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The Vespa Has Crashed Into The Mountain: Italy Burning
Italy undergoing a slow motion crash, with bank after bank getting halted, first Intesa, then Monte Paschi, and most recently, main bank Unicredit. The FTSEMIB is now down a whopping 5.5% from intraday highs, led by the financial sector which may or may not last the week absent another EFSF expansion as we have speculated before. Of course, should that happen, Italy becomes a liability and not a funder, meaning the proportional obligations of Germany and France will surge, just as we explained two weeks ago. And more bad news: the spread between the 10 year Italy - Bund just hit an all time wide of 349, +16 bps on the session, as Italy CDS are now trading 328, +12, and Spain is 9 bps wider to 374. Time for bailout #3, this time to rescue Italy, then Belgium and Spain, then France and the UK, until finally the Fourth Reich, in the darkness, shall bind them.
General Italy
And just the country's top (and we use that term loosely) banks:
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Paninaro!
http://www.youtube.com/watch?v=6cNsZjIHMmE
"...until finally the Fourth Reich, in the darkness, shall bind them. "
Liking the Tolkien reference.
One currency to rule them all
One currency to find them
One currency to fuck them up
And in austerity bind them
Tolkien took that bit about rings straight from the legends of king solomon, who used his magic ring to command fallen angels and jinn to build the temple.
Actually, Tolkien took that reference from Wagner's, The Ring trilogy
since wagner lived a few years after the time of king solomon, I think we can safely deduce the origin of the theme.
A trilogy in four operatic parts. lol. Never did get that.
Weird - as I was scrolling between articles I was thinking this whole mess has gone Wagnerian. I guess I'm not the only one who feels that way. Tolkienesque, Wagnerian, Biblical -- all good words to describe the post 2k8 period.
lulu and aapl dont care
Mr. Dobalina, Mr. Bob Dobalina..
http://www.youtube.com/watch?v=-h3ynPZEOM4
http://www.youtube.com/watch?v=hfoSnXbh5tE
Yep Mr Bob Dobolina, they got to keep the 401K bathrobe brigades placated until those funds are seized by the Treasury one overnite soon. Peace.
I'm just trying to be like Robo for a day
Please, eveyone is on vacation. Bring this up next month
“Last summer, the crisis cooled partly because euro zone politicians went to the beaches and stopped contradicting each other in public every day,” one senior EU official involved in the Greek rescue negotiations said. “That moment can’t come soon enough this year.”
http://fistfulofeuros.net/afoe/les-grandes-vacances-and-the-financial-cr...
moto bene
What is 5% of zero?
IF YOU PACKAGE IT AND CDS IT, BILLIONS!
Molto divertente!
I don't even think they have enough money to fill up the vespa to reach the mountain!
As much as everyone hates the old FRN, it is time to go long the dollar I do believe!!!! Stock crashes worldwide!!! Especially, get long USD/JPY for a little intervention boost.
I think I'll continue shorting all failed currencies, including the dollar.
I have no desire to boost it's legitimacy/credibility in any way.
Right, Im not betting on the swayback old nag just because the other horses are sick too.
I guess this means Italian leather will be affordable come financial armageddon.
Ferraris available at Kia prices soon, bitchez.
Yeah, but you won't be able to afford the gas for it when the day comes.
A cappuccino though is still 8 euro
"I guess this means Italian leather will be affordable"
Good news! I need to re-upholster the seats in my Cordoba. Have you priced "Rich Corinthian Leather" here recently? Italian leather should be fine.
Marketing bullshit.
Cow hide is cow hide.
Neat's Foot Oil will turn even a catcher's mitt into silk.
"Cow hide is cow hide."
Uhhmm, it was a joke. For those of us old enough to remember Ricardo Montalban espousing the Chrysler Cordoba with "Rich Corinthian Leather" it evokes a chuckle - as there is no such thing.
http://www.youtube.com/watch?v=vIL3fbGbU2o
Bag Balm will work wonders on your teeny squirrel nipples. That's no bullshit.
True, but it's going to be made out of Italians instead of cows.
It ain't all bad though, Berlusconi's hide looks pretty stain-resistant at this point.
We"ll always have Cyprus...
Wouldn't you hate to be a Greek in Cyprus right about now? Greece is beyond bankrupt, and Turkey is radicalizing.
... and Cyprus exploded. Time to flash Game Over and hit the reset.
Gaddafi may have something to do with it lol.
Italy going to get reacquainted with the oil sword soon.
IL Popa seen fleeing to Brazil yet in his personal gold C-130 transport plane yet?
Germany is losing that loving feeling. So it was cool to join that EuroClub way back when - now its like they're looking around and feeling really awkward cause the whole club is full of losers wearing members only jackets acting cool.
Yepp, love feeling gone . No cash fer german made weapons from the poor bastards. Greeks bought just 500 tanks, 3 submarines and Siemens had a lot of fun shaving the whole EU.
Sheeps r skinned, time for DeutschMark Reloaded .....
Siemens is making a killing helping the mullahs in Iran stay in power and oppress their people.
Seems Siemens still has a soft spot in their black hearts for at least Nazi-ish governments.
No humanitarian would trade with this dishonorable company.
siemens controllers used in iranian nuclear plants are very susceptible to stuxnet. we use siemens controllers as well. we also have israeli security companies guarding our nuclear facilities like japan did and probably still does? hmmmm........
http://www.youtube.com/watch?v=N4d7Wp9kKjA
italy is dying.......let's dance......
It's the Taliban doing this.....I'm certain of it.
http://www.youtube.com/watch?v=P-ECPrv09Ag
Because, in the 60's, you could not get injured on a Vespa.
Or this one, sexpa: http://www.youtube.com/watch?v=Pb9ZBuNZLl4&feature=related
Thank goodness American banks are strong.
BAC -26.84% YTD.
BAC??? enlighten me plse.
are they (US bnks) really strong inspite derivative plays and shadow banking unknowns or are they QE boosted strong?
WRONG, TD.
France and Britain have something New Einige Deutchland doesn't have: Standing armies and Nukes.
Germany ain't going to bind the hands of the kine, ever again.
the french and brits have armies ? oh really? what difference does it make? who controls europe? who really?
hey, you can't say that... its a thought, er, hate crime. truth is no defense!
The French
Sadly
They've also done the most to fuck it up too -- in their own interests, of course.
Italo 40 index has been a brilliant index to day trade for months now. So much volatility, virtually every day. Spanish IBEX is also a good'un.
This is getting interesting. The ECB can not possibly dispose of the funding required to keep Italy's banking system afloat (nor Spain's for that matter). The Dutch and the Finns, the ones possibly more pissed off with this whole bailout issue are gonna climb the walls if that possibility is even put on the table, and the likelihood is they're not gonna be alone this time around. The unraveling of the Euro continues its course.
The voice in my head that has been telling me to hang a banker are now telling me to get ready to buy the coming crash lows in TBT.. or TMV even maybe.
4 out of the 5 voices in my head say: "Don't shoot!"
Time for another layer of tin-foil!
I keep switching around news channels expecting to see big false flag attacks going on in major US cities. Well theyll be here soon.
Germany lost some battles. But wins the war!
Not so sure how Germany wins this one..
Dax futures just dropped 2% in seconds, but recovered somewhat.
"This cold night will turn us all to fools and madmen."
<----- Who cares? Give me my QE3
<----- We are so Screwed.
Both. QE3 is a given, and we are very, very screwed.
I agree with JohnG, we get QE3 and we are screwed.
until finally the Fourth Reich, in the darkness, shall bind them.
+1
fire up the presses!
what the world needs now is more fiat! MORE I SAY!
"what the world needs now is more fiat! MORE I SAY!"
Now, let's not quote out of context. I do believe the entire line is:
"Son, it's faster horses, younger women, older whiskey, and more money."
I think it is unlikely that Italy can be saved without collapsing France and Germany.
he dax and the cac 40 are getting crused.
If Italy falls the Euro falls and its goodbye EU. But, the Italian run is a LT domino. Their bonds are LT. They have no growth to service it. That's the killer. So if they tank and their banks tank goodbye Euro, then Eu ! It'll be every man for himself. The total debt of Italy is 1.9 trillion euros, 2.6 trillion USD. No way...
Spain PMI printed at 45.7 Ouch
As Arnold would say....GET TO DA DOLLA!!!!!!!
Last prices: Italy 328/333; Spain 379/387; lets add Belgium to the list cause its at 201/211 up 30% m/m
To paraphrase The Dude in an excellent econ 101 analogy on price discovery:
"I got information, man... New shit has come to light! A young trophy wife (=Italy), in the parlance of our times, you know... She owes money all over town (=the banks), including the known pornographers (=the banks, surely) and... that's cool... I'm saying, she needs money, man (from the ECB), and... you know... and of course, they're gonna say they didn't get it, uhhh... because she wants more! man... she(Italy)'s got to feed the monkey (=pay for bunga bunga parties)... I mean... hasn't that ever occurred to you, man? Sir?"
http://www.youtube.com/watch?v=bbJ-4vuffhI
Look at this dumbass Senator on CNBC , he said he will vote for it, and hasn't even fucking looked at it WTF?
I've come to the conclusion that they don't read any of it. They spend all their time prancing about attracting attention, the 'look at me' syndrome.
I can't listen to any of the talky shows anymore, they get on there and blather about this and that and it ends up being nothing but a bunch of lies, like the whole baseline budget deal.
About ten years (half a generation) ago, Pat Buchanan wrote a book called "The Death of the West", citing European and Japanese demographics as a the harbinger of inevitable doom. The Italian children who were not born in the 1980's and early 1990's are now not making a contribution to Italian GDP and economic vibrantcy. How's la Vida Loca worrking out for you now Italy? Demographics is destiny.
-1 for quoting Pat Buchanan AND Ricky Martin in the same paragraph (who is Puerto Rican btw). Junk for you! (if I s till could)
Cretin! It's "La Dolce Vita"
While Robotrader was chasing NFLX the smart money was buying EWI puts. Imagine his fury with his IBD allstars going down in flames and Gold and Silver standing tall.
Guess it just goes to show that all these trillions were propping up the Eurozone too.
Bernanke's hands are tied, there will be no QE3, the inflation caused is not sustainable to the public....He has to crash oil, by getting the dollar up bigtime before he can think about any more QE
Unfortunately for HeloBen, the price of oil is not just determined by its link to a weaker dollar. It is determined by geological factors.
LOL Have you ever seen a better trader than Gasparino, he is always in at the bottom, and out at the top! After all his shameless pumping, he claims he got out ROFL What a chump...
I'm thinking that Waddel & Reed are in really biiiigggg trouble now! Who gave them permission to trade overseas?
NO! It's not a "nation" thing. That's 20th century diversions, creating divisions in a population of middle class europeans, leading away from the REAL ISSUES.
SO STOP THE "FOURTH REICH" BULLCRAP PLEASE!?
TPTB are SHITSCARED the population all over europe figures out they're about to get fucked real hard and ARE IN THE SAME BOAT, byproduct of their "unified europe" plan.
What works their way, also works the other!
It's the same small group of men controlling the top industry, nuclear, militairy, finance, food etc. SO BLOODY OBVIOUS
Remember IBM serviced the card machines throughout the war.
Consumer society has hit it's peak, and now preperations are underway to create a leaner, less endowed populace (in more ways than financial).
So... look at Germany and Holland:
Please note it's the small german and dutch savers (middle class) that are now in line to be fleeced! Thanks to traiterous politicians, interested in keeping up appearances. Because that is where the last "real money" is. (yeah apart from the elite themselves)
Here's minister De Jager of the Netherlands that DID NOT REPORT THE FACT OF THAT DUTCH TAXPAYERS ARE NOW ON THE HOOK FOR GREEK DEBT TO FRENCH AND GERMAN BANKS. Can you spell t-r-a-i-t-o-r ? I can. Fat banker swine.
http://fd.nl/economie-politiek/2011/08/01/de-jager-verzwijgt-extra-garan...
Same story in Germany. Once the numbers are in and everyone is dragged down in the loving embrace of Van Rompuy and Smaghi you bet there's going to be anger. Germans are not people to sink away in self loathing and commit suicide like those poor Fukushima farmers. THEY ALREADY KNOW THE SHIT IS GOING DOWN.
The idiot Max Keiser went off on a tangent against the german fouth reich when Greece got it's n-th bailout, while it was the FRENCH banks who were/are most on the hook. But he wouldn't insult his french and russian hosts now would he?
I had a "soft spot" for the guy, but he's turning out to be a kook. His co-host is somewhat less of a loose cannon, but for me the whole thing just dropped to "entertainment" class. Sorry Max, not buying it.
What he does get right is that ALL THE EUROPEAN SAVERS SHOULD TRADE THEIR EUROS FOR GOLD AND SILVER RIGHT NOW
Just look at the top 1% in wealth, and see.... they've invested in gold. DO AS THEY DO, NOT AS THEY SAY.
Merci.
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