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USDCHF Plunges To Record Low Following Generali CEO Comments Eurozone Faces Risk Of Breakup, Flight To Safety Resumes

Tyler Durden's picture


Yep. Europe again. Following comments from Generali's CEO Giovanni Perissinotto based on a transcript from a conference call earlier that the Eurozone is at risk of breakup (something which everyone knows, but nobody dares to say, especially not anyone whose CDS is trading in lockstep with those of Italy), the USDCHF just plunged to fresh all time lows. And so all the goodwill created by the robotic buying on the NFP headlines is gone.


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Fri, 08/05/2011 - 10:42 | 1526777 Cassandra Syndrome
Cassandra Syndrome's picture

Common Sense Bitchez

Fri, 08/05/2011 - 10:53 | 1526822 Thorlyx
Thorlyx's picture

"xxxx just plunged to fresh all time lows"...

I think we will hear this quite often the next days and weeks and months

Fri, 08/05/2011 - 11:04 | 1526844 BaBaBouy
BaBaBouy's picture


GARTMANS Still Yapping About Selling His GOLD ...



Fri, 08/05/2011 - 10:46 | 1526780 slaughterer
slaughterer's picture

Uh oh, stick this one into the HFTs:

08-05 10:17: Market talk that S&P may downgrade US after market close today
Fri, 08/05/2011 - 10:51 | 1526812 machineh
machineh's picture

They hate us for our printing press.

Fri, 08/05/2011 - 11:00 | 1526832 augie
augie's picture

Economic imperialism implemented through millitary intervention, Yeah I think i'd hate us too... 

Fri, 08/05/2011 - 11:04 | 1526843 snowball777
snowball777's picture

Are you suggesting a tactical strike on the ratings agencies?

Fri, 08/05/2011 - 12:55 | 1527424 augie
augie's picture

You say the word, I am there.

Fri, 08/05/2011 - 11:15 | 1526894 walküre
walküre's picture

You forget propaganda that says 24/7 and 365 days a year how great and powerful the "Super Power" is.

Now the "Super Power" will get the "Super Congress"

Too bad all the "Super People" in the "Super Power" are "Super Broke".

Fri, 08/05/2011 - 11:25 | 1526965 Pegasus Muse
Pegasus Muse's picture

USA! USA! Of course we're still "Super".  We have the Super Bowl.  /sarc

Fri, 08/05/2011 - 11:10 | 1526871 Long-John-Silver
Long-John-Silver's picture

and keyboard. 

$1,000,000,000,000 = 00110001 00110000 00110000 00110000 00110000 00110000 00110000 00110000 00110000 00110000 00110000 00110000 00110000

Fri, 08/05/2011 - 11:20 | 1526951 karzai_luver
karzai_luver's picture

Our freedoms are under attack!


Fri, 08/05/2011 - 12:07 | 1527152 Bam_Man
Bam_Man's picture

"All your printing press are belong to us!"

Fri, 08/05/2011 - 10:50 | 1526817 WhOracle
WhOracle's picture

getting hit by this rumor from diff ppl for the past hour.

Fri, 08/05/2011 - 11:45 | 1527078 zorba THE GREEK
zorba THE GREEK's picture

Europe is coming apart at the seams and the Euro is still over 140. WTF

Fri, 08/05/2011 - 12:11 | 1527171 Bam_Man
Bam_Man's picture

Just wait until Germany announces it is leaving the Euro "temporarily".

At that point the Euro becomes a "PIIGS pen", with a value of 0.75 USD.

Fri, 08/05/2011 - 10:46 | 1526781 GeneMarchbanks
GeneMarchbanks's picture

Europeans and their emotions are killing this sweet little bounce. God damn reality!

Fri, 08/05/2011 - 11:01 | 1526835 slaughterer
slaughterer's picture

European break-up killing us

Debt ceiling deal killing us

Margin calls and gonzo post-Lehman risk management killing us.

Fulfilled H&S cross still killing us.

Revised GDP/and ISM still killing us.

S&P rumor of downgrading US killing us.

Roubini/Faber/Rosenberg killing us.

So why are we down only .4% and not 4%?



Fri, 08/05/2011 - 11:00 | 1526839 Thorlyx
Thorlyx's picture

it s killing us but we are still alive and kicking..... Anyway, long term, we are all dead.

Fri, 08/05/2011 - 10:46 | 1526783 Hedgetard55
Hedgetard55's picture

I'm glad my FXF is backed by Nestle's Gold Chocolate bars.

Fri, 08/05/2011 - 10:47 | 1526785 Gibu The Great
Gibu The Great's picture

The Breakup, bitchez.

Fri, 08/05/2011 - 10:48 | 1526786 ZimbabweTrillionaire
ZimbabweTrillionaire's picture

Need to move my $50mm cash from BNY in a hurry!


Fri, 08/05/2011 - 11:34 | 1527026 DosZap
DosZap's picture

Zim Trillionaire,

IF you have 50mm in  fiat, you deserve to lose it,no matter where it is.

I am assuming your are FOS.

Fri, 08/05/2011 - 11:38 | 1527043 MichaelG
MichaelG's picture

Maybe that's ZWD$.

Fri, 08/05/2011 - 10:48 | 1526787 Bindar Dundat
Bindar Dundat's picture

At last Mr. Market is getting ahead of the Banksters.  This is VERY GOOD for the long term. 

Fri, 08/05/2011 - 11:02 | 1526838 Version 7
Version 7's picture

Trouble is gonna come when the market finally realises that.

Fri, 08/05/2011 - 10:48 | 1526788 drink or die
drink or die's picture

Jim Cramer was on the Today show again this morning saying everything is ok, so I'm not concerned.

Fri, 08/05/2011 - 10:50 | 1526804 Mr. Fix
Mr. Fix's picture

Now we know we're doomed.

Fri, 08/05/2011 - 10:51 | 1526806 GeneMarchbanks
GeneMarchbanks's picture

Adorable little ponce, isn't he? So reassuring.

Fri, 08/05/2011 - 11:04 | 1526854 hunglow
hunglow's picture

I'm thinking lil keebler, Charlie Brown or Elmer Fudd.

Fri, 08/05/2011 - 11:09 | 1526878 Long-John-Silver
Long-John-Silver's picture

When he becomes Chicken Little it's time to buy with both hands.

Fri, 08/05/2011 - 10:55 | 1526824 Instant Wealth
Instant Wealth's picture

Yeah, just like yesterday when he said that he liked Coca ,ehrmm, Coca Cola. What a surprise.

Fri, 08/05/2011 - 10:57 | 1526833 SheepDog-One
SheepDog-One's picture

Cramer said 'Everything is OK' in other words he got news his phony-baloney job as a stock pumping dickhead is still secure.

Fri, 08/05/2011 - 11:15 | 1526900 Wynn
Wynn's picture

Cramer to Matt Lauer, "You know I'm no pollyanna ..."


hilarity ensued

Fri, 08/05/2011 - 11:26 | 1526972 karzai_luver
karzai_luver's picture

Cramer has been dead for years!


HOLLAR-grams bitches.


Fri, 08/05/2011 - 10:50 | 1526791 etrader
etrader's picture

That 1190 area on the SPX will be keenly defended  ( 50% of QEII rally) the  "compound in" long only funds will be in a real mess if that goes.

Fri, 08/05/2011 - 10:49 | 1526792 swissaustrian
swissaustrian's picture

The SNB is already intervening, but they don´t have a chance to contain this.

Fri, 08/05/2011 - 10:59 | 1526831 Thorlyx
Thorlyx's picture

How about printing a shitload of colored paper. C'mon even the Swiss can do that. Besides, it boosts the national production figures. It's all good.

Fri, 08/05/2011 - 11:12 | 1526901 swissaustrian
swissaustrian's picture

Just a few days until this will be done. We´ll set up a sovereign wealth fund and tie the chf to the eur...

Just some more political pressure needed.

Fri, 08/05/2011 - 10:47 | 1526801 Careless Whisper
Careless Whisper's picture

excuse me for sayin this, but the eurpoeans are effin' idiots.  merk onvacation mountain climbing, treeshay thinks feathers bllom out his ass.     pffft.


Fri, 08/05/2011 - 11:16 | 1526912 PY-129-20
PY-129-20's picture

Luckily, we have Bernanke. Whenever he opens his mouth, gold goes up. Just a matter of days and gold is at 1776 $.

And don't be so harsh on Angela (Angel: Angelus) - imagine Hitler would comment this market ("wawuff! WUFF! WUFF! maRRRRket! STEINERRRR! woff! Zerrrstörrren! woff!" ).

Fri, 08/05/2011 - 10:51 | 1526805 Tic tock
Tic tock's picture

S&P Downgrade a rumour to explain market decline..

..though, falling knives, Economic Depression in the US - new start, how many people would love the opportunity to be Free of all that government crap. Cheap land and marshall plan, easy to do, CAD should be the next CHF??

Fri, 08/05/2011 - 10:51 | 1526807 A Man without Q...
A Man without Qualities's picture

This is corporatese for.


"If I'm going down, I'm taking all of you bastards with me.."

Fri, 08/05/2011 - 10:51 | 1526810 KnightsofNee
KnightsofNee's picture

And...................its gone!

Fri, 08/05/2011 - 10:52 | 1526815 monopoly
monopoly's picture

And they try to spin that all these new jobs will make the planet better. Amazing.

Fri, 08/05/2011 - 10:52 | 1526816 topcallingtroll
topcallingtroll's picture

As much as I like to rag on the america haters and eurosnobs I hope europe pulls through this one. We need a strong healthy europe right would be nice.

Fri, 08/05/2011 - 10:50 | 1526818 slaughterer
slaughterer's picture

Goldman 360 page


Global Client Access

This morning's message:

“To our Valued Clients, Due to unexpected trade processing delays, we are experiencing custody reporting delays. We apologize in advance for this inconvenience."

Fri, 08/05/2011 - 10:53 | 1526819 Misean
Misean's picture

There are problems in Europe? I thought they fixed this in last week's episode.

Fri, 08/05/2011 - 10:56 | 1526826 Cassandra Syndrome
Cassandra Syndrome's picture

Its the New Neo Keynesian model to replace the New Keynesians, emergency EU Summits every week, to prop up the markets and to create jobs by having these meetings all the time creating a multiplier effect. 

Makes sense I suppose...

Fri, 08/05/2011 - 10:58 | 1526830 Misean
Misean's picture

I see...sort of the broken window fallacy applied to coffee and bagels.

Fri, 08/05/2011 - 10:54 | 1526823 gwar5
gwar5's picture




Another bad day for the NWO.

A break up of the EU means world government is a bust before they get off the table. They'll still say they have the flaw figured out.  It will merely require an large unaccountable "supranational banking union" in addition to a large unaccountable supranational political union.

Please, make them go away.

Fri, 08/05/2011 - 11:45 | 1527073 euflated
euflated's picture

Indeed, a bad day for commie Barroso and his comrade Van Rompuy. But they won't give up so easily on making the EU the biggest transfer union ever seen in the history of the world.

Still wondering though what the endgame will look like here in Europe. Putting the printing presses in 8th gear ? N-Euro and S-Euro ? Each region/country of Europe back to its own currency in the end ?

Fri, 08/05/2011 - 10:56 | 1526825 SheepDog-One
SheepDog-One's picture

1 hour of eurphoria is all you get peasants! Now get back on those oars and ROW!!


Fri, 08/05/2011 - 10:56 | 1526827 John McCloy
John McCloy's picture

    You would think these guys dont remember they fought two World Wars and this experiment is going to serve as quite the catalyst.

Fri, 08/05/2011 - 10:54 | 1526828 Tense INDIAN
Tense INDIAN's picture

SAD...indian markets remain closed when the most interesting things happen in world markets .....No problem ...we will be plunging Monday stop nifty 5000

Fri, 08/05/2011 - 11:01 | 1526836 Blorf
Blorf's picture

Switzerland just needs to open branches of NY Mellon throughout the countryside and start charging interest on deposits.  Problem solved.

Fri, 08/05/2011 - 11:06 | 1526847 A Man without Q...
A Man without Qualities's picture

Most Swiss banks charge a minimum 40 Francs per month as account fees for non residents.  So, most accounts have in effect negative interest.

Fri, 08/05/2011 - 11:18 | 1526919 Blorf
Blorf's picture

Jesus, they charge 750 bucks a year to hold your money?  I guess I'll stick with gold.

Fri, 08/05/2011 - 11:02 | 1526837 wombats
wombats's picture

Is this bullish for BAC?

Fri, 08/05/2011 - 11:03 | 1526840 Ivanovich
Ivanovich's picture

So risk of Eurozone breakup sends USD/CHF down, but EUR/USD has no issues? 



Fri, 08/05/2011 - 11:07 | 1526855 Marcuz Aurelius
Marcuz Aurelius's picture

Not yet ... Breaking up like irl is quite expensive, about 10x to 20x expensive then pretending you have a happy EFSF marriage ^^ 

Get Real Bitchez !

Fri, 08/05/2011 - 11:04 | 1526841 Curtis LeMay
Curtis LeMay's picture

Not to worry!

The EU's Gauleiter for Greece, Olli Rehn, was just on TV offering visionary leadership and advice during this euro crisis.

He said: "keep calm".

I bow to the infinite wisdom of prophet Rehn...


Fri, 08/05/2011 - 12:12 | 1527180 Bam_Man
Bam_Man's picture

Well, at least he didn't say "well capitalized", so there is still hope.

Fri, 08/05/2011 - 11:05 | 1526846 buzzsaw99
buzzsaw99's picture

the bernank will buy euro-bonds and cds as required to ensure bank bonuses.

Fri, 08/05/2011 - 11:06 | 1526848 docj
docj's picture

OK, so you have nearly 5 stocks down for every two that are up, new lows are 50:1 over new highs, of the stocks trading outside the SMA, 3 are down for ever 1 that's up... and yet the DOW, S&P and NAS are essentially flat.

Yeah, I'm sure that's a sign of a perfectly normal, not-at-all-manipulated market. AKA, Fraud Street.

Fri, 08/05/2011 - 11:06 | 1526849 Dangertime
Dangertime's picture

The EU breakup is transitory.

Cue Germany to unite them in fire and blood.

Fri, 08/05/2011 - 11:06 | 1526850 entendance
Fri, 08/05/2011 - 11:06 | 1526851 natty light
Fri, 08/05/2011 - 11:07 | 1526858 rsnoble
rsnoble's picture

I hope they do break up. Nothing more than the elite trying to group shit together in the big quest.  I can't imagine how the little people in Germany feel about having their livelhoods destroyed by having to bailout all the rest--------oh wait I live in the US.  So yes I do know how it feels and it's not good!!  You can't blow trillions on wars and blame all the problems on grandma. 

Hopefully the breakup of the Euro will be the end to any nonsense of joining canada/us/mexico crap that i keep hearing.  But you know how stubborn and greedy they are.  They seem to press forward regardless of the outcome.  Kinda reminds me of trying to squirt something out of tube that has holes in the sides of it.  You get some out of the end but shit is being squirted out everywhere else and you end up with a huge mess.


Fri, 08/05/2011 - 11:08 | 1526859 Quintus
Quintus's picture

"Phone call for you Mr. Perissinotto"

"Who is it?"

"It's Mr Berlusconi and he sounds angry."

Fri, 08/05/2011 - 11:08 | 1526860 Catullus
Catullus's picture

The S&P risking suicide by downgrading US debt scapegoat is emerging. They need someone to pin this on. It's the new Weddle & Reed.

Fri, 08/05/2011 - 11:06 | 1526862 JPM Hater001
JPM Hater001's picture

A breakup seems inevitable.  German taxpayers didn't like bailing out tiny Greece.  They really don't have the stomach for Spain, Portugal, Italy et. al.


No other way to slice it.  We are going short the Euro.

Fri, 08/05/2011 - 11:12 | 1526880 search
search's picture

"Thus did Zarathustra hear a prophet speak: and his prophecy went to Zathustra's heart and transformed him. He went about sad and weary: and he became like those of whom the prophet had spoken.

'Truly', he said to his disciples, "this long twilight is very nearly upon us. Alas, how shall i preserve my light through it? May it not be smothered in this sadness! It is meant to be a light to more distant worlds and to the most distant nights!" (Nietzsche "Thus Spoke Zarathustra"  A book for Everyone And No One).

Fri, 08/05/2011 - 11:14 | 1526892 Escapeclaws
Escapeclaws's picture

Just curious. What happens to the derivative mountain in the range of a quadrillion dollar nominal value? Is there anything that can destabilize that mountain or is it as solid as granite?

Fri, 08/05/2011 - 11:22 | 1526927 Village Smithy
Village Smithy's picture

What happens if we break the SPY open of December 1 and get into that big gap up that Dudley created overnight on November 30?

Fri, 08/05/2011 - 11:25 | 1526966 Use of Weapons
Use of Weapons's picture

Gold price spike puts London women in danger of crime

Women are being put at extra risk of falling victim to crime because the price of gold is so high, warn police....As a result, the Metropolitan Police and Cash Convertors have struck an agreement to share information about suspicious transactions.


Aug 4th - talk about tipping a nod & a wink there. Gold bugs, start sweating. (Although, being honest - if you use 'Cash Convertors' or other such businesses, you're probably watching Glen Beck's show as gospel truth, and are beyond redemption)


Coverage of the day goes to the Sunday Morning Herald (not owned by Murdoch) for their choice of picture summing up the market, under the tag line "This time it's serious": ASS.



Fri, 08/05/2011 - 11:25 | 1526971 Highrev
Highrev's picture

Yep. Europe again.

Yep, red herring again.


How many times do you guys need to be told, IT'S THE U.S. THAT'S LEADING THIS DECLINE!

And IT'S FAT FINGER-SAN who causes the important flash crashes.

GET WITH IT PEOPLE, or you're going to get mauled by a Mac truck and lose everything you've earned . . . just like the Math Man.

(I know your forensic prowess is better than this.)

Fri, 08/05/2011 - 11:30 | 1526992 Highrev
Highrev's picture

Pop Quiz

Who are the writers for the bulk of Greece's outstanding CDS?


Fri, 08/05/2011 - 11:35 | 1527042 DosZap
DosZap's picture

Yes, I agree, because we all know..........

Fri, 08/05/2011 - 11:52 | 1527096 THE DORK OF CORK
THE DORK OF CORK's picture

If the Euro goes down -gold will collapse at least in the long run.

The world will be flooded with even more $sssssss

The dollar bitches win.

Fri, 08/05/2011 - 11:54 | 1527106 walküre
walküre's picture

What's POG in Zim$?

Fri, 08/05/2011 - 11:52 | 1527098 weltvermesser
weltvermesser's picture

Can Zerohedge pls find out why goldminers are (flash)crashing - irrational. Bloomberg alsio reporting money is flowing into Goldmining Funds. But where are those inflows in the markerts. 

Fri, 08/05/2011 - 12:06 | 1527144 Bam_Man
Bam_Man's picture

"Ooh Manny! Look at the CHF fly! Go CHF!"

Fri, 08/05/2011 - 12:07 | 1527154 lunar
lunar's picture

Spot Gold in SwissFranc vs US Dollars per oz

and click 30 days......grrrrrrrrrrrrr


Fri, 08/05/2011 - 12:18 | 1527210 tim73
tim73's picture

What the fuck USD/CHF has to do with euro?

Wed, 09/14/2011 - 04:56 | 1667452 chinawholesaler
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