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So Much For "Europe Is Fixed": French, Spanish, And Belgian CDS Hit New Records
It seems that rotating a few pawns at the top is not quite the bazooka everyone expected it to be last week. Case in point: CDS in the core European trio of France, Spain and Belgium just hit new all time wides. But before anyone blames evil CDS speculators, it is notable that CDS is significantly outperforming cash bonds. And since everything that can be said about Europe's ongoing implosion has been said already, the only question is which Goldman "advisor" will replace Sarko in a few weeks.
CDS:
and cash bonds:
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drop this cow already!
Who said it was fixed, "Tyler Durden"? You?
It won't be "fixed" b4 they've come up with a credible plan for a fiscal union. Please move on, I am getting rather bored by all this hysteria.
Nice butt-in line at the front post.
Not sure what its supposed to mean though. 'Who said it was fixed'? Um, damn near everyone?
Those who said it was fixed were kidding you as well? You gotta be silly.
C'mon guys, this mountain of debt took over 20 years to accumulate and won't vanish over just one weekend. Its all politics and they either decide to print or to save at last. Simple tactics but with very different result.
I am just scalping these markets. I am not investing at all right now.
Note: "Europe is fixed" is in speech marks, generally indicating a quotation.
Tyler is quoting the Europtimists
Yesireebob.
"Hat-racks should be seen, and not heard."
I have just reported this URL to several Child Protection Associations.
It is NOT acceptable to have such bestial pornographic content displayed for all to see.
Yeah, that sheep avatar picture has to go!
I've just called the nurse. They'll operate your brain tomorrow, funny git.
For a child they are big breasts, if you don,t like it or it offends you please don,t come on the site or move to penn state for a more hands on experiance.
Me thinks yee protesteth too much.
Probably while you're wanging your own hamy...
Out of coincidence Hamy, were you also the one who notified the Southern Poverty Law Center too?
It will be one helluva fiscal union. Half of the countries trapped in the economic prison called euro are already INSOLVENT, all of them are far from balanced budgets. They all need to BORROW MORE ALL THE TIME. Even Germany ran constat budget deficits throughout the golden debt bubble decade. So how do u see fiscal union among those countries turning shit to gold? Lemme guess, by borrowing more?
I am too much of a pessimist. I don't see an alternative to tightening the union. Else its back for everyone to their petty chiefdom which would be very destabilizing and dangerous. Is democracy failing "the west"? Not if they get it done this time. Everybody knows that. There is too much at stake!
unless a bear out of the wood to eat the cow.
Europe is fixed!
fixed like a neutered dog...
Am I missing something?
Since credit events are elective on the part of the PTB, isn't it insane to buy ANY CDS or sovereign debt anymore?
fixed like a neutered dog with only one ball chopped off...
There, fixed it for ya...
bigger bazookas, BiCheZ!
:)))
"the only question is which Goldman "advisor" will replace Sarko in a few weeks"
hilarious:))
Corzine is available.......................
plus 1 more. brilliant.
Nicely done!
You would have to find him first...
I nominate Geithner.
DSK had the charges against him dropped...
Did JCT get an offer from GS yet? He might be available:)
One could look at those rates and say:
The Glass is half full
or...
The Glass is half empty
I say:
STOP DRINKING AND PUT THAT GLASS ASSIDE!!! TIME TO GET SERIOUS!!
Schnaps!
Hemlock
Compromise: Absinthe
Squire! Fetch me my unicorn and sack of Hopium!
there's big ships lurking around (psst, recession) - why not load those w/ hopium instead of some 'sack'. THINK BIGGER!
What a fucken rollercoaster.
The European Fucking Stability Farce (EFSF) will fix all!
I thought it was European Fiasco Stability Farce, err European Farce Stability Fiasco, umm nevermind. I like yours better.
Why would these become more valuable? Swaps were recently demonstrated to be of zero value, via decree.
Why would anyone think these will be immune to eventual decree?
Yeah - good question. Who bids on them now? The only bids I would expect are companies buying back one's they sold on the fear that the ISDA has a change of heart.
I wonder, if Angela Merkel's statement that Europe "could be living through it's toughest hour since World War Two" should be considered as "anything is possible", i.e. Germany abandoning the common currency.
http://www.reuters.com/article/2011/11/14/us-eurozone-idUSTRE7AC15K20111114
The average German citizen would be delighted to see the return of the DEM.
It's not as if he was ever given a vote about losing it in the first place...
I can't take it anymore. I have no more popcorn and my sides hurt from laughing so much.
CNBS folks talk about how all is well, the economy is improving, bullish markets somewhere, fast money to be made, crisis averted, blah blah blah, Who pays these people to be on TV. I barely even watch anymore, just wanted to catch a glimpse of Becky and a couple other hotties.
Who pays these people? The whole show is a "send your money in now" infomercial for Wall Street. Back in the day CNBS talked in billions daily from off the fence. That's who pays. You!
What kind of mongoloid moron is still buying CDSs after ISDA declared that a default is not a default?
they said voluntary just meant that you can decide yourself whether you want to trade in your existing bonds for lowers or wait for your cds to pay off...
right...
although at the moment it actually still appears as if greece rather will go for broke than eternal infusion by europe
ha
May be a different story with Italy and Spain up to bat. Greece was small change.
You are a genius.
I think you are correct in the real world, but the CDSs enhance their balance sheet and make their company appear solvent.
The fix is where x^2 hits infinity
Tyler, this is obvious. These countries all need a new government of goldman sacks.
Its country specific... - BTFD ESZ chart looks great!
WELL its great to see their #1 central bankster mandate, 'Zee price ztabileetee' is working so spectacularly.
World War 3 coming up.
but will it be bio or nuclear?
God, I hope it's nuclear. I'd rather have a firework display than choke on my own phlegm/pus/diarrhoea.
Watched TBTF last night on HBO. In it Paul Giamatti who is playing Ben Bernanke says to Paulson "I guess carrying a bazooka is not enough, you have to use it". He was referring to the 750 Billion bailout fund. In that light re-shuffling the cast in the EU puppet show doesn't seem very bazooka like.
Need to put in a few more Bilderberg goons. That will fix it.
LOL .. they're looking for new Venues anyway .. now that a Swiss Canton banned them.
THAT MEANS PRINTER MACHINE OF BENNY BERNIKE IS OUT OF ORDER ?? HUH HUH....
It's like some big banksters "invited" a crowd to dinner at the priciest restaurant. Then at one point after dinner the bankster disappeares before the check arrives. Unfortunately all the guests were beggars at the banquet, and nobody can even cover their own charge. But they're all trying to keep from looking nervous, thinking that the person next to them is a bigger chump then they are and will put some cash on the table.....That's the story of securitization
Larry Summers for President of France
I can't think of a surer way to sink France and the Eurozone than to appoint this total and utter prig to a position of influence
For all those who thought Berlusconi was the problem.
I don't understand why people would still be taking out CDS's on European debt. The Greek fiasco has demonstrated that they will never, ever trigger. Greece, Italy, France... hell, all of Europe could tell all bond holders to eat shit and die and it STILL wouldn't constitute a credit event.
Whoever is selling these CDS's must be pissing themselves laughing...
...or am I missing something?
Yeah - I dont get it as well... Same thought here - if Greece didn't trigger... what will?
Who would possibly be dumb enough to "protect" investements with a CDS on Euro debt at this point, if they're not going to be paid?
Ha! Lol@Saurs*
http://www.reuters.com/video/2011/11/04/soros-angela-merkel-was-the-crea...
*intertentional
its all bad...buy euro
It seems unbelieveably foolish to me to continue to place so much faith in the abilities of these technocrats. They put us in this mess with their one dimensional obsession with computers and algorythms. The dire condition of the world's finances doesn't scare me nearly as much as the fact that over the past few decades our political systems have made it impossible for a person of any substance at all to rise in political ranks. As a result we are desperate for true leadership and it seems there is no such thing anywhere on the horizon.
There is, after all, a political crisis in Belgium. If anyone can figure out what it is, get back to me.
Sogar Die Goldmänner können es nicht FIXEN?
"...sub-prime is contained..."
- Treasury Secretary Henry Paulson
Legally, could the collective governments of Europe legislate existing CDS out of existence? Contracts are broken with buyers getting back their paid premiums?