tag:blogger.com,1999:blog-7982981413278241287.post3958939835651286661..comments2023-10-28T17:54:39.467-06:00Comments on The Golden Truth: The EU "Rescue" Plan: A Whole Lotta NuthinDave in Denverhttp://www.blogger.com/profile/03016238915167131989noreply@blogger.comBlogger10125tag:blogger.com,1999:blog-7982981413278241287.post-34402703924954229482011-10-27T22:03:22.584-06:002011-10-27T22:03:22.584-06:00Thanks for the observations & analysis Dave.
...Thanks for the observations & analysis Dave.<br /><br />Far as I can tell the bankers behind the politicians don't actually have a solution other than propping up the system piecemeal and overseeing the continued bleeding of the public to support the corrupt status quo.<br /><br />Their wet dream is of course the NWO goal of consolidated financial systems, hence their politician/bureaucrat puppets mumbling about "fiscal union" every so often. <br /><br />Make no mistake, these folks are very dangerous.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-28630252338722486272011-10-27T21:00:54.158-06:002011-10-27T21:00:54.158-06:00Agreed Dave, the global economy is a joke. And the...Agreed Dave, the global economy is a joke. And the Bozo the Clowns we elect too represent us are the biggest jokes of all.Billnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-73080374413279632352011-10-27T20:38:18.262-06:002011-10-27T20:38:18.262-06:00Great write-up Dave. Pretty much sums up what I w...Great write-up Dave. Pretty much sums up what I was thinking about this EU deal. We'll take a few more laps around the track and be right back where we started, just with less energy in the tank.PM Bughttp://www.pmbug.com/noreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-25065223255634868052011-10-27T17:52:39.888-06:002011-10-27T17:52:39.888-06:00governor, senator, real world....
MF Global Taps...governor, senator, real world....<br /><br /><br />MF Global Taps Credit Facility, Burns Through $2 Billion In Quarter<br /><br />What is probably the biggest take home here is just how much of a<br />capital drain European exposure (and we are confident MF was<br />"hedged".... just like Morgan Stanley) can become, and how quickly a<br />firm can become completely insolvent. As a reminder, the firm reported<br />$710 million in cash as of June 30. Obviously all of that cash must<br />have been burned through if the firm also not only tapped but<br />exhausted its $1.3 billion in revolvers in the past quarter (which<br />have rating associated rate step ups, which don't take too kindly to a<br />junk rating). Net result: $2 billion in cash (or about 9 times its<br />makret cap) burned in 4 months primarily due to "hedged" European<br />exposure.<br /><br />As for whose problem MF is now, according to the recently launched<br />credit facility, JPM is admin agent on at least the smaller $300<br />million credit facility. Which means that it is now a counterparty<br />risk to Jamie Dimon. In other words, and we would not put it past<br />them, Goldman may have pulled a Dexia and AIG on MF Global, with a<br />spie in collateral calls, in the process sticking Jamie Dimon with the<br />bill. Whether or not Goldman would dare to do this to the firm of its<br />former CEO is a different question... But one most likely answered<br />with a resounding yes.<br /><br />http://www.zerohedge.com/news/mf-global-taps-credit-facility-burns-through-2-billion-quarterAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-44752691914552646912011-10-27T17:20:02.726-06:002011-10-27T17:20:02.726-06:00about that general strike....
Rioting Across Amer...about that general strike....<br /><br />Rioting Across America - The Great Depression <br /><br />http://www.youtube.com/watch?v=exuGv3HsV-U&feature=youtube_gdata_playerAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-7809558318000810862011-10-27T16:45:24.840-06:002011-10-27T16:45:24.840-06:00Ciao Marco,
LOL. Che è una moneta grande!Ciao Marco,<br /><br />LOL. Che è una moneta grande!Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-19963065471132402572011-10-27T16:07:07.042-06:002011-10-27T16:07:07.042-06:00Hey brother, do you have a COIN to spare with me ?...Hey brother, do you have a COIN to spare with me ? ...<br />http://www.bbc.co.uk/news/world-asia-pacific-15477426<br /><br />Ciao Dave, buon Ognissanti !<br /><br />MarcoAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-13821253142646963652011-10-27T12:05:32.161-06:002011-10-27T12:05:32.161-06:00(Dave)
Short answer: Yes. I've always thoug...(Dave)<br /><br />Short answer: Yes. I've always thought ISDA was ultimately bogus. I used ISDA swap docs back in the 1990's on high yield swap trades. I basically filled in what i wanted to fill in in key spots. <br /><br />I also ultimately have always expected that any potential large-scale swap defaults would be monetized and avoided. That's exactly what happened in 2008 here and what is happening now in Europe.<br /><br />The entire globaly financial system is one big joke.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-80148181683726457292011-10-27T11:58:04.865-06:002011-10-27T11:58:04.865-06:00Dave do you think whats going on now with cds and ...Dave do you think whats going on now with cds and isda will ultimately bear down upon etf's and gold swaps?<br /><br /><br /><br />Credit Default Swaps Useless as Hedge Against Default; CDS on Greece a Purposeful Sham; Derivatives King Always Wins<br /><br />As a result of labeling 50% haircuts "voluntary", Credit Default Swap contracts have proven to be useless when it comes to protecting against sovereign default. The serious implication is investors will need to find another way to hedge.<br /><br />First Step in a CDS: Protect Yourself from the ISDA Cartel<br /><br /><br />This isn’t the first time investors have been burned in the sovereign credit default swap market. Hedge funds Eternity Global Master Fund Ltd. and HBK Master Fund LP thought they purchased protection against an Argentina default and sued when J.P. Morgan refused to pay off on Argentina credit protection contracts they had purchased.<br /><br /><br />Language Arbitrage: You’re Not a Sucker, You’re a Customer<br /><br />Banks that play this game call it “language arbitrage.” Anyone that bought sovereign credit protection on Greece after accepting ISDA “standard” documentation without modifying the language now finds that they are on the wrong side of an “arbitrage.” An arbitrage is a riskless money pump. In this case, it means that money has been pumped out of credit default protection buyers with no risk to their counterparties, the financial institutions that ostensibly sold them credit default protection on Greece. <br /><br /><br /><br />http://globaleconomicanalysis.blogspot.com/2011/10/credit-default-swaps-useless-as-hedge.html<br /><br />danteAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-7982981413278241287.post-37595142636671135202011-10-27T11:10:37.285-06:002011-10-27T11:10:37.285-06:00Sick of everything?..then...
GENERAL STRIKE NOVE...Sick of everything?..then...<br /><br /><br />GENERAL STRIKE NOVEMBER 2nd<br /> <br /><br />I'm getting word (via Twitter) that the Oakland branch of "Occupy Wall Street" has finally done what I recommended as the only course of peaceful action that will matter:<br /><br />They have called for a GENERAL STRIKE November 2nd.<br /><br />Why will a General Strike work?<br /><br />Simple: It attacks the government in a lawful, peaceful manner in the one way they cannot counteract: It cuts off their funding!<br /><br />You can't tax what doesn't happen, basically. This is the people's way to peacefully withdraw consent to being governed. <br /><br />You buy nothing, you perform no work, you do nothing that is taxable.<br /><br />The implicit threat is that you cut the legs out from under the government's ability to fund itself. This is an entirely lawful action and I said in 2008 that this was the appropriate thing to be doing.<br /><br />http://market-ticker.org/akcs-www?post=196636Anonymousnoreply@blogger.com