8 Responses to Is any economy in the world safe from turmoil? video

  1. luisport says:

    Dozens of armed police officers enter Estonian Defense Ministry.
    Estonian media: At least two people have jumped from window of Defense Ministry and escaped
    vor 6 Minuten via TweetDeck

    TALLINN, Estonia (AP) – Officials say there has been a shooting inside the Estonian Defense Ministry.

    Spokesman Peeter Kuimet says that there’s been an “incident involving guns” inside the ministry and that police are on the scene.

    Read more: http://www.miamiherald.com/2011/08/11/2354591/shooting-inside-estonian-defense.html#ixzz1UjFczm34
    Additional shots fired, explosion heard at Estonian Defense Ministry building in Tallinn – Estonian Public Broadcasting



  2. luisport says:

    UPDATE: Italy will report a ban on short selling tonight, according to reports on CNBC and Zero Hedge. France is rumored to be preparing a similar action.

    The European Securities and Markets Authority is considering a ban on short selling, reports The New York Times.

    The authority would ban betting against just financial stocks or stocks in general. It could focus the ban on naked short-selling, in which the party making the short does not borrow the share it is shorting.

    The ban would only be in place till markets calm down.

    Turkey became the third country trying to stem short-selling today, when it raised the minimum equity required to initiate a short-sale on the Istanbul Stock Exchange to 70%, from the previous 50%, according to Bloomberg.

    Earlier this week, South Korea initiated a three month ban, and Greece, a two month ban on short selling, as regulators are trying to prevent speculation, after a massive drop in global stock markets. South Korea does however have a complete ban on naked short sales.

    In 2008, several countries banned short-selling in an ultimately impotent attempt to control the crisis, but not everyone thinks a blanket ban works however. Analysts argue that it hasn’t worked in the past, because it singles out a group that may not have been that active during the trades, and because it won’t prevent panicked investors from selling their shares.

    “Every time we have had a short selling ban, the sector it is supposed to protect has collapsed,” one hedge funder told the FT, adding that the measure seemed designed to stop hedge funds make money rather than stopping a collapse.

    Read more: http://www.businessinsider.com/europe-short-selling-ban-2011-8#ixzz1UjQkK2xL


  3. luisport says:

    The just completed auction of $16 billion in 30 Year bonds, was, as Rick Santelli said, “a failure”. And while this may be a little dramatic, this was without doubt one of the ugliest 30 Year auctions ever seen. The 30 year priced at 3.75%, a huge 11 bps tail to the When Issued which was trading at 3.64%, the Bid To Cover plunging from 2.80 to 2.05, the lowest since February 2009, and, most shockingly, the Indirect Bidders Imploded to a paltry 12.2%! Those wondering if Chinese posturing would led to anything more than just jawboning have their answer. The Indirect tendered bids were just $3 billion or about 20% of the total auction size, which resulted in a $2 billion take down. It was so bad that the Directs were for the first time in 30 Year history greater than the Indirects. And yes, while the yield was close to record low it won’t stay there especially if as is now expected, August 26 will see the BEA report a second GDP revision of ~0.6% at 8:30 am, which will be promptly followed by Bernanke’s 2011 Jackson Hole address. And so the yoyo continues: what today’s auction has proven is that going forward the Fed will be forced to crash the market every day that there is a Treasury auction, while ramping stocks on days when Treasury does not need to fund its borrowing binge.



  4. Kelly says:

    Now when you read that last bit of financial news there, it strikes me that it sounds like a bunch of gibberish. I am sure your average person has absolutely no idea what it all means or how it actually works. Is it any wonder the whole global economic system is such a bloody disaster?!


    • nickie says:

      I agree with you Kelly.
      It occurred to me that part of the reason we are in this situation, might be because the majority of us have not taken responsibility.
      We vote people into office to act on our behalf, and then a high percentage of us just get on with living our life without thought about what sort of job the people we voted for are doing, – Until things start to go wrong…
      I believe that this is so in Australia where I live.
      I am just an average person, with very limited education, and I find it very frustrating trying to understand it all. In my humble attempts to do so over the past few years, I feel that I have managed to expand my knowledge of these financial matters a little tiny bit….. Still struggling mightily though!
      I am very grateful for all the people who post these details here, – especially luisport, – I have learnt a lot through his posts.
      I look up terms I don’t understand on Wikipedia, or other sources. It is always very helpful when others add their opinion or thoughts too, because in sharing their thoughts, I find I get a little more insight.
      A Big Thank you to luisport, and all the other people who take the time to share news & thoughts.
      Blessings to you all


  5. luisport says:

    Another explosive movement for stocks, this time upward.

    But first, the scoreboard:

    Dow: +423


    S&P: +52

    [Note: This Closing Bell was delayed due to technical difficulties.]

    And now, the top stories:

    Another wild day in Europe. BNP Paribas and other French bank stocks started up as much as 6%, lifting markets in Europe and Asia. Then rumors about Greek exposure hit the wire and BNP led the sector with a 7% move into the red, dragging markets down. Finally after reassuring words from the Bank of France and (worrying?) moves to ban short selling, everything rebounded.
    US futures moved solidly positive after a moderate beat on initial claims, with the number dropping to the lowest level since April. Meanwhile the trade deficit widened to $53 billion from $51 billion, disappointing expectations that it would narrow.
    US markets opened up 100 points and moved higher through the day, though everyone was on edge following a period of insane volatility. For a little perspective, the Dow is up 500 today, down 520 yesterday, up 429 Tuesday, down 632 Monday, huge swings on Friday and down 512 Thursday. Add it up and we’ve still erased eight months of gains.
    Everyone is getting ready for the big Republican debate tonight in Iowa, before Saturday’s Ames Straw Poll. We’ll be covering it live at 9.
    Today’s most bizarre story was the $50 million lawsuit filed against George Soros by his 28-year-old Brazilian ex-girlfriend for reneging on a promise to give her an apartment. See what happened when the then-22-year-old celebrity met the then-septigenarian investor >

    Read more: http://www.businessinsider.com/closing-bell-august-11-2011-8#ixzz1Ul2W5V4h


  6. Mike Swayze says:

    I would wonder how many bankruptcies it is going to take before the wealth ‘redistribution’ has occured enough to get past the greedy….


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