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Risk Off As ECB Says Rumor Is Actually Not Fact
But, but, but...
- ECB NOT YET DECIDED ON WHETHER TO CONTRIBUTE TO GREEK DEBT RESTRUCTURING - EURO ZONE SOURCES
The V-Fib pattern formerly known as the EURUSD not happy.
EURUSD on the news:
More from Reuters:
European Central Bank policymakers are still divided on what contribution the ECB could make to a restructuring of Greece's sovereign debt, two euro zone monetary policy sources said on Wednesday.
With private creditors having already largely agreed to write down the value of their Greek bonds, Athens and the commercial banks are calling on the ECB to accept some losses to help cut the debt to a sustainable level.
While the ECB has ruled out joining private creditors in voluntarily accepting a reduction in Greek bonds' value, it could send Athens, via a roundabout route, the profits from bonds it bought at below face value.
But the ECB's 23-member Governing Council has yet to agree a position, with some of the policymakers reluctant for the bank to show a willingness to share in the restructuring burden for fear of easing the pressure on Athens to agree spending cuts.
"There is no agreement yet. Some people on the Council still oppose this," said one of the two monetary policy sources, adding that ECB President Mario Draghi had not yet revealed his position.
"I am not aware that a decision has been taken," said the second source. "As far as I know no formal decision has been made, although of course it is one of the things we could theoretically agree to."
The officials spoke after the Wall Street Journal, citing people briefed on Greece's debt restructure negotiations, earlier reported that the ECB had made key concessions over its holdings of Greek government bonds that would contribute to a reduction of the country's debt burden.
Guess not.
And now it is time for the FT to resume recycling rumors that China is bailing out Europe.
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Rumors aren't facts. Noted.
Wow. After the last 17 fake-outs, I was sure this save was real.
Give me a break. There are no leaders, and those in power are clueless on how to difuse this bomb. There are dozens more just like it, yet they can't even solve one.
CONfidence is the largest bubble.
Survey says: they gonna print. Or lend without expectation of repayment by means other than additional future lending.
Go for it! I'll be more than happy with $2,000 gold.
Well from watching that Nanex thing the other day I would question whether we even have a market anymore.
pods
The only thing a leader could do know would be to be honest with people and try to put down a solid foundation for the future (the hard work part). Nobody is interested in that or the truth, Politicians like orthodox establishment economists are following a failed model. They're too scared to admit it (like economists).
Well that model only fails for us, not for the banks. The banks seem to have a seat at the big kids table if you catch my drift.
Shit, the banks OWN the big kids table. That is why the economic policies have to be so complex and twisted. They must make blatant theft look like altruism.
And that is a tough gig.
pods
At 3:55 pm est today, there will be an announcement that all issues have been resolved, and that a formal agreement to bailout all Eurozone PIIGS + France will be signed into an amended treaty, with the Steelworkers, Carpenters & Millwrights Union Pension Fund of Allegheny County, Pennsylvania providing €7 trillion in European Financial Stability Facility funding, and in exchange, receiving first secured lien status on all PIIGS+France public infrastructure, with PIIGS+France agreeing to cut their public sector by 65% and reduce pensions, health care and other social program spending by 68%.
The Millwrights have way more money than they have led others to believe!
Beautiful stuff TIS!
pods
You mean like this?
China May 'Move Shortly' on Aid for Europe http://www.bloomberg.com/news/2012-02-08/china-may-move-shortly-on-aid-for-europe-academic-says.html
holy shit...
LOL, scraping the bottom of the barrel with daily hopium for 'Chinese rescue imminent' day after day after its not only repeatedly shot down, but full reversal as actual news states China is reducing Europe exposure. Sick, sick world.
"The money would probably go to the European Financial Stability Facility, the euro bailout fund, said Yuan, adding that the forecasts are his own and don’t necessarily represent government plans."
No shit Yuan. Go outside. Get some fresh air. You don't know what the fuck you're talking about.
Yeah, Simon "Euro-Pumper" Hobbs on CNBC was spewing that this morning as he glowed about "problem will be solved".
V-Fib?? Is that Vampire-Fibonacci or what?
sounds about right.
Apparently is can refer to ventricular fibrilation too.
"How many fingers, Winston?"
In medical terms it is Ventricular Fibrilation - when the heart fibrilates and connot pump blood. Requires a substantial electric shock to restart it in a regular beat. V-Fib on the monitor looks like confusion going no where as the patient dies........It is a good discription.
Thanks for the info.
There is a rhythm to the heart as blood is pushed through the different chambers. Loss of this cadence means the heart falls into chaos. The heart works, then might overwork, with no resultatnt blood flow. Very appropo for a sign of things to come.
Off topic but amazing. Hits close to home for me.
http://blog.cleveland.com/metro/2012/02/pepper_pike_financier_a_eddy_z.html
By the way, it was Eddie Zai's house that Obama stayed at when he was here for a fund-raiser.
I got friends in low places, they scratch their nuts and then touch their faces.
They need to wait a bit and refloat the rumor again.
Sounds like a rumor to me
incredibly bullish
come on now everybody
Dont worry, we will come off 0.5% on the rumour and when it is strategically denied it should be good for at least 1.5% to the upside. Nothing to see here, still massively net positive on bullshit rumour. When will people (and that is a massive assumption in these markets I know) start to worry more about the potential downside from these falsely elevated hopium levels than they do about missing the next mini pop up...
Greece. It's not dead, it's resting.
Like last Saturday. My wife thought I passed out on the floor. I told her I wasn't lying on the floor, I was just leaning on it b/c I needed a rest.
.
[dup, sorry]
More like goin' full retard...
Facts can have a negative effect on the stockmarket. They need to be banned.
Rumours are the new currency - the informational equivalent of Fiat.
Governments and financial institutions need a far more flexible form of information than facts. Facts are just too rigid.
Maybe Intrade will start managing 401ks.
Could someone please explain to me what is going to happen Now? I am getting dizzy with this Greece stuff?
There will probably be some kind of rumor.
That's what I heard too.
Imagine a giant toilet bowl with the entire world economy in it...
...now flush.
Greece is slippery.
You see the Euro/dollar is trading to high. Once they get it to a lower comfortable level greece will disapear. That's all you need to know.
there's an old saying in tennessee...i know it's in texas, probably in tennessee...that says, fool me once, shame on...shame on you...fool me...you can't get fooled again
George W. I that you???
Caerus, long time no see. I hope you're doing well. You go on a sabbatical or something?
good to see you dawg...doing well just had to take a break from the daily insanity
I understand. I need to do the same, but can't seem to get away from it. I can't force myself to give up my ringside seat at the greatest show on earth, even though the clowns are tossing feces into the crowd and pissing on everyone's shoes. Glutton for punishment, I guess.
I'll tip my hat to the new constitution
Take a bow for the new revolution
Smile and grin at the change all around me
Pick up my guitar and play
Just like yesterday
And I'll get on my knees and pray
We don't get fooled again
Don't get fooled again
Sheeple = fooled again.
sadly.
"Is our children learning." ~ BushCo
As usual, first items dumped over the side are PM's.
However, the GDX/GLD ratio is now at the low end of the 3-year trading range, so I don't think the run in gold or stocks is anywhere close to being over.
Next run down to the 50-day will be the next buying opp.
You really should be evaluated for possible OCD.
He was...the shrink said he's just simply a delusional arrogant ass who breathes way too much mold in his mom's basement.
They have value, they go first.
Time to go long the EURUSD because the next round of rumors are coming our way. Buy the dip!
Pop quiz, hotshot. There's a bomb on a bus. Once the bus goes 50 miles an hour, the bomb is armed. If it drops below 50, it blows up. What do you do? What do you do?
Don't go over 50 miles an hour?
Don't get on the bus.
Call Keanu Reeves?
Who cares, nobody that matters is riding the bus.
If I was trading the euro, I would have a massive coronary
Maybe that V-Fib pattern could be cured with a massive injection of (monetary) adrenaline. Don't worry I'm sure the patient will be fine.
"I am not aware that a decision has been taken," said the second source. "As far as I know no formal decision has been made, although of course it is one of the things we could theoretically agree to."
Then how about theoretitcally coming to a fucking decision and let people start living their lives again. My god, what a bunch of fucking amateurs.
It would be Schrodinger's Country, except we don't need to open the box to know it's dead.
Sell Mortimer!!! Selll!!!!!
FT Alphaville just banned me for "off topic" comments, something similar to the China thing.
The Greeks are "rioting" to protest potential austerity.
They will protest the austerity.
They will protest the results of NOT agreeing to austerity.
They protest paying taxes.
They protest cutting their pensions.
They protest taising the retirement age!!!!
To give them more money, now, is to admit to giving them money forever.
"Give me money."
"Will you pay it back?"
"No, just give me the money."
"Will you fix the problems that got you in this position?"
"No, just give me the money."
Don't taise my retirement age bro!
Sorry....."Raise"
Don't "tease" me. I'm two-finger typing as fast as I can........spellcheck is overrated!
I was teasing, but it works in a quirky sort of way.
Ventricular fibrillation (VF)
Not happy...
died a fractal death after hitting the stratospheric jet-stream..
then suddenly dropped,
and finaly died in the arse, ending up dead as a door-nail
v-fib and Angela Merkel are most likely to blame
wr;)
It just needs a big keynsian jolt to kick start it. Inject it with a few trillion of fiat adrenaline. All will be well.
Meanwhile back in the real universe...
It doesn't even get it high any more and it needs more and more just to feel normal for a short while.
EVeryone needs to get long China and it's RMB .. nothing but strength in that RMB.. 6.294 to the $
That is very lucid thinking.
Well outside the scope of vision of most investors (who ONLY see the USA and, now, EU/Greece).
Which is to say, your plan won't work.
The "MEDIA" keeps saying "China slowdown."
Yeah, from 10% growth down to 9.7% growth. LOL
The last 2 years the growth in my China-centric funds has been anemic, at best.
Sound technical/fundamental investment depends on being in the market with technically and fundamentally sound investors.....WE are not!
Bob Pissonme says it's Draghi time. How does such a clueless asswipe get on TV
'Cause he starts his days on his knees below the trading terminals getting the explosive news!
But were is the ISDA?
"It's not a default"
-ISDA
Got It! I think?
Convoluted complexity and wriggling about to reach a point where what was a loan to Greece, by Germany mostly, is declared to be a gift.
That's what all this stuff is. Loans are to be declared gifts. The Greeks got to spend it and won't have to pay it back.
For at least another hundred years we must pretend to ourselves and to every one that fair is foul and foul is fair; for foul is useful and fair is not. Avarice and usury and precaution must be our gods for a little longer still.
Read more: http://www.brainyquote.com/quotes/authors/j/john_maynard_keynes.html#ixzz1loYBJWyKJohn Maynard Keynes
Risk off. So gold and silver paper prices now getting hammered, no doubt because those 2 sketchy characters are just so darn risky.
Hammered, sold off, by what are inarguably Free Market Forces busily at work shaping the PM "Market".
That all makes perfect sense once one realizes where we are.
Anchor 1: "They're very close to solving this Anchor 2. They even came out and said China might be dropping 100 bln investment because prices are at all times lows right now!"
Anchor 2: "WOW! And can you believe gold and silver with this news? They take a nose dive! Whoever thought these were safe havens should probably think again!"
Anchor 1: "Oh absolutely I mean... how anyone could spend their hard earned money on gold and silver is beyond me. I mean just look at today's price action. Clearly the smart money is moving into the Euro."
Or something along those lines.
They BOTH want a date with this Guy...:>D
Head of Chamber Commerce in Greece just said latest is no decision tonight
He is on European Close.
Greek parliament can vote to delay payment
Blah blah blah...Greece is fixed....Greece is fucked.......where is the Euro/dollar trading again? 1.33 shit too high......greece is reallyyyy really fucked.....until we reach Euro/dollar 1.25 then Greece will disapear again....for a while.
OT:
http://www.bloomberg.com/news/2012-02-07/baucus-eyes-inherited-iras-to-raise-4-6-billion-for-treasury-over-decade.html
Someone borrows 10$ into existence, someone else pays off that 10$ "debt", someone borrows 10$ into existence again.
Net effect? the bank is 30$ richer than when it started (if the 2nd round of funny money is actually paid back) and the currency was inflated by 20$.
So the point of these transactions are?
With transactions like that, hell why wouldn't you "lend" more money into existence for Greece if you were a central bank! all its gona do is make you richer anyway!
But Greek yields actually plunged on the short end of the curve. See charts.
Greek 10 yr sovereign yields fall 680 Bps – positive signal for saving Greece?
http://confoundedinterest.wordpress.com/2012/02/08/greek-10-yr-sovereign-yields-fall-680-bps-positive-signal-for-saving-greece/
Gamma, Gamma, Gamma Chameleon - Boy George Papandreou.
It comes and goes?
So how is the euro shorting games going on, Yanks? :) What?! Another miss! Can't be. Well, thanks for playing and better luck next time...sierra-uniform-charlie-kilo-echo-romeo-sierra.
F' prodigal fact...master the creative life.
http://www.youtube.com/watch?v=LgTvVVr9utA&feature=share
Eirope's stocks went off a cliff in the last half hour-that's different.
DAX -0.08%
Dax dropped 30 pts in a few minuites at the end, it was up 1.3% earlier.
If only George Carlin were still alive. On the other hand, could be he's the one effin with us from beyond.
just a thought could greece be dragging this on so they can print drachma so it will be a quick transition??????
But the EUR/ESD WOULD be happy if it were destroyed more?
It would take a very brave man or woman
to face the media and speak the truth about Greece for once:
" I hate to be the messenger of baaaa " (bang!)
oops, someone just shot our messenger
After all this shit is over, I sure want to see who the fuck will loan anything to Greece at any rate.
It would be a miracle if we don't close green today, sicne the daily pattern is to rally off the lows and BTFD.
Until 1 day the pattern fails just like Eur/equity correlation and the -50 suddenly becomes a -500 instead of BTFD. It will happen 1 day soon.
Yup I keep waiting for that day, and it doesnt come. Not enough fear out there. We need a godzilla attack or something.
License and patent revenues pave Silk Road dreams...
http://ec.europa.eu/enterprise/policies/innovation/files/ius-2011_en.pdf
So the European fx swap line with the fed at multi year highs is just a suggestion??
and like clockwork - London market closes, USD starts tanking, /ES bouncing.
They need to shuffle the game plan. This is just too predictable.
It's not Kabuki, it's a rock opera. Greece is singing:
Is this the real life?
Is this just fantasy?
Caught in a landslide,
No escape from reality
Open your eyes,
Look up to the skies and see,
I'm just a poor country, I need no sympathy,
Because I'm easy come, easy go,
Little high, little low,
Any way the wind blows doesn't really matter to
me, to me
http://www.elyrics.net/read/q/queen-lyrics/bohemian-rhapsody-lyrics.html
Oh comon', no one actually believes any of the rumors anymore, they just need to release them so they have a scapegoat to point to after they bid up the market with Skynet...
It is soooo odd, i thought this whole deal was hours, minutes away.
FFS, time to call it....
Nice.
http://policyandmore.blogspot.com/2012/02/krugman-and-american-high-school-wage.html
Why Notions of Systemic Failure Are On Par with Bigfoot and Unicorns for Most Investors
http://www.zerohedge.com/contributed/why-notions-systemic-failure-are-par-bigfoot-and-unicorns-most-investors
Biderman's Daily Edge 2/7/2012: Why We Remain Bearish, Bulls Rely on Money Printing
http://www.youtube.com/watch?v=Q60satJvFj8
Ron Paul: The Coming Chaos
http://www.youtube.com/watch?v=Q7ZlxvDqYJY&feature=g-all-u&context=G2d4bc13FAAAAAAAAIAA
Uploaded by americanbandwidth on Feb 7, 2012
DEFAULT Risk by Country as Measured by CDS Prices
http://www.scribd.com/doc/80977036/DEFAULT-Risk-by-Country-as-Measured-b...
pp
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