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The Rumors Begin Early
Contrary to what some may have been expecting, there was no coordinated grand central-bank bailout announcement over the weekend (and likely won't be one for a while). Instead we got promises of plans for a master plan, even as Soros gave Europe 3 months (or 2 months and 29 days as of today). Still, that has not prevented European stocks from rising to intraday highs driven by the EUR, and fears of a major snap-back rally in the record oversold currency as explained here yesterday. It also means that, as warned repeatedly, even the faintest hint of German capitulation will trigger buy programs. Such as this one just hitting the tape:
- MERKEL, BARROSO TO MAKE STATEMENTS AT 7 P.M. IN BERLIN
- EU SAYS BANKING UNION ON AGENDA FOR BARROSO-MERKEL MEETING
No clarification, nothing of substance: the mere suspense now is enough to make traders ignore that nothing is getting better. But at least for the time being nothing is (much) worse.
Expect Germany to promptly dash hopes that it is fixing anything. Remember XO = 1000 bps before anything real happens.
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there is one "grand master plan" that is secret - or at least secret if you read the wrong news, or if you don't notice it because it get's buried, since it tells the wrong narrative - hint, hint ;-)
I'm talking about the EFC - http://en.wikipedia.org/wiki/European_Fiscal_Compact
And the European Socialists (and a lot of bankers) are shocked to note that 60% of the Irish voted the conservative way -> yes to the EFC
the comments here are really funny, (one guy writing about the Telegraph Taliban Lies http://www.telegraph.co.uk/news/worldnews/europe/ireland/9306283/Ireland...)
So maybe no big gap down on opening, and we can have just a nice steady downdraft these next two to three weeks.
Like a wounded aircraft with engines hunting - sputtering - until it finally skids on the runway.
This go round, if indeed it makes a rough skid landing, it's going to take a whole lot more than some politicians and Central Banks to fix the beast machine. And quite a bit of time. Talk about a lost decade. They can try to prime the pump all they want, but they forgot the impellers inside are worn out and missing.
So sick of this bullshit. ES was down 10 points at the open yesterday and now is green. Total horseshit.
All we have to do us audit the FRBNY and....oh wait, that's not allowed.
You can't know what's in the sausage. Just eat it and shut up.
sell the fucking rise
They'll call it "Weimar 2" or possibly "The New Weimar".
It really is a zoo, and they really are the zookeepers.
You get the sense that they wouldn't tell us anything if we weren't able to piece it together ourselves.
Fuck this. I want to live free, not the life of a zoo animal.
yep, the government lies. Manipulative, with lots of dirty angles and double-speak through both sides of their mouth.
Rock on, Fight Club.
We're cornering them.
They gotta hate us!
Q the interview with Gorman on CNBC and listen to him justify moving the derivatives book into the "bank"...Everyone else is doing it..
Talk is so cheap but very effective at getting the markets green. Expect no material outcome, just more meeting announcements as things get worse to keep the markets from tumbling. Algos, got to love them.
Quote:
And what exactly will this "fix" ???
the rumour mill, of course. please remember that Barroso is a Maoist Communist full of China-friendly proposals. He likes to put this kind of items on the agenda whenever he meets Angie Merkel...
Fix? Nothing. We're back to last year's comic-trajedy of declare a meeting, have the meeting, announce a solution with details to be worked out later. Markets are happy for a brief period until there are no details. Then back to chaos and declare another meeting.
One Debt to rule them all, One Debt to find them,
One Debt to bring them all and in the darkness bind them
Merkel Travesty: 17 Countries
(to the tune of Merle Travis: 16 Tons)
A minor F E
A currency union made outa FUD,
Deficit spending trending to blood,
Differing ideas and economies wrong,
With PIIGS that’s weak and a core that’s strong,
You bind 17 countries and waddaya get?
A decade older and trillions in debt,
Some might leave but they can’t go yet,
Cos they sold their peons on the € project.
I expect some sort of 160 bn euro stimulus package. Easier access to EU funds, enlargement of the European Investment Bank. That has been discussed over the last few weeks. And of course, some nice phrases about some future plans like an EU-wide banking regulation, etc. I don't expect much more, because for further measures (ie, a real banking union, direct bank funding via EFSF/ESM or deposit guarantee scheme) Merkel would need the backing of her coalition MPs.
Any update on when Nigel Farage will make a statement?
You can never leave the Hotel California.
temptation and rising above (transcendence) has many forms.
do you see this society?
does it make you ill?
do you long for another?
make it happen!
even in your own heart!
*intention is the key*
i look outside everyday into the pesticide sprayed condo complex with its cute ornamental gardens and long for food forests and herbal hedges. But can I have this? Or should I keep it in my heart and make it happen if I can?
temptation into debt. Repulsion may mean you have explored that avenue of experience already.
its all math, experience math, been there, matrix elements filled in, no need to go anymore.
so are we all corks about to pop the bottle?
I don't know.
take care.
This points out a key difference in the markets. In the US a bot powered line shot straight up. In europe a YAWN....
That's it. I mean it. I'm emigrating to Mars. It's gotta be better than here.
(And I hear those Martian babes have 10 tits)
SURPRISE!!!
been waiting for this post. :)
On Spain’s banking recap and capital flight
http://www.cnhedge.com/thread-6966-1-1.html
I thought Spain said that Spain doesn't need a bailout.
The stupidity will continue until the bank runs become widespread.
If cars ran on European rumors, gas would be 2 euros a barrel.
Spain's banks are OK, Spain doesn't need a bailout. There, I fixed it.
I'm beginning to think that all the master race of bankers has got is Rumors.
S&P closed 1278, futures show up 4 at 1278. Wtf?
(Historical reminder > Klara Merkel, Joseph Barroso & other tin-top dictators)
'Map Of Europe: 1000 AD To Present Day'
"http://www.liveleak.com/ll_embed?f=88648d830b5c"
MERKEL, BARROSO TO MAKE STATEMENTS AT 7 P.M. IN BERLIN
MERKEL 'I have crabs'
BARROSO 'I got them from Beloskoni'