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Yesterdays sell-off was probably due to the FOMC announcements being leaked. I expect verbal diarrhea and not much else.
However, gold and silver are giving them plenty of room now for a big announcement.
Oil has not though. Cannot kill the already bad holiday shopping by having gas at $4 this early.
Problem with oil is that it WILL not go down unless demand goes away, and that doesnt happen without a crash.
There is almost no possibility of a supply glut in oil without a major contraction in economic activity.
People will pay whatever the price is because they have to.
I'm beginning to revise my opinion that high oil precludes QE. QE may come even with crude and brent in the triple digits.
It is better to crash the economy due to high energy prices and blame the "specs" than it is to let the banks and countries debt burn, better for the politicians and banking elite that is.
Belorussian already carry cash in backpacks! US will be next! LOL
Surreal? Literally a wheelbarrow of bills to pay for a few six packs of soda. Is that where Bernanke is headed with his PrintMania?
I vote for the surprise QE3 buying up of $1 Trillion in MBS. The raid on Gold is the setup.
Funny thing about this "raid" is that dec contracts seem to be increasing not falling, unless someone is damn sure they have a loads of gold ready for delivery this could get interesting.
24th is the deadline for Venezulean gold delivery too if i recall.
Problem is, a surprise QE 3 today would have already been leaked to the PDs, killing the chance of a a surprise QE 3.
Makes no sense to buy MBS in large size unless there is an effective refi policy in place. Harp 2 looks like a bullshit program in that in only addresses pre June 2009 loans. Small possibility they do a MBS twist (sell higher coupon MBS to buy lower coupon MBS) to help support the weak refi programs already in place. Not enough MBS to do large scale purchases.
Not enough MBS to do large scale purchases.
I think Fannie and Freddie could fix that in a heartbeat.
I have grown tired of all this... I hit the "trunk monkey" button. All is being taken care of.
OT: RTRS - GREECE, PRIVATE BONDHOLDERS' TALKS IN ATHENS END WITHOUT DEAL, CONSULTATIONS TO CONTINUE- BANKER INVOLVED IN TALKS
But but but, Jabba the Hut said he already had 100% participation guaranteed.
voluntary participation is a hoax. why even bother with it. banksters don't have to agree to any cuts. and since at the last eu summit the fuckers have decided that there won't be any further private participation in the reduction of outstanding PIIGS debt, why accept any for Greek debt??
It’s not yet time for QE3. The Feds are conserving their ammo for the big storm.
Europe has to crash first but not implode because that’s when both the FED and ECB will start seriously printing.
Central bankers are playing with extremes but will not let the system be destroyed.
ammo? which ammo? all they have left is a lot of hot air...
All they need to do is to add another 0 at the end of last QE amount and hit the fkin button. They do not even need to heat-up the printing presses anymore.
May be time for WQE. Throwing the whole system system in massive debt with bogus money is easiest way to buy it, control and eventually kill it.
Why own too much already when you can own it all.
If the fed was concerned with their survival, it should consider the fact that all attempts to offset the declining shadow banking i.e. liquidity has failed because they are approaching it from the wrong side.
In proceeding with further QE, the fed will put its own existence along with the overall financial system in final jeopardy-- and the answer is: the mother of all reversions to the mean that voodoo finance can not combat.
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