The Day The Wheels Fell Off...

The Day The Wheels Fell Off...

9/1/2014

REFERENCE  that P&F chart on DA's site, the last column whose low is 1074 marks the end of a 5 wave decline from 1370. Wave 2 from 2009 should have ended here. There was a rebound that ended at .618 and began falling....That's when the wheels fell off...12/21/2011 Mario Draghi implemented LTRO repo-scheme to the Eurobanks and it was all over for Elliott analysis. The retracement is making new highs to this very day. Yet EURO bond yields have dropped ever since, to today's current rates LESS than here in the USTreasuries...

See Elliottwave's interpretation of the decline and retrace on PAGE 5 of November 2011's EWFF:

HOW DID HE DO IT??? 

How did Draghi get buyers for all that sovereign debt? Does this point coincide with the Fed's POMO operations that gave USD to all 18 Primary Dealers? (12 of whom are Foreign Banks,  8 european...+ 5 US dealers who are Multi-National in scope)

Bank of Nova Scotia, New York Agency
BMO Capital Markets Corp.
BNP Paribas Securities Corp.
Barclays Capital Inc.
Cantor Fitzgerald & Co.
Citigroup Global Markets Inc.
Credit Suisse Securities (USA) LLC
Daiwa Capital Markets America Inc.
Deutsche Bank Securities Inc.
Goldman, Sachs & Co.
HSBC Securities (USA) Inc.
Jefferies LLC
J.P. Morgan Securities LLC
Merrill Lynch, Pierce, Fenner & Smith Incorporated
Mizuho Securities USA Inc.
Morgan Stanley & Co. LLC
Nomura Securities International, Inc.
RBC Capital Markets, LLC
RBS Securities Inc.
SG Americas Securities, LLC
TD Securities (USA) LLC
UBS Securities LLC.

Tyler Durden at ZeroHedge explains it all....Thanks To QE Bernanke Has Injected Foreign Banks With Over $1 Trillion In Cash For First Time Ever

My point being is that if all those individual country's bonds' buying is over, then there's a Road Runner 'Uh-oh" moment coming, as there is no other Greater Fool to flip the hot potato to. And those countries are in way worse financial indebtedness today than 5 years ago. You saw this>>>
http://www.zerohedge.com/news/2014-08-30/were-european-bonds-mispriced-2012-or-are-they-now

Do you think Bernanke & Yellin followed through on the Tapering because they felt "USED" by Draghi? They did all the heavy lifting while Draghi did nothing more than jawbone?  BUT ISN'T THAT THE CONNIVING WAY OF AN EX-GOLDMANITE? He's a SQUID to the core, its becoming perfectly clear now.

I would definitely look for those S&P levels as THE END. (with a period).

Hey could the next scene out of the playbook look like this?:

The Fed's QE policies suckered the Euro nations into a fall sense of BORROWING BINGE security, and now they are loaded to the gills with debt!  It looks like it is easier to corner 8 smaller bond markets individually as opposed to 1 huge US Bond Market.

Defaults are inevitable, and will fall like dominoes in the Vendetta movie.

And US TBTF banks will swoop in and pick up the charrd remains of the Foreign banks to become WORLDWIDE TBTF banks (with the exception of the Norwegian & Swedish banks). And then Wave 3 down will begin, when the Global TBTF banks realize that even the assets they acquired at 1 cent on the Dollar are too much of a liability- they need to be wiped out completely! Its at that point that there is no possibilty of any financial wizardry that's gonna save their balance sheets.. Doom looms and causes panic selling of whatever they can get their hands on, oh wait let me revise that because we now know what thieves the banks are, THEY WILL SELL EVERYTHING WITH A BID, whether they own it or not, just to get the credits in their accounts.

There are upcoming events that we have never seen before, the details of which we've never IMAGINED before.... I believe the banksterz will show themselves to be the thieving demons that Matt Taibbi and Max Keiser have always told us they were, and even they will have under-estimated the depths of depravity ...
allowed by your UN-ELECTED FEDERAL RESERVE OFFICIALS.

Don't forget to see this: ALMOST TIME FOR QE4

Q&A w/Larry "Almost Time for QE4"

                  Check out this video:

Citizens Under Attack

Everything Obama, Geithner, & Bernanke do, they do for The Banksters. 

Many people have lost their homes. Many more are paying inflated rates on inflated properties which the banks refuse to refinance. 

Savers are getting lousy rates on CDs, but are charged 10%-24% on credit cards. 

From the top of the credit menuboard to the bottom, The Banksters have Carte Blanche to suck as much blood out of the middle class as they possibly can. 

It’s a criminal plan, that TARP was paid for by The Taxpayers to save the banks from extinction only to be revived and viciously attack the hands that feed them. 

Henry Paulson should be charged with Treason for using The Taxpayers' Money to re-arm The Banks of Mass Destruction. 

 Everybody is a victim, even the homeowner without a mortgage, his equity is dropping in its entirety; he's losing more than the guy with a mortgage. 

Condos sit empty because banks don’t want to pay association’s maintenance fees, while those fees rise for the rest of unit-owners to make up the shortfall. 

The Banking Cartel is waging a war against every American Citizen, and it won’t be happy until every savings account is drained, every homeowner is broke & evicted, every credit card holder is "paying" 24.9% + $88/ mo. in overlimit and late fees, and every house is in their possession. 

Even the foreclosure process is financially draining for the owner, with insurance and electric payments continuing until property is taken out of owners’ name, an average of 2-3 years. (Upon repossession, the bank doesn't book the loss until resale, artificially covering-up insolvency issues). 

Wake up people! 

Its not Us against Each Other, its Us vs. The Banksters , who run their operations with impunity.

 Further details of TARP's covert mandate may be found in Neil Barofsky's piece,

"Where the Bailout Went Wrong"

http://www.nytimes.com/2011/03/30/opinion/30barofsky.html?_r=1&scp=1&sq=barofsky&st=cse

Federal Reserve's Mandate 2011

The first & foremost objective of The Fed is to pump as much money into The Banks as it possibly can. That is the ONLY objective. Once you see this, then failure to prosecute fraud, the phony irritation that the banks aren't lending or lowering interest rates to customers, all this becomes clear. The Fed doesn't care what China does, they care that we pay our old higher-rate mortgage, and our higher-rate credit cards, because that helps The Banks too. And bail out The Municipalities? Not on your life, they are not banks. Understand that The Fed is a private corporation owned by The Banks, so why do charity work for The Taxpayers? The Benbernanke has only 1 clear mandate, for as long as he's able to get away with it.

Defaulting homeowners, if cured, would put money into the economy FASTER than The Bankers. Ouch.

They've tried to heal the economy from the top down and it didn't work: Banks did not dispose of their toxic crap, they took TARP money and didn't help homeowners. They are in a big rush to foreclose and resell at a loss so they can charge The Taxpayers for the losses before the ether wears off. Why are The Taxpayers helping the Banks? Maybe The Taxpayers should help The Taxpayers: Start from the bottom up, despite all the opposition to helping underwater borrowers. Because they didn't cause the housing market to drop, on the contrary, they were part of the rise higher. Look, there are parts of historic West Palm Beach, FL 33405 that have lost 25% of their value in 2010 alone! On top of the 40% drop from 2007-2009. The number of strategic defaults can only rise in the future, so why not some TARP money for homeowners? If the TARP money for the banks was to cure their RMBS problems, then why didn't it flow (in reverse) all the way down to the homeowner? (Maybe because the bankers couldn't pay bonuses that way?). What is SunTrust doing with the $5 Billion it still has from TARP? As painful as it is for most of you to give money to underwater borrowers, these are better people than The Banksters. Start at the bottom. They will spend money again at Home Depot & Lowes, who will hire more workers. Many independent contractors and small businesses rely on the home improvement sector, can you imagine the "upward- cascading effect" this money flow would produce? Painful as it is, Mr. Responsible, whatever business you are in, it would benefit from this plan. Defaulting homeowners, if cured, would put money into the economy FASTER than The Bankers. Ouch. P.S.- This can be done without the "help" of The Courts, think FNMA & FreddieMac.

XLF Rules the World

XLF has turned lower. http://www.youtube.com/watch?v=ayiU-4emlKg&feature=related

More Money For Education: FACEBOOK

FACEBOOK founder and CEO Mr. Mark Zuckerberg, 26, today donated $100 million to the Newark, NJ school system. He does not live in Newark, NJ. There was no other source of money seen coming into the school system, as local taxpayers are against tax increases, state governments are stretched to make their budgets balance. The sad fact is there is no realistic way to steer more money into the school system. Here in Broward County, we may have a better chance than most of the country- Broward School District is a separate taxing entity in Broward County. It is the 6th largest School District in the United States. In addition to receiving state of Florida funds, it has the ability to levy taxes on property owners in Broward County independently (and in addition) of the County Commission. Florida State Lottery pays money to schools. Bright Futures scholarships are funded by the State Lottery. Maybe higher jackpots and payouts will attract more people to play, and result in more money for the school system. More money would mean more pay for teachers- more teachers mean smaller class sizes and greater attention on individual students so it’s a great benefit. But if property values are down from last year, the only way to get more money for the school system is to raise taxes. Raising taxes is not very popular, just yesterday in Miami, Norman Braman vowed to recall (remove) Miami-Dade County Commissioners if they tried to raise taxes on property owners. School taxes on property owners is already a touchy subject, because many property owners (who own second residences here) do not have children attending local schools. Incomes are down, and so are taxes on income, but Florida has no state tax on income so that is not a source of revenue to schools. A tourist tax increase on people visiting Florida might be a source of additional money for schools. Also an increase on the tax for gambling casinos might provide much needed income. It is not easy in this day and age to find more money for schools. Benefits (health care and pension plan) are taking a bigger piece of the budget than salaries. Zero Interest Rate Policies (ZIRP) of the Federal Government make retirement calculations even more expensive. When there is nowhere else to look for money, maybe the only place to go is where the students go themselves: FACEBOOK. It’s awesome that Mark Zuckerberg is giving back some of the money generated by the people who attend the schools of the Newark School System. The dollars are out there somewhere.