We Have A Deal!

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Wed, 10/26/2011 - 21:30 | 1815203 ForTheWorld
ForTheWorld's picture

Could this be linked to the ceasation of trading at the ASX? Surely they wouldn't pull the same tricks as the NYSE?

Wed, 10/26/2011 - 21:33 | 1815235 anynonmous
anynonmous's picture

Black Thursday (opposite)

Wed, 10/26/2011 - 21:39 | 1815278 johngaltfla
johngaltfla's picture

Uh, maybe not.

About all that CDS out there....

And doesn't this make the idea of PIIGS issued RMBS and CMBS like, worthless now?

 

This reeks of 2008 all over again; put a bandaid on a severed leg then tell the poor SOB to go run a marathon.

Wed, 10/26/2011 - 22:22 | 1815490 Mactheknife
Mactheknife's picture

And the ES ramps 12 points..LMAO. Folks, this is just the end of the "beginning" of the end.

Wed, 10/26/2011 - 23:46 | 1815883 The Big Ching-aso
The Big Ching-aso's picture

So help me out here.

Private bondholders 'voluntarily' took a 50% or thereabouts haircut and they're ok with this? I gotta wonder just how 'voluntary' this agreement is.

And I guess the message to the rest of the PIIGS is that if 50% didn't cause an end of the world ruckus then hells bells lets haircut their private asses by 90%.

It's apparently not such a good time to be a bondholder. Hell the recent past wasn't so good either. Just ask GM's bag holders.

Where in the hell is bond money going to come from now?

Wed, 03/21/2012 - 04:45 | 2276047 l.hauri
l.hauri's picture

I have the same opinion, but I am sure that they will change something in the future.
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Wed, 10/26/2011 - 21:41 | 1815285 Ahmeexnal
Ahmeexnal's picture

Kinetic economic collapse action!

Wed, 10/26/2011 - 21:52 | 1815339 crazyjsmith
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So what happens when your Neighbor gets a loan modification on his house - cutting the principle by 50%, and you don't?

Let's ask Portugal, Ireland, Spain, Italy that same question.

Wed, 10/26/2011 - 21:56 | 1815363 Spastica Rex
Spastica Rex's picture

Yeah - there goes my wife's latest kitchen remodel and my new motorcycle. FUCK THAT!

Wed, 10/26/2011 - 21:57 | 1815367 Ahmeexnal
Ahmeexnal's picture

First step in all hyperinflationary events: your money is suddenly worth 50% of what it was supposed to be worth.

 

Wed, 10/26/2011 - 22:01 | 1815392 Dr Zaius
Dr Zaius's picture

Wouldn't this be highly deflationary? 50% of the debt is just being written off and such deleveraging events are usually associated with deflation.

Wed, 10/26/2011 - 22:08 | 1815425 Unprepared
Unprepared's picture

That's when they start to print like mad

Wed, 10/26/2011 - 22:15 | 1815461 hungrydweller
hungrydweller's picture

And yet ES is ++++++++++++

Short Time Bitchez!!!!!!!!

Mon, 03/26/2012 - 14:42 | 2291911 l.hauri
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It is a really nice approach. Maybe we should do it more often. hotels in harrow

Wed, 10/26/2011 - 22:57 | 1815670 tekhneek
tekhneek's picture

Yes but as most deflationists seem to ignore: You have to pay for that write-off somehow.


Wed, 10/26/2011 - 22:05 | 1815409 greensnacks
greensnacks's picture

US, Japan, Brazil, Australia, Europe all cutting rates at the same time? what could possible go wrong?

Wed, 10/26/2011 - 22:50 | 1815627 cdude
cdude's picture

Not your money but your investment that would suddenly be worth 50%...seems, if either, points more in a deflationary direction.

Wed, 10/26/2011 - 23:23 | 1815760 akak
akak's picture

If I read even ONE more idiot bringing up the non-existent "threat of deflation", my head is going to explode --- hyperinflate, as it were.

When will you fuckers ever examine or understand monetary history, and realize that THERE IS NO FUCKING DEFLATION, NOR HAS THERE EVER BEEN, NOR WILL THERE EVER BE, DEFLATION UNDER A FIAT MONETARY REGIME?!

Thu, 10/27/2011 - 03:03 | 1816205 Libertarians fo...
Libertarians for Prosperity's picture

 

 

You are a psychotic idiot.  

If you think deflation can't happen under a fiat money system, then what the fuck do you think happened in 2008/9?

Why do you think Bernanke is desperately trying to re-capitalize the banking system and inflate the economy?  Because of the threat of inflation?

It's difficult for me to fathom how someone could be so knee-buckling stupid, and, simultaneously, so brash about it.

That, coupled with your obnoxious, overly extreme "piss on their grave" animosity toward individuals who are supposedly "complicit" in the destruction of this country because they make bullish stock recommendations, and it quickly becomes obvious that you're just fucking out-of-this-cosmos psychotic.  

 

 

 

 

 

 

Thu, 10/27/2011 - 03:53 | 1816264 akak
akak's picture

Thanks for displaying your complete ignorance of monetary matters, you clueless, disingenuous, malicious, mother fucking piece of shit asshat troll.

Bernanke is desperately (and ultimately, unsuccessfully) trying to save the bloated, TBTF banks because, well, he is a banker, and wii do anything, ANYTHING to save his elitist cronies in crime.  But that has nothing to do with any putative, chimerical, mythical "deflation" --- which I emphasize, again, has NEVER once been seen under a fiat monetary regime in all of monetary history.

No, we did NOT see nor experience deflation in 2008, you statist, Keynesian bastard.  Deflation is a decline in the total stock of money, NOT a temporary deleveraging event.  But thanks for discrediting yourself, for the 472nd time (under your latest troll handle, not your previous five or six sockpuppet aliases here).

Thu, 10/27/2011 - 03:54 | 1816283 Libertarians fo...
Libertarians for Prosperity's picture

 

 

No, we did NOT see nor experience deflation in 2008....

*LOL*

HILARIOUS!


Thu, 10/27/2011 - 04:05 | 1816293 akak
akak's picture

Almost as hilarious as those utterly clueless, statist, Keynesian fucks like you and "Caveman" Krugman who continue to insist that up is down, black is white, debt is money, and the solution to overindebtedness is taking on yet more debt.

 

Now, after discrediting yourself yet again so thoroughly, why don't you go change your handle here and come back pretending to be somebody else, as has been your pattern for the last two years now.

Thu, 10/27/2011 - 04:14 | 1816302 Libertarians fo...
Libertarians for Prosperity's picture

 

 

Discredit myself?  WHAT? !!

How?

Even if we were to accept your one-dimensional definition for deflation, you're still wrong. 

http://www.shadowstats.com/charts/monetary-base-money-supply

Dude, you are dumb. And psychotic. 

*LOL* at YOU!

-----------

Edit in:  I just noticed you edited OUT your definition of deflation!  *LOL*

CLUELESS!!!! You're so passionate about your stupid, one-dimensional definition, yet you quickly edited it out because you realized how FUCKING RIDICULOUS YOU ARE!!

 

 

Thu, 10/27/2011 - 04:35 | 1816309 akak
akak's picture

Oh my God.

You are truly the most embarrassingly stupid fucking troll I have ever encountered.

Obviously, you do not know how to read a graph.  If, however, you ever do learn to do so, you will see that while (the now officially unreported) M3 held steady or declined very slightly in 2008 and 2009, each of M1, M2 AND most importantly, the Monetary Base, all increased steeply and radically during that period (hint: you have to look at the shaded areas of the charts, NOT the lines, which represent the moving year-to-year % change in each monetary aggregate, NOT the stock of each.)

I expected you to discredit yourself, but damn, I never expected you to do so so completely!  And served up by you yourself on a silver (ahem) platter!

PS: I edited nothing out of my previous comment, you God-damned fucking liar.

PPS: With that amount of egg on your face, I won't be expecting any further replies from you in this thread, as at this point you could only dig the hole of your laughable monetary ignorance and non-crediblity that much deeper.  Ta ta.

Thu, 10/27/2011 - 05:06 | 1816340 Libertarians fo...
Libertarians for Prosperity's picture

 

 

Dude... there's nothing subtle or slight about those charts.  

You really don't have any idea what you're talking about.  If a central bank wants to decrease the monetary base, all it needs to do is increase reserve requirements. 

Go midway down the page to "Reserve Requirements."

http://www.newworldencyclopedia.org/entry/Money_supply

Your one-dimensional definition of deflation is ridiculous.  You can't read those charts, at all.  You're contradicting yourself from one post to the next, and you have no understanding of what the "monetary base" is, nor do you understand how it can fluctuate - up OR down.  

This was hilarious for about 5 minutes.  Now it's just pathetic. 

 




Thu, 10/27/2011 - 06:10 | 1816365 Hephasteus
Hephasteus's picture

Psychotic is a relative phenomenon. Say if you are psychotic and suffered a loss of reality of what akak is refering to as a strong historical dataset involving massive relentless inflation interupted by about 2 weeks in the 30's when eggs dropped a few percent in their price. So you're right there is a psychosis going on here. It's just that you are the one involved in it.

But technically you both are wrong. In any money tightening situation even on relative basis which we currently are in. There is about at least a 20 percent drop in money supply to american households. In any situation like that you get simultaneous inflation and defaltion. The consumer gets it as inflation if they are only purchasing things that they require. The people yet unaffected by the tightening supply get it as deflation becaue they see their favorite luxury or non-essential goods dropping in price due to massive margin compression. The states get it as seeing massive tax revenue drops to their coffers because corrupt corporations continue collecting sales tax they just don't pay them to the state. Oh they pay but they lie about how much they collected and keep the exess taxes to battle the margin compression they are suffering from. I'm not saying wal-mart is doing this but if you checked them. You'd probably see that they are as they do not follow the inflation margin compression curves without them doing it. McDonalds is definitely doing it.

"If a central bank wants to decrease the monetary base, all it needs to do is increase reserve requirements."

You're living in history books. The most effective way to tighten monetary supply in ponzi bank fuck world is to stop ipo's. Record IPO's shattering 2007 records in 4th quarter 2010 resulted in massive inflation in 4th quarter 2010. That was to give the corporations free money so they could go on pretending they aren't getting margin compressed to death. The IPO's are faltering and there's been no significant ipo's for months. I think there have been 2 and people keep joking about the groupon ipo. So you see that's why people are nervous. Because the free money IPO ponzi tap has been turned off. And corporations are going from make shit up sales figures to make up a whole lot less shit sales figures. 3 years into this depression and the money tightening is making it's second visit to the chosen gangs of commerce.

There's not going to be much inflation ending out this year as long as the IPO ponzi orgy is shut down. But if it's shut down too long or too much then they will start kicking millions more out in the streets who will then look around and see "inflation" as they are no longer spending most of their money on useless crap.

I also just wanted to add the following tidbits. If the tightening to corporations continues the results based on their past behavior will be this. Massive firings. States suddenly bitching about tax revenue and having fucked up budgets because the corporations are stealing it. State defaults, Bankruptcies and lower gold prices. Because less people with less dow jones largesse will be out there fucking over the system that is designed to be thier fuck people over pathway by snatching up gold with the largesse.

Fri, 11/11/2011 - 00:40 | 1868977 haibop
haibop's picture

and the next ten years won't look that great... memory foam mattress

Wed, 10/26/2011 - 22:29 | 1815513 Comay Mierda
Comay Mierda's picture

sounds like a haircut with a chainsaw

Wed, 10/26/2011 - 21:43 | 1815298 TheFourthStooge-ing
TheFourthStooge-ing's picture

Expect a denial soon. I think the half-life of "deal reached" leaks/rumours is around ten hours.

The actual deal, to be announced on Friday after the markets close, will be an agreement to roll the calendar year back to 2010.

 

Wed, 10/26/2011 - 21:49 | 1815328 DormRoom
DormRoom's picture

another trial balloon to gauge the market?

Sat, 11/26/2011 - 11:49 | 1915109 haibop
haibop's picture

nice to see what to happen walk in cooler

Wed, 10/26/2011 - 21:49 | 1815332 wisefool
wisefool's picture

I see what you did there!

Sat, 11/19/2011 - 14:38 | 1894319 haibop
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I really enjoy reading these interesting posts. walk in freezer

Wed, 10/26/2011 - 22:09 | 1815431 Fidel Sarcastro
Fidel Sarcastro's picture

A  BONA-FIDE  D.E.F.A.U.L.T  and the f*cking market explodes...AGAIN!

Wed, 10/26/2011 - 22:12 | 1815444 i root for that...
i root for that fat jersey governor's picture

damn I closed my long and opened short today - TOO early! should stay long to eat those suckers lunch.

Tue, 12/06/2011 - 23:12 | 1953564 haibop
haibop's picture

This is always tomorrow :) range hoods

Wed, 10/26/2011 - 21:55 | 1815359 myne
myne's picture

Finafuckingly.

As bad as it sounds, the sooner the entire PIIGS group and any other insolvent entities fail, the sooner the fire burns out.

The phoenix cannot rise from the fire. It HAS to rise from the ashes.

It'll suck for a few years, but it will be over and done with.

Wed, 10/26/2011 - 21:57 | 1815368 JLee2027
JLee2027's picture

A quick collapse is preferable to a slow lingering death in my book.

Wed, 10/26/2011 - 22:11 | 1815441 max2205
max2205's picture

12/31/2011 = all time SPX highs. FUCK

Wed, 10/26/2011 - 22:29 | 1815519 zorba THE GREEK
zorba THE GREEK's picture

Max, you may get a spx high, but not adjusted for the newly devalued currency.

Wed, 10/26/2011 - 22:22 | 1815489 Melin
Melin's picture

Yes...a quick collapse would've been preferable.

Wed, 01/18/2012 - 23:15 | 2076841 haibop
haibop's picture

how sad.. junk car for cash

Wed, 10/26/2011 - 21:57 | 1815369 Spastica Rex
Spastica Rex's picture

Phoenix is so 20th century.

Wed, 10/26/2011 - 22:07 | 1815423 kito
kito's picture

especially with their water shortage, mega dust storms and high crime rates. you would be a fool to move there...

Tue, 03/20/2012 - 09:05 | 2272781 l.hauri
l.hauri's picture

this seems to be a good deal. Maybe we can cooperate.
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Wed, 10/26/2011 - 22:23 | 1815497 Sequitur
Sequitur's picture

Kudos to the Tylers: you got this out fast.

Sun, 12/11/2011 - 20:01 | 1968567 haibop
haibop's picture

real fast! electric fireplace

Wed, 10/26/2011 - 21:31 | 1815204 anynonmous
anynonmous's picture

cheers

Wed, 10/26/2011 - 21:33 | 1815236 caerus
caerus's picture

no shit...i'm on bullshit overload...cheers!

Wed, 10/26/2011 - 21:36 | 1815261 Milton Waddams
Milton Waddams's picture

Confirmed.  This 50% off deal on Greece bonds was today's Groupon.  The deal is on!

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