Archives for June 2012

Can Greece Buy Freedom From Debt For a Mere €3,000 Per Person?

Courtesy of Mish. Greek shipping heir Peter Nomikos has a plan wipe out Greek debt. His idea is to buy all the Greek bonds then forgive the debt. Given that Greek bonds sell for 12 cents on the dollar, on the surface his plan may seem like a reasonable idea. First let’s consider the idea, […]

Germany Cries: "Europe Is Coming For Our Money", Greece Promptly Obliges

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. "Greece is an exception in the Euro Zone" – Angela Merkel, December 9, 2011 "Exception from ESM Seniority only applies to Spanish aid" – Angela Merkel, June 29, 2012   It took about a year, but finally Germany, with a little assistance from Merkel […]

Germany Cries: “Europe Is Coming For Our Money”, Greece Promptly Obliges

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. "Greece is an exception in the Euro Zone" – Angela Merkel, December 9, 2011 "Exception from ESM Seniority only applies to Spanish aid" – Angela Merkel, June 29, 2012   It took about a year, but finally Germany, with a little assistance from Merkel […]

Devalue the Euro?

Devalue the Euro Courtesy of Bruce Krasting Holy smokes! The EU technocrats have finally pulled out the big guns! The agreement on Friday was to take the incredibly bold step of avoiding subordination in the Spanish bond market. The money needed for the busted Spanish banks will now be made available directly from Brussels with few […]

Foie gras and Illegal Immigrants

Courtesy of ZeroHedge. View original post here. Submitted by testosteronepit. Wolf Richter   www.testosteronepit.com The other day, we were doing one more time what on Sunday will become illegal in California: eating foie gras in a restaurant. Pan seared foie gras “traditionally raised in Sonoma, California,” served with poached local apricots. I’d go to jail for […]

Euro Game Changer?

Euro Game Changer? (6/30) Courtesy of Springheel Jack of Channels and Patterns With the close just over the 100 daily moving average (DMA) on SPX, and just under the current rally high from the June low, there are now three main possibilities for the S&P 500 from a TA perspective: SPX tops out here and very soon, […]

Headline in Spain: Government 'sacrificed' Bank of Spain in Exchange for Financial Sector Bailout; ESM Agreement Raises More Questions Than Answers

Courtesy of Mish. In the wake of a huge market reaction on Friday, it’s interesting to see how the headlines read other places, especially Spain. Here is one such viewpoint by El Confidencial: Government ‘sacrificed’ Bank of Spain in Exchange for Financial Sector Bailout The clearest conclusion to the European Agreement made by Spain and […]

Headline in Spain: Government ‘sacrificed’ Bank of Spain in Exchange for Financial Sector Bailout; ESM Agreement Raises More Questions Than Answers

Courtesy of Mish. In the wake of a huge market reaction on Friday, it’s interesting to see how the headlines read other places, especially Spain. Here is one such viewpoint by El Confidencial: Government ‘sacrificed’ Bank of Spain in Exchange for Financial Sector Bailout The clearest conclusion to the European Agreement made by Spain and […]

Support and Defend

TLP: "Support and Defend" Courtesy of Jr. Deputy Accountant So, the Pauls don't like government, we get that, even though they both have found it convenient to collect paychecks and socialized medicine reimbursements from the U.S. Treasury. But it's one thing to want change, another to advocate anarchy. From Rand Paul's Senate website:  "Just because a couple […]

America On Fire: Why Is The Number Of Wildfires In The United States Increasing?

America On Fire: Why Is The Number Of Wildfires In The United States Increasing? Courtesy of Michael Snyder of Economic Collapse  As America watches large sections of Colorado literally burn to the ground, many are wondering why all of this is happening.  There have always been wildfires, but what we are experiencing now seems very […]

Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law

Quelle Surprise! Fed Economists Side Firmly With Bank Criminality Over the Rule of Law Courtesy of Yves Smith at Naked Capitalism  Although Dave Dayen and Abigail Field have already given a well-deserved shellacking to a remarkable piece of bank PR masquerading as “insight” at Reuters, “Evidence suggests anti-foreclosure laws may backfire,” it merits longer-form treatment as a crude macedoine of anti-homeowner messaging. The […]

Barclays On The Rally: "Fade It", Because The Summit Is "Not A Game-Changer For The EUR"

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. With everyone scrambling to buy into the bathsalts rally, and shorts rushing to cover with a panic bordering on a QE-announcement, it is somewhat ironic that today's voice of muted reason comes from none other than Liebor expert extraordinaire: Barclays, whose suggestion is simple: […]

Barclays On The Rally: “Fade It”, Because The Summit Is “Not A Game-Changer For The EUR”

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. With everyone scrambling to buy into the bathsalts rally, and shorts rushing to cover with a panic bordering on a QE-announcement, it is somewhat ironic that today's voice of muted reason comes from none other than Liebor expert extraordinaire: Barclays, whose suggestion is simple: […]

Time-Lapse Interactive Graph Shows Stunning Rise in Anti-Euro Sentiment in Italy

Courtesy of Mish. The rise of the Five Star Movement in Italy is the number one happening in Europe right now and mainstream media has not even begun to cover it in any depth. The movement is led by an Italian comedian, Beppe Grillo. Main Rules for the Five Star Movement Not be an elected […]

The Dummy's Guide To Healthcare

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Initially presenting the potential problems of our current healthcare environment, the creator of 'the bears that explained Quantitative Easing' provides much food for thought on the unintended consequences of Obamacare (in all its 2700 page glory). For everything you need to know about how […]

The Dummy’s Guide To Healthcare

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. Initially presenting the potential problems of our current healthcare environment, the creator of 'the bears that explained Quantitative Easing' provides much food for thought on the unintended consequences of Obamacare (in all its 2700 page glory). For everything you need to know about how […]

Japanese Manufacturing Output Falls for First Time in 2012

Courtesy of Mish. The short term effect of Japanese stimulus following the earthquake and tsunami has now worn off. All Japan has to show for that stimulus is a bigger pile of debt, proving once again the Broken Window Fallacy. In the real world, Japan has a debt-to GDP ratio of 225% and rising. Japan’s […]

What really happened in Fast and Furious?

Most of what we've heard about the gun-trafficking scandal is wrong. FORTUNE — One day ahead of a historic vote in which Congress may hold attorney general Eric Holder in contempt for failing to turn over documents in an investigation of a now-notorious ATF gun-trafficking operation, Fortune.com has released an article by Katherine Eban entitled […]

Laughable Text of EU "Memorandum of Understanding"; ESM Not Been Ratified Yet Already Requires Changes; How Much ESM Firepower Is There?

Courtesy of Mish. Futures are flying over a “breakthrough” that supposedly will lower borrowing costs for Italy, Spain, and Ireland.  The “breakthrough” is a modification to the terms of the ESM to allow “the possibility” to recapitalize banks directly. Amusingly, the existing ESM agreement has not even been ratified. The agreement is still on hold […]

Laughable Text of EU “Memorandum of Understanding”; ESM Not Been Ratified Yet Already Requires Changes; How Much ESM Firepower Is There?

Courtesy of Mish. Futures are flying over a “breakthrough” that supposedly will lower borrowing costs for Italy, Spain, and Ireland.  The “breakthrough” is a modification to the terms of the ESM to allow “the possibility” to recapitalize banks directly. Amusingly, the existing ESM agreement has not even been ratified. The agreement is still on hold […]

Germany Blinks After All-Night Fight; Italy and Spain Still Not Happy; For Now, Futures Are

Courtesy of Mish. It’s a love-fest in Asia futures once again, but will it hold on Friday or through the weekend? One thing’s for sure, sentiment was so sour about this 19th summit, that any bit of good news stood a decent chance of temporarily igniting the market. You can actually credit German chancellor Angela […]

Other Fat Tail Risks Beside Europe

Courtesy of Russ Winter of Winter Watch at Wall Street Examiner The European situation has now morphed into a scene where rumor after rumor is flung out,  and then algos ramp up in response.  We have seen this time and time again, like clockwork, whenever the markets come under pressure.   One might actually begin to […]

Charting The End Of 'Stock-Picking' Alpha

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. We recently commented in detail on (and often discuss) the extreme high correlations across not just asset-classes but across all individual stocks. As Goldman notes today, correlations across equities reached new record high levels during the financial crisis and remain extremely elevated compared to […]

Charting The End Of ‘Stock-Picking’ Alpha

Courtesy of ZeroHedge. View original post here. Submitted by Tyler Durden. We recently commented in detail on (and often discuss) the extreme high correlations across not just asset-classes but across all individual stocks. As Goldman notes today, correlations across equities reached new record high levels during the financial crisis and remain extremely elevated compared to […]