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PIMCO's Humiliaton Of Europe's Failed LTRO Goes Into High Gear
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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"Cash for Clunkers"
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".
They also tried "Lootery", but it didn't do nearly as well in focus tests.
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'.
How about the US Department of Burglary? The US Treachery?
Dang, and I so wanted to say "We won the Lootery"!
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.
"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.
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.
Aaahoo!
Its definitely time for '1st one out lives' market strategy.
Cash for Cadavers
http://cats4gold.com
Which one of you did this?
Now, that's just awesome!
I pussied out at the last second.
Looks and smells like a Goldman operation.
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!
http://www.youtube.com/watch?v=EPcWHBPYOSU
rofl xD
Yes but Gross is loaded with Treasuries... Guess he is all talk after all...
.
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. "
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:
http://www.ecb.int/stats/money/yc/html/index.en.html
It stands for Lots of Trash, Rubbish, and Oddities. Or Lame, Terrible, Ridiculous Oopsie.
Little Timmy's Really Obnoxious
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.
OKE! I'LL BRING THE PAPER, YOU BRING THE INK!
I say we should also draw a bird on it and use a blue colour!
Azia = Red
America = Green
Europe = Blue
RGB!!
Already drawn.
Once again, what is said to always be the first casualty of war?
Virgins?
Either that or you'll have to do it for us...
Nice.... Pimps of America try to insult us....
L0L!!!
and pi-rats know it is an exercise in futility...
Great quote! next November they will be { HUMPING }, your LEG~>>>>>
Bill Gross targeted by Obama personal Presidential Predator drone in 3.....2....
LOOK! HE'S CARRYING A BAZOOKA!
TAK TAK TAK TAK TAK TAK TAK TAK TAK TAK!!!!
hmmm....
I still see something moving....
TAK TAK TAK TAK TAK TAK TAK TAK TAK TAK!!!!
hehe :) that bazooka kind of looks like a umbrella.... .... THANK GOD WIKILEAKS IS DOWN!!!
Fringe bloggers? Is that us?
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.
LOL Dennis Kneale a.k.a. Beaker. I had completely forgotten about him til just now.
A man best forgotten.
My tribute to Dennis Kneale (we all know he was the high school freshman locked in his locker thrice daily):
http://thisainthell.us/blog/wp-content/uploads/2009/03/beaker.jpg
Zerohedge needs more zany sound effects if they want to be taken seriously by the investing community
Booyah!
Play with this for a while...
http://www.fart-sounds.net/fartboard.swf
Fringe bloggers...
I like it!
He really needs Ben to get back on his printing horse doesnt he?
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?
So what's up with those negative lease rates?
Take my collateral, please!
Gold is shit right now.
But so is everything else.
Here's my $10K, make sure you only lose .5% of it.
Love Triangle : Reality Optional
Per the " Newlywed Game", from the 70's. That would be in the " BUTT", Bob.
You want to do it in my what, in the butt.. what what, in the butt.
Gross should retire.
Old whores are not very eager, you're right.
He didn't mind "the game" as much when he was inside "the loop". Go fish Billy Boy.
Replace 'theloop' with a combination of musical chairs/circle-jerk and I'll +1 you...
circle-jerk, I like that. +1
Definitely do nots:
1) Rent a Sebring convertible at Dallas International.
2) Drive by grassy knolls.
Pretty sassy for Bill, actually- he's basically biting at the Mothership.....
Gross is first at yelling "FIRE!". There will be more.
http://www.acronymfinder.com/Long_Term-Refinancing-Operation-%28European...
Flip that European Debt!
New 'reality' show idea for Discovery Network.
A.k.a. "The Biggest Can."
ZIRP4EVA
How is Lord of The Rings Online going to help Europe? Did Turbine leave Boston and set up shop in Brussels?
Subsidies for the rich and famous.
"The fundamentals look sound."
Irving Fisher, October, 1929
Billy Boy is on the wrong side of the trade....
I know what his Tweet is called in legal terms.
Market Manipulation!
So what does this mean? I have to wait a little longer before my pile of gold and silver is really worth something? I was hoping it would have already paid off by now.
Last Try to Rescue from Overthrow.
Actually, I like yours better. Didn't see it before I posted mine.
Me either. Needs more bold. ;-)
LTRO = Laughable Trick to Restore Optimism
Lacks Traction, Reversion Obligitory
Step 1- Hand out more piles of free money to banks.
Step 2- ???
Step 3- PROFIT!
Oh yes, these guys have a lot to sneer about. In a year when the worlds major bond markets have delivered 20-30%, their "unconstrained" bond fund is...errr....up 0.2%. The world's best market is the UK: up 30% at the long end. "The UK is a must to avoid. Its Gilts are resting on a bed of nitroglycerine" Bill Gross
Hindsight always pays out better. Foresight, OTH, allows you to live to play another day.
Which day will be the one where the instability becomes manifest? Even though I believe the playbook is ZIRP4EVA, I'm don't in anyway believe they can pull it off without breaking a bunch of stuff first. Or I should say I don't know which stuff they will decide to break vs. decide to "save."
Personally, I wouldn't speculate in this game for an instant.
Yep, the UK is much further down the "parasitic money shuffling while producing nothing of real value" path than the US. If their banks collapse, they're another Iceland. Their debt to GDP is 950%, with 600% in financial liabilities:
http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2011...
Soylent Green is PEOPLE!!!!!!!!!!!!!!!!!!!!!!
There is going to be a lot of people holding small amounts of physical with absolutely no clue of what to do with it when the time comes.
That was classic from Gross. Don't cha just love when the euro-tards are publically called out by intelligent people. Total opposite of the pump brigade on CNBC.....
I would have loved to have seen CNBS pumpers faces when they got that Tweet on their IPhones.
I don't think its him. He's been hacked.
Should be investing in weapons stockpiles and ammunition - the way sovereign states have run down their stockpiles should make supply constraints interesting once the Grand Implosion comes
LTRO = create money out of thin air, leverage the shit out of it and lend it people who are bancrupt. What could possibly go wrong?
No many created by ECB...its a repo
Something odd is happening. Are people like Gross beginning to sense that they will need to change sides soon? After all, none of the super wealthy will want to be on the receiving end of the pent up fury of the 99% when it's finally unleashed. I sort of get the feeling that we'll be seeing more ' I'm your friend really ' kind of posturing from those who have the most to lose.
Could this be the start of a period when the big shots, anticipating a Ron Paul victory, write stuff which they can later use to show whose side they were on all the time ... really, honestly?
At the end of the day a ponzi is still a ponzi.
BusinessInsider had an article about Ron Paul's newsletters from the 1980s and 1990s. You should read the article if you really think he could be President. I appreciate having his voice on monetary and fiscal policy in the race, but some of his past may haunt him.
Nice smear! (supportive, yet mildly concerned, while ambiguous on detail (Did you go to journalism school? (You aren't Andrew Sullivan, are you?))).
His past only "haunts" him due to people like you who spread vague rumors attempting to undermine his integrity. Anybody who cares, can debunk them within seconds by looking at his own responses.
Besides, anybody who would support another candidate over him because of "his scary background" is an immature idiot who represents society's problems, not its solutions.
If you want to write this at least provide the link.
DavidC
I'm guessing talk like this means Bill won't be invited to the White House Christmas Party.
Yep, when everyone in the cartel is lying, cheating and acting in their own self interest even Nash's lower equilibrium point will break down. In other words a mad rush to the exits coming to a theater near you. Ahh the prisoner's dilemma. The RAt bastards are starting to welll.....RAT.
LTRO...I believe the L stands for Lesbian and the T is for Transgender, but I can't remember the rest.
Kneale is going to be on dancing with the stars?
The end really is nigh.
Laugh
This
Rumor
Off
http://confoundedinterest.wordpress.com
The $638 billion has to go somewhere and if the banks decide, individually or collectively, to use leverage, it has to push something higher. They may not buy their sovreign debt or take their time to see what the others are doing, but i doubt the money is going to sit in a vault somewhere. I'm betting it goes into dollar-based assets...
Yes, likely. How many of these 500 banks are American and British banks and the money finds its way into the US and the UK? This should put a floor under the markets you'd think based on the market's reaction to the similar Fed action 2 years ago but I don't see it?
Basically by now this action is exposed as a shell game because of the 2 year lag behind the Fed action. Plenty time to figure out what went on and Bill Gross is telling people to wake up imo.
Whatever gimmick or magic trick they use, the problems won't go away. More and cheaper liquidity doesn't fix a problem of years and years of bingespending. It may delay the inevitable outcome a few weeks, maybe months but in the end all economies are either going into recession or have already entered depression levels.
I think we have the Weimar moment now. Last ditch attempt to keep a shell game going. Lenders are not willing to take haircuts so the solution will be to pay them off with diluted currency. Everybody knows the ECB doesn't have that money and their balance sheet is totally out of whack.
Ponzi's with in a Ponzi... with in a ponzi... it's Ponziception!
I think that's a bit rich given the US Treasury's and Fed's actions over the last couple of years.
DavidC
Latent Timereleased Rehypothecation Obligation