• Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.
  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Price Discovery Era Coming To An End As Spain, France, Belgium, Greece Extend Short Selling Ban "Due To Market Conditions" (Update: And Italy)

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Thu, 08/25/2011 - 12:09 | 1599917 DefiantSurf
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Thu, 08/25/2011 - 12:19 | 1599971 scatterbrains
scatterbrains's picture

hmmm  Nov. 11  interesting date. We'll just have to see...



Thu, 08/25/2011 - 12:21 | 1599981 TheTmfreak
TheTmfreak's picture

Their short bans will not prevent collapse of this fiat system. "Fundamentals be damned we'll just command economy, and call it free markets!"

Thu, 08/25/2011 - 12:23 | 1599997 nope-1004
nope-1004's picture

AMF obviously didn't get the EU stress test memo, which clearly shows all banks and insurance co's to be in stellar condition.


BAC is going down.  Buffet's a clown.


Thu, 08/25/2011 - 12:23 | 1599999 tmosley
tmosley's picture

Not only does it not prevent it, it speeds it up!

Nex they'll tell us no-one is allowed to sell, but they can only buy.  lol

Thu, 08/25/2011 - 12:41 | 1600106 Hugh_Jorgan
Hugh_Jorgan's picture

on your link: I see 11/11/11 or 2/2/2 or 6, but I can't see how you, or the blog author find 666 in this date...

Thu, 08/25/2011 - 12:32 | 1600051 DormRoom
DormRoom's picture

what's more shocking is entities taking naked short positions using 40:1 leverage. How can you have price discovery when prices can be temporarily distorted with so much leverage?

Thu, 08/25/2011 - 17:03 | 1601595 LongBalls
LongBalls's picture

European appetite for gold is going to go ballistic!

Thu, 08/25/2011 - 12:10 | 1599921 tmosley
tmosley's picture

Tyler, Tyler, Tyler.  When will you learn?  "When conditions allow" always means "never".

Thu, 08/25/2011 - 12:26 | 1600012 ZeroPower
ZeroPower's picture

There is no more market.

Thu, 08/25/2011 - 13:05 | 1600289 Oh regional Indian
Oh regional Indian's picture

There is no more more.


Fri, 08/26/2011 - 21:31 | 1606372 Mentaliusanything
Mentaliusanything's picture

Mark to Market became

Mark to fantasy

which now has become

Mark to Mayhem

Project Mayhem is up and running

Well done Tyler, the parallels are creepy

I will now get myself to a high-rise vacant floor and watch them fall. Marla - you coming





Thu, 08/25/2011 - 12:21 | 1599922 Mercury
Mercury's picture

With enough long sales....you can still drop to zero.

Although this one smells bad I am somewhat sympathetic to some short sale restrictions, at least with smaller companies.  A few powerful players can arbitrarily make life miserable for a company these days by essentially deciding to short the float (or close enough to it) at the market, load up on CDS and other derivatives and generally make it hard for them to concentrate on daily business.

Thu, 08/25/2011 - 12:21 | 1599987 midtowng
midtowng's picture

I'm sypathetic to bans on NAKED shorting. But the people in charge never seem to be able to distinguish the two.

Thu, 08/25/2011 - 12:27 | 1600009 Mercury
Mercury's picture

Well, at certain times there hasn't been much of a practical difference between the two in the marketplace either.  If locate rules aren't enforced shorts have a mechanical advantage over longs - no doubt.

Thu, 08/25/2011 - 12:45 | 1600137 Ethics Gradient
Ethics Gradient's picture

I've tried, but I've never managed to make shorting stocks I own to be a very successful money maker.

Thu, 08/25/2011 - 12:22 | 1599994 TruthInSunshine
TruthInSunshine's picture



I'm not sympathetic.

Most european nations and the U.S. are going to see negative GDP prints for at least 2 quarters now.

I've never seen so much data just bleeding. It's no exaggeration to claim that GD II may be knocking.

Regulators are morons for interfering with the short selling mechanism that helps gets things to where they ought to be, even if that means significantly lower equity market valuations.

As it is, they just appear desperate and incompetent, further leading to the strong trend lately of losing the CONfidence of investors and the public at large.

Governments have gone mad in their attempts to hide the ugly truth that is the condition of the global economy, and massive holes are appearing in the veneer.

Thu, 08/25/2011 - 23:46 | 1602874 StychoKiller
StychoKiller's picture

NOTICE:  Dead bodies will be allowed to pile up, since vultures are banned from doing their job(s)!

Liars will be allowed to lie with no recourse to truth tellers!

Thu, 08/25/2011 - 12:28 | 1600029 AccreditedEYE
AccreditedEYE's picture

Cry me a river Merc... what's to stop your said same company from buying itself out at the cheap valuation? (An artificially cheap valuation if what you say is correct) You wanna say we should have a more transparent derivatives market? I'm with ya there. You wanna ban naked CDS? I could possibly be convinced of that too. But c'mon.... if these "powerful players" push the equity down to dirt for no fundamental reason then it presents a golden opportunity.

Thu, 08/25/2011 - 18:02 | 1601830 Anonymouse
Anonymouse's picture

"With enough long sales....you can still drop to zero."

That's why the next step will be to ban all sales of any kind.  Only Buys allowed

Phase 1:  All Buys/No Sells

Phase 2: ?

Phase 3: Profit!

Thu, 08/25/2011 - 12:10 | 1599923 Ethics Gradient
Ethics Gradient's picture

Sarky gets very annoyed when anyone uses the word 'short'

Thu, 08/25/2011 - 12:13 | 1599940 Ethics Gradient
Ethics Gradient's picture

Mind you, he also goes quiet when someone uses the word 'long'.

Thu, 08/25/2011 - 12:18 | 1599967 GoinFawr
GoinFawr's picture

maybe he would be ok if we were to 'petit' financials then? How about 'court'? Could we 'mignon' them?

Thu, 08/25/2011 - 22:33 | 1602644 GeoffreyT
GeoffreyT's picture

The Frog language is so backward that it has no shorthand term for short sales - they're known as 'ventes à découvert'. 

What can you say about a crowd that is so fucking stupid that it fell for John Law's "18th century Bernankeism" and yet STILL reaches for centrally planned solutions that stem from the problem of central planning (of the short end of the yield curve).

The good thing from this though, is that just as the fiscal and monetary mismanagement caused by the Banque Royale caused several wars and the eventual revolt of the plebs (and eventually the fall of France as a world power), the current 'repeat and rinse' will do likewise to the US.


Politics means never having to learn from history - from Roman coin clipping to the Tulipmania to John Law to Weimar... the political class has always relied on the stupidity of the masses (and the ability to start a diversionary war when things get out of hand), but the speed of mass communication is finally starting to undermine that 'last resort' (the babykilling spree in Libya notwithstanding).


Mon, 08/29/2011 - 23:26 | 1613881 GoinFawr
GoinFawr's picture


Thu, 08/25/2011 - 12:11 | 1599926 tsx500
tsx500's picture

quick someone call Mr. Ripley !

Thu, 08/25/2011 - 12:11 | 1599927 tekhneek
tekhneek's picture

Well shit. I honestly thought the collapse would be late 2012 but it's looking a helluva lot more like turkey time 2011. Oh well. Get it over with already. Start the price controls and let this bitch spiral down to 0.

Thu, 08/25/2011 - 13:18 | 1600374 Oh regional Indian
Oh regional Indian's picture

I think it is really intense in a way how casually we ask for the collapse to just come on now dammit.

ZHers, notayemans, Kaiserites, rensians and a few other groups off net probably make up the aware set for what is coming. I wonder what the same group of people felt back in the late 20's and then after th ecollapse they all knew was inevitable did hit.

Weird feeliing to be ahead of th eherd.



Thu, 08/25/2011 - 12:11 | 1599929 centerline
centerline's picture

I guess when you are out of bullets there isn't much else to do except try the same old tricks and hope for different results.  Of course, that is also the definition of insanity.

Thu, 08/25/2011 - 12:14 | 1599946 UGrev
UGrev's picture

When your brakes won't work, the only thing you can do is down shift until you roll to a stop or crash. Though crashing is more likely..

Thu, 08/25/2011 - 12:18 | 1599964 Bring the Gold
Bring the Gold's picture

Maybe they should consider taking the lead foot off the accelerator if "slowing down" is the goal here.

Thu, 08/25/2011 - 12:29 | 1600037 gmrpeabody
gmrpeabody's picture

Well played, sir.

Thu, 08/25/2011 - 12:36 | 1600080 centerline
centerline's picture

Thats the funny part.  The nightmarish MMT we currently following believes you must accelerate even faster in order to avoid crashing.

Thu, 08/25/2011 - 13:29 | 1600434 Oh regional Indian
Oh regional Indian's picture


Misguided Mammalian Trajectory?


Thu, 08/25/2011 - 12:12 | 1599932 mtthw2
mtthw2's picture

explains alot--think CNBC will catch this?

Thu, 08/25/2011 - 12:13 | 1599942 tekhneek
tekhneek's picture


Thu, 08/25/2011 - 12:12 | 1599935 scatterbrains
scatterbrains's picture

Print bitches !!! by the way 11/11/11 is the opposite of 6/6/6 in binary code  hehe

Thu, 08/25/2011 - 12:14 | 1599944 Construct
Construct's picture

They can manipulate all the markets as much as they want it does not change the fact that all of Europe is insolvent with the exception of Germany. But given how things are going expect Germany to be broke and insolvent as well soon.

Thu, 08/25/2011 - 12:21 | 1599984 Rogier
Rogier's picture

Only Germany solvent? Try The Netherlands, Finland and Austria as well. The rest is pretty much crap indeed.

Thu, 08/25/2011 - 12:38 | 1600005 Construct
Construct's picture

That may be true the reason I listed Germany is because it's the only country left in Europe that is 'industrial' and have relative low levels of debt. The stability in German government bonds reflect this.

Thu, 08/25/2011 - 20:25 | 1602199 ping
ping's picture

I like your quote marks around 'industrial'! You're right - they can get a boost from woozy markets, but theyre not really 'industrial'. The horrible truth is that there isn't a huge gulf between Germany and the rest of the Eurozone in fundamentals like industrial output or productivity. No, seriously! (Stop laughing!) 

They're at the top of the pile, and they're world class manufacturers. They have nice beer and recognise David Hasselhoof for the genius he is. But: pretty much all EU / NAFTA / Mercosur nations are in trouble within the short to medium term at the latest, with lord knows what coming in the long term. (It's not like we've all been living on a bubble of borrowed energy and resources, in the way of fossil fuels and petroleum-based fertilisers, ahem...)

Germany has the same issues we all do in the 'developed' world (I hate that term, it sounds like we can't go backwards): relatively low natural resources for its current population and high living standards, high debt, highly concentrated wealth in the hands of older demographic segments and the top 0.1%, burdened and incompetent banks, tied into failing institutions like the EU and NATO, and other structural problems that no-one's anywhere near dealing with. 

German manufacturing can't make up for those flaws. (What one sector could?) If their industrial nature meant anything, I'd like to know why factory workers and miners have had wage freezes for so many years, which they willingly agreed to because they thought them necessary

Long term, maybe Aus or NZ will be ok, or Chile or Norway or Iceland - well, let's hope they are - because they've got resources, a bit of distance from the real a-holes, a degree of independence, and don't have to rely on a globalised economic model. (Well, 'not rely' in the sense that others will come cap in hand to them, and they're in the driving seat.) People always want food, iron ore and uranium. Or freedom to talk and think without being thrown in jail. And their money buys nice militaries to defend yourself with.

I do think that if anyone in Europe can come through this, Germany, Poland, Scandinavia and the Baltic States can (for cultural reasons as much as anything) but it won't be painless. 

God I've got to stop typing whilst drunk. I do dick jokes when sober. This is all crap because if any nation screws with the system, it'll get invaded, false-flagged and exterminated within a few years. I know this stuff but I'm too optimistic when I get a good single malt. (Terrier puppy survived scary operation today. Celebrating.)

Thu, 08/25/2011 - 12:33 | 1600058 GoinFawr
GoinFawr's picture

Norway is 'solvent' too. Iceland took the hit and is out of the shit... 

Thu, 08/25/2011 - 12:39 | 1600101 Construct
Construct's picture

I do not know much about Norway. But I believe you 100% when it comes to Iceland. Iceland was pretty much the only country that had balls enough to tell the bankers to f**k off.

Thu, 08/25/2011 - 12:14 | 1599945 Gordon Freeman
Gordon Freeman's picture

Why don't they just close the xchanges?  Markets are such a tired, failed experiment...

Thu, 08/25/2011 - 12:26 | 1599954 Construct
Construct's picture

Be very careful what you wish for.

Thu, 08/25/2011 - 12:14 | 1599948 TradingJoe
TradingJoe's picture

And the NOISE is getting less and less and less and.....less!

Thu, 08/25/2011 - 12:17 | 1599950 MFL8240
MFL8240's picture

Kiss the free market goodbye.


Add the USA to the list. Margin hikes on Gold and Silver and lowering margin rates on Treasuries and the ES is no differnt than banning short selling, it constitues market manipulation and a gross distortion of a free market.  Howvere, its 6 of one 1/2 dozen of another but,  I think the US markets are a tad bit more courrpt over the long haul.

Thu, 08/25/2011 - 12:28 | 1600026 Citxmech
Citxmech's picture

Yeah - but when margin requirements on Ag = 100% don't we finally have a "true" free-market? 

Thu, 08/25/2011 - 12:15 | 1599951 Dick Darlington
Dick Darlington's picture

Almost perfect list of eurozone countries which are insolvent. Eurozone will break down and it might come sooner than many think possible. Major political crisis will be on the agenda soon and that will be the final push towards disintegration.

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