We Have A Deal!
We just may have a deal:
- EU OFFICIAL SAYS DEAL REACHED ON GREEK DEBT-CUTTING PLAN: AP
- 'PRIVATE CREDITORS TO TAKE 50% CUT ON GREEK BONDS, AP SAYS
- EU official, who wished to remain anonymous, tells Bloomberg that euro-area leaders are set to approve accord for 50% writedown on Greek bonds
If true, this means that Portugal, Ireland, Spain and Italy will promptly commence sabotaging their economies (just like Greece) simply to get the same debt Blue Light special as Greece. It also means that, at least according to Barclays, we have a CDS credit event, although we are certain that Europe would never announce this deal unless ISDA (complete determinations committee list here) was onboard, and corrupt as always. In addition, Greece was unable to generate a 90% acceptance for a 21% haircut tender offer. And we are somehow supposed to believe they can do it with 50%? Lastly, as a reminder, on September 14, Moody's put SocGen, BNP and Credit Agricole on downgrade review. This will be the trigger
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Could this be linked to the ceasation of trading at the ASX? Surely they wouldn't pull the same tricks as the NYSE?
Black Thursday (opposite)
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.
And the ES ramps 12 points..LMAO. Folks, this is just the end of the "beginning" of the end.
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?
I have the same opinion, but I am sure that they will change something in the future.
timeline covers
Kinetic economic collapse action!
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.
Yeah - there goes my wife's latest kitchen remodel and my new motorcycle. FUCK THAT!
First step in all hyperinflationary events: your money is suddenly worth 50% of what it was supposed to be worth.
Wouldn't this be highly deflationary? 50% of the debt is just being written off and such deleveraging events are usually associated with deflation.
That's when they start to print like mad
And yet ES is ++++++++++++
Short Time Bitchez!!!!!!!!
It is a really nice approach. Maybe we should do it more often. hotels in harrow
Yes but as most deflationists seem to ignore: You have to pay for that write-off somehow.
US, Japan, Brazil, Australia, Europe all cutting rates at the same time? what could possible go wrong?
Not your money but your investment that would suddenly be worth 50%...seems, if either, points more in a deflationary direction.
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?!
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.
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).
No, we did NOT see nor experience deflation in 2008....
*LOL*
HILARIOUS!
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.
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!!
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.
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.
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.
and the next ten years won't look that great... memory foam mattress
sounds like a haircut with a chainsaw
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.
another trial balloon to gauge the market?
nice to see what to happen walk in cooler
I see what you did there!
I really enjoy reading these interesting posts. walk in freezer
A BONA-FIDE D.E.F.A.U.L.T and the f*cking market explodes...AGAIN!
damn I closed my long and opened short today - TOO early! should stay long to eat those suckers lunch.
This is always tomorrow :) range hoods
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.
A quick collapse is preferable to a slow lingering death in my book.
12/31/2011 = all time SPX highs. FUCK
Max, you may get a spx high, but not adjusted for the newly devalued currency.
Yes...a quick collapse would've been preferable.
how sad.. junk car for cash
Phoenix is so 20th century.
especially with their water shortage, mega dust storms and high crime rates. you would be a fool to move there...
this seems to be a good deal. Maybe we can cooperate.
yacht charter dubrovnik
Kudos to the Tylers: you got this out fast.
real fast! electric fireplace
cheers
no shit...i'm on bullshit overload...cheers!
Confirmed. This 50% off deal on Greece bonds was today's Groupon. The deal is on!
Yes, ZERO is on sale today. Get ZERO at a blowout sale
50% OFF!! All ZEROS must go!
Yes you heard it right folks, you get nothing, but you get it for 50% OFF! But only for a limited time, while suppLIES last.
50% x $0 = $0
impressive 48 gas range
FUCKING IDIOTS!!!!
OMFG
They are going to fuck this shit up soooooooooooo bad.
This doesn't even make sense from a math perspective.
You won't even need CDS...this will blow itself up.
yeah they are 100% going to f*ck this up, now they gotta get that fund going over 1trillion just to shore up banks. French and German borrowing costs will go into hyperspace
I want my credit card debt cut in half.
I want ALL my debt cut in half.
Oh, I owe a million? FUCK YOU it's $500,000 now bitch.
The USA owes 13T. it is now 7T. suck it. And I am now going to file corrected tax forms to refletct as much.
7 trill? Bitch please...let me cut that shit in half
3.5 trill...and ya know what? I don't even wanna pay that mother fucker. Better come up with a fuckin' plan.
Dabolina:
You still posting fake trades at http://tradeonfire.blogspot.com/? Still using that practice account, pretending you got loot at risk?
Thank you for the free advertising.
If you have something to say, say it on my blog....bitch
Why waste time on that fake piece of shit, when we can prove, right here, the BS. Namely, here's one of YOUR images, taken from YOUR blog, of your purported trading account: http://imageshack.us/photo/my-images/404/spositions.png/
Yeah, see that "Reset All Positions" button? You only get to exit, or "reset" all your positions in a fake/paper/play account. Exposed.
Now shut the fuck up and leave the discussion to the adults.
Spend your time doing something productive.
Here is a real post...this is a real post, from my blog on my blog. I'm not arguing this anymore.
http://tradeonfire.blogspot.com/2011/10/ievi.html
Post something other than a photo shopped screen shot.
(yes that -75 /es is still open)
Happy to oblige. Here's another one you put up, purportedly of your "real account."
http://imageshack.us/photo/my-images/72/bobdabolinatwo.png/
Mmm, directly from your site. Except you were too fucking stupid to realize those big fat zeroes under buy/sell, positions, and your P/L open and P/L day all show big, fat zeroes. Lawlz, your so-called multimillion dollar account has gooseggs for money at risk, profit/loss in positions, and zero money made on the trading day.
Listen fucker, you're out of your league here. You've been exposed multiple times, we saved your entire site before you started photoshopping images, and I know -- and YOU know -- these images came from your site. You're a fraud, you don't know jack shit about trading, you can't even conceal a paper-trade account. What a fucking rookie mistake, posting your shit on a site where many traders hang.
You're a liar. A bad liar. Now run the fuck along to the kids table at Thanksgiving dinner, the adults are trying to make money and preserve wealth.
You stupid....stupid....stupid shit. I didn't HAVE any positions when I posted that. You must have shit in your brain.
And listen you stupid cunting faggot, I don't give a shit if you think I'm lieing.
Like I've told everyone follow my blog....or don't....or SHUT THE FUCK UP.
You're a stupid cunt. That's all I have to say.
Liar, you posted that very image when you said you made a killing on some gold options. In fact that very IMAGE refutes you -- because you've got the Dec 11s on the /gc selected.
Also, further proof how fucking dumb you are: you see that "Net Pos: 0" up in the top right corner? Yeah, if you were all in cash, your "position" would reflect your NET cash balance. Hence if you had the millions you say, you'd net to your cash position. See that zero? You got ZERO. Zero at risk. Zero on the trade you were highlighting. Zero profits and loss. Zero in cash. A NET zero position, including cash. ZERO. ZERO.
Fucking tard. I don't need to "think" your lieing. I know you're lieing, and you proved it. We all know you're a liar.
Exposed. Again.
I've never in my life traded a gold option.
Can you please tell me where I did so?
When you can do that, I'll call myself a fraud.
Ya know...I don't even care about your response. Have at it.
Ya. Of course you don't care. You're too lazy to not use the same stupid crap lie that you got caught in the first time.
1.75 trillion and I and done yet. Bring it tough guy.
sure french door refrigerator
you can have your credit card cut in half as long as They can hike your water rate by 65% and you can have all your debit cut in half as long as your children are willing to pay with there souls. sound good?
that's real power - everyone knows how deeply fucked up yet it happens anyway
Keep posting fake trades at http://tradeonfire.blogspot.com/.
Keep pretending you have money at risk on your practice account.
so bad? mini fridge
Got Gold ?
We'll see...
Is that mean greece finally default?
i think its the 6 time or something like that. I lost count around "almost dedult" number 3.5 in the summer
Oh no! You didn't just call it a default! Use of that word has been prohibited when talking about Greek debt. The correct term is "haircut."
Right - a haircut right down to your torso.
Umm ok so lets just call it what the real name should be
dry ass rape
Yes, a haircut. And your barber will be a Native American, Chief Rusty Blade.
http://en.wikipedia.org/wiki/Scalping
A haircut in the same sense that Lorena Bobbit gave John a haircut.
Does that mean Greeks will actual go back to work and start paying their bills?
They are protesting because their jobs are being cut and they do not have the money to pay bills. Your asking that question is similar to Marie Antoinette's alleged remark "Let them eat cake".
Well, by any "normal" definition of default, yes. Just like NYC's moratorium, GM and Chrysler's restructuring (nationalization and redistribution to unions), yes. Emphatically, Yes.
Any deleterious change to the terms of the deal, interest rate, medium of payment, maturity, etc.
So, whose gonna call an event of default? What jurisdiction? Get my drift? In the case of GM et al, the jurisdiction was the US and as it was the US government itself abrogating debt-holders rights AND told the debt holders to sue if they wanted and reminded them that the Government had infinite taxpayer funds to litigate.... Get my drift?
But yes. It's an event of default. Period.
Let us further examine the intrusion so insidiously imposed upon us by the so called rules makers and enforcers. ISDA officially decides whether all of such contracts governed thereunder are triggered. Swaps whether interest rate, credit default, etc. If they say no, then I say (and I hereby appoint myself independent arbitrator as I have no fucking interest whatsoever other than the need to ridicule) the purchaser if the "insurance" gets screwed. Shoulda been paid off but didn't happen. Where ya gonna get relief? What jurisdiction? Owwweee!
So, by my stodgy olde fashioned pre-fuckupumbian modern interpretation of laws enforced to fuck everybody but he monied interests, this is an event of default and should trigger contracts.
Doesn't this make all sovereign CDs worthless instruments and therefore render the hedges of firms like MS worthless, meanin in essence that ms no has billions in unhedged exposure?
How about BAC? What does that teetering toxic tower have on its derivative books?
Tee heh.... Yorp....
Law of Unintended Consequences is Gonna Bite Real Fucking Hard.
And in more spots then anybody can imagine.... as is always the case.
This one just be way the fuck bigger.
But, yes.
Insofar as I've read, the ECB, ESFS (or fuck wgatever they're calling their CDO7) etc don't have to mark to market/realize haircut (what a fucking sham Jesus H Fucking Christ) but, like you just asked, what about MS, GS, JPM, etc?
Owwweeee! Wonder what and who gonna be the arbiter of that piece of shit sucking conundrum? FASB, SEC, FED, CoC? Who?
This is EU's GM moment.
The whole credibility of the Euro and Rule of Law in EU is destroyed.
Remember, it was the politicians who git the US downgraded. Everybody already knew the financials, but when the noble statesmen who guide us talked of a default which was not in the cards, well, not much else to do.
Hello France?
Hello EU bank capitalizations?
Hello ECB reality of broken balance sheet. It's been Zimbabwefied.
Really?
Is it true this time or are we going to have a denial in 5 minutes?
A time-to-denial betting pool might be fun.
the denial is the debit and as greece is fetal position taking a hot shower from one more ass raping.