Don't Listen To, But Watch Their Hands!

All the followers of reflation story, liquidity glut and other "exsqueeze me" blow-offs should watch the hands of high priests of mechanical monetarism, and don't listen to ...

HT FT Alphaville, Barclays is "de-recognizing" some assets worth 12.3 billion USD, with details here:

Barclays has agreed to sell the Assets to Protium for a consideration of $12.3bn, representing their fair value at the date of the Transaction. The Assets comprise structured credit assets insured by monolines ($8.2bn), RMBS/Other ABS assets ($2.3bn) and residential mortgage assets ($1.8bn) held in Barclays Capital. Structured credit assets comprise assets with a fair value of $3.6bn and monoline guarantees valued at $4.6bn. At the date of the Transaction, the $12.3bn book value of the Assets was net of credit reserves of $2.3bn for the associated monoline exposure.

It does not matter at what values. Why "de-recognizing", if only sunny reflationary future ahead?