Bernanke just extended the twist. My view: 1) saving ammo for the coming euroshow 2) with limited ammo a threat is more credible than the action 3) understands deleveraging is a slow process. See my long
post Announcement Games... from last night and today’s earlier US Open - Waiting for 'The Beard' for more articles and my comments. The
FED Watch has been updated with “after”-comments.
News – Between
The Hedges
Markets – Between
The Hedges
Recap –
Global Macro Trading
The Closer
– alphaville / FT
Market
Commentary – A
View From My Screens
Tyler’s European Summary – ZH
QE-Off,
Reality-On But Merkel/Van Rompuy Save The Day (For Now)
Tyler's US Summary – ZH
Tyler's US Summary – ZH
Commodities
Crumble As Stocks Only Stumble
Debt
crisis: live – The
Telegraph
The Euro
Crisis Blog – WSJ
FX Options
Analytics – Saxo
Bank
European
10yr Yields and Spreads – MTS indices
EURO CRISIS
Some light in the fog – bruegel
The two main players, Germany and France,
differ in that the second can accept further EU federalism only if it (first)
sees effective crisis resolution instruments in place, while the first is
prepared to accept the latter only after having secured the former. While this
conundrum would lend itself to a very natural solution (do both at the same
time, and quickly!) it also risks generating dangerous “chicken games”
the financial problems were a combination of a
banking crisis-- I'm not sure the bank will give me back my marks-- and a
currency crisis-- I'm not sure that, if I get my marks out of the account, they
will still be worth as much.
Finland will demand collateral for its share of emergency loans to shore up the
Spanish banking system should the money come from the euro-region’s temporary
bailout fund
Farage On Barroso: "He's A Deluded
Communist Idiot"
– ZH
A Euroblather Arbitrage – Dealbreaker
Some of this is driven by legal possibilities,
and much is driven by the difference between sovereign and bank bailouts –
after all, you can take equity in JPMorgan, but you can’t really take equity in
Greece.
Financial crisis is boom time for mafia – euobserver
Italy's anti-mafia prosecutor Pietro Grasso drew attention to one of the
lesser known aspects of the crisis at a hearing in the European Parliament's
new anti-mafia committee on Tuesday (19 June). He told press: "The current
economic crisis is making criminal groups even more powerful because they've
got liquid cash, they've got ready money ... and not just in Europe, but in other countries where there
are fragile economies and they can influence politicians."
Consensual Failure. – Macro Man
As it is we are left hoping that Europe swiftly
moves from consensus policy to a coalition, with strong delegated
responsibility, as the hope of the European Parliament ever being able to make
a useful decision seems as remote as the chances of a Greek taking personal
responsibility.
Of trillions and trilemmas – alphaville
/ FT
elected governments will attempt to intervene
in the interests of stability generally and to protect their taxpayers
specifically. They may not succeed, but it is their right and duty to try. Needless
to say, your well timed trading strategies will not be allowed to get in the
way. Short-selling bans in Europe and bond purchase penalties in Brazil are a foretaste of
the future.
Generation €uro Award Ceremony – ECB
ECB gets down with the kids – MacroScope
/ Reuters
Learn These Words: ‘Pari-Passu’ – MarketBeat
/ WSJ
The closing group photos from the G-20 meeting
in Mexico show the world's top leaders smiling in a show of unity. But German
observers say the happy family shots belie the serious problems the world
economy faces -- and the mudslinging that went on during the summit.
EURO CRISIS: RUMOR OF THE DAY
EURO CRISIS: RUMOR OF THE DAY
Another European Rumor Infests Stocks – MarketBeat
/ WSJ
Some journalists don’t have quite the level of
standards that they should.
And Now We Ramp On This Latest Non-News – ZH
“Merkel says bond purchasing by bailout fund a possibility”. Uhm... that whole point of the bailout fund (ESM/EFSF) is to BUY BONDS.
“Merkel says bond purchasing by bailout fund a possibility”. Uhm... that whole point of the bailout fund (ESM/EFSF) is to BUY BONDS.
EURO CRISIS: PIIGS
LCH Hikes Italian Bond Margins – ZH
If you stand far enough back you can visualize
what is going on; “look at our firewall and do not pay attention to the
countries which are having severe economic declines”…Bank debt, regional debt
and whatever fancy schemes are proposed; Spain is going to have to be bailed
out because they can no longer afford to pay their bills.
OTHER
Scarcity amid plenty, oil edition – alphaville
/ FT