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  • Tim Knight from...
    04/28/2016 - 00:27
    I was expecting a few boring candidate statements of the U.S. Senate - AKA the World's Most Exclusive Club - but, boy, was I wrong. Just take a look at some of these gems.

Moody's Downgrades Spain To Aa2, Outlook Negative

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Thu, 03/10/2011 - 08:20 | 1036053 99er
99er's picture

This Time It's Different

While the Dollar has caught a bid, the commodities complex (including precious metals) is taking a beating. /ES is poised to fall out of its Diamond Top and the long-standing up channel soon. This may well prove to be "Bloody Thursday." Take a look....

http://www.zerohedge.com/forum/99er-charts-0

Thu, 03/10/2011 - 08:31 | 1036076 Ferg .
Ferg .'s picture

It has that feel about it . I certainly hope stocks head lower but in any case the range is tightening and soon we'll have a violent breakout in some direction .

Thu, 03/10/2011 - 08:20 | 1036055 whopper
whopper's picture

Today on CNBS Europe, they were trying to put lipstick on the pig saying that the debt is managable, Spain wasn't as bad as Greece and that this was "better than expected".  I can't wait for the whole shithouse to explode, I am so sick of the BS.

Thu, 03/10/2011 - 08:28 | 1036074 Dick Darlington
Dick Darlington's picture

Debt looks like manageable when one looks just the polished surface enabled by Maastricht criteria. But the problem with Spain is the huge private sector debt and the debt loads of government which are outside the reach of the ridiculous Maastricht criteria ie off balance sheet. Edward Hugh has written abt these problems in his "Spain economy watch" -blog.

Thu, 03/10/2011 - 08:20 | 1036056 Oh regional Indian
Oh regional Indian's picture

Santandar...... ftw!

but again, a quick look at the Axis of Evil-doings sez Spain is the bomb. Greeceet. al. are side-shows.

And spain is the leap into Sud America.

Leaping flames....

ORi

http://aadivaahan.wordpress.com/2011/03/09/axis-of-evil-doing/

 

Thu, 03/10/2011 - 08:19 | 1036057 SwingForce
Thu, 03/10/2011 - 08:20 | 1036058 Meme Iamfurst
Meme Iamfurst's picture

can someone explain why the Euro is not par with the dollar.  Just one good reason will do.

Thu, 03/10/2011 - 08:20 | 1036060 Josephine29
Josephine29's picture

This is a problem because government bond yields have been rising again in the Euro zone which has not been reported in many other places apart from ZH. I notice that the economist Shaun Richards has been pointing out the problems that Spain and Italy face which would open a new much larger front in this crisis. Here are his thoughts on the problems of controlling public expenditure in Spain.

Moving onto the Spanish government it has a record throughout the crisis of always doing the minimum possible apart from hyperbole where the Finance Minister Elena Salgado has usually done the maximum possible! But whilst its position and authority has weakened even in Spain there is a deeper problem. It only represents about 25% of Spain’s public expenditure with the rest mostly spent by the 17 regional governments. Of these very few publish accounts at all leading to concerns about overspending.

http://notayesmanseconomics.wordpress.com

 

He poses a worrying problem/issue for Italy too...

Thu, 03/10/2011 - 08:53 | 1036064 THE DORK OF CORK
THE DORK OF CORK's picture

With China going into deficit and Germany's surplus declining - we could soon be in the absurd postion of tiny Ireland providing a trade surplus to the entire world.

However to achieve this Great Maoist goal   we must instigate a second Great Famine in the spud country.

You cannot make this stuff up, well yes you can - you just need a farcical FX / Fiat / Corporate globalist soup kitchen.

 

Thu, 03/10/2011 - 08:23 | 1036066 Ferg .
Ferg .'s picture

Promising development for Euro bears . The combination of that Spanish downgrade , weakness in futures and pessimistic statements from Nouriel Roubini this morning have set the stage for a fairly decent decline . 1.3750 would be a fair target for today ( and a level at which I'd expect buyers to come back into the market ) .

All depends on equities though , we've got clear triangles on the Dow and S&P ( bottoms of both are currently being tested ) . If we break lower then I'd expect a vicious rally in the USD .

Thu, 03/10/2011 - 08:26 | 1036070 jesse livermoore
jesse livermoore's picture

Shouldn't gold be exploding up on all this news?????????????

Thu, 03/10/2011 - 08:33 | 1036081 whopper
whopper's picture

that is what scares me these days. Seems like PM's sell off on bullish news.

Thu, 03/10/2011 - 08:34 | 1036082 zaknick
zaknick's picture

Moody bitches wouldn't be doing this if the US wasn't about to collapse. Allies, bitches. Lay down with dogs....

Thu, 03/10/2011 - 09:03 | 1036128 overmedicatedun...
overmedicatedundersexed's picture

unless taxes world wide go up to economy stopping levels ..Moody's ain't got enough staff to down grade each nation's debt tsunami..

EU should be at junk, US at junk, now.

Ben will be forced to QE III and more but Moody will find no problem keeping us AAA.

Moody will be last to see the ben has no clothes.

Thu, 03/10/2011 - 10:32 | 1036362 Pegasus Muse
Pegasus Muse's picture

"Moody will be last to see the ben has no clothes."

That's what they get paid to do.

Thu, 03/10/2011 - 20:20 | 1038783 Buck Johnson
Buck Johnson's picture

Spain is an inch from the cliff and everybody knows it.  What should also be looked into is Italy and it's finances, it can't be good that Lybia isn't supplying it with the oil it needs and that much investments come from Italy.

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