It should come as no surprise to readers as it has been long pointed out that the need (and expectation) for all "transitory" measures to become permanent and exponentially larger to maintain this mirage of sustainability, but comments from ECB's Nowotny just took the shine off the day as Gold, Oil, Financials, ES, and AAPL all dropped notably (pulling back to TSY's outperformance) as he strongly suggested this is it (via Bloomberg)...
- NOWOTNY SAYS SMP IS MORE OR LESS ON HOLD
- NOWOTNY SAYS 3-YEAR LOANS WILL NOT BECOME A REGULAR FEATURE
- NOWOTNY SAYS NOT `CONVINCED' ABOUT CASE FOR HIGHER FIREWALL
- NOWOTNY SAYS ECB HAS PROBLEM OF ADDICTED BANKS
Well of course it does, only instead of even contemplating methadone, the ECB keeps pumping banks to the gills full of heroin. Certainly the ending will be a happy one. What is notable is that the only thing the sham formerly known as the market even bothers to react to are promises of future liquidity or lack thereof.
