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Spain Utters The B-Word, Ruins The Party.... Update - False Alarm: The Taxpayer Rape Will Continue
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.
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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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Line up gang.....strict limit of 5.
On your mark, get ready, go, and the Bank Run is off and going in Spain. Adios Mi Amigo....
False alarm.........hey......I GOT FILLED!!!!
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...
Bankruptcy??? Oh damn.
But, but the ECB gave junior Spanish bank bonds a AAA+++ rating???
Should be getting the AAAA++++ today.
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?
we need many, many more matador jokes in this topic.
Ole!
EUR/USD went full retard
Yeah.....that wouldn't be unexpected.
'It also means the free lunch for the banking kleptocrat cartel is now over.'
Seems relevant.
Never go full retard.
Too late
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.
Funny about the trees for Germans , it cracked me up.
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.
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...
I see we have a Dr Who fan.
Unlawful gain clawback ? How about going after the mansions and other goodies these kleptocrats got through fraud and thievery ?
D FOR DEPRESSION....
"Why Burdensharing of course."
He ain't heavy, he's my brother (in debt).
http://www.youtube.com/watch?v=C1KtScrqtbc
Silver acting like its in a depression.
Barely hanging on to support. My guess is that "Da Boyz" are going to break it.
Should be time for the massive short covering.........anytime now.
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.
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....
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.
A big fat donught and whop gives a fig when your holding the shiney stuff in your hand?
Is this Spains way of pulling and Iceland? If so, bravo.
Not even close to an Iceland.
It's not a party without the B's and hoe's.
Somebody needs to spell this out for me.
Does this mean the Spiderman towel promo ISN'T working?!
Bu..but They PROMISED!
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.
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.
I'm there, dude. Thanks for posting.
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.
The good fight is always the hardest path to walk.
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.
Shock horror, shudder, the world will now end that the .... bbbbbbond holders will have to share the bbbbburden
Bbbbbitchez
Damn, You're quick
I wonder how the "B" word affects those CDS spreads and 10y rates in Italy and France?
sschu
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!
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.
Ah, Oedipus.
What a fitting name for a Finance Minister - Rapanos.
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!
I thought the "B" word was "Bailar!"...the Forbidden Dance!
http://www.youtube.com/watch?v=ktUiC2Ikd84
Apparently all the algos are having a chess tournament today so it should be another 200 point down.
Haha, planning is certainly different than weighing.
This really is one big clown circus.
pods
Your comment reminded me of something:
http://www.youtube.com/watch?v=Ag6DtzRUF5U
The iPump App told them the initial rumor was "no bueno"...
These people are fucking nuts. Force some damn losses on people you idiots.
Burdensharing sounds so ... German, like the name of a propaganda minister, or a patriotic sausage.
Well, they just had to carry out the new Greek finance minister on a stretcher..
Couldn't be that bad.. Err..
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/
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
Who can make this up? This is crazy!
The real b-word is BOHICA
Refuted the rumour within 20 minutes of Tyler's post, half life is getting shorter and shorter
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.
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?
Is "Burdensharing" a 'die' or 'das' noun? Perhaps 'der'?
"These aren't the bondholders you're looking for."
Can we just start burnin' this mother down already!?
I love the smell of burning bankers in the morning. Smells like ... victory.
Meanwhile the naked zombie attack continues:
http://www.abcactionnews.com/dpp/news/region_sarasota_manatee/Latest-zom...
You can't make a silk ear out of a sow's purse.
10:22AMGoogle Says Motorola is More Than Peanuts
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
Where do you find a taxpayer in Spain?
Ohh, unbelievable crap. And they want me to fund this? Politicians should be polishing gold backed coins.... Jeeezus.
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....
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.
Is it time to get some English law bonds?