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Watch Draghi Press Conference Live
Mario Draghi has just begun his press conference in a more upbeat tone than recent months. EURUSD is limping back from its last try at 1.33 but only modestly as he sees inflation risks 'broadly balanced' and reminds us all of the 'transitory' nature of his temporary non-standard measures, as Bloomberg notes. The main thing is that the ECB is once again easing collateral demands and will now accept credit claims. This simply proves that Europe is running out of any money good assets to pledge to the ECB as "collateral." Before the European (and thus global) ponzi is over, the central banks will accept Mars bars wrappers as collateral at 100 cents on the freshly printed dollar/euro.
More headlines from ECB.
- *DRAGHI SAYS SURVEYS CONFIRM TENTATIVE SIGNS OF STABILIZATION
- *DRAGHI NO LONGER SEES `SUBSTANTIAL' DOWNSIDE ECONOMIC RISKS
- *DRAGHI SAYS IMPACT OF LTRO ON BANK FUNDING IS STILL UNFOLDING
- *DRAGHI SAYS INFLATION OUTLOOK REMAINS `BROADLY BALANCED'
- *DRAGHI SAYS GREEK PARTY LEADERS HAVE REACHED AGREEMENT
- *DRAGHI SAYS ECB WILL REVIEW COLLATERAL SITUATION IN 6 MONTHS
- *DRAGHI SAYS ECB `CONCERNED' ABOUT SLOWING DOWN IN CREDIT
- *DRAGHI SAYS BNK LENDING SURVEY DOESN'T FULLY REFLECT LTRO
- *DRAGHI SAYS ECB DIDN'T DISCUSS CHANGE IN INTEREST RATES TODAY
- Draghi Says ECB Will ‘Take More Risk’ on Collateral
- *DRAGHI SAYS TALK ABOUT ECB SHARING LOSSES `IS UNFOUNDED'
The Q&A after the briefing is usually the more interesting...
Via Reuters:
TENTATIVE SIGNS OF ECONOMIC STABILITY, RISKS
"Available survey indicators confirm some tentative signs of stabilization in economic activity at (a) low level around the turn of the year. But the economic outlook remains subject to high uncertainty and downside risks."
"This outlook is subject to downside risks. They notably relate to tensions in euro area debt markets and their potential spillover to the euro area real economy. Downside risks also relate to possible adverse developments in the global economy , higher than assumed increases in commodity prices, protectionist pressures, and the potential for a disorderly correction of global imbalances."
"We expect the euro area economy to recover very gradually in the course of 2012. The very low short-term interest rates and all the measures taken to force the proper functioning of the euro area financial sector are lending support to the euro area economy."
INFLATION
"Inflation is likely to stay above 2 percent for several months to come, before declining to below 2 percent."
PRICE STABILITY
"It is essential for monetary policy to maintain price stability for the euro area as a whole. This ensures a firm anchoring on inflation expectations in line with our aim of maintaining inflation rates below but close to 2 percent over the medium term. Such anchoring is a prerequisite for monetary policy to make its contribution to supporting economic growth and job creation in the euro area."
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He said Greece deal done we can finally look at the details and watch CDS trigger when holdout will be 20% of outstanding bonds
I definitely share Mr Draghi’s concern about credit contraction, and I also agree with his policy of keeping rates low for an extended period. However, I would caution that this sluggish economic recovery is at risk of developiong into a double dip recession if central bankers and politicians are not proactive and vigilant with regards to monetary and fiscal stimulus. There is a dire need for broad economic reforms to straighten out the economy and provide solid grounds on which we can build a bright and prosperous future.
So many words...so little meaning.
Your choices at this point are recession or stagflation.
Choose wisely!
Are you North Korean?
Good little lapdog. (pat,pat)
C'mon shoot yourself on live TV! C'mon do it! DO IT!!!!
Watching it live...
What a fucking FLEA CIRCUS!
Why not just say everything's great a walk off stage?
Mmmmm fresh 'money'...
Vats Goulden up to?
DRAGHI SAYS HE IS EXPECTING LARGE BONUS FROM JPM, GS, HSBC AND BARCHLYS
Who wouldn't trust that face?
Everyone...INCLUDING his own mother.
Reminds me of this.
This is a fucking joke.
Nothing new to see here.
Bailouts don't create the millions of good (and sustainable) jobs needed in places like Greece (or Spain) or elsewhere. This is a charade.
Print, print, print that fiat junk.
Inflation is stable!? Sure the price of pastic junk from China may not have risen but oil is at 117, gold at 1730 and commodities have not fallen even though we are in deep economic trouble.
Draghi says; We need to extend credit to the real economy.
Do I hear a Swiss cow bell. We need more cowbell.
"You go back, Jack, do it again...wheel turnin' round and round..."
http://www.youtube.com/watch?v=tgYuLsudaJQ
"Now you swear and kick and beg us,
That you're not a gamblin' man.
Then you find you're back in Vegas,
With a handle in your hand...
You go back, Jack, do it again...wheel turnin' round and round.."
There was long disgusting profileon the man in the financial timesw the other day, I was getting ill from reading, you'd think he was a saint. Of course there was no oppositional view. Whyen the "markets" want to laud those who give them endless money they do a great job. Same as bernanke the savior in an attempt to rewrite history. No me3ntion of how the "goldman" guy just happend to bail out the banks with his lona program. they call it a temporary liquidity offer, which should be against the law< because in plain english it's a bailout. FUCK
Another scumbag.
So you can now take your dead chickens, cows, used bandages, and rotten bread and use that as collateral...what a great idea...all is good....but more bonds...lol.....got gold?????
.."we will unlimited funds to resist change, because we are terrified of what change may be"
*DRAGHI NO LONGER SEES `SUBSTANTIAL' DOWNSIDE ECONOMIC RISKS
HAHAHA ?
He got poked in the eye!
Love the hair, Draghi. Michael Cain-ish and very suave.
*DRAGHI NO LONGER SEES `SUBSTANTIAL' DOWNSIDE ECONOMIC RISKS
Well that is what you pay him for.
Euro Mario is the new Baghdad Bob.
"Blah blah, shit (print) or bust, blah blah"
watch a diplomat (dipshit) mince words about patently being painted into a croner from which he has no escape, only a can kick option (print)
Check-Mate Socialism
Hey , how come US reporters don't ask real questions(like here)?
Oh that's right , they are busy campaigning for obama.
That's it....set up your concession speech now so you won't look quite so foolish when your nemesis wins handily (in no small part due to whiny pissants such as yourself).
Mario Draghqueen is just a parrot. Print, baby, print... Apparently the role of Germany is bad cop but it ends there. All that BS about how Germans loath inflation because of Weimar is just talk. They have ceded and will continue to do so. They might gain power over a few peripheral Eurozone countries in the process but they will turn a blind eye to the covert printing.
pretend and spin, a bureaucrat excelling at his job in real time.
the ends are financial union with any means to those ends.
he sees no substantial downside risks? You have to be kidding. That will go down as one of the most stupidest comments in economic history next to Paulsons comments after the first Tarp.
"...the central banks will accept Mars bars wrappers as collateral at 100 cents on the freshly printed dollar/euro."
LOL
Thank you, I needed a visual allegory for the utter insanity.
Do those Mars bars wrappers contain a Willy Wonka Golden Ticket?
http://4.bp.blogspot.com/_dfClHjAuXrE/TNt2MthzIdI/AAAAAAAACMs/NOpcMO46AP...
Be witness to the largest of lies yet! Everything is fine. Go back to sleep now. AMAZING! FREAKING AMAZING!
Not alot to say other than Fuck you Bankers.
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