I nearly crashed into the car in front of me this morning when the bile surged up my throat, my eyes watered and my bowels threatened to give way as I heard on the radio that the ECB was offering unlimited loans to European banks and were encouraging banks to take as much as they need. Thankfully I recalled that I have a few ounces of gold and silver stashed away and was able to recover quickly and avoid a near fatal accident. I mean, don't these news broadcasters know you can't go scaring people out of their wits with news of unlimited money printing in Europe! Geez, next we'll be hearing news that the Big O is asking congress to approve another financial bailout package. ECB to Buy Covered Bonds, Offer Longer Loans http://www.bloomberg.com/news/2011-10-06/trichet-says-ecb-to-buy-covered-bonds.html But everyone is loving the liquidity guarantee. Stocks are up, birds are singing, Europeans are forfeiting their financial freedoms to too big to fail banks! Do they think they can just print money endlessly and no one has to pay for it? The sun might be shining and they may be having fun splashing around in the metaphorical shallows of the sea shore, but there is a tsunami heading our way. Unlimited loans . . . as much as they need . . . to infinity . . . and beyond!
What the hell is wrong with people?? It's so sad to see how short sighted people are. Mainstream news on global economics eg. from news.com.au makes me sick! They make out like these bailouts are the beez neez, that the markets are saved lol!
Actually it's an opportunity, take the rally while it lasts, then dump all your stocks that you've been meaning to sell but never got round to it. We all know the big fall is a coming.
Thanks Gino, for sharing this news! That said, I'm getting so jaded at this sort of stuff, I'd probably yawn if someone told me that the Europeans, or Americans (well, their respective governments, not the people) were now able to pull a rabbit out of their hat. Without a wand. All I have to say to y'all is this... how's your stack looking?
I know what you mean. I can't believe just how long they can keep up the "pretend and extend" macro economics. I keep thinking "this is it" or "that's got to collapse confidence" but they seem to be able to somehow stitch things together for just a big longer. You will observe, however, that the news is consistently getting worse, not better. I think that tells us we are approaching an event horizon after which their printing games will have no ameliorating effects.
I completely agree with you Gino - like you, I keep seeing the news, and thinking "That one has to be close to, if not the straw that breaks the camel's back". We (that is to say, the banksters and governments) are literally dodging bullets - and based on the news I'm seeing, it's happening with increasing frequency (I used to think that once every few weeks, now it seems almost daily). One day, they're going to take one, and it'll be "game over". I think that day is fast approaching.
These bullets are just being dodged like Neo in the Matrix... There were 9 Portuguese banks that got downgraded by Moody's yet the markets didn't bat an eye. Either way, something big is coming soon.
Probably got buried by the news that Spain and Italy were downgraded by Fitch. Source: http://www.bloomberg.com/news/2011-...s-by-fitch-as-europe-debt-crisis-spreads.html
They will stretch this put for aslong as they can.. Scooping more 'chips' into their pile from ours along the way
Wait wait wait. Don't they have to pass some laws first? They can't just print money. Currently we have 500 billion for approval by the EU but slovakia is holding it up by voting against it. If they cant approve 500 billion how are they supposed to lend out 'unlimited' amounts? This does not add up.