For Makloda and other ECB fans..

[Ivanovich]

Talk about arriving late to the party. What a bunch of tools.

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FX NOW! EUR/USD, GBP/USD Flows - Telegraph:ECB sees crisis of enormous proportions; rate cut
Tuesday, October 07, 2008 9:44:00 PM

* 08 Oct 08: 01:44 GMT (SGA) - FX NOW! EUR/USD, GBP/USD Flows - Telegraph:ECB sees crisis of enormous proportions; rate cut

Cross/JPY remains heavy, though market relatively "quiet" as most are seen sidelined. Focus again on expected ECB/BoE, and Fed rate cuts ahead. UK Telegraph article by Ambrose Pritchard: The ECB has dramatically changed its tune over the last 24 hours as the credit freeze worsens, acknowledging for the first time that the world faces the gravest crisis since the Great Depression. A string of governors from across the eurozone have today issued grim warnings in what seemed a coordinated move to prepare the markets for interest rate cuts, perhaps within days. ECB/Belgium Guy Quaden said the violent storm ravaging Europe’s banking system was far from over. ECB/BoS Miguel Angel Ordonez acknowledge the world now faces a crisis of “enormous proportions.” In a clear rejection of the ECB’s controversial 'go-it-alone’ policy on monetary policy, he called for joint action with the US Fed to nurse the credit markets back to life. On FX, EUR, GBP heavy, more next.WL

 

[Ivanovich]

No comments, Mak? I'd have thought you'd be laughing.

 

[makloda]

Haha Can't wait for Weber to comment on how his inflation ghost is nowhere to be seen anymore

Long GBS GBM GBL

 

[asap]

that's right.

trichet has got a margin call today. he has to unwind his massive hawkish inflation position and bring back to a more real "damn we're so f*** here in the euro zone that i have to cut all the way to zero to prevent civil war" policy. cest la creme de la merd.

keep'on with the good work. we rely on your intellectual finesse.

 

[makloda]

I guess the "Trichet is a smart and astute banker" notion is quickly disappearing

 

[makloda]

Excellent call, Ivan