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Strategies & Market Trends : The coming US dollar crisis
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To: Real Man who wrote (42404)10/4/2011 5:29:33 PM
From: ggersh  Read Replies (1) of 71454
 
This did it, UFB!


(Non) News Of Dexia "Bad Bank" Sends Market SoaringSubmitted by Tyler Durden on 10/04/2011 - 15:43 Bad Bank Belgium Bond CDS France Italy Market Conditions Sovereign Debt Switzerland If anyone had any doubt this market is broken beyond compare and controlled by complete idiots, this should put all doubts to rest. Anyone wondering why stocks are soaring, the reason is that according to non-news, because this was first reported yesterday by the FT, Dexia will park €180 billion in worthless assets in a bad bank. This is beyond ridiculous as Belgium, even in JV with France, will be unable to ringfence and hence fund this amount of capital for the now nationalized bank. It also means that Belgium is about to be downgraded following a long-overdue warning by S&P and Moodys to cut the country. It also means that Belgian CDS will soon trade points up front. It also means that Belgian funding costs will soar. It also means that French CDS will explode tomorrow and that interbank markets in Europe will collapse (even more) once the market realizes that France has just diluted its "bailout dry capital" by rescuing a Belgian bank. And so on. And so on. But for now the ripfest is here. Fade every uptick as this is sheer desperation out of Belgium which pretends it is Switzerland and can do with Dexia what the Swiss did with UBS. Hint: it is not and no, it can't.
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