Aha, and what will replace it?
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Entire Nations Collapsing
- Thread starter ByLoSellHi
- Start date
Aha, and what will replace it?
Quote from ByLoSellHi:
Watching BBC America right now...
...Iceland, South Korea, Argentina, Indonesia, Portugal, Lithuania, Ukraine, Hungary, South Africa, Pakistan...
...All are at risk of defaulting of their debt obligations. They're asking for IMF help.
eliminate fractional reserve banking and private ownership of central banks and none of this will happen again.
Private bankers know the people will revolt.
That is why countries have been building internment camps for their own citizens.
I kind of wonder if a lot of people actually give a rats posterior. I'm living in a nice urban setting. I bought the book "Square Foot Gardening" and am planning to grow a heck of a lot of food just in the back yard. I can live without a car, done it before, liked it... my idea of quality of life is not terribly materialistic.
Actually, people that see what's coming down the pike will have some trading opportunities with all the currencies bobbing like corks in the sea and some hard asset buy and hold opportunities as well.... new businesses will spring up to fit the new scenario too. Hopefully the new administration won't screw us over completely with a trading tax or some insanity like that...
Actually, people that see what's coming down the pike will have some trading opportunities with all the currencies bobbing like corks in the sea and some hard asset buy and hold opportunities as well.... new businesses will spring up to fit the new scenario too. Hopefully the new administration won't screw us over completely with a trading tax or some insanity like that...
Quote from ByLoSellHi:
Watching BBC America right now...
...Iceland, South Korea, Argentina, Indonesia, Portugal, Lithuania, Ukraine, Hungary, South Africa, Pakistan...
...All are at risk of defaulting of their debt obligations. They're asking for IMF help.
This doesn't make sense within the context of 500 Billion worth of subprime defaulting.
There's more going on here, obviously.
Some of these markets had Real Estate booms, but much of the bad assets were exported from the US.
This stuff is happening so fast I can't keep up.
Looks like derivative exposure to US assets is part, at least indirectly. Perhaps directly.
If thats the case, then yea, things are a lot worse than originally thought.
Be nice if someone more knowledgeable could give us a summary here.
Quote from achilles28:
Looks like derivative exposure to US assets is the culprit.
When Buffet said derivatives were financial weapons of mass destruction he wasnt wrong.
We are seeing the nukes going off everywhere, but Iceland, South Korea, Argentina, Indonesia, Portugal, Lithuania, Ukraine, Hungary, South Africa, Pakistan and who knows how many others cant handle the fallout..
Quote from Ivanovich:
Add Russia to that list...
Sydney, October 24: Analysts say that the deepening crisis in Eastern Europe is weighing on EUR/JPY sentiment, as it is increasing investor risk aversion and is seen as negatively impacting Europe and European banks. The UK Telegraph reports that foreign investors are pulling out of Russia and the debt markets are starting to price in a serious risk of sovereign default. Spreads on credit default swaps reached 1,123, higher than Iceland"s debt before it sought a rescue from the International Monetary Fund.
S&P issued a downgrade alert on Russian bonds yesterday, warning that a series of state rescue packages could start to erode the credit-worthiness of the state. S&P said Russia"s budget was likely to slip into deficit in 2009 as result of the dramatic slide in oil and metal prices this autumn, and cautioned that "the ongoing concentration of the financial system in state hands" had become a political risk. Hans Redeker at BNP said in the article that the crisis in Eastern Europe could get out of control and do serious damage to Western Europe and predicted the EUR/USD could fall to parity next year.
Holy Fuck.
Who knew Wallstreet had derivatized foreign debt with CDS??
This thing is a powder keg. Every paper in the world has been leveraged 10 to 1 and they're all going under.
Quote from Businessman:
When Buffet said derivatives were financial weapons of mass destruction he wasnt wrong.
We are seeing the nukes going off everywhere, but Iceland, South Korea, Argentina, Indonesia, Portugal, Lithuania, Ukraine, Hungary, South Africa, Pakistan and who knows how many others cant handle the fallout..
Whats the deal with this default?
Is there debt no longer serviceable from the global slowdown or are sovereign/government funds invested in US assets? both?
i've held a pet theory, that if paper wealth becomes extremely concentrated in too few hands, the only direction for that paper to go is down in value.
this is probably one giant, perhaps extended, dead cat bounce in USD paper. a lot of the world was leveraged more, inspiring a flight to 'quality'.. but it's all still paper with one direction to go in the long run. down... largely to the degree that it's concentrated.
this is probably one giant, perhaps extended, dead cat bounce in USD paper. a lot of the world was leveraged more, inspiring a flight to 'quality'.. but it's all still paper with one direction to go in the long run. down... largely to the degree that it's concentrated.