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dreamer
Demolition Man


Joined: 09 Aug 2007
Posts: 2101
Location: Northern California

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Thu Oct 27, 2011 3:44 pm Reply with quoteBack to top

This outa' be good for a week or so. That anyone would accept the promises of professional liar politicians and banksters is beyond me. The sheeple desperately want to believe all the booboos have been kissed and are now healed. I don't know what to do here except hold my PMs, finish my greenhouse, put in another garden, and add to my 5-cords of wood.

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There isn't anything so bad that the Government can't make worse...

The 4-functions of government today are the same as a criminal enterprise: Lie, Cheat, Steal, and Kill...
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Thu Oct 27, 2011 4:03 pm Reply with quoteBack to top

dreamer wrote:
This outa' be good for a week or so. That anyone would accept the promises of professional liar politicians and banksters is beyond me. The sheeple desperately want to believe all the booboos have been kissed and are now healed. I don't know what to do here except hold my PMs, finish my greenhouse, put in another garden, and add to my 5-cords of wood.


Yeah, it doesn't feel like much more than a short squeeze to me - I mean h*ll, its noon & the stock market is still sitting about where it opened. Last night's meeting left more questions than anwswers ... the half life on this thing may just set records for its brevity.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Fri Oct 28, 2011 4:45 pm Reply with quoteBack to top

S&P Issues Statement On EFSF, Says "Almost Certain" European Governments Would Support CDO

http://www.zerohedge.com/news/.....upport-cdo

exerpt:
Quote:
The first kicker in the just released S&P statement on the revised and AAA-rated EFSF is the following: "In our opinion, there is an "almost certain" likelihood that the EFSF's 'AAA' rated member governments would provide timely and sufficient extraordinary support to the EFSF if needed." So, uh, S&P is determining the fate of trillions worth of securities on the basis of a hunch, a whim, if you will. A strong one, but a hunch nonetheless. Swell. And the second kicker: "If we lowered the ratings on one or more of the 'AAA' rated member guarantors, we would also likely lower the ratings on funding instruments that the EFSF had issued before the date of the downgrade, if the lower ratings on the member guarantor were to lead to less than 100% 'AAA' rated coverage for the relevant EFSF funding instrument." This, in the parlance of our times, is known as a springing downgrade, which sets off the kind of cataclysm that only AIG could achieve once the investing community realized it had a rating-based collateral schedule. So once again the fate of the free world depends on FrAAAnce. Swell2.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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dreamer
Demolition Man


Joined: 09 Aug 2007
Posts: 2101
Location: Northern California

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Fri Oct 28, 2011 5:37 pm Reply with quoteBack to top

Shazzam...all is fixed.

Anyhow, speaking about France. I have a French rifle for sale, excellent condition, never been fired, dropped once.

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There isn't anything so bad that the Government can't make worse...

The 4-functions of government today are the same as a criminal enterprise: Lie, Cheat, Steal, and Kill...
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achtung
Nitroglycerin


Joined: 03 Jun 2010
Posts: 716
Location: Germany

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Sat Oct 29, 2011 11:38 pm Reply with quoteBack to top

Waiting for Super Mario

http://www.nytimes.com/2011/10.....ef=economy

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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Sun Oct 30, 2011 11:44 am Reply with quoteBack to top

Super Mario indeed. Rolling Eyes what a world we live in.

from page 3 of achtung's link:

Quote:
... In one paper he co-wrote in the spring of 2002, just months after he joined Goldman Sachs to lead its effort to win investment banking business from European governments, Mr. Draghi argued that governments might use financial derivatives like interest rate swaps “to stabilize tax revenue and avoid the sudden accumulation of debt.”

The description of how this would work did not obey the letter of the controversial swaps program hatched by Goldman that masked the size of Greece’s debt. But it is faithful to the spirit — namely, that governments as well as pension funds can make use of derivatives to better manage their liabilities.

Goldman and Mr. Draghi have each said that he had no involvement in the Greece-Goldman initiative, although one Goldman executive based in Europe, who was not authorized to speak publicly, said Mr. Draghi had discussed similar initiatives with other European governments.

MR. DRAGHI’S Goldman connection has been the one mark on an otherwise spotless résumé and a cause for continued suspicion from some in Europe.

In June, at an appearance before the European Parliament after his appointment, he was asked once more about the Goldman swaps and, in a rare loss of his public cool, cited again his lack of involvement. He said that while at Goldman, he had no interaction with the public sector, despite being hired for that purpose. “I was not in charge of selling stuff to the governments,” Mr. Draghi said. “In fact, I worked in the private sector even though Goldman Sachs expected me to work in the public sector when I was hired.”

Those statements came as a surprise to Pascal Canfin, a French member of the Parliament’s economic and monetary affairs committee.

“Are we supposed to believe that he had a discussion with Goldman executives that he cannot have business with sovereign governments even though that was what he was hired to do?” he asked. “It’s very weird. The swaps are not illegal — the question is did he lie before Parliament?”

Robert C. Merton, the Nobel laureate economist at Harvard and a co-writer of the paper on derivatives with Mr. Draghi, says that in addition to exploring how countries might use derivatives to mitigate their risks, their study examined how markets habitually underestimate the risk of contagion.

As Europe struggles to contain the spread of its own debt problem, how Mr. Draghi deals with this crucial task will define his success or failure as Europe’s top central banker.

“All this is ingrained in him — he understands risk and asks the right questions,” Mr. Merton said.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Mon Oct 31, 2011 8:12 pm Reply with quoteBack to top

bdc63 wrote:
... the half life on this thing may just set records for its brevity.


AND THE ANSWER IS: 2 trading days. Next time they will be lucky if they get 1.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Mon Oct 31, 2011 8:37 pm Reply with quoteBack to top

This Greek thing is the gift that just keeps on giving ...

http://www.zerohedge.com/news/.....hrow-towel

It appears the Greek leader has had it, and is officially throwing in the towel, leaving his citizens to tell Europe to shove their perpetual bank rescue plan, via Bloomberg:

PAPANDREOU SAYS NEW GREEK PLAN MUST BE PUT TO REFERENDUM

PAPANDREOU SAYS GREEKS CALLED ON TO CHOOSE ON COUNTRY'S COURSE

PAPANDREOU SAYS CALLS FOR VOTE OF CONFIDENCE ON POLICIES

PAPANDREOU SAYS GREEK DECISION WILL BIND ALL POLITICAL PARTIES

PAPANDREOU SAYS REJECT ELECTIONS AT THIS TIME
Naturally, with scenes like this one from last week, don't expect a glowing Greek endorsement of abdicating national sovereignty to the European superstate. In fact, expect the opposite. And with that, preparations for a Greek exit from the Euro and Eurozone begin in earnest. Needless to say, Deutschland is not too happy.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Tue Nov 01, 2011 11:57 am Reply with quoteBack to top

Make sure you read that last line and let it sink in ...

Are we really witnessing the near-term death of the Euro here?

http://www.zerohedge.com/news/.....papandreou

(From Peter Tchir of TF Market Advisors)
Well played Mr. Papandreou

Quote:
It was almost funny how quiet he was at the summit. It seems like he sat back, got the best deal he possibly could for Greece and now Greece can decide if it is good enough.

The IIF and their NPV calculations. The ECB and their paid in full demands. The EU and their austerity and controls and demands over which Greek assets can be sold to whom? Debt to GDP of 120% by 2020.

How about debt to GDP of 10% by year end? How about some nice asset sales to China at premium prices not only to get some immediate funds but to develop a nice long term relationships with deep pockets and a great trade partner. Not sure where IMF fits in.

All along I have argued it was Greece's choice to default or not and that it was in their best interest to do it. He played it far better than I could have. He holds the cards. He is putting his people and national interest above Europe. Merkozy must be in a panic.

This may just be a ploy to get a better deal, but I think it is great for Greece. It's horrible for the bailout as every other nation in trouble may take similar steps.

I would be very careful buying Italian CDS as they could redenominate their bonds in LIRE and it wouldn't be a Credit Event (our reading of the doc is that G-8 nations have that right - but trying to confirm)

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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bdc63
Schumpeter Reincarnate


Joined: 16 Feb 2007
Posts: 4392
Location: Maryland

Re: Tomorrow (10/26) is the BIG day ...
PostPosted: Tue Nov 01, 2011 4:05 pm Reply with quoteBack to top

Greek government now expected to FAIL tonight -- yes, FAIL. ZeroHedge has been reporting for several hours that Poppy has lost his ruling party majority, and now CNBC is reporting it as well.

Interestingly, there is a clause in the EFSF that says if a country doesn't have a government in place, then they can't get any of the funds.

This is getting REAL ugly REAL fast.

_________________
"Socialism only works in two places: Heaven where they don't need it and h*ll where they already have it." -- Ronald Reagan
"Everybody, sooner or later, sits down to a banquet of consequences." -- Robert Louis Stevenson
“Gold is money. Everything else is credit.” -J.P. Morgan, testifying to Congress in 1912
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