A while back I wrote a missive about how when the "powers that be" don't like the rules because the rules no longer benefit them - they just change the rules. Never mind that these rules, whether they are accounting based or even laws, were put in place by the banking mafia or their political stooges in power (that's redundant, isn't it?); they are no longer needed and are either changed or now will simply be ignored.
Of course this is done for no other reason than to obfuscate the truth, which is now bullish on Fraud Street. Said another way; go long the liars.
Several news organizations have picked up the same story today about the Greek, and Portuguese, and Irish, and soon to be Italian debt problems that could lead to defaults: ratings agencies are no longer allowing the bull$#it lies to fester. They will not play ball with the games the Europeans are trying to play vis-à-vis the soon-to-be Greek default, whether it is called "voluntary" or not.
Just because you call a rabid junk yard dog a healthy specimen doesn't make it so: it is still sick and needs to be put down. This was fine when the rating agencies called a pile of dog crap (CDO) a perfect AAA rated bond, but the banksters knew that they were really junk and didn't care that the rating was wrong. Now, however, they're unhappy with the new found backbone of these firms.
The European politicians and global banking mafia have proposed a few changes to the coming default by attempting to manufacture new "definitions" of what a default is, but rating agencies have said "not on my watch" to all of them. Better late than never I guess.
From the BBC at
http://www.bbc.co.uk/news/business-14043293
we read the following:
The European Commission has strongly criticized international credit ratings agencies following the downgrade of Portugal by Moody's.
The Commission said the timing of the downgrade was "questionable" and raised the issue of the "appropriateness of behaviour" of the agencies in general.
Earlier, Greek Foreign Minister Stavros Lambrinidis said the agencies' actions in the debt crisis had been "madness". Ratings agencies have downgraded Greece and Portugal many times recently.
The three main agencies are Standard & Poor's, Moody's Investors Service and Fitch.
German Finance Minister Wolfgang Schaeuble told a news conference that he wanted to "break the oligopoly of the ratings agencies" and limit their influence.
Greece and Portugal - with the Irish Republic - are the eurozone countries whose finances are so weak that they have received assistance from the European Union (EU) and the International Monetary Fund (IMF).
Greece is currently in the process of negotiating a second bail-out. Rating agencies are watching this closely, as commercial lenders are discussing how they can contribute to the bail-out.
The agencies have voiced doubts that this can be done without them declaring that Greece has defaulted on its debts.
That would spark a round of write-downs of Greek debts held by state and commercial banks, potentially causing mayhem on the financial markets.
And since the banking mafia is not allowed to lose money, the recent talk out of Europe is simply that they will ignore the ratings agencies when they implement a structured default. When it no longer suits you - change the rules.
The news wires carried this earlier, EU FINANCIAL REGULATION CHIEF: EU COULD LOOK INTO POSSIBILITY OF SUSPENDING RATINGS ON EU COUNTRIES RECEIVING BAILOUTS
Yes sir, when it no longer suits you - just lie - change the rules.
Of course this is done for no other reason than to obfuscate the truth, which is now bullish on Fraud Street. Said another way; go long the liars.
Several news organizations have picked up the same story today about the Greek, and Portuguese, and Irish, and soon to be Italian debt problems that could lead to defaults: ratings agencies are no longer allowing the bull$#it lies to fester. They will not play ball with the games the Europeans are trying to play vis-à-vis the soon-to-be Greek default, whether it is called "voluntary" or not.
Just because you call a rabid junk yard dog a healthy specimen doesn't make it so: it is still sick and needs to be put down. This was fine when the rating agencies called a pile of dog crap (CDO) a perfect AAA rated bond, but the banksters knew that they were really junk and didn't care that the rating was wrong. Now, however, they're unhappy with the new found backbone of these firms.
The European politicians and global banking mafia have proposed a few changes to the coming default by attempting to manufacture new "definitions" of what a default is, but rating agencies have said "not on my watch" to all of them. Better late than never I guess.
From the BBC at
http://www.bbc.co.uk/news/business-14043293
we read the following:
The European Commission has strongly criticized international credit ratings agencies following the downgrade of Portugal by Moody's.
The Commission said the timing of the downgrade was "questionable" and raised the issue of the "appropriateness of behaviour" of the agencies in general.
Earlier, Greek Foreign Minister Stavros Lambrinidis said the agencies' actions in the debt crisis had been "madness". Ratings agencies have downgraded Greece and Portugal many times recently.
The three main agencies are Standard & Poor's, Moody's Investors Service and Fitch.
German Finance Minister Wolfgang Schaeuble told a news conference that he wanted to "break the oligopoly of the ratings agencies" and limit their influence.
Greece and Portugal - with the Irish Republic - are the eurozone countries whose finances are so weak that they have received assistance from the European Union (EU) and the International Monetary Fund (IMF).
Greece is currently in the process of negotiating a second bail-out. Rating agencies are watching this closely, as commercial lenders are discussing how they can contribute to the bail-out.
The agencies have voiced doubts that this can be done without them declaring that Greece has defaulted on its debts.
That would spark a round of write-downs of Greek debts held by state and commercial banks, potentially causing mayhem on the financial markets.
And since the banking mafia is not allowed to lose money, the recent talk out of Europe is simply that they will ignore the ratings agencies when they implement a structured default. When it no longer suits you - change the rules.
The news wires carried this earlier, EU FINANCIAL REGULATION CHIEF: EU COULD LOOK INTO POSSIBILITY OF SUSPENDING RATINGS ON EU COUNTRIES RECEIVING BAILOUTS
Yes sir, when it no longer suits you - just lie - change the rules.
Trade Date: 7/6/11
E-Mini S&P Trades*
(before fees and commissions):
E-Mini S&P Trades*
(before fees and commissions):
1. No "Secrets" trades filled today.
2. Algorithm positions (4)
3. "Reading the Tape" positions (2) ...combined Secret's, Algo, & "Reading the Tape" total...+2.50
2. Algorithm positions (4)
3. "Reading the Tape" positions (2) ...combined Secret's, Algo, & "Reading the Tape" total...+2.50
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