Forum Post: Pepe Escobar: IMF Hungry For Cash But Hangs On To Power - Italy Too Big to Fail, Too Big to Save?
Posted 12 years ago on Nov. 7, 2011, 4:08 p.m. EST by MonetizingDiscontent
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Pepe Escobar: IMF Hungry For Cash But Hangs On To Power
(video) http://www.youtube.com/watch?feature=player_embedded&v=g6X8cvFqOQA#!
Pepe Escobar: "Not even China and Russia could save the eurozone at this point , Italy is just too big to bail ...Italy has much more systemic implications than Greece, its debt is larger than the rest of the periphery put together, it is too big to fail, too big to save and and to make things even worse it has a government that has not succeeded so far to have the credibility of the markets on its reform program."
"Countries are getting screwed up because they don't have enough paper... Truly this is insane. THIS PLANET IS RICH WITH RESOURCES! The Current predatory monetary system is the greatest threat to human freedom, world peace, and environmental harmony, and must be abolished.This is the The Rape of Europe by the IMF and the International banking cartels. We are witnessing the fall of Western civilization."
While Banks Are Being Shorted With Impunity On Euro Sovereign Debt Panic, Did Someone Forget About BlackRock?
http://www.zerohedge.com/news/while-banks-are-being-shorted-impunity-euro-sovereign-debt-panic-did-someone-forget-about-black
(ZeroHedge) Why? Primarily because of this innocent statement... http://www.bloomberg.com/news/2011-10-21/blackrock-buying-italian-debt-with-european-bailout-talks-showing-progress.html ...by former R3 scion and former Lehmanite Rick Rieder, currently employed by the firm that ostensibly has more clout than even Goldman Sachs: BlackRock.
From October 21 "BlackRock Inc. Chief Investment Officer Rick Rieder said the world’s biggest money manager remains a buyer of Italian government debt as European policy makers gather to address the region’s sovereign debt crisis.
"Italy is attractive,” Rieder said during an interview on “InBusiness With Margaret Brennan” on Bloomberg Television. “As long as we are moving toward solutions, we think Italy is very reasonable at these levels. BlackRock, which manages about $3.66 trillion in assets, has also been buying debt issued by financial firms and high- yield bonds, Rieder said. As with the Italian bonds BlackRock has bought, the financial debt will benefit “as soon as you see stability,” Rieder said."
Uh, Rick, you are marking to market right? Because Your P&L would be a 100% correlation to the following chart, which shows BTP prices since October 21.
Of course, BlackRock will find Italian bonds even more reasonable at the current levels...
(see chart here) http://www.zerohedge.com/news/while-banks-are-being-shorted-impunity-euro-sovereign-debt-panic-did-someone-forget-about-black
Risk of Greek Bank Run, End of Euro Rising, AGI’s Utermann Says
http://www.businessweek.com/news/2011-11-04/risk-of-greek-bank-run-end-of-euro-rising-agi-s-utermann-says.html