Posts Tagged ‘ EUROZONE ’

12.09 U.S. Market Preview: The U.S. Bond Market votes on EU Treaty with Thumbs Down

By John Galt December 9, 2011 – 05:30 ET If yesterday’s decline is any indication, then today’s continuation of voting by the U.S. short term Treasuries should provide anyone with an open mind the true feelings of how large investors and nations feel about about the alleged EU resolution and the ongoing crisis since August: No my fellow readers, your eyes are not deceiving you. Just as during the heights of the 2008-2009 financial crisis, people fled all other investments and drove U.S. yields on…

By John Galt December 7 2011 – 05:40 ET Without further ado, here is your rumor selection of the day from Europe: a. Europe will create 7 new bailout programs and print faster than the Fed. b. The new Eurobond will be called the “Transformer Bond” and it will change shape, yield, and form with each corresponding drop in equities (aka the Megatron bond) c. Merkel agrees to marry Sarkozy. d. Sarkozy agrees to marry his dog. e. All of the above In reality the…

By John Galt December 6, 2011 – 17:10 ET Tonight’s entry from Ambrose Evans-Pritchard via the U.K. Telegraph: S&P has no choice: Euroland risks bankruptcy on current policies Uh, S&P could have done this in 2008 or 2009 when it was first discovered that much of the European Union was a paper tiger and insolvent, but alas, beggars can’t be choosers. Three sentences from the article sum up his pro-Keynesian position which is as fatalistic as the current policies being pursued by the Union itself:…

By John Galt December 6, 2011 – 05:25 ET With the S&P news rattling the markets last night one might expect to wake up this morning to mini-stock market crashes around the globe. Nah. Everything in the U.S. equity markets indicates a flat open while Europe is only down slightly Gold cratered to $1712 overnight but is almost back to where it was around 6 p.m. ET last night and the world seems to be sitting on the razor’s edge waiting for some sort of…

By John Galt December 7, 2011 – 16:50 ET Ambrose Evans-Pritchard once again dares to utter what politicians and banksters on both sides of the Atlantic and Channel do not want to hear from his column in tonight’s U.K. Telegraph: Zilch again from Merkozy From the article: No fiscal union, no Eurobonds, no ECB as lender of last resort – yet. Just the usual blather and a revamped Stability Pact (Fiskalunion). Yawn. All I can say is oh CHIT!

By John Galt December 5, 2011 – 16:45 ET From Standard & Poor’s website: RATINGS LIST To From Long-term ratings on CreditWatch negative Austria (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Belgium (Kingdom of) Sovereign Credit Rating AA/Watch Neg/A-1+ AA/Negative/A-1+ Finland (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ France (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Germany (Federal Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Luxembourg (Grand Duchy of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Netherlands (The) (State of) Sovereign Credit…

By John Galt December 5, 2011 – 15:20 ET And the blood from the baby seals froze into the ice… Ouch. Story breaking now on all Financial media from the Wall Street Journal and the cratering of the rally was immediate: Boom. So much for the 200 DMA and Merkel Claus. This could get interesting in Asia tonight.

By John Galt December 4, 2011 – 21:25 ET And from tonight’s edition of doom from Ambrose Evans-Pritchard and the U.K. Telegraph: Fiskalunion is worst of all worlds for Europe All one needs to know from the article, which everyone should read: Historians can only smile, or weep. Germany is unwittingly doing to Spain exactly what America did to Weimar Germany after flooding the country with cheap capital in the late 1920s. When Wall Street cut off funds and ended the credit boom, Germany collapsed.…

By John Galt December 2, 2011 – 05:30 ET Ambrose Evans-Pritchard’s latest from this morning’s U.K. Telegraph: You are all wrong, printing money can halt Europe’s crisis Of course we’re wrong Ambrose. Because it worked oh so well for Europe after in the Weimar Republic of Germany engaged in the same practice you propose.

By John Galt November 30, 2011 – 21:40 ET No comment beyond “see, I told you so” is really necessary. To read Ambrose Evans-Pritchard’s editorial commentary in tomorrow’s U.K. Telegraph, click on the title of the link below: Fed saves Europe’s banks as ECB stands pat And yes, you’re welcome Euros. Again.

By John Galt November 30, 2011 – 13:45 ET Youch. While Ambrose Evans-Pritchard has never appeared “Euro-centric” to this blogger, today’s commentary in the print edition of the U.K. Telegraph sounds like there are sharp lines being drawn across the Atlantic with the interdependency of the Fed, Bank of England, and ECB starting to create a harshness which appears to be exposed in this editorial: Citigroup sentences Europe to Lost Decade From my perspective, Citigroup missed the 2007-2009 debacle so their forecasting leaves, well, uh…

By John Galt November 30, 2011 – 12:50 ET If I were to offer an unbiased opinion, I would say that it is too early to tell. However, the lack of a vociferous and solid course of action for the EFSF to bail out anything beyond what has been established for the nations of Portugal,Ireland, and Greece versus the abject panic in Berlin and Paris about the collapse of Italy and Spain tells this blogger that indeed, a decision may have been made to limit…

By John Galt November 30, 2011 – 09:00 ET No words are necessary to tell you what is happening next, so I thought I would let the 2008 charts speak for themselves. (Click to enlarge/reduce chart size) Sept 2008 S&P 500: Aug 2008-Dec 2008 S&P 500: Sept 2008 Gold: Notice the spike as gold rallied on the dollar swap liquidity announcement. Aug – Dec 2008 Gold:

By John Galt November 29, 2011 – 22:40 ET As someone who once enjoyed the sport of skydiving in my youth the phrase “terminal velocity” was often misinterpreted by many of my friends to believe it was a term regarding the endangerment of one’s life when jumping out of a perfectly good airplane. However once you achieved the maximum speed during free fall, it was easy enough to control and enjoy the descent unless of course the parachute fails to open. Welcome to the European…

By John Galt November 29, 2011 – 05:25 ET This is just nasty. Brutal. Horrid. The auction for the 2022 bonds came in with at 7.56% yield and the 2014 auction at 7.89%, both of which are Euro era highs since Italy joined the Union. For Italy and the European Union this is not sustainable and oh, by the way; that’s how the Greek tragedy started. The Italian stock market was not thrilled: This could get interesting as the markets adjust to the new higher…

By John Galt November 28, 2011 – 17:20 ET From La Tribune de Francais: D’ici dix jours, le triple A français risque de se retrouver “sous perspective négative” In English: In ten days, the triple A French risk of being “negative outlook” Oops. Basically speaking, the ratings war is on between the least worst of the credit risks, aka, the U.S. and France which means the U.S. and France are unofficially in a pissing match to junkdom. From the article (translated via Google/my interpretation): Threats…

By John Galt November 28, 2011 – 16:20 ET Do you really need a “see I told you so” or would a wake the bleep up do? Ambrose Evans-Pritchard has penned a piece for tomorrow morning’s edition of the U.K. Telegraph which should either put you into Depends or force you to use Cyber-Monday to reinforce your supplies: Europe’s shrinking money supply flashes slump warning Personally, I do not think it is a warning. I think it is Lehmanesque capitulation. Got gold? Silver? Ammo? Read…

By John Galt November 28, 2011 – 07:20 ET After the latest rumor de jour was crushed by facts: IMF Denies Italian Bailout Package Talks The markets do not care. The Eurorumor of the day was enough to juice the futures and Asian markets overnight moving money out of the Forex safe currencies and into speculative plays for window dressing in the equities markets. The big movers were obviously EUR/USD and EUR/JPY with a nice gap in both as highlighted in this hourly chart of…

By John Galt November 27, 2011 – 16:15 ET In another not so shocking development in the Cirque de EU, now the Federal Reserve Bank of the United States is being asked to bail out the European Union so the banksters can continue their grand plans for a worldwide political and economic union based on their vision of the future. Last I checked that damned piece of paper under glass in Washington, D.C., there was no obligation of the U.S. to bail out the nations…

By John Galt November 24, 2011 – 12:40 ET If there ever was a “see I told you so” moment, this story defines it. I warned way, way, way back when the Irish bailout was initially discussed, that the assault on Irish sovereignty would create a nationalist backlash against the British banking system and empower those political parties which demand that the people keep their freedoms and endure the pain like Iceland has done. Sein Fein is resurgent as their political clout grows along with…

By John Galt November 23, 2011 – 14:45 ET Do I really need to offer a snide remark or commentary? Seriously? How about some fireworks to celebrate and congratulate the effort? Yet there are those morons who appear on the “financial news networks” and proclaim that “sure, there’s no problem, the Greeks can pay this off.” There are better odds that we’ll see pictures of Barrack Obama and Michelle Bachmann nude, in bed, at a Motel 6 in Ottumwa, Iowa being leaked to the media.…

By John Galt November 23, 2011 – 05:25 ET According to a breaking story this morning, the German 10 Year Bund auction was technically uncovered which is the same as: With only €3.6 billion purchased of €6 billion offered, I would call that the definition of epic failure. Now that the crisis has migrated into the heart of the Eurozone, watch out for pissed off German bankers taking revenge out on the PIIGS. The yields are creeping up slightly but the Euro has just absolutely…

By John Galt November 23, 2011 – 05:15 ET From Ambrose Evans-Pritchard via the U.K. Telegraph: Spain in race against time to avert bail-out Excerpt: The bank said the double whammy of surging borrowing costs and a slide back into recession together risk inflicting serious damage to Spain’s debt-dynamics, pushing public debt above 86pc of GDP over the next three years. The double whammy is when the banks from the Northern European nations fail to have the ability to survive long enough or remain solvent…

By John Galt November 22, 2011 – 22:00 ET Just a quick note before I crash for 4 hours: FUGLY. Wow. (ALL CHARTS FROM FOREXPROS.COM…click here to see all of their futures charts) U.S. Futures down hard: Down 13.10 at this posting. But what is scarey is the FOREX futures…. Aussie v. USD: Canadian Dollar v. USD: Hang-Seng Index (down 2.05% at the moment): Stay tuned, this could get super ugly with a holiday in the U.S. on Thursday and massive uncertainty about Europe’s future…

By John Galt November 21, 2011 – 21:45 ET From Ambrose Evans-Pritchard of the U.K. Telegraph; read them and weep for our friends in Europe: Self-serving myths of Europe’s neo-Calvinists Hungary turns to IMF as stress mounts in Eastern Europe

By John Galt November 21, 2011 – 09:05 ET If you’re looking for a crash, I think it is easy enough to find by simply going to Bloomberg’s home page for the Athens Stock Exchange to see what is spreading: While that is impressive, as the sub 700 level has not been seen since the 1990′s, the five year chart is even more eye opening: If the new Greek leadership does not reach some sort of agreement regarding the demand for blood oaths from the…

By John Galt November 21, 2011 – 07:15 ET With futures looking pretty ugly already, the blame game has begun. Blame the Spanish election. Blame the Italians. Blame the Greeks. Blame the ECB. Blame the extra-Constitutional super-committee. In reality these entities have been the problem all along, creating a nightmarish if not illegal Ponzi economy which as it implodes takes layer upon layer of their citizen’s wealth with them. The desperation expressed by the financial and political elites to preserve their power base and the…

By John Galt November 20, 2011 – 20:28 ET Ambrose Evans-Pritchard’s latest from the U.K. Telegraph: Spain – the fifth victim to fall in Europe’s arc of depression A key excerpt to wet your appetite to read the rest of the story: Philip Whyte and Simon Tilford argue in a paper for the Centre for European Reform (CER) that this is a “damagingly partial and self-serving” version of events. “It wrongly assigns all the blame for peripheral indebtedness to government profligacy; it makes no mention…

By John Galt November 18, 2011 – 05:15 ET Think the markets need a weekend breather? Perhaps it is time to take out the Eurotrash to the curb, clean up the mess being left behind and hope the EU behaves itself while the U.S. primes itself for a holiday week. The Euro currency though, which really should be trading substantially lower if not for coordinated intervention, looks as if it will be maintained above the 1.34-1.35 level moving into trading this morning which will support…

By John Galt November 17, 2011 – 05:50 ET Ambrose Evans-Pritchard nails the Euro crisis expansion again in this morning’s edition of the U.K. Telegraph: Latin showdown with Germany over ECB

By John Galt November 17, 2011 – 05:40ET Nothing like waking up to a failed bond auction. Despite the spin, there is no other way to describe today’s 10 year Spanish bond auction where the target sale allocation was € 4 billion but they were only able to sell € 3.6 billion on weak demand and at a record high median yield of 6.745% and a high end yield of 7.08%. The Reuters headline hits the nail on the head: Spain bond sale costs soar…

By John Galt November 16, 2011 – 07:00 ET If anyone thinks the roller coaster is over with, look at this chart of the S&P futures from last night through the early morning hours and until about 6:50 a.m. EST: (all charts courtesy of ForexPros.com) So the photo at the top of this thread of the Millennium Roller Coaster or the S&P chart are pretty much identical. Please keep your hands and arms inside the car at all times and strap yourself in as the…

By John Galt November 15, 2011 – 16:30 ET Just when everyone thinks it is safe to return to the calm waters of the Danube or the Rhine (that’s a joke, by the way), Ambrose Evans-Pritchard in this morning’s print edition of the U.K. Telegraph with this bombshell commentary: Utopian Germans risk full-blown EMU depression And to be honest, it is a decades old battle between those who want a monetary machine to print at will versus those who have lived through and understand the…

By John Galt November 15, 2011 -06:00 ET And it’s gone. So much for that. From Bloomberg:

By John Galt November 15, 2011 – 05:15 ET (chart from INO.com) Oops. The European Union’s reserve currency is showing signs of cracking again this morning as it falls back into the 1.35 range once again and the Italian/Greek/Spanish/Irish/Portugal/Hungarian/Austrian/French debt/banking/government crisis (circle all which match today’s news) accelerates into the winter. The only thing missing is a group of alcohol filled or drug induced bums and losers marching on the stock exchanges or city halls of large cities in those nations; er, never mind, that’s…

By John Galt November 14, 2011 – 07:10 ET From Bloomberg: That is not going to make Greece any more solvent when one considers that for each Euro they borrow they have to pay back 2.5 Euros. This is the only indication one need to watch to understand that the European Union will be losing members and a financial civil war is about to begin between the Northern and Southern states over this matter.

By John Galt November 13, 2011 – 15:20 ET Ambrose Evans-Pritchard correctly identifies the symptoms of globalist domination but no one cares because it is more important to save banksters than enjoy the freedoms provided by national sovereignty. Click on the title to read the article from tonight’s U.K. Telegraph: The great euro Putsch rolls on as two democracies fall This excerpt should wet the reader’s appetite to read even more as this is an indictment of just how bad the situation in Europe really…

By John Galt November 9, 2011 – 21:25 ET From tonight’s UK Telegraph and Ambrose Evans-Pritchard: 11/9 AEP: Europe pushes Italy into the abyss No comment from me is necessary.

By John Galt November 9, 2011 – 07:30 ET Two stories caught my eye yesterday tied directly to the accelerating European crisis and the indicators that the rate of contraction is accelerating. First the U.K. newspaper, The Guardian: Europe’s banks retreat into ‘mini-crunch’ The secondary headline is the one that should raise an eyebrow: Europe’s banks are withdrawing from foreign lending in an echo of 1930s beggar-thy-neighbour economics The story highlighted the coming economic nationalism which might be interpreted as a new isolationist policy to…

By John Galt November 7, 2011 – 21:15 ET Ambrose Evans-Pritchard’s latest from the UK Telegraph: France cuts frantically as Italy nears debt spiral From tonight’s article: “We wish to protect the French against the grave problems facing other European countries. Bankruptcy is not an abstract word,” said premier Francois Fillon. The belt-tightening plan — the second package since August, taking total cuts to €112bn — include a 5pc super-tax on big firms, a rise in VAT on restaurants and construction, and cuts on pensions,…

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Posts Tagged ‘ EUROZONE ’

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