18 Responses to The biggest one day loss since the GFC has hit the ASX

  1. Yasmine says:

    The money can’t just be lost, it has to go somewhere.

    Like

  2. Marcel says:

    And we will be so annoyed by our individual and colective sin, that we cannot accept anything but Truth.
    Thank you Jesus!

    Like

  3. Gaur Nitai says:

    Artificial money: Most of the money currently in the world financial markets is just digital money stored in computer memories and which the value of which is just based on market speculation. It has no real worth like value of land, gold, silver and other such tangible assets. It can easily be wiped out if the value of stocks go down or if there are solar flares that bring down these computer systems. It is all just a house of cards just waiting for one card to fall. There is no backup and the entire system is as fragile as a bubble on water.

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  4. Yasmine says:

    As I understand gold metal is the new currency, according to various materials I have read that, there isn’t enough gold on the surface of mother Earth. Is it possible that crystals will be a currency next to gold?

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    • Brian says:

      Yasmine < All strategic minerals will escalate in value as a means of finacial barter once
      the Devils Dollar and all related fiat currencies fall though their proverbial backsides…

      Youve seen the old movies where cowboys and pan handlers were trading their rough gold at the local trading store for goods & animal stock…

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  5. RainMan says:

    Maybey water and food will be the next currency

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  6. c/o Luisport

    S&P Downgrades US To AA+, Outlook Negative – Full Text
    Submitted by Tyler Durden on 08/05/2011 – 20:27 Bond Congressional Budget Office Debt Ceiling default Demographics France Germany Gross Domestic Product Medicare Monetary Policy ratings Recession recovery Reserve Currency Sovereigns Structured Finance
    Well, so much for the conspiracies. S&P has just released a scathing critique of the total chaos that this country’s government has become. “The political brinksmanship of recent months highlights what we see as America’s governance and policymaking becoming less stable, less effective, and less predictable than what we previously believed. The statutory debt ceiling and the threat of default have become political bargaining chips in the debate over fiscal policy. Despite this year’s wide-ranging debate, in our view, the differences between political parties have proven to be extraordinarily difficult to bridge, and, as we see it, the resulting agreement fell well short of the comprehensive fiscal consolidation program that some proponents had envisaged until quite recently. Republicans and Democrats have only been able to agree to relatively modest savings on discretionary spending while delegating to the Select Committee decisions on more comprehensive measures. It appears that for now, new revenues have dropped down on the menu of policy options. In addition, the plan envisions only minor policy changes on Medicare and little change in other entitlements, the containment of which we and most other independent observers regard as key to long-term fiscal sustainability.” What to expect on Monday: ” it is possible that interest rates could rise if investors re-price relative risks. As a result, our alternate scenario factors in a 50 basis point (bp)-75 bp rise in 10-year bond yields relative to the base and upside cases from 2013 onwards. In this scenario, we project the net public debt burden would rise from 74% of GDP in 2011 to 90% in 2015 and to 101% by 2021.” And why all those who have said the downgrade will have no impact on markets will be tested as soon as Monday: “On Monday, we will issue separate releases concerning affected ratings in the funds, government-related entities, financial institutions, insurance, public finance, and structured finance sectors.” Translation: unpredictable consequences: you are welcome!

    http://www.zerohedge.com/articles

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  7. ole says:

    In ancient times people who didn’t have access to precious metals used rice, sugar, dried dates etc. “Money” needs to be tangible, storable and have intrinsic value.
    As you can see a lot of things actually fit these criteria (and paper money doens’t).

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  8. luisport says:

    The Saudi-Arabian Stock Exchange TODAY: -5,46%

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  9. luisport says:

    Tel Aviv Stock Exchange suspended trading -6%: Tel Aviv Stock Exchange opens with 6% felt losses as global crisis in Israel

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  10. luisport says:

    On most weekends nobody even bothers talking about them, but given the confusion and consternation following the S&P downgrade of the US, people are paying attention to weekend trading in Israel and Saudi Arabia.

    The Saudi Market was down 5% yesterday. Tel Aviv is down nearly 7% today.

    Here’s the thing though: Neither of these markets traded on Friday, so they’re basically playing catch up.

    What’s more, Saudi Arabia is up today, and Israel is in the midst of gigantic economic protests.

    So relax. Besides, the real big markets open in just a few hours. The need to speculate on what markets will do is almost over.

    Read more: http://www.businessinsider.com/israeli-and-saudi-markets-falling-connection-to-sp-2011-8#ixzz1ULoARkSh

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