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Omen? Saudi and Israeli financial markets plunge
This entry was posted in Civilizations unraveling, Dark Ages, Earth Changes, Earth Watch, Economic upheaval, social unrest, terrorism. Bookmark the permalink.
RT @AntDeRosa: Greenspan on how important Italy is to U.S. economy: “Italy is a very large country, it cannot be bailed out.”
ZekeJMiller 5 minutes ago
——————————————————————————–
RT @AntDeRosa: Greenspan on if the U.S. will have a double dip recession: “Depends in Europe, not the United States. Europe is very critical to the U.S.”
ZekeJMiller 7 minutes ago
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Hong Kong braces for U.S. downgrade fallout
HONG KONG (MarketWatch) — If anyone thought the $132 billion of value wiped off shares on the Hong Kong exchange last week was enough to be getting on with, the historic U.S. credit downgrade by Standard & Poor’s points to another grim week ahead.
While global equity markets face a fraught opening in mere hours, Hong Kong looks particularly exposed, tied both to China — the largest holder of U.S. Treasurys — and to the downgraded U.S. dollar through its exchange-rate peg.
http://www.marketwatch.com/story/hong-kong-braces-for-us-downgrade-fallout-2011-08-07
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Dollar to Be ‘Discarded’ by World: China Rating Agency
The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating.
In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”
Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” after policymakers in Washington failed to act in a timely manner to lift its debt celing.
However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.
“It has been around for quite a while, but I do not know of anyone assigning risk assessment to thir portfolio according to Dagong,” said Steen Jakobsen, chief economist at Saxo Bank. “However, clearly the rating industry could do with some competition and deviance from firm beliefs.”
But Guan’s observation—made just before S&P slashed its ratings on the world’s biggest economy—now seems strangely prescient.
“I think the most pressing issue facing the U.S. at the moment is to reflect on the crisis which happened in relation with the debt ceiling,” Guan said. “They should get a clear understanding that the continuous decline of the debt service capability will inevitably result in the outbreak of a sovereign debt crisis.”
His sentiment is also reflected in a strongly worded editorial published by China’s official Xinhua news agency on Saturday that is widely seen as a thinly-veiled criticism of U.S. fiscal and economic policies from Beijing.
The editorial called for “international supervision over the issue of U.S. dollars” and the introduction of “a new, stable and secured global reserve currency.”
It also noted that as its largest creditor, Beijing has every right “to demand the United States to address its structural debt problems and ensure the safety of China’s dollar assets.”
http://www.cnbc.com/id/44050325
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BreakingNews Breaking News
Greenspan says stocks will decline following S&P U.S. rating cut – @BW http://buswk.co/oeEC5B
há 3 minutos
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“Everything points to a BLACK MONDAY”
World leaders and finance chiefs raced Sunday to head off spiralling tension triggered by eurozone debt contagion and a US rating downgrade as the clock ticked on the opening of the markets Monday. “Until the stock markets open (Monday) the extent of earthquake caused by the downgrade of the US. debt rating will not be known,” said Spain’s El Pais daily newspaper. “But everything points to a black Monday which may intensify the attacks on the euro.”
http://news.yahoo.com/world-leaders-race-against-fresh-market-turmoil-141528198.html
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http://www.bloomberg.com/news/2011-08-07/aaa-rated-france-may-be-vulnerable-to-downgrade-following-cut-to-the-u-s-.html
The decision by Standard & Poor’s to downgrade the U.S. credit rating leaves France as the AAA country most likely to lose its top grade, some investors and economists say.
France is more expensive to insure against default than lower-rated governments including Malaysia, Thailand, Japan, Mexico, Czech Republic, the State of Texas and the U.S.
“France is not, in my view, a AAA country,” said Paul Donovan, London-based deputy head of global economics at UBS AG. “France can’t print its own money, a critical distinction from the U.S. It is not treated as AAA by the markets.”
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The markets open was delayed about 45 minutes and the TASE website crashed in the late afternoon. This is unreal!!!!!! This is a true sign of things to come within afew hours when the Asian markets open and Kitco!
WOW WOW http://www.globes.co.il/serveen/globes/docview.asp?did=1000671367
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Dollar Tumbling To Record Low Against Swiss Franc, New Lows Against Yen
Submitted by Tyler Durden on 08/07/2011 – 15:24 Capital Markets Swiss Franc Yen
For an early look at the risk aversion gripping the market look no further than the USDCHF and the USDJPY, the first of which just took out 0.75, and the second now almost at BOJ intervention levels. Ironically, since the math Ph.D.s have still not recalibrated their models, it is very likely that the collapse in the dollar will lead to an explosion in ES courtesy of the inverse correlation, which will once and for all confirm that global capital markets and now nothing but a robotic circus.
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Update: According to reports, the ECB is right now considering Spanish and Italian purchases on a “massive” scale. This is key. For the ECB to backstop Italy/Spain, it really needs to go nuclear, and ignore the natural German protestations about printing money.
We shall see.
UPDATE II: The ECB call is over.
A statement is due out, but according to Reuters, the ECB will indeed “intervene decisively” to save Italy/Spain/the euro.
Presumably this means massive bond buying of Spanish/Italian debt.
Read more: http://www.businessinsider.com/ecb-holding-call-on-italy-bond-buying-2011-8#ixzz1UNVqqaPR
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And now cue the natural disasters to really bring this mother down!
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This whole year has been nothing but one disaster after another, but now things are really rolling towards the end. Call upon the Lord while He may be found! Today is the day of salvation! Accept His free gift of salvation by simple faith in Christ’s perfect redemption work for you and do not harden your heart. Believe me, one day, probably very soon, you will be very glad you did! What do you have to lose?
Megan
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I suspect before long it won’t be gold and silver that determinds who eats, but brass, lead and the willingness to use it :^(
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SocGen, Unicredit On “Brink Of Disaster”?
Submitted by Tyler Durden on 08/08/2011 – 02:57 Over the past 48 hours we had heard pervasive rumors that at least one, maybe more, banks in Europe are on the verge of collapse. Our thought was, naturally, Dexia, which is the modern equivalent of AIG, not to mention the bank most rescued by none other than the Federal Reserve. Well, we were wrong. And if the Daily Mail is correct, the two banks about to kick the bucket are French SocGen and Italy’s UniCredit. While the fact that these two banks are in trouble has not been lost on the market, which has been sending their CDS to near record highs, the speculation that they are far closer to implosion likely means that the equity value of the European banking sector is about to be decimated. As the News reports: “The merest hint a major bank might fall is likely to reignite panic tomorrow in the stock market, which is already feared to react badly to the credit downgrade of the U.S. by rating agency Standard & Poor’s.” Well, it’s now tomorrow.
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S&P now downgrades Israeli bonds guaranteed by US and Fannie/Freddie to AA+.
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Bank of America shares down nearly 15% !!!!!!!!!
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Up to 18% allready!!!!! CDS of BoA more tan 20% up!!!!!!!
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This alone has to be one of the big fears for the market: What’s happening and what’s going to happen with Bank of America?
The stock is now down about 15% on the day, falling below $7/share.
For a little more perspective, it was above $10/share as recently as late July.
All of the downgrade/economy stuff obviously hurts, but the latest catalyst is the news that AIG is jumping into the lawsuit fray against it.
This kind of one-day decline for an obviously too-big-to-fail bank is obviously reminiscent of the bad old days in 2008.
Read more: http://www.businessinsider.com/bank-of-america-below-7-2011-8#ixzz1USLwrnCa
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By MARTIN CRUTSINGER AP Economics Writer
WASHINGTON (AP) – Officials at Standard & Poor’s are downgrading the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.
The agency says it has also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.
All the downgrades were from AAA to AA+. S&P says the agencies and banks all have debt that is exposed to economic volatility and a further downgrade of long-term U.S. debt.
Officials at Standard & Poor’s say they will also indicate shortly how local and state governments will be affected by their decision on Friday to lower the long-term U.S. debt from AAA to AA+.
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Here Comes TARP 2: Bank Of America Implodes, At $6.87, BAC CDS Up 20% To 260 bps As Bankruptcy Contemplated
Submitted by Tyler Durden on 08/08/2011 – 11:30 With Bank of America investors finally realizing it is game over for the company as a going concern, at this point there are just two options for Brian Moynihan: the spin off of CFC as a bad bank, backstopped by the Fed, or, well, Chapter 11, which for a bank is essentially liquidation (and with CDS trading up 50 bps to 260 a bankruptcy seems increasingly inevitable). It also means that another TARP is on the way. And once America realizes that another several trillion have to be put into its insolvent banking sector, it will get quite violent. The biggest irony: it is AIG which takes down the financial system for the second time after its lawsuit against BAC filed last night kills Bank of America.
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Futures are DOWN …
DOW -490 … -4%
FTSE -300 … -6%
DAX -488 … -8%
CAC -250 … -8%
Doom is on …
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TOTAL MARKET COLLAPSE NOW!!! i CAN’T SAY ANYTHING MORE!
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Yup I agree, I bought Gold this weekend and stocked up on food and water, withdrew cash from my account. Talking to my sister today and she sold her stocks, my brother has been investing in Gold and silver and mom and dad bought land that we can all call home if worse comes to worse. On the positive side, I got your new book today Alvin 🙂
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Yeah, Warren. I’m glad it arrived. Hope all is well, friend. Prudent planning on your family’s part.
God bless,
Alvin
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Dow industrials plummet 600 points to Monday low; B. of A. off 22%, Citi down 20%
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Upgrade II:
An ugly day is getting worse and worse, and a just concluded speech from Obama is providing no help at all.
Whereas things started off okay, the wheels have totally come off.
Also not helping: some fresh comments from Trichet bemoaning the loss of ECB independence.
The NASDAQ is off over 6%.
The S&P is off about 6%
Bank of America is off 20% right now.
Meanwhile, the 10-year yield has fallen to 2.32%, which is the lowest its been since 2009.
Tomorrow is Bernanke. Maybe he can save things?
Upgrade: Obama is speaking and it’s not lighting markets at all.
S&P and NASDAQ off 5%.
Quick interlude…
Obama was due to speak at 1:00, and now that’s been pushed back to 1:30, which is pretty characteristic of The President at this point.
It’s a minor thing, but it’s also not confidence-inspiring.
S&P is off about 4% — near its lows of the day.
Read more: http://www.businessinsider.com/the-selloff-gets-worse-as-the-world-waits-for-obama-2011-8#ixzz1USqyQHuH
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BREAKING
Take-Two shares to resume trading at 4:25 p.m. EST
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