Chronicles of Armageddon

Discussion in 'Financial Cents' started by VisuTrac, Aug 7, 2011.

  1. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    Depending on how things turn out this will turn out this is going to either be a humorous tale or a fateful warning.

    8-4 US Markets loose 5 percent
    8-5 Asian and European Markets loose 2-4 percent
    8-5 Gold flirts with recent record highs (non-inflation adjusted)
    8-5 North American Markets recover marginally or loose less than 2 percent.
    8-5 S&P down grades US Debt Rating
    8-5 US President basically says S&P are idiots
    8-6 China says to US, that they are addicted to the cheap money tit. and need to enter rehab
    8-6 Gulf Arab Stock markets decline 5-6 percent
    8-6 EBC declares emergency meeting for Sunday to discuss Eurozone buying Italian debt (Bailout). German People balking
    8-7 Isreali Stock market looses 6% within first hour of open.
    8-7 Protests due to high cost of living in Isreal

    Australian markets open in less than 6 hours, this should be interesting.
    Add your observations [beer]
  2. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Bye bye Geitner!
  3. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

  4. beast

    beast backwoodsman

    the asian market took a dive
    it appears tho some big biz folks are makin promises
    to keep the dung heap from splattering
  5. Bumbury

    Bumbury Monkey+

    dont forget his partner in crime bye bye O-Stupid dont let the door hit you in the ass on the way out the door...
  6. beast

    beast backwoodsman

    Asian stock markets fall after US credit downgrade
    APAP – 3 hrs ago

    Asian stock markets fall after US credit downgrade - Yahoo! News

    Related Content

    A monitor displays the Dow Jones Industrial Average on the floor of the New York Stock Exchange on Friday, Aug. 5, 2011 in New York. A government report that hiring improved in July sent stocks sharply higher just after the market opened. The rally lasted less than a half-hour. Many economists still fear that the economy might dip back into recession. (AP Photo/Jin Lee)

    A monitor displays the Dow Jones Industrial Average on the floor of the New York …

    BANGKOK (AP) — Asian stocks fell Monday after the historic downgrade of the U.S. credit rating but losses were contained amid a promise by Group of Seven industrial nations to take all necessary measures to support financial stability.

    Oil prices extended recent sharp losses, trading below $85 a barrel on expectations that slowing global economic growth will crimp demand for crude.

    Japan's Nikkei 225 stock average was down 1.3 percent at 9,178.30 and Seoul's Kospi dropped 1.6 percent to 1,913.58.

    Hong Kong's Hang Seng tumbled 2.6 percent to 20,409.01 while Australia's S&P/ASX 200 pared its initial sell-off to be down 1 percent at 4,062.70.

    Futures pointed to losses on Wall Street when it opens Monday. Dow futures were off 225 points, or 2 percent, at 11,177 and broader S&P 500 futures shed 23.6, or 2 percent, to 1,174.20.

    Standard & Poor's downgrade of the U.S. sovereign credit rating to AA+ from the top-notch AAA — announced late Friday — is another blow to confidence in the struggling U.S. economy, analysts said.

    Worries that the U.S. economy, the world's biggest, is heading back into recession have been compounded by signs that Europe's government debt crisis is threatening to engulf bigger economies such as Italy and Spain.

    "The loss of AAA status will plainly add some salt to the wounds of weak sentiment" in stock markets but concern is likely to quickly return to the prospects for U.S. and global economic growth, DBS Bank Ltd. in Singapore said in a report.

    "Investors are far more concerned about the weak economy than what the S&P has to say about US politicians and their inability to wrap a plan around the deficit," the DBS analysts said.

    A flurry of weekend activity by global finance officials gave rise to hopes of coordinated action to prevent a market meltdown.

    The G-7 industrial countries issued a joint statement late Sunday pledging increased cooperation to attack economic problems and saying they were committed to taking all necessary measures to support financial stability and growth.

    The G-7 statement came after the group held an emergency conference call to discuss the debt crisis in Europe and market prospects following the announcement of the first-ever downgrade of the credit rating of the U.S. government.

    The European Central Bank, meanwhile, said it will "actively implement" a bond-purchase program that could boost Spanish and Italian bonds and drive down interest yields that threaten those countries with financial disaster.

    The burst of activity underscored how government debt levels in Europe and the U.S. have unsettled financial markets — and sharpened fears that debt troubles could derail the global recovery from the 2007-2009 financial crisis.

    Elsewhere in Asia, Taiwan's benchmark index slipped 1.6 percent and New Zealand's market dropped 2.2 percent. Singapore's key index retreated 1.8 percent.

    The Dow fell 5.8 percent last week amid dour U.S. economic news. It plunged 513 points on Thursday alone, the worst day for the Dow since the global financial crisis erupted in 2008.

    Benchmark oil for September delivery was down $2.55 to $84.33 a barrel in electronic trading on the New York Mercantile Exchange.
  7. Clyde

    Clyde Jet Set Tourer Administrator Founding Member

    Ok. Drudge Report....funniest header: Barackalypse Now

    What a good chuckle. Oh, and it appears it is the tea party's fault that the markets are ****ed. No more smoke and mirrors to hide behind.
  8. Catullus

    Catullus Monkey+++

    and a slight chill goes up the presidents spine...
  9. Falcon15

    Falcon15 Falco Peregrinus

    For that to happen two things must happen: 1: He must have a spine. 2: Geithner needs to remove his head from O's back door.
    Cephus and VisuTrac like this.
  10. beast

    beast backwoodsman

    dont ya just love how its always someone thats against the political mainstreamers that is at fault?
    mom always told me you can tell an adult from a kid real easy, a kid never does anything wrong, at least according to the kid, its always someone elses fault
    so, are we represented by children?
    Sapper John likes this.
  11. Falcon15

    Falcon15 Falco Peregrinus

    8-8-11 - 6:10 PM - A massive sell of of ES futures causes a surge in price for gold +$7.00 - for a new record high of $1723.00/ounce. Asian markets jump on the bandwagon, Gold still climbing.
    8-9-11 - Dateline Asia - Markets in Japan and Korea drop a total of 4% each.
  12. VisuTrac

    VisuTrac Ваша мать носит военные ботинки Site Supporter+++

    8/8/11 NYSE Close
    DJIA 10809.9 -634.76
    NASDAQ 2357.69 -174.72

    8/8/11 22:00EDT Gold at 1737 (Gold Rises 75.00/Oz in 24 hrs)
    Hang Seng and Seoul down over 7.5%

    London still burning.
  13. Falcon15

    Falcon15 Falco Peregrinus

  14. beast

    beast backwoodsman

    people with a pile of hoarded gold would do well to dump it while the price4 is still climbing
    at any time the markets may close and everything will be worthless
  15. BTPost

    BTPost Stumpy Old Fart,Deadman Walking, Snow Monkey Moderator

    Beast, I have only ONE question...... Dump it for WHAT?.....
  16. Falcon15

    Falcon15 Falco Peregrinus

    [fnny] What planet are YOU from? [loco]

    That price you see is in Federal Reserve Notes. It is meaningless! Gold and all precious metals have an intrinsic value, a fundamental value, that has not changed for millennium. When the current economy crashes, there will be a new system eventually, and that horded stack of gold or silver will be your way to carry your wealth to the other side of the transition.
    Got Phyzz?
  17. Bumbury

    Bumbury Monkey+

    the dominos are still falling....

    WASHINGTON (AP) — Standard & Poor’s Ratings Services on Monday downgraded the credit ratings of Fannie Mae and Freddie Mac and other agencies linked to long-term U.S. debt.

    The agency also lowered the ratings for: farm lenders; long-term U.S. government-backed debt issued by 32 banks and credit unions; and three major clearinghouses, which are used to execute trades of stocks, bonds and options.

    All the downgrades were from AAA to AA+. S&P says the agencies and banks all have debt that is exposed to economic volatility and a further downgrade of long-term U.S. debt. Their creditworthiness hinges on the U.S. government’s ability to pay its own creditors.

    Stocks plunged further after the downgrades. The Dow Jones industrial average fell nearly 300 points, or 3.2 percent. The S&P 500 stock index tumbled nearly 5 percent. Investors seeking safety drove gold prices up and Treasury yields down.

    Monday’s downgrades of the mortgage giants Fannie and Freddie reflected their “direct reliance” on the U.S. government, S&P said.

    Fannie and Freddie own or guarantee about half of all U.S. mortgages, or nearly 31 million home loans worth more than $5 trillion. As part of a nationalized system, they account for nearly all new mortgage loans. Their downgrade might force anyone looking to buy a home to pay higher mortgage rates.

    Officials at Standard & Poor’s say they will also indicate shortly how local and state governments will be affected by their decision on Friday to lower the long-term U.S. debt from AAA to AA+.
  18. Falcon15

    Falcon15 Falco Peregrinus

    Yes, read that article this morning. It is speeding up. Asia's markets are truly in flames.
  19. beast

    beast backwoodsman

    the most money you can get at the time

    golds only intrinsic value is in the eyes of those who think it has value
    you cant eat it, cant drink it, cant build a fire with it, it makes lousy weapons and clothes and it would take way too much of it tp build anything you could be safe in
    as far as im concerned it HAS NO VALUE and never will
    if i had the garbage id trade it all for something with real valur
  20. beast

    beast backwoodsman

    if you have food, booze and weapons you can get all the gold your lil heart desires.
    if you have gold and not the others....
    think about that for a
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