You people are denser than concrete. “The Thickness” runs strong with you. It is your birthright, apparently – to be gullible as shit.
It is fascinating, trying to guess how many times announcing and re-announcing the same thing can get you suckers to throw your life savings at an ailing confidence scheme. For the entire second half of 2011, they just kept saying “EFSF” and every time, they managed to run the indices higher by a few percent at a time.
The damn thing isn’t even properly funded.
Question
If the EFSF is going to be used to bail out failing banks, then what’s going to be bailing out those failing countries?
I thought that’s what the EFSF was for? Now they’re using the few hundred billion they managed to gather (allegedly) to save their banking system? Oh, but this doesn’t impair their ability to backstop Spain at all.
Never mind that the only victory these clowns managed to secure in three years is about to become victim of “The Bank Run”.
And Lenny Dykstra is going to pay you that ten grand just as soon as the Gretzky house sells. And his mortgage. And his pilot. And his staff…
Face it. This fund was already overcommitted, and now it has another trillion or so of liabilities it needs to backstop. Can you pronounce “flaccid” for me?
But I know better than to fight. Just as soon as the morning lulls get out of the way, I’m out of ERY, to cash. I’ve already got my silver, and APC purchases. I’ll be 80% long inside of a few hours. Sure, I can play along. I can give you the breathing room and indifference to let you hang yourselves.
This is going to fail SPECTACULARLY. But your misplaced enthusiasm means that failure is months away again. Just like the LTRO convinced you to spend your life savings chasing sovereign yields that ultimately cost you dearly, your faith will buy you suffering once again.
But don’t worry. After the default, I’m sure Spain can make you whole again just as soon as the Gretzky house sells.
Bro.
If you enjoy the content at iBankCoin, please follow us on Twitter
Out ERY for $11.45.
My give back on net was negligible, thanks to silver and APC, plus all the small adds I made to my other positions.
And here I was thinking “what the heck is he buying silver for if he’s thinking it’s possibly going into the teens?”
Playing both sides like a champ.
I assume a re-short of oil is most likely in your not so distant future?
If it goes to $100 a barrel again, sure.
Plus, our deflation is simply a product of Europe getting dragged into a singularity.
After that, we’re going to receive the sharp end of a stick to the eye. Hence, own silver. But not oil, because oil is more sensitive to productivity; which subsequently is going to zero.
how soon before the shoe drops Cain?
Fuck if I know. Let’s watch oil and find out.
Agreud!
Your sarcasm rocks as well.
Great post.
Rock on
LOL
Cain,
To me this move is akin to categorizing something differently in accounting. It’s another shell game.
Meaning. You can put whatever “label” one would like on something. You can “place” it into whatever category you like. But the fact remains. The debt is still there.
So now the EFSF is not going to lend to the governments.
Instead. The EFSF will lend directly to the bank. Passing over the governments. This move is supposed to bring interest rates down for particular countries.
It’s a joke. A mere “re-labeling” scheme. The governments are broke. The banks are broke. The people are broke. With a coming recession.
Most of the countries in the European Union are socialist.
Wich means…Their BANKS ARE OWNED BY THE STATE.
Even in Germany. Yes there are a few private banks scattered about Europe. But as a whole..most banks in Europe are owned by the state.
(I believe please correct me if I am wrong.)
So why everyone is so excited over the ECB/ESM/EFSF leap frogging the governments and lending to the banks “directly” – I have no clue.
To me they are ONE IN THE SAME.
The banks are owned by the governments. The governments are responsible for their debt. The governments are broke.
Just another shell game.
What I mean is I do not think the debt can detach.
Short term interest rates will come down for sovereigns. But in maybe a week right back up. As the market realizes how connected they are in law.
Yep, but the governments are hoping the debt detaches, they’re hoping enough people are foolish enough to keep the game going for a few more years.
Every time yields depress on one of these announcements, just remember, some dumb bloke is financing Europe for another 6 months.
Right, gotcha!
Thank you!!