31 Responses to Fiat empire shaken: Global financial markets unravel and go into freefall

  1. luisport says:

    Eurowide short selling ban now appears imminent
    zerohedge 9 minutes ago

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  2. Golfdad641 says:

    Here is a link to track the Stock Market Today

    http://www.dailyfinance.com/market-news/

    Like

  3. luisport says:

    More proof that the only hope for Europe is mega-monetization by the ECB.

    Both WSJ and FT report on the dramatically growing discontent in Germany aimed at Merkel.

    Members of both the opposition and her own party are not happy about the endless growth of bailout funds for other countries.

    Not surprising, but still more confirmation that any kind of bailout that would require more burden on German taxpayers is probably DOA.

    Read more: http://www.businessinsider.com/meanwhile-in-germany-2011-8#ixzz1UdlfttXk

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  4. Charlotte says:

    Socialism once again rears its ugly head.

    Like

  5. luisport says:

    EUROPEAN STOCKS DROP TO 2-YEAR LOW; STOXX 600 CLOSES 3.7% LOWER *VSTOXX ADVANCES 6.7% TO 49.5, HIGHEST LEVEL SINCE MAY 2010
    zerohedge 2 minutes ago

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    Also: CAC -4.7%, DAX -4.25%, FTSE -2.48%
    zerohedge 1 minute ago

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  6. c/o: Luisport
    Panic In Italy: FTSE MIB Down 6.2%, Biggest Drop Since May 2010
    Submitted by Tyler Durden on 08/10/2011 10:27 -0400

    Remember when we said yesteday that the FTSE MIB won’t have a good day today? It isn’t…

    http://www.zerohedge.com/news/panic-italy-ftse-mib-down-62-biggest-drop-may-2010

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  7. c/o Luisport

    And the hits just keep on coming…. Fitch downgrades Cyprus to ‘BBB’; outlook negative
    zerohedge 22 seconds ago

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  8. c/o Luisport

    The Run On SocGen Begins? Bank Down 17% On Rumors It Is On The Verge
    Submitted by Tyler Durden on 08/10/2011 09:56 -0400

    Update: SOCGEN NOT IMMEDIATELY AVAILABLE FOR COMMENT: RTRS.

    Following earlier news that French CDS hit a record high on a rumor of an imminent French downgrade, the bloodbath in financials, first started in Italy, with 3 consecutive halts in Intesa causing endless headaches for Italin investors, the red tide has now shifted over to France, where SocGen, three years after fooling the Chairsatan that the world was ending and pushing him to cut rates by an unprecedented 0.75% on what was a trader error, now succeeded in getting the chairsatan to extend ZIRP for two years… And still that is not helping. SocGen was down 17%21% as recently as minutes ago, on a repeat rumor that SocGen is indeed on the verge of insolvency, and that it participated in an extraordinary meeting convened by Sarkozy this morning. We are following the story and will let you know if we see any halt in the relentless selling of the bank which is rapidly becoming the next Lehman. Elsewgere, BNP was down over 8%10%, and Credit Agricole about -7.5%9.2%. “If credit default swaps on France are under attack that’s not a good sign,” said Yves Marcais, a sales trader at Global Equities in Paris. “That means that France is under attack and that’s worrisome. French banks hold a lot of French bonds.” Translated: another vicious and quite toxic catch 22, stemming from the blow out in French CDS. When will they ever learn?

    http://www.zerohedge.com/news/run-socgen-begins-bank-down-17-rumors-it-verge

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  9. luisport says:

    Gold Explodes, Surges To New Record Over $1,787
    Submitted by Tyler Durden on 08/10/2011 – 11:42
    The traditional inedible religion of bararians had been oddly patient for most of the day. No longer: next up $2000.

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  10. luisport says:

    Italy Ends Down 6.65% http://read.bi/oYZwBD
    clusterstock 11 minutes ago

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  11. Gerald says:

    The planned economic destruction is under full swing. The re-structuring of the world’s economy has begun – the losers – sovereign nations – the winners, the globalist bankers. I expect the dollar to be replaced shortly as the world’s trade currency, and the new ‘basket of currencies’ implemented in the near future. What will follow will be extremely ‘ugly’, but remember this……it is all planned and manipulated!

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    • Star1111Seed says:

      Gerald

      Do you know why this was planned this way and why now it’s being implemented?

      What exactly are the reasons?

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      • Gerald says:

        Star1111Seed – there is a group of globalists who wish to set up a global government. In order to do so, they must completely destroy the capitalistic western system and the sovereignty of nations. It’s called the “New World Order” and is NOT a conspiracy theory, although they want you to believe it is. You can research this – there is tons of info on the net – start with the creation of the Federal Reserve in 1913 and work your way forward. Biblically speaking, The Revelation talks of a one world government and a leader who speaks peace, peace, and then brings horrors upon the earth. “My people perish for lack of knowledge”. Although there probably isn’t anything that can be done to stop this, it is always best to be informed and prepared – spiritually and physically.

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  12. luisport says:

    RT @rollcall: Sen. Rand Paul wants vote of no confidence on Treas Sec Tim Geithner http://j.mp/qH6Skt
    ZekeJMiller 25 seconds ago

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  13. Frank says:

    So glad I have no money in the stock market… or the bank. Sometimes being poor and broke is the best thing. The only hard effect is food prices and gas prices.

    When if falls apart I know where I can get supplies.

    Oh get out of the cities if you can fast, for a reason just look at London.

    Like

  14. luisport says:

    Market turbulence in the wake of S&P’s downgrade of the U.S. federal government could significantly weaken state and local governments, Moody’s Investor’s Service said today.

    While Moody’s affirmed S&P’s assessment that most municipal issuers are sufficiently insulated from the effects of the downgrade, the ratings agency said that hostile market conditions could put additional pressures on already-strained local governments.

    “Most municipal issuers are somewhat weaker than they were prior to the last major market disruption,” said Moody’s Managing Director Timothy Blake in a statement, obtained via Reuters. “This is why some may face significant stress if hostile market conditions emerge.

    The agency said it expects most muni issuers to be able to cope through periods of tight liquidity and diminished access, although state and local governments that issue debt to fund operating deficits or rely on short-term notes for seasonal cash flow may be more vulnerable.

    These issuers — including California and Illinois — would be at risk of a downgrade in the event that a slowdown resulted in a budget deficit, or if they could not operate without borrowing.

    There is evidence that this is already happening. WPRI reports that Rhode Island’s $6.5 billion state investment portfolio lost about $200 million, or about 3% of its value, when the market crashed Monday.

    Even before Monday’s crash, California faced a $11.1 billion cash deficit that it covered with internal borrowing and a bridge loan. Another slump would put additional pressure on state revenues, as well as the state’s investment portfolio and enormous pension funds.

    Read more: http://www.businessinsider.com/moodys-market-chaos-could-cause-serious-problems-for-munis-2011-8#ixzz1UeXg8DO2

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  15. Louise says:

    I can’t help but think that it is really planned by the Beloved although it was orchestrated by the international banksters.

    On September 29 2008, it was a preambule for the present stock market crash and the Dow Jones index dropped 777,7 (!) on the day celebrating the Archangel Micheal (!).

    May this be the downfal of the beast as in the Book of Revelation.

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  16. luisport says:

    Pessimism Hits Record: 73% Of Americans, All Time High, Think US Is Headed In Wrong Direction http://is.gd/5FCGJT
    zerohedge 7 minutes ago

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  17. Ian says:

    Reading some of the other topics recently posted on this blog does lead to the conclusion “is the financial situation important?” – being faced with some of the threats out there, perhaps “someone somewhere” knows what we don’t and in say 3 or 6 months from now matters like money will be secondary to matters like “will I survive”.

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  18. JerseyCynic says:

    New world order is at our doorsteps

    One world currency up next

    I have faith in our rebirth of consciousness
    BRING ON 2012!

    Barb

    Like

  19. Golfdad641 says:

    The Biggest Losers today…. Banks

    Company Price Change % Change
    CSC Computer Sciences Corp 28.24 -3.73 -11.67%
    RF Regions Financial Corp 4.23 -0.55 -11.51%
    STI Suntrust Banks Inc 17.69 -2.29 -11.46%
    IVZ Invesco Ltd 16.62 -2.07 -11.08%
    HIG Hartford Financial Services Group I… 18.15 -2.23 -10.94%
    BAC Bank of America Corp 6.77 -0.83 -10.92%
    ZION Zions Bancorporation 16.06 -1.96 -10.88%
    FITB Fifth Third Bancorp 9.42 -1.13 -10.71%
    HCBK Hudson City Bancorp Inc 6.10 -0.73 -10.69%
    BBT BB&T Corp 19.86 -2.37 -10.66%
    Data as of 4:06pm ET

    from http://money.cnn.com/data/hotstocks/

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  20. luisport says:

    On Monday, stocks crashed. On Tuesday they uncrashed. Today they re-crashed.

    But first, the scoreboard:

    Dow: -520.82
    NASDAQ: -103.56
    S&P 500: -52.21

    And now, the top stories:

    The Europe crisis entered a dangerous new phase today, as the sickness breaks through the periphery and enters the core, with major concerns about French banks. SocGen — whose CEO just appeared on CNBC to dispel all rumors about any business issues — got crushed today. Early on there were rumors of France losing its AAA ratings — though the raters came out and re-affirmed it – and there was a strange typo story that freaked people out.
    Major European bourses got routed across the board, with Italy falling by the most: 6.65%.
    Things were fairly quiet on the US futures front until around 8:30, and that’s when things started falling out of bed. Meanwhile, banks in the US had another horrible day, with Bank of America leading the way. BofA CEO Brian Moynihan had a public conference call with shareholder Bruce Berkowitz, and during the call the stock actually rallied a bit, but after the call the beating resumed. Citigroup also had a horrible day, losing around 10%.
    Around the time of the BofA call, markets overall tried to make a comeback, and at one point the Dow was off less than 150, but that was fleeting, as the carnage quickly resumed. Earlier, also, there was a mini-comeback after a CNBC interview with Jamie DImon, where he basically said everything was fine. That didn’t last long. Generally speaking, this parade of bank CEOs making public statements in their defense have not been helpful. Other banks, like Goldman and Morgan Stanley had big losses as well.
    Not surprisingly, gold had a fantastic day, at one point breaking above $1800 (it lost a little bit after that).
    And meanwhile, world leaders are on vacation, with seemingly little going on behind the scenes. Bottom line: Yesterday’s huge post-FOMC rally had no carry-through at all.

    Read more: http://www.businessinsider.com/closing-bell-august-10-2011-8#ixzz1UfIAonfA

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  21. luisport says:

    UPDATE: There goes the rebound.

    Rumors that BNP Paribas may face another $713 million loss on Greece caused BNP shares to drop 2.5% into the red.

    Other French banks are slipping too, with SocGen up only 1.6% after opening up 6.5%. Credit Agricole also lost early gains, up only 1.6% now.

    The CAC 40 is up only 0.6% and the FTSE is flat.

    Dow futures fell from over 100 points to a 43-point gain.

    Early trading in Europe saw a big rally in bank stocks, as SocGen climbed back from yesterday’s 22% drop.

    Read more: http://www.businessinsider.com/french-banks-global-rebound-2011-8#ixzz1UiKz7amO

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  22. luisport says:

    Earlier this morning SocGen was up 6.5% and with other French banks was leading a global rally.

    Things turned south in the past hour when rumors hit the market that BNP Paribas may face another $713 loss on Greek debt. BNP Paribas lost big gains and dropped over 6% into the red. SocGen followed the collapse and dropped 7.5% in the red — continuing yesterday’s 22% loss.

    Read more: http://www.businessinsider.com/absolutely-brutal-swing-in-french-bank-shares-in-the-past-hour-2011-8#ixzz1UiO7vujp

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  23. Jake says:

    Food bullets toothpaste and toilet paper will soon be the new currency. Stock up!

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  24. Gen says:

    Water. Jake, don’t forget the water.

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