EurAnalysis

ECB Allots $3.684 Bln In 84-Day USD Liquidity Providing Op

By Market News International || September 12, 2012 at 09:10 GMT

FRANKFURT (MNI) – The European Central Bank said Wednesday that it
has allotted $3.684 billion in its 84-day USD liquidity providing
operation.
The central bank said it received 11 bids.
Today’s operation was carried out at a fixed rate of 0.63%. The
Euro/USD rate was set at 1.2872.

You know what is funny? Evolution of those funds. When watching it, I really am laughing from time to time. Remember Empty box full of promises of borrowed money PT? Back then, they were talking they would need @ 1,2 Tril to make sufficient firewall around southern Europe. Empty box first accounted promises @ 700 Bn (Where Germany promised like 200Bn), if I remember right. I think I should start making notes, so I can give you more precise numbers. Now EFSF is said to have effective firepower of 440 Bn + "Only Germans" are capped with maximum size of Promises worth 190 Bn. Another funny thing, The Whole New Empty Box is said to have @ 500 Bn, easily achievable with 190Bn from single member. So the cap is quite high. Right now, Total Promises are standing almost at 1 Tril, pretty close to targeted amount. They really can promise a lot.

We need to call things with their true names.

T

Tom,

A cap means no new funds without approval by the lower house.
Lower Houses are most times the peoples house, Where the representatives are based upon the population numbers, has the highest turnover of legislators.
Power of the purse means "no taxation without representation"
The Court has asserted Democracy as the control on backroom deals.

The Basic Law of a Nation is founded upon certain principles that flows throughout the written Law.
There is a principle called equity. There is a sense of fairness in a Democracy that binds together a country. Government by consent of the governed.

One does not have to read German to understand universal concepts.

So this cap upholds the sovereignty of the german people, that the government can only act with the approval of the citizen.

Real world means no more money without a vote.

As my trades are still on, the only thing they have going for them is the flattening momentum and possible turning down in the occilator I use. Markets have not done their homework as to the results of the decision.

European Commission has released package of proposed reforms for banking union.

They said you must read whole article on FT, or they sue my ass.

Quote, analysis of FT´s Alex Barker:
"From January 2013, the ECB will have the power to take over
supervision of any bank relying on state aid; from July it will take
over the biggest banks; six months later it will be in charge of all
6,000 eurozone lenders."

http://blogs.ft.com/the-world/2012/0...#axzz26EmcEq1f

http://ec.europa.eu/commission_2010-...0120912_en.htm

source: FT, european commission

T

Goldman Sachs in your face.

Another wet toilet paper option barrier at 1.2950 is going to be tested soon.

"Our ultimate aim is to stop using taxpayers' money to bail out banks".

Looking forward for those stupid green lines. I hope we will make it today, I want to be safe before tomorrow.

T

Geez, talk about face tearing rally, I thought we would be down until FOMC but I guess I was wrong.

This missed entry is still pissing me off greatly no real retraces since to get in on so I get to stew in my juices.

Now @ 1.2920. Looks like it's not going to stop anytime soon.

Who said that? Wilders?

You doing ok?

Watch Crude and Gold. I don't think this is just fear or QE hopium.

Big Boom to 1,30

It was stated in the Banking Union Statement

What is it then ?

This Mofyu is extending the upper trendlines every hour.

You may get a retrace when we hit the May highs and complete the 100% retrace of the move down.

I'm ok. Yup, this is not about QE anymore. It's about the US dollar imploding on itself. Something I think we left out to consider in our bear hopium.

They have killed some US ambassador in Lybia, burning US flags, classic.

edit: btw,because someone said something about Muhammad in California .

Hahaha, I see now. Rofl .