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Spain Utters The B-Word, Ruins The Party.... Update - False Alarm: The Taxpayer Rape Will Continue

Tyler Durden's picture





 

Update: we have entered full retard rumor territory again:

  • GUINDOS SAYS NO PLAN TO APPLY LOSSES ON JUNIOR BANK BONDHOLDERS

In other words, no B-word; to summarize - Spain float rumors, does not like market response, denies rumor. Taxpayer rape must continue.

***

Spain just uttered the "B" word and ruined the party:

  • SPAIN SAID TO WEIGH IMPOSING LOSSES ON JUNIOR BANK BONDHOLDERS

What is the B-word you ask? Why Burdensharing of course. And we can see why it would be confusing - it never happened once in the past 3 years of central bank coordinated bailouts.

Naturally this means equities wiped out. It also means the free lunch for the banking kleptocrat cartel is now over.

And some other headlines:

  • GUINDOS SAYS TO SEND LETTER SEEKING BANK RESCUE ON MONDAY
  • GUINDOS SAYS BANKING UNION INCLUDES SUPERVISION, DEPOSIT FUNDS
  • GUINDOS SAYS MOU ON BANK RESCUE MORE IMPORTANT STEP THAN LETTER
 


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Fri, 06/22/2012 - 09:44 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

Line up gang.....strict limit of 5.

 

Fri, 06/22/2012 - 09:57 | Link to Comment battle axe
battle axe's picture

On your mark, get ready, go, and the Bank Run is off and going in Spain. Adios Mi Amigo....

Fri, 06/22/2012 - 09:58 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

False alarm.........hey......I GOT FILLED!!!!

 

Fri, 06/22/2012 - 10:19 | Link to Comment Temporalist
Temporalist's picture

The latest fear mongering.  If we don't do as the central bankers say Hitler will be reborn:

 

Ghost of Nazi Past Haunts Austerity-Gripped Europe: Euro Credit

"The specter of the 1930s financial crisis that culminated in the rise of Adolf Hitler’s Nazi party and the Second World War is stalking Europe.

In May 1931, Creditanstalt, founded in Vienna by the Rothschild banking dynasty and the biggest lender in what remained of the Habsburg Empire, suffered a run. Its collapse after a merger with an insolvent rival sparked a crisis that left Germany and central Europe strewn with failed banks, caused defaults in Europe and Latin America, knocked the pound off the gold standard, and forced the New York Federal Reserve by October to raise its discount rate by 2 percentage points.

“The biggest economic catastrophe of the last century has been, of course, the big crisis after 1929,” Ewald Nowotny, governor of the Austrian central bank, said at a conference this week in Vienna. “I truly can say that when we had the big crisis of 2007 and 2008, it was in the back of the mind of everybody, all of us, every central banker, that we must avoid the mistakes of the 1930s.” "

http://www.bloomberg.com/news/2012-06-22/ghost-of-nazi-past-haunts-auste...

 

Fri, 06/22/2012 - 09:44 | Link to Comment LawsofPhysics
LawsofPhysics's picture

Bankruptcy???  Oh damn.

Fri, 06/22/2012 - 09:44 | Link to Comment Capitalist
Capitalist's picture

But, but the ECB gave junior Spanish bank bonds a AAA+++ rating???

Fri, 06/22/2012 - 09:45 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Should be getting the AAAA++++ today.

 

Fri, 06/22/2012 - 09:48 | Link to Comment Conman
Conman's picture

Man,  I was just getting used to my Uncle jessie Greek haircut. Now I have to get an Jersey shore guido haircut? how about a matador styled haircut as well?

Fri, 06/22/2012 - 09:50 | Link to Comment BanksterSlayer
BanksterSlayer's picture

we need many, many more matador jokes in this topic.

Fri, 06/22/2012 - 09:55 | Link to Comment Conman
Conman's picture

Ole!

Fri, 06/22/2012 - 10:57 | Link to Comment Nobody For President
Nobody For President's picture
A man on a business trip in Mexico decides to take in a bull fight. After the event, he stops in to the little dive next to the venue called "The Matador". As he checks out the menu trying to decide what he wants he sees a waiter bring a dish to another customer. The dish is spaghetti with these two huge meat balls. When the waiter comes to his table, he inquires. "That is the " replies the waiter. "Spaghetti and Bull testicles. We get them after the bull fight. It is exquisite!" "That's what I'll have!", says the businessman. "I'm very sorry senor, but that dish is only available once per day". Disappointed, the man orders another dish and plans to try again the next day. So again, the next day he goes to the bull fights, and afterwards stops into the dive. Just as the waiter is coming to his table, he sees another waiter bringing the "" to another customer who was there before him. "Damn!" he says to himself. "And tomorrow's my last day here." So the next day, he skips the bull fight, and stands in line at the cafe. He is the first one seated, and proudly proclaims, "I'll have the !" "Very well, senor!" responds the waiter. Soon afterwards, the waiter brings out his dish, but the meat balls are disappointingly small. Very small, as a matter of fact. "What's with this!" the now angry man shouts. "I'm very sorry, senor" said the waiter, "but the bull does not always lose!"
Fri, 06/22/2012 - 09:45 | Link to Comment strongband
strongband's picture

EUR/USD went full retard

Fri, 06/22/2012 - 09:46 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

 

Yeah.....that wouldn't be unexpected.

 

Fri, 06/22/2012 - 09:47 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

'It also means the free lunch for the banking kleptocrat cartel is now over.' 

Seems relevant.

Fri, 06/22/2012 - 09:54 | Link to Comment Martial
Martial's picture

Never go full retard.

Fri, 06/22/2012 - 10:07 | Link to Comment t_kAyk
t_kAyk's picture

Too late

Fri, 06/22/2012 - 09:46 | Link to Comment becky quick and...
becky quick and her beautiful mouth's picture

i can't take this constant eurotrash onslaught much longer. either plant trees aong the sidewalks of al of europe so that the germans don't have to march in the shade, or let the zombie apocalypse start. 

Fri, 06/22/2012 - 09:50 | Link to Comment Abraxas
Abraxas's picture

Funny about the trees for Germans , it cracked me up.

Fri, 06/22/2012 - 10:11 | Link to Comment post turtle saver
post turtle saver's picture

It goes, "Why are the streets in Paris lined with trees? So the Germans can march in the shade."

Thank you, thank you... try the veal, don't forget to tip your waitress.

Fri, 06/22/2012 - 10:59 | Link to Comment Ghordius
Ghordius's picture

nein! nein! nein! we vill hear from ze zombie germanz riding mutant velociraptors as long as our esteemed masters of the universe deem it necessary, i.e. until ze germanz let the eurozone go in the way ze MegaBanks want

yesterday, one teenaged niece asked me if ze germanz could not just pass a law that raises all contracts, i.e. all wages and retail prices, by 30% - instead of the periphery doing the opposite by leaving the eurozone

I was tempted to guffaw - then I realized this is as intelligent or stupid as what has been proposed by Dimon, Blythe and their paid shills. of course, it would make the german saver livid...

Fri, 06/22/2012 - 13:57 | Link to Comment Dead Canary
Dead Canary's picture

I see we have a Dr Who fan.

Fri, 06/22/2012 - 09:54 | Link to Comment Zola
Zola's picture

Unlawful gain clawback ? How about going after the mansions and other goodies these kleptocrats got through fraud and thievery ?

Fri, 06/22/2012 - 09:47 | Link to Comment Ted Baker
Ted Baker's picture

D FOR DEPRESSION....

Fri, 06/22/2012 - 09:48 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

"Why Burdensharing of course."

He ain't heavy, he's my brother (in debt).

http://www.youtube.com/watch?v=C1KtScrqtbc

 

Fri, 06/22/2012 - 09:49 | Link to Comment RobotTrader
RobotTrader's picture

Silver acting like its in a depression.

 

Barely hanging on to support.  My guess is that "Da Boyz" are going to break it.

Fri, 06/22/2012 - 09:52 | Link to Comment GetZeeGold
GetZeeGold's picture

 

 

Should be time for the massive short covering.........anytime now.

 

Fri, 06/22/2012 - 10:43 | Link to Comment Alea Iactaest
Alea Iactaest's picture

Trash Robo all you want... the numbers are what they are. At this point there is little (near term) reason to be long (paper) silver. Might as well use it to your advantage.

Fri, 06/22/2012 - 10:04 | Link to Comment Al Huxley
Al Huxley's picture

That would be fantastic, because I'd like to buy some more, but prefer a lower price.  I really appreciate the way monetary fire insurance so frequently goes on sale as the global financial house fire increases in intensity.  The only analogy I can think of would be, if your actual house was on fire, and the insurance company REDUCED the price of buying MORE insurance, in a desperate bid to get you to think your current policy was losing value so you would sell it back to them before cashing it in.

 

In any case, a sale's a sale....

Fri, 06/22/2012 - 10:09 | Link to Comment tmosley
tmosley's picture

There is little interest among the longs in being MFG'd.  The exchanges are thus losing relevence.  They will go to zero on high volatility as the world abandons them.

Fri, 06/22/2012 - 12:20 | Link to Comment tocointhephrase
tocointhephrase's picture

A big fat donught and whop gives a fig when your holding the shiney stuff in your hand?

Fri, 06/22/2012 - 09:49 | Link to Comment asteroids
asteroids's picture

Is this Spains way of pulling and Iceland? If so, bravo.

Fri, 06/22/2012 - 09:53 | Link to Comment CommunityStandard
CommunityStandard's picture

Not even close to an Iceland.

Fri, 06/22/2012 - 09:49 | Link to Comment BlueStreet
BlueStreet's picture

It's not a party without the B's and hoe's.  

 

 

Fri, 06/22/2012 - 09:50 | Link to Comment TrumpXVI
TrumpXVI's picture

Somebody needs to spell this out for me.

Does this mean the Spiderman towel promo ISN'T working?!

Bu..but They PROMISED!

Fri, 06/22/2012 - 09:51 | Link to Comment Bob
Bob's picture

Circus continues. 

Dylan Ratigan, tired of the bullshit, has his farewell show today at 4 est on msnbc.  He's had a great run with some remarkable explosions of crazy honesty about the charade. 

I'm hoping today's is epic. 

Fri, 06/22/2012 - 10:03 | Link to Comment Cognitive Dissonance
Cognitive Dissonance's picture

Unfortunately Dylan Ratigan has had a (disturbing) revelation, the same one many of us have had.

Suddenly we realize that we can shout from the roof tops as long and as loud as we want. But people just won't listen until they are good and ready to listen. For many, that time is never.

It can be very demoralizing if you honestly thought you could make a difference in this manner. At this point many just turn off and become depressed or withdraw. A few others begin the search for greater meaning and turn within for answers.

This is when the real personal growth can begin. It all begins within.

Fri, 06/22/2012 - 10:13 | Link to Comment Spastica Rex
Spastica Rex's picture

I'm there, dude. Thanks for posting.

Fri, 06/22/2012 - 10:45 | Link to Comment Alea Iactaest
Alea Iactaest's picture

CD - Reading your post got me to log in this morning simply to give you a +1. I hope more people -- some in my close family -- get to this spot as well. Peace and have a great weekend.

Fri, 06/22/2012 - 10:13 | Link to Comment CommunityStandard
CommunityStandard's picture

The good fight is always the hardest path to walk.

Fri, 06/22/2012 - 11:32 | Link to Comment Bob
Bob's picture

Seems the blue/red charade of American Democracy is all-consuming.  Of course, that's the only game fit for the media to cover.  Who's it gonna be, DimocRats or RepubliCunts?  Step right up for the Greatest Show On Earth: Obammy v Rmoney!  Everthing that matters is riding on this one!

And it all depends upon you, American voter.  Have your say!

Anthing that falls outside the terms of their game is as relevant as American Idol is to the Super Bowl. 

Fri, 06/22/2012 - 09:52 | Link to Comment Racer
Racer's picture

Shock horror, shudder, the world will now end that the .... bbbbbbond holders will have to share the bbbbburden

Fri, 06/22/2012 - 10:14 | Link to Comment post turtle saver
post turtle saver's picture

Bbbbbitchez

Fri, 06/22/2012 - 10:44 | Link to Comment LouisDega
LouisDega's picture

Damn, You're quick

Fri, 06/22/2012 - 09:52 | Link to Comment sschu
sschu's picture

I wonder how the "B" word affects those CDS spreads and 10y rates in Italy and France?

sschu

Fri, 06/22/2012 - 10:02 | Link to Comment sdmjake
sdmjake's picture

ssssh sschu...do NOT say the word "France". If that cat gets out of the bag then all hell will break loose. France has 57%+ of GDP in govt...all of the greektragedy, spanish swoon, and italianinsanity pales in comparison to the debacle that is France. Add in Hollande & the die is cast. And it ain't in the periphery... it's in the heart! 

Fri, 06/22/2012 - 09:54 | Link to Comment bigwavedave
bigwavedave's picture

Meanwhile in Greece (from Grauniad)

2.46pm: Now Greece's new finance minister has collapsed. Reuters reports "Greek incoming finance minister Rapanos taken to hospital after fainting spell - govt sources". Twitter is alive with speculation as to what prompted his faint.

Fri, 06/22/2012 - 09:58 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

Ah, Oedipus.

Fri, 06/22/2012 - 10:04 | Link to Comment Mitzibitzi
Mitzibitzi's picture

What a fitting name for a Finance Minister - Rapanos.

Fri, 06/22/2012 - 09:56 | Link to Comment falak pema
falak pema's picture

B-words at Rome politburo meeting today :

Rajoy : lets Burdenshare

Hollande: lets Blast-away!

Monti : lets Borrow more

Merkel : Bollocks to you all!

Oh to B or not to B word! 

 

Fri, 06/22/2012 - 09:58 | Link to Comment Temporalist
Temporalist's picture

I thought the "B" word was "Bailar!"...the Forbidden Dance!

http://www.youtube.com/watch?v=ktUiC2Ikd84

Fri, 06/22/2012 - 09:58 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture

Apparently all the algos are having a chess tournament today so it should be another 200 point down.

Fri, 06/22/2012 - 09:58 | Link to Comment pods
pods's picture

Haha, planning is certainly different than weighing.

This really is one big clown circus.

pods

Fri, 06/22/2012 - 10:05 | Link to Comment Temporalist
Temporalist's picture

Your comment reminded me of something:

http://www.youtube.com/watch?v=Ag6DtzRUF5U

Fri, 06/22/2012 - 09:59 | Link to Comment John Law Lives
John Law Lives's picture

The iPump App told them the initial rumor was "no bueno"...

Fri, 06/22/2012 - 09:59 | Link to Comment Dr. Engali
Dr. Engali's picture

These people are fucking nuts. Force some damn losses on people you idiots.

Fri, 06/22/2012 - 10:20 | Link to Comment sumo
sumo's picture

Burdensharing sounds so ... German, like the name of a propaganda minister, or a patriotic sausage.

Fri, 06/22/2012 - 09:59 | Link to Comment Stoploss
Stoploss's picture

Well, they just had to carry out the new Greek finance minister on a stretcher..

Couldn't be that bad.. Err..

Fri, 06/22/2012 - 10:02 | Link to Comment Alejandrito
Alejandrito's picture

When a problem has no solution, no solution.

The disaster of the Spanish banks has no solution, well yes, the massive bankruptcy of the sector, but as that is not in any point of these meetings is inconceivable.

The only proposed solutions are only kicks forward, that does not solve anything, socialize part of the losses.

Long live the pain of Spain

 

http://agstock.blogspot.co.uk/

Fri, 06/22/2012 - 10:02 | Link to Comment Robot Trader's ...
Robot Trader's brother's picture

14.45 There are now reports on Twitter that the new Greek finance minister has collapsed and been taken to hospital. Reuters cite Government sources, saying that he was taken to hospital after a fainting spell.

http://www.telegraph.co.uk/finance/debt-crisis-live/9348354/Debt-crisis-live.html

 

Fri, 06/22/2012 - 10:22 | Link to Comment DavidJ
DavidJ's picture

Who can make this up?  This is crazy!

Fri, 06/22/2012 - 10:02 | Link to Comment icanhasbailout
icanhasbailout's picture

The real b-word is BOHICA

Fri, 06/22/2012 - 10:02 | Link to Comment Global Hunter
Global Hunter's picture

Refuted the rumour within 20 minutes of Tyler's post, half life is getting shorter and shorter

Fri, 06/22/2012 - 10:03 | Link to Comment Inthemix96
Inthemix96's picture

Ever heard of re-hypothication bitchez??

Hehehehehe, here in London we can make sure we never run out of cash, we just print what we need fuckers.

Thats what sir mervin king told the daily telegraph yesterday infront of a select panel of outstanding politicians.  He also stated that when the time comes, he will provide the financing of the rope we intend to hang him with.

Fri, 06/22/2012 - 10:04 | Link to Comment Peter Pan
Peter Pan's picture

If anyone out there has really kept track of what these maniacs in Europe are doing, I would be amazed.

The question is, at what point does all this financial origami become just  screwed up pieces of paper that are worthless?

Fri, 06/22/2012 - 10:08 | Link to Comment Arnold Ziffel
Arnold Ziffel's picture

Is "Burdensharing" a 'die' or 'das' noun?   Perhaps 'der'?

Fri, 06/22/2012 - 10:08 | Link to Comment sumo
sumo's picture

"These aren't the bondholders you're looking for."

Fri, 06/22/2012 - 10:10 | Link to Comment catacl1sm
catacl1sm's picture

Can we just start burnin' this mother down already!?

Fri, 06/22/2012 - 10:13 | Link to Comment sumo
sumo's picture

I love the smell of burning bankers in the morning. Smells like ... victory.

Fri, 06/22/2012 - 10:17 | Link to Comment Dr. Engali
Dr. Engali's picture

Meanwhile the naked zombie attack continues:

 

 

http://www.abcactionnews.com/dpp/news/region_sarasota_manatee/Latest-zom...

Fri, 06/22/2012 - 10:21 | Link to Comment duckarooni
duckarooni's picture

You can't make a silk ear out of a sow's purse.

Fri, 06/22/2012 - 10:24 | Link to Comment Mr_Wonderful
Fri, 06/22/2012 - 10:28 | Link to Comment Mr_Wonderful
Mr_Wonderful's picture
Zombie Blog

There are all kinds of emergencies out there that we can prepare for. Take a zombie apocalypse for example.

http://www.cdc.gov/phpr/zombies.htm

Fri, 06/22/2012 - 10:53 | Link to Comment q99x2
q99x2's picture

Where do you find a taxpayer in Spain?

Fri, 06/22/2012 - 10:55 | Link to Comment debtor of last ...
debtor of last resort's picture

Ohh, unbelievable crap. And they want me to fund this? Politicians should be polishing gold backed coins.... Jeeezus.

Fri, 06/22/2012 - 11:34 | Link to Comment Mark123
Mark123's picture

Hilarious!  I would love to have heard the phone calls from the bankers threatening to do nasty things to Spain if the did not immediately reverse course and protect the sanctity of no losses or bankers and their cony bondholders....

Fri, 06/22/2012 - 12:49 | Link to Comment lasvegaspersona
lasvegaspersona's picture

In response to Temporalist on page one:

excellent reminder of the original 'Big One". Creditanstalt got a good write up by Porter Stansberry almost a year ago. He reminds us that it is now Unicredit and predicts that will again be the first domino.

Fri, 06/22/2012 - 16:05 | Link to Comment GCT
GCT's picture

Is it time to get some English law bonds?

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