Posted on 05/11/2010 5:39:06 AM PDT by Mad Dawgg
Relief impact of emergency aid package prove temporary
* Euro EUR= falls 0.7 percent to $1.2700
* Focus back on structural problems plaguing euro zone
LONDON, May 11 (Reuters) - The euro fell on Tuesday as the relief rally unleashed by an emergency aid package to prevent the spread of a euro zone debt crisis dissipated and the focus switched back to structural problems plaguing the bloc.
European Union finance ministers, central bankers and the International Monetary Fund hammered out an emergency package of loan guarantees to euro zone members over the weekend to try to shore up sentiment in its bond markets and the euro.
The "shock and awe" plan initially boosted sentiment, propelling the euro EUR= close to $1.31 on Monday and off a 14-month trough of $1.2510 hit on trading platform EBS last week when investors had feared the sovereign credit crisis could spread from Greece to other euro zone countries.
At 0930 GMT on Tuesday, the euro had slipped back to trade with losses of around 0.8 percent at $1.2675, with traders noting sales from macro accounts. Poor liquidity was said to be exacerbating moves.
"Monday was a relief rally and now it's back to reality as people are looking at the facts. Greece has to consolidate its finances and the euro is still not attractive," said Antje Praefcke, currency strategist at Commerzbank.
(Excerpt) Read more at reuters.com ...
so much for that.
that was a pretty short “shock and awe” thrill
I guess a TRILLION dollar bailout just doesn’t impress people the way it used to in the good old days before 2008
You know what they say: "A Trillion here, a Trillion there, eventually it adds up to some real money..."
So what was yesterday about? WWas it the gullibles buying?
0’ forked over the trillion too easy; europe wants him to continue with more dancing the Trillion Dollars (that’s not his to give away).
The whole frickin’ world is bankrupt; the entire global economic model of fiat currency and over-levered debt-driven “growth” is crumbling. The reality of it all is that people still need food, water, clothing, and shelter. Since we now have such a huge population of humans who are completely dependent upon the complex and unsustainable machinations of debt and government, what do you think is going to happen when it all falls apart?
We’re heading towards a World War that will make the first two look like skirmishes. Why do you think world governments are doing such preposterous, nonsensical things like trying to solve a debt crisis by piling on more debt? They’re out of ideas, they know their economic model has failed, and they’re acting out of desperation to delay the inevitable and try to save their owns skins.
One last pump before the big dump.
I was waiting for a dip in gold and silver today.
Wrong again!
They got drunk yesterday. Now, the hangover.
The Euro had already fallen back to about where it was on Friday’s close by the time the market closed yesterday. Now, it’s broken through 1.27. Look out below!
It’s September 2008 all over again: OMG, sky is falling! Oooh, TARP is awesome! Wait, maybe TARP sucks. Woah, TARP does suck. Wait, no, TARP rules! Dammit, it sucks...Then came Helicopter Ben with his quantitative easing to swoop in and save the day.
Gold is threatening its all-time high (in nominal terms; it’s nowhere near an all-time high on an inflation-adjusted basis) of 1227/oz. It shrugged off yesterday’s 400 point Dow gain; gold futures are sharply up this morning — just printed 1220.
I wish I had the Cash and the Nads to play the short game right now. Last Time I played it and won but it was tooo easy. (When Clinton went after Microsoft)
Now I don't trust the short game because of all the market manipulation by ALL the governments.
We are walking the razor's edge right now in tissue-paper shoes.
Why do you think world governments are doing such preposterous, nonsensical things like trying to solve a debt crisis by piling on more debt? They’re out of ideas, they know their economic model has failed, and they’re acting out of desperation to delay the inevitable and try to save their owns skins.
You make a good point here. I would add that the politicians have been using the inflation model for decades to pay for the unfunded programs they enact. Piling on more debt should lead to more inflation and it might save their skins one more time or this might be the time printing more money is a Zimbabwe moment.
The whole frickin’ world is bankrupt; the entire global economic model of fiat currency and over-levered debt-driven “growth” is crumbling. The reality of it all is that people still need food, water, clothing, and shelter. Since we now have such a huge population of humans who are completely dependent upon the complex and unsustainable machinations of debt and government, what do you think is going to happen when it all falls apart?
We’re heading towards a World War that will make the first two look like skirmishes. Why do you think world governments are doing such preposterous, nonsensical things like trying to solve a debt crisis by piling on more debt? They’re out of ideas, they know their economic model has failed, and they’re acting out of desperation to delay the inevitable and try to save their owns skins.
I think that's the Euro banksters final option. If not for nukes, they'd probably have pulled that lever already.
My guess: they thought they could manage this crisis and use it to further their NWO aims but they've lost control.
On Dec 3, 2010 the nearest gold contract closed at 1218.3.
It looks like gold will exceed that price today with the nearest contract.
“So what was yesterday about? WWas it the gullibles buying?’
probably basically “day traders” a good headline can cause a spike in prices so investors bought low for the day to make a quick buck and sold quickly
Flux Capacitor?
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