PIMCO's Humiliaton Of Europe's Failed LTRO Goes Into High Gear

Tyler Durden's picture

The "Bond King" can't say he didn't warn you. As for the rhetorical answer to his question, we are confident readers don't need any hints. That said, we are no longer surprised to see that established managers of trillions in AUM agree on a daily basis with the hyper cynical (not to be confused with hyper-rehypothecated) musings of fringe bloggers, and it actually becomes is cool" to express agreement with said managers. How soon before every other member of the Ponzi starts exposing the Ponzi for what it is? Is the biggest Nash Equilibrium collapse in "developed world" history coming?

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inkarri9's picture

"Cash for Clunkers"

Pladizow's picture

I don't think they should legally be allowed to be called "treasuries" as they have nothing to do with treasure!

They and the treasury should actually be rebranded as the "Anti-Treasury".

GMadScientist's picture

They also tried "Lootery", but it didn't do nearly as well in focus tests.

Hugh_Jorgan's picture

I like the old standby of "borrowing from Peter to pay Paul". It's a negative sum game...


BTW Bill, 3 Card Monti, is effecively the same thing as a shell game. Just sayin'.

narapoiddyslexia's picture

How about the US Department of Burglary? The US Treachery?

Chuck Walla's picture

They also tried "Lootery", but it didn't do nearly as well in focus tests.


Dang, and I so wanted to say "We won the Lootery"!

TruthInSunshine's picture

I just saw Roubini on a street corner wearing one of those '$$$ for Gold' signs around his body, standing near traffic.

He must have picked up a side gig.


Anyways, yes, this big LTRO shindig is a net of about slightly less than 200 billion euros, as most of the money 'taken down' by the banks (which they will use for anything but bailing out PIIGS+France+UK) was gotten by simply rotating out of existing bonds (selling) and buying into now cheaper loans.

So it was a refi, for the most part.

Good luck, Europe. Good luck, PIIGSFUK.

My admittedly SWAG call for EUR/USD parity within a year remains intact, so long as the PIIGS+F leaders of Europe get the big hot beef injection of toilet paper fiat in an amount necessary for them to inflate their sovereign debts away, in which case, the economy will be multitudes shittier than now.

At least with fiscal rationality and sane monetary policy, ala Icelandic Model, they could take the pain and get it over with on a shorter horizon, and living standards and their economies would rebound much more quickly.

They'll be on the highway to hell soon, if they follow The Bernank's lead, super-genius that he is, NAR revisions of already terribly represented numbers that they were notwithstanding.

The Big Ching-aso's picture



"How soon before every other member of the Ponzi starts exposing the Ponzi for what it is?"

Before the last Ponzier thinks he can out-Ponzi all the other Ponziers doing the same thing before they collapse in a Ponzi-Pile.      These flaming delusional assholes need a shitload of Ponziperation-H.



TruthInSunshine's picture

On another side note, he was walking through the streets of SoHo in the rain with a Chinese menu in his hand, but his hair was perfect.


SheepDog-One's picture

Its definitely time for '1st one out lives' market strategy.

The Big Ching-aso's picture



I pussied out at the last second.

Wannabee's picture

Looks and smells like a Goldman operation.

chubbar's picture

OT, but did anyone see this video on the details surrounding the ESM? This is unbelieveable! You can not believe the way Brussels is being set up to rule that continent! It's a short but a MUST SEE!


Zola's picture

Yes but Gross is loaded with Treasuries... Guess he is all talk after all...

WhiteNight123129's picture

He is stuck with a ~mandate~ like many of us in here  in this business I guess. But if you read Gross s newsletter where he talks about him and his wife racing to pick up copper pennies in the street, I guess he is telegraphing to who can understand "Gresham's law" people get the hell out of here. He said back in June that the situation of hte US is worse than Greece, he can not be more explicit than that.  Same thing as Kyle Bass with his 1 Million Dollars delivered in nickels same morse code message "get the hell out of there if you undersand morse code STOP. Immediately STOP. "

FranSix's picture

OT: Euro Area Yield Curve

Euro area has negative nominal rates on its shortest dated treasury.  Pass your cursor over the left extremity of this chart:


homersimpson's picture

It stands for Lots of Trash, Rubbish, and Oddities. Or Lame, Terrible, Ridiculous Oopsie.

Elwood P Suggins's picture

Little Timmy's Really Obnoxious

hedgeless_horseman's picture



Glad to read those guys are really on our side.  That ought to teach Europe to create a currency to compete with the Petrol Dollar.


Sudden Debt's picture


I say we should also draw a bird on it and use a blue colour!

Azia = Red

America = Green

Europe = Blue


hedgeless_horseman's picture



Already drawn.

Once again, what is said to always be the first casualty of war?

GeneMarchbanks's picture

Either that or you'll have to do it for us...

Sudden Debt's picture

Nice.... Pimps of America try to insult us....


slewie the pi-rat's picture


and pi-rats know it is an exercise in futility...

Yen Cross's picture

 Great quote! next November they will be { HUMPING }, your LEG~>>>>>

SheepDog-One's picture

Bill Gross targeted by Obama personal Presidential Predator drone in 3.....2....

Sudden Debt's picture






I still see something moving....


hehe :) that bazooka kind of looks like a umbrella.... .... THANK GOD WIKILEAKS IS DOWN!!!


GeneMarchbanks's picture

Fringe bloggers? Is that us?

lizzy36's picture

Zerohedge has been accused of being a lunatic fringe blogger, although my favorite was Dennis Kneale (soon to appear on dancing with the stars - haha) calling ZH a "digital dickweed".

Since then Kneale has faded into greater obscurity, and the digital dickweed has thrived.

Hansel's picture

LOL Dennis Kneale a.k.a. Beaker.  I had completely forgotten about him til just now.

lizzy36's picture

A man best forgotten.

TruthInSunshine's picture

My tribute to Dennis Kneale (we all know he was the high school freshman locked in his locker thrice daily):


junkyardjack's picture

Zerohedge needs more zany sound effects if they want to be taken seriously by the investing community

qussl3's picture

He really needs Ben to get back on his printing horse doesnt he?

b_thunder's picture

Maybe Gross is afraid that he's about to follow another "star" - Bill Miller - into early retirement, so he's getting ready for a career as a fianncial blogger/stand up comedian?


GMadScientist's picture

So what's up with those negative lease rates?

Take my collateral, please!

topcallingtroll's picture

Gold is shit right now.
But so is everything else.

Hugh_Jorgan's picture

Here's my $10K, make sure you only lose .5% of it.

GMadScientist's picture

Love Triangle : Reality Optional

Yen Cross's picture

 Per the " Newlywed Game", from the 70's. That would be in the " BUTT", Bob.

GMadScientist's picture

"Somethin' I can hit wit a car antenna..."