Will Monday Bring One, Two, or Three Systemic Explosions of The Euro System?

The Eurozone Titanic is sinking!

• Will Monday Bring One, Two, or Three Systemic Explosions of the Euro System? 
  by http://larouchepac.com/
  A panicked Spanish Foreign Minister, Jose Manuel Garcia-Margallo, stated late Thursday that “the future of the European Union will be played out in the next few days, perhaps in the coming hours.”
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  He’s right about that.
  Garcia-Margallo was reacting to the fact that on June 13 Moody’s downgraded Spanish sovereign debt to near junk-bond status, and that 10-year government bonds today soared into the stratosphere of 6.99% yields—which means that Spain’s sovereign debt cannot be refinanced, and that the major capital flight already occuring from Spain is likely to escalate to flood proportions in very short order.
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  The irony is that Spain’s descent into the maelstrom occurred within days of their announcement of an 100 billion euro bailout of Spanish banks by the European EFSF, which was supposedly designed to put out the Spanish fire. But the fact of the matter is that the latest Moody’s downgrade and soaring bond yields didn’t occur despite the 100 billion bailout, but rather because of it. As Moody’s put it bluntly, they downgraded Spain because the 100 billion package will add considerably to the government’s already unpayable debt burden. So, just as LaRouche warned, every attempted bailout of the system at this point simply aggravates the problem and accelerates the process of disintegration.
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  The British Empire’s actual intent in ramming through the 100 billion bailout package earlier this week, was not to try to actually salvage the Spanish banking sytem—that would require some 600-700 billion euros, for starters—but rather to just keep Spain from blowing apart until at least after this Sunday’s Greek elections, which could signal the end of Greece’s membership in the EU, and of the EU itself. The British didn’t think they could handle two simultaneous systemic crises, but now they are looking at the very real possibility of three such crises all hitting at once early next week: Greece, Spain, and possibly Italy as well.
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  As Spanish bond yields soared today, so did Italy’s, with rates on their 5-year bonds jumping by more than a third, from 3.9% to 5.3%. Italy may soon join Spain in being locked out of international capital markets.

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Bilderberg Secret Web Revealed !

Germany To ‘Save’ Euro, Endgame Gold !

Keiser Report: Con Games Go Global !

As Predicted Last Year, The French and the Greeks Are In A Race For The Biggest Bank Run!

How long can the French debt edifice keep standing upright?

• As Predicted Last Year, The French and the Greeks Are In A Race For The Biggest Bank Run! 
  by http://boombustblog.com/
  On Saturday, 23 July 2011 I penned “The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs!” wherein I went through both the motive and the mechanism of a European bank run, focusing on Greece and France as impetus.
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  Fast forward nearly one year later and the WSJ reports Crédit Agricole Girds Greek Unit for Greece Euro Exit, as excerpted:
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  PARIS—Crédit Agricole SA ACA.FR +3.49% is making contingency plans to abandon its Greek bank or merge it with a conglomerate of domestic banks in the event of Greece leaving the euro zone, according to a person with direct knowledge of the plans.
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  The admission offers the starkest evidence yet of international companies preparing for the worst in Greece, just days ahead of elections that could set it on a path to leave the currency union. It also underscores the lengths to which France’s third-largest listed bank will potentially go to draw a line under its disastrous foray into Greece.
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  … Crédit Agricole Chief Executive Jean-Paul Chifflet has said publicly he doesn’t see a Greek exit as the most likely scenario. But the bank is pressing ahead with contingency planning focusing on two possible options, the person familiar with the matter said: consolidating its Emporiki Bank of Greece SA unit into a larger conglomerate of Greek banks, in which the French lender’s stake would get diluted down to 10%, or simply walking away and letting Emporiki fail.
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  “Politically, if Greece were to exit the euro zone, Crédit Agricole would have no obligation to stay,” said this person. The Paris-based lender is also considering plans to transfer some “good” assets from Emporiki to Crédit Agricole, the person said, without disclosing details.
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  Abandoning Greece’s largest foreign-owned retail bank could expose Crédit Agricole to legal and reputational risks and would echo its abrupt departure from its Argentine bank units 10 years ago after the Latin American country defaulted on its debt.
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  Analysts estimate a Greek exit from the euro zone would cost the bank at least €5.2 billion. Crédit Agricole’s direct funding to Emporiki stood at €4.6 billion in March.
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  …Crédit Agricole has been scrambling over the past year to stem the red ink at its Greek operations. Its acquisition of Emporiki in 2006 saddled the French lender with billions of euros in losses and is one of the reasons its shares have plunged more than 70% over the past year, sparking uproar among shareholders. Emporiki is Greece’s sixth-largest bank.
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  Last week, the bank secured a small bit of breathing space when Emporiki finally succeeded in getting funding from Greece’s central bank, the Crédit Agricole spokeswoman said. Crédit Agricole had lodged numerous similar requests to borrow from the Greek central bank’s so-called Emergency Liquidity Assistance program, and was repeatedly turned down because Emporiki is foreign-owned. According to the person close to the matter, Greece’s central bank finally agreed to the request, after Crédit Agricole said it would otherwise leave the country.
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  This is essentially the specific institutional bank run that I warned about last year. In addition, I gave my paying subscribers plenty of notice on this particular bank back in 2010 – reference  Greek Banking Fundamental Tear Sheet. As for how that institutional bank run thing works, we excerpt “The Fuel Behind Institutional “Runs on the Bank” Burns Through Europe, Lehman-Style“:
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  read more!

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Here Comes The Mother Of All Rumors: G-20 Sources Say Central Banks Preparing For Coordinated Action!

• All eyes are on the Greek election this Sunday. Thereafter, 18 and 19 June G20 meeting in Mexico. Followed by the FedRes meeting on 19 and 20 June. Financial storms brewing. Do not attempt to trade the volatility, you will be burnt! Accumulate physical gold and put on your space helmet! The price of gold is rocketing to the moon!
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  Here Comes The Mother Of All Rumors: G-20 Sources Say Central Banks Preparing For Coordinated Action! 
  by Tyler Durden, http://www.zerohedge.com/ 
  Update 1: and here comes the revision:
  • G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS IF NEEDED

  So… if Syriza wins, and Greece leave the Eurozone, there will be a response? Unpossible.

  Update 2:

  • EUROZONE MINISTERS TO HOLD CONFERENCE ON SUNDAY TO DISCUSS OUTCOME OF GREEK ELECTIONS

  LOL, in other words:

  • STUFF MAY OR MAY NOT HAPPEN DEPENDING ON WHAT MAY HAPPEN.

  What a joke

  * * *
  And the mother of all rumors strikes:

  • G20 SOURCES SAY CENTRAL BANKS PREPARING FOR COORDINATED ACTION AFTER THE GREEK ELECTIONS

  One small problem. Central banks NEVER indicate in advance what they will do. This is merely a desperation attempt to ramp markets into the close, and sucker even more retail into stocks ahead of Sunday. Now we wait for the denial because otherwise some pathetic G-20 leak just made central banks everywhere irrelevant and obsolete: remember what happened to Jamie Dimon when in March he front-ran the Fed…

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Economic Collapse & Capital Controls Assured !

Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts!

• The world is ruled by a Satanic cabal, seed of the serpent, 13 Satanic bloodlines. At the heart of their power is their global monetary hegemony. Practically all central banks are privately owned Illuminist banks. They create money out of thin air and control governments and nations. Using this financial power, they waged wars, attack nations financially, manipulate prices, cause famines … etc. The FedRes, ECB, IMF, World Bank … are Illuminist banks. They are owned by Illuminist banks: JP Morgue, Goldman Sucks …. etc.
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  Federal Reserve Board Members Gave Their Own Banks $4 Trillion in Bailouts! 
  by Noel Brinkerhoff, http://www.allgov.com/
  Following the 2008 financial crisis, the Federal Reserve provided more than $4 trillion in near zero-interest loans and other help to banks and businesses whose executives also served as directors for the national bank.
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  At least 18 current and former Fed regional bank directors had a direct stake in the trillion-dollar bailout given to teetering institutions, according to a report produced by the Government Accountability Office, but released by Senator Bernie Sanders (I-Vermont).
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  “This report reveals the inherent conflicts of interest that exist at the Federal Reserve,” Sanders said in a prepared statement. “At a time when small businesses could not get affordable loans to create jobs, the Fed was providing trillions in secret loans to some of the largest banks and corporations in America that were well represented on the boards of the Federal Reserve Banks.”
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  Sanders wants to end the potential conflicts of interest that come with having bank executives serving on the Fed’s boards. The senator introduced legislation in May that would prohibit banking industry and business executives from serving as directors of the Fed’s 12 regional banks.
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  To bolster his case, Sanders cited the example of Jamie Dimon, chief executive officer of JPMorgan Chase. A director of the Federal Reserve Bank of New York since 2007, Dimon was part of the Fed’s leadership when it approved $391 billion in emergency funds to JPMorgan Chase to help it through the Wall Street chaos.
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  In another example, Jeffrey Immelt, the CEO of General Electric, was a member of the New York Federal Reserve when it created the Commercial Paper Funding Facility, which then lent $16 billion to…General Electric. 

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Chomsky: European States Follow US Lead in Supporting Israel’s Impunity!

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

United States is Addicted To War!

• Daniel 7:23 (New King James Version)
  23 “Thus he said:
  ‘The fourth beast shall be
  A fourth kingdom on earth,
  Which shall be different from all other kingdoms,
  And shall devour the whole earth,
  Trample it and break it in pieces.
  -
• Daniel 11:36-39 (New King James Version)
  ³⁶ “Then the king shall do according to his own will: he shall exalt and magnify himself above every god, shall speak blasphemies against the God of gods, and shall prosper till the wrath has been accomplished; for what has been determined shall be done. ³⁷ He shall regard neither the God^[a] of his fathers nor the desire of women, nor regard any god; for he shall exalt himself above them all. ³⁸ But in their place he shall honor a god of fortresses; and a god which his fathers did not know he shall honor with gold and silver, with precious stones and pleasant things. ³⁹ Thus he shall act against the strongest fortresses with a foreign god, which he shall acknowledge, and advance its glory; and he shall cause them to rule over many, and divide the land for gain.

The US ‘defence’ budget is easily above US$1Tillion for 2011 when all the discretionary spending are added !

US: Money only for wars and banksters!

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

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Dr. Paul Larudee: Israel Flotilla Report is Lipstick on a Pig!

Revelation 2:9 – …. and I know the blasphemy of those who say they are Jews and are not, but are a synagogue of Satan.

• The 13th Tribe of Khazaria! Ashkenazi Khazars Are Not The Jews of The Bible!
  If almost 98% of JEWS we know today are NOT semitic, wouldn’t the term ANTI-SEMITIC be null and void? I made this video with 3 Jewish friends who admit they are not Semites!!!!
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  “Many [modern-day Jews] of whom have clamored to go back [to Palestine] NEVER had antecedents [physical ancestors] in that part of the world …. The OVERWHELMING majority of Jews are descendants from the converts of Khazaria and elsewhere who ADOPTED Judaism…. This VIEW of the NON-ethnicity of the largest portion of Jewry IS SUSTAINED by such prominent anthropologists as Ripley, Weissenberg, Hertz, Boas, Pittard, Fishberg, Mead and others. . “
  - Dr. Alfred M. Lilienthal
  -
  “… Though many Jews are NOT of Semitic origin, we are the religious, spiritual, and national [but NOT genetic] descendants of those who first formed the early foundations of Judaism who were Semites”
  - Rabbi Cyril A. Stanway in “Viewpoints,” Thursday, November 8, 1990, in the Sun-News (Las Cruces, New Mexico)
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  “. . these Eastern European, Yiddish-speaking Jews who form the Zionist group practically in toto [almost entirely], have NEITHER a geographic, historic NOR ethnic connection with either the Jews [Israelite Judahites] of the Old Testament OR the land known today as Palestine. “
  - Jewish Dr. Benjamin H. Freedman, published by the National Economic Council, Inc. as “Council Letter No. 177 (October 15, 1947)
  -
• Modern Judaism is not the religion of the Bible! See here!
• Modern Ashkenazi Jews are not the Jews of the Bible! God’s covenant was with Abraham and his biological descendents. Ashkenazi Jews are not semitic and their ancestors were never in Palestine. They are not the descendents of Abraham/Isaac/Israel. They have no right to stay in Palestine. What the Zionists are doing to the Palestinians is called: genocide and ethnic cleansing! Zionist ’666′ Israel is not the Israel of the Bible! It is a LIE!
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  1980 Jewish Almanac
  “Strictly speaking it is incorrect to call an ancient Israelite a ‘Jew’ or to call a contemporary Jew an Israelite or a Hebrew.” (1980 Jewish Almanac, p. 3)
  .
  The Jewish Encyclopedia:
  “Khazars, a non-Semitic, Asiatic, Mongolian tribal nation who emigrated into Eastern Europe about the first century, who were converted as an entire nation to Judaism in the seventh century by the expanding Russian nation which absorbed the entire Khazar population, and who account for the presence in Eastern Europe of the great numbers of Yiddish-speaking Jews in Russia, Poland, Lithuania, Galatia, Besserabia and Rumania.”
  .
  The American Peoples Encyclopedia … for 1954 at 15-292 records the following in reference to the Khazars: “In the year 740 A.D. the Khazars were officially converted to Judaism. A century later they were crushed by the incoming Slavic-speaking people and were scattered over central Europe where they were known as Jews.
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  According to the standard Jewish Encyclopedia 96% of all the Jews known to the world today are descendents of the Khazar tribes of Russia, Eastern Europe and western Mongolia.
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• The Bible specifically forbids the ill-treatment of people different from us ie: strangers. What Zionist ’666′ Israel does to the Palestinians is called: genocide and ethnic cleansing! Zionist ’666′ Israel is in total violation of God’s law!
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  Exodus 22:21
  “You shall neither mistreat a stranger nor oppress him, for you were strangers in the land of Egypt.”
  Exodus 23:9
  “Also you shall not oppress a stranger, for you know the heart of a stranger, because you were strangers in the land of Egypt.”
  Leviticus 19:33
  ‘And if a stranger dwells with you in your land, you shall not mistreat him.’
  Leviticus 19:34
  The stranger who dwells among you shall be to you as one born among you, and you shall love him as yourself; for you were strangers in the land of Egypt: I am the LORD your God.
  Leviticus 23:22
  ‘When you reap the harvest of your land, you shall not wholly reap the corners of your field when you reap, nor shall you gather any gleaning from your harvest. You shall leave them for the poor and for the stranger: I am the LORD your God.’
  Leviticus 24:22
  You shall have the same law for the stranger and for one from your own country; for I am the LORD your God.
  Ezekiel 47:22-23
  ²² It shall be that you will divide it by lot as an inheritance for yourselves, and for the strangers who dwell among you and who bear children among you. They shall be to you as native-born among the children of Israel; they shall have an inheritance with you among the tribes of Israel. ²³ And it shall be that in whatever tribe the stranger dwells, there you shall give him his inheritance,” says the Lord GOD.
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• The so-called Star of David is a Satanic symbol. Satanists and occult practitioners use it for calling Satan and demons!
  -
  Former Satanist, Bill Schnoebelen (now born again Christian)
  “A hexagram must be present to call forth a demon” and ” it is a very powerful tool to invoke Satan”. – “To the sorcerer, the hexagram is a powerful tool to invoke Satan.” In fact, the word “hex” — as to put a “hex” or “curse” on people — comes from this word. – If you examine the so-called “Star of David,” or hexagram, closely, you will discover something astonishing. It has six points, forms six equilateral triangles, and in its interior forms a six sided hexagon — thus it reveals the number of Satan’ antichrist beast, — 6 points, 6 triangles, and the 6 sides of the hexagram — 666 !!!
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• See also:
  -
  History of The “Six Million” Myth!
  Bolshevik Jews Plotted The Ukrainian Holocaust!
  The Jewish Genocide of 1.4+ Million Armenian Christians!
  The Bolshevik Jews Behind The Deaths of 40+ Millions During The Communist Revolution!
  YNET Israel News: Stalin’s Jews. We Mustn’t Forget That Some of Greatest Murderers of Modern Times Were Jewish!
  Bolshevik Jews Plotted The Ukrainian Holocaust!
  Mark Weber: The Jewish Role in the Bolshevik Revolution and Russia’s Early Soviet Regime! During Which 20+ Million Russians Died !
  The Hidden History of Jewish Bolshevism & Freemasonry! How Masonic Wall Street Banksters Financed The Communist Revolution Which Killed Over 100 Million People!
  Mark Weber: Wilhelm Höttl And The Elusive ‘Six Million’! Part 2 – How Many Jews Died?
  Ashkenazi Khazars (90+% of modern Jewry) are not the Jews of the Bible!
  Benjamin Freedman: Ashkenazi Khazars Self Style “Jews” Are Not Semitic And Not The Biological Descendents of The 12 Tribes of Israel !
  The 2002 Jenin Holocaust of Palestinians By Zionist ’666′ Israel !
  Deir Yassin Remembered ! The 1948 Holocaust of Palestinians by Zionist ’666′ Israel !
  Jewish Historian Ilan Pappe: History of Zionism – Genocide And Ethnic Cleansing of Palestine!
  Jenin Massacre
  Jewish Historian Teddy Katz: 1948 Tantura Massacre of Palestinians! Genocide And Ethnic Cleansing!
  Zionist ’666′ Israeli Apartheid and The Nakba!
  Forget Deir Yassin: Its Victims Were “Unworthy”! The Holocaust of Palestinians by Zionist ’666′ Israel !
  Holocaustianity: Zionism’s Big Lie!
  Texe Marrs: Conspiracy of The 6 Pointed Star!
  Repost: Holocaust, Hate Speech & Were the Germans so Stupid?
  Jack Bernstein: The Life of an American Jew in Racist Marxist Israel !
  Peace, Propaganda & The Promised Land ! US Media And The Israeli-Palestinian Conflict!
  ’666′ Star of David, Satanic Curse / Hex(agram) On Humanity! Occult Symbol.
  The Historical Truth About Auschwitz!
  Jewish Estimate Sees Number of Holocaust Dead Drop To 2.8 Million!
  Fred Leuchter: The End of The Auschwitz Gas Chambers Myth!
  Fred A. Leuchter, Jr.: Inside the Auschwitz ‘Gas Chambers’!
  The Rudolf Report: Expert Report on Chemical and Technical Aspects of the ‘Gas Chambers’ of Auschwitz!
  Barbara Kulaszka: What is ‘Holocaust Denial’?
  How Many Died At Auschwitz?
  How the Illuminati Manipulates Jews!
  Hitler Was A Rothschild Jew?!
  Norman Finkelstein on Zionism And The Holocaust Industry!
  Holocaust Denier Death, Mossad Linked. How Many Jews Died in the German Concentration Camps?
  Gideon Levy: Ethnic Cleansing of Palestinians, Or, Democratic Israel At Work?!
  Israel Admits It Covertly Canceled Residency Status of 140,000 Palestinians!
  Flashback 1990: Holocaust Expert Rejects Charge That Nazis Made Soap From Jews!

“ … it turns out the creation of Israel had not, after all, been a haphazard fight in which the Arabs fled their homes at the directives of their own leaders, but it had been an unprovoked, systematic campaign of ethnic cleansing by the Jewish militia involving massacres, terrorism and the wholesale looting of an entire nation.” - from 4:22 onwards

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Washington And Moscow Clash Over Syria!

Forget Three Months: Italy May Have Two Weeks Tops, As “It Already Is Where Spain Is Heading”!

Major Eurozone sovereign debt crisis storm is breaking!

• Proverbs 22:3
  ³ A prudent man foresees evil and hides himself, But the simple pass on and are punished.
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• Fear and trepidation ahead. Global collapse coming! Got physical gold yet?
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  Forget Three Months: Italy May Have Two Weeks Tops, As “It Already Is Where Spain Is Heading”! 
  by Tyler Durden, http://www.zerohedge.com/
  Yesterday, Austrian finance minister Maria Fekter ruffled the unelected Italian PM’s feather by saying “forget Spain, Italy is next in the bailout line” – a statement which as expected was promptly loudly refuted, mocked, and scorned by everyone possible: the type of reaction that only the truth can possibly generate in Europe. So far so good: after all the typical European reaction to any instance of the truth is loud screams of “lies, lies” and promptly sticking your head deep in the sand. However, this time around Italy may not have the benefit of the doubt, nor the benefit of some sacrificial replacement of a prime minister: Silvio is long gone, and at this point switching one banker figurehead with another will do precisely nothing. Which is why this morning’s assessment from Bloomberg economist David Powell is spot on: “Italy would probably be forced into receiving a bailout if it were to face another two weeks like the last seven days.” But the punchline: “The bad news for Italy is the country’s stock of debt is already as large as Spain’s may become after years of fiscal turmoil. In other words, Italy already is where Spain may be heading.”
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  Surely Powell must be joking: has he not heard that Spain is not Uganda, and that there is “no risk” Spanish contagion will shift to Italy? Apparently not: which is actually what happens when one does the math and relies on facts instead of bluster, rhetoric and propaganda.
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  read more!

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Credit Suisse Explains Why There Is Two Months Tops Until France Is In The Bulls Eye!

Global economic, financial and monetary collapse super storm is coming!

• Are Germany and France safe? I don’t think so! All their major banks are greatly exposed to unpayable Eurozone sovereign debts. They are essentially bankrupt! This Eurozone edifice is crumbling and will not last till the end of the year! The Illuminist agenda is a global collapse leading to WW3 to usher in their One World Currency, Global Supra-National Central Bank, Luciferian New World Order and Financial Hegemony! How do you get countries all over the world to abandon their national currencies and accept a One World Currency backed by gold? By destroying all fiat currencies via hyperinflation! Those who refuse to accept will be bombed into submission ie. wars, wars and more wars!
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  Credit Suisse Explains “The Real Issue”, And Why There Is Two Months Tops Until France Is In The Bulls Eye! 
  by Tyler Durden, http://www.zerohedge.com/ 
  Credit Suisse’s William Porter is strangely laconic and oddly brief in his latest issue of the European Credit Flash titled “The Real Issue”:
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  “It’s all about Spain”, so now we are cutting to the chase. Recapitalization of the banks versus funding the sovereign is of course a semantic issue given the nature of the interplay. But it enables the attempted finesse we describe below.
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  “Portugal cannot rescue Greece, Spain cannot rescue Portugal, Italy cannot  rescue Spain (as is surely about to become all too abundantly clear),  France cannot rescue Italy, but Germany can rescue France.” Or, the credit of the EFSF/ESM, if called upon to provide funds in large size, either calls upon the credit of Germany, or fails; i.e, it seems to us that it probably cannot fund to the extent needed to save the credit of one (and probably  imminently two) countries that had hitherto been considered “too big so save” without joint and several guarantees.
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  The issue can be finessed for a while by addressing the issues as bank issues and recapitalizing the banks by bond transfer. This hides from the  (primary) market and is simply another manifestation of the “Sarko trade” given by the LTRO. That rally lasted four months. Given the market’s adaptive learning behaviour, we suspect that this finesse might last two. The eventual denouement should be flagged by symptoms of the failure of  the credit of EFSF/ESM and/or France.
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  And there you have it. As evidenced by today’s reaction to the bailout, which had a half life of 2 hours, and was a complete failure in 6, the market is learning much, much faster than expected. Which also means that Porter’s estimate for the length of time before the next wave of the contagion tsunami strikes somewhere in the middle of the 8th arrondissement is furiously optimistic, but we agree: 2 months tops.
  -
  Which is in keeping with the Soros’ estimate of T minus 3 months before the Eurozone ends without a major intervention by Germany (which will eventually happen, courtesy of a Berlin-funded DIP loan, but purely on Germany’s terms), but also that of Christine Lagarde who just doubled down on Soros’ three month estimate as well.

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FX Markets Bracing For Major Event !

• Massive financial storms are brewing! No one knows when the meltdown will start. The next 2 weeks will be very scary. Greek election this Sunday. Spanish crisis isn’t over. Italy is being hit. The market turbulence will get larger and larger until total implosion. The currency collapse will start in the PIIGS, spread to the rest of Europe, UK, Japan, Asia …. and finally America. We are talking about a total meltdown from start to finish in 4-6 weeks. The world will not recover for decades not years!
  -
  FX Markets Bracing For Major Event! 
  by Tyler Durden, http://www.zerohedge.com/ 
  Last night we noted that OandA will shut-down trading on Sunday ahead of the market-moving events surrounding the Greek election (as it seems they are unwilling to take the agency risk and potentially counterparty risk on a large gap). Nowhere is this more clearly priced into the market than the short-dated FX option market. EURUSD 1 week implied vol is at its greatest premium to realized vol ahead of this weekend than at any time in the last three-and-a-half years. The last time the level of short-dated vol was near this high (in absolute and relative terms) was December 9th 2011 and EURUSD fell 400 pips in the next few days.
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  Upper pane is 1 week EURUSD implied vol (black) vs realized vol (orange); middle pane is the spread between the two; lower pane is EURUSD spot. Blue dashed vertical line is the last time we were close to these absolute and relative levels of vol premium…
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  At 16.5% implied for 1 week vol – this is the highest since before the last Grand Plan in early November and was followed shortly thereafter by global synchronized central bank intervention.
  -
  In the meantime, EURUSD has dropped to more than 2 sigma cheap to its swap-spread-implied fair-value (though as we have seen in the late summer and fall of last year this can remain for longer periods) as the ‘chaos’ premium hits the Euro.

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