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User Info ECB Monetary Policy Decisions in forum [NotSoBreaking]
Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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No word on senority as far as I know, Rvacha.
Ck_dexter
Posts: 3906
Incept: 2007-07-19
Silver
the south parlor
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"conditionality" can be jawboning, or a psuedo declaration of war, or somewhere in between.

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"In other words, that the discussion about what is good, what is beautiful, what is noble, what is pure and what is true, could always go on. Why is that important, why would I like to do that? Because that's the only conversation worth having." Christopher Hitchens.
Drench
Posts: 28631
Incept: 2009-11-10
Green
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He said some quick bull**** a few questions back about how targeting 1 to 3 year maturities was supposed to help address the seniority concerns.
Bearshort
Posts: 4489
Incept: 2007-09-13
Green
NYC
Online
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Hungary Rejects IMF Aid Conditions, Prime Minister Orban Says


By Zoltan Simon
Sept. 6 (Bloomberg) -- Hungary, which is seeking
international aid, rejects conditions set by the International
Monetary Fund, Prime Minister Viktor Orban said.
The conditions, including a cut in pensions and the
scrapping of an extraordinary bank tax, aren’t in the national
interest, Orban said in a video message posted on his Facebook
page. Orban said he would seek an “alternative negotiating
proposal,” without elaborating.

How's this going to work??? Ha!!

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"How long to the point of know return?"
Enemies of the State: Bernanke, Geithner, Frank, Dodd, Greenspan, Paulson.
Drench
Posts: 28631
Incept: 2009-11-10
Green
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Well, the IMF and the ECB are separate... supposedly... so maybe they figure Draghi's bull**** is better.
Muscleknight
Posts: 3993
Incept: 2007-06-26
Gold
Columbia, SC
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I say they start buying bonds then at some point they will lose control and rates will spiral out of control.

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Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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I believe that this is all about herding debtors into the ESM (should it be implemented), Ck_dexter.
Dbongo
Posts: 804
Incept: 2007-08-06
Green
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Quote:
so maybe they figure Draghi's bull**** is better


Good, but Bernanke moves markets more IMO. Not sure if all of today's 100+ gains are based on Draghi as much as a successful DNC convention last evening. We could be seeing the start of the pre re-election Obama rally today.

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I Heart TZA! Ben Bernanke, IMO, will go down in history as the GREATEST Central Banker of all time. Keynesian economics DOES work folks!

Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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From BB Radio:

In an email statement, Jens Weidmann writes that he regards the ECB bond-buying program as financing governments with the printing press.
Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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In US trading, post-Europe close, those are remarkably tight trading ranges for DB, BCS, LYG, BBVA, and SAN.

How soon before Mr. Market needs another central banker barking out "unlimited"? :)

(No positions.)
Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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While the ECB sugar plumb fairy has the market in an "unlimited" dream state, Dudley and Co. slip in a $60M Reverse Repo:

http://www.ny.frb.org/markets/omo/dmm/te....
Pika-steph
Posts: 54735
Incept: 2007-09-11
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Heh...nice little drain right there.

Good catch, Argos!

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"The only regulation that really works is failure."--Rick Santelli
Argos
Posts: 6338
Incept: 2008-03-23
Gold
The Green Mountain State
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By the way, if anyone else missed it, the senority issue was addressed in the "Technical features of Outright Monetary Transactions" Release:

Quote:
Creditor treatment
The Eurosystem intends to clarify in the legal act concerning Outright Monetary Transactions that it accepts the same (pari passu) treatment as private or other creditors with respect to bonds issued by euro area countries and purchased by the Eurosystem through Outright Monetary Transactions, in accordance with the terms of such bonds.


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