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 Live 7 p.m. to 9 p.m. EST TONIGHT: Tonight, phone lines ARE OPEN. Time to commune. Time to think. Final hours are now upon us to prepare. Oh, and yes, do not stand on the wrong side of the fan because the INCOMING smells somewhat raw. To call into the program dial: (877)213-6404 or (812)307-4363. Just click on the banner below to find the various audio players to listen or to participate in the chat room with like minded…
By John Galt November 30, 2011 – 14:40 ET Someone forgot to tell GS about the TV Party tonight: Ah, nothing like a little Black Flag to fire up the masses. Then again, these charts are buttgly but they are from 2008! Let’s start with the September 2008 super duper liquidity “we’re going to save the world” bailout period which is an almost perfect duplication of today: (click to enlarge/reduce charts) Impressive? Nah. But if today’s market action parallels this move, which it appears…
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 30, 2011 – 08:30 ET From the Federal Reserve website, Press Release on Monetary Policy release from September 18, 2008: Press Release Release Date: September 18, 2008 For release at 3:00 a.m. EDT Today, the Bank of Canada, the Bank of England, the European Central Bank (ECB), the Federal Reserve, the Bank of Japan, and the Swiss National Bank are announcing coordinated measures designed to address the continued elevated pressures in U.S. dollar short-term funding markets. These measures, together with other actions…
By John Galt November 30, 2011 – 08:05 ET Breaking news on all the financial media outlets: Global central banks announce interest rate cuts on dollar swaps to boost liquidity. The Federal Reserve plus banks in Canada, Switzerland, Japan, England, and European Central Bank are all participating. Needless to say the pump monkeys are going wild in world equity markets. More information as it becomes available. And yes, gold is going nuts:
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