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Shit Just Got Real: Primary Dealers Called To New York Fed For Emergency Noon Meeting
From an email just sent out by Morgan Stanley's David Greenlaw:
The NY Fed just asked primary dealers to come downtown today at noon to meet with Fed and Treasury Dept officials. We expect to hear them outline a contingency plan for next week. Details to follow.
More from Bloomberg which confirms this is not the previously scheduled meeting:
- The Treasury has canceled its regularly scheduled individual meetings with bond dealers in favor of the group meeting, according to the people, who declined to be identified because the meeting hasn’t been publicly announced
- All 20 primary dealers were invited
- Treasury spokesmen in Washington didn’t immediately reply to a request for comment on what will be discussed at the meeting
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hmm...
indeed.
I concur
Somebody is in trouble. Any guesses on who that might be?
everyone but them...
Hmmmm....what should we do?
http://www.youtube.com/watch?v=1QWyg50K4MU
Poof....it's gone!
http://www.youtube.com/watch?v=RAKsMnAM8vk
Maybe literally:
http://www.truth-out.org/senior-israeli-us-intelligence-figures-warn-israeli-attack-against-iran/1311796492
New moon July 30th...
More hints about Iran:
http://blogs.forbes.com/ilanberman/2011/07/29/how-iran-and-america-could-wind-up-at-war/
BAC?
Rut Roh... That would be my guess.. Too may Countrywide Mortgages..
GOT GOLD BITCHES?!?! YEEHAW!!
BLESS ZH!!!
nah man, its not a currency and it only has tradtional value
Transitory value.
Yeah......us.
Haven't you heard? They need somebody to buy BAC!
Look at Moynihan's flight schedule. He is in NYC and at the NY Fed already.
http://www.nationaljournal.com/congress/top-bank-ceos-urge-congress-to-raise-debt-ceiling-20110728
Possibly us?
http://www.youtube.com/watch?v=U_w14gMNfmA&feature=player_detailpage
Cant take much more....
"Somebody is in trouble. Any guesses on who that might be?"
Yes that could very well be, or it could be a ploy by those in the meeting to say something to the effect that they have come up with a solution given the recent political failure to do so, presented by the MSM as saving the 'system', maybe the next iteration of QEx under some other name.
I am undecided, usually I have a gut instinct on such matters, but I have absolutely no insight here, strange.
I'm not sure who is in trouble, but clearly what the nation needs is more secret meetings and resulting actions from criminal syndicate Wall Street bankers.
Fucking sarc off
I decided to check out CSPAN, they are taking live calls. People are genuinely concerned about the fiscal state, debt ceiling debate, and political corruption of the country. 'Average' people are sounding scared and uncertain. I wonder what crap O'bummer will spew at 1020.
He will threaten Republicans again. Red meat for the base. He will offer no solutions, but rather talking points. And what people continue to fail to understand is that Obama wants a default on US debt...and the resulting chaos.
If the market bounces during his little chat with the nation, it will be a gift.
Agreed.
He still has no plan, a leaderless leader. Watched a great speech by Chris Cristie yesterday about taking leadership risks, taking the initiative, as an executive and putting forth a plan for debate.
There will be more lame fear mongering rhetoric.
Obama is going to have a press conference, and tell everyone to eat the Black Eyed Peas and Will-I-am (with bbq sauce).
Musicians are good eats.
One of my cats just puked on the floor, literally. An omen of things to come? Lots of wretching in the nation today, myself included.
Obama, like any other "approved President" will say what he is TOLD to say - he is "there" because he CAN read a teleprompter, and has ZERO power beyond what is allowed him.
As for this meeting, again, if you're reading about it, you're MEANT to be reading about it - if it was "secret" you would not know until the plans were settled.
Of course, act/react accordingly.
He said that if the debt is not raised then it may spoil Christmas
ha ha ha ha ha
I believe this is the meeting where they tell the PD's not to worry, because the Federal Reserve will override any cessation in Legislative-branch spending by simply flooding the markets with money-printing.
In other words: This is the meeting where the PD's get reminded that that whole "US Government- thing" is just kabuki for the people. And that the NY Fed is still running any and all necessary black-ops to ensure the stability of the cartel-cum-empire.
Besides, with a mere 25 basis point spread between double and triple A -- it ain't like the NY Fed can't juice the PD's with enough free money to bring out the sunshine.
I imagine scotch and cigars will be served at the meeting.
While I concur with the tenor and tone of your comment - a minor (but material) correction: the Federal Reserve Note MUST BE BORROWED INTO EXISTENCE. The Fed cannot print money without buying Treasuries or some other crap from the PD's (nor would they want to).
As I like to constantly say, that is the scam of the century - that a sovereign government has granted the power to print money to private corporations and then turns around and borrows from them.
The national interest is the grift, debt-slavery of the people is the goal.
> "The Fed cannot print money without buying Treasuries or some other crap from the PD's . "
All true ... but it's the "other crap" category that essentially gives them carte blanche to print money.
Agreed in part. I'm just so opposed to the system of debt-money that I try to draw out the distinction whenever possible.
True printing of money is the United States Note - which was in circulation from 1862 to 1971. Now THAT is printing money (not always a panacea, but at least not debt-money borrowed from private corporations at interest).
> "The Fed cannot print money without buying Treasuries or some other crap from the PD's . "
All true ... but it's the "other crap" category that essentially gives them carte blanche to print money.
Prior to 1860, sovereignty reside with the People in their respective free state republics; the national government (Union) has very little power. After the Civil War, the US government was incorporated in 1871, the Constitution for the Republic of the united States having been suspended and abandoned by President Lincoln in 1860, a new corporate constitution was written by a 3 man commission called THE CONSTITUTION OF THE UNITED STATES, the ALL CAPS designating this entity as a corporation. We went from a republic to a corporate democracy.
http://republicfortheunitedstates.org
.
In other words, "Just hit the bids and STFU."
I think I just shit in my pants.
Bankers leaving from the dock behind NY Fed, bitchez !
This is some great Kabuki they're putting on, but they're going to have to stretch even higher.
After all, we had Martial Law and Tanks in the Streets (as well as planet earth colliding with a larger asteroid) within 48 hours of Hank Paulson/Bernank not getting a blank check last time.
So, I expect more. Much, much more.
Stealing taxpayer dollars to stuff Wall Street with is getting resistance from Main Street, and I'd love to know the sacrificial lamb, scare tactic and technique/method they're planning on unrolling this time around in order to allow them to perpetuate this theft without further resistance.
Tenth anniversary of nine-eleven will most likely not disappoint.
Will the NYFED pick up the tab for the hookers or will they pass the hat? America wants to know........
The hookers and blow doesn't cost anything.
The companies supplying both are subsidiaries of the 'family,' so it's all in house.
N.M & Sons planned ahead.
http://www.youtube.com/watch?v=IUH3JQjcweM
Last Supper?
Maybe. Hopefully it will be more akin to Jonestown than Jerusalem.
They still have the weekend. But what then?
More ideas for Leonardo
Paging Neel Kashkari...and bring your napkin.
And your kneepads.
And your chapstick
don't forget the Listerine
haircuts...
LMAO!
can't be. zh's very own 'tard spoketh yesterday wondering what all the hysteria was about, opining that one must go long with all the fad stocks which, of course, he owns none of.
Chicago PMI 58.8
Team building luncheon, right?
The youtube Hitler scene comes to mind.
I just had a vision of Timmay falling backwards and no one catching him. <thump>
There is a mafia movie scene I can't remember the movie, where the mob boss takes a club across the back of the traitor's head, spilling much blood at the dinner table.
The clubber ain't the Bernank...
The Untouchables
If visual is needed http://www.youtube.com/watch?v=d-sV-O2-jCY that's Timmy with a baseball bat over the head of the PD that refused to buy treasuries come Tuesday..... Fast forward to 1:40 if you can't wait.
That movie sucked, and here's why: It glorifies the idiot Eliot Ness who was fighting for Prohibition, a cause that was only popular with a tiny minority of teetotalers and statists. The gangster thuggery was an outgrowth of a government policy and it only went away when our country did the right thing and repealed Prohibition. Nothing Eliot Ness did or didn't do mattered at all. It's a good story to bring up right now, though, because I have been waiting patiently for three years now for our fucking country to "do the right thing" and kick the banksters to the curb. It will be hard, but we can do it. We need to bring down the house, or we'll just continue to suffer forever.
Oh, I'm sure they're just called in to arrange Bernanke's Dec 13 birthday surprise party.
The Bernank doesn't have a birthday, because he wasn't born.
He hatched as all reptiles do.
Wow, gold up big but the gold stocks are getting obliterated while PCLN is up again hitting record highs.
John Hathaway, Eric Sprott, etc. must be punching themselves in the face.
Oil also down big, well so much for "Peak Oil"
Let's all run head first into Uncle Gorilla Notes for safety!!!
"Oil is down, hence peak oil is myth".
Wow, that's some expert analysis right there.
Can you say "Abiotic"
or "Russia is world's #1 producer"?
Can you say 6,000 new wells per year to keep up production? Besides, please state your documentation that proves that the abiotic processes indeed DOES create more oil than we consume on a daily basis, because if it doesn't, we'll still hit peak.
If you exclude all the drilling activity taking place every year, then Russian organic decline in production is close to 19%. To compensate for that organic decline, Russia drills somewhere between 5,000 and 6,000 wells every year...
Therefore, next year there will be a lot fewer fields coming on stream; in the absence of new incentives to put more money to work to grow Russian oil production, it will naturally start declining, with organic decline rates of around 19% and growing.
-Alex Burgansky
Excellent point about new Russians oil wells, best evidence I've heard so far against abiotic, if they're test wells. But I think they'd still have to do a lot of drilling to put the straws in the ground. And oil well with one 18" pipe is not going to pull out enough of the black stuff to get the job done.
Russia went from oil beggar to the largest exporter in the world. Question hasn't been clearly answered how they did it. Where was all that oil in 1989 when they were collapsing?
Abiotic oil theory simply suggests that there are deep, much larger pools of virtually inexhaustible oil supply that could be tapped. The replenishment rate would be immaterial because hundreds of millions (billions) of years at a slow replenishment rate would have already produced more than we could use in thousands of human years.
If true, much oil is thought to lurk below the shallow depth oil pools we are now familiar. If in doubt, check it out.
I doesn't matter if this inexhaustible supply exists because cap & trade will still make it infinately expensive.
Just two points (I neither know nor care where Russian oil came from):
1. The USSR collapse was planned, so restriction of oil exploration/extraction/supply could easily have been part of that plan. (see Anatoliy Golitsyn - 'The Perestroika Deception')
2. If abiotic oil had been seeping to the surface for billions of years, the oceans would be full of oil instead of water by now.
Abiotic oil does not exist.
Right, just take some old composted vegetables and road kill and smash them with a trash compactor for a few months and you can make your own oil.
Uh, biodiesel?
The concept that petroleum was created in a massive subduction event involving incomprehensible amounts of plants and animals being squished and turning into petroleum needs to be questioned.
Petroleum being formed via natural geologic process within the earth does not mean we won't hit peak and run out.
All the energy we need can be found at 19.5 degrees.
Ohhhh snap,Byatches!
TO: Abiotoc Oil Fri 7/29/2011
"Right, just take some old composted vegetables and road kill and smash them with a trash compactor for a few months and you can make your own oil"
AO: that sounds like an abfab ipo to me. i'll call my buds at the squid, we'll set up meeting, do a deal and run this shit up the flagpole. if we can get the blowhorn behind this thing and chum the waters with the right kind of leggy promo.....it's badda-bing time,dude ......we get instant karma and the morts are absolutely begging for a piece of this bs bling........
after that, it's all coke and hookers, dawg
Yes, it does. It has been definitively proven that abiotic oil exists, due to oil digesting microbes discovered a kilometer underneath the Atlantic crust. The only question is the refill rate. It seems apparent that the refill rate is extraordinarily low, however.
But who needs abiotic oil when you have ionic liquids to extract a thousand years worth of oil from tar sands with the same energy input as currently producing wells?
But peak oilers deny that technology exists, much less that it advances, so I guess we can never expect them to accept reality on any level.
Abiotic hydrocarbons only exist on planets and moons elsewhere in the Universe. Earth, by some strange anomoly, would not have any hydrocarbons at all if dinosaurs never existed on it.
Abiotic oil may indeed exist. The moon Titan seems to have lots of hydrocarbons, and I don't think dinosaurs or giant ferns ever lived there. In fact, planet Earth may be a giant tar-ball. BP Macondo seems to have punctured a deep hydrocarbon reservoir...
Having said all that, Peak Oil is a reality. If, as the Russians say, near-surface hydrocarbons are replenished from deeper abiotic reserves by some sort of upwelling activity, it is obvious that the replenishment rate is much too slow to sustain our current and ever expanding rate of energy consumption.
Energy utilization is compounded by mechanical and energy-transfer inefficiencies. (All conversions to electrical energy languiush at effciencies below 20%, measured by end use. Take home: solar, wind, bio-diesel- all too diffuse to actually provide real energy ammt.s for today's industrial economies) Oil overcomes these thermodynamic barriers by brute force. Light and powerful trumps elegant and efficient. The human body is much more elegant and effcient, from an efficiency standpoint, than a chainsaw, but I don't want to hand saw all my own firewood.
Compound this desire to not fatigue oneself by x-factor in quantum terms (how many mechanical slaves can I own?), times 7 billion, and Peak OIl is a reality. Compound it again by the insatiable demand for X3 usury, and it is easy to see why the certain decline in energy production, even by a fraction of a percent, spells doom for the Usurer's demand for an ever expanding economy- its main purpose is to provide X3 usury for the vampires who stand watch over their human flocks. These are the same as giant ticks gorging themselves on the planet's petroleum blood. At least arachnid ticks have the decency to drop off the host once they have gorged themselves, unlike the human variety, who stay until the host is drained and dying.
.
Abiotic theory strongly suggests there are deep, large pools of virtually inexhaustible oil supply that could be tapped. The replenishment rate would be immaterial because hundreds of millions (billions) of years at a slow replenishment rate would have already produced more than we could use in thousands of human years. It is thought to lurk below the shallow depth oil pools we are familiar with now.
The shallow depth oil pools are thought to be like the spring water seeping up through a concrete floor. We are constantly mopping up the wet concrete floor, be we are not drilling through the floor to tap the vast source underneath.
If abiotic oil were ever proven to be the case, oil would be cheap and abundant and good for us. But I'm sure there are vested interests that would not like to see that happen. Unlikely oil could still be weaponized if everybody could obtain it cheaply for themselves.
We ought to at least check it out. Thorium reactors are another example of how a potential (safe!) cheap abundant energy source that is being denied by being disappeared.
Question: Name a carbon sequestration substance that is abundant, free, found everywhere, would even absorb CO2 faster if the ppm goes up, is non-toxic, biologically friendly, and can even produce oxygen from all the CO2 it takes in?
Answer: PALE FLINT.
Pale Flint = anagram for "plant life".
.
Abiotic oil (hydrocarbons) exists because we've already made it/them in the lab under deep earth conditions, like synthetic diamonds. No dinosaurs were used. The Question is, does it exist in abundance deeper in the Earth where it is still accessible.
Evidence suggests it does, since we find lots of oil much deeper than 19K feet, which is the deepest that old oil theory can explain. Helium is also found in abundance in such oil and it shouldn't be there. That is what initially prompted investigation into abiotic oil theory. Light element Helium goes up, it is not going to get pushed down 8 miles along with dead dinosaurs.
I don't know if abiotic oil is viable, but if Christopher Columbus had listened to his peers the world would still be flat. If we can waste taxpayer money studying the penis sizes of gay men, then surely we ought to be able to spend a little on the subject of world energy independence.
Can you say skittle-shitting unicorns and fluffy rainbows, flat-earther?
Even if your abiotic malarkey were real, do you think it would create oil at an exponentially growing rate?
Make sure you run your short-bus on biodiesel.
Pretty much every industry goes through phases that cause an exponential growth rate that generally stays ahead of demand, and this is something that Malthusianists and their neo cousins cannot grasp.
Abiotic oil will grow exponentially due to a multiple number of factors growing along with demand such as increased efficiency, newer sources as new development technology ramps up with increased capitalization.
Dont be such a gloomer!
So, how fast, roughly? What's your exponent?
Abiotic.
Man will always have access to an increasing supply of cheap hydrocarbons to fuel his growth-based economic systems becasue that's what Jeebus wants. Jeebus wants growth and so shall it be for ever until the End Of Days. Call it abiotic, call it space-oil, call it whatever, but the Heavenly Host will cry tears of fuel before Man has to experience limits to growth.
Yes, and I can also say, "cheap, clean energy from fusion power is just 30 years away," which is what the "experts" have been saying since around 1970. It all falls into the same range of credibility as, "don't worry, the men from Planet X are on their way to save us."
Can you say "moron". I consult for several oil companies (all whom are investing heavily in biodiesel projects, mostly from algae).
They have several serious problems. The one I deal with most is the affects of pumping seawater into productive oil fields so that the well pressure remains high and the field keeps producing. This has been the case for 30+ years now and we are just begining to see the affects (The BP explosion was the best example of the crisis). Here is what happens; these underground oil fields are massive and contain microbes that have been asleep for millions of years. The microbes have been asleep because there is nothing for them to dump their electrons to (for example, as a human you oxidize sugar and reduce molecular oxygen to water, without oxygen to reduce YOU DIE). These microbes have plenty of carbon to oxidize (oil is reduced carbon in the form of fatty acids retard) but nothing to dump their electrons to, until all that seawater arrives. Seawater contains a lot of sulfate (SO4). The organisms are all too happy to oxidize the fatty acids in the oil and reduce the sulfate to hydrogen sulfide (VERY corrosive). In the process they also produce hydrogen gas (explosive). Wake up retards, it is a finite planet that, at the end of the day, is governed by the laws of physics. We will stop using oil with plenty in the ground, simply because the investment required to recover it will not be worth it. By the way, fresh water will be a much larger problem in the immediate future compared to oil.
Sounds like you need an antimicrobial frack fluid.
http://poseidonsciences.scienceblog.com/tag/selenium-ltd/
But hey, no such thing as technological advancement, right?
I've been beating this drum for years, but you people refuse to accept the possibility. You refuse to accept history. You refuse all knowledge that does not imply eminent death.
Sad.
The article you just linked is about a coating, developed by Poseidon/Selenium. The frac fluid is what causes the problem. So, no, they probably won't need any of that.
.
Abiotic means you don't need microbes or other biologic processes.
LawofPhysics - Excellent reply. I am glad to see somebody has done their homework.
Warning: robo posts are for entertaiment value only.
Or as a handy substitute for syrup of ipecac --- but only in very small doses!
leo's drivel, on the other hand, makes an excellent stand-in for ExLax.
But all his "Hosannas to Bernanke!" make me want to puke as well, so RoboTard's mindless stock-pimping ravings are usually unnecessary anyway.
Do you just copy and paste this shit?
Sprott PHYS and PSLV (disclosure; I own PSLV) are traking real, with respect, am I missing your point re punching face?
Fuck paper. You're gonna look really silly if you're not first in line to collect.
Point taken, thank. Coincidentally I live a couple of miles from the RC Mint, where he claims it is kept, and as such I don't own guns etc to protect the real stuff. I am in this for the change in price, not to hold.
Even high spec explorers are not getting abliterated like Hobotrader said.
Niogold up 8%
Everone else down 1-2% ooohhh
About 95% of US crude oil futures volume comprises day trading. Long-term bets on whether prices will rise or fall have minor effects on energy price volatility. Furthermore, oil prices have been quite stable, despite the ugly numbers coming out of western economies.
why the hysteria, 'tard? there's nothing to this trading gig, you said. easy as pie. i'm sure you're short since you said you were "itching to get short" below 1300.
btw: gentleman jim sinclair sends warm regards from $1630 avenue. said he's sending you a pair of pants to replace your girly skirt.
Your Gorilla is looking like a Monkey this morning. can't even shit straight
troll scoring system:
your technique and execution were below average and the degree of difficulty was very low. 5.5
Sadly Robo, at times I thought you had interesting insights from a traders prospective. Now I know you either are a clown just to clown or you have a warped sense of reality? What on earth does the day to day movement of crude oil prices have to do with peak production of oil? Only a fool would think undulating prices have anything to do with peak anything. When all prices go down some would go down faster than others in a depression others trail still making them unaffordable to the masses! I really could not have missed judged your intelligence could I? We all at times say things that we really don't mean is this the case?
"Wow, gold up big" Robo formula and theories = fail...
robo
you are so funny, I am still laughing.
All that matters is PCLN is up. Robo's probably still got YHOO and EBAY that he bought for $300. His full service broker told him it's a hold so he's sure it'll come back soon.
And bring a really big fucking suitcase so Benny can shove lots of free cash into it. In fact, bring two.
Is that why Cramer just rec. deep in the money calls for unsophisticated investors?
oh, a crisis meeting, ooh, gee, nice touch.
The sheepsters are being herded. Not quite sure why, yet.
Cramer is just friggin beside himself. Hitting a new low for him is a challenge but it looks like he is ready to exceed expectations.
Truly, Cramer hasn't found his low yet, I don't think. He has tarnished his brand enough that, when TPTB really need him and his schtick, he'll be of less use.
What's on the menu? Mutton with a side of fearmongering?
I hope it's not turkey and peas again. We just had turkey and peas last week.
Well, they are all together in one room. The sheeple may never get another chance like this.
+ 1
Just in time for the weekend, can't wait to see what policy (oh shit plan) is implemented over the weekend after the markets have closed. Monday is going to be great. Keep some cash, or toilet paper if you like, on hand... might not be doing much of any bank withdrawls next week.
Cash or toilet paper - aren't they the same?
ISM Chicago disapoints in every which way: comes in under estimate, employment down, new orders down, costs up
Jump you Fuckers!
We all gotta duck...
http://www.youtube.com/watch?v=68LAbJtd4uk
"...gee the money's....really...great."
What your Bank say's Tuesday.......................
http://www.youtube.com/watch?v=otCpCn0l4Wo
Inverse TARP = PDs provide funding to treasury
Exactly.....Time to send back some of those reserves
that sounds scarey..........
I hear the sounds of Stukas!
Perhaps today, friday, BOA will take it in the chin? Something is Upppppppppppp!
Known for a while now, it's all the set up to 15th August. Anniversary celebrations! The ghost of Dick Nix Nix strikes from his grave!
ORI
http://aadivaahan.wordpress.com/2011/07/27/pre-cursor/
Is this when the controlled demolition of the bond and stock markets begin? Or does it start after the debt ceiling is raised in August?
The Chicago PMI just missed (58.8 vs. estimate of 60).
The hits just keep on coming.
It's not my debt, and I'm not going to pay it.
Let them chew on that for lunch.
It looks like the race to the bottom will be decided at the photofinish...
Sure feeling good that I painted the tape in physical gold 2 days ago
Some variation on 3-card Monte, I think.
We know who the mark is, anyhow.
Should I start panicking now or get wasted this weekend and start panicking on Monday?
Fuck this is madness. Like a scene from Monty Python in which they played russian roulette by using a hand grenade in a tent.
Panic now, avoid the rush.
Don't Panic.
It will be one Hot and Sweaty lunch. what a great group picture they would all make today.
Pass the sweet and sour shrimp...............
SNAFU, its the usual pre-refunding meeting...
FUBAR
SNAFU
SUSFU
BOHICA
This isn't a crash.
When equity markets do crash (with or without further QE, they will), Bernanke & ObaMao are fucked so bad - since equity markets (their buying of a temporary ramp) are the SOLE thing they ever talk about now in response to criticism of QE/POMO/TARP/GM AIG Chitty Share, and not unemployment, savings, deficit spending, real/true economic growth, or anything that really matters for 97% of Americans...
*Bagholders - Please feel free to mail your complaints, via pre-paid, self addressed envelope, to:
umm, it hurts a politician to talk about those things but, give the guys a break.
They are not going to delay their weekend in the Hamptons are they? Oh my.
Give them all pink slips and send the to the farms in the southeast. we are short farm labor bitches.
a reminder to canadians that the TSX is closed monday due to a civic holiday!
Anyone else having deja vu ala Hank 'give me a blank check or else' Paulson?
Did NLY just flash crash?
SELL! SELL! SELL!!!
consumer sentiment...sucks...
consumer sediment