Or is it all expected to be rolled over, refunded in better weather?
Yet another example, of the triumph of corrosive consumption over prudence.
SO - WHY IS GOLD DOWN IN TRADING RIGHT NOW?
Gold traders KNOW that if the EMU countries NEED to raise cash - they will look to sell into the strongest asset - GOLD - hence today's morning trading seems to reflect that sentiment. As illustration, the same effect showed up in bona fide Triple AAA rated MBS in 2008/9 - that in times of panic, crisis - the not so obvious asset to be sold depends on what's been strongest recently.
And for the US Fed:
- What is the source of authority to swap ~$30B of US dollars for equivalent amount of Euro.
- Where are these dollars sitting now - that they can just be shipped / swapped for Euro?
- And same question for the Euro - where is this currency coming from? The vault holding recent vintage, newly printed "dinEURO"?
- And what is the connection to the Fed's charter "full employment, asset and price stability" with the implicit but unrequested approval of US Congress; the source of the Fed's statutory existence.
- Has the Fed become a de facto 4th branch of government? The ability to enter into agreements with other sovereign entities - no need for Congress' vote, or at minimum review, advise and consent?
- Is it any wonder we have a push for more Fed transparency, including holdings, valuation and counterparties and to generally audit the Fed.
Or the Fed and the ECB / EMU et al unite in show of massive vote of confidence in a system - home and abroad that by definition is losing confidence or at least in denial of same; it's baseball season - in the world financial markets - batter up; watch out for more curve balls and sinkers.
Incredible siesta continuing on the US taxpayer dime, absent authority from Taxpayers' representatives; what's become of US electorate immune response - denial, depression, what's next - the next generation SSRI? Specifically designed to target / deactivate recognition of financial "reality?"