This page has been archived and commenting is disabled.

"This Time Will Not Be Different": Interactive Chart Of Market Reactions To All Prior 2011 Eurozone Summits And Meetings

Tyler Durden's picture


Looking at this Friday's nth European summit, one could be forgiven to forget that so far in 2011 there have been no less than 10 Eurozone finance minister meetings and summits. TEN. And courtesy of Reuters we have an annotated overlay of the MSCI Eurozone bank index' performance so far in 2011. Unfortunately, one quick glance at the chart leads us to two very sad conclusions: i) the time will not be different, and ii) a "favorable" market response will require an hourly barrage of FT/Guardian/La Stampa/Nikkei rumors just to get the ES green, if only for a few minutes. So without further ado, here is the interactive annotated superimposed analysis showing the Eurozone historical meetings/summits and the reaction in bank stocks, Greek and Italian bonds, and the all important Euro.

Chart: Reuters


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Wed, 12/07/2011 - 21:32 | 1956898 philipat
philipat's picture

The food is very good?

PS Technical Report - Still bullish but overbought = Blank Page. Or perhaps that's why their predictions have been so accurate ;-)

Wed, 12/07/2011 - 21:34 | 1956942 covert
covert's picture

you already know what's coming


Wed, 12/07/2011 - 21:54 | 1956977 Chris Jusset
Chris Jusset's picture

"So far in 2011 there have been no less than 10 Eurozone finance minister meetings and summits. TEN."


This is just CRAZY ... utter madness !!!

Wed, 12/07/2011 - 22:40 | 1957069 tom a taxpayer
tom a taxpayer's picture

EU confidence builder: Herman Van Rompuy's middle name is Achille.

Wed, 12/07/2011 - 22:47 | 1957077 TruthInSunshine
TruthInSunshine's picture

Japan & Australian economic data show major suckage of wind.

Japan’s Nikkei 225 Stock Average (NKY) retreated 1.1 percent after machinery orders fell 6.9 percent in October from September, missing the median forecast of a 0.5 percent gain by 27 economists surveyed by Bloomberg News.

Australia's property bubble is teetering towards the cliff:

Australia’s employers cut 6,300 (-) workers in November from the previous month, missing the 10,000 (+) extra jobs forecast in a Bloomberg survey of 22 economists.


Asia Stocks Fall Ahead of European Debt Summit 

Bloomberg - 9 minutes ago

Wed, 12/07/2011 - 23:38 | 1957163 Oh regional Indian
Oh regional Indian's picture

Of course Asia stox fall. How else to milk the non-insiders with news and rumors of news?

Summits, cheaper by the dozen. Used to be that a Summit was like a climax, meant something. Now, it's just a big circle-jerk.

And I think an overlay of the Bombing Index would add additional granularity to this chart. 

And Mercury is retrograde till the 14th anyways, so expect a lot of crossed connections. No conclusions, just more of the same. 



Wed, 12/07/2011 - 23:59 | 1957202 Fish Gone Bad
Fish Gone Bad's picture

I am pretty sure this time will be different.  My definition of "time" is whatever it needs to be to prove me right.  Likewise with my definition of "different".



Thu, 12/08/2011 - 03:49 | 1957613 Cast Iron Skillet
Cast Iron Skillet's picture

it depends what your definition of "is" is

Thu, 12/08/2011 - 04:45 | 1957650 Oh regional Indian
Oh regional Indian's picture

I suppose it just depends...


Thu, 12/08/2011 - 05:45 | 1957686 Michael
Michael's picture

The Only Hope for the European Union is for its people to adopt in its entirety, the US Constitution, immediately!
The countries in Europe would be relegated to statehood status, but they will retain all rights not given exclusively to their federal government. Let me tell ya, that's still a lot of rights the states retain.
By the way, a private Federal Reserve is still un-constitutional in the European package, as are income taxes, just like in the USA.

Wed, 12/07/2011 - 21:23 | 1956903 Taint Boil
Taint Boil's picture

deleted - my best post yet

Wed, 12/07/2011 - 21:24 | 1956907 Robslob
Robslob's picture



It's all Greek to me?


Wait...priced in.

Wed, 12/07/2011 - 21:25 | 1956908 SHEEPFUKKER


Wed, 12/07/2011 - 21:27 | 1956921 ReallySparky
ReallySparky's picture

Had to give you a green. I too am so Europed OUT!

Wed, 12/07/2011 - 21:44 | 1956964 philipat
philipat's picture

Why can't Germany just make a decision. Bailout or PULL out?

Thu, 12/08/2011 - 00:03 | 1957206 Fish Gone Bad
Fish Gone Bad's picture

That is not how politics work.  A decision will actually be really bad.  The game here is to kick the proverbial can down the road as long as it is possible.  Making a decision will let everyone know that the leaders have no clothes and the markets will get sacked.  Kicking the can allows one to potentially make this someone elses problem.  That is the nature of politics.

Thu, 12/08/2011 - 15:01 | 1959901 SemperFord
SemperFord's picture

Agreed, I ALWAYS pull out!

Wed, 12/07/2011 - 21:45 | 1956966 cat2
cat2's picture

indeed, can we just assume neverending risk on, risk off nonsense until the end of time and stop it with the EU already

Thu, 12/08/2011 - 00:42 | 1957299 Leraconteur
Leraconteur's picture

It is this inability to commit, to make a decision and have it stick, that is that major insight here. Europe STILL, decades later, cannot agree to anything, commit to anything, other that chaos, discord and disagreement.

It doesn't matter what the EFSF does, whether Germany decides to monetize, tax all the rest of the EU, print D-marks, form a core EU, bailout or not, lever up or not - it's the chronic indecisiveness that is the generational take-away from this entire debacle.

Why anyone ever looked up to modern European values, is beyond me.

Wed, 12/07/2011 - 21:39 | 1956949 Unprepared
Unprepared's picture

Look the other way, Fukker

Wed, 12/07/2011 - 21:27 | 1956914 fonzanoon
fonzanoon's picture

Is there anyone else out there who feels that if a major bank failed it could set off a chain reatcion that could take down the market big time. But knowing that, "they" will just not let a major bank fail? They will lie cheat and steal their way to keeping the balls in the air. Can someone convince me otherwise?

Wed, 12/07/2011 - 21:31 | 1956929 johnnynaps
johnnynaps's picture

Nah, MF Global failed with rumors of Jefferies and BAC on the verge along with AMR and here we are today up the last 3 weeks.

Wed, 12/07/2011 - 21:36 | 1956940 sof_hannibal
sof_hannibal's picture


Wed, 12/07/2011 - 21:38 | 1956946 fonzanoon
fonzanoon's picture

People are just too stupid. I have hard working friends who really think they should start giving the banks a break.  How fantastic is that? When was the last time you got robbed and had the shit kicked out of you and you chased the robber down to give him your watch. People are stupid. This will go on. We can get excited about meetings and possible breakdowns and whatever. They have all the pieces in place to prevent the big event. It's the whole frog in warm water analogy.

Wed, 12/07/2011 - 22:55 | 1957088 Manthong
Manthong's picture

When money doesn't mean anything to the power elite who can just shuffle electrons, this is one way to prevent a bank failure.

Seems like a superb Ponzi maneuver to me.

I'm surprised it didn't warrant it's own thread.

Wed, 12/07/2011 - 23:12 | 1957123 DeadFred
DeadFred's picture

This is a well known psychological phenomenon.

It's even European though not EU.

Wed, 12/07/2011 - 21:34 | 1956941 sof_hannibal
sof_hannibal's picture

but MF global was classified as a financial derivatives broker, not necessarily a bank in the purest sense. not that it matters anymore in today's world, just sayin' though

Wed, 12/07/2011 - 21:31 | 1956930 sof_hannibal
sof_hannibal's picture

plus one. It would appear that since Lehman, the powers that be will not let it happen again. They have at least convinced themselves they have a green light to do whatever it takes. So, the question is what would make them run out of the magic tricks? As debt delevers they must print. What other options are there realistically-- if they print the mess continues if they don't the system implodes. Buy gold and "small caliber" weapons...

Wed, 12/07/2011 - 21:47 | 1956968 DavidC
DavidC's picture

Very true - even if it means taking the economy down and screwing the people into the ground - but at least they won't have another Lehman.


Wed, 12/07/2011 - 21:49 | 1956971 Corn1945
Corn1945's picture

Why are we in this mess to begin with if these people have so much power?


Wed, 12/07/2011 - 22:02 | 1956998 HurricaneSeason
HurricaneSeason's picture

Mostly to bring on austerity and higher taxes. People wouldn't agree to suffer unless it was really really necessary.

Wed, 12/07/2011 - 22:16 | 1957029 macholatte
macholatte's picture

Why are we in this mess to begin with if these people have so much power?


We are in this mess BECAUSE those people have so much power.

Wed, 12/07/2011 - 22:36 | 1957066 macholatte
macholatte's picture

 Stupid is as Stupid does.

--Forest Gump 


"Several partners have not yet understood the gravity of the situation" facing the EU, the source said.

Germany dampens hopes as France warns of euro 'explosion'



“Germany will not let itself to be impressed by the day-to-day and very short-lived judgment of a single ratings agency.”

German Politician: Euro Downgrade Is an American Plot

Wed, 12/07/2011 - 23:32 | 1957154 sof_hannibal
sof_hannibal's picture

it's all geared to maintain the status quo; regardless of it making sense or not.

Wed, 12/07/2011 - 23:34 | 1957157 sof_hannibal
sof_hannibal's picture

it's all geared to maintain the status quo; regardless of it making sense or not.

Wed, 12/07/2011 - 21:27 | 1956919 AmazingLarry
AmazingLarry's picture

You ever take it off any sweet jumps?

Wed, 12/07/2011 - 22:35 | 1957064 blunderdog
blunderdog's picture

Dude, you got like ten feet of air!

Wed, 12/07/2011 - 21:27 | 1956920 sof_hannibal
sof_hannibal's picture

totally predicatable.

Wed, 12/07/2011 - 21:29 | 1956925 paul_Liu
paul_Liu's picture

so the bank stocks were on top when the announcement?

Wed, 12/07/2011 - 21:30 | 1956928 junkyardjack
junkyardjack's picture

I'm already pricing in next week's meeting that hasn't been announced yet.  I'm thinking the market is going to be quite happy with thoughts about the results of that one after they get very disappointed with the results of this week's.

Wed, 12/07/2011 - 21:35 | 1956944 TheLooza
TheLooza's picture

took an respectable IWM put position today at close.  Glad to see that i appear to have positioned myself correctly based on precedent.  I just find it odd that the correct position is errily similar in appearance to that of someone waiting to take it doggystyle.

Wed, 12/07/2011 - 21:38 | 1956948 paul_Liu
paul_Liu's picture

put already? tomorrow will be up again

Wed, 12/07/2011 - 21:41 | 1956958 fonzanoon
fonzanoon's picture

Good luck with the IWM put. From someone who is getting mauled on a short I wish you luck. That being said you ever go to A.C and play roulette? You see black come up 5 times in a row so you bet red. You lose. You wait. Black comes up again and again and again. so after 9 times in a row you go in hard on red. You lose. Now you are pissed so you put the rest down and black comes up again. You hit the ATM and hit the bar. That is what this is like. Maybe i am the only asshole who has done this.

Wed, 12/07/2011 - 21:48 | 1956970 Mentaliusanything
Mentaliusanything's picture

Its called "betting scared" and no it has happened to me until a nice very wealthy chinese man told me the secret

Never bet scared, go in hard knowing your going to rip the heart out of the beast.

Then you win


Wed, 12/07/2011 - 22:21 | 1957033 TheLooza
TheLooza's picture

dude.  Every gambler and day trader in the world has gone on tilt like that. 


I took the position though because I didn't want to.  Got to be willing to stand tight in the pocket.  Also need to know when to throw it away.  fuck me with all these stupid sports metaphors.

Wed, 12/07/2011 - 22:33 | 1957058 fonzanoon
fonzanoon's picture

ha funny shit. Without metaphors we are just stupid people doing stupid things. Metaphors give us something to relate to. Stay with them.

Wed, 12/07/2011 - 22:46 | 1957073 RoadKill
RoadKill's picture

I think of the market as a roulette wheel except every time red comes up, the chance of black coming up next goes up a bit.

So after red comes up 8 times out of 10 I bet a bit on black. If red comes up 8 of 10 times again, I double down. The key is not to bet so much at once that you can't double down several times.

It's not a perfect analogy - except for this.

Never accept the free drinks if you are trying to win. And always bet the opposite of he guy that claims to be an expert (CNBC).

Wed, 12/07/2011 - 23:23 | 1957135 Ragnar24
Ragnar24's picture

Exactly.  Roulette is a terrible analogy because there is zero causation from one spin to the next.

Equities, on the other hand, cannot go up indefinitely, so each day these dumbass bulls push it higher (based on nothing but a recycled rumor) there is actually a greater probability tomorrow will be down... and because this "casino" has this feature, you can actually continue to double down (as long as you started with a small enough bet to keep it up for a couple weeks!).

Wed, 12/07/2011 - 23:41 | 1957166 you enjoy myself
you enjoy myself's picture

tell that to october.  or for that matter, march '09 to may '10.

Wed, 12/07/2011 - 23:18 | 1957128 DeadFred
DeadFred's picture

"Maybe i am the only asshole who has done this."

LOL, not by a long shot, not by a long shot.

Wed, 12/07/2011 - 21:39 | 1956951 nmewn
nmewn's picture

"Looking at this Friday's nth European summit, one could be forgiven to forget that so far in 2011 there have been no less than 10 Eurozone finance minister meetings and summits. TEN."

A perfect, three more and we can make it a bakers dozen for the

Wed, 12/07/2011 - 23:44 | 1957176 UP Forester
UP Forester's picture

13 - Banker's Dozen?

Wed, 12/07/2011 - 21:41 | 1956952 Mentaliusanything
Mentaliusanything's picture

I want (sorry) need (sorry) must have a Haircut. Greek style if you please monsur

Its the debt you silly short French man that keeps company with ugly German woman.

Wed, 12/07/2011 - 21:40 | 1956954 GhostFly
GhostFly's picture

If there is a bank failure and a major drop will the short covering take gold to 1200 for a short period? I'm thinking this is coming and waiting to buy big.

What do you think?

Wed, 12/07/2011 - 21:43 | 1956961 Mentaliusanything
Mentaliusanything's picture

I'm hoping so and I think yes. You only get one bite at this cherry

Wed, 12/07/2011 - 23:33 | 1957155 DeadFred
DeadFred's picture

It's safer to buy a little at a time. You will get a fairly average buy-in price that way. If you are a real, dyed in the wool <not meaning a sheep> ZHer you will believe that gold will go to 3,000, 5,000 or 10,000 in time. What will 5, 10 or 25% difference in the buy-in price mean then? It's nice to get those bragging rights for that really good killing (I have silver dollars that I got for $1 back when they were used in dollar slots, it's a great feeling to look at them), but from experience it's hard to call the bottom. What if it's $900 not $1,200? Worse, what if it's $1,250 not $1,200.

Wed, 12/07/2011 - 21:42 | 1956959 Sardonicus
Sardonicus's picture

delusional optimism makes this market like a zombie.


without a head-shot it just keeps coming back



Wed, 12/07/2011 - 21:42 | 1956960 Yen Cross
Yen Cross's picture

 The only thing that will stop this fiasco, is a ( Write Down ), of debt. The world is looking @ 40B of Italian bonds over the next 8 weeks. This shit has investors betting 51/49 and take the PAIN PILL!

   It's going to get ugly. I'm long GBP>

Wed, 12/07/2011 - 21:54 | 1956979 Yen Cross
Yen Cross's picture

 I am utterly perplexed? 

Wed, 12/07/2011 - 21:56 | 1956984 Atlantis Consigliore
Atlantis Consigliore's picture

Key Word Indicator:  tomorrow for MF:   "FRAUDITILITY"   the exlax

POOP index of fraud;  its an election year and the larger the theft, the lesser the time done:


Inverse proportion of theft indicator. 

Wed, 12/07/2011 - 21:59 | 1956988 RobotTrader
RobotTrader's picture

I'm amazed how strong the tape is

Amidst all the angst and anxiety today

Most big money guys are totally out of stocks or they are hiding out in bonds

Just watch what happens when they stampede back in

And Joe Six hasn't a clue.  He's been withdrawing since the 2010 Flash Crash.

Wed, 12/07/2011 - 22:33 | 1957057 bob_dabolina
bob_dabolina's picture

Can't wait for them to pour into oil. 

Everyone will love that.

Wed, 12/07/2011 - 23:37 | 1957162 TheLooza
TheLooza's picture

They are never coming back, don't you see? They're dead.  They're all fucking dead.


Tape is fake strong.  Volume all fucked up.

Wed, 12/07/2011 - 23:46 | 1957177 UP Forester
UP Forester's picture

Joe Six ain't got no money, either.  Or currency.

Wed, 12/07/2011 - 22:00 | 1956993 lasvegaspersona
lasvegaspersona's picture


gold down with a big drop in a  "flight to quality" (har har har)) sure

down 550 per ounce??? you are a real optimist, I just can't see that big a move with all of the folks waiting for it to happen. The pile into physical would be massive. I could believe 1600 or a tad below but that is where I'd do my buying.

Wed, 12/07/2011 - 22:05 | 1957006 GhostFly
GhostFly's picture


Im thinking the drop will be more, but 1200 may be wishful thinking. Good luck to you!

Wed, 12/07/2011 - 22:03 | 1956999 Sardonicus
Sardonicus's picture

Stephen Stills

Unless you believe in magic
There ain't much left you can be
A skeptic or a fool
Have you been watching your TV
Incredible is all I think of
Did I really see
Wordless faces double talking
A running it down to me...

About buying time
Brother can you spare a dime
ain't it a crime
How we got to buy time

People going hungry
ain't no jobs, they's in the street
Nobody's got no answer
They're just staring at their feet
ain't no doubt about it
Things are looking pretty bleak
An' everybody's scuffling hard
Trying to make ends meet

About buying time
Brother can you spare a dime
ain't it a crime
How we got to buy time

It happened once before, you know
In 1932
But now there's so many more of us
There's something we gotta do
Something radical, something different
Got to hit on something new
America, the dream is lost
And it's killing me and you

About buying time
Brother can you spare a dime
ain't it a crime
How we got to buy time

Wed, 12/07/2011 - 23:20 | 1957129 scatterbrains
scatterbrains's picture

He needs to write a new Bankster verse to his Buffalo Springfield song "for what it's worth"


Wed, 12/07/2011 - 22:07 | 1957000 Sardonicus
Sardonicus's picture

posted twice somehow.  sorry

Wed, 12/07/2011 - 22:12 | 1957019 whoisjohngalt11
whoisjohngalt11's picture

Check this out not new but nice to see Jim..


Wed, 12/07/2011 - 23:02 | 1957103 wisefool
wisefool's picture

Jim was on bloomberg today. (in the studio)  He is long Euro.  would not give an exit price. 

Wed, 12/07/2011 - 22:13 | 1957020 RobD
RobD's picture

I know most on here don't care for FoxBuisness and I will most likely get down arrowed big time but Judge Napolitono gets it.

Wed, 12/07/2011 - 22:15 | 1957026 zorba THE GREEK
zorba THE GREEK's picture

The Germans know what they are going to do. They are just feeding the public

BS long enough to keep markets up and gold down as they liquidate to buy PMs.

When the time comes, they will pull out of the EZ and revert back to the D-Mark.

They appreciation of the D-Mark and gold will help them weather the downturn in

their GDP. The Germans are much too wise to go down with the sinking ship 'Europe'.

Wed, 12/07/2011 - 22:25 | 1957043 FeralSerf
FeralSerf's picture

If the D-Mark appreciates very much, there's going to be a lot of out-of-work Germans.  I fail to see how this will help them weather a downturn.  Without all that German competition, it might help Italy, Japan, Korea, and China weather the downturn though.

Wed, 12/07/2011 - 22:29 | 1957050 SmoothCoolSmoke
SmoothCoolSmoke's picture

My lovely wife is German.  She truly believes that anything German is, beer, kinves, coffee name it.  Point is, Germans hold all others is disdain.  HItler did not crate the "Master Race" thing....he just fed it.

Krauts WILL NOT be dragged down by the likes of Greeks, Poles, Slovenes, etc.

Thu, 12/08/2011 - 00:02 | 1957205 DeadFred
DeadFred's picture

So are they after a power grab? They will need a lot more angst before the Greeks, Poles and Slovenes will give them much control. Memories are long. This is the central problem, someone needs to be in charge overall. It won't be a German, not a chance in hell, they (the rest of Europe) still remembers and they know the Master Race mentality is still there. Who else? What good will it be to try to restructure the EU when all know they won't be able to pick an overall leader. Will they try for a committee? The Germans won't get tied into a system where the Untermensch can out vote them. Until they get around this problem all the posturing can do is give the robots reason for a ramp job.

Thu, 12/08/2011 - 12:08 | 1958766 ucsbcanuck
ucsbcanuck's picture

I've heard the same thing from other people who lived in Germany. 

Wed, 12/07/2011 - 22:28 | 1957049 i be julia
i be julia's picture

Isn't it just more of the same old shit.

The banks are broke.

Print money.

Put the average citizens on the hook.

Wash.  Rinse.  Repeat.

Wed, 12/07/2011 - 22:34 | 1957061 SmoothCoolSmoke
SmoothCoolSmoke's picture

I count 17 "events' on the chart, and make the period until the next event: 12 down, 5 up. Short look like a good bet.

Wed, 12/07/2011 - 22:46 | 1957075 DaveyJones
DaveyJones's picture

is ten a lucky number?

Wed, 12/07/2011 - 23:48 | 1957181 UP Forester
UP Forester's picture

Eleven is luckier, if'n you pull the strings.

Wed, 12/07/2011 - 23:03 | 1957099 razorthin
razorthin's picture

I'll tell you all when to short, don't worry.  But here's a clue - don't bother when the monthly stochastic on IWM is pointing up and wide apart from %D, that is unless you have a quick-covering trigger finger on some periodic dips.

Wed, 12/07/2011 - 23:04 | 1957111 RoadKill
RoadKill's picture

Friday isn't going to be the final act in this play. They are going to disappoint, leading to a retrenchment back towards 1,100. But were going to get 1 or more hopium rallies. Each will get derailed by a failed auction in Italy or Spain or begium etc.... But US fundamentals are ok, earnings are strong and valuations are cheap - so market wants to go up everytime Europe stays quite for a few days.

We will break the trading range on the down side (1,099) only after Greece announces a 75%+ mandatory haircut, Italy starts talking about forcing bank investors to take losses and a major European bank goes under or is forced into a $1 per share merger.

That's good for a fall to 1,000.

But until the markets SEE this spread to the US via Jefferies, BOA or some other big US bank failure, we won't see the last leg down that takes us to 700 or less.

The point is don't bet the ranch at any point. You have to be prepared for this to take longer then you think. Possibly even over a year (after US elections). Remember the idiom - markets can stay irrational longer then you can stay liquid. And Don't use shorts with too much time decay(options). When your winning, take some $ off the table.

It's going to continue being up/down/up/down I'n a trading range that moves lower I'n gaps. Then you will get a big global bank freeze gap down where you will have at most 3 days to close out shorts and grab really cheap equities.

But I don't think we are lucky enough for Friday to be the end game.

Wed, 12/07/2011 - 23:21 | 1957130 anynonmous
anynonmous's picture

the rumors will begin after lunch on Friday that there is will be an unscheduled press conference, Merkozy flanked by an assortment of eurocrats and so called leaders will announce a framework for for a fiscal compact. Draghi will step to the podium and say few words about the benefits of printing and a meeting with Legarde scheduled for the weekend and if the markets are still open you'll see 400 pts on the dow and an historic Monday

Thu, 12/08/2011 - 00:12 | 1957216 DeadFred
DeadFred's picture

This will make all three people who are still in the market very happy. /s

Thu, 12/08/2011 - 00:33 | 1957275 J 457
J 457's picture

It's all priced in.  All the rumors, and the printing, and the hype already drove SPX up 100 in last few weeks.  Buy the rumor, sell the ....

Wed, 12/07/2011 - 23:24 | 1957139 imamonkey
imamonkey's picture

Who would be so cruel to destroy the market so close to Christmas?

Wed, 12/07/2011 - 23:48 | 1957183 UP Forester
UP Forester's picture

Mr. Reality.

Wed, 12/07/2011 - 23:40 | 1957169 Cult_of_Reason
Cult_of_Reason's picture

If I were Merkel, I would recapitalize all German banks and ask for a divorce from EMU.

It would be much cheaper than allowing ECB printing money (devaluing the currency and devaluing German savings/wealth to bailout profligate PIIGSBF).

Wed, 12/07/2011 - 23:51 | 1957189 chump666
chump666's picture

I would bet on that.  Meantime 50% rate cut ECB, good enough for a money print rally...don't think we will get a santa rally though.  we rally hard on ECB lunacy, it will sell into 2012

Thu, 12/08/2011 - 00:24 | 1957244 Cult_of_Reason
Cult_of_Reason's picture

Euro area inflation is 3.0%

It will be funny if Drago will not cut interest rates tomorrow (unlikely, but he has an excuse not to cut rates -- 3% inflation).

Also, he needs to save the bullets for an emergency rate cut.

Thu, 12/08/2011 - 12:10 | 1958770 ucsbcanuck
ucsbcanuck's picture

Agreed - and watch the deposits flood in from the rest of Europe.

Wed, 12/07/2011 - 23:52 | 1957191 Maxwell Smart
Maxwell Smart's picture

And to better know those finance ministers:

here is a revealing study of Finnish finMin Jutta Urpilainen:

Thu, 12/08/2011 - 01:02 | 1957347 ucsbcanuck
ucsbcanuck's picture

She can rehypothecate me any time!

Thu, 12/08/2011 - 00:09 | 1957210 Yen Cross
Yen Cross's picture

 I'll bet that Timmah returns home, and castle , { DRACULA },  impales all the local banks.

Thu, 12/08/2011 - 02:57 | 1957565 q99x2
q99x2's picture

McDonalds happy meals dropped in price and gasoline has not skyrocketed with the recent jump in the price of oil.

Scared now.

Thu, 12/08/2011 - 15:15 | 1959963 myne
myne's picture

At some point, they're going to realise there is only one viable solution.

The ECB must arrange the entire European banking system to have a bank holiday.

It must deposit a large sum of money directly into each citizens account.

It must raise interest rates markedly.

Then it must let the citizens pay down their debts with their new cash.

Do NOT follow this link or you will be banned from the site!