muses of the moment

February 28, 2012

ISDA meeting on March 1

Filed under: Global Debt — totallygroovygirlfriday @ 7:25 pm

Click here for post. ISDA will hold first meeting on Greek Debt. Will it be a default or non-default event? These are the people that determine if default insurance pays up or not.

Zerohedge says it will be a “voluntary” cut to debt holders, thus a non-default event. A default by any other name…..

  • Default event means debt contracts sharply.
  • Non-default event means ligation.

Same end-game, only different timeline and different investors get screwed.

Remember, Greece is a blue-print for how the other PIIGS debt will be handled. If bond holders are going to get screwed as their insurance will not cover them in a non-default event, they will start selling European debt.

We will soon see which hedge funds and money market funds have Greek Debt. GG hopes there are no more MF Globals out there.

Everything has consequences. Save the banks for another quarter, but make it impossible for stressed European countries to obtain debt at any price in the open market. The PIIGS will have to go to the IMF for more handouts and trade their sovereignty for the privilege.

Global debt must contract one way or another.

The way of Iceland is a better option for the country’s independence and a quicker resolution and recovery.

Washinton’s blog

Filed under: Peak Energy, Precious metals — totallygroovygirlfriday @ 4:42 pm

There are some interesting real-time production charts for gold, silver, oil, and other energy sources at the end of Washington’s blog. Click here and scroll all the way down.

MF Global: Comedy, unless you are still out 30%

Filed under: MF Global bankruptcy — totallygroovygirlfriday @ 1:12 pm

Click here for a post from Janet Tavakoli entitled MF Global: Crime, Comedy, and the Cover-Up.

It would be really nice if MSM could cover this Crime Story of Century….oh, gg forgot, they are covering it. The money vaporized, no, wait, it was sloppy book-keeping. How can they say this stuff on national TV with a straight face? This is the biggest crime story you will never hear about.

The habitual filching of customers’ funds — even if the funds are later replaced — goes way beyond sloppy bookkeeping. It goes way beyond bad judgment. Just because MF Global got away with it for a long time before it blew up in its face doesn’t mean one can call it sloppy bookkeeping and have any reasonable person believe it. If federal investigators and law enforcement people want to make public statements like this, one should investigate corruption in their ranks. They seem to be providing undeserved excuses as a trial balloon to see if it will fly. Nice try, but it’s not working.

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