ITALY IS NOW NEEDING 30 BILLION EURO FOR BANKS

[bimetalaupt]

Greek bonds are now without the bank bail out from France or Germany...Euronex is down 2.6% and the risk of major bear market in European stocks is very high.. Inflation +higher interest rates = no way Greece to excape a major DEPRESSION.. from Canada..

www.montrealgazette.com/business/Europeans+clash+over+Greek+debt+crisis/5087019/story.html
said the situation had become almost entirely a political rather than an economic crisis, with parties taking firm, irreconcilable positions.

"We've painted ourselves into a corner. At this point, either someone --Germany, the ECB (European Central Bank) - has to fundamentally shift position, or everything blows up," the official, who declined to be named, told Reuters.

The euro sank 1.6 per cent against the U.S. dollar to its lowest level in six weeks and markets around the world moved in response to fears that Greece might eventually default. U.S. Treasury bonds rose sharply as investors sought safer assets.

EU sources said the 17 eurozone finance ministers were discussing the possibility of organizing a buyback of Greek sovereign debt, or of asking private investors to swap their bonds for debt with longer maturities.

Germany, the Netherlands, Austria and Finland are determined that banks, insurers and other private holders of Greek debt should bear some of the cost of a second bailout of Greece, which would total around 110 billion euros ($150 billion). But after weeks of negotiations with bankers, there has been next to no progress on agreeing a formula acceptable to all sides. A complex French proposal for investors to buy new Greek bonds as their existing ones mature appears to be floundering.

Meanwhile, the ECB has insisted it will not accept any scheme that credit rating agencies term a default, further limiting policymakers' options and making any bond swap extremely difficult to arrange.

A proposal to have the eurozone's bailout fund buy Greek government bonds from the market, or lend Greece money to conduct a buyback, might take too long to push through the region's national parliaments and has, in any case, run into opposition from Germany, the region's richest country.

"I think it's problematic," a source familiar with German thinking told Reuters, referring to the buyback idea.

"There, you are not talking about participation of the private sector, you are talking about participation of the public sector. It doesn't give you a great bang for your buck."

As the policy stalemate has dragged on over the last several weeks, European markets have become increasingly jittery about the possibility that Greece might be forced into a disorderly default on its debt. This prospect has pushed up bond yields around the eurozone's weak economies.

A senior EU source said there was a strong possibility that another meeting of eurozone finance ministers would be called for the end of July, with the intention that this meeting would sign off on the Greek [shadow=red,left,300]bailout.
[/shadow]

Attachments:

[bimetalaupt]

T Bonds and Bunds on the upside..RISK OFF...

Italian, Spanish and Greek bonds slumped while German bunds rallied amid concern Europe’s debt crisis is worsening.

The 10-year Italian yield soared past 6 percent, the highest level since 1997, while two-year Greek and 10-year Spanish yields surged to euro-era records. Finance ministers said late yesterday that they may revive bond buybacks to ease Greece’s debt woes. U.S. Treasuries yielded near the least this year, while 10-year German yields sank to the lowest in more than seven months on demand for safety. The euro fell to a four- month low and stocks fell from Asia to Europe.

“Although Spanish and Italian spreads are widening strongly, there is still a lot further that the risk-aversion trade can go whilst policy makers fail to stem the crisis,” said Peter Chatwell, a strategist at Credit Agricole Corporate & Investment Bank in London. “The flight into short-term German assets is very strong.”

Yields on 10-year Italian bonds increased for a seventh day, climbing as high as 6.02 percent. They were 21 basis points higher at 5.89 percent as of 9:28 a.m. in London, widening the spread over German bunds to 318 basis points, a euro-era record. Spanish 10-year yields added 17 basis points to 6.20 percent, expanding the spread over German debt to as much as 372 basis points. The yield reached a record 6.31 percent. Greek 10-year bond yields increased 10 basis points to 17.12 percent.
Bund Yields

Ten-year bund yields fell 13 basis points to 2.54 percent, the least since Nov. 15. The 3.25 percent security, due July 2021 gained 1.16, or 11.6 euros per 1,000-euro ($1,392) face amount to 106.15. Two-year German note yields declined 11 basis points to 1.15 percent, after reaching 1.14 percent, the least since Jan. 17.

Investor impatience with the EU’s response to the fiscal crisis punished the bloc’s most debt-ridden states yesterday, prompting a surge in borrowing costs across so-called peripheral states. The 17 euro-area finance ministers issued a six- paragraph statement yesterday, following a nine-hour meeting in Brussels, pledging to flesh out details of a new strategy to end the 21-month-old crisis “shortly,” without setting a timeline.

Ministers from the 27 nations that make up the European Union are due to meet in Brussels today.
‘Exploring Possibilities’

“There are a variety of ways of enhancing the flexibility,” European Union Economic and Monetary Affairs Commissioner Olli Rehn told reporters late yesterday. Buybacks are “one of those. I would at this stage not exclude any option. But instead we are exploring these possibilities.”

The new strategy may require reinforcing the European Financial Stability Facility, the 440 billion-euro bailout fund that was beefed up only last month. Talks with bondholders over a rollover plan for Greek debt were snagged after credit-rating companies said it risked putting Greece in default.

The International Monetary Fund isn’t yet discussing details of a second joint bailout package for Greece with the European Union, said Christine Lagarde, the fund’s new managing director, told reporters in Washington yesterday.

Concerns that Europe’s debt crisis is worsening comes as Italy plans to sell 6.75 billion euros in 367-day bills today. Greece is also scheduled to auction 1.25 billion euros of 182- day bills.
Core Spreads

“The battering the Italian credit has taken recently will probably mean that the bills come at a significant spread,” said Credit Agricole’s Chatwell.

So-called core euro-region bonds lagged German securities in the flight to safety, with Austrian, French, Dutch, Belgian and Finnish 10-year yields rising relative to bunds.

The Austrian spread over German 10-year bonds, Europe’s benchmark government securities, widened five basis points to 71 basis points, the most since June 2010. The French-German gap increased six basis points to 75 basis points, and the Dutch- bund difference rose six basis points to 51 basis points.

The Belgian-German spread widened 16 basis points to 178 basis points, or 1.78 percentage points, while the Finnish-bund gap rose three basis points to 46 basis points.

[bimetalaupt]

With gold prices and other major Black Swan indicators MMXII has reduced DJIA forecast to bunny from bull!!!

Wrong Date on item should read 11 July 2011

Attachments:

[decoy409]

'The 17 euro-area finance ministers issued a six- paragraph statement yesterday, following a nine-hour meeting in Brussels, pledging to flesh out details of a new strategy to end the 21-month-old crisis “shortly,” without setting a timeline.'
(end)

Aid & Austarity is about the only viable plan and the people are not taking that too well,nor should they be.

'The International Monetary Fund isn’t yet discussing details of a second joint bailout package for Greece with the European Union, said Christine Lagarde, the fund’s new managing director, told reporters in Washington yesterday.'
(end)

Long term players did not know about hamburger helper? Hate to be in those shoes as this is what I call 'late' to the party.

[bimetalaupt]

Decoy409,
Thank-you for joining into the talk about Greek Debt and the Greek revolt over SS Payments.

I thought this report from OECD said volumes about the promises past Liberal laws pasted that give great retirement with the Greek SS system ...95.7% replacement income!! Well the Persons who made the law have retired doing very well on the 95.7% replacement income.

Like the USA future retirement will have to do with less and they are GENERATION Y AND MAD!! If you look at the USA retirment we only get about an average of 42.3% replacement income..Higher at the low end but stingy vs Greek or Iceland replacement income. K4U

Just a thought,
Bi Metal Au Pt

Attachments:

[decoy409]

Bruce, I look at that list and I see 'pistol whipping.' Meaning the 'choosen one' has taken the lesser being the U.S. while the IMF and gang have traveled through much of that list,with the restructure for change.
Being the choosen one,well I see it as the 'King' on the board in which 9 out of 10 investors would as well. After all,it's the patriotic thing to see. However it is a blind-sided look. Do you understand this look?

The scenario:

1. Politicians in so-called "democracies" buy votes from the people by giving pleasing benefits which might include roads, parks, housing, medical care, retirement, education, unemployment benefits, even money paid to parents for having a child.

2. The people are happy to have more "free" benefits and reward the most lavish politicians by voting for them.

3. In order to finance their largesse, the politicians borrow more and more money from outside the country by selling bonds (IOU's) to foreigners -- banks, large institutions, etc.

4. Eventually the borrowing country owes more to foreigners than it can ever pay back, and faces national bankruptcy -- the dreaded "default."

5. Enter the IMF, willing to lend the debtor country enough money to stave off default, but at the expense of drastically cutting the benefits which the politicians of that country have given their voters. "Cutting the deficit."

Does this help the citizens of the country? No. It helps those who have loaned money to the country. The IMF loans, together with the cutting of government spending, assist the country to stay afloat sufficiently to repay debts. Meanwhile, the people of the country suffer as the IMF forces the country's economy to shrink, especially during a period of international recession such as we are experiencing.

So, as usual, what is masked as help for "the people" is actually help for the international banks and other big investors. Basically, IMF money is funneled through the debtor country to the lenders.

Now Bruce let's see what transpires as to US SS cut off along with medical. Long back you may recall I called these board moves,'inciting demise' and with that most certainly civil unrest would be hand in hand.

[maui1]

germany has benefited the most of any euro zone country because the mark was expensive when the euro came about, and overnight with the euro, german's exports exploded onto the the world market.

that is the only reason, the german gov't has been "kind of willing" to support the bailouts, as they hope to continue exploiting the euro zone's weakness, with a shared currency.

germany also knows that the mark will be too strong to support exports if the euro fails, and that will shut down germany's growth, over night.

[bimetalaupt]

Jul 12, 2011 14:08:05 GMT -5 @maui1 said:

germany has benefited the most of any euro zone country because the mark was expensive when the euro came about, and overnight with the euro, german's exports exploded onto the the world market.

that is the only reason, the german gov't has been "kind of willing" to support the bailouts, as they hope to continue exploiting the euro zone's weakness, with a shared currency.

germany also knows that the mark will be too strong to support exports if the euro fails, and that will shut down germany's growth, over night.

maui1,
With the decline in the USD Germany will be working hard to keep the advantage as the USA retools.. With Japan sill using all it Machine Tool they make the USA machine tool industry has never had it better.. #1 in the world.. With CAT and Boeing!!

Well we also have the Mexican & Canadian markets with huge growth.. Add the low cost to borrow and the USA productivity is #1..size matters exp mining like Iron and Gold or Copper!! K4U

Just a thought,
Bi Metal Au Pt

Attachments:

[dothedd]

Good Information, Bruce ... THANKS FOR SHARING!



K4U

[bimetalaupt]

Jul 12, 2011 17:31:37 GMT -5 dothedd said:

Good Information, Bruce ... THANKS FOR SHARING!



K4U

Do the DD,

Thank-you
What is behind this was an unemployed worker at one of the Greek Ship builder/ repair dry dock said on an interview that the dry dock has not had a single job/ ship this year. We are just too small for the largest Greek Cargo ships...Esp container ships ..No one is building ships in Greece where in the past we were strong in the cargo area.

Greek Ship building need capital and less cost for Labor. Great Talent needed for growth!!

Just a thought,
Bi Metal Au Pt

[Aman A.K.A. Ahamburger]

Good thread BTI, k4u

IMO They balked because moodies said their plan sucked.. Meanwhile

www.dailycitizennews.net/1190/imf-approves-3-m-euro-loan-to-greece.html

Another Meeting in July.. ESM to buy bonds on the open market?? It's called buy PIGGS debt at 15%+, sell ESM bonds to private investors for current rates..

Oh ya Decoy that conversion BTI is talking about, this is part of it..

Great Call Decoy !

Jul 12, 2011 0:28:02 GMT -5 bimetalaupt said:

I think this will show better the point I have tried to make.. THE USA SS system is Stingy.. The brain trust that FDR had formed the system around a huge Trust Fund of low interest rate bonds for the benefit first of the Treasury.. Major Benefits started at 65 witch was the average life expectancy so half the working population got nothing and their Children got nothing from the trust asset from the SS Trust estate of the fathers/mothers.

If you look at some of the other SS trust you see why they do not need a lot of Savings but our system was based on the three legs.. Retirement systems were offered by many large Paternal Organisations like the one my Father in Law worked in.. They were very political and demand their percentage of the Pie.. Again SS is lousy insurance but great low cost trust for the Federal Treasury.

I think you will find the Chart from OECD( European organisation for National SS).. 0.5 = half average income.. all numbers are percentage of Replacement income paid.. THE USA system is just stingy.. It is leg one of three ( with retirement 2nd and savings #3)

Just a thought,
Bi Metal Au Pt..

If you have a question just ask.. Only dumb question is the one you did not answer.. PM if you want.

It's called PIIGS gets 97.5% Good thing socalism is dying.. US SS fund has 2.8 trillion and is going to be funded by a 2% increase, Good until 2036, until GDP picks up..

[bimetalaupt]

K4both of you..

Back to the idea of how cheap the SS system is.. And it will be solvent if we can keep both parties out of it..

just my opinion,
BTI and

and for me it something I need to increase my BS

[bimetalaupt]

THE MARKET WENT INTO TURMOIL.. FROM RISK ON TO RISK OFF AND NOW ITALY IS PAYING THROUGH THE NOSE TO BORROW MONEY.. ITALIAN BANKS NEED SOME 30 BILLION EURO MORE CAPITAL PER LUXEMBOURG BANKING..10 BILLION MORE THEN DRAGHI IS QUOTED AS SAYING...ITALY IS THE 3RD LARGEST DEBT MARKET IN THE WORLD!!!THIS COULD BE HUGE IF THE CARDS FALL WRONG FOR THE PONZI SYSTEM KNOW AS GOVERNMENT DEBT FINANCE!!!
ITALY GROW IS ALSO SUB-PAR.. AND THE INCREASE IN INTEREST RATES WILL NOT HELP..

JUST A THOUGHT,BI METAL AU PT

Europe’s debt crisis has entered a new phase and policy makers must come up with a “clear” response to stop the contagion that threatens the region’s single currency, said the European Central Bank’s incoming President Mario Draghi.

“It’s now necessary for those trying to manage the sovereign crisis to give certainty, to define with clarity the political objectives, the scope of the instruments and the amount of resources available,” Draghi said today in a speech in Rome. “It’s a necessary step to ensure the stability of the euro area and its currency.”

European governments can no longer count on their financing costs remaining similar to those of Germany, the region’s strongest economy, simply because of their participation in the single currency, he said.

“The solvency of the sovereign states is no longer something acquired he said, but something earned with high and sustainable growth, which is only possible if budgets are in order,” Draghi, who also heads the Bank of Italy said. “Today’s cost of credit reflects that new reality.”

Draghi’s comments at the annual meeting of Italy’s banking association came after Italian bonds and stocks plunged in recent days on concern the country would struggle to reduce the euro-region’s second-biggest debt. The yield on Italy’s 10-year bond reached the highest since 1997 and financing costs at a sale of treasury bills surged on investor concern that Italy would be the next victim of the region’s debt crisis.
Bonds Gain

Italian bonds gained today on pledges by the government for swift passage of a 40 billion-euro ($64 billion) deficit- reduction plan that seeks to balance the budget in 2014. The premium investors demand to hold Italy’s 10-year bond over German bunds fell 17 basis points to 269.3, down from a euro-era record of 348 reached during trading yesterday.

Italian Finance Minister Giulio Tremonti, speaking at the same conference, said the plan would be passed by both houses of parliament by July 15. Opposition parties have agreed to ease passage of the measure in the legislature.

“Italian politicians decided to respond firmly to market concerns over the credibility and implementation of the 40 billion-euro fiscal package,” Fabio Fois, European economist at Barclays Capital in London said in a note to investors. “These are clearly positive developments. The fiscal plan was originally supposed to be voted on at the beginning of August.”
Asset Sales

The deficit plan is “an important step in strengthening the public accounts” that will help reduce the debt, Draghi said. He also called on the government to explain details of additional measures for 2014 that will be needed to achieve the balanced budget.

Tremonti did say the government was considering a plan to sell off more state-owned assets “once the crisis passes.”

Austerity measures won’t be enough for Italy and other euro-region countries to reduce debt if not accompanied by policies to boost economic growth, Draghi said. The Bank of Italy expects Italian growth to continue to lag behind the euro area average for the next two years, he said. Second-quarter growth did expand at a similar pace as that of the euro region, Draghi said, reversing the trend in the first three month when Italy grew 0.1 percent, a fraction of the 0.8 percent rate for the euro area.

In contrast to many European economies, Italy has the advantage of a solid banking system and a declining jobless rate, Draghi said.

Italian lenders will pass stress tests this week with a “significant” margin of capital above the core Tier 1 minimum, he said. He estimated the lenders still need to boost capital by 20 billion euros to meet Basel 3 standards for 2019, he said.

www.bloomberg.com/news/2011-07-13/draghi-says-eu-policy-makers-need-to-formulate-stance-to-prevent-contagion.html

[Aman A.K.A. Ahamburger]

A new marshall plan?

[bimetalaupt]

8 banks flunk EUCB Stress test .. Most due to Greek bonds are junk..Reclassified...Well the new Tell All Pic of the Greek National Bank..So you want to make withdraw??


FRANKFURT, Germany (AP) — Eight of 90 European banks flunked stress tests projecting how they would fare in another recession, and 16 more barely passed — but analysts doubted Friday's results would succeed in restoring confidence in the continent's shaky financial sector.

Some countries challenged the results as inaccurate and overly pessimistic, saying they would not force their weaker banks to raise new cash. Economists warned that the tests were insufficient because they did not simulate the main risk hanging over Europe, a default by Greece.

While markets were sanguine about the results — the euro barely moved — experts questioned whether the tests achieved their goal: restoring confidence in a sector that is carrying billions of bad debt from crisis-hit countries like Greece, Ireland and Portugal.

"The publication of these results will not assuage investors' fears over the resilience of the EU banking sector," said Marie Diron, senior economic adviser for Ernst & Young.

She said the tests were useful to single out particularly weak banks, but noted that a national debt default was "the single greatest risk facing the European banking sector at present."

As it presented the results, the European Banking Authority said the failing banks should quickly raise a total of euro2.5 billion ($3.5 billion) to boost their capital cushions. The banks that barely passed were also asked to shore up their finances in coming months.

Spain, commonly seen as the next-weakest link in the 17-country eurozone, fared by far the worst in the tests. Five banks — Catalunya Caixa, Caja de Ahorros de Mediterraneo, Banco Pastor, Unnim and Group Caja3 — failed the test outright, while seven others barely scraped by. However, the number of banks that Spain tested was far higher than in all other countries.

The next in line was Greece, with two lenders — EFG Eurobank and government-owned ATEBank — flunking the tests and two others almost failing.

Austria's Oesterreichische Volksbank AG was the only lender outside the crisis countries to not pass, though German Landesbank Helaba pulled out of the tests earlier this week, saying the EBA refused to take into account some of the capital it had set aside.[ THIS IS THE ONE TWO WATCH I HAVE BEEN TOLD BY THE LUXEMBOURG GROUP.. IT IS A MAJOR LIER ON WHAT IS ON THE BOOKS..LIKE KREDITAMSTAID WAS IN 1931.]

The European banking regulator's decision to not count certain types of capital for its stress scenarios has come under fire from several countries and could become a major hurdle for the tests' credibility.

"I refuse to accept that the five failed the test," Bank of Spain Governor Miguel Angel Fernandez Ordonez said Friday night, insisting that none of the Spanish banks had to raise extra funds.

He complained that the EBA had refused to count general provisions, money that Spanish banks are required to set aside for a crisis such as the one envisioned in the stress tests.

German officials also questioned the tests' results, saying they saw no reason for any of their banks to take action, even though two — HSH Nordbank AG and Norddeutsche Landesbank — fell into the "barely passed" category.

Nordbank and Norddeutsche Landesbank both challenged the stress test results, saying they didn't reflect how strong they were.

The EBA lacks the power to force banks to raise more capital — whether from investors or governments — or to make them merge or sell businesses. Only their national governments can do that, and analysts say the key to the stress tests is whether governments act on the results.

"The real test of the process, and of the strength of the new European supervisory system, will be the willingness of individual regulators to follow up," said Bob Penn, a partner at commercial law firm Allen & Overy.

In addition to the Spanish, Greek and German banks that only barely passed, one bank in Slovenia, one in Italy, one in Cyprus, and two in Portugal also only just survived the EBA's stress scenario.

The EBA worked hard to make this year's test more credible after a stress test last summer was largely considered a whitewash — it failed to spot huge black holes in Irish lenders, whose collapse weeks later pushed the country to take an international bailout.

A similar exercise in the U.S. in 2009, however, is widely credited with drawing a line under the country's banking crisis. In the U.S. stress tests, 10 of the nation's 19 largest banks had to raise a total of about $75 billion.

The EBA said Friday that the main reason so few banks failed the test was that it gave lenders the opportunity to raise capital ahead of the result's release. At the end of last year, 20 banks would have failed the tests and between January and April lenders raised a total of euro50 billion ($71 billion) in preparation for the test.

The banks were also required to maintain a bigger financial pad than last year: at least 5 percent of their loans, investments and other risky assets. That cushion — dubbed Core Tier 1 capital — stands ready to absorb unexpected losses and is therefore a key measure of a bank's stability.

The tests, run by national banking regulators, simulated what would happen to bank finances during a recession where growth falls more than 4 percentage points below EU forecasts, while housing prices plummet and unemployment jumps. For the 17-country eurozone, they envisaged a drop in economic output of 0.5 percent this year and 0.2 percent next year.

However, a key point of controversy was the EBA's decision not to include an explicit default in its worse-case stress scenario. Most market observers believe that a Greek default is almost inevitable, while many also expect Ireland and Portugal to eventually restructure their debts.

But even though eurozone finance ministers have been pushing for banks to share part of the burden of a planned second rescue package for Greece, the EU has said that testing for an outright default would conflict with its promise that such a move is not in the cards.

Instead, it chose to make the banks disclose exactly how much they hold in shaky bonds, including amounts and maturities. The intention is to clear the air, with strong banks no longer suspected of hiding losses and thus able to borrow more cheaply, while increasing the pressure on weaker ones and their respective governments to take remedial steps.

"The disclosure will give the markets enough information to draw their own conclusions about the banks' positions: those conclusions will be much more gloomy than the EBA's conclusions given the state of the eurozone periphery," Allen & Overy's Penn said.

Another goal was to address the so-called addicted banks, financial institutions that are so weak they can only survive by tapping emergency credits from the European Central Bank. The idea is to push governments to finally restructure or recapitalise them.

GET A CHEESE DAY,
BTI.. I WANT SOME WITH THAT CHEESE

Attachments:

[bimetalaupt]

Stress Test failed again to convert the masses in the EU to ?? ES from the Independent!!
Gold surged to fresh all-time highs, the euro slumped, bank shares stumbled and the interest rates demanded by private investors to take on Italian and Spanish government debt rose to critical levels yesterday – all clear signals that the banking stress tests published late on Friday have done little to convince sceptical investors. While the performance of individual banks was surprisingly good, the omens for systemic risk across the European financial system are much worse.

As European leaders continue to discuss their options ahead of a heads of government emergency summit this Thursday, Italian and Spanish borrowing costs scaled fresh heights, touching the punitive levels where a default or bailout becomes inevitable because of the size of the interest payments.

www.independent.co.uk/news/business/news/bank-stress-test-results-fail-to-ease-pressure-on-the-eurozone-2316035.html

[Aman A.K.A. Ahamburger]

R u going to the Greek auction today BTI??

[maui1]

the eu is talking about a euro bond, so they can fiat monetize the southern debt issue across the whole euro zone.

neat trick huh? it amazes me the games that can be played with fiat 'money' (?). this fiat printing really has become a world monopoly game, but even the rules of monopoly had to be discarded in order for this game to be played the way world gov'ts want to play it.

[smackdown]

"... bank shares stumbled and the interest rates demanded by private investors to take on Italian and Spanish government debt rose to critical levels yesterday – all clear signals that the banking stress tests published late on Friday have done little to convince skeptical investors. While the performance of individual banks was surprisingly good, the omens for systemic risk across the European financial system are much worse."

Suggesting that "skeptical investors" should be stepping around those banks and going directly to the revenue-generating crux-- the People. No level of financial folly can replace the basic fundamental necessity of JOBS, INCOME and CASH FLOW. Looks like Central Banks have to go. By the way, as it appears to be a conglomeration of weak economies along the Mediterranean, they collectively can pull control away from France & Germany and create an independent zone with separate yet enticing collateral credibility. That undermines an already fiat Euro.

[decoy409]

Nobody will be pulling out until they capture the prize in Italy.

[Aman A.K.A. Ahamburger]

Jul 19, 2011 8:11:34 GMT -5 @maui1 said:

the eu is talking about a euro bond, so they can fiat monetize the southern debt issue across the whole euro zone.

neat trick huh? it amazes me the games that can be played with fiat 'money' (?). this fiat printing really has become a world monopoly game, but even the rules of monopoly had to be discarded in order for this game to be played the way world gov'ts want to play it.

LOL.. Ah maui, good on ya mate.

In other news the Greek auction was oversubscribed.. Again..

[bimetalaupt]

A++,
GOLD IS GOING UP AND THAT IS A SIGN OF UNKNOWN BLACK SWAN BEING HATCHED AND SOMEONE HAS THE WORD..

GOLD IS NOW 1622.6
PROJECTION IS NOW 1812.57033891564901750826

LAST WORD I GOT FROM THE LUX IS THAT THE TOTAL REQUIRMENT OF ADDED TIER1 CAPITAL FOR THE EU BANKING SYSTEM IS OVER 500 BILLION EUROS.

WORD IS ALSO WESTLB BANK WILL NEED EMERGENCY FUNDING OF OVER 100 BILLION EUROS...

Just going to get worst .. far worst then now with the PIIGS more insolvent per increased interest cost.
I also heard that it is now official..Axel Weber is going to be the next COB and President of UBS..

Bi Metal Au Pt

Attachments:

[decoy409]

Bruce, I keep trying to tell you about the employed game mathamaticians and that 'nothing' is as it seems. Did you catch tim on the tube the other night? Tim stated we are borrowing .42 cents to make a debt buck a debt buck.
However if you have noticed (which I would hope that you have),that would put the old debt note far lower than what the index presents itself to be. So what's the skiff between the ICE and the Bloomberg index? As well that 16 tril. up and about,that's peanuts.

[maui1]

In other news the Greek auction was oversubscribed.. Again..

gov't intervention in bond auctions should not be thought of as strength. it is the opposite, if anything.

[decoy409]

maui1, there is a BIG PRIZE that awaits in Italy,it starts with a 'G',and after..........

[Aman A.K.A. Ahamburger]

Jul 27, 2011 0:39:54 GMT -5 bimetalaupt said:

A++,
GOLD IS GOING UP AND THAT IS A SIGN OF UNKNOWN BLACK SWAN BEING HATCHED AND SOMEONE HAS THE WORD..

GOLD IS NOW 1622.6
PROJECTION IS NOW 1812.57033891564901750826

LAST WORD I GOT FROM THE LUX IS THAT THE TOTAL REQUIRMENT OF ADDED TIER1 CAPITAL FOR THE EU BANKING SYSTEM IS OVER 500 BILLION EUROS.

WORD IS ALSO WESTLB BANK WILL NEED EMERGENCY FUNDING OF OVER 100 BILLION EUROS...

Just going to get worst .. far worst then now with the PIIGS more insolvent per increased interest cost.
I also heard that it is now official..Axel Weber is going to be the next COB and President of UBS..

Bi Metal Au Pt

They were told that you can't have one without the other. We have been talking about it for over a year(EFSF), and it looks like they wil have no other choice but to do what they were told!

EFSF to get new powers before year-end, key to Greek bailout
www.reuters.com/article/2011/07/27/eurozone-greece-idUSB5E7IJ01U20110727

It's called 15% Greek and Italy bonds bought and 3% EUROBOND issued through EFSF at AAA that China loves..

K4u BTI..

[Aman A.K.A. Ahamburger]

Yes sir...
China Interested In Taking Part In Greek Bond Buyback Plan
online.wsj.com/article/BT-CO-20110729-709325.html

China, the world's biggest creditor nation, has already pledged to buy billions of euros of European debt to help Greece and other troubled euro-zone countries find a way out of their crisis, which could severely compromise Beijing's economic interests. The European Union is China's biggest trade partner and China exports twice as much to the EU as it imports from the 27-nation bloc.

China is believed to have purchased large volumes of AAA-rated bonds issued by the EFSF as part of bailout packages for Ireland and Portugal. A country-by-country breakdown isn't available, but the EFSF has indicated major participation by Asian investors