Wednesday, February 29, 2012

@18:00, 02/29/12 4

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http://hat4uk.wordpress.com/2012/02/29/eurozone-crisis-ignore-the-spin-the-ecb-is-buying-bonds-again-turkey-is-about-to-go-bang/

"EUROZONE CRISIS: IGNORE THE SPIN – THE ECB IS BUYING BONDS AGAIN, & TURKEY IS ABOUT TO GO BANG

As Monti says eurocrisis is abating, banks hoover up record LTRO, ECB buys Portugal bonds, and S&P draws local contagion map. This is an abating crisis?
You may have believed all that Brussels bollocks about the ECB’s eurozone bond buying programme being at an end. Well…it isn’t. After Portugal’s 10- year bonds fell to less than half their face value, I can reveal that SuperMario dived in to stop things turning into a rout. And if necessary, the Italian Stallion will do so again.
Meanwhile, the banks described constantly by Brussels as ultra-safe stole a record 530 billion euros from SuperMario’s ECB, so great was their desire to lend to eurobusiness. The only problem being that, thus far, there’s zero evidence of so much as one centime being lent to business. Whatever can they be using this money for?
Even the ever-inventive S&P can’t answer that one, for fear of upsetting the whole apple-cart. But it has come up with an intriguing new product designed to measure the risk to those economies on the fringes of – or just outside – the eurozone. And guess what? The Slog’s much-predicted demise of Turkey seems to be very much on the cards. The Emerging Europe Sensitivity Index (EESI) gives Erdogan’s mad economy a score of 2.94 – easily the highest around – as a result of the Great Leader’s insane Sharia credit-boom thinking. Fascinatingly, the country lying second most vulnerable to eurozone hubris is luckless Hungary….currently being bullied by that very same eurozone into doing its neocon bidding.
But despite all this evidence of impending disaster on several fronts, Goldman Sachs Schutzstaffel parachutist Mario Monti of Italy says the worst is now over for the EU. Two weeks ago, Signor Monti was suggesting that one day, the bond spreads between Germany and Italy would narrow. Now he’s moving things forward (based on zero evidence) and asserting that “I don’t think it is likely spreads will widen again”. That’s a different thing entirely, but Mario is smart enough to understand that in the age of 24/7 news, this will have a confidence-boosting effect, without the downside of somebody saying, “Are you nuts or what?” But he didn’t reckon with The Slog, ha-haar.
There’s no holding Mario Monti now. Asked about Berlin’s ‘issues with’ aka ‘refusal to consider’  increasing the ezone firewall fund, Monti told reporters today, “They didn’t say they don’t want to discuss this in March; they prefer not to discuss this on the 1st of March. March has, luckily enough, 31 days.” Beware the Ides of March.
You really couldn’t make some of this stuff up. Tomorrow in the late afternoon, ISDA is very likely to call the Greek debt restructure a full-on default, and thus help to trigger a major-league CDS insurance Tsunami with which Wall Street must deal. Meanwhile, we still don’t know if the IIF is going to play ball, or indeed what any of the Hedgies think on the question of Greek debt holdout.
But apart from that, the eurocrisis is abating, and the worst is over. Excellent."

http://www.nakedcapitalism.com/2012/02/links-leap-year-day-2.html

Links Leap Year Day

I wonder at what age people born on February 29 decide that having a real birthday only one year in four is no biggie.
New evidence suggests Stone Age hunters from Europe discovered America Independent (hat tip Lambert)
Google offers 1 million dollars to Chrome hackers Nation (hat tip reader furzy mouse)
Safety Alerts Cite Cholesterol Drugs’ Side Effects New York Times. I recall, not that long ago, doctors declaring statins to be so safe that they wanted to add them to the water supply!
Bill Gates’ support of GM crops is wrong approach for Africa Seattle Times (hat tip reader furzy mouse)
Gloom, doom — and Lester Brown’s ‘Plan B’ Japan Times
A brief history of the time Stephen Hawking went to a sex club: University says physicist visited California swingers’ club with friends Daily Mail. This from a hedgie reader who will go unnamed.
Corseted Minds: Does Fear of Irrelevance Send Conservative Men Fleeing to the Victorian Age? Lynn Parramore, Alternet
Wikileaks Reveals Privately Run CIA’s Dirty Secrets (Update 2) Gizmodo (hat tip reader May S)
Rachel Marsden: New WikiLeaks stash: a frightening view of government intelligence Chicago Tribune
Wikileaks emails indicate Stratfor discovered Israel already destroyed Iran’s nuclear facilities Raw Story (hat tip reader Amit). As we indicated, Haaretz reported on this yesterday.
Exploding the myth of the Iranian Bomb Spiked (hat tip reader May S)
U.S. Cuts Iran Cash Pipeline Wall Street Journal. With as much offshore banking as there is and people like Marc Rich very much around, I suspect the headlines exaggerate the achievement.
We won’t give US advance warning of Iran strike, says Israel Independent (hat tip Lambert)
Hi, I’m from the IMF. I’m here to help. MacroBusiness
ECB’s Second Three-Year Loan May Be Last Bloomberg
Europe banks hungry for second helpings Financial Times
Phone-hacking will be the single largest corporate corruption case for 250 years because ‘cover up’ went up ‘to the very highest levels, says MP Daily Mail (hat tip reader May S).
Manchester, Liverpool and Birmingham becoming ‘no-go areas’ because of drugs gangs… just like Mexico and Brazil says the UNITED NATIONS Daily Mail (hat tip reader May S)
Virginia Says No to Lawless Imprisonment David Swanson
Ayn Rand Worshippers Should Face Facts: Blue States Are the Providers, Red State Are the Parasites Alternet (hat tip reader furzy mouse)
Democracy Alliance Pulls Support for Organizations that Don’t Play Ball Dave Dayen, Firedoglake (hat tip reader Carol B). More veal pen in action.
Why I do not like small cap stocks much at the moment John Hempton
Lawmakers To The Rescue? Legislation Filed To Fix “Ibanez” Foreclosure Title Defects Massachusetts Law Blog. Reader Deontos does not like the look of this.
Fannie Mae, Freddie Mac, and the MBS sleeper defense Alison Frankel (hat tip reader Deontos). Bye bye FHFA putback suits?
So, how can bankers live with themselves? Guardian (hat tip reader John L)
Antidote du jour:


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