RED ALERT:- Germany to ban naked short selling @ midnight tonight!

[don]

Re: RED ALERT:- Germany to ban naked short selling @ midnight tonight!

Is this really a big deal? This is already done in the US and the CDS short selling doesn't matter because the majority of trading is done in London where the rules will not apply.

It's a start that may be more political than immediately financial. Unlike...

(Courtesy- Jessie's Cafe)

[loweyecue]

Re: RED ALERT:- Germany to ban naked short selling @ midnight tonight!

Is this really a big deal? This is already done in the US and the CDS short selling doesn't matter because the majority of trading is done in London where the rules will not apply.

The hope is other euro countries will implement similar measures and may be put enough pressure on the UK to do the same.

[don]

Re: RED ALERT:- Germany to ban naked short selling @ midnight tonight!

Here's an option from Denninger that could really bring us back to the daze of olde....when gunboats would be dispatched and custom houses seized.....

To Greece: Nut Up Or Shut Up

Time to call the bluff:

The euro fell from the session high against the dollar and Swiss franc on Wednesday after Greece categorically denied market rumors which said it was considering leaving the European Union or the euro zone.

Of course that didn't take long to be "officially denied":

"We categorically deny any thought of leaving the European Union, or the euro zone," said government spokesman George Petalotis.

Then you have no chance.

Let's be clear: The only way to do this is by surprise. Unilaterally, without any discussion with anyone else. Just like Germany did.

And Greece should do it right here, right now, today.

Nail those European Banks that played "too cute by half" and bought Greek debt expecting an intervention and "sticksave", then effectively extorted the Eurozone nations into providing it, exactly as happened here in the US with Fannie and Freddie paper.
Note that Spain was unable to make its debt auction yesterday; they are thus going to be unable to fund the alleged bailout. As such the promises Greece was made are in fact empty, and intended to screw the Greek people and their government.

It is time for someone to stand up and say in return "screw you!" to such tactics. Germany has laid the groundwork, now Greece needs to deliver the "coup de grace" to Sarcozy and his butt-buddies in Brussels.

Depart the Euro and at the same time declare by fiat all Euro-denominated Greek debt held by anyone who is not a Greek national (or a Greek-chartered bank holding said debt entirely within Greece) worthless.

Such a unilateral action would instantaneously detonate a lot of banks in Europe and would put the ECB into an untenable position, as they have been accepting "repos" against Greek debt (along with direct purchases) without regard to actual credit quality.
It would also free Greece from a debt it cannot pay, totaling some €300 billion.
With that wiped off the table Greece would of course have to live within its taxing resources immediately and permanently.

So what?

That has to happen anyway, and is the entire premise of the purported austerity measures. Do it now and get it over with, while at the same time refusing to pay one penny of interest nor one dime of principal on the debt outstanding at this point.

If the Greek people are going to bear the costs they should get all the benefits, not the international banking cartel.

There's not a thing that the world could do about a move like this, but it would put a spike into the bankster concept of looting both citizen and sovereign alike without regard to the consequences.

IT IS TIME FOR A NATION TO STAND UP AND DO IT, AND GREECE IS IDEALLY POSITIONED TO DO SO.

http://market-ticker.denninger.net/a...r-Shut-Up.html

[loweyecue]

Re: RED ALERT:- Germany to ban naked short selling @ midnight tonight!

I agree with the premise of this but if its done without a concrete plan of exactly what happens after this, then it will lead to unmitogated disaster for the general populace of Greece. I wish the author would throw out some ideas about how to go about re-establishing a broken economy while enforcing austerity measures like the ones that have been discussed. If the Greeks can agree on a way forward and commit to implementing it, then they should absolutely go this route. Going from a member of the eurozone to a fringe third world country overnight is not going to be pretty.

People and governments alike need to take on the bankers and they need to do it now. Right now the bankers have all the power and they are fleecing both people and sovereign nations and everybody is too paralysed to give a damn about it. But it cannot be done unles they come up with a plan and execute it.