No, not just Greece - all of Europe. Without Congressional authorization or notice, of course.
Hattip to a nice emailer....
Or if you prefer it on a one-year time scale...
That nice little vertical line is a gain of $421.8 billion dollars of outstanding loans and leases in one week's time.
WHERE THE HELL DID THAT MONEY GO AND WHAT COLLATERAL WAS TAKEN AGAINST A FOUR HUNDRED BILLION DOLLAR INCREASE IN OUTSTANDING LOANS?
You won't find anything like that in the records - because it's never happened before. That's beyond unprecedented, it's ridiculous, and assuming it's also accurate, someone has some 'splaining to do on what clearly appears to be some sort of back-door game being run.
Update: It has been suggested that this may be related to the FASB changes and securitized loans coming back on the balance sheet. If so, where's the alleged memorandum items on the other side and the footnote on FRED? The latter is missing, but the necessary data on FRED to confirm that is not yet updated.
Nonetheless, if this is the case, it's still bad (just not catastrophic) as this will directly hit capital ratios. Or, put another way, where's the additional capital that "should" be there to support what is now on balance sheet and was previously off (never mind that it was crooked as hell to have it off in the first place!)
buy gold
ReplyDeleteit will be worth more soon
why shouldnt they bail out europe
treason has no bounds or borders
regular news just likes to blow suneshine up you arss
prepare and wait
patience is a virtue
and wisdom is earned
but the fool will believe in folly and denie
the facts of basic nature
this will end badly
now you know why the hedge fund mangers got a billion dollars
cynical cloumunist
because it is not capitolism
its corruptism
every fool has his day enjoy
fdr
Denninger as usual tends to jump the gun over into hyperbole land like a nuclear pole vaulter.
ReplyDeleteWhenever he comes out with one of his "The earth is about to implode!" tickers I make it a point to wait about 10 hours before his BS gets corrected by someone smarter than him - which shockingly to him I'm sure there are aplenty.
Denninger BS or not, if thesecharts are real we be screwed...again.
ReplyDelete$421B when you truly own the world's only digital printing press taint poopy squat. Hellfire, Bernanke probably right before nighty-night, turns on his laptop and enters...."$421B".
ReplyDeleteOh and let me tell you where else Denninger is FOS. He doesn't believe in gold, silver, PM's in general as being sound investments during times like these. Tells his audience they're fools if they buy gold, etc. They're gonna lose their azz, etc. Well guess what, if you DON'T own PM's you WILL lose your azz.
ReplyDeleteHe's a bit of a blowhard IOW who doesn't know what the hell he's talking about for the most part when it comes down to this issue.
After the financial coup the Fed printed and
ReplyDeletedistributed billions,if not trillions of dollars in 'currency swaps" with other counties in order to prop up the Dollar Hegenomy.
So that Credit default swaps, trade debts and other debts that required settlement in actual US dollars could be paid.
Holy shit, here we go again with useless rhetoric about chicken little who says the sky is falling, and in the other camp they scream GOLD GOLD SILVER!!!!!!!!!!!
ReplyDeleteFor all you morons out there, life goes on, there will always be rich and poor, and yes...GASP....a middle class.
If you buy pm's, buy them like you do an insurance policy, hoping to never need it, but knowing it's there just in case. Don't look at daily prices, just realize that for the most part, the same amount of silver buys what it did 70 plus years ago.
Today, three silver dimes buys roughly a gallon of gas. Back in the day, three actual dimes bought a gallon of gas, etc..loaf of bread, etc...
All this talk about TEOTWAWKI is useless
The FED is a private organization. They can do as they please without any ties to Congress. They don't have the USA's back, that's why some are trying to "End the FED"
ReplyDeleteAmericans dream that the economy will get back to normal and the economic crises will just go away.
ReplyDeleteThat even though the old wizard “Moses” greenscam is gone that Ben the ,The aprentice bubble wizard “ Aaron” can do the trick to lead them back out of the wilderness of unpayable debt sins back to the old America, the promised land of Mac Mansions ,of job opurtunity,and abiove all cnsumption fuelled by credit.
But the economy is dead , and Lazarus of Capital Debt Corporation america Inc. , is laid up covered up by a balance sheet of debts of many colors in the Fed morgue. His blood supply of credit facilitating his circulation and movement ,has long dried up ever since the collapse of the money markets of credit supply in 2008. Lazarus will now need at least a Jesus and a miracle in order to come back to life.
All the americans can produce is an Obama ,a Ben, and a Geithner armed with a printing press that is desperately used by them as a heart-starter machine to try and stimulate “confidence” in Lazarus so that he will take up his bed and walk again.
They wail and weep and tear their garments in frustration, toss soot and ashes on their hair. They cry out loudly in pius prayer “We truly believe in “free trade” and pass out free money to the high priests of the Wall St temple of their Lord and their lobbyists and agents to prove it and look for signs of recovery and green shoots everywhere.
They even vote for “Hope” and “Change” ! But the God of Capital appears to hear them not.
Only repentance and a course of Austerity for all Americans, A long period on their knees paying off their debt sins to the temple of Wall St might loosen the heartstrings and satisfy the Lord Capital.
Picture a sand covered beach with footsteps leading off into the distance.
ReplyDeleteNow picture that it's obvious from these footprints that the person was drunk off their ass and veering wildly left and right and taking an occasional spin and a fall down section of smeared sand.
Caption: "Apparently, the Lord was as drunk off his ass that night as I was"
6:24, that is very poor taste as far as a joke goes.
ReplyDeleteI have no problem with that joke.
ReplyDeleteMy God has a great sense of humour.
Whats 421 billion dollars when its not even real money? The lender pretends to loan real money and the borrower pretends it is real money. Works great as long as everyone continues to pretend.
ReplyDelete