Financial Crisis

[churchill]

China premier: We have whipped inflation

Sorted then. Just like one of our great presidents did when it came time to man up.

edit - well it wasn't really until he finally perfected the WIN button. Genius.

At least he is being positive - Mervyn King and Trichet seem to be really depressed and pessimistic ......

What have these Central Bankers along with politicians being doing for the last 2/3 years - It seems nothing to prevent future crisis ....just talk talk ......

BOE Says Debt Crisis Is Biggest U.K. Financial-Stability Threat

http://www.bloomberg.com/news/2011-06-24/boe-says-euro-area-debt-crisis-biggest-threat-to-u-k-financial-stability.html

[Naam]

What have these Central Bankers along with politicians being doing for the last 2/3 years - It seems nothing to prevent future crisis ....just talk talk ....

isn't it sad that future crises will not be the same as they used to be?

[midas]

What has this got to do with the OP? Anyway, these guys were breaking the law on purpose. ..they were asking for it.

So Craig, surely this must be relevant to the OP? In fact I can't think of anything more relevant to a financial crisis than to watch publicly spirited people having to feed the hungry in the park?

You didn't see anything wrong with people being arrested in Washington DC simply for dancing so what about this then?

Are you beginning to see the trend?

Shocking....horrible people....I have noticed a trend in the UK also, just little stories here and there popping up more frequently....however, about people being shown a disproportionate reaction from state officials for the most petty things...In fact this one in the Uk was also charitable in nature

I read this one this week from the US...this one actually shocked me...

How I Learned The Truth About The State...in the end, ordinary citizens are going to flip in my humble opinion....you can see in that video in the park the anger is starting to boil..

Now the new police state has extended to arresting reporters for doing their job

[cloudhopper]

Whoa Mish didn't beat around the bush with this post -

Here is a succinct summation of the current state of Euro-Zone affairs.

• Greece will default, but at this point it is irrelevant.
• The situation in Spain, Ireland, Portugal, and Italy is now so dire that it is does not matter whether or not Greece defaults.
• Expect chaos
  

[12DrinkMore]

Whoa Mish didn't beat around the bush with this post -

Here is a succinct summation of the current state of Euro-Zone affairs.

• Greece will default, but at this point it is irrelevant.
• The situation in Spain, Ireland, Portugal, and Italy is now so dire that it is does not matter whether or not Greece defaults.
• Expect chaos

Shedlock has been beating the "expect chaos and buy gold" drum for as long as I can rermember. Wish he'd find a new rhythm.

Now here's a bit of progress.

http://www.courant.c...7579,full.story

HARTFORD — Gov. Dannel P. Malloy said Friday that he was moving "full steam ahead'' with plans to lay off 7,500 state employees, as leaders of the AFSCME union announced that their members had officially rejected a savings and concession deal that would have given them layoff protection for four years.

The UK needs to get rid of around 3,000,000 of the current 6,000,000 public jobsworthies, slash taxes, slash 'benefits' and step aside allowing real JOBS to be created.

Have you ever wondered why there are not small laundries, small restaurants, small corner shops, small hairdressers all over the UK? Regulations and social handouts. Try starting a small business at "boot sales", or on the internet. Regulations, tax inspectors cripple the effort before you get started.

All these small businesses, providing enough to support a small family, that we see in Thailand are positive and productive economic activity. They are the little green shoots (haven't seen that for a while) of a healthy economy. In the UK the earth is barren, no little green shoots, small economic activity destroyed by the State pouring Paraquat over them.

[flying]

Have you ever wondered why there are not small laundries, small restaurants, small corner shops, small hairdressers all over the UK? Regulations and social handouts. Try starting a small business at "boot sales", or on the internet. Regulations, tax inspectors cripple the effort before you get started.

All these small businesses, providing enough to support a small family, that we see in Thailand are positive and productive economic activity. They are the little green shoots (haven't seen that for a while) of a healthy economy. In the UK the earth is barren, no little green shoots, small economic activity destroyed by the State pouring Paraquat over them.

+1

I dont know about the rest of the world but it is alive & growing where I live.

Want your car fixed? Plenty of laid off mechanics these days & the price is waaaaay better than the dealerships they worked for before.

Want other services such as Chiro or Accu? Cash price is better these days.

Same for many other services....

Farmers markets are pumping here & are becoming the new supermarkets...As the State tax collectors scurry about trying to find a way to make sure they are getting their cut. Guess what? They are not! They are getting what the sellers feel is fair. Yes they report some income but not all. The federal meat inspection laws preclude any fresh meat sales but I would not be surprised to see it happen.

I already see smoked meat & sausage for sale.

Same for my business of building....most of the other contractors I know have found creative ways to keep more of what they earn.

There is more than one way to have a tax revolt.

[churchill]

China to rescue the World ?? seems like another house of cards ... accident waiting to happen

China Rebuilds San Francisco-Oakland Bay Bridge, Pledges More Support for European Debt, Fuels Latin-America Debt Rally by Financing Ecuador Budget

http://globaleconomicanalysis.blogspot.com/2011/06/china-rebuilds-san-francisco-oakland.html?utm_source=feedburner&utm_medium=twitter&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29

[cloudhopper]

I wonder if the politicians will ignore this decision the same way they have already ignored existing law...

http://www.zerohedge.com/article/lawsuit-contesting-greek-bailout-coming-be-heard-german-constitutional-court-imminently

[midas]

I wonder if the politicians will ignore this decision the same way they have already ignored existing law...

http://www.zerohedge.com/article/lawsuit-contesting-greek-bailout-coming-be-heard-german-constitutional-court-imminently

Or if it's possible that one of the many banksters involved could offer one or more judges

an attractive offshore account somewher already nicely topped up for their retirement in return for a favourable judgement?

[churchill]

The BIS still doesn’t like low interest rates

Are king or Bernanke going to take any notice !!

http://ftalphaville.ft.com/blog/2011/06/27/606086/the-bis-still-doesnt-like-low-interest-rates/

[Naam]

The BIS still doesn’t like low interest rates

Are king or Bernanke going to take any notice !!

the BIS has no bite and nobody cares what the BIS airs.

[midas]

I wonder if the politicians will ignore this decision the same way they have already ignored existing law...

http://www.zerohedge.com/article/lawsuit-contesting-greek-bailout-coming-be-heard-german-constitutional-court-imminently

Or if it's possible that one of the many banksters involved could offer one or more judges

an attractive offshore account somewher already nicely topped up for their retirement in return for a favourable judgement?

“We consider it highly unlikely that the court would really risk triggering a dramatic European crisis by ruling outright that conditional support loans for the periphery violate the German constitution,”

What kind of justice system is this? It sounds like they have already decided they can't say no so they seem to be looking for suitable reasons?

Greece in the dock at high German court

http://www.athensnews.gr/issue/13449/43821

[Naam]

“We consider it highly unlikely that the court would really risk triggering a dramatic European crisis by ruling outright that conditional support loans for the periphery violate the German constitution,”

What kind of justice system is this? It sounds like they have already decided they can't say no so they seem to be looking for suitable reasons?

try for once some logical thinking Midas. where the eff do you think the German constitution mentions the currency €UR and what way is EU treaty clause 125 constitutional tangible? i'm not a lawyer but in my [not so] humble opinion the constitutional court can only rule "that's none of our business" (as it happened quite often). the crux in Germany is that cases at the constitutional court do not cost a single penny. therefore every àsshole can file a suit if it is bothered by a fart.

by the way, it is none of your business to ask what kind of justice system this is and you have no <deleted> right right to insinuate that judges of one of the two German Supreme Courts can be bribed!

[churchill]

Initial Stages of Global Stock Market Crash In Progress?

I don't think so .. but many are very negative ..

http://www.thebullbear.com/profiles/blogs/initial-stages-of-global-stock

[churchill]

The BIS still doesn’t like low interest rates

Are king or Bernanke going to take any notice !!

the BIS has no bite and nobody cares what the BIS airs.

Who has bite ? Nobody cares what anyone airs

Who reads the papers?

Edited June 27, 2011 by churchill

[midas]

“We consider it highly unlikely that the court would really risk triggering a dramatic European crisis by ruling outright that conditional support loans for the periphery violate the German constitution,”

What kind of justice system is this? It sounds like they have already decided they can't say no so they seem to be looking for suitable reasons?

try for once some logical thinking Midas. where the eff do you think the German constitution mentions the currency €UR and what way is EU treaty clause 125 constitutional tangible? i'm not a lawyer but in my [not so] humble opinion the constitutional court can only rule "that's none of our business" (as it happened quite often). the crux in Germany is that cases at the constitutional court do not cost a single penny. therefore every àsshole can file a suit if it is bothered by a fart.

by the way, it is none of your business to ask what kind of justice system this is and you have no <deleted> right right to insinuate that judges of one of the two German Supreme Courts can be bribed!

What on earth has that got to do with it? This is about what the Maastricht Treaty allows or disallows. And anyone - even Blind Freddie by now can see these people are making up the rules as they go along.

And please get off your high horse about whether judges in Germany are somehow miraculously impervious to any possibility of bribery because they're not and the Daimler scandal in Germany shows bribery can happen in any country at any level if the stakes are big enough.

[Abrak]

I have kept away from this thread for a year or two because I felt it was going nowhere. Yes admittedly the global economy wasnt doing much but with a bit of cash here and a whack on the bottom there it kept soldiering along - no great growth, no great crisis. A jobless recovery in the US a german recovery in the EU and a smash my toys recovery in Japan. It all looked as though it was slowly going bad but there wasnt going to be much of a crisis.

So why bother coming back in the face of such inexorable trends to mediocrity. Well I see two trends that dont bode well. The first is a long term one - arguably one that should have been factored in before. Wherever I look I see productive people opting out of the system. When the shit hits the fan as it inevitably will one day, there are going to be noone left to pick up the pieces. Call it disintermediation, financial deregulation or whatever but the rich arent going to be there to pick up the pieces for the poor. There are other countries, are taxation domiciles and simply other places whereby the rich will not have to pick up the tab. Every IMF mandate (apart from shagging the clean up lady) includes a degree of the country becoming more efficient at taking wealth from the richest people in their population. And all they will find is that they are simply not there to be taken advantage of.

The second problem is the Euro. Lets not pretend this is about Greece - Greece is the equivalent of a wet fart in the Vatican. It is the way it is being handled. Two years ago on this thread your amateur scribblers were saying that Greece did not have a funding problem, it was basically insolvent. Two years later the EU are pretending that Greece has a short term cash flow problem when to even the average ingrate they are insolvent. Now Greece doesnt matter a shit (I think I wanted them kicked out of the Euro two years ago) it really wouldnt have mattered they are desperately incompetent.

But when the whole of the Euro pretends that Greece is a real economy suffering from a short term cash flow problem when the shit hits the fan it could hit it big time. I mean having blatantly lied about one country, just how many others are you lying about. And then people worry that Italy's cashflow problem is actually an insolvency one. Bunga Bunga we will all cry ourselves to sleep.

In fact it all reminds of an Italian joke 'two girls were captured by a bunch of tribesment. The first was asked do you wish to die or do you wish for bunga bunga. The first girl not quite knowing what Bungs Bunga was and seeing that Berlusconi had a kind face enhanced by years of plastic surgery said 'Bunga Bunga' and of course she was duly raped by all the tribespeople. The second girl stood up straight faced the sky and said 'I would rather die instead'. The head of the tribespeople, Berlusconi, chuckled and gave a rather plastic grin. 'Certainly' he said 'you will die but first we all want to have bunga bunga with you.'

And that is what you will find with the Euro for Spain and Italy - contagion will mean a spot of 'bunga bunga' at first but it wont be long before they see through the cash flow problems of the likes of Italy and Spain and realize there wasnt much left to begin with.

Remember how this all started with the banks, cash flow problems are actually insolvency problems and then later cash flow problems are perceived a insolvency problems. And lets face it Germany isnt going to totally screw itself over this whole mess. AT some point it will walk away as the least cost best option.

So you could argue little or nothing has changed in the past 18 months - the global economy has shuffled its way quite well through the pitfall of the various 'crisis' that have always been there. But the problem with the Euro is that it left - very intentionally - no real room to fudge your way out of problems. And fudging is what economies do well. So the longer the issue isnt really addressed, the bigger the crisis that could result.

[Naam]

And please get off your high horse about whether judges in Germany are somehow miraculously impervious to any possibility of bribery because they're not and the Daimler scandal in Germany shows bribery can happen in any country at any level if the stakes are big enough.

i am not aware that Daimler employs any German supreme court judges. moreover, you are the one who rides an high ass with your ridiculous accusations left and right. three years we had to listen to your shitty insinunations and forecasts (from the Bilderbergs to swine flu to the apocalyptic riders et al around the corner).

none of it was or came true. it's about time you piped down and face reality!

[cloudhopper]

And please get off your high horse about whether judges in Germany are somehow miraculously impervious to any possibility of bribery because they're not and the Daimler scandal in Germany shows bribery can happen in any country at any level if the stakes are big enough.

i am not aware that Daimler employs any German supreme court judges. moreover, you are the one who rides an high ass with your ridiculous accusations left and right. three years we had to listen to your shitty insinunations and forecasts (from the Bilderbergs to swine flu to the apocalyptic riders et al around the corner).

none of it was or came true. it's about time you piped down and face reality!

[ronz28]

Number one job is to protect the banks...

http://www.youtube.com/watch?v=GHLjoAI2-iQ&feature=player_embedded

[midas]

And please get off your high horse about whether judges in Germany are somehow miraculously impervious to any possibility of bribery because they're not and the Daimler scandal in Germany shows bribery can happen in any country at any level if the stakes are big enough.

i am not aware that Daimler employs any German supreme court judges. moreover, you are the one who rides an high ass with your ridiculous accusations left and right. three years we had to listen to your shitty insinunations and forecasts (from the Bilderbergs to swine flu to the apocalyptic riders et al around the corner).

none of it was or came true. it's about time you piped down and face reality!

I haven't seen or heard her yet Naam - have you?

[flying]

I have kept away from this thread for a year or two because I felt it was going nowhere.

So you could argue little or nothing has changed in the past 18 months

Re-hi Abrak

Has it been that long?

Agreed nothing has changed....Funny thought eh after all those billions thrown at the wrong targets?

[Wrong Turn]

Thanks for the David Stockman video, ronz28.

He makes sense (and he's been writing some article for the mainstream media). A major cause of the problem was over-borrowing and cheap interest rates.

What does the US Gov do to deal with the result of this problem?

Over-borrow (via the QE and stimulus) and keep interest rates at near 0.

Not only a continuation of the problem, but likely making it worse.

[midas]

And please get off your high horse about whether judges in Germany are somehow miraculously impervious to any possibility of bribery because they're not and the Daimler scandal in Germany shows bribery can happen in any country at any level if the stakes are big enough.

i am not aware that Daimler employs any German supreme court judges. moreover, you are the one who rides an high ass with your ridiculous accusations left and right. three years we had to listen to your shitty insinunations and forecasts (from the Bilderbergs to swine flu to the apocalyptic riders et al around the corner).

none of it was or came true. it's about time you piped down and face reality!

here is reality -even Judges can act just as badly as the rest of us

we hope German judges would never do such a thing as this

" Supreme Court Justice Ann Walsh Bradley is accusing fellow Justice David Prosser putting her in a chokehold during a dispute in her office earlier this month "

http://www.washingtonpost.com/national/wisconsin-justices-in-altercation/2011/06/26/AGtu2YmH_story.html

[midas]

in fact the degree to which things have developed into an economic mess under Obama makes it very hard to believe it is actually incompetence......

By now I would put all my money on it being engineered civil unrest as per the plans of

people like Cass Sunstein et al.

As wealth becomes more concentrated unrest will not need to be engineered.

everybody knows it's the Bilderbergs and the Illuminati who engineer crises. European scientists detected last weekend a batch of EHEC bacteria which still carried the labels "Engineered in Switzerland by Bilderberg & Co., Registration of Patent applied for / do not copy!".

those pesky Bildbergers and Illuminati again

IEA Oil Dump A Disaster In The Making

" I don’t know if anyone else has noticed, but this country has been thoroughly gutted over the past few decades. Our industrial base has been dismantled and shipped overseas to the benefit of foreign nations and corporate feudalists. Our grain reserves, once ample, have been depleted to an all time low. Our currency has been systematically debased. And now, our oil reserves, without rational cause, are being sold off only to feed the catastrophe our government is supposedly out to stop. Are the American people being prepped like a glazed ham for the fires of the globalist oven? Is this really all due to coincidence and stupidity as skeptics claim, or is there something else at work here? I find it hard to believe that the IEA and our government are not aware that their proposed strategies conflict with their own source data, or that they are completely oblivious to the destruction they are about to reap upon our economy. The latest IEA decision is just one more piece of evidence of an agenda of deliberate financial destabilization trending towards a disaster that serves the interests of a select few, to the detriment of all the rest."

http://www.alt-market.com/articles/158-iea-oil-dump-a-disaster-in-the-making

[Naam]

what's going on? no crisis today?

[12DrinkMore]

"what's going on? no crisis today? "

Sleeping dogs, let'em lie....

But here we go.

Calamity Rogers.....

http://www.bloomberg...ogers-says.html

"We've got to do something or we're going to have no food at any price at times in the next few years," Rogers said in a Bloomberg Television interview

Desparate Papandreou, eager for some more Ger-Money....

http://www.bloomberg.com/news/2011-06-28/papandreou-races-to-avert-greek-default-as-protests-besiege-austerity-vote.html

Austerical UK.....

http://www.telegraph.co.uk/finance/newsbysector/retailandconsumer/8604046/British-consumers-starting-to-ration-says-Asda-boss.html

She revealed Asda's own "average household" income tracking showed families' disposable incomes were falling fast, dropping 8pc year on year in May – the largest decline "ever".

But the Brits haven't gone completely Austerical, they are still ramping up debt by hitting the good'ol pastic

Consumer credit nudged up by only £173m, with credit card borrowing rising at its slowest pace since April 2010. This was far lower than the £350 rise in net consumer credit expected by economists.

And the public sector still reckons that they are owed their precious unfunded and unpayable pensions.

http://www.independent.co.uk/news/uk/politics/battle-lines-drawn-for-public-sectorrsquos-day-of-protest-2304066.html

Up to 750,000 teachers, lecturers and civil servants may join the 24-hour walkout over the Government's proposals to make their pensions less generous.

Poor dears.

This thread is by no means over.

[Naam]

This thread is by no means over.

Naam is training his dogs to fend for their food by catching frogs and toads from his pond. Mrs. Naam uses bicycle when shopping for vegetables to save gasoline. maid has been given a net and ordered to prepare tadpole curry at least twice a week to be served with bamboo shoots harvested from the garden.

crisis continues...

[midas]

This thread is by no means over.

Erm…………I think I would personally even back that assessment with money 12D

talk about déjà vu

" The JP Morgan forensic preview is now available. Remember, this is not subscription material, but a "public preview" of the material to come.

When considering the staggering level of derivatives employed by JPM, it is frightening to even consider the fact that the quality of JPM's derivative exposure is even worse than Bear Stearns and Lehman‘s derivative portfolio just prior to their fall. Total net derivative exposure rated below BBB and below for JP Morgan currently stands at 35.4% while the same stood at 17.0% for Bear Stearns (February 2008) and 9.2% for Lehman (May 2008). We all know what happened to Bear Stearns and Lehman Brothers, don't we??? I warned all about Bear Stearns (Is this the Breaking of the Bear?: On Sunday, 27 January 2008) and Lehman ("Is Lehman really a lemming in disguise?": On February 20th, 2008) months before their collapse by taking a close, unbiased look at their balance sheet. Both of these companies were rated investment grade at the time, just like "you know who".

http://boombustblog.com/BoomBustBlog/An-Independent-Look-into-JP-Morgan.html

[midas]

what's going on? no crisis today?

sheesh.............from this in 2009

Posted 2009-12-10 19:40:07

what's going on? six hours no youtube clips, no horror news, no apocalyptic riders galopping. no bakeries for sale for an ounce of gold. is the financial crisis over?

to this just one year ago .......

Posted 2010-05-06 17:14:21

question for General Midas and Colonel Flying:

i am considering to enlist in the doom&gloom brigade and willing to start my career as a recruit. what are the procedures, do i need to submit any credentials, will the fact that we own agricultural land and physical gold count as positive?

p.s. is circumcision mandatory?

pps. i am not exactly joking. there's something brewing in Europe and sooner or later it will have global effects!

back to " what's going on? no crisis today? " ..............

Edited June 30, 2011 by midas