23-02-2009, 01:05 AM
Just been nosing about in the parts of Karl Denninger's Ticker Forum that requires one to have a user account, and it seems that there's been massive central bank intervention in the foreign exchange markets in the past week or so. This intervention has received next to no coverage in the MSM.
The people discussing it on Ticker Forum are those who have genuine market knowledge and understanding.
One hypothesis they're exploring is that Eastern Europe - as Mike Whitney suggested last week - is about to blow, and the EU may step in to "save" its banks. NB the toxic east European assets are largely owned by western European banks, and are only toxic because of the stupidity of western banks in creating a bubble in the East.
This would explain some of the desperate "new financial world order" and "responsible banking" rhetoric uttered by Brown, Merkel & Sarkozy over the weekend.
Of course, to butcher my metaphors, the politicians are closing the stable door after the fat cats have fled with the real money.....
:ridinghorse::ridinghorse:
The people discussing it on Ticker Forum are those who have genuine market knowledge and understanding.
One hypothesis they're exploring is that Eastern Europe - as Mike Whitney suggested last week - is about to blow, and the EU may step in to "save" its banks. NB the toxic east European assets are largely owned by western European banks, and are only toxic because of the stupidity of western banks in creating a bubble in the East.
This would explain some of the desperate "new financial world order" and "responsible banking" rhetoric uttered by Brown, Merkel & Sarkozy over the weekend.
Of course, to butcher my metaphors, the politicians are closing the stable door after the fat cats have fled with the real money.....
:ridinghorse::ridinghorse:
"It means this War was never political at all, the politics was all theatre, all just to keep the people distracted...."
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war
"Proverbs for Paranoids 4: You hide, They seek."
"They are in Love. Fuck the War."
Gravity's Rainbow, Thomas Pynchon
"Ccollanan Pachacamac ricuy auccacunac yahuarniy hichascancuta."
The last words of the last Inka, Tupac Amaru, led to the gallows by men of god & dogs of war