Are Italy and Greek going to pitch in?

What? INTC is developing a TV that will watch me? Bad Intel!

RE wrote:

Key is to slowly deflate asset bubbles with, at least nominal, growth.

M2 Money Stock (M2) - FRED - St. Louis Fed 

Velocity of M2 Money Stock (M2V) - FRED - St. Louis Fed 

There's money, it's not going anywhere.

like a band aid on a sucking chest wound

yer a glutton for punishment

and??

........ the details??

wait till it comes out "no strings attached" ... will ireland/greece say effitt to the troika microscope? ... not to mention the other bums coming down the street looking for a handout.

greek elections should be interesting.

Jackdawracy wrote:

Spot price today = 7,100 pesos

Spots are getting expensive. There must be a spot shortage! Everybody hoard spots.

Parliamentary Elections in France Closely Watched by Hollande - NY Times

Doug Noland gets it:

In Europe, there were reports of special weekend meetings – and perhaps even Spain requesting emergency financial assistance. There are important French parliamentary elections Sunday. And, of course, there is the final countdown to Greece’s June 17th national election, which may be disrupted by a municipal workers strike. Markets confront a minefield of issues, although attention for now seems fixated on renewed policymaker largesse.

In studying past monetary fiascos, I've often been struck by the predictable nature of Credit inflations. Credit booms would be followed by busts – and the arduous downside of the Credit cycle would invariably provoke aggressive policy responses. Historically, governments would resort to printing larger amounts of currency (or simply incorporate more zeros), in increasingly desperate attempts to support post-Bubble faltering economic output, rising unemployment and sinking prices levels (goods and asset prices).

Often it would come down to a critical dynamic: Policymakers would eventually recognize (admit) that their money printing operations were having deleterious effects. A consensus view would even develop that inflationary policies had to be wound down – if not scuttled altogether. Throughout history, there have been many derivations of the typical pronouncement, “Be on notice, this will be the last time this government resorts to the printing press.” And rarely would it ever work out that way. Indeed, not only would monetary inflations continue, the scope of the money printing would too often escalate to the point of being completely out of control. Once unleashed, monetary inflations take on a life of their own – and turn unwieldy on many levels. And this complex dynamic explains why monetary history is littered with worthless currencies.

PrudentBear

Not enough. Kind of like a Band Aid.

I'd like to thank the Euro zone members for making sure my HELOC remains in BBVA Compass' portfolio.

josap wrote:

Do we have any more bidders?

First rule of bailout club: Always multiply the first number by 10.

curious wrote:

josap wrote:
Do we have any more bidders?
First rule of bailout club: Always multiply the first number by 10.

Ah, but they are already ahead of you- they will promise a profit from the transaction.

poic wrote:

I wouldn't worry. It's all smooth sailing from here. They've finally got it under control.

That's a real assurance, coming from you. I feel like investing - do you have any hot new trade recommendations?

La Caja Faux

Im throwing in a free Gluten Boy action figure with next months newsletter.

They've finally got it under control.

wilt chamberlain thought that ... everytime he left a (occupied) hotel room ... until he got to the hall and spied a woman waiting for the elevator giving him a smile

poic wrote:

Im throwing in a free Gluten Boy action figure with next months newsletter.

If Gluten Boy becomes popular enough, he might start a movement

ResistanceIsFeudal wrote:

I thought the first rule of bailout club was to deny membership in bailout club.

Only until they skip you

Lehman's Fuld: Where was our bailout?
| Reuters

Where in the world, er, Eurozone, is this $125 billion going to come from? Figure Greece is out, Ireland is out... You might be able to twist Italy's arm, I guess, but they aren't in great shape either. So it's going to have to fall, primarily, on France and Germany unless the ECB decides to get into the printing press game.

I don't know about this one. That's a LOT of money coming from not many countries.

₲£∪⊤€₦ ฿o¥$

Agronox wrote:

Where in the world, er, Eurozone, is this $125 billion going to come from?

Failing that....

Financial appeasement will continue apace with everybody involved in subduing real debt via imaginary measures, and you know what?

Nobody seems to care about the ramifications...

Interesting...

Obama’s data advantage - Lois Romano - POLITICO.com

Rob Dawg wrote:

ATMs and secure websites are shutting down temporarily for routine mantainence?

Do not panic the sheep!!!

Tomorrow just before the Asian markets open prime minister Mariano Rajoy will hold up a sheaf of paper and declare; "We got a piece, just in time."

Oh, I see now, funds would come from the ESM and EFSF. Wonder how much is in those coffers.

Agronox wrote:

Where in the world, er, Eurozone, is this $125 billion going to come from?

Fiat money has its advantages, pity Germany didn't recognize this a year ago.

Rob Dawg wrote:

Ben lends $125b to European banks at EURUSD 1.25. European banks eventually repay €100b at EURUSD 1.16. Winning.

We'll get to rename the Euro in a later act.

..This was only two threads ago....if they only need 37 billion Euros, then why is the EU considering giving them 100 billion?

Think of the EU as a rather inept loanshark, that demands it's debtor take almost 3x as much more money than it needs, or it'll whack it's own kneecaps...

Jackdawracy wrote:

Think of the EU as a rather inept loanshark, that demands it's debtor take almost 3x as much more money than it needs, or it'll whack it's own kneecaps...

The survey, which canvassed 1,001 Germans ...
Nearly 80% of those surveyed expect the debt crisis to deteriorate but 70% believe the euro will endure, the poll showed, even though more than half also said they wished Germany had retained the Deutschmark.
56% of Germans polled believe the euro crisis will impact their personal wealth "a little" in the long term while 27% said it would "clearly affect" their wealth.
16% thought the crisis would not affect them.
A hefty 83% said Greece should quit the euro zone if it fails to abide by decisions linked to its bailouts.

:whistlingpastgraveyard:

ResistanceIsFeudal wrote:

I thought the first rule of bailout club was to deny membership in bailout club.

Spain is following the rules- See Volker comment above.

"We, sir would like our bailout too, may we have one?"- French bankers-

"Nope, fail and be nationalized, we are French and have overweening pride in our Socialism!"- what Hollande will say to them!

Round and round we go, and France will show true Eurosocialism.

That will make the hard money Germans quake in their boots- all of those higher yielding French bank bonds- pffffft!!!!

Currency warz be upon us full blast.

Someday this war's gonna end...

As Spanish banks teetered on the edge of collapse, Mr Cameron flew to Berlin for talks on the crisis yesterday
The Prime Minister threatened to veto support for a new European bank rescue deal as he clashed with Germany over fresh moves towards a single currency superstate.
He vowed to put British interests first by not spending taxpayers’ money on propping up Greek and Spanish banks.
Mr Cameron admitted eurozone countries will have to form a ‘bank union’ to pool their deposits if they want to prevent a European bank meltdown and save the single currency from destruction.

Read more: Spain rocked by credit rating downgrade by Fitch | This is Money

Bank Union.

Rajesh wrote:

I'm sure they are going to discuss the prospects for the French soccer team.

They have to make conversation with the nervous teenage boys over SOMETHING!

Yancey Ward wrote:

I should be first in line.

indeed you are

now get yer ass over to the right where your line is forming

c'mon, skk

everybody know where it come from

2 independent auditors. For the 3rd

Just a reminder: I made note of the two independent auditors retained by Spain, as reported by the Irish Independent today.

Roland Berger (BRD)
Oliver Wyman | Marsh & McLennan Companies (USA)

OT...
supposed to hit 91 here this afternoon... not exactly normal for early June in eastern Dakotah

Habitual lying and evasion is not doing the markets any good either.

Rob Dawg wrote:

Bank Union.

It's turning into a dystopian sci-fi novel crossed with Catch-22.

Milo Minderbinder would be in awe of the complexity of these bank rescue schemes.

I thought Walker's win pretty much put the ixnay to unions?

JimPortlandOR wrote:

and maybe a gluten for punishment, too, also.

That reminds me, wheat flour pancakes and pork sausage this morning...

Jackdawracy wrote:

I thought Walker's win pretty much put the ixnay to unions?

cutting unions makes me

Agronox wrote:

complexity of these bank rescue schemes.

The most complex part is coming up with a new name that always translates into "throw money at the banks", have the banks buy bonds - circle of life.

He tried veto already, last year, and was steam-rolled by 25of27. He also announced the UK would contribute no more than EUR 10B to an unknown EU fund "to save countries, not currency," this year. THIS WEEK Chancellor Osborne called for a UK referendum to decide continuing membership in the EU.

He's a loser. Cameron's a loser, rooting in the sofa cushions of euro-area periphery for City depositors. Move on.

Bruce in Tennessee wrote:

That reminds me, wheat flour pancakes and pork sausage this morning...

Better be careful, if KP reads that he'll never speak to you again...

.......oh, wait....nevermind...

Darn, it was cereal etc.

Ditto MoMA this past week. I'll see what's it's like today at the mall.

pavel.chichikov wrote:

lying means they still care what the pubic thinks

size does matter

and germs like a Chinese buffet

contagion follows

i was working from -

"the Spanish government has hired Oliver Wyman, a US firm and Roland Berger, headquartered in Munchen to prepare an audit expected before the end of June. And third, the big Four, KPMG, Deloitte, Ernst & Young and PWC, were hired to conduct a separate audit this is due by September.
I think that the reason six of the worlds biggest accounting organizations were hired to do separate audits is that no trusts the Spanish banks or government"

Biderman's Daily Edge 6/6/2012: End Game Nearing for European Banks - TrimTabs Money Blog | TrimTabs Money Blog

Sure would be a shame to eventually discover our investment bankers stand to gain from so much pain.

poic wrote:

That's probably why RIF went public with his breakfast plans.

Do you know of any good canoe simulator games?

I think they are getting their fantasy vacation in before things fall apart- if you have wanted to see Yosemite all your life, and your currency spends well here, do it now before devaluation.

The really funny part is I see a bunch of stuff on zerohedge about how printing dollars is going to once again cause hyperinflation, and the dollar is going to be devalued in the next five minutes.

Gold states we are stable this week, and everything else is getting cheaper.

Meanwhile, Europe continues the slow as molasses death spiral of their hard currency experiment.

I am bored with the crisis in Europe, it is the same damned thing week after week, each new plan kicks the can another couple of feet.

Blah. Time to clean the house, at least something gets done when that happens.

Someday this war's gonna end...

Rajesh wrote:

If Germany walks, their entire banking system becomes insolvent because they hold a lot of Euro denominate assets.

In addition, the inertia for that to happen at the ground/street level doesn't seem to exist (yet). Co-worker is German and returned 6 weeks ago from an extended family visit and as I peppered her with questions (EU, Euro, Greece...) about how urgent Germans felt these issues were it became clear it is generally not a street level conversation (other than those dang free spending Greeks).

"Do you know of any good canoe simulator games?"

I would speak to Gnome. He knows how to simulate kayaking.

Citizen AllenM wrote:

I think they are getting their fantasy vacation in before things fall apart- if you have wanted to see Yosemite all your life, and your currency spends well here, do it now before devaluation.

English relatives of ours were here last month, and they saw everything - I don't know why they didn't collapse in exhaustion.

Citizen AllenM wrote:

think they are getting their fantasy vacation in before things fall apart- if you have wanted to see Yosemite all your life, and your currency spends well here, do it now before devaluation.

HELOC FOR BUSTS!

I'm going to bask in the awesomeness of the mediocrity today.

Europe is like a bad summer blockbuster that's a sequel. Everybody talks about it, but you've seen it before, and it sucked the first time.

pavel.chichikov wrote:

Most likely. So who is deceived?

Depends- who is paying?

ResistanceIsFeudal wrote:

That reminds me, wheat flour pancakes and pork sausage this morning...

real maple syrup? and loads of real butter?

hmmm. nom nom nom

JimPortlandOR wrote:

real maple syrup? and loads of real butter?

yes to both

poic wrote:

I would speak to Gnome. He knows how to simulate kayaking.

&&

Yancey Ward wrote:

These are actually the same.

Yes.

Citizen AllenM wrote:

I am bored with the crisis in Europe, it is the same damned thing week after week, each new plan kicks the can another couple of feet.

Yup the Spanish banks should get under this scheme 100 billions € in bonds (Schuldverschreibungen) from the EFSF and than can get fresh money from the ECB for this bonds. Seriously this is the same old same old. It's A Tribe called Quest "Can I kick it" on constant loop. Nice Track by the way, but not 24/7.

Das Leben ist kein Ponyhof wrote:

Yup the Spanish banks

Banks directly? And with what supervision?

10 fastest-growing states - Alaska (5) - CNNMoney

...West Virginia and Texas are 3 and 4...KP will be in some mood Monday...

...let the angry comments begin!

pavel.chichikov wrote:

Banks directly? And with what supervision?

I reckon the Spanish Central bank will be heavily involved, so maybe not really direct, but that is only semantically a difference anyway

Bruce in Tennessee wrote:

10 fastest-growing states - Alaska (5) - CNNMoney
...West Virginia and Texas are 3 and 4...KP will be in some mood Monday...
...let the angry comments begin!

Ignorance and bigotry are best sellers....Where's AL, MS, SC and TN?

Das Leben ist kein Ponyhof wrote:

I reckon the Spanish Central bank will be heavily involved, so maybe not really direct, but that is only semantically a difference anyway

Perhaps, but details as yet to be disclosed - maybe.

Meanwhile, one can hardly imagine the fiddles being worked to take assets out of the country. Maybe they have Greek tutors.

Citizen AllenM wrote:

I begin to wonder if letting it all fall apart to hit the big reset button would not cause too much strain here.

Well, there'd be a nasty bout of wage inflation as employment surged to meet domestic demand. Oh wait... did I say nasty?

Citizen AllenM wrote:

I begin to wonder if letting it all fall apart to hit the big reset button would not cause too much strain here.

I would start by forbidding US banks from lending outside the US (even to US Corp subs). If the banksters don't like it, tell them they're welcome to leave, but the money stays here.

Das Leben ist kein Ponyhof wrote:

Yup the Spanish banks should get under this scheme 100 billions € in bonds (Schuldverschreibungen) from the EFSF and than can get fresh money from the ECB for this bonds.

See 2008 TALF- now, all we need is someone to bail out France, Italy, the Netherlands, and the defunct Belgians. I guess the Danes are not going to pony up very much.

The really interesting part is how the Swiss extract themselves from the overinvestment in the euro the collar is forcing on them- I still advocate they go ahead and backdoor sterilize by buying a massive amount of gold futures and then quietly take delivery over the next ten years. Imagine if the Swiss ended up owning most of the world's gold. It would make them sooo happy in their secret gnome heart of hearts.

Someday this war's gonna end...but it sure is taking years.

MaryAnn wrote:

No wonder OR is called the biggest A##Hole State if you don't believe LOOK it up AH.

10 fastest-growing states - California (10) - CNNMoney

Still number one.

ResistanceIsFeudal wrote:

Wage inflation as such will only happen at the top end.

Those are called salaries. Otherwise known as the ages of sin.

JimPortlandOR wrote:

but the money stays here.

If all they do is sit on the money, it does no real good anyway.

pavel.chichikov wrote:

Those are called salaries. Otherwise known as the ages of sin.

The sting of death is sin, and the strength of sin is the law.

I begin to wonder if letting it all fall apart to hit the big reset button would not cause too much strain here.

my choice over the (never ending) 'japan thing'

but not before borrowing a few trillion more from foreigners to fund alternate/domestic energy.

get our ducks in a row first

ultra badass, nonetheless, the stats and bullet points concisely illustrate why supporting faked asset pricing in Spain simply to placate Europe's rentiers is futile.

Spain has lied and continues to lie systematically about the scale of its financial problems. Its banking system is worthless, and its debt as well as equity should be written down to zero. The facts are that: Spain's construction sector dominates the national economy.
# Delinquent loans to the construction sector reportedly total about 20% of GDP, and probably exceed twice that amount.
# The debt of Spanish financial institutions stands at 109% of GDP, double the ratio in France or Germany, and triple the ratio in the United States.
# The debt of Spanish financial institutions since 2003 grew at twice the rate of the US or the UK, and four times the rate of Germany.
The trouble with Spain is that its construction sector is enormous relative to the overall economy, as large as the manufacturing sector. By contrast, America's construction sector at the height of the real estate bubble was only a third the size of its manufacturing sector. In Germany, construction is just a fifth the size of manufacturing.
[TABLES]
What is this 109% of GDP, the debt of Spanish financial institutions, actually worth? According to Spain's own data, delinquent loans amount to nearly a fifth of GDP, or 184 billion euros (US$228 billion).

Geniuses: what is 9% of EUR 184B need to "restore confidence of the market"? EUR 100B? No. 350B? No.

EUR 16B. And Banco de España claimed in Dec 2011 the 5 had 26B. Assum that's all gone now. So. Who supposed to get the other 84B - 334B?

That would wipe out all the remaining shareholder value attached to the Spanish banking system.

It seems obvious from the data, however, that Spanish banks' bad loans are far in excess of the reported 184 billion euros. Alone in the world, Spanish banks drastically increased their lending after the 2008 crisis - by nearly two and a half times - while overall bank lending in the United States and the eurozone barely changed due to weak economic conditions. It is widely reported that Spanish banks are piling new loans of bad old loans in order to avoid reporting losses that now probably exceed two-fifths of GDP....

The patient (namely the Spanish banking system) must die with the tumor, and with it a very large part of Spanish private wealth, including Spanish bank debt held by Spanish households, pension funds, and insurance companies. Pensions and insurance payments will be reduced and the Spanish will be poorer.

Nonetheless, the deposits and other short-term obligations of the Spanish financial sector (and all European banks) must be guaranteed. Once its equity and $1.6 trillion in debt is reduced to zero ["all European banks" BWAH!], the Spanish financial sector will become a desirable investment for an outside investor with ready cash

Open letter to Chancellor Merkel: Sacrifice Spain

Pop Quiz! Without recourse to your text, your notes or a Google search, what line item is the largest asset on Uncle Sam's balance sheet?
1.U.S. Official Reserve Assets
2.Total Mortgages
3.Taxes Receivable
4.Student Loans

Student Loans Are the Government’s Largest Asset | Doug Short | FINANCIAL SENSE

Tom Stone wrote:

Coffee at Starbuck's?

Not just coffee, a Venti Macchiato!

poic wrote:

Nahh, we've got a software project going live today.

Gluten Boy MMPORG?

uh, that was easy

give me another

i

Outsider wrote:

Things don't really change that much.

Caesar didn't have an ipod. Otherwise...

Outsider wrote:

Francesco Petrarch. De Vita Solitaria, 1356
Things don't really change that much.

new 's, same

I think we're kind of stuck in the same regurgitated dialogue since the beginning of time.

May as well eat, drink & be merry.

Jackdawracy wrote:

Render unto Caesar your e-mail address.

Intel's new TV provides fap counts in real time.

Got DNA?

The ultimate computer chip?

Okay, this is getting freaky.

Rob Dawg wrote:

Intel's new TV provides fap counts in real time.

3
3
[F5]
3
[F5]
4!!!!!!!

Outsider wrote:

The ultimate computer chip?
Okay, this is getting freaky.

Nah. Couldn't be.

never mind

Outsider wrote:

Nah. Couldn't be.
never mind

longcat is loooooooooooooooong

**

josap wrote:

PastTense wrote:
I know!!! Let's kick the can down the road!!!
Two part question.
How do you kick the can from this point?
How far, time wise, can the can be kicked?
Ok, three.
Where is the brick wall at the end of the alley?

According to Einstein's Theory of Relativity, if you kick the can far enough, it's mass reaches infinity.

It's like the New Yorkers I know who talk about how ignorant the rest of the country is, yet they've never travelled outside of New York.

Obama’s data advantage - Lois Romano - POLITICO.com 

I wondered why I have been getting e-mail messages from Jim Messina every other day. The first time it happened, I wrote back that Loggins had all the talent.

fracking effect?

Man Claims His Genitals Were Burned By Urinal In Arby’s « CBS Denver

Wow, I'm not sure the fire department would be willing to burn it down.

drone strike practice?

Jackdawracy wrote:

Oregon is full of read-necks that hang out @ Powell's.

Actually, many/most Oregonians don't mind being dissed about whatever. Like the road sign says: "Welcome to Oregon, Don't forget to return home".

We like it here, even with sub-tropical rain in our north-fringe temperate zone.

the key here is "aid" without conditions innit ?

How Germany's EU Partners Are Using Blackmail in the Euro Crisis - SPIEGEL ONLINE

With their refusal to accept money from the bailout fund to recapitalize their banks, the Spanish are not far from causing the entire system to explode. They clearly figure that the Germans will lose their nerve and agree to rehabilitate their banks for them without demanding any guarantee in return that things will take a lasting turn for the better.

I know I know the Irish and the Greeks tried that - "we don't want a loan of yer steenking money to pay it back to you" - before folding but at that time the French weren't on their side.

this time.. cos after all the French have to get ready for their - did I read that the French banksters were meeting with Hollande today ?

but if the Spanish do get the loan without conditions to pay back the loans - won't the Greeks say.. and won't the Irish say ???

Whattodo heh ? I know Todais !

Outsider wrote:

May as well eat, drink & be merry.

don't forget lots of nasty sex....

BWAHAHAHAHAHA!

:soundofbangingheadondesk:

:soundofhystericallaughter:

:celebratingawesomeness:

:embracingmediocrity:

Ludger Schuknecht is one stupid son of a bitch.

Folks, this over.

Europe is going to burn to a crisp.

Martin Wolf's Exchange

Rob Dawg wrote:

EPA might go after you for toxic release besides.

Strawberry-Banana Fruit Smoothie
* Gluten-free

the key here is "aid" without conditions innit ?

black dog wrote:

“In Pennsylvania alone, there are 9,000 fewer educators in our schools today than just a year ago. In Ohio, the number is close to 7,000. And nationwide, over the past three years, school districts have lost over 250,000 educators.

Seed corn is the most delicious corn!

Schedule for Week of June 10th