This page has been archived and commenting is disabled.
BBC Does It Again: "In The Absence Of A Credible Plan We Will Have A Global Financial Meltdown In Two To Three Weeks" - IMF Advisor
A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems."
But no, Morgan Stanley does, or so they swear an unlimited number of times each day. And they say not to worry about anything because, you see, it is not like they have any upside in telling anyone the truth. Which is why for everyone hung up on the latest rumor of a plan about a plan about a plan spread by a newspaper whose very viability is tied in with that of the banks that pay for its advertising revenue, we have one thing to ask: "show us the actual plan please." Because it is easy to say "recapitalize" this, and "bad bank" that. In practice, it is next to impossible. So yes, ladies and gentlemen, enjoy this brief relief rally driven by the fact that China is offline for the week and that the persistent source of overnight selling on Chinese "hard/crash landing" concerns has been gone simply due to an extended national holiday. Well, that holiday is coming to an end.
By the way, Reuters, Shapiro is not a Yes Man -we'll spare you the ruminations.
h/t Scrataliano
»
- 87352 reads
- Printer-friendly version
- Send to friend
- advertisements -
Lead.
They are if you're unarmed.
Something will be driven down beforehand. Remember the guys on Star Trek in the red shirts?
A longer term analysis of the SPX and Gold. http://bit.ly/quEbB2 -- Both are looking bullish for the next several weeks.
Interesting.
Have you seen this?
" Past performance is no guarantee of future returns. "
People that went short into the weekend will look like geniuses come monday open. Of course that isn't me since I stepped completely out of the game....I'm not nimble enough like some fuckers.
thats the plan.
under 100K jobs, DEXIA writedowns begin (throughout the WHOLE EZ), Greece more riots, Germany bailout backlash goes into hyper drive, HK starts freaking out (economy is FUBAR), China etc etc
...it's all on for Monday onward.
Who could resist buying juicy minis at these levels?
Slight bear signal end week...Gold didn't rallying despite the mania from the ECB and BoE. Means USD is still somewhat bid.
Burn those shorts......
http://www.youtube.com/watch?v=LCnebZnysmI
It is proving to be diffucult to post on ZH. I do have my security settings set in a certain way. I do not need to blog here at all but I see some old MW friends from the purge days so I thought I would say "Hi" to them.
What were "the purge days" on MW, if I may ask?
I have never posted there, but have perused the comments sections from time to time --- mainly for the hilarity of reading the inane anti-gold babble of "AmericanPatriot", and the reactions to his drivel.
OMG, American Parrot, as many called him/her. Until I found a real club I dabbled on MW, but too many inane posters. The purge was, apparently some people like AP had Admin privileges, and would erase dissenters accounts, that was the rumor anyway. I know I ran into "technical difficulties" c My acct, after I started attacking the inane.
I just love how the armageddon articles bring out the survivalists and road warriors. There are so many who think they will leave their small cramped apartment, become revered for their leadership and acumen, and take their place atop the new society that rises from the ashes......if only...if only.....damn, honey, cable's out. Did you pay the bill?
you STILL lookin for a place to crash?? We told you we would let you crash in the basement if you would wash once a week and stay on your meds.
Ahh, I get it now. Proceed Sirs and Madams. I do believe that I have some "planned economy" types to go irritate on other blogsites. It is always refreshing to come to ZH. It is my pleasure to make your acquaintance fine members of ZH. I must be off about it now as there are still, for some reason, large of amounts of people who do not understand how central banks are running this planet. And then you have the shills who's job it is to troll for the CB's interests and attack anyone who questions CB's. That's who I am really after. Time to flick some electronic ears.
whenever a planet hits peak oil, the central banks take over. it's an astronomic law in the chapter on dark matter.
you didn't think that cooking shows were going to run the planet?
Excuse this OT,but a very interesting history of the Precious.
I think it may soon apply here.
http://www.usagold.com/gildedopinion/gold-confiscation-ganz.html
PS: unbeknownst to me, these orders, included cash, and SILVER coins.
Thanks for that. I wish there was a practical way to store PMs out of the country.
do you have a car? have you ever heard of the term "car"?
The agenda is to crush capitalism. The good news, they will fail. Their mission is to create/migrate four unions(colonies) under one global governance order.
Of course the monetarists say...hyperinflate. Wow what an idea. Who'd of thunk it.
But then again, people have been saying this was the end game since Nixon broke Bretton Woods, so.....
Glass-Steagall
the financial times in germany is saying that the "Bank of England" will pump 87 billion Euro into the stock-market within the next 4 months.
Also, the ECB announced today that european banks will be able to borrow as much money as they need in order to "recapitalize".
So is this the solution which "Shapiro" is suggesting? Will this help ?
What happens to oil prices if there is a banking collapse anyways? Any guesses?
So, if you make a PM purchase in person, do you take a cab?
Of course not. You use a stolen car whilst wearing a Godzilla suit so as to remain inconspiciously incognito, dipshit.
Shit! I bought the Mothra costume. Too much? I thought so. But I wore a ski mask to my bank to avoid the cameras and when I asked for all my money they got a bit upset. I figured Mothra would have them laughing too hard to call the cops this time....
In the spirit of Occupy Wall Street - I have collected together links for some top quality videos that explain to people the financial system, the federal reserve, and the actions that lead to our financial crisis.
We can't change the financial system for the better until we get a critical number of people educated on it's workings!
http://jeffreygtc.blogspot.com/2011/10/resources-to-learn-more-about-us.html
getting a little sick of you posting the same thing on many different threads.
boring, tired of waiting for this collapse, its this week, next week, three weeks from now....come on I'm just getting bored of this, lets atleast have something to watch, like an earthquake or something. just getting tired of this waiting. lets get it on!
Ho hum. Same shit different toilet.
If a TBTF bank falls does it make a noise anyone really gives a shit about?
I guess the Euro isn't such a threat to the petrol dollar after all. And thats probably gotta hurt a little.
All this is beyond crying wolf. Bite something already.
How many financial tsunamis can we endure? Btw, what's beyond a financial tsunami?
Please, DO NOT give Timmah or Benji any more ideas for Congressional testimony.
Fuck me, I can just see the shit eating grin when Timmah uses that phrase in an answer to Maxine Waters. The dumb communicating with the brain dead.
Please.....
New post http://thethoughtfultrader.blogspot.com/2011/10/miners-showing-strength....
New post http://thethoughtfultrader.blogspot.com/2011/10/miners-showing-strength....
Creditable AKA "give me all the damn money" plan?
my hedge-spread in the (low 7 figures) is that precious metals will become much more expensive in terms of euros than in terms of dollars. the eu is inflating its way out of trouble like the U.S.. The significant difference and the opportunity to make money lies in the velocity of money.The bankrupt companies in the U.S. were recapitalized and made to understand that this bailout was conditional on not making loans. "borrow the money, buy U.S. paper and we will give away the spread." The only leakage is into the call market, and into bonuses to financial executives.
The Europeans are bailing out financial institutions and governments. The European "financial moneys" can be sterilized in a similar fashion as in the U.S.. The government bailouts will be immediately spent with a high velocity. Inflation between the two entities should increase at different velocities. There in my opinion lies a low risk high return investment. Any one else making the same bet. marc
Asian stocks rising. No collapse, apparently. Or did nobody tell them?
They no speakie Engrish
Recapitalization of banks is the heart of Basel III. All this is Kabuki theatre on the way to the predetermined outcome.
Banks will be recapitalized while everybody rails against it. It is a derivative circus. Always has been, always will be, until the Jubilee system is established, and everyone knows the time that all debts are forgiven.
And I mean 50 years ahead of time, not ad hoc.
Voices tell me I should wear a thong
*opens tiny umbrella*
Lyrics to Throw The Jew Down The Well :
[Verse 1:]In my country there is problem,
And that problem is transport.
It take very very long,
Because Kazakhstan is big.
[Chorus 1:]
Throw transport down the well (repeat line)
So my country can be free (repeat line)
We must make travel easy (repeat line)
Then we’ll have a big party (repeat line)
[Verse 2:]
In my country there is problem
And that problem is the Jew
They take everybody money
And they never give it back
[Chorus 2:]
Throw the jew down the well (repeat line)
So my country can be free (repeat line)
You must grab him by his horns (repeat line)
Then we have a big party (repeat line)
[Verse 3:]
If you see the Jew coming
You must be carefull of his teeth
You must grab him by his money
And I tell you what to do
[Chorus x2] [Verse 1:]
In my country there is problem,
And that problem is transport.
It take very very long,
Because Kazakhstan is big.
[Chorus 1:]
Throw transport down the well (repeat line)
So my country can be free (repeat line)
We must make travel easy (repeat line)
Then we’ll have a big party (repeat line)
[Verse 2:]
In my country there is problem
And that problem is the Jew
They take everybody money
And they never give it back
[Chorus 2:]
Throw the jew down the well (repeat line)
So my country can be free (repeat line)
You must grab him by his horns (repeat line)
Then we have a big party (repeat line)
[Verse 3:]
If you see the Jew coming
You must be carefull of his teeth
You must grab him by his money
And I tell you what to do
[Chorus x2]
Jew Envy?
Outlaw Of The W... what is this rascist bullshit post ?
i am getting sick and tired of crap like this here on ZH
you fucking hide behind some shit avatar like a coward,
spouting off rascist shit you would never dare to say face to face !
what is the problem with fucking rascist bigoted xenophobic Arseholes like you ?
get your fucking head sorted out,
before someone does it for you face to face !
wr;)
Don't let these Jew baiters fuck your goat....have fun with 'em ! I seriously doubt there is one Jew alive in Kazakhstan to throw down a well ! Monedas 2011 Unofficial Spokesman for the Jewish People
my hedge-spread in the (low 7 figures) is that precious metals will become much more expensive in terms of euros than in terms of dollars. the eu is inflating its way out of trouble like the U.S.. The significant difference and the opportunity to make money lies in the velocity of money.The bankrupt companies in the U.S. were recapitalized and made to understand that this bailout was conditional on not making loans. "borrow the money, buy U.S. paper and we will give away the spread." The only leakage is into the call market, and into bonuses to financial executives.
The Europeans are bailing out financial institutions and governments. The European "financial moneys" can be sterilized in a similar fashion as in the U.S.. The government bailouts will be immediately spent with a high velocity. Inflation between the two entities should increase at different velocities. There in my opinion lies a low risk high return investment. Any one else making the same bet. marc
This Hitler rant video on Merkel is hilarious:
http://www.youtube.com/watch?v=B8pf5K8xNTA
Lagarde getting more snatch than Trichet, LOL!
To paraphrase Einstein: insanity is doing the same thing over and over again and expecting a different result
Let's put things into perspective....
https://www.facebook.com/#!/photo.php?v=10150311478847717
What nonsense is this?
You mean that people at the helm of affairs are allowed to tell the truth to the sheeple (rest of the population) before they rob them of every dollar that they have to spend or they have saved all throughout their lives is transferred to the top 1% of the population through the gambling dens (Stock, commodity or currency exchanges)
The guy should be dragged through the streets and hung on the lamp post so that no person with any authority dares to repeat this blunder again.
http://www.marketoracle.co.uk/Article24581.html
Interesting take on Dexia from Stratfor
http://www.stratfor.com/analysis/20111005-portfolio-dexia-banks-collapse...
Is it me or since OT2 started, it feels like during previous QE? DXY goes down, equities and commodities are up
In a word, we're fucked.
...from all angles.
I agree with others that is is going to be the 18th. Not sure if it will be good or bad yet, but something big is going to happen Monday or Tuesday.
I keep hearing analysts on Bloomberg stating that we are climbing out of the financial crisis and that the economy is on the mend. All of this feel good attitude has the stock market above 11,000, but I can sense cracks are starting to form. All of these analysts are wearing rose colored glasses and can’t see the decimation that is brewing. We’re getting really close for a meltdown, and once it happens we won’t be climbing out. It will be a step down for our quality of life, and the next step down will be just over the horizon.
We might be a week away or 12 months away from the start of a major melt down, but it is looming. This article is just one more omen of things to come. Anyone who thinks that our keynesian policies can rescue us is uninformed and lacks an understanding of economics and history. We are completely screwed economically. All that is left is the fall. Then we enter an new era, the birth of a new civilization. Call it the new humanity. Call it whatever you want. But it is coming in our lifetime. Much sooner than you think.
i'm beginning to feel like i've been waiting years for a day that will never arrive.
putting out fires
with gasoline...
long silver
We the serfs will have the last laugh. We may be debt slaves, but they still have to come collect on that debt. Until they do, they're holding worthless paper. Going to need a lot of repo men to come get all the real assets.
c'mon France and germany duke this sh*t out...
I dont have a job. Nor my business has taken off. All the trust I reposed on the governments to pull off a miracle of a recovery is now in shambles. Looking back I do not blame the government but myself for having believed the Ombama-chap could really make a difference. When the proverbial hits the fan, and if it does, I just hope to stay afloat. Its a tough time to be an entrepreneur. Very tough. And its my fault. But not mine alone.
I am screwed.
But I will be back.
QE to Infinity.... I didn't buy gold this month, I added to my stockpile food..... Nice knowing you guys.
http://www.telegraph.co.uk/finance/economics/8812210/Bank-of-Englands-QE2-may-reach-500bn-economists-warn.html
Meredith Whitney: We already are Europe !
US state and municipal finances are on the brink
http://management.fortune.cnn.com/2011/10/05/meredith-whitney/
Today, Dexia said it only backs about $9.6 billion in muni bonds, since it has been exiting the business of providing liquidity to cities and states. That's just 0.3% of the $3 trillion U.S. municipal bond market.
http://money.cnn.com/2011/10/04/markets/bondcenter/dexia_municipal_bonds...
US Junk bonds get crushed in market chaos
Investors became so nervous in the past two months that they're not willing to gamble on risky junk bonds anymore - despite the lucrative promise of high yields.The junk, or high-yield, bond market has tumbled along with the stock market, which suffered its worst performance in three years.
Traders say it's eerily reminiscent of the months leading up to Lehman Brothers' bankruptcy in 2008.
In a world where it's remarkably difficult to find yield with 10-year U.S. government Treasuries yielding less than 2%,
investors are still fearful of the risk associated with high returns.
Before August, the high-yield market was soaring, and investors were on pace to generate annualized returns of roughly 11%. But shortly after the stock market started gyrating wildly in August, investors sold off even the safest of the junk bonds, which are those rated BB. These BB bonds are down roughly 5%, and the CCC bonds are down 13% for the year.
The sell-off in junk bonds moved more swiftly Friday, the last trading day of the third quarter. Traders said many hedge funds that have fared poorly in the past few months were rapidly selling out of positions in junk bonds.
Many lower-performing hedge funds fear that investors will soon ask for redemptions in the next few weeks.
Hedge funds are selling off positions to store up cash to give it back to investors. Some companies with risky bonds have been especially hard hit. Bond prices have dropped sharply because investors are fearful that some risky companies could default or even go bankrupt. But several hedge fund managers said banks are also less willing to take the other side of risky trades.
That could mean an uptick in bankruptcies for shaky companies with 2012 maturities if things don't turn around.
The number and size of high-yield bonds issued in the first nine months of 2011 was up 43% from the same period in 2010 and hit the highest level since 2007, according to data provider Dealogic. Only 12% of these junk bonds were issued in the third quarter.
What's driving the mass exodus from junk bonds is largely the looming questions over how the European Union will handle a potential default in Greece and what other problems might arise if Greece does renege on its debt.
"You can see a path where if things are handled poorly then you have a replay of 2008,"
http://money.cnn.com/2011/10/03/markets/junk_bonds/index.htm
Live market trading blog
http://capital3x.com/think-tank/7-october-live-trade-sheet/
How long are they going to 'Kick THE CAN Down the Road?' My ass-can gets kicked down the road any further and I'm gonna suffer from hematoma maximus fatalicus.
Holy crap. Does the middle-class have any friends left or is everyone and his 3rd Uncle gonna fuck us in the ass until we bleed to death?
I'm not even going to read through all the back and forth. Just like 2008, as long as the Federal Reserve is around, there will be no ultimate meltdown. Between the Rothschilds running things and the printing press, many forget that the Fed buttressed Europe in the 2008 version of the meltdown and they will again now since there is no public accountability.
Optimism on Europe one day, pessimism the next. The equities market has earned a quite well deserved recognition of being irrational, major market moves can be predicated on nothing more than rumor and fear. If any of you are trying to outsmart this from a capital gains perspective, good luck!
I'm not even going to read through all the back and forth. Just like 2008, as long as the Federal Reserve is around, there will be no ultimate meltdown. Between the Rothschilds running things and the printing press, many forget that the Fed buttressed Europe in the 2008 version of the meltdown and they will again now since there is no public accountability.
Optimism on Europe one day, pessimism the next. The equities market has earned a quite well deserved recognition of being irrational, major market moves can be predicated on nothing more than rumor and fear. If any of you are trying to outsmart this from a capital gains perspective, good luck!
Hey you said it twice so I think you really meant it. So I gave you a point.
http://blogs.telegraph.co.uk/finance/jeremywarner/100012440/with-inflati...
hmmm i live in florida, i guess its a good time to learn to fish and climb palm trees? just got to watch out for sharks and crocks. damn that going to suck.
Throw a rope weighted with a rock over the coconut palm....then use your Toyota 4x4 bumper winch to pull the coconuts down to ya ! Monedas 2011 Live at the Coconut Grove !
Thanks for sharing such an interesting information. I think this is really a very nice post. Thanks for the great content!
essay topics
Coming from the BBC - take with more than a few grains of salt.
And don't forget: they dont call it the British Bullsh!t Corporation for nothing ;)
Normally I would be the first to agree with you, but Robert Shapiro isn't some sycophantic idiotic toady like Lord ‘give me a banker to bj’ Myers
Now for the dump.
this shit is the best we can get to read, pray for good healt of people behind ZH. I do everyhing I can to spread your messages. Slovakia will be with you in this fight. Thank you ZH
Zero Hedge using rapier-like wit and common sense again dissect the gibberish coming from the Mad Hatters of finance. The IMF analyst was the clearest of them all. -- MCR
http://www.collapsenet.com/154.html
Well done! Thank you very much for professional templates and community edition sesli chat sesli sohbet