44 Responses to The next financial crisis will be ‘hellish’ warns asset manager

  1. luisport says:

    zerohedge zerohedge
    Update: Greek Crowd Now Amassed In Front Of US Embassy In Athens – Live Video http://bit.ly/vUSjuV
    há 27 minutos

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  2. luisport says:

    Yesterday German Chancellor Angela Merkel came flat out and said, “To save the Euro we must Destroy Germany”.

    Well not exactly, but she may as well have because that is the implication. This is what she did say: Germany Is Ready to Cede Some Sovereignty to Save the Euro

    Chancellor Angela Merkel said that Germany is ready to cede some sovereignty to strengthen the euro area and restore confidence in the common currency.

    European Union treaty changes to strengthen EU institutions and patrol tighter budget rules are needed “to make the euro zone more crisis-proof,” Merkel told reporters in Berlin today at a joint briefing with Irish Prime Minister Enda Kenny.

    “Germany sees the need in this context to show the markets and the world public that the euro will remain together, that the euro must be defended, but also that we are prepared to give up a little bit of national sovereignty,” Merkel said. Germany wants a strong EU and a euro “of 17 member states that is just as strong and inspires confidence on international markets.”

    Read more: http://globaleconomicanalysis.blogspot.com/2011/11/to-save-euro-we-must-destroy-germany.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29#ixzz1dz9qRFiv

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    • Perhaps, it’s not hard now to see how this verse will come to pass: “For God hath put in their hearts to fulfil His will, and to agree, and give their kingdom unto the beast, until the words of God shall be fulfilled.” Revelation 17:17

      Europe is at the center of the prophecy of the 10 kingdoms- we need to watch developments here closely. They will affect the world.

      Charlemange, Fredrick the Great, Napoleon, (Clash of the Great Powers in Europe World War I), Hitler…everytime some has tried to unite the European states; it has ended in war. The Eurozone is nothing but a pyramid game of musical chairs for passing the debt around countries and leveraging against it to borrow and spend even more. I think the music is about to end…

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  3. nickk0 says:

    So, what can be done, ( IF anything ), at this point ??

    Actually, I suppose the question to ask is, WHAT should WE ( common citizens ) expect to happen ?
    A depression, followed by hyperinflation ? Or will we skip depression and go straight to hyperinflation ??

    – Nick

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    • I think we’re headed for a Depression and then something far worst than that. Hyperinflation is at least based on the dramatic devaluation of currency- I don’t see how any currency could survive this. This will unravel the entire global financial system. If you had currency, you could at least “buy or sale” but the Bible predicts “no man might buy or sale” save he that has the mark of the beast or the number of his name. Money is real; numbers are abstract so what I think we can take from that is we’re going to wake up to a new system that controls all transactions. I don’t say this lightly and I know its only human to complain at times, but this may be as good as it ever gets.

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      • Irene C says:

        I agree with you Alvin. Couple that with all the wars, rumors of wars, and natural disasters, I can see how people will be standing in line just to take the Mark, not understanding that taking the Mark will be irreversible.

        A good warning for those who survive all of the above, do not take that Mark.

        Revelation 13:16
        And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads:

        Revelation 14:9-10
        And the third angel followed them, saying with a loud voice, If any man worship the beast and his image, and receive his mark in his forehead, or in his hand, The same shall drink of the wine of the wrath of God, which is poured out without mixture into the cup of his indignation; and he shall be tormented with fire and brimstone in the presence of the holy angels, and in the presence of the Lamb:

        I know that many do not believe in the Bible or in the end times prophecies. However, many of us do, and we can see what is going to happen. We need to be ready for the worst. If we do go into a depression, it will be global and it will be worse than the Great Depression ever was. May God protect us all.

        Maranatha

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      • nickk0 says:

        “I think we’re headed for a Depression and then something far worst than that. Hyperinflation is at least based on the dramatic devaluation of currency- I don’t see how any currency could survive this.”

        Thank you for elaborating on this, Alvin.

        WHICH BRINGS UP ANOTHER interesting observation.
        If you think about it, these ‘Derivatives’ and ‘Credit Default Swaps’, are like a giant, enormous, cancerous Insurance policy, which suffocates the patient. ( as opposed to paying out and providing the financial security the patient needs. )

        So, let’s say the $600 Trillion dollar “insurance policy” gets ‘cashed out’. There won’t be enough money in the World, to pay the ‘beneficiaries’.
        1 ). Question 1 – Who the hell are the actual ‘beneficiaries’ ????
        2 ). Question 2 – How will they Pay Out the ‘insurance policy’ ??
        a.) Print Money to pay out the ‘debt’
        b.) Or, admit that the ‘insurance company’ is now Bankrupt, and pay out pennies on the dollar, of what is ‘owed’.

        Option A will be hyperinflation
        Option B will be depression.

        What I would like to know is, the answer to Question 1.
        “Quo Vadis” ??

        – Nick

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  4. LA says:

    “Prior to the bursting of the credit bubble, the public was shocked to learn that our biggest investment banks were levered 30-to-1. When asset values fell, those banks were quickly wiped out. But now the Fed is holding many of the same types of assets and is levered 51-to-1! If the value of their portfolio were to fall by just 2%, the Fed itself would be wiped out.”

    Seems to me like the Fed is pretty much ALREADY wiped out.Odds of 51-1 are simply ridiculous.
    So really: WHAT’S NEXT??? How can this inconceivable problem possibly be fixed?
    NO ONE SEEMS TO HAVE A CLUE HOW TO GET OUT OF THIS MESS.

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    • HH

      “And there shall be signs in the sun, and in the moon, and in the stars; and upon the earth distress of nations, with perplexity; the sea and the waves roaring.” Luke 21:25

      I call your attention to this prophetic snapshot of the world Christ foretold in the last days. The first word in the verse is the Greek word for distress which is sunochē. It means a breakdown of “staying together with someone during a very severe crisis,” and implies exactly what’s happening to the Eurozone and will happen with more nations. The second is the Greek word for perplexity, which is aporia – meaning “to be at a loss” or “having no way out” or “at wits’ end.”

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      • Donna says:

        Not long to wait now….just a shame it’s going to be a real rough ride before the end.

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      • Irene C says:

        I agree Donna, it’s going to be a rough ride. And as difficult as it will be for those of us who know what’s coming, I fear for those who still have their heads in the sand. They are the ones who will be totally blindsided.

        Luke 12:7
        But even the very hairs of your head are all numbered. Fear not therefore: ye are of more value than many sparrows.

        Maranaths

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      • I don’t think any of us want to be around when they wake up late to the blaring sound of an alarm clock that’s been snoozed to death.

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    • gallant59 says:

      The answer is so entirely counter intuitive to our current state of thought as a whole that it can not be seriously considered by the puppeteers.

      The answer to our quandary is to reverse the engines of the global economy..
      Deflate corporate profits and shift those monies directly into the hands of the average joe (employees!). Then, nationalize banking systems and operate basic finance as a low profit service to augment tax revenue. Now, eliminate income tax and replace with a reasonable federal sales tax and cover emergency expenditures with the relatively small profit allowed for national banking systems.

      This drastically eases the failure rate of existing loans (which would generally see lower interest rates in addition) and more importantly, creates a surge of spending. The dramatic increase in transactions would , both, return liquidity to the global markets AND supply tax revenues for the central governments.

      All you have to do is convince the world that corporate investors don’t actually matter millions of times more than our combined futures.

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  5. luisport says:

    zerohedge zerohedge
    Hungary foreign minister says seeking precautionary agreement with the IMF. But didnt they say they were not communicating with IMF earlier
    há 29 minutos

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  6. luisport says:

    zerohedge zerohedge
    “The Entire System Has Been Utterly Destroyed By The MF Global Collapse” – Presenting The First MF Global Casualty http://tinyurl.com/6tvhl7h
    há 49 segundos

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  7. luisport says:

    ATHENS, Greece (AP) — Masked youths clashed with riot police outside Greece’s parliament and the U.S. embassy Thursday as thousands of austerity-weary Greeks marched through Athens in an annual commemoration of a bloody student uprising in the 1970s.

    Police fired tear gas and stun grenades to disperse the rioters, and some 78 people were detained for questioning. Eleven people were arrested. Police also reported four injured police officers. A young protester was reportedly hospitalized after injuring both legs in an attempt to evade police.

    Some 28,000 people took part in the march, according to police estimates, making it one of the biggest Nov. 17 protests in years. Seven thousand officers were monitoring the crowd.

    Read more: http://www.businessinsider.com/greek-protests-us-embassy-2011-11#ixzz1dzo6W5rx

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  8. luisport says:

    zerohedge zerohedge
    Sorry Europe: China’s Pockets Are…Empty http://tinyurl.com/7bv5lvm
    há 2 minutos

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  9. luisport says:

    zerohedge zerohedge
    And the hits just keeeeeep on comin’ : 3-Mo, 1-Yr EUR Cross-Currency Basis Plunge to 2008 Lows
    há 4 minutos

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  10. K.J. says:

    There is no ‘fixing’ this horrendous mess. Everyone needs to pluck their head out of the sand and come to grips with just how bad the situation is and prepare for what lies ahead. Avoid new debt and get rid of current debt as fast as you can.

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    • lms says:

      in response to K.J. — if the whole system breaks down, won’t personal debt also blow away???

      Like

      • nickk0 says:

        “if the whole system breaks down, won’t personal debt also blow away???”

        😆 Were it only true.
        I think that this will be the EXCUSE that the Financial Institutions will need, to pillage the accounts of their customers and clients.

        – Nick

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      • “And he causeth all, both small and great, rich and poor, free and bond, to receive a mark in their right hand, or in their foreheads.” Revelation 13:16

        bond– Greek word, doulos: “someone who belongs to another” or “without any ownership rights of their own

        While scholars have debated for years if the meaning of this reference is literal or figurative, no one can argue the fact that the credit system and debt has enslaved the world. The financial institutions and government, which absorbed bad mortgages, holds the rights to most plots of land and draconian governments can or may even obligate its citizens to share the burden of its fiscal deficits- in defacto, making them bond-servants of the state as tax payers. I can’t stress the importance enough of getting out of debt. It’s slavery.

        Christ admonishes us in the Bible to be “wise as serpents and harmless as doves.” Matthew 10:16 When the system crashes and people lose their jobs, they will lose their homes- and if the government is already cracking down on tent-dwellers, where will people be when they have no where else to go?

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      • lms says:

        nickko, i meant even our own personal debts if we have any… like loans… if the system crashes… no one to pay back our loans, non??? thanks!

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  11. RainMan says:

    There may be a spiritual plus coming from this debt crisis.
    With Christmas approaching, many people this year will start to realise that the gift of family unity, support and friendship is more important than the debt ridden gifts on offer. Giant retailers who make huge profits by exploiting Christmas with worthless, materialistic and expensive trinkets, may find their cash registers slightly quieter this year.
    A gift of friendship, love, and words of kindness will definately last longer than an X-Box, and it cost you nothing, in return, you nourish your Soul.

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  12. Caroline L. says:

    This seems to be the only place where every ones heads are not in the sand and I think PLAN B to get beyond the ‘no fixing’ of our world mess is WAR! WAR ! Isn’t that what they usually do. Lord Have Mercy, Christ Have Mercy ! And the Antichrist comes forward with the new Mark to answer all our problems. Thank you, All for just being out there and willing to share. Any one want to buy some Beautiful farm land in upstate New York. I need to get out of debt in a hurry all our money is locked up in a retirement fund ready to go poof.
    In Christ,
    Caroline

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  13. K says:

    Amen RainMan. You know what disgusts me the most is Black Friday the day after Thanksgiving. I remember one year (can’t remember the exact year) or maybe it has happened many times but someone died because people trambled them to death. For what? For TV, Xboxs, etc. its make you sick to your stomach. I do see so many in my small community take meals to the elderly or give gifts to kids who are poor. Showing kindness and love. I take many old items or ask friends to donate or give the gift they would give to me to someone that needs it like donating old coats to the homeless. Retailers exploit Christmas and it is fun for kids but reminding people the true spirit of Christmas is not a cellphone or clothes but love, friendship, celebration of Christ birth and His love for us. someday people will start listening.

    And the people bowed and prayed…to the neon god they made meaning

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    • pagan66 says:

      You’re right – people have absolutely no idea on the true meaning or spirit of Christmas. I get a little frustrated when I see stores with their Season decorations displayed in early October & it’s the same here with the sales except they’re held on Boxing Day. Christmas is a time of reflection, Goodwill, Giving, Peace & Love – not how much of a limit you have on your credit card.

      Blessings

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    • Irene C says:

      Nice reference to a good song K.

      Ah, Black Friday. The idol of the materialistic masses. It makes me sick to my stomach. I’ve heard that people are already camping out in front of stores. And now stores will be opening up on Thanksgiving night, which means that the employees will have even less time to spend with their families. I am sure that our Lord is very grieved.

      Christmas is a time to remember the birth of our Savior. We have a tradition in our family. Before we open presents, we read Isaiah 9:6 and the true Christmas story in Luke 2. The birth of Jesus is the hope of the world and the salvation of man for those who accept Him. That was the greatest present of all.

      Maranatha

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  14. noah says:

    with this, there is no ‘ fix ‘ i totally agree. and the worst part is everyone has known this for years and quite honestly its the only result one can expect when growth rises and rises and rises to a point where it cant anymore, and when it tries to, it all comes crashing down.. just like population of humans and animals.. really with EVERYTHING in life.. such a way cant go on forever because we do have boundaries, however they have not been followed, and have been forgotten. this is what happens when you have idiots, illuminati, or whom ever they all are, in high positions who call the shots, all for the greater good for themselves, or what ever they stand for.. no one ever seems to think ‘ outside the box ‘

    one question i have.. as far as the eurozone goes, its also a mess.. maybe there are a few countries who just shouldn’t be in the eurozone, and should go back to what they had… im living in austria and am an american and am wondering what exactly i should do with the euro i have and the usd i have… where to put it? should tell my parents to stop transferring usd to my austrian bank account? what do you all think? keep in mind, im a student, i dont have thousands of euros, more rather my collection of possessions ive collected over the last 20 years.

    but you know in the end, the people who have nothing, no debt, no money to make debt with and who live within their means, will be okay. now is the time to start banding together with friends, have a plan for self sufficiency. i feel for those who have their money tied up in things that could essentially be worth ‘ nothing ‘ in the coming months, but quite honestly, its what a good portion of what this so called ‘ civilized ‘ world needs. a wake up call, a kick in the head.

    i say we let the banks rot, let everyone loose everything, and start over. send all these politicians, bankers and economists speculators to jail, make a law that dosnt allow anyone to earn more than a million in his/her lifetime, and done. i guess what im trying to say, its time that everyone starts living honest, self sufficient lives, and give up this fun money business..

    im not really religious, but did go to mass every sunday with my family until i left home, but the phrase ” the first, shall be last, and the last shall be first ” really becomes apparent if this all happens in the coming years

    peace people

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  15. radiogirl says:

    Alvin,there have been many things we have done as a family to prepare .I would imagine quite a few that post here are doing so as well.What I am looking for now is a good book on finances that addresses these issues as referenced above.Other than avoiding more debt and getting rid of debt we have now,how to work with what we have left is the question.
    I bet I’m not the only one who would be interested in information of that nature.

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  16. luisport says:

    zerohedge zerohedge
    German Finance Ministry confirms it has considered more orderly defaults of Eurozone countries
    há 3 minutos

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  17. c/o Luisport

    DYLAN GRICE: Germany Is Making The Same Mistake That Allowed The Nazis To Come To Power
    In his latest note, famously bearish SocGen analyst Dylan Grice goes there. Big time.

    The subject of the note is Weimar, hyperinflation, and all that money printing that anyone talks about.

    But it’s not what you’d expect. He’s not saying Germany printed money, and that caused Weimar hyperinflation. He’s saying memories of Weimar caused Germany too adhere too much to hard money, and that caused unemployment and that lead to the Nazis.

    This chart is a real punch in the gut.

    Read more: http://www.businessinsider.com/unemployment-vs-nazi-party-vote-2011-11#ixzz1e54G0jzJ

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  18. Val says:

    Our currency says in GOD we trust, really, why do we teach evolution in our schools? Also holidays with pagan origins? Why is there a Christmas vacation, yet they don’t teach about GOD. Kids don’t even know who GOD is, christmas is santa clause. No wonder we are where we are at.
    Christmas = Saturnalia = a pagan holiday, look it up before you go postal on me. Actually everyone should google all the holidays origins. Bet you will be surprised what false stories, false religions have been teaching. Why? The bible has very specific dates listed throughout. If GOD wanted his son, Jesus, birthday known, it would be front and center. Ex. He wanted the last supper(passover) remembered, thus a specific date. There are lots more, check it out. Do research, in the days of the Apostles, it was pagan to celebrate birthdays.
    I think God wants us to imitate his son, not worship him. God demands exclusive devotion. The only day we must fear is GODS, if we aren’t on his side. No offense intended to anyone, I have just been researching the bible myself these days, with all that I have been seeing and hearing. The comments above about christmas moved me to add my 2cents.

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    • pagan66 says:

      How refreshing to see somebody actually studying the origins of Christianity. Of course Christmas is a Pagan celebration, always was. It is a definite point of contention for centuries with people of other Faiths – namely Pagans. In the 4th century CE, Christianity imported the Saturnalia festival hoping to take the Pagan masses in with it. Christian leaders succeeded in converting to Christianity large numbers of Pagans by promising them that they could continue to celebrate the Saturnalia as Christians. They pandered to the masses, pure & simple.

      One point of contention though – why shouldnt Man be taught theories of Evolution? Knowledge is beautiful as is Faith.

      http://www.religioustolerance.org/com_geev.htm

      Blessings

      Like

  19. Amy P. says:

    Amein Val,
    Here is another article about what will happen if the super committee fails…another downdrade.
    http://www.guardian.co.uk/world/2011/nov/18/supercommittee-failure-credit-downgrade-warning

    Like

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