I’m not afraid of the whole deck of cards being burned to dust. Despite my positioning, I am as bearish as can be. As a matter of fact, inside of my soul, I make the psychopath from Zerohedge look like Mother Theresa.
It’s all coming to a head now, isn’t it? This is the main event. The side shows of Ireland, Portugal and Greece are over. Welcome to the death match, starring Italy and France. After we are done with Europe, the contagion will spread to South America, then Asia and eventually America. But the policy response will be the same: more free money.
Do not think for a second they will allow for sanity to take hold after years of propping up this dead system. We know who pays the penalty and it’s not people with money. Everyone else gets taxed through artificial inflation, doubled with wage deflation. It’s the worst of all worlds for the middle class bus driver trying to put his kids through college. This, mind you, is not the message of the fucktards down at Occupy Wall Street–because they’re not part of the system.
VXX and FAZ are ripping higher, yet oil is flat. Banks like DB, ING, BCS, JEF and MS are in the heart of this current mess. Any sell off will hit those stocks hardest. On the flip side, any upside reversal will send shares soaring just as quick as the dropped.
I can’t add to any non-precious metal names here, with Italian yields so high. And, I can’t short stocks, based upon the laws of Turkey. For now, I am obligated to sit here and take my lumps, like a man, while accumulating gold and silver like a greedier version of Senator Gint, if at all possible.
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I’ve never seen your plays so correlate. If you were to add a hedge what would you gravitate toward first?? VXX?
vxx
anxiously anticipating tonight’s debate. today’s market is boring by comparison. and we’re down 300! imagine that!! SDFKLJSDLFKSDJFLKSDJFLSDKFJSDLKFJSDLKFJSDLFKJS:FLKSDJF:LKSDJF:SDLKFJSDL:f
Gold to $100k/oz
I’ll drink to that.
How ’bout an EWI short?
Fly – I will be over for dinner around 5:00.
BANNED
Only cattle eat at 5.
Starting to look more and more like we will be choking on meatballs this year rather than dining on turkey
Well said.
Where is Merlin?! Poof! Your Eurozone is gone…
VIX + 20%, no biggie
Lol
TVIX back to $60, now I’m only down $5 from my infamous “all in” call. I’m still alive!
I hear that
Fly – can I be so bold to ask for some additions to an ARMAGEDDON basket: EDZ, FXP, DUG, VXX, ???
If sparking a national conversation was the goal of OWS, then they have achieved just that… I take a look at the OWS debate over in the IBC Blogger Network in my blog post
Please Sir…May I Have Some More? No, Fuck Off and Eat Your Peas
http://ibankcoin.com/drschadenfreude/2011/11/07/please-sir%E2%80%A6may-i-have-some-more-no-fuck-off-and-eat-your-peas/
Kind of appropriate that we’re testing the Emergency Broadcast System today, isn’t it?
“If this had been an Actual financial emergency, instructions would be provided on which bank to run first, and how deep in the woods citizens should bury their remaining sea shells. Thank you”
11-11-11
V.King. I don’t want to get banned.
I know Fly doesn’t like advice.
But maybe, being that you’re a Kind and all, you might mention that you guys buy 99.9% pure silver fitness equipment.
Dumb bells, bar bell and plates.
Just imagine a gold bar bell with silver plates (45, 35, 25, 10’s and 5’s).
MONEY!
My fig.’s show such as a 135 standard bench press warm up is $1,270,800. What an investment!
will the asshole dip buyers show up today???
There will be someone out there who says this bodes well for the bulls, NO doubt about it.. Lmao
This bodes well for the bulls….shit!
I’m buying this dip!
Oh yeah! Me too! Now watching silver get trashed, down 3% after the market close. Any safe havens will be obliterated, driving people back into the US dollar, for the final overnight USD collapse. Wealth transfer 101.
The hyenas bit their nuts off. They won’t show up for a bit. Any doubt, check out Hynea Man: http://ibankcoin.com/chessnwine/2011/11/08/tough-stock-in-a-tough-neighborhood/
hide your JV tight end holes, HORATIO is coming harder than a defensive coordinator at Penn State
eww!
Ery is my fav Armageddon play
U the man — Thanks! Will be looking to add.
That 3x energy shit will cut your head off Phil…just saying.
Gold more expensive than platinum right now…history dictates platinum will need to surpass gold…not to mention everyone and their mother is playing gold now…hard trade and contrarian play says short them their gold in them there hills.
Just looking for additional ways to play the scenario under which they don’t simply attempt to print their way out of this. If this is really the Endgame and the lights are turned on the marks are taken. If Germany wipes their hands clean of the whole mess and backs out for example. Just an addition to what I have now — I like the play. Shorting gold would fit into that thesis as well – your ratio of platnium to gold would adjust accordingly as well
I don’t why I would believe they won’t simply kick the can down the road and attempt to monetize but we’ll see. I think this way has the much bigger payday although maybe lower probability. Just want to have some skin in the game if that’s the way this unfolds that’s all.
ERY is six steps forward, two steps back. Just watch out for the steps…
That’s a good way to put it. Timing is everything with these MoFos
Countries defaulted on their WWI debt, but there was no Armageddon. Ironic that Germany is now on the creditor side.
There were no credit default swaps in WW1, though I’m not so sure they mean anything after the greek bond haircut.
The WWI debt was too big and impossible to pay off. That’s the thing about austerity and peasants paying off their banks’or their country’s debt. It makes their economy worse and they can never crawl out of the hole. If you are going to have a horrible economy anyway, why not default on your debt? When the IMF lends countries money, this happens too.
Countries and people should really not take on large amounts of debt. It spirals into crazy situations where there is no way out.
There was World War II
Fly,
Thx for pushing the Italy issue weeks before it became news on CNBC, etc. – it kept me mostly in cash through that period when a lot of people were saying we go up 15% by years end.
Thus, sovereign CDS will soon be declared contrary to the public good and only be traded for liquidation.
So that means you can’t hedge your sovereign bond holdings, so you sell. Right? Presto! You got it.
I wonder if when they were vilifying CDS holders as speculative assholes, they were even aware how many of their own bondholders were using it as insurance?
It was the idiot move of the decade.
If you’re a bus driver in Madison, you’ve got nothing to worry about – this guy made 160K last year: http://host.madison.com/wsj/news/local/govt_and_politics/article_24af32d4-13f4-11df-86b2-001cc4c002e0.html
That is a truly bearish indicator
LOL @ myself.
The CNBC headline said Merkel pushes for change in European Lisbon Treaty.
For a minute I was thinking what is the European Lesbian treaty?.
You holding GSVC into earnings tomorrow?
Market trades up tomorrow. Freakin’ ridiculous but it’s a Bull Market!
Flippe Floppe!
VIX + 31%, boolish
I’m betting long for tomorrow. Bought some double-leveraged ETFs, accordingly.
What the fuck just happened to GMCR???
its called earnings..or lack of…
Holy shit GMCR!!!
GMCR…. Walmart brand coffee isn’t that bad.
http://www.walmart.com/ip/Great-Value-Premium-Ground-Coffee-39-oz/10415432
I wish they would come out with beer too.
Walmart Condoms…would you trust them…I say nay!
I pull out.
How many kids you have?
Adobe drops flash for mobile devices, looks toward HTML 5.
Wow, Steve Jobs is still getting the last laugh.
Fly how do you buy on days like this? How do you find the confidence to go against your emotions and do what needs to be done? Seriously in need of help in that department.
Have to have balls of steel!
Maybe I should start wearing a cup when I’m about to make a trade.
Just sit on your helmet and trade away.
I just don’t get gold its really worthless IMO
I cant drive my car with it drink it or eat it.
Those 3 things are the Modern gold IMO
No problem. Sell me yours for dirt cheap, and we’ll all be happy.
It hasn’t hit the wires yet, but Jefferson county finally declared bankruptcy moments ago. I saw it on the Bloomberg TV scroll.
From yesterday:
http://www.bizjournals.com/birmingham/morning_call/2011/11/jeffco-talk-bankruptcy-options-today.html
Anyone here concerned about Alabama’s sewer system debt say…”I’ll be a pig stuck in mud”.
Dissolve Alabama into Florida and Georgia and proceed as usual.
Greece is done but how do you convert from euros back to drachmas? Who is going to willingly give up their euros in exchange for drachmas? It’s impossible.
Italy will be fine I think (hopefully). It is a wealthy country with a lot going on. I am by no means particularly knowledgeable but it seemed a prosperous country when I visited there last year. A lot more than the states actually. They just need to get their political shit a bit more together.
He’s been banned.
I’ve been telling everyone about this crisis for months. Just because today was bad doesn’t mean we will crater from here.
People need to get real.
I remember you pointed this out in detail back in July.