And The Hits Just Keep On Coming: Fitch Downgrades Cyprus To BBB, Outlook Negative

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Wed, 08/10/2011 - 10:51 | 1546318 Sudden Debt
Sudden Debt's picture

Like the Teletubies would say: OH OH!!

 

Wed, 08/10/2011 - 10:52 | 1546328 bankrupt JPM bu...
bankrupt JPM buy silver's picture

which US bank has the most exposure to cypress.  I'm in the mood to pound the bid.

Wed, 08/10/2011 - 10:56 | 1546360 camaro68ss
camaro68ss's picture

End of the world Bitchez!

get your BOB's ready and your AR's loaded!

Wed, 08/10/2011 - 11:05 | 1546411 Schwetty Shorts
Schwetty Shorts's picture

Oh Hell yeah... double taps galore coming to a street near you soon... Bring on the socialist-zombie-hooligans!!

Wed, 08/10/2011 - 11:09 | 1546425 Schwetty Shorts
Schwetty Shorts's picture

Mining shares fully decoupled and now moving north... Winning!!

Wed, 08/10/2011 - 10:57 | 1546367 Sudden Debt
Sudden Debt's picture

Well, Greece is mostly affected to Cypriotic banks and they'll crash because of it and that means Germany will go into sewer territory soon and that will pull the rest of Europe down and that will trash every American bank.

 

Wed, 08/10/2011 - 11:05 | 1546400 chartcruzer
chartcruzer's picture

Europe is still in full melt down,,,, with depositors steadily pulling funds from the banks.

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3225058&cmd=...[s231245065]&disp=P

Here's my speculation. Humongous Bank and Broker has figured out that:

- The Europe debt bubble is collapsing now - ahead of the US.

- That most of Asia is incapable of survival without massive natural resource imports (including food) which they are paying for via an export business to the developed world.

- The economies of the developed world are going to shrink with fiscal austerity.

- One of the few countries with a population/resource balance (ie, it can more or less sustain itself without global trade) is the US.

- The largest military in the history of the world is the US.

Hence, when the dust (literally) settles the US is going to be basically OK while the Rest-of-World is going to be a bit of a (shall we say) 'disorganized' mess.

This is the only scenario that (to me) explains the re-election of the president and action in the credit/PM markets.

Economic DEFCON 2 eminent any day now.

Pay attention to

http://stockcharts.com/def/servlet/Favorites.CServlet?obj=ID3225058&cmd=...[s240729620]&disp=P

Wed, 08/10/2011 - 11:15 | 1546460 walküre
walküre's picture

Europe has had its shares of revolutions, turmoil, war, widespread misery but also RECOVERY.

In that sense, I dare you to think that America will be able to recover sooner if at all.

Europe will NOT disband. Europe will emerge stronger and more coordinated. The sentiment that created the EU for 50 years now with open borders between nations that had been at war not too long ago, and finally a common currency is the still the same sentiment that will see Europe through this as well.

America can't even open a border to Canada which it fought with side by side in WW2! Americans and Canadians share an international border for fucks sake. You have to travel alot in Europe to find an international border anymore.

The US needs to loose its reserve currency status and the Fed needs to be blown up. Plain and simple.

Wed, 08/10/2011 - 11:27 | 1546526 toady
toady's picture

Interesting.

The common thought pattern is that Germany will pull out and leave the rest in some pretty deep shit. Its just a matter of how much shit Germany is willing to eat before it happens, but it WILL happen.

I'll need to think about your comment... Are you in Europe? Is this a 'my dad can beat up your dad' thing?

Wed, 08/10/2011 - 11:03 | 1546392 Id fight Gandhi
Id fight Gandhi's picture

What's cypress GDP like 22 bil?

Meh.

Wed, 08/10/2011 - 11:14 | 1546456 Sudden Debt
Sudden Debt's picture

Yes, and their banks carry like 140 billion in debt or so :)

Can you see the problem now?

Wed, 08/10/2011 - 10:51 | 1546324 magpie
magpie's picture

Please don't blow up so fast, i haven't even seen your Euro coins yet.

Wed, 08/10/2011 - 11:01 | 1546381 magpie
magpie's picture

That reminds me SD by now we need a fitting acronym for the broken Euro core.

BENEFRA-G ? G for Germany last not least.

Wed, 08/10/2011 - 11:03 | 1546396 snowball777
snowball777's picture

Benefucked.

Wed, 08/10/2011 - 10:52 | 1546329 wombats
wombats's picture

Who cares about Cyprus?

Wed, 08/10/2011 - 10:58 | 1546371 heatbarrier
heatbarrier's picture

It would make a nice Med naval base for the Russians.  Deal: 100 years or the end of the world, whatever comes first.

Wed, 08/10/2011 - 11:26 | 1546528 Drag Racer
Drag Racer's picture

Turkey might have something to say about that. half the island is theirs and they already have bases there.

Wed, 08/10/2011 - 11:10 | 1546434 SDRII
SDRII's picture

"ATHENS - It has been more than 50 years since the sophisticated surveillance equipment sitting atop Mount Troodos - the highest point on Cyprus - began scouring the airwaves across the Middle East, the Caucasus and Central Asia. Tirelessly, the huge dishes and antennas of the secret base have scanned electronic and radio signals, intercepting commercial, diplomatic and military communications wherever the West maintains interests.

"In some American facilities in Nicosia - such as the yard of the United States Embassy in Lefkosia and what you might call the agricultural center on the hill - you see some very weird antennas," said an Athens-based strategic analyst speaking to Asia Times Online on condition of anonymity. "They are used for tactical intelligence, monitoring Arab radio broadcasts and then transcribing and translating them for policymakers in Washington." - ATimes 2004

Wed, 08/10/2011 - 10:53 | 1546334 walküre
walküre's picture

Really? Cyprus? Who gives a care. France AAA has been confirmed.

Tell us when the munis and states start sliding into the abyss.

Wed, 08/10/2011 - 10:59 | 1546375 toady
toady's picture

Right about... NOW!

Wed, 08/10/2011 - 10:53 | 1546337 americanspirit
americanspirit's picture

The Russian mob, that's who. Their assets just took a major hit. Any guesses what happens next?

Wed, 08/10/2011 - 10:55 | 1546350 magpie
magpie's picture

Could be a double whammo for Israel together with the USA downgrade...

Wed, 08/10/2011 - 11:22 | 1546341 Bob
Bob's picture

Apparently the ratings agencies have declared War on sovereign nations and other units of government all the way down to the smallest muni's.

When are they going to downgrade the transnational corporates who depend on those nations for their survival . . . on top of Mark to Myth (which include those very same government debts)?

It's all just Greece writ large, imo.  Good luck with that global austerity campaign, bitches.  This will lead to more than haircuts . . .

http://michael-hudson.com/2011/06/how-financial-oligarchy-replaces-democ...

Wed, 08/10/2011 - 10:54 | 1546342 Motley Fool
Motley Fool's picture

They didn't upgrade USA to AAAAA at the same time. How unjust. /sarc off

Wed, 08/10/2011 - 10:54 | 1546346 Chief KnocAHoma
Chief KnocAHoma's picture

The US will be the last one standing. First the EU goes down, then China - buy American: http://garereport.blogspot.com/?spref=fb

 

I am The Chief

Wed, 08/10/2011 - 10:55 | 1546349 Frank N. Beans
Frank N. Beans's picture

everyone at the rating agencies are now working overtime and getting paid time-and-a-half.  ah, these are their halcyon days that they can tell their grandchildren about.

by the way, who DOES pay the rating agencies?  hmmm...

Wed, 08/10/2011 - 11:08 | 1546423 Caviar Emptor
Caviar Emptor's picture

Soon rating agencies will have nobody left to downgrade but each other, just like when every country melts down

Wed, 08/10/2011 - 10:55 | 1546352 IMA5U
IMA5U's picture

Hits.....how fitting....Cyprus Hill hits from da...

 

http://www.golyr.de/artist_imgs/artists/3221/3221_image_18.jpg

 

 

Wed, 08/10/2011 - 11:08 | 1546416 snowball777
snowball777's picture

http://maps.google.com/maps/place?ftid=0x80dd2e92596bf6ef:0xd42cd7add5c1...

http://www.youtube.com/watch?v=W4VpE-0zitU

"So you wanna be a rock superstar....and live large, a big house...five cars..."

Wed, 08/10/2011 - 10:55 | 1546356 kito
kito's picture

HAPPY FOURTH OF JULY!!! HAPPY INDEPENDENCE DAY!!!! GOLD AT 1776!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!

Wed, 08/10/2011 - 10:56 | 1546362 toady
toady's picture

Dang! Shits happening so fast I only have time to read the headlines!

Wed, 08/10/2011 - 10:56 | 1546363 Doubleguns
Doubleguns's picture

Person getting the last cash out of the bank please burn it down.

Wed, 08/10/2011 - 10:57 | 1546370 Note to self
Note to self's picture

How long can it before corporations start creating their own armies?

Wed, 08/10/2011 - 11:02 | 1546385 GiantWang
GiantWang's picture

Or their own asset backed currencies?  If Apple issued notes against ipads (and warehoused a large percentage of future generation ipads), every other currency in the world would crumble.

Wed, 08/10/2011 - 11:18 | 1546420 Bob
Bob's picture

Ratings agencies are a whole lot cheaper.  And, c'mon, who do you think national armies fight for?  Doh!

Economic hit men:  http://www.youtube.com/watch?v=n7Fzm1hEiDQ&feature=player_embedded

Wed, 08/10/2011 - 10:59 | 1546377 GiantWang
GiantWang's picture

Gold at 1776.  Revolution, bitchez!

Wed, 08/10/2011 - 11:03 | 1546389 g speed
g speed's picture

how much debt does China hold in the EU--anyone ??

Wed, 08/10/2011 - 11:05 | 1546401 monopoly
monopoly's picture

I would invite Sudden to America but....we are next in the carnage. Besides, I bet he has a nice apt. in Europe.

And, maybe Tyler can lead us in a song. That always helps.

Wed, 08/10/2011 - 11:05 | 1546404 Caviar Emptor
Caviar Emptor's picture

I said real troubles would start in Cyprus (!) Victory lap. 

Wed, 08/10/2011 - 11:11 | 1546436 Deepskyy
Deepskyy's picture

Be careful with those victory laps CE, last time I did one, I fell off my bar stool.

 

Wed, 08/10/2011 - 11:06 | 1546405 bankonzhongguo
bankonzhongguo's picture

Of all the places to get hit - Cypress?  This is no coincidence.  The Brits and Israeli's really use Cypress when operating in the Med.  Just more pressure to cordon Syria and Libya and get higher prices for all that new infrastructure.  Maybe its an exchange - trade hurting Cypress for Turkiye humanitarian incursion into Syria.

September is going to be a busy month.

Wed, 08/10/2011 - 11:05 | 1546409 Worker Bee
Wed, 08/10/2011 - 11:07 | 1546414 SDRII
SDRII's picture

Creditanstalt  --> Cypustalt

Wed, 08/10/2011 - 11:08 | 1546421 baby_BLYTHE
baby_BLYTHE's picture

off topic but gold @ +1776! Patriotic price level

Wed, 08/10/2011 - 11:10 | 1546431 GiantWang
GiantWang's picture

Gold Revolution, Bitchez!!!

Wed, 08/10/2011 - 11:11 | 1546438 Caviar Emptor
Caviar Emptor's picture

Not for long...the milestones will keep on coming

Wed, 08/10/2011 - 11:13 | 1546450 Caviar Emptor
Caviar Emptor's picture

Of note, a big milestone: Gold crossed platinum for the first time this week

Wed, 08/10/2011 - 11:09 | 1546422 Deepskyy
Deepskyy's picture

I swear, listening to the anal cysts on FBN and Blowhorn I have been led to believe that these idiots would say we are in a buying oppertunity even if there were 20 ICBMs in the atmosphere headed our way.

 

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