.   I think what all these unsubstantiated rumors over the past few weeks mean, is that the crash is very close and the powers that be want to make sure they have thei i's dotted and t's crossed before they pull their finger out of the dike.

[Ahmeexnal]

The only possible positon the oligarchs will find is on their knees, with their hands and head between wooden shackles, with a basket under their heads!

[fuu]

The kaishakunin would then perform kaishaku, a cut in which the warrior was decapitated. The maneuver should be done in the manners of dakikubi (lit. "embraced head"), in which way a slight band of flesh is left attaching the head to the body, so that it be hung in front as if embraced.

http://en.wikipedia.org/wiki/Seppuku

[Timmay]

There are many stories on record of extraordinary heroism being displayed in the harakiri. The case of a young fellow, only twenty years old, of the Choshiu clan, which was told me the other day by an eye-witness, deserves mention as a marvellous instance of determination. Not content with giving himself the one necessary cut, he slashed himself thrice horizontally and twice vertically. Then he stabbed himself in the throat until the dirk protruded on the other side, with its sharp edge to the front; setting his teeth in one supreme effort, he drove the knife forward with both hands through his throat, and fell dead.

Come on Bernanke, don't be a wuss.....

[Timmay]

In his book Tales of Old Japan, Mitford describes witnessing a hara-kiri:^[5]

"As a corollary to the above elaborate statement of the ceremonies proper to be observed at the harakiri, I may here describe an instance of such an execution which I was sent officially to witness. The condemned man was Taki Zenzaburo, an officer of the Prince of Bizen, who gave the order to fire upon the foreign settlement at Hy?go in the month of February 1868,—an attack to which I have alluded in the preamble to the story of the Eta Maiden and the Hatamoto. Up to that time no foreigner had witnessed such an execution, which was rather looked upon as a traveller's fable. The ceremony, which was ordered by the Mikado himself, took place at 10:30 at night in the temple of Seifukuji, the headquarters of the Satsuma troops at Hiogo. A witness was sent from each of the foreign legations. We were seven foreigners in all. After another profound obeisance, Taki Zenzaburo, in a voice which betrayed just so much emotion and hesitation as might be expected from a man who is making a painful confession, but with no sign of either in his face or manner, spoke as follows:

“ I, and I alone, unwarrantably gave the order to fire on the foreigners at Kobe, and again as they tried to escape. For this crime I disembowel myself, and I beg you who are present to do me the honour of witnessing the act. ”

Bowing once more, the speaker allowed his upper garments to slip down to his girdle, and remained naked to the waist. Carefully, according to custom, he tucked his sleeves under his knees to prevent himself from falling backwards; for a noble Japanese gentleman should die falling forwards. Deliberately, with a steady hand, he took the dirk that lay before him; he looked at it wistfully, almost affectionately; for a moment he seemed to collect his thoughts for the last time, and then stabbing himself deeply below the waist on the left-hand side, he drew the dirk slowly across to the right side, and, turning it in the wound, gave a slight cut upwards. During this sickeningly painful operation he never moved a muscle of his face. When he drew out the dirk, he leaned forward and stretched out his neck; an expression of pain for the first time crossed his face, but he uttered no sound. At that moment the kaishaku, who, still crouching by his side, had been keenly watching his every movement, sprang to his feet, poised his sword for a second in the air; there was a flash, a heavy, ugly thud, a crashing fall; with one blow the head had been severed from the body. A dead silence followed, broken only by the hideous noise of the blood throbbing out of the inert heap before us, which but a moment before had been a brave and chivalrous man. It was horrible. The kaishaku made a low bow, wiped his sword with a piece of rice paper which he had ready for the purpose, and retired from the raised floor; and the stained dirk was solemnly borne away, a bloody proof of the execution. The two representatives of the Mikado then left their places, and, crossing over to where the foreign witnesses sat, called us to witness that the sentence of death upon Taki Zenzaburo had been faithfully carried out. The ceremony being at an end, we left the temple.

The ceremony, to which the place and the hour gave an additional solemnity, was characterized throughout by that extreme dignity and punctiliousness which are the distinctive marks of the proceedings of Japanese gentlemen of rank; and it is important to note this fact, because it carries with it the conviction that the dead man was indeed the officer who had committed the crime, and no substitute. While profoundly impressed by the terrible scene it was impossible at the same time not to be filled with admiration of the firm and manly bearing of the sufferer, and of the nerve with which the kaishaku performed his last duty to his master.

[JW n FL]

James --

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This is all despite American trade sanctions against Iran and the country’s known links to financing terrorists.

House Republican Leadership’s response: Silence.

This is unacceptable. We can’t let this stand.

Sign our petition right now demanding that House Republicans immediately demand an investigation of Koch Industries’ business dealings with Iran.

If we can get 50,000 signatures, we will deliver them directly to Republican Speaker Boehner and Majority Leader Cantor.

Bloomberg reported that Koch Industries benefited from bribes to win business and sold millions of dollars of equipment to the Iranian regime which is known for their sponsorship of terrorism and calls of "death to America."

Charles and David Koch who run Koch Industries are the same billionaire brothers who have fought for taxpayer subsidies for their own Big Oil interests and advocate privatizing Social Security.

We need to show grassroots Democrats are strong and unified in telling Speaker Boehner and Leader Cantor they must immediately demand an investigation of Koch Industries and its business dealings with Iran. Help us reach 50,000 people standing strong.

Add your name right now >>

[Sambo]

The CNBC observers are going to get freaked out reading this.....

[Libertarians fo...]

I truly don't understand all this extreme and gruesome hostility. It's not just the "oligarchs" you hate....you hate the poor, too.  Hell, you guys even hate the middle class like teachers, police officers and fire fighters if they're in a union. Your hatred cuts through everyone:  from the oligarchs, to bankers, to the politicians straight through the middle class, down to the poor and down-trodden. You guys just hate everyone who exists outside your small sphere of extreme, goofy libertardian ideologies.  

Class warfare seems to be a popular topic these days, and you idiots are as guilty as anyone.  It's so hypocritical of you guys to accuse Obama of class warfare, when the comments section here at Zerohedge is littered with exactly that: class warfare against everyone!  The poor, the rich, the Republicans, the Democrats, teachers, blue collar workers.... everyone... you guys are at war with everyone.

Pathetic!

Libertarians 2012:  Get Rid of the AirTraffic Controllers!    

[fuu]

Why hello there liar boy!

[LongBallsShortBrains]

I love you.

[faustian bargain]

Trolltards 2012: Freedom Is Slavery!

[Jedi Longsabre]

Don't get rid of air traffic contollers. That might cause slight increase in accidents. Just privatize them like in those libertarian bastions Canada, Great Britian and New Zealand. Oh, yeah it can't be done because it is a union job, what was I thinking

[Eagle1]

I agree, you are exactly correct. This whole thing is a staged event.

[PaperWillBurn]

I think the endgame is well underway, and the outcome is not saving the public, but managing the transition to a new system, while hopefully keeping the same ruling class. That will not be disclosed while 'the players' jockey for advantage and position, 'turf' and the privilege of rents, if you will, well ahead of the crowd.

The European Central Bank and the Federal Reserve will bail out the banks again, and seek an 'orderly resolution' to the Greek situation. This will involve either an overt or de facto devaluation of the Euro and the Dollar. Make no mistake, the Dollar will not be allowed to appreciate dramatically for the same reasons that all the other currencies wish to avoid such an outcome.

The Dollar and the Euro are the relativistic value expressions of the financial system. They have no substance otherwise, no permanence except for the will of keepers of the system. The DXY is only an expression of the Euro and Yen and a few other fiat currencies. They are created at will.

And so in advance of the coming devaluation, gold is hit hard in order to maintain the confidence in the fiat system, with the clumsy propaganda pieces in the compliant mainstream media, and so that when bullion rises in reaction to the currency devaluations it will be easier to control, as Paul Volcker had suggested.

"That day the U.S. announced that the dollar would be devalued by 10 percent. By switching the yen to a floating exchange rate, the Japanese currency appreciated, and a sufficient realignment in exchange rates was realized. Joint intervention in gold sales to prevent a steep rise in the price of gold, however, was not undertaken. That was a mistake."

Paul Volcker, Nikkei Weekly 2004

http://jessescrossroadscafe.blogspot.com/2011/10/administrative-note.html

[ElvisDog]

Make no mistake, the Dollar will not be allowed to appreciate dramatically for the same reasons that all the other currencies wish to avoid such an outcome

What? To protect the vibrant U.S. export economy? I find it amusing that after all that has happened over the past three years there are still some people who cling to the "Central bankers are omniscent" meme.

[Troll Magnet]

be careful thinking the end is near.  i've learned awhile ago not to fight the fed as they can fuck with you at anytime of their choosing.  they will drag this shit out for as long as they can because they know that IF/ONCE things implode beyond control, people will be coming for them.  

[ElvisDog]

I do agree that the doom-and-gloomers usually get the timing wrong. They underestimate the ability of the status quo to keep the game going with a stick save. However, I disagree that the Fed is in control of everything and things are going according to some master plan.

[ghostfaceinvestah]

Agreed, this is also why they crashed gold prices, so they can pick up more physical before it all comes crashing down.

[ZeroPower]

Crashed? You bugs seriously need to re-visit what crashes look like.

[junkyardjack]

The only safety will be treasuries

[SheepDog-One]

Near 50% drop in silver is a pretty good crash.

[Ruffcut]

Deny your denial, bitchezz.

[redpill]

We've always been at war with Eastasia.

[GeneMarchbanks]

IMFull of SHit.

[mayhem_korner]

Don't be so hard on yerself, GMB.  :D

[Popo]

I believe the term is "crying wolf"

... and the thing about crying wolf is that is stops working eventually....

... and then the wolf eats your face off.

[GeneMarchbanks]

It sure does Popo.

[wombats]

Yawn.

Who pays attention to the IMF baffoons?

[baby_BLYTHE]

Christine Lagarde is just a puppet and was handpicked by the Rothschild family to facilitate world economic plunder and wealth transfer.

G. Edward Griffin covers IMF fascism in great detail in The Creature from Jekyll Island. I Highly recommend every ZHer read his masterpiece.

[hussaifa]

Read it - I Second, Third & Fourth this comment.

[NotApplicable]

When that's finished read Carroll Quigley's "Tragedy & Hope: A History of the World in Our Time."

It's their freakin' playbook.

[iDealMeat]

http://ebookbrowse.com/the-creature-from-jekyll-island-by-edward-griffin...

[iDealMeat]

http://ebookbrowse.com/45-carroll-quigley-tragedy-and-hope-a-history-of-...

[ChemicalAli]

You're quite right, but you fail to mention that G. Edward Griffin plagiarized Eustace Mullins. 

Eustace Mullins had al the answers WAY before the fraud G. Edward Griffin.

[nyse]

Anyone interested in taking a swing at a pinata, here you go - BlackStone Outlook: Europe/US:
http://www.scribd.com/doc/67610960

Comments reatled to slide 5 would be of particular interest to me.

Dare you try and refute the bull case? Well, I dare you.

[Panafrican Funk...]

http://www.finviz.com/quote.ashx?t=bx&ty=c&ta=0&p=m

I put about as much stock in what Blackstone analysts say, as I do Morgan Stanley analysts.

[sabra1]

funny how this report came out after european markets close!

[NotApplicable]

It's almost as if they had a clock...

[Fips_OnTheSpot]

Inverted rumors!!

[firstdivision]

This isn't surprising in that, spilling the beans on secret operations is usually frowned upon.

[SheepDog-One]

Layer upon layer of rumors and denials that rumors were rumors in the first place...the only thing that fuels the world markets today. Pretty scary.

[Quinvarius]

All they know is suddenly a big checkbook opened somewhere.  Someone blinked.

[Carl LaFong]

Is there really any difference whether they intervene directly in the EU bond market or loan the funds to governments or central banks to do the same?

[SheepDog-One]

We dont have any clear idea how, but everyone is going to pay everyone else although everyone is broke but all is well anyway for today....que FT rumormill to provide next mad market momo spike.

[Fips_OnTheSpot]

legal strings? wait...

[NotApplicable]

Every instrument has its own counter-party, so I'm sure there is lots of jostling for the best (read: safest) seat in the house.

[carbonmutant]

Eurozone crisis is Mad Hatter’s tea party...

[Money 4 Nothing]

Please tell me that was the last shit taco for the day?

[tekhneek]

I'm about to just turn off my computer and move to Alaska. This shit is so annoying.

[SheepDog-One]

LOL yea Im with ya.

[thunderchief]

I'm going to Rangoon, Burma.  It's less corrupt.

Maybe summer in North Korea when they open that joint up.

[Panafrican Funk...]

You're forgetting Cuba, good sir.  Cigars, liquor, hot ladies, great beaches, great music.  And at least you get a tangible ROI when you bribe somebody.

[Schmuck Raker]

Cuba's a good choice. 1+

DO NOT try to bribe anybody. 1-

[Smiddywesson]

Not me, I'm buying into Soverign Man's wigged out commune in Columbia so I can be gang raped and killed by looters, but at least I got a deal.

[GeneMarchbanks]

Salmon fishing, gold in the ground, whos nailin Palin... you really can't go wrong. I hear you can see Putin wrestlin bears across the Bering strait.

[JohnG]

My wife and I have been thinking of ways we can go as well.  A few problems with just bailing,  it'slooking more doable the more we think on it.

[catacl1sm]

How can I get the rumors faster? They're killing me.

[SheepDog-One]

Hmmm yes maybe we can design and HFT FT rumor front running program....

[catacl1sm]

I thought they already had one.

[Fips_OnTheSpot]

http://lmgtfy.com/?q=%22financial%20rumor%22

google is HF-master!

;-)

[Dapper Dan]

This is the fastest way I have found,

http://www.breakingnews.com/

[NotApplicable]

The fastest way to get rumors is to create and disseminate them.

On Soviet Wall St., rumor spreads you!

[faustian bargain]

On Soviet Wall St., rumor spreads you!

golf clap for that one.

[Fips_OnTheSpot]

Oh, and Merkel wants to play card-blanche (read: cheque blanco) for german banks "if recap is really needed"

[czarangelus]

In a way, this is the best time to be alive. Thanks to advanced communication techniques, 100 years of absurdity, self-contradiction, and paradox - takes place in 30 minutes flat.

[Quinvarius]

The spice is flowing again.  No one wants to admit being the spice smuggler.  But we all know the source of the spice.  It comes from one place and one place only.  The US Fed.

[LongSoupLine]

You know, even mob bookies, and Hollywood gossip queens look at the this stuff and say WTF!

You just can't make this shit up...

[PicassoInActions]

According to CNBC Zerohedge is partially responsible for MS stock slide

Its latest round of troubles began on Friday morning before the markets opened at 9:30 a.m. Zero Hedge, a well-read and controversial financial blog, linked to a Bloomberg News article that noted Morgan’s credit-default swap spreads had been widening. The Zero Hedge post also directed readers to a previous Zero Hedge article that pegged Morgan Stanley’s net exposure to French banks at $39 billion, about $12 billion more than the bank’s current market capitalization, reigniting fears about its exposure.

Calling Zero Hedge for damage control was not an option. The post was written by an anonymous blogger who goes by the name of “Tyler Durden,” a character in the movie “The Fight Club,” and the Web site does not give readers a way to readily reach its writers.

[catacl1sm]

Good. Maybe if they weren't lying bastards (MS and CNBC) ZH wouldn't have to shed light on the truth.

[Money 4 Nothing]

It's Mr. Randall! From the sell side desk!!

And I would have gotten away with it if it wasn't for you metteling Zero Hedgers!!

[GeneMarchbanks]

You know I can't speak for all ZHers but I feel that I channel a certain predilection when I say: Fuck Morgan Stanley.

[tekhneek]

And I channel myself when I say: FUCK CNBC AND THEIR IGNORANT READERS.

[PicassoInActions]

I would not say ignorant readers. I am sure majority who reads CNBC are the readers here.

The law of relativity, we comnpare clowns on CNBC to news on zerohedge. Nothing wrong to be informed what others are selling.

[SheepDog-One]

Fuck Morgan Stanley, and fuck CNBC.

[Panafrican Funk...]

Yes, clearly, ZH for linking a Bloomberg article is treasonous.  Also, analysis of publically available information from the SEC, treason.

[tmosley]

lol, I guess the Contact infomation on the right side of the screen in the form of multiple email addresses isn't "ready" enough a contact method.

[Smiddywesson]

a well-read and controversial financial blog

"Controversal"???  The only thing controversal to these clowns is telling the truth.  To them, pointing out that the CDS spreads indicate a fire is inexcusable.

.

[Do You Speak Greek]

I wouldn't kick Christine Lagarde out of bed.  I bet she speaks Greek too.

[Racer]

They lie so much they don't know their own lies now!

[unionbroker]

WHY ARE THEY CALLED RUMORS AND NOT LIES ?

[heatbarrier]

Maybe the IMF thinks this is the time to pass the hat around, get another US$ trillion. 

[catacl1sm]

Ah shit, BofA. http://www.bloomberg.com/news/2011-10-04/bank-of-america-s-countrywide-m...

Mo' CountryWide, Mo' Problems, bitchez.

[Panafrican Funk...]

Interesting that they fail to identify the "watchdog group".

[pods]

No worries, it will be upped the chain to Eric "Place" Holder and will be dealt with in a manner in which he sees fit.

pods

[buzzsaw99]

well you'll never hear one of us repeating market rumors

so you'd better be sure and listen close the first time...

[/hee haw]

[JW n FL]

http://www.youtube.com/watch?v=dycOjV8dec4&feature=channel_video_title

Uploaded by imf on Oct 4, 2011

Policymakers, academics, and other market watchers discuss how to prevent the global economy from worsening further and plunging into stagnation.

[JW n FL]

Here comes the BRAVE NEW WORLD! One World! Canada blueprint for Europe!

if you can not put these two pieces of the puzzle together.. maybe you should read more?

http://www.youtube.com/watch?v=97FX5QU07j8&feature=uploademail

Stephen Harper Met G20 finance heads then says "Its a loss of CANADA'S sovereignty"

Uploaded by TheSecretStore on Oct 4, 2011

Stephen Harper calls Canada "a benign DICTATORSHIP." and it's a passionate defence of coalition governments. The Document written in 1997 by Harper and co-written with Tom Flanagan.
http://www.cbc.ca/news/politics/canadavotes2011/story/2011/03/30/cv-milewski-...

Remember Tom Flanagan? he called for capital murder on live tv: "he said "Julian Assange wikileak founder Should Be Assassinated'
http://www.youtube.com/watch?v=b2-GQ2Xhq1M

Stephen Harper caught lying about Canada's sovereignty, Mr. Stephen Harper gave away Canada's National sovereignty at the G20 Summit in Toronto

G20 to halve deficits by 2013, stabilize debt levels
who do you think they're going to make pay for this? AUSTERITY MEASURES
http://www.financialpost.com/news/members+agree+halve+deficits+2013/3208422/s...

1 BILLION SPENT OF TAX PAYERS MONEY ON A 3 DAY SUMMIT
BIG CONCLUSION FROM WORLD LEADERS---TO CUT DEFICITS

Harpers G20 summit, $1 Billion boondoggle
http://www.msnbc.msn.com/id/37901237/ns/world_news-americas/

Harper Government kept 'scandalous' G8 and G20 spending a secret
http://www.thestar.com/news/canada/politics/article/969164--tories-kept-scand...

The United Nations, formed for the sole purpose of removing National Sovereignty and installing a One World Government, "Global Government", undemocratic rule, upon every person on the planet. Paul Martin, Liberal, and Stephen Harper, Conservative, are two of a multitude of Traitors, working behind the scenes, working toward the goals of the UN, and the G20 banking ruling body.
There is no Left or Right! Only Traitors. Every Canadian has a duty to defend Canada. Will we? O Canada! Stand On GUARD

"I don't think anybody is going to come in and say we're prepared to surrender our sovereignty to the G20 or some other body" -Stephen Harper April 29 2010

" I know some people don't like it. It is a loss of national sovereignty, but it is a simple reality, it is a simple reality." -Stephen Harper June 27 2010

National sovereignty stands tall at the G20
http://www.nationalpost.com/news/National+sovereignty+stands+tall/3209162/sto...

Integrated border won't sacrifice Canada's sovereignty, Harper says
http://www.theglobeandmail.com/news/politics/integrated-border-wont-sacrifice...

Harper-Obama "perimeter" border summit faces sovereignty speed bumps
http://ca.news.yahoo.com/harper-obama-perimeter-border-summit-faces-sovereign...

Border talks 'not about sovereignty:' Harper
http://www.cbc.ca/news/canada/story/2011/02/04/harper-obama.html

Stephen Harper calls for 'enlightened sovereignty'
http://www.theglobeandmail.com/news/politics/harper-calls-for-enlightened-sov...

[chunga]

There you are. I want my drink...lol. onplane33 [at] gmail [dot] com - spammers can send viruses all day. I use that account for purposes like this only. Lake Worth is a long ride for me but I am going.