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"Extend & Pretend" Read the Series...

"SULTANS OF SWAP"
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ACT I
Sultans of Swap: Smoking Guns!

 

"EURO EXPERIMENT"
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EURO EXPERIMENT: German Steel or Schmucks?

"UR all PIGS from HELL

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"INNOVATION"
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INNOVATION: America has a Structural Problem!

 

"PRESERVE & PROTECT"
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PRESERVE & PROTECT:  The Jaws of Death

 

 

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ARTICLE ABSTRACT

I would argue that the problem short term is a shortage of real collateral and that US dollar cash, versus 'encumbered' cash flow, is now king. It is clear that the rampant advancing Collateral Contagion will quickly eat the futile LTRO attempt like ravenous wolves.  A well circulated Tweet from PIMCO bond king Bill Gross said it all: " What does LTRO stand for? 1- A shell game; 2-Cash for trash; 3 Three-card Monti; or 4. All of the above."

Here is the stark reality of what forced the ECB to offer unprecedented three year loans at absurd rates and most alarmingly, the acceptance of collateral that no other financial institutions will accept. The ECB has sacrificed its balance sheet in yet another EU "kick at the can".

  • 1. COLLATERAL CONTAGION
  • 2. WHOLESALE LENDING
  • 3. BANK RUNS
  • 4. SHADOW BANKING SYSTEM
  • 5. GLOBAL INVESTORS PULLING SOVEREIGN EU INVESTMENTS
  • 6. INTERBANK LENDING
  • 7. INVERTED YIELD CURVES
  • 8. US DOLLAR SWAPS
  • 9. SOVEREIGN BOND MARKE
  • 10. GERMAN BUND SCARE
  • 11. YEN CARRY TRAD
  • 12. BASEL BO
  • 13. CREDIT DOWNGRADE ONSLAUGHTOW BANKING SYSTEM
RESEARCH ARTICLE

ECB's LTRO Won't Stop Collateral Contagion!

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ECB's LTRO Won't Stop Collateral Contagion!
  

  


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