Stacy Summary: The ban on naked short selling in European government bonds and Germany’s 10 largest banks is apparently in place until March 31, 2011. Via @NicAbbo77 here is text of German ban on naked short selling. Regardless, the turmoil doesn’t seem as bad as post Lehman as many were warning yesterday and gold is off its all time euro high. It seems to me the argument from bankers is that we are in an Afghan poppy like corner – we have to let the warlords grow poppies or else there will be Taliban chaos! Failed states, failed markets. Or as Max says, “Without fraud there would be no markets” **UPDATE**: The final headline is from Denninger; and he says that there is also a ban on naked shorting of gold.
- Market chaos warning after German ban on naked short selling
- Swaps soar on Germany’s ‘act of desperation’
- ‘Carry bloodbath,’ ‘full blown liquidations imminent’
- Hedge funds bet $1trillion European bailout won’t work; lay hyperinflation trades
- Germany has had enough – Market Ticker
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rand is ron pauls son………pg
@ Brandon Sanks @ anyone
Rand Paul is Ron Paul’s Bro right ????
Hic
If so whoooooooooo hooooooooooo
These fin .services parasites are not welcome anywhere! So what if their crooked ways create employment, massively enriching for a minuscule no. of people. so too does human trafficking create employment. The model is broken and obsolete. Let them get real jobs for real money Hasn’t the CNBC hysteria of the last 2 days just been a treat. BAN ALL NAKED SHORTS…
I wonder if Max would ever interview the likes of Lyndon Larouche…?
@Marc. nice response.
@Brandon Sachs
It’s never the end of anything. Go ask the Russians. I’ve heard the same comments about the end of Russia. Life is wonderful, and the instinct of survival is much more stronger than you think. I’m not saying we will have fun. But we will find a new way.
http://latimesblogs.latimes.com/money_co/2010/02/pimco-class-action-suit-supreme-court-treasury-bond-futures-manipulation.html
“”No doubt, we could be more nimble if we were a billion rather than $113 billion,” says Gross, who turns 64 in April and has run the fund since its birth two decades ago. “It’s like saying Shaq should play point guard.” For the long haul, he’ll stick with heft: “We should really be a 7-foot center, where the game is dominated.”
Not unlike O’Neal, who leads the National Basketball Association in fouls per game, Pimco’s sheer bulk is making the Newport Beach, California-based firm vulnerable to accusations it throws its weight around. While Pimco can use its size to win the inside track in deals or lower transaction costs, fund specialists and researchers say a behemoth like Pimco can also hamstring its own trading flexibility and sap liquidity from an entire market.”
http://www.bloomberg.com/news/marketsmag/mm_0408_story3.html
These are the guys Angela is protecting?
“One allegation of a flagrant foul is playing out in a Chicago federal district courtroom, where the lawyer who won a $1 billion antitrust settlement against Wall Street market makers in 1998 is claiming that Pimco intentionally manipulated the Treasury futures market in mid-2005 in violation of the Commodity Exchange Act of 1936.”
http://online.wsj.com/article/SB10001424052748704533904574544211124581836.html
Lookey, Marc. PIMCO acts as a ratings agency.
(Odd, what a conflict of interest in that Gross essay dissing ratings agencies)
http://www.naic.org/Releases/2009_docs/pimco_rmbs.htm
“The Wall Street Journal also weighed in, noting that PIMCO, which is itself owned by the German insurer Allianz SE, may have a conflict of interest, particularly if rating bonds owned by Allianz. PIMCO also has a lot of mortgage bonds in its portfolio, some of which were bought from the Federal Reserve and, as the Journal points out, PIMCO’s ratings could help – or hurt – its own investments.”
http://industry.bnet.com/financial-services/10005097/underrated-sp-moodys-fitch-and-pimco/
All the hands shaking hands: isn’t that what Gross wrote about?
Yes? Well, Marc, I doubt that.
http://www.bloomberg.com/apps/news?pid=20601208&sid=aXmW3QuHUQKQ
Thanks, Max & Stacy, for your awesome tirelessness.
Can we add a new “theme” of Economic Theory Discussion? I loved the report with Damon Vrabel, and recently read Henry C. Carey’s “The Harmony of Interests”…there have to be new ways to address the limited information on economic policies in the Anglo-American world, no?
Cheers to you both!
Tracy
@Snoot
That’s Pimp-Co. In reality it’s subsidiary of the Saoud familia gangsters.
http://www.businessinsider.com/germany-short-selling-2010-5
http://www.businessinsider.com/germany-short-selling-2010-5#allianz-se-2
Pimco is an subsidiary of Allianz.
http://www.pimco.com/LeftNav/AboutPIMCO/History.htm
“Remember that John Dillinger “made money” too. But he was, at least, honest about the fact that he stole it.”
Do German banks make money differently than Goldman Sachs? I’m glad Denninger’s honest enough to admit he favors some criminals over others. I guess he doesn’t like Dillinger, though.
Maybe because Dillinger didn’t make money within the ‘system’ approved by those to whom Dillinger, I mean Denninger, owes lege.
Ode to a German Bankster:
“Mour curtas knyght than he was one
In all this werld was ther non;
He was so gentyll and fre.
To squyres, that traveyled in lond of werre
And wer fallyn in poverte bare,
He gaff them gold and fe.
Hys tenantes feyre he wold rehete;
No man he wold buske ne bete;
Meke as meyd was he.
Hys mete was redy to every man,
That wold com and vyset hym than;
He was full of plenté.”
http://www.lib.rochester.edu/camelot/teams/cleges.htm
“You know, like the rule of law, for instance?”
Merkel Seeks EU Rules After German Short-Selling Ban (Update1)
Marc:
Is Denninger referring to ‘eu law’? What precedent does EU law have in German civil courts? Like, there is a difference, like, right? Between Germany acting unilaterally, like, and like, working with the EU. Right?
Merket was acting on behest of German banks, right? Are they under EU law?
Does Merkel have a bazooka in her pocket?
Like?
everything is on hold till 2012
Please invite Ran Paul at your show !
British people are total assholes when I think about what happened last night in the USA.
“Wow, what a huge rush into Euro again and GBP, hell even USD is rising today. I suspect that it is not the confidence in the currencies that does it but rather the cause of the move to unwind those magical “naked-short CDS and whatever else naked” positions in the market. ”
?
“Another possibility is that investors are betting that the euro will become the main way to bet against Europe if German regulators – and others elsewhere – take away investors’ ability to express bearish views on European government bonds and bank stocks, even if only temporarily.
“If you can’t short these bonds, then short the euro,” Thin said.”
http://www.efinancialnews.com/story/2010-05-19/naked-short-selling-ban-merkel-19052010
endgame
look out below. http://www.bloomberg.com/apps/news?pid=20601084&sid=aQgsgpaKhdJ0
Gold getting a CURB-STOMP!!!!
But it looks like it has a pulse still…
Someone hand me a bat…
Rand Paul won big last night. You have a Republican now as the nominee for the Senate is Kentucky who is anti war, anti empire and anti Fed and anti banker bailout. The necons and Wall Street in the US dominate both major parties. There are some good people in Congress like Kucinich, Sanders and Feingold on the left and Paul on the right. Feingold has opposed the Patriot Act from the start. America needs more people like this left and right.
Superlative treatise by Professor Max on alex jones May 17, 2010
http://www.youtube.com/watch?v=65bUAL-WJfc
http://www.youtube.com/watch?v=DUeg7WHAtmU&feature=related
http://www.youtube.com/watch?v=o9uPkhsINeI&feature=related
http://www.youtube.com/watch?v=VR_0eZxxN4U&feature=related
Is this the end of the West? I wonder sometimes.
Top Five Themes for 2010 by Max and Stacy from the first Keiser Report this year:
*Second leg down for the global financial collapse also the collapse of the US Empire
*Crime will continue to pay
*Sovereign debt crisis
*Real wars
*The fake wars, global war on terror and war against Wall Street
With Max’s Sixth Theme:
* Class war, social unrest in 2010
Adding the Seventh Theme:
*Currency volatility
……….and Gold getting KILLED!
Mike
papandreu and merkel already know that their political careers are over that’s why all the sudden they decided to wage this war against the scum bankers and speculators
I got to revisit the first Keiser Report from this year me think.
“The ECB is now indirectly performing stealth operations via the SNB. And as the net result is a weaker EURUSD” – Cui Bono from this currency war?
There is hope in the USA ! There is hope even in Europe. No not in the UK that bankster hellhole. It’s in Germany.
It’s not Obama. It’s not that war monger clown Palin/Gingrich. November will really be a kick ass month in the USA. Marshall law coming to propect the Democrats and Republicans excrements parasites ? Seems more and more the case. Expect a false flag attack by Al-Cia-aida or Al-Mossad in the USA. This time it won’t work.
Try to get interviews with those that crushed the Republican/Democrat bankster’s Goldman Sachs puttets yesterday.
http://market-ticker.denninger.net/archives/2332-Nations-Over-Banks-Who-Serve-Only-Themselves.html
Bam ! Pow !
http://market-ticker.denninger.net/archives/2332-Nations-Over-Banks-Who-Serve-Only-Themselves.html
A warning to the Republican and Democrat whores in Washington. Democracy is starting to work again ! Hope it doesn’t stop and Americans kick in the balls both scumballs. Scumball zionists neo-cons Republicans and scumball limousine liberals neo-cons Democrats.
Germany is on the right track the euro may just survive this after all
http://www.businessweek.com/news/2010-05-19/merkel-seeks-eu-rules-after-german-short-selling-ban-update2-.html
@Dan – it’s a kitco chart; it often goes crazy during volatile moves
somthing wrong with dollar chart or did it just drop a basis point in 2secs?
@Palantíri – Check out the swiss franc – - – http://www.zerohedge.com/article/record-swiss-franc-volatility-300-pips-swing-after-numerous-snb-intraday-interventions . . . remember, in our first keiser report of the year, currency volatility was one of our five themes to look for in 2010 . . . that includes ALL currencies
@Danny – thanks for the link to the “Rise Up” photo; and also for your email to Max . . .
Hoe would the world have looked it it had not had people that wanted ot extract more than they deserve? Is it fair to extract them from the world? I know a nice airstrip atol in the pacific they could put up their financial tent there..
@Bronxy – my guess is that if they don’t got the money to cover the naked-short that could lead to a fall, or if they have to sell lots of assets to get money to cover that will certainly lead to a fall, you see it in gold, lots of selling to get cash to possibly cover their position… my guess anyway but what do I know about it hehehe.
Wow, what a huge rush into Euro again and GBP, hell even USD is rising today. I suspect that it is not the confidence in the currencies that does it but rather the cause of the move to unwind those magical “naked-short CDS and whatever else naked” positions in the market. Is it likely they want to sit on the cash? No, they’ll reinvest into something and sell of the currency which should mean that the currency will drop again these next days and moving gold up again.
….And a Rise Up banner
http://www.indymedia.ie/article/96643
Banner that appeared outside Anglo Irish Bank on Monday
http://www.indymedia.ie/article/96657
@Frans:
Axel Weber opposed Merkel in the timing of this ban:
“Weber also spoke of plans for new banking regulatory framework, saying Basel II rules offer the best way forward, and added prohibitions of some banking activities could be problematic.
While he did not clarify which activities he was referring to, there have been proposals to ban proprietary trading as well as naked buying of credit-default swaps.
“Recent proposals to prohibit certain risky activities altogether pursue a more radical course (than the Basel II framework),” Mr Weber, who also heads the German Bundesbank, said.
“One fundamental problem of such an approach is that the complete prohibition of certain activities is a very far-reaching market intervention, especially since these activities do not necessarily have zero economic value-added.”"
http://www.businessspectator.com.au/bs.nsf/Article/France-Greek-plan-to-be-unveiled-this-weekend-4ZAJ9?OpenDocument&src=hp3
If their naked short and its suddenly illegal, wont that force them to buy back. So why would this lead to a fall?
I don’t get it as you can see, some one pleas explain
STACY!
I don’t get naked with big boys!!!!!!
Mike
Don’t know exactly how this relates, but…
Pull up a 5-day chart of FNM and FRE. Something is going on there and someone else knows it ahead of us.
Is it short-side $$$ looking for a home outside of the EU? Is it in response to Fed sales?
Any ideas?
obamas where are the jobs
the gulf is his katrina
the uenployed are his crown
the illegals are his votes
and mankind are his decline
he promises change but no change is fine
so obama where are the jobs?
Here we go – Gold and silver following Plat and palladium earlier this morning
This is deflation baby
Expect these to continue to fall until governments lose their veneer of control.
I expect silver to get to $10 easy
Don’t really know where Gold is going but maybe we could get a $200 drop before it picks up again
Ok naked shorts do not require a participant to put up any cash and pay back debt but what of all those more legitimate shorts out there.
What is the typical interest rate do they have to pay – I presume it is much less then Governments.
Why the primacy of derivative currency over base money.
Mike must have is nikkers notted @ his ankles
Gold @ 1192
Hic
GOLD GETTING KILLED !!!!!!!!!!!!!!!!
oH well I dont own any GOLD
lolololololol
Chris Dodd blocks derivatives reform.. http://tinyurl.com/27b9way
I must occur, one would say, to the flees in the fur, one day, that their dog due to them has quietly passed away..
I feel like the US is turning into the Mad Max arena for the next decade. Let’s buy up some spy satelites and turn it into a freaking reality show!
I enjoyed Max’s drilling of Jim Rogers. I m so sick and tired of these prima donna speculators. Tell them to pick a hammer and drive a few nails instead of flipping all this nonsense. The financial economy is based on what? Try driving a F430 on gravel road. All this elitist BS is gone for too long. Take away their license to create complex securitizations quoted ina virtual currency.All these guys own tons of bullion from the start. They arevbusily adding value to their holdings by sabotaging our financial industry with their destructive hyperinflation strategies. By the time we go through the civilized process of dealing with the effects of their actions it will be too late. Max and Stacey can I work as your personal bullion polisher? JK. You two are real and ahead of the pack.
Zero Hedge takes a very weird tack, defending naked short selling.
Tees lunatics are really Pushing fer tear Slavery nonsense
I tink tey in 3rd or 4th gear of tear 6 speed manual
Power hungry Lunatics
Just heard a caller on AJ ( @ http://www.infowars.com ) saying he has a friend in ta CIA and tis CIA guy said tee NY car bomb tin was an …………..anybody ????…………anybody ????…………anybody ????…………anybody ????…………
Ding Ding Ding Times up
It was an “Inside Job”
Hic
@Youri,……”When I use to hear the word “investors” in the past I would see new factories, shiny new bridges, prosperity ….
Youri,.youri,..youri,…..We’re entering the post consumer period of his story,…Austerity measures beckon in the low carbon emission
paradigm,..
What fool in their right mind would start investing in production, when that is the antithesis of the new agenda.
Think carbon capture,…gold is old,….: )
@Stacy
Dangerous playing naked with the big boys. Risk of catching sexually transmitted disease. I leave it to Obanana and Mister Cameroun. Busted rogue bankster runned terrorists states. Good day to stock up on gold.
@Danny – he’s just reflecting the market . . . Wall St profits on people freaking out all day long, on sell and buy side . . .
Stacy, you have patience unlike anyone else I know putting up with Mikes constant daily wranglings about gold!
@stacyherbert
Sorry Stacy, still sucked in this nervous braking day trade
@Mike/Liverpool
Bit down http://www.goldprice.org/NewCharts/gold/images/gold_3d_b_o_USD.png
@chalcedonite,.. If you look at how the system of commerce is really set up,..it’s quite fair !
Most folk are unaware, and unfortunately for them, live in a complete alter reality.
It’s quite apparent reading the tete a tetes on this and other forums, that folk need to be led from one pasture to the next,…and there are plenty of leaders ready to take the mark! ; )
Fascinating to watch things unfold,..
Apologies if this has already been reported to the MKC massive:
Suckers List for scammers:
http://news.bbc.co.uk/1/hi/business/10122416.stm
@Mike/Liverpool – unless you want to play naked with the big boys, this is the chart that answers your question: http://www.kitco.com/charts/popup/au1825nyb.html
Hows Gold doing?
Mike
“Just Courts” Justice is what we need. It is more important than a bag of gold coins under your floor board.
The problem is is that people, nations, courts have no one standard or authority. Everyone has their owns sense of what is right and wrong… you saw that in Jim Rogers interview.
Until we have justice our lands will just be bands of robbers. (St. Augustine – City of God)
Vote on whether Goldman was actually a vampire squid or not. Well the Securities and Exchange Commission casts their vote today and the winner is …….. http://curiouscapitalist.blogs.time.com/2010/04/16/sec-goldman-is-actually-a-vampire-squid/
And in the U.K., the Financial Services Authority said that Berlin’s actions don’t relate to branches of German institutions outside of Germany — good news for Deutsche Bank, whose main trading floor is based in London.
…:D
Is the E.U.’s Crackdown on Hedge Funds Bad for Business? http://www.time.com/time/business/article/0,8599,1990216,00.html
“these guys wont even have an asset to deliver just a contract that says ‘I told you so’.”
That describes the value of the “assets” that are helping to destabilize countries and push people down into misery.
@Youri….“One Bankster One Problem, No Bankster No problem”
soon ….soon.
This post says a lot and says it better than Denninger.
http://www.investorvillage.com/smbd.asp?mb=144&mn=44876&pt=msg&mid=9022972
“Re: Watch what happens when you ban naked shorting, CDS trading and institute a transaction tax with a 6-hour notice
I changed my stance of the CDS market after paulson was bailed out utilizing taxpayer funds under the notion the banking system would collapse. I no longer care what happens to anyone who is naked short any financial product and loses money, however it happens(dont forget the removal of the uptick rule right before the markets collapsed in 07). Again, this should be part of their risk outcome model since the entire game is a side bet. We heard for weeks about the disgruntled nature coming out of EU governments about the lack of transparency in the CDS market, they had time to cover. For me, the minute these side bets were no longer covered by the houses they were placed in is the minute they lost their constitutional protection, primarily because the houses themselves would have been wiped out had the constitution even been a consideration in 2009.
We have no clue if these CDS sellers can cover their bets if the governments default. Further uncle ben has no problem swapping cash for trash, so its possible BB takes the premiums(whatever is left of them) and the defaulting asset and swaps them whole to these naked buyers on a good outcome(for them). Worse these guys wont even have an asset to deliver just a contract that says ‘I told you so’. The idea that we owe them for that certainly isn’t anywhere in the constitution.
Besides we are so far off the constitution ranch its not even an issue at this point IMHO…..”
(See Karl, an assessment can be rendered without the use of sexual references. Get treatment for the Tourette’s.)
@Marc Authier
Yeah, like Stalin said:
“One Bankster One Problem, No Bankster No problem”
I think that the whole naked short ban saga is a big storm in a very small glass of water. In fact it is a good buying opportunity investorly speakin and talkings on a day trade always seems to produce a lot of hot air.
Tomorrow big change that everything will go up again and the day after tomorrow everybody will have forgotten about today.
Just a note of thanks to The Dynamic Duo and all you folks here.
The information here is quite amazing and the most up to date you can find.
Its pretty hard to stop reading.
The Australian media is so insular that it will be blaming the resources super tax for stock market drops in tomorrows press.
Cheers all.
@Al-doomandbloom
Try Liverpool. The shopping district there is off the beaten path and unregulated. In fact, they don’t even accept Euros…
http://www.youtube.com/watch?v=GwFmkmvOzkE
Don’t go changin’…
@Dan
Hey Dan Valley USA stands for United Sachs of America. Don’t forget. You lost your country a long time ago. It’s a Goldman Sachs subsidiary.
Why is there no info on Brown’s bottom yet?
JIm Rickards sayz….I’m speaking on financial warfare in historic Cash Room at main U.S. Treasury today. Private, closed press
I divide threats into state and non-state actors. Main non-state threats are Al Qaeda and Goldman.
Ah Karl Denniger is on fire this morning. Comparing the US president to a blow job whore (you can lump in Cameron of the UK too) is quite a clintonesque portrait. Can you just imagine the scene a bit. Obama doing God’s envoy Lloyd Blankfien ? Beurk ! Franchement ! Monica Lewinsky redux. Denninger is “déchaîné”. Vitriolic and carried away. Still it’s quite an appropriate metaphor about american and british democracy in 2010.
“The bid rigging, the game-playing and the rest are all a bunch of crap. I’ve been hollering about this now for more than three years and yet our government spends it’s time fellating the bankers and their dogs instead of enforcing the law.”
@stacyherbert
Frankly I can’t see any tree trough the bushes, I donnow how to bake any cake out of it.
I fail to see how all this money shuffling in derivatives, CDOs, Options, currency trade, carry trade and what have you benefit the real economy at all? Obviously it doesn’t cause the economy goes like a drunken sailor while Lloyd Blankfein is announcing his billion gains with a smile.
The world is burning while “investors” are complaining they are not treated well. Why do they call these people “investors” anyways? “Investors” in what?
When I use to hear the word “investors” in the past I would see new factories, shiny new bridges, prosperity …. All I now see is rust, leaking oil pools, death and destruction.
@ zaphpdity
You are commenting too frequently with too short sentences.
It’s really distacting. Your comments are becoming trolls.
Please, stop ranting and let’s have a discussion.
with this ban on naked shorts….i will now have to purchase some clothes
@hullaballo about nothing
Looks like German bund yields are down today, that means the called for armageddon has been postponed:
http://www.bloomberg.com/markets/rates/germany.html
Howevah, very good day to naked short sell treasuries in the U.S.!!
The real two failed states in 2010 are the UK and USA. Two international terrorists and international rogue states.
Burning some of these bastards like in the Middle-Ages maybe would help to quell the hyper speculation ? Unfortutunately for Germany’s attempt you would have to clean up all of Wall Street and all of London. A very messy job indeed cleaning up such a mess.
Markets Live transcript 19 May 2010 http://ftalphaville.ft.com/blog/2010/05/19/236256/markets-live/
@Stacy.
Next broadcast from Iceland?
Last w/e’s metals report.
Ted Butler says commercials are still loading up with shorts (dressed).
He was only 40% bullish on Gold regarding COT.
Banks still in charge, punishing the govts who don’t do what they want.
http://www.kingworldnews.com/kingworldnews/Broadcast_Gold+/Entries/2010/5/15_Ted_Butler_on_the_Metals_Market_files/Metals%20Wrap%20Ted%20Butler%205%3A15%3A2010.mp3
@Stacy
What does the French insolvency mean for Maxes pride?
Hows Gold doing today?
Mike
Hihi a genuine ‘Suckers list’ http://news.bbc.co.uk/2/hi/business/10122416.stm
so this is what it feels like to be a tick on the back of a buffalo. wonderful.
@Youri – re: France fighting back . . . Now, two caveats here. First, French banks are some of the biggest CDS writers in Europe. Second, France already bans naked shorting of key financial stocks, which formed the other part of Tuesday night’s German measures.
I might add that French banks have probably received more bailout funds from global taxpayers than any other national banks in past two years . . .
…”This eliminates many of the risks of long decompressions underwater, in cold or dangerous conditions.”
Germany’s plan to deal with budget transgressors http://ftalphaville.ft.com/blog/2010/05/19/236066/germanys-plan-to-deal-with-budget-transgressors/
@Frances,..”Denninger really needs some powder for his brown nose”.
I couldn’t agree more,…..
Hedge funds bet $1trillion European bailout won’t work; lay hyperinflation trades
lolololololololol
Hic
you can follow the story here
http://thenewsportal.net/?p=30602
@Stacy
“Max says, naked shorts do not have corresponding naked longs; you cannot place a naked long and so it is not genuine liquidity they are providing; Alan Greenspan argued the same thing that you are arguing, namely that fraud provides liquidity”
It’s similar to liquidity, but it actually disrupts the flow.
It’s gasification. [gasity? gasidity?
]
- tiny bubbles of doom appearing in circulation
- reeking havoc as they near the surface
http://www.youtube.com/watch?v=zrLE3yBn2Nw
Perhaps Greenspan figured he could just contract Haliburton to build one of these around the entire globe…
http://en.wikipedia.org/wiki/Decompression_chamber
France fights back on BaFin ban http://ftalphaville.ft.com/blog/2010/05/19/236166/france-fights-back-on-bafin-ban/
Good oversight of the currencies http://www.ecb.int/stats/exchange/eurofxref/html/index.en.html
can click on charts to get a nice chard
I wonder that Denninger avoids correlating the actions of the ECB bank in reducing liquidity availability in April and Merkel’s move to ban naked shorts. It is riding on the back of proposed legislation to make the EU a fiscal and a monetary union: as Koch-Weser says:
“One should never waste a good crisis and do you see a chance that the right lessons are learned but also politically more feasible then, if desirable, to implement?”
http://www.acus.org/event/new-rules-reform-transatlantic-financial-markets/transcript
Denninger had no problem leaping to conclusions about the FED’s drop in liquidity access in 2008:
http://market-ticker.denninger.net/archives/590-FLASH-Fed-Speaking-Out-Both-Sides-Of-Mouth.html
What a great patriot that Denninger, eh?
germany may well start WW3
wouldnt bonds or treasurys be naked shorts too?
Hahahaha
Thats why I’m not rich
It is fascinating to watch though, this whole scenario.
Just saw Robin Hood by Ridley Scott.
That looks more like the direction we are going in.
Stupid leaders and big taxes, with the people shouting for justice and nobody listening.
Sound familiar?
Denninger really needs some powder for his brown nose.
“if you are for the liquidity that fraud provides markets, then who gets to dictate which fraudsters are allowed to be market makers and which get thrown in jail”
The liquidity that fraud has provided is operating in the sdr-indexed trade now. One really can’t escape it by ‘carpet-bombing’ wallstreet.
Justice, being blindfolded, would, I assume, topple all interests seeded in fraud through the Bretton Woods infiltration. That would include the sovereign banks which Denninger calls ‘government’.
At this point, we are erring on the side of the worst and most powerful criminals.
Intesresting.
If you get $US2000 gold, we should get $AU3000+ at the rate the $AU is tumbling.
Then the sell off gold, then the buy back before the USD crashes once there are no more debt laden currencies to kill and the banks find themselves in their own sights.
Can they kill themselves for greed?
Could you eat your own leg if you were hungry enough?
Lets wait and see.
@Stacy:
Don’t naked shorts affect market liquidity in the same manner as shorts with shorts? If the problematic in Europe recently has been market liquidity, wouldn’t the timing on Mercel’s pronouncement be a negative?
“Traders said Germany’s move limits risks players can take in euro assets, encouraging investors to shift funds elsewhere. A wider ban would only spur the outflow of money from the euro zone, putting further pressure on the single currency.” (reuter’s link)
As far as Denninger goes (one might hope not far) here is his assertion on the liquidity risk:
“In a display of idiocy reminiscent of what was done here in the US a couple of years ago Reuters has up a wire report (headline only) that Germany intends to ban “short sales” at midnight (presumably their time) this evening.
Zerohedge is reporting that this is only “naked” short sales but will apply to naked CDS, which means it will damage hedging activity for EU-area bonds.”
Denninger is not delineating a difference between the naked shorts or the shorts: why are you, Stacy?
How the Wolf Pack is (already) playing the BaFin ban http://ftalphaville.ft.com/blog/2010/05/19/235476/how-the-wolf-pack-is-already-playing-the-bafin-ban/
Was naked shorting of German financials really an issue? http://ftalphaville.ft.com/blog/2010/05/19/236356/was-naked-shorting-of-german-financials-really-an-issue/
So if it’s not it doesn’t matter that it’s banned either I should add.
http://www.youtube.com/watch?v=cFrtpT1mKy8
@Dedo:
Instruction shouldn’t be construed as argument.
@Zaphed:
Your consciousness stream has become an opaque pool desperately longing for regulatory action.
Anyways its been fun, but i’ve found trying to have a rational conversation with Americans can be harmful to ones mental health.
Laterz YOW-LLLLLL !
this is computer generated commenting.
This democracy stuff your on about..err..hate to burst ya bubble guys but its a Matrix like illusion to keep the plebs thinking everythings running in a civilized honest way…the reality is so far from the truth its unreal.
In the last eight years..no..9 really..do you really think theres ANY semblance of law an order in the political/financial system in the U.S.? No there isn’t..ONLY the survival and greed mentality of pack animals.
Once awhile they cull a member of the herd like a Maddof as an example.
Big business says to the gov “we want this scum running the show, make it happen” and it does.
Oh…And big business.
@stacyherbert
Thats an easy one stace…the government.
Billy
http://www.youtube.com/watch?v=tjQSF1bFMsk
@snoot – there is nothing incongruous in what Denninger says; the first blog entry from him you can see that via Reuters headline, he understands the ban to be on short sales; for every short sale there is a corresponding long, so this is a genuine market and bans on short sales are, therefore, stupid; once it is clear that the ban is on ‘naked’ shorts only, there is naturally a different assessment; as Max says, naked shorts do not have corresponding naked longs; you cannot place a naked long and so it is not genuine liquidity they are providing; Alan Greenspan argued the same thing that you are arguing, namely that fraud provides liquidity to the markets and so it should be tolerated; and, indeed, the IMF also argued for this in 2008 when mafia and drug money was a major source of liquidity during the ‘credit crunch’ . . . if you are for the liquidity that fraud provides markets, then who gets to dictate which fraudsters are allowed to be market makers and which get thrown in jail?
No, i’ve done a rather extensive bit of research into the American style of thinking…and I STILL get nightmares.
No its Billy Joel…”You should never argue with a crazy ma ma ma mann you outta know by nowwww”
Great tune lol
Old Indian saying,…
Never argue with a stupid person,..folk watching, are unable to spot the difference!
So it’s good, we’re typing,…or I’d really be in the shite : )
Couldn’t agree more.
……stream of BULLSHIT BWHAHAHA…except this aint bullshit
Old Indian saying,…
Never argue with a stupid person,..folk watching, are unable to spot the difference!
So it’s good, we’re typing,…or I’d really be in the shite : )
Stream of conciousness baby
Alphabet symbols disturbs the flow of my rants.
frances snoot
Like whats his name ? Kerouac I use …… as a stream of conciousness thing..Like he used rolls of paper I use rolls of….when typing sometimes.
Surely stace, your adventures with Max has brought you into contact with at least some journo’s who have had a bit of war correspondence experience.
In 1 generation we could devolve to the level of dumb beasts..oops..were already there !
Add an apostrophe, Zapho, to the were to get we’re which alters the clause considerably.
@Stacy,…I think it’s more than mere coffee he’s/she’s been taking,…: /
You are addressing a male of the species !
I assume you have worked for a living at some stage Stace, surely you understand what i’m on about. Big bad world out there baby.
Ban on naked cds will affect liquidity in European markets:
“Investors are now waiting to see whether other countries will follow Germany as a wider ban could squeeze liquidity in euro zone markets. The Financial Times reported that Austria’s finance ministry was pushing for a Europe-wide ban of naked short-selling of some financial stocks and debt securities. [ID:nSGE64I06R]”
http://www.reuters.com/article/idUSLDE64I08U20100519
I’m wondering why Denninger ballies Merkel as the savior of Europe and also posts this:
http://market-ticker.denninger.net/archives/2330-Liquidity-Whats-That-Short-Sale-Ban-in-EU.html
Oddly incongruous to this:
http://market-ticker.denninger.net/archives/2331-The-German-Government-Has-Had-Enough.html
@Stacy,…I think it’s more than mere coffee he’s/she’s been taking,…: /
@stace
I fail to see the relevance of that inquiry !
13
Lucky number lol
But what i have said is basically true and your in a state of denial if you think any different.
Can’t have one without the other..Hell even hippies fight over weed in communes man…No such thing as utopia in the human animal
@zaphodity- how many cups of coffee have you had this morning?
Survival is a form of greed baby
So,..To fight for “survival”,..is synonymous with “Greed”,…..fk sake,..you’re gone pal’,……gg ggone! ; )
Start with survival then what happens ? Here’s an example:
You fight a war with an occupying country for “survival”
Gain independence and then wage wars based on “greed” in middle eastern countries LOL BZZZZZZZZZZZZZZ THANKYOU FOR PLAYING ANYWAYYY
Angela Merkel (Angela = Angel?) was fed up discussing, waiting and postponing and took the lead banning naked shorting without disscussing it with the EU members. The (her) idea is that other EU members will follow this (her) example.
Let’s wait and see!
Nah man, from my life experience humans are a hell of alot more like the animals you see on a Attenborough documentary than they are a Walt Disney cartoon baby
So,..To fight for “survival”,..is synonymous with “Greed”,…..fk sake,..you’re gone pal’,……gg ggone! ; )
@ Stacey
@Mother – the ‘acts of desperation’ is a quote from a banker . . . who is no doubt reflecting his own inner desperation as he tries to cover his naked shorts; it can also be considered a desperate act in that after constant berating and verbal threats, all of which were promptly ignored, Merkel took out not a bazooka, but a genuinely nuclear weapon———> I just loooove your explanation especially this part “Merkel took out not a bazooka, but a genuinely nulear weapon”. Just brilliant!!!
In 1 generation we could devolve to the level of dumb beasts..oops..were already there !
What kinda shit are they filling your brains with in high school over in the U.S. ?
I wouldn’t mind scoring some Platinum
@Dedo
No they are 2 sides of the same coin
I think you guys need to realise that this economic enviroment you speak of ? it’s only an illusion…and how quickly we would revert to ripping each other to shreds for the prize chunck of meat off the caracs
Greed, and survival are two distinct concepts,…dumbass !
Platinum and palladium taking a big dive.
Could we see $1000 Platinum again ?
“Regardless, the turmoil doesn’t seem as bad as post Lehman as many were warning yesterday”
http://in.reuters.com/article/idINLDE6360FM20100412
“LONDON, April 12 (Reuters) – Benchmark euro zone interbank
lending rates rose again on Monday as the market anticipated a fall in liquidity at the end of the second quarter of the yearwhen nearly half a trillion euros must be repaid to the ECB.
As part of its return to more “normal” funding conditions,the European Central Bank said on Monday it will offer banksjust 15 billion euros in three-month funds on April 28.
It will be the first time the central bank has not provided unlimited funding since late 2008 and the interest rate will be determined by demand for the cash.
Banks will still have access to as much money as they want in one-week and one-month maturities until October, but analysts say there could be a sharp drop in liquidity in the euro zone banking system at the beginning of July as 442 billion euros of 1-year money must be repaid to the ECB at the end of June. “
Lol the “pick of the litter” I think it’s called.
We are greedy as soon as were born…The big grot always gets the most nipple.
Nearly 10 years on and still no progress, remind you of anything ?
Humans aren’t by nature, “greedy”,..as is so often ignorantly stated.
Although, it’s inherent, for human nature to be nurtured by it’s environment, e.g,..”The economic system”
Go figure,……….: )
U.S. supremacy huh ? Have you forgotten you plebs were defeated by a bunch of highly organized rice paddy farmers ? Looks like Iraq and Afghanistan is going the same way.
If I know Americans right I think what Mother Earth would be called is a “Liberal” lol
@Mother Earth
Never happen, the U.S. has 2 on the go already. Actually now would be a good time to wage war with the U.S.
It really is like telling children Santa don’t exist when you dispell some of these patriotic delusions Americans have..lol..
I can’t find where the assertion of Dennniger is corrobobingbonged..
So, people, who’s your Vater now huh? Worrisome aspect is that if Germany does not commit harakiri on its own accord, and does not allow (financial) legal power projection to screw its industry we will probably see Ketla errupt soon in a show of US supremacy destructive force..
The furst and second world wars where also industrial wars..
First thing you gotta know about so called “hero’s” the ones America has a fondness for during elections or advertising…They LOVE killing people ! No shit man it’s true..They THRIVE on it, it really is something to behold. Like watching a raging tiger disembowel a pregnant woman, trot down the road and sit in a gutter chewing on a fetus ! Human race is every bit as animal as the animal kingdom baby.
Max was right on the money when he spoke of that kind of thing in the latest phone convo he had with that chick, these are some VERY ruthless individuals man, barely recognisable as human…on an empathetic scale that is.
BANKERS AND POLITICIANS ARE NATURALS !!! lol
Thing is…Uusally with psycho’s in uniforms its boot camp brainwashing that heightens the instinct to kill..Doesnt explain politicians
I’ve met a few real life psychopaths..no politicians though, military mostly. They all have the same cloven hoof style, some are more violent than others is all.
Psychopaths, PURE psychopathic mentalities. If your making a buck out of these fun and games why the hell would you wan’t to ban naked shorts ?
Congress members would fist their own grandmothers if it was in their best interests…scuse me ladies.
US Senate defeats measure to ban naked CDS
http://www.reuters.com/article/idUSN1818364220100518
So theres attempted coordination going on here? That failed.
Yeah I saw this. Not biting the hands that feed, smart move, if your in congress that is.
US Senate defeats measure to ban naked CDS
http://www.reuters.com/article/idUSN1818364220100518
So theres attempted coordination going on here? That failed.
The euro ship is sinking and is now every man for himself. Germanys politicians are just protecting themselves from what they think is a certainty. Going Rogue is not a good sign for France, UK and the PIGGS.
Gold 1500 U$ here we come.
@Mother – gold is often used for the carry trade, either via the government lending gold at near zero percent to the bullion banks; or when gold itself is an asset into which carry traders park their borrowed funds
Humans are like junkies when it comes to greed..Gotta have more smack than the next junkie.
So how is the carry trade related to gold?
“the only thing that will wake America out of its slumber will be one more terminal crash, the one that corrupt and busted finreg reform was supposed to prevent.”
Only thing that will wake the U.S. up is if Obama personally flys a jet airliner into a building. That warped, patriotic sense of duty motivates the average American pleb, the Republican neo-conservatives where well aware of this.
@NicAbbo77 – bravo! thanks for the link; many of the news articles were often saying just ‘short selling’ and neglecting to mention the ‘naked’ part; so it’s good to see exactly what they say they are banning
I just heard that Lagarde the French Finance Minister has stated that they are not going to follow Merkels lead.
This is a very unFrench action – they always had a tradition of regulating markets.
There is no doubt in my mind that the Sarkozy administration is a cuckoo within the republic and is serving Washington’s interests while making smoothing noises to its party.
I would not be surprised if there is again a formal break between the Gaullist remnants and the neo – liberals.
@zaphodity
Frankly I can’t wait to see the whole thing come tumbling down and get it over with. This bogus market slumping around makes me crazy. The earlier the crash the earlier we can start the real economy.
If we had the crash in 2008 we would be growing by now.
The Goldman Sachs Saga and It’s Dueling Goals http://www.nytimes.com/2010/05/19/business/19client.html?pagewanted=1&ref=business
Couldn’t agree with you more mate. Unfortunantly the human race being what it is doesn’t stop and learn until millions of it’s populations die in war.
The only REAL way humans conduct massive change is after a world war, even THEN greed stuffs it up.
“the only thing that will wake America out of its slumber will be one more terminal crash, the one that corrupt and busted finreg reform was supposed to prevent.”
From: Ratigan And Sanders “We’re An Oligarchy And It’s Getting Worse” http://www.zerohedge.com/article/ratigan-and-sanders-were-oligarchy-and-its-getting-worse
Bloomberg is just a up to date read-out of exactly HOW greedy.
@The Dork of Cork
Don’t need to watch Bloomberg to know humans are greedy.
@Stacy
this is what you need. The definition of short selling that you want is rather obviously on BaFin’s own web-site
http://www.bafin.de/cln_179/nn_720784/SharedDocs/Aufsichtsrecht/EN/Verfuegungen/vf__100518__leerverkauf__schuldtitel__en.html
>>>
Naked Short Selling in debt securities as defined by section 2 (1) sentence 1 no. 3 of the German Securities Trading Act (Wertpapierhandelsgesetz – WpHG) which are admitted to trading on a regulated market of a Stock Exchange in Germany and were issued by a Member State of the European Union whose legal currency is the euro are prohibited.
An naked short sale exists if at the time of the conclusion of the respective transaction the seller of the debt securities
a) is not the owner of the same,
b) does not have any absolutely enforceable claim under the law of obligations or under property law to be transferred title in a corresponding number of securities of the same class.
etc….<<<<<
@zaphodity
Frankly I can’t wait to see the whole thing come tumbling down and get it over with. This bogus market slumping around makes me crazy. The earlier the crash the earlier we can start the real economy.
If we had the crash in 2008 we would be growing by now.
The Goldman Sachs Saga and It’s Dueling Goals http://www.nytimes.com/2010/05/19/business/19client.html?pagewanted=1&ref=business
Sooner or later this de-regulated U.S. market is gonna start to sting the wrong people (they are usually the ones who create these messes) and HEY PRESTO suddenly everythings regulated and back on par again !
Magical isn’t it ?
Watching Bloomberg for a week or so to get the zeitgeist – a lot of very bullish noises about Gold.
Just now a young fellow from deutch bank was pushing Gold – I don’t like this.
A surprise downward shift in Gold prices would not surprise me – I ain’t buying at these prices – then again I ain’t selling.
Sure you can go on and on and onnnn about gold but the world don’t run on gold, it runs on oil.
If you can’t buy oil without U.S. dollars what the hell are you worried about ?
Deep down you guys must realise that with the U.S. having reserve currency nothing really bad is ever gonna happen.
@dan valley
No problemo Danny-Boy
You’d be AMAZED at what’s thrown away everyday in the U.S. (food wise)
@zaphodity ..thanks.
Well your memory has failed you cause he said this on 19 October 2009 so October 2011 will be two years.
But regardless even if he would have said it 2 years ago he still is right. 20% Unemployment, 40 million people on food stamps, 24+ Trillion on debt and liabilities to quote: “save the economy”, gold at $1200 etc… etc…
I’d like to know your basis for comparison, until your standing in line for 8 hours with soiled undies waiting for bread and toilet roll in the freezing cold I don’t think you have much to worry about. Which reminds me, I saw an excellent doco about dumpster surfing the other day.
@Youri Carma
Also said it after 1987, actually they say the worlds coming to an end everytime a deer farts nowdays.
@dan valley
Happy Bday
America has devolved to the level of Dumb, Bovine, tax paying cattle.
Bangkok Burning .. Europe Decaying !
http://www.youtube.com/watch?v=EhHaMPGAE3M
Now THATS what should be happening in the so called “Land of the FREE”
Trouble is the average yank pleb is too doped up on prescription meds and more concerned with Lady Gaga’s latest music video to even know what the hells going on.
Tomorrow is my Bday…I expect something nice..:)
@zaphodity
Well your memory has failed you cause he said this on 19 October 2009 so October 2011 will be two years.
But regardless even if he would have said it 2 years ago he still is right. 20% Unemployment, 40 million people on food stamps, 24+ Trillion on debt and liabilities to quote: “save the economy”, gold at $1200 etc… etc…
I just think it’s a sad state of affairs when Maxwell can’t get well known financial identities on his show because of what he talks about..The truth..Although he might be biased in regulating where the energy of his critique is focused, he’s a damn sight more accurate than the “experts” your gonna see on commercial media.
@Youri
I am not so sure – as I said it could be a political vehicle to get the euro bond bailout through.
I do not know how effective this ban will be.
I would like to see the ban of all bond derivatives with the interest rate being dictated by the overall risk – but what do I know.
Bangkok Burning .. Europe Decaying !
http://www.youtube.com/watch?v=EhHaMPGAE3M
Alex Jones is 1% truth 99% bullshit and advertising.
@The Dork of Cork
That’s just what I was about to say indeedy. It’s a shift in “governments attitudes”. Finally Europe is acting instead of reacting in putting out bush fires popping up every were.
I think that Merkel is underestimated and knows more about the situation than she can politically talk about. Sometimes she said something like “Cheap Money was the cause” but than never was able to act on this due to political pressure from in and outside I think.
No Youri, when the U.S. dollar is banned as reserve currency and you don’t have to by oil with it THEN you can start to worry.
IN TWO YEARS YOU WON’T RECOGNIZE AMERICA ANYMORE
I seem to remember them saying that 2 years ago.
@@Creative Destruction
The link the Lindsey Willams Predictions from the Elite: http://forum.prisonplanet.com/index.php?topic=142168.0
@Creative Destruction
“You won’t recognize America by the end of this year.” Lindse Willams said something like this in similar words he heard from the elite.
IN TWO YEARS YOU WON’T RECOGNIZE AMERICA ANYMORE
IN TWO YEARS EVERYBODY WILL BE SO POOR THAT THEY EVEN CAN’T REBEL
INFLATION WILL ESCALATE OVER A PERIOD OF TWO YEARS
THE STOCKMARKET WILL CONTINUE TO GO UP AND UP AND AT THE PEAK CRASH!
BY 2012 THE DOLLAR WLL BE DEAD ( The end of the reserve currency status)
GOLD & SILVER ALL YOU CAN RELY ON ( This is only what the elite use as money)
@dan valley
I still hold my prediction of gold at $2000 at the end of 2010
@stacyherbert @Mother Earth
Germany to Ban Naked Short-Selling at Midnight 18 May 2010 (Bloomberg) http://www.bloomberg.com/apps/news?pid=20601010&sid=ao6BsFTFFiKc
In this article it says: “Germany will temporarily ban naked short selling and naked credit-default swaps of euro-area government bonds at midnight after politicians blamed the practice for exacerbating the European debt crisis.”
Swaps Soar on Germany’s ‘Act of Desperation’: Credit Markets 19 May 2010 (Bloomberg) http://www.bloomberg.com/apps/news?pid=20601087&sid=aOURzKpYAWGQ
This article puts forward the question how to act out this ban?
“The regulator didn’t provide details on how it will enforce the ban, or whether it would extend to trades outside Germany. The majority of credit-default swap trading takes place in New York and London.”
We have to let Afghan warlords grow poppy or the C.I.A. will predator drone the shit out of us !
If Merkels actions yesterday are more then just a political vehicle and more of a seismic shift in governments attitudes to the market then this could be very bearish for the price of Gold in the long term.
However I have my doubts about Merkel even though I applaud her moves regarding CDS
Venezuela and Iran should start trading oil in Euro’s, just to piss the yanks off lol
If you don’t play ball with the U.S. they make things very difficult for you.
Economic Hitmen (financial terrorism):
http://www.youtube.com/watch?v=n7Fzm1hEiDQ&feature=player_embedded
U.S. has got the shits on with Hugo-baby cause he won’t play ball with his oil, THATS whats devalued his currency.
If this is for real and she sticks to the guns then maybe, MAYBBEEEEE others will follow suit ?
Why only till March 2011 ? Anything significant about that date ?
Chavez government takes over Venezuela forex trade
http://www.globalpost.com/breaking-news/general/chavez-government-takes-over-venezuela-forex-trade
Axel Weber has just stated “a tighter fiscal framework is urgently needed” – Bloomberg
Least Murky has some GONADS !
Economic Hitmen (financial terrorism):
http://www.youtube.com/watch?v=n7Fzm1hEiDQ&feature=player_embedded
@Mother – I haven’t seen any definition supplied by Merkel as to what she deems to be naked shorting. I said I haven’t seen the definition, I have no doubt, however, that such a definition has been supplied, I just haven’t seen it in a format to which I can link to; if you have something that I can link to, then I will post it.
@Stacy
I listen to the finance minister talk yesterday on the German TV, he stressed the fact the seller should have proof of borrowing..
…This nutcase vet actually thinks he’s John Wayne….
…i’m…at a loss for words….
Maybe this dude, Lee Marvin, John Wayne and Clint Eastwood can form a poss’e an ride in and stop this market FRAUD !
http://www.youtube.com/watch?v=jU7fhIO7DG0&feature=topvideos
YEEEEE HAWWWWWWW !!!!!
GOLDMAN SHORTS BP 24 HRS BEFORE ACCIDENT! BP Disaster Staged Domestic Terror?
http://www.parenting-healthy-children.com/Parenting.xml
Stock exchange in Bangkok on fire: http://tweetphoto.com/23038141
@Mother – the ‘acts of desperation’ is a quote from a banker . . . who is no doubt reflecting his own inner desperation as he tries to cover his naked shorts; it can also be considered a desperate act in that after constant berating and verbal threats, all of which were promptly ignored, Merkel took out not a bazooka, but a genuinely nuclear weapon
EU warns it may seek further cutbacks from Ireland this year
http://www.irishtimes.com/newspaper/frontpage/2010/0519/1224270655072.html
$1800 – $2000 gold this year – and $30 silver – James Turk
With a prediction of a $1,800 to $2,000 gold price this year, and $8,000 by 2015, James Turk sticks to his earlier forecasts in presentation at London conference.
http://www.mineweb.com/mineweb/view/mineweb/en/page33?oid=105069&sn=Detail&pid=33
These are not acts of desperation imho, but simply responses.
@Mother – but it is Merkel’s definition that I am interested in; she is the one that introduced the ban; I’m sure it is out there, just curious to see if there are any loopholes, etc.
not only CDO’s but no stocks or bonds can be sold naked. This was the power of the manipulators. Naked is afaik defined as not having proof of borrowing the shorted instrument.
“You won’t recognize America by the end of this year.” Dow Theory Letter comes out with some scary predictions for the near term:
http://www.businessinsider.com/dow-theorist-richard-russell-sell-everything-liquid-you-wont-recognize-america-by-the-end-of-the-year-2010-5
First again.