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Watch The Jean Claude Trichet Teleconference Live

Tyler Durden's picture





 

The 8:30 EDT press conference is due to start any minute. The key questions which Trichet will not answer this time around are i) whether the ECB will reactivate its secondary bond buying program or maybe even expand it and ii) why the ECB continues to sacrifice the peripheral countries courtesy of high rates just to keep so called "transitory" inflation in check. The rest will be anger-inducing mumbling and bureaucrat rhetoric. And some observations from Miller Tabac courtesy of Bloomberg All News: "All eyes on Trichet’s presser as expectations build for ECB support to damped contagion risk, Miller Tabak Roberts fixed-income strategist Adrian Miller writes in client note. ECB’s options limited: while SMP asset-purchase program would be best means of calming markets, the EFSF fund won’t be available until at least September. This leaves ECB’s balance sheet as “the only source of resouces deep enough  to make a dent in the current crisis.”  However, he does no expect Trichet to announce an “definitive intervention” today. While he may use “the power of strong language” to help calm, any resulting rally likely to be short-lived."

 

 


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Thu, 08/04/2011 - 08:31 | Link to Comment Quintus
Quintus's picture

“the power of strong language”  i.e. Bullshit.

Governance by bullshit.  Has it really come to this?

Thu, 08/04/2011 - 08:36 | Link to Comment bankrupt JPM bu...
bankrupt JPM buy silver's picture

ECB to keep providing liquidity....

 

any questions?

Thu, 08/04/2011 - 08:32 | Link to Comment Cassandra Syndrome
Cassandra Syndrome's picture

Appropriate bitchez

Thu, 08/04/2011 - 08:32 | Link to Comment GeneMarchbanks
GeneMarchbanks's picture

 While he may use “the power of strong language” to help calm, any resulting rally likely to be short-lived."

Fetch me my Galoshes! Liquid bullshit tide incoming.

 

Thu, 08/04/2011 - 08:37 | Link to Comment somethingelse
somethingelse's picture

the best part was him blowing his nose in the middle of his statement

Thu, 08/04/2011 - 08:38 | Link to Comment Sudden Debt
Sudden Debt's picture

I hope for his sake that he says the right stuff and sticks to the script....

OR WE'LL SEND ROOMSERVICE ON HIS ASS!

 

Thu, 08/04/2011 - 08:39 | Link to Comment PulauHantu29
PulauHantu29's picture

My "Q" is will Tritchet twitch and tremble like Hank when he scares The People with Doom and Destruction unless they bend over?

Thu, 08/04/2011 - 08:56 | Link to Comment AngryGerman
AngryGerman's picture

i have already dropped my pants

Thu, 08/04/2011 - 09:08 | Link to Comment lookma
lookma's picture

The Euro is different - the board still shows a huge over/under on the number of weeks until ZH gets "it," and realizes the Euro is continuing emerging as the world's next reserve currency because of the Eurosystem's foundation of gold as a secondary medium of exchange.

Another monetary system is coming.  Too bad ZH fell hook, line and sinker for the Gata failwhale.  Despite that huge sunk cost, there is still time to turn the ship around and get back on course.  Just follow all the other boats, they are all heading for the same place - physical gold.

Thu, 08/04/2011 - 09:09 | Link to Comment Ben Bermonkey
Ben Bermonkey's picture

*TRICHET SAYS STRONG DOLLAR IS GOOD FOR THE WORLD

 

haha, no joke!

Thu, 08/04/2011 - 09:31 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

"Anything you can do  I can do better!"  Trichet said into the phone.  He had gotten Bernanke's Treehouse Answering machine.  Bernanke had walked in the door during the last line, he took off his trench coat and let the taped monolougue continue.

"Ve Vill do some quantitatife eazink too."

The tape stopped.  Bernanke breezed back into into the living room, where Timmah was strapped into his 8 bit Nintendo PPT video game.

"Timmah, time to go back into the market.  Get daddy some LULU today.  Don't tire yourself out either, "  he said while pouring a glass of Captin' and Malibu.  "Make that new Algo do the work for you."

Timmah was sick of getting so much blame.  He was leaving.  No more would he be dictated to by BS Bernanke. 

"Benneh Bernanke."  He smirked to him self.  He went outside into the Clubhouse garage and got a can of gasoline.  He pured it at the base of the Treehouse just in time for BS to come outside.

"What are you doing Timmah!"  No!!!"

But it was too late.  Timmah had lit the match and thrown it; the Treehouse was in flames.

BS ran to his printer, "I must save the printer!"  He picked up the inkjet 5000 laser printer and threw it out the window.  The smoke was getting thick and he was about to pass out.  He fell to the floor. 

Then out of nowhere, like a flash of lightening, someone picked him up and took him out of his office, and down the blazing tree.  He was tossed onto the ground, and he coughed and coughed.  When he looked up, he saw Trichet.

"Why?  Why did you save me?"

"I can't print alone.  Both printers are needed to keep the fiat ponzi gooing."

Bernanke's eyes spun in his head, and he passed out again.  Trichet left him there, slumped over his printer.

Thu, 08/04/2011 - 09:10 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Central Banks to own all toxic assets.  Brilliant.  Since they are not part of the government, they are syphoning off the toxic debt.  Then we can blow them up.  Blow them up people.

BUY SILVER.

Thu, 08/04/2011 - 09:11 | Link to Comment bankrupt JPM bu...
bankrupt JPM buy silver's picture

JCT looks dirty, like a mechanic.

Thu, 08/04/2011 - 09:22 | Link to Comment Zero Debt
Zero Debt's picture

It is very clear..
The spirit..
We have governance, tomorrow, it is a process...
Strong, rigorous survelliance...
We have always been..
The Quantum Leap...
We will not contribute to the flow of liquidity...
We do not embark through that means...
No quantitative easing..
Applied since the beginning..
I see a lot of questions...Will not forget you..
We are following what they are doing...
With full-fledged program...
All the governance, reiterating, absolutely fundamental...
The government being ahead of the curve...
Markets are not reflecting our monetary policy...
As I said 1 year ago...
Very close relationship with the sister institution everywhere in the world..
Ongoing process...
Mutual confidence...

ENOUGH ALREADY..???

This whole farce would be utterly amusing if it were not reality. These journalists are not journalists, they are ass kissers, passing super easy balls and looking like a politely yet utterly confused school class of top freshmen just admitted to Central Planning 101 now yet totally confused in front of a wicked professor that claims that he can provide price stability for 300 million people, or whatever.

My questions for Mr Dear Honorable Sir President:

1. Define the intrinsic value of a "Euro"

2. Is gold money?

3. Is ECB insolvent?

4. What is your advice to savers?

5. Why should anyone give you more money?

6. What is your/ECBs forecasting accuracy?

7. What is the point of all the circular lending (A lending to B, B lending to A)?

8. What is your prediction of the value of the Euro in 10, 20, 50, 100 years?

9. Do you sincerely think Angela Merkel will contribute to lending to Italy?

 

Thu, 08/04/2011 - 09:28 | Link to Comment THE DORK OF CORK
THE DORK OF CORK's picture

Whats this global governance thingy ?

 I hope they are nice people behind this curtain.

Irish are nice people also............... buy the fucking bonds.

Thu, 08/04/2011 - 09:23 | Link to Comment Die Weiße Rose
Die Weiße Rose's picture

The big difference between the Eurozone and the US is this :

Europe will recover from this crisis that originated in the US -

but the future looks much more grim for most Americans.

Europeans are prepared for both, spending cuts and Tax increases,

just look at european VAT increases and the higher price of Fuel and cutbacks of their entitlements etc.

Europeans are prepared to fix their Economy with a period of Austerity, they have a very high savings rate and personal wealth, something Americans don't have and  are not prepared to do. They try to avoid paying Taxes and they are also addicted to stimulus.

There are 500 million people in the Eurozone and if I had to chose between Euro or US, it would be Eurozone every time.

The US is a rigged market addicted to stimulation, totally unsustainable with no fiscal economic plan or discipline.

Shuffling worthless paper is all that is left in the US. Export is basically Apple sold at firesale price due to the junk USD.

The US has been in recession since Nov 2007 and has never since recovered. The financial media and the Fed's Goldman Sachs would like you to believe otherwise. Look at Japan - that will be the fate of the US. However. Japan is used to Austerity, something that Americans will still have to learn about over the next few years and it wont be easy.

Wed, 09/14/2011 - 04:47 | Link to Comment chinawholesaler
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