Thursday, November 17, 2011

Greek Police Fire Tear Gas At Protesters Chanting "EU, IMF Out"

Europe is FIXED!!!! Greek police fired tear gas at black-clad youths on Thursday as thousands marched through Athens to mark a 1973 student uprising against the 1967-1974 military dictatorship and protest bitter austerity measures. Students and teachers, workers and pensioners marched beating drums and chanting "EU, IMF out" in the first public test for a new national unity government charged with imposing painful tax rises and spending cuts to avert bankruptcy.

The Technocratic Revulsion Begins: Photos And Video As Thousands Of Italians Protest Monti's "Banker" Government

Well that was quick: Italy is about to be acquainted with the old Asian saying that a "known devil is better then unknown angel", especially when the angel is a Prime and Finance minister (two for the austere price of one) working purely on the behalf of offshore banker interests. As Reuters and Corriere report, thousands of Italians took to the streets in several cities on Thursday to protest against what they called a "bankers' government" led by economist Mario Monti, and there were clashes with police. Students in Italy's financial capital Milan threw firecrackers at police trying to prevent them approaching the Bocconi university, which is chaired by Monti and has become a symbol for the new executive of technocrats he has formed to tackle Italy's debt crisis. Police responded by charging the students with batons. One journalist was injured by a firecracker, police sources said. The students also threw eggs and fake dollar banknotes at the building of the Italian banking association. "We don't want the banks to rule" and "Monti's government is not the solution," the students chanted." Well as long as it is only the students who feel this way, all is well. If, however, the anti-Monti sentiment is shared by more, which it is, then the technocratic government will be lucky to survive three weeks... forget 2013. And the greater the revulsion, the bigger the Stockholm Syndrome nostalgia for Berlusconi will be. If we were betting people, we would speculate that Silvio's chances for reelection are soaring with each passing minute.

How Many Times Have I Told You To BTFD's...

Central banks said to be buying the dips in gold

And Back Down - Fitch Says Italy May Be Cut To Low Investment Grade

And now back down:

When The Duopolistic Owners Of The EU Printing Presses Disagree On The Color Of The Ink!
Reggie Middleton
11/17/2011 - 09:37
Like two children bickering over spilled ink... Listen fellas, there's only one way out of this, and that way is not through the ACME Print-O-Matic 2000 (Euro edition). It didn't work for Japan, it... 

Saving For A Rainy Day

Admin at Jim Rogers Blog - 26 minutes ago
It's now raining and the United States has saved nothing. - *in China Daily* (He explained that although China may have its problems, it is the largest creditor worldwide and has saved enough for a rainy day with its huge foreign currency reserve) *Tickers, iShares FTSE/Xinhua China 25 Index ETF (FXI) * *Jim Rogers is an author, financial commentator and successful international investor. He has been frequently featured in Time, The New York Times, Barron’s, Forbes, Fortune, The Wall Street Journal, The Financial Times and is a regular guest on Bloomberg and CNBC.* 

HardTalk & Kyle Bass on The Global Economy & Finance Situation - BBC Interview

Eric De Groot at Eric De Groot - 28 minutes ago
Key Points of the Interview Concept of the "Fat Pitch" - Think Gold PIIGS have reached the zone of insolvency Mexican Standoff between Germany and PIIGS Japan's Coming Fall HardTalk & Kyle Bass on The Global Economy & Finance Situation - BBC Interview [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

Stocks Close Sharply Lower After Fitch Report

Eric De Groot at Eric De Groot - 1 hour ago
US banks have substantial exposure to Europe. Recent equity market volatility illustrates the uncertainty and the growing deterioration of confidence from this exposure. Forget the Fitch Report, the message from the market report paints a picture of distribution in the financial sector. The close below the August 2009 breakout gap on increasing volume in August 2011 represents a sign of weakness... [[ This is a content summary only. Visit my website for full links, other content, and more! ]] 

QE3 Is Just A Matter Of Time

Admin at Marc Faber Blog - 1 hour ago

A third wave of quantitative easing by the US Federal Reserve is just a matter of time. - *at an event sponsored by Chinatrust Financial Holding in Taipei* *Related ETFs, SPDR S&P 500 ETF (SPY), iShares MSCI Emerging Markets Index ETF (EEM), PowerShares QQQ Trust ETF (QQQ)* *Marc Faber is an international investor known for his uncanny predictions of the stock market and futures markets around the world.* 

ECB Independence Workaround - Lend To IMF And Turn A Blind Eye

The political pressure on the ECB (and implicitly the Bundesbank's oh-so-stubbornly sensible and correct bankers) to just-print-baby-print is growing by the hour (or down-tick in BTPs and OATs). The cacophony of long-only strategists, Keynesian central bankers, and desperate (under speculative attack) politicians has perhaps reached a crescendo as it appears (from a Reuters article) that the ECB has found a workaround. By lending to the IMF, who are able to do pretty much whatever they want with regard to on-lending and primary issuance support, the ECB denizens can maintain their tough no nonsense anti-monetization stance while providing a leveragable IMF with more support for whatever leveraged buying they deem necessary (cough France Italy Spain cough). And all this as the IMF scrambles to replace its European Director - what could possibly go wrong?

Jefferies Back To Single Digits As Implied Default Probability Rises Even More

Last time when Jefferies' (which is not MF Global although it is just as a big question market in the TBTF category, and as a reminder is not a Bank Holding Company, being the last pure play investment bank left out there) stock had a $9 handle, it triggered a -20% circuit breaker and forced a short covering squeeze. This time it is far more methodical. At this time Leucadia is underwater on both of its recent purchases, all past and future Jefferies press releases have been priced in and will be irrelevant in the future, and Handler only has half of his original gross sovereign book left to sell (into a bidless market and thus generating more major P&L losses).

Anti-Tilson ETF Update: +34% In Four Days And Rising

And you thought we were kidding: the Anti-Tilson ETF continues to be the best performing asset in the known universe for the past 4 days, up 34% since Friday. Buy GMCR, short NFLX, sit back and retire.

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