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interesting op/ed over at ZH by Graham Summers - dont know of him (or _his_ trackrecord, metalman ;), but what he's saying is that 'game over' could be tomorrow?
and he concludes in S/P mode (shameless plug) for his advisory service
comments?
http://www.zerohedge.com/contributed...al-banks-bluff
If anyone thinks that the world’s central banks can somehow solve the Crisis, they need to consider the following news story:
Dollar Funding Costs Rise As Central Banks' Plan Seen Inadequate
European banks are finding dollars an expensive commodity once again, as the afterglow fades from a coordinated central bank plan to improve liquidity.
Swapping euros for dollars now costs about as much as it did before the European Central Bank said Thursday it would work with counterparts in the U.S., Europe and Japan to provide dollars for banks struggling to access U.S. currency. The three-month ...
http://online.wsj.com/article/BT-CO-...19-708511.html
The ECB, Fed, Bank of Japan, Bank of England, and Bank of Switzerland staged a coordinated intervention only last week. Already the net benefit of their moves has been erased for the very institutions they were trying to help.
And while the S&P 500 is up 2%...
Belgian Bank and French banks have wiped out ALL of their intervention gains
The same goes for German banks
Folks, if a coordinated intervention on the part of FIVE central banks can’t even give us one week of gains in the European banks… nor lower the cost of Dollar swaps… then we’re in the absolute END GAME for central bank intervention.
Remember, this was not just a single money pump from the Fed. This was FIVE central banks working together. And they couldn’t even paper over the European banking system’s problems for ONE WEEK.
The mainstream financial media is out claiming that the reason we’ve already undone the gains produced by the intervention was because the central banks didn’t do enough. It’s interesting that having spent more money than WWI WWII and the New Deal combined central banks are still thought to not be doing enough. Never does anyone ask… “maybe the central banks can’t fix this mess?”
Let’s be blunt here. The Fed and pals just pasted a HUGE multi-trillion dollar band-aid over the system in 2008. They didn’t fix anything. The fact they’re now losing control of the system again and we’re fast approaching the next “Lehman” event should be proof positive that central banks have NO idea how to get us out of this mess.
I fully believe we could be on the verge of another 2008 episode. It’s clear Europe’s banking system is staring into the abyss. The US is not far behind either.
If anyone thinks that the world’s central banks can somehow solve the Crisis, they need to consider the following news story:
Dollar Funding Costs Rise As Central Banks' Plan Seen Inadequate
European banks are finding dollars an expensive commodity once again, as the afterglow fades from a coordinated central bank plan to improve liquidity.
Swapping euros for dollars now costs about as much as it did before the European Central Bank said Thursday it would work with counterparts in the U.S., Europe and Japan to provide dollars for banks struggling to access U.S. currency. The three-month ...
http://online.wsj.com/article/BT-CO-...19-708511.html
The ECB, Fed, Bank of Japan, Bank of England, and Bank of Switzerland staged a coordinated intervention only last week. Already the net benefit of their moves has been erased for the very institutions they were trying to help.
And while the S&P 500 is up 2%...
Belgian Bank and French banks have wiped out ALL of their intervention gains
The same goes for German banks
Folks, if a coordinated intervention on the part of FIVE central banks can’t even give us one week of gains in the European banks… nor lower the cost of Dollar swaps… then we’re in the absolute END GAME for central bank intervention.
Remember, this was not just a single money pump from the Fed. This was FIVE central banks working together. And they couldn’t even paper over the European banking system’s problems for ONE WEEK.
The mainstream financial media is out claiming that the reason we’ve already undone the gains produced by the intervention was because the central banks didn’t do enough. It’s interesting that having spent more money than WWI WWII and the New Deal combined central banks are still thought to not be doing enough. Never does anyone ask… “maybe the central banks can’t fix this mess?”
Let’s be blunt here. The Fed and pals just pasted a HUGE multi-trillion dollar band-aid over the system in 2008. They didn’t fix anything. The fact they’re now losing control of the system again and we’re fast approaching the next “Lehman” event should be proof positive that central banks have NO idea how to get us out of this mess.
I fully believe we could be on the verge of another 2008 episode. It’s clear Europe’s banking system is staring into the abyss. The US is not far behind either.
comments?
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