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"Spain Is Fine"
If there is one physics rule that the central planners know all about, in their utter disdain of virtually every other natural principle, regression to the mean being the most prominent one, it is the law of communicating vessels. Only instead of water, the central banks use monetary liquidity to achieve equivalency across the various different vessels a/k/a capital shortfall locations. Such as the Spanish financial sector. Think that "Spain is fine"? Look at the chart below and think again. And don't even get us started on Portugal. How long before the residents of Portugal and Spain pull a Greece and withdraw 20% of statutory bank deposits in a year, in the process starting the terminal unwind of these two countries financial cores and putting them on day to day ECB life support? Oh wait, they already have. The chart below, showing Spanish bank borrowings from the ECB, is self-explanatory, even when factored in for "seasonal adjustments."
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You mean those last 12 months aren't a U-shaped recovery?
I thought it was a "V" shaped recovery. That's what the talking heads on TV told me.
The pain in Spain lies mainly in the drain!!!
I think you mean......oh, wait......umm.......nevermind. :>)
Nice to see you rocking twitter. Very nice indeed.
https://twitter.com/#!/TheLimerickKing
Spain's soon to be new FFF rating by Doody's...............
Fine, Finis, and Fucked.
Thanks CD...it's very nice to see you on there as well! 140 characters is certainly an interesting poetic challenge.
Twitter's not bad....but nothing compares to the gang at ZH!!! (although it's nice to see WB7, red pill & others on twitter as well)!
Do you have a twitter link for Red Pill?
Banzai7 is here.
https://twitter.com/#!/williambanzai7
Ha Ha....I was just in the process when you blocked my edit with your post...here is red pill:
https://twitter.com/#!/__redpill__
And let's not forget this important one: https://twitter.com/#!/ZHCogDis
Cheers!
Well CD you've jst convinced me to try this twitter thingy :> Another way to waste my day. Hmmmm maybe The Limerick King can use that.
On Twitter you may find a way
For wasting the rest of your day
It's lacking the edge
Of our great Zero Hedge
But not a bad place just to play!
Great stuff.
You should start charging for personalized services. hell, i'd bet you could make lots of fiat writing valentines today.
Clever craftsmanship...
Instead of a double dip recession it is the new chart based on more algos...... a double high "recovery".
"Spain is fine" ~ Which means it ISN'T
In other news... "Subprime is contained"
Spain is NOT Greece... just like Greece "was not" Argentina! Its scary how the crisis in Greece mimicks the Argentinian default of 2002. IMF soundbites signaling strong growth and everything.
NOt being on fire is the new "fine".
I feel great, thanks for asking. My hemmoroids are down, my nose bleed is slowing, the diapers work on the anal leakage. It's fine.
Andalucia was about to erupt but... there's all these bitches on the beach.
Look elsewhere, this is old news.
Wait for it, 'cause it's coming. Spain and Portugal can nor more afford their debt than Greece. With unemployment at historic highs, just where is the tax revenue going to come from to cover interest payments? More debt is not the solution......default however, is. Return to original currencies and start over again.
They just need to "do their best and forget the rest". More worthless currencies are better than fewer worthless currencies, I suppose.
Priced In!
Transitory.
Cramer was pounding the table this morning insisting that Italy and Spain are "fine".
Are you suggesting Cramer was lying?
BTW,
Speculators in the gold market increased their net long position to the highest level since mid-September 2011, adding almost 10% more length over the course of the week, while silver speculators were more aggressive, raising net length by 25%.
Never understood how that guy gets the respect he does. He was a hedge-fund manager in a time of the greatest bull market in the the history of the western world (Arguably). A monkey could of made money in the 90's.
Because he says what the Illuminati Oligarchs tell him to say.
So the chart shows Spanish Central Bank borrowing from ECB in billions of Euros?
Sorry - I missed the last line of the writeup.
I read recently an insightful article on Portugal and Spain which suggested they were both in danger of an economic depression. After today's dreadful GDP numbers for Portugal (-1.3% in Q4 2011 alone) it is looking rather prescient.
http://www.mindfulmoney.co.uk/wp/shaun-richards/more-evidence-emerges-that-spain-and-portugal-may-bypass-recession-and-go-straight-to-depression/
Monetary liquidity? The cup floweth over.
The Banksters' cup floweth over..
There, fixed it for ya.. <];-)
The average folk get nothing! Their cup runneth dry.
Reminds me of my friend Pat when he bets on a football game, and the team he bet on makes a bad play.
His phrase, "THAT'S OK! IT'S FINE! IT'S FINE!"
Probably said the same thing in Argentina during their inflation shenanegians.
Watching the financial markets lately is like watching an interpretive, national-level rendition of The Walking Dead.
It's incredible how much these government leaders are lying to keep the status quo. Confidence in their fiat garbage is going nowhere but down.
Well you know Tyler just how much a Systemic Risk SANTANDER is for the UK......and companies like Ferrovial which Fitch thinks is BBB and Telefonica which Fitch thinks is BBB+.........which are large UK bank operators; large UK airport operators, and large UK Mobile Phone operators with significant operations throughout the EU
Yes, Spain is totally "fine".
The Ticking Time Bomb That Are The Spanish Cajas
Spanish Banks Hiding Over $70 Billion In Bad Real Estate, El Confidencial Finds
Regression to the mean is a *statistical phenomenon*, not a law of physics. Change "one physics rule" to "one rule of Nature" you're golden.
consistent and repeatable phenomena are manifestations of physical realities - physics
Philosophical nonsense. You don't have a clue about what you are talking about.
Philosophers, like you, somehow believe that one of the fundamental requisites of science is that whenever you set up the same conditions, the same thing must happen. This is simply not true, it is not a fundamental condition of science.
The fact is that the same thing does not happen, that we can find only an average, statistically, as to what happens. This is due to experimental error. Nevertheless, science has not completely collapsed unlike your thought process.
Note again, this is not a consequence of physics, but of statistics.
On some scale, Planck's constant starts to become numerically significant...
indeed
One of the best programs in the Netherlands to my opinion:
http://www.uitzendinggemist.nl/afleveringen/1239996
It is a documentary about Greece and the deals they made with Goldman and Sachs. They are interviewing even a ex worker of goldman. Very interesting!
The old AAA ratings will all be replaced by BBB ratings for which we will add DDD, FFF, GGG, and so on to the low end of the scale. Nothing changes except the letters.
Monetary liquidity is another term for bullsh**...
Interesting comment below that article, from "JW"
You may have already seen this but faced with global economic calamity the 'great and good' at Davos are considering 5 major risks , the 3rd most important on the list is 'increasing greenhouse gas emissions'.....the world's gone mad! But there are some interesting words in their briefing;
''Dystopia, the opposite of a utopia, describes a place where life is full of hardship and devoid of hope. Analysis of linkages across various global risks reveals a constellation of fiscal, demographic and societal risks signalling a dystopian future for much of humanity. The interplay among these risks could result in a world where a large youth population contends with chronic, high levels of unemployment, while concurrently, the largest population of
retirees in history becomes dependent upon already heavily indebted governments. Both young and old could face an income gap, as well as a skills gap so wide as to threaten social and political stability.''
Paging Dick Bove for confirmation. Wait, wait, wait... Yes, Dick? Really? Ok then! Folks, it's official, Spain is fine!
The man from Del Monte he say yes.
This means that during the last 12 months Spanish banks lost customer money.
Tyler, I am wondering where the money flows in: Can you please post the same graph for Germany? Should look the Spanish mirrored.
Fluidity solves debt.
Print to infinity!
Spain is entering a new golden age.
The Limerick King is a sparkling wine,
Even 140 characters confine
But we love him right here
On ZH we all cheer
When he brings us another perfect rhyme
OK, I'm shit, but I couldn't resist a quick hat tip to the man.
Keep them coming bro. I'll have to twitter link you to make sure I get my quota :)
Much appreciated...thanks (not a bad first limerick!!!)
G.G. quoted:
"Both young and old could face an income gap, as well as a skills gap so wide as to threaten social and political stability.''
Sounds like where I work -
Except this week I'm laid off -
1-I'm hungry, I'm dirty, I'm losing my mind
Everything's fine
I'm freezing, I'm starving, I'm bleeding to death
Everything's fine
TRACY BONHOME(SP)
great tune
An endorsement from The King, I'll take that :)
It genuinely was my first limerick!!!
I don't know what I'd do without all this crap ---------------------------