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Tomorrow And Tomorrow And Tomorrow

Tyler Durden's picture




 

From Mark Grant, author of Financial Commentary "Out of the Box"

Tomorrow and Tomorrow and Tomorrow

"Tomorrow and tomorrow and tomorrow
creeps in this petty pace from day to day
to the last syllable of recorded time.
And all our yesterdays have lighted fools
the way to dusty death.
Out, out brief candle.
Life’s but a walking shadow, a poor player
that struts and frets his hour upon the stage,
and then is heard no more.
It is a tale told by an idiot, full of sound and fury,
signifying nothing."

-Macbeth, Act 5, Scene 5

Today, as I look at the markets, is a day signified by foolishness. Today the Euro is up, equity futures are up and the markets believe that a sustainable debt solution for Greece has been found and will be agreed upon later today. Such silliness, such idiocy; as investors believe the mockery dribbled out of Brussels and Berlin. Yet I smile, I have waited for over two years now and tomorrow I shall certainly smile because what will be decided will not be what anyone expects and because there is no choice now except to make the decisions that must be made with the looming reality of the Greek debt pay-out on March 20. Today is marked by misguided hope but tomorrow will be marked by quite a different reality.

It is not that I can predict today’s outcome any better than anyone else. When Finance Ministers convene and when politics is brought to bear the burdens and prejudices of their home countries will be brought to the table along with their ambitions and their desires to be re-elected. Grand designs give way to grim realities and exaggerated hopes and prayers will no longer suffice; of this I am quite certain. The road has run its course and now a direction must be taken, a choice made, and the rambling at a shuffled pace going nowhere is no longer sufficient. Today, finally, choices will be made and laid on the table to be examined in the sun of a different day and what was has ended; and tomorrow will mark a new beginning that cannot be controverted by political rhetoric or washed over by grand assurances signifying nothing except to lead the sheep into the next pasture. Today will be one thing; tomorrow will be another.

“Yesterday is history, tomorrow is a mystery, but today is a gift, that's why we call it the present.”

-Winnie the Pooh

Once we see what Europe is really going to do, not what they have told us they might do, the real show gets underway. Everything up till now was just a preamble, a mincemeat of words flowing like a unsubstantiated river from mouths full of fluff, orated by the deceptors and laid out on a table where cheese was pointed to as Prime Rib and where radishes were sworn to be asparagus but these days end tomorrow and as sure as the sun rises in the East; tomorrow will arrive.
 
There is the collateral for Finland, the CDS trigger, the “Collective Action Clause, who is really represented by the IIF, the $20Bn budget shortfall, the contribution of the IMF, the methodology for handing Greece the money, possible further notions that Greece has not met its commitments, law suits on the way for the ECB’s subordination of private bond holders and for the “haircut” coercion where different classes of investors have been retroactively applied and for the retroactive implementation of some “CAC”. All of these things are forthcoming regardless of what we find in Europe’s pronouncements so that the lens laid over today’s sun will tomorrow be removed and the glare of the light will be startling in its clarity and reflection.
 
Tomorrow the bond investors not manipulated by the European authorities return to the playing field and the reaction begins to the ECB swapping their Greek bonds for new ones to the detriment of everyone else. It may be that with the new day that there will be a brief rally as some deal is done but it will be short-lived if it occurs I predict. I can report with certain knowledge that a good number of bond investors are angry and they have realized, like I have, that if the ECB can do this with a “Collective Action Clause” that they can do this with any other clause and if they can do this with Greece they can do it with any other country. Tomorrow marks the day when the hidden cards are turned over and the bluff is revealed. Tomorrow will be a defining moment and the definition will spark a reaction that can only be guessed at presently and my guess is retribution and vengeance and the furies unleashed. What has been promised will not be what is delivered as the unraveled flag of reality is finally shown to one and all.
 
Gird for Battle.
 

“I've developed a new philosophy... I only dread one day at a time.”
-Charlie Brown
 
                                                                                                                               

 

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Mon, 02/20/2012 - 15:47 | 2178300 GeneMarchbanks
GeneMarchbanks's picture

'I can report with certain knowledge that a good number of bond investors are angry and they have realized, like I have, that if the ECB can do this with a “Collective Action Clause” that they can do this with any other clause and if they can do this with Greece they can do it with any other country.'

Where have they been up until now? Entrenched in some hope dope?

Defining moment will put off until everyone capitulates.

Mon, 02/20/2012 - 15:54 | 2178319 falak pema
falak pema's picture

pari passu is for the birds and bees not for central banksta feasts. That's power play of regal proportions. 

Mon, 02/20/2012 - 16:11 | 2178352 GeneMarchbanks
GeneMarchbanks's picture

assecuratus non quaerit lucrum sed agit ne in damno sit

Too late.

Mon, 02/20/2012 - 17:26 | 2178571 gmrpeabody
gmrpeabody's picture

"a mincemeat of words flowing like a unsubstantiated river from mouths full of fluff, orated by the deceptors and laid out on a table where cheese was pointed to as Prime Rib and where radishes were sworn to be asparagus"

ROFLMAO... out-fukking-standing! I know you all are having a grand time writing this stuff. LOL

Tue, 02/21/2012 - 00:47 | 2179995 TheFourthStooge-ing
TheFourthStooge-ing's picture

Tomorrow, tomorrow,

I'll pay you tomorrow.

It's always a day away.

 

Mon, 02/20/2012 - 18:32 | 2178839 falak pema
falak pema's picture

as cum hoc ergo propter hoc 

pari passu and insurance indemnity limit...post hoc ergo propter hoc 

Mon, 02/20/2012 - 16:22 | 2178363 Ghordius
Ghordius's picture

The bonds guys? They are smart, somebody told me...
Are they?

Mon, 02/20/2012 - 17:02 | 2178471 trilliontroll
trilliontroll's picture
Phil Collins Tomorrow Never Knows


 

http://www.youtube.com/watch?v=ycS3mrt9niQ

Mon, 02/20/2012 - 17:23 | 2178564 trilliontroll
trilliontroll's picture
Poor America - P a n o r a m a [B B C] - Broadcast Date: 13th February 2012

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

Mon, 02/20/2012 - 17:58 | 2178712 trilliontroll
trilliontroll's picture

"

...

Today, as I look at the markets, is a day signified by foolishness. Today the Euro is up, equity futures are up and the markets believe that a sustainable debt solution for Greece has been found and will be agreed upon later today. Such silliness, such idiocy; as investors believe the mockery dribbled out of Brussels and Berlin.

..."

Welcome to the club of economic astonishment and surprise.

30 years ago when I was young , an american president called ronald reagan

increased debt (and american trade deficit) and the dollar was rising!

Mon, 02/20/2012 - 20:50 | 2179279 Buck Johnson
Buck Johnson's picture

If I was a bond holder of any of the PIIGS right now after seeing what is happening not only would I not buy any more debt, but I would also sell what I have.  They won't get anybody that will buy longterm debt, all of it will short term debt.

Mon, 02/20/2012 - 15:50 | 2178309 non_anon
non_anon's picture

those were interesting times that Shakespeare lived in, are ours?

Mon, 02/20/2012 - 16:19 | 2178361 CrashisOptimistic
CrashisOptimistic's picture

Tomorrow . . . never comes.

Mon, 02/20/2012 - 15:51 | 2178311 falak pema
falak pema's picture

Lagarde was looking snazzy and Dr Strangelove will get a permanent Toika to puts its finger up 'you know where' in the Euro deal with Catharsis Greece. 

Lets hope they don't burn all those Perfectus of Hellenic strain while they sell the PArthenon and the islands to those who have a part share of God's finger on Greek pulse beat. 

Mon, 02/20/2012 - 15:55 | 2178320 fonzannoon
fonzannoon's picture

It's gettin late. Where is the announcement?

Mon, 02/20/2012 - 15:56 | 2178324 navy62802
navy62802's picture

Delayed. What else would you expect from these people?

Mon, 02/20/2012 - 16:01 | 2178334 john39
john39's picture

timing on this sort of thing is critical...  kinda reminds me of september 10, 2001 when Rumsfeld let fly the announcement about the trillions of dollars missing from the pentagon.  say, whatever happened to that....

Mon, 02/20/2012 - 16:20 | 2178362 navy62802
navy62802's picture

It evaporated. Much like those deposit accounts at MF Global.

Mon, 02/20/2012 - 21:38 | 2179385 Red Raspberry
Red Raspberry's picture

It was a hard drive failure.  Just digital dollars.

Mon, 02/20/2012 - 16:03 | 2178337 slewie the pi-rat
slewie the pi-rat's picture

 

 

 

STOXX 50   2,550.28   +29.97

 

 

FTSE 100
5,945.25 +40.18

 

 

DAX 6,948.25 +100.22

 

 

Mon, 02/20/2012 - 16:23 | 2178365 CrashisOptimistic
CrashisOptimistic's picture

 

THEY HAVE NO PSI AGREEMENT.

The entirety of their bullshit meeting is being spent trying to hide that in the agreements they announce.

Mon, 02/20/2012 - 16:26 | 2178370 trilliontroll
trilliontroll's picture
THOSE MAGNIFICENT MEN IN THEIR FLYING MACHINES

http://www.youtube.com/watch?v=_1qhQ71rHv0&feature=fvsr

Mon, 02/20/2012 - 16:00 | 2178331 dpr10
dpr10's picture

ok lets guess which country is ok with 123-125% for Greece by 2020::))France for starters, they are so scared shit will hit the fan for them quite soon..magically gdp grew at Q411 and everything looks to be getting much beter::))haha...

Mon, 02/20/2012 - 16:01 | 2178333 ziggy59
ziggy59's picture

Tomorrow...

Tomorrow Lyrics  

Send “Tomorrow” Ringtone to Your Cell

[ANNIE]
The sun'll come out
Tomorrow
Bet your bottom dollar
That tomorrow
There'll be sun!

Just thinkin' about
Tomorrow
Clears away the cobwebs,
And the sorrow
'Til there's none!

When I'm stuck a day
That's gray,
And lonely,
I just stick out my chin
And Grin,
And Say,
Oh!

The sun'll come out
Tomorrow
So ya gotta hang on
'Til tomorrow
Come what may
Tomorrow! Tomorrow!
I love ya Tomorrow!
You're always
A day
A way!

Mon, 02/20/2012 - 16:15 | 2178339 LouisDega
Mon, 02/20/2012 - 16:04 | 2178342 stopcpdotcom
stopcpdotcom's picture

Stiffen your sinews and summon up your blood.

Mon, 02/20/2012 - 16:05 | 2178344 The Shootist
The Shootist's picture

Yes, tomorrow will be such a mystery. Or today. More lies, smoke and mirrors, and hopium to the moon. There's no stopping this crazy train until it goes off a cliff, which is unlikely. 

Mon, 02/20/2012 - 16:29 | 2178375 DeadFred
DeadFred's picture

Agree. What is so set in stone about tomorrow? The payments are due March 20 not February 20. Did I miss something writ in stone that says tomorrow is THE day? These are people who've perfected the art of delay and the sport of can kicking. I'm suspecting 1st a "fixed it" rally then a small dip on the realization there are significant details to be worked out i.e. virtually everything. Then comes two or three more rallies on rumors that another 'real fix' has been found. When March 20 rolls around one player or another will pony up the needed 14.5B to give more time to iron out the details. Many more weeks of rumors can then be foisted on the markets. Any reason why this is impossible? If it is possible then odds are good that's what will be done. These guys are pros at it. There, that makes me feel better!

Mon, 02/20/2012 - 16:08 | 2178347 PontifexMaximus
PontifexMaximus's picture

And again, didn't you get that: as long as the London HF crowd is behind the curve, markets will move ahead, wait til they have a 1 beta. We all are portf man and we go down 20 %, no problem, it's rel performance. But: it's moving north, and my inv grade is 2% less yours, I have to quit. That's what's make the world move. Who cares about Greece, the hookers in Brussels or wherever the meetings take place, move on. Don't forget: money is free ( not for us) for those players.

Mon, 02/20/2012 - 16:22 | 2178349 Haole
Haole's picture

"I have a new philosophy.  I'm only going to dread one day at a time." - Charles M. Schulz

Mon, 02/20/2012 - 16:22 | 2178358 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Tomorrow and tomorrow and tomorrow
creeps in this petty pace from day to day
to the last syllable of recorded time.
And all our yesterdays have lighted fools
the way to dusty death.
Out, out brief candle.
Life’s but a walking shadow, a poor player
that struts and frets his hour upon the stage,
and then is heard no more.
It is a tale told by an idiot, full of sound and fury,
signifying nothing."

-Macbeth, Act 5, Scene 5

Like the quote from Macbeth, the foolish actors of the Europonzi drag across stage, pretending there is substence to their quotes even when the world knows they are merely delaying the enevitable......

“Yesterday is history, tomorrow is a mystery, but today is a gift, that's why we call it the present.”

-Winnie the Pooh

We, like Winnie, could learn from the past, to address tomorrow and what we don't know, so that we can enjoy today, our present.

“I've developed a new philosophy... I only dread one day at a time.”
-Charlie Brown

And when we act like Winnie, and not like beleaguered thesbians, we may begin to live like Charlie; day by day.

This is how you use quotes in an essay.  You use them, you don't just throw them out there for the reader to try and piece together. 

Mon, 02/20/2012 - 16:30 | 2178378 Broccoli
Broccoli's picture

Have we reached the stage where the only players in the sovereign debt market are central banks and participants obligated to park their cash their by outdated capital rules (insurance companies, banks, etc.)?

That gives me a great idea for how to solve any sovereign debt liquidity crisis, just require more and more institutions to have larger and larger percentages of resources in sovereign "safe" investments. Voila! Artificial demand! Come to think of it, this is probably what is driving demand for US Treasuries. Institutions aren't allowed to buy anything else but the rock solid US debt.

Mon, 02/20/2012 - 16:30 | 2178380 Martial
Martial's picture

wow...never heard MG quite like this...he either started drinking early or he's in freak-out mode. Probably both and for good reason.

Mon, 02/20/2012 - 16:30 | 2178381 Tuffmug
Tuffmug's picture

"I love the smell of napalm in the morning."

Mon, 02/20/2012 - 16:30 | 2178382 sgorem
sgorem's picture

poetic justice bitchez..............................

Mon, 02/20/2012 - 16:33 | 2178385 youngman
youngman's picture

Funny not a lot of leaks today...you would think the FT would be all over it....I bet a big photo op at the end with all of em smiling...Greece is good....this is such a scam....doesn't anyone have the balls to jump up and say what the hell ARE WE DOING.......its called group think....but no one is thinking...someone in the end has to take a hit.....why NOT NOW?????

Mon, 02/20/2012 - 18:52 | 2178445 sgorem
sgorem's picture

i perceive youngin, that they are like a snake in a cardboard box, doused with gasoline. seeing the match struck above them. they are hoping, praying, lying, cheating, killing, bribing, talking, tweeting, blogging, calling, hiding, running, threatening, begging, clawing, squeezing, smashing, cutting, hitting, swapping, crying, buying, selling, extorting, looking, hearing, reading, stealing,starving, robbing, faking, and prolonging until march 20th, when the enevitable bill comes due.

Mon, 02/20/2012 - 17:29 | 2178408 mammoth mo
mammoth mo's picture

Well - right now I have no belief that yesterday will be much different than the last couple of years.  Another round of kick the can and hide the shell.  Eventually it has to stop.  I hope it is sooner than later.

 

I will not get my hopes up that anything has changed.  I know the system will crash.  I know the corrupt people running the ponzi know it too.  Rarely though does it happen in the order I think.

Mon, 02/20/2012 - 16:40 | 2178410 resurger
resurger's picture

"Time"

The right timing is the most important factor, This is an opportunity of a life time as the rapper Eminem says "you cant let it slip"

be ready to make the kill and remember the sheeple now are thinking in herds, everyone i know has became Bullish, they are telling me to Play Along with the them, I REFUSE!

remeber always this by

Charles Mackay
“Men, it has been well said, think in herds; it will be seen that they go mad in herds, while they only recover their senses slowly, and one by one.”

 

be patient and time the kill

the time will come...............................................................................................

 


Mon, 02/20/2012 - 16:39 | 2178412 q99x2
q99x2's picture

Darn, the futility of closed markets.

Mon, 02/20/2012 - 16:57 | 2178462 IrritableBowels
IrritableBowels's picture

Wonder what TVIX will look like...

Mon, 02/20/2012 - 17:05 | 2178475 tom a taxpayer
tom a taxpayer's picture

The sun shone, having no alternative, on the nothing new. —Samuel Beckett, Murphy 

"Let us not waste our time in idle discourse! (Pause. Vehemently.) Let us do something, while we have the chance! It is not every day that we are needed. But at this place, at this moment of time, all mankind is us, whether we like it or not. Let us make the most of it, before it is too late!"
- Samuel Beckett, Waiting for Godot

Where now? Who now? When now? —Samuel Beckett, The Unnamable 

"Let's go. Yes, let's go. (They do not move)."
- Samuel Beckett, Waiting for Godot

"I don't seem to be able... (long hesitation) to depart."
- Samuel Beckett, Waiting for Godot

"Nothing to be done."
- Samuel Beckett, Waiting for Godot


 

Mon, 02/20/2012 - 17:32 | 2178607 Rock the Casbah
Rock the Casbah's picture

"but the most wonderful thing about Tigger is I'm the only one. I'm the only one."

- Winnie the Pooh

Mon, 02/20/2012 - 19:02 | 2178945 snblitz
snblitz's picture

Your applellation is wrong.  Tigger is the speaker.

Mon, 02/20/2012 - 18:19 | 2178793 Sunshine n Lollipops
Sunshine n Lollipops's picture

Following this Grecian clusterfuck is starting to feel like another one of my idiotic habits: watching Gold Rush Alaska, which is really nothing more than a weekly account of stupid decisions, regulatory snafus and equipment breakdowns while the hapless treasure hunters do their best to remain optimistic against all odds. If they're not successful, their lives will be ruined and their children could go hungry. And, as an unavoidable by-product of this nutty enterprise, they leave formerly pristine patches of wilderness looking like war zones. Oh, and there's only one more episode this season, one last chance to hit the jackpot before winter shuts them down. The parallels are almost eerie.

Mon, 02/20/2012 - 19:46 | 2179098 Tegrat
Tegrat's picture

That's a great show. Amazing amount of problems they encounter - and solve (Harness is one bad ass mechanic). My guess and hope is the producers of Gold Rush will not leave the Hoffman crew empty handed.

 

Mon, 02/20/2012 - 18:46 | 2178887 newengland
newengland's picture

You can feel the cold fury in this particular ZH piece, and the poetry sharpens the points.

It reminds me that litigation can be a lethal weapon, particularly in the hands of wealthy aggrieved clients, with a clear evidential line of attack.

Ready, aim...steady now...wait for the right moment...soon.

Mon, 02/20/2012 - 19:02 | 2178946 sgorem
sgorem's picture

oh my, what's that big fat brown envelope sticking out of the Judges back pocket.....no, say it ain't so........

Mon, 02/20/2012 - 19:28 | 2179027 rguptatx
rguptatx's picture

I will bet anyone a cheeseburger (with fries) that tomorrow comes and goes, and nothing is resolved!

Mon, 02/20/2012 - 19:54 | 2179102 Waterfallsparkles
Waterfallsparkles's picture

The sun'll come out Tomorrow.  Bet your bottom dollar.  That tomorrow there'll be sun!

The sun will come out tomorrow.  So ya gotta hang on Til tomorrow, come what may,  Tomorrow! Tomorrow! I love ya Tomorrow@ You're always a day a way!

Tomorrow, Tomorrow, Tomorrow is only a day a way.

Mon, 02/20/2012 - 20:05 | 2179158 Waterfallsparkles
Waterfallsparkles's picture

When you think about it what does it really matter in the World WE live in.  If you do not have your wealth in the Stock Market what does it matter.  REALLY.  Will our groceries still be delivered to the Grocery store?  Will our water still run and our Electric Company still supply electricity to our homes?

What difference to us as American does it really matter?  Excep to the Bankers that have bet their life on if Greece survives or fails.  With their Bonds and CDS's etc.  Who really cares about the Bankers if they lose money or not.

I know I do not care.  So, why should I worry if Greece does not pay their debt or even care?  What is the big deal?  They pay or they don't.  Write it off and go to the next deadbeat.

Mon, 02/20/2012 - 22:51 | 2179582 sgorem
sgorem's picture

i agree somewhat with your thoughts 'sparkles. i don't give a damn who gets scalped, tarred and feathered, or fucked in this tragi-comedy either, except, what we have here is a global cancer growing to enslave and impoverish the worlds people by corrupt, insatiable greed. plain and simple theft by the uber wealthy of the world. power hungry animals that have NO limit to their thirst for wealth and power. simply said, we have a cancer on a global scale that needs to be cut out, terminated, burned out of existence, before that cancerous lesion makes its way to the city limits where YOU live. capiche?    

Tue, 02/21/2012 - 03:22 | 2180184 caerus
caerus's picture

acta est fabula

Tue, 02/21/2012 - 03:54 | 2180205 cnhedge
cnhedge's picture

debt crisis can only be pushed back but not solved.

???? http://www.cnhedge.com
???? http://www.jinrongbaike.com

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