Complete global financial collapse

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StrongTurd

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Hundreds of hedge funds will fail and policy makers may need to shut financial markets for a week or more as the crisis forces investors to dump assets, New York University Professor Nouriel Roubini said.

``We've reached a situation of sheer panic,'' Roubini, who predicted the financial crisis in 2006, told a conference of hedge-fund managers in London today. ``There will be massive dumping of assets'' and ``hundreds of hedge funds are going to go bust,'' he said.

``Things are getting very ugly also in the emerging markets,'' Roubini said. ``The usual saying is when the U.S. sneezes, the rest of the world catches a cold. Unfortunately, this time around the U.S. is not just sneezing, it has a severe case of chronic and persistent pneumonia. It's becoming a mess in emerging markets.''

Developing nations' borrowing costs jumped to the highest in six years today as Belarus joined Hungary, Ukraine and Pakistan in seeking a bailout from the International Monetary Fund to help weather frozen money markets and a slump in commodities. Argentina risks defaulting for the second time this decade.

``There are about a dozen emerging markets that are now in severe financial trouble,'' Roubini said. ``Even a small country can have a systemic effect on the global economy,'' he added. ``There is not going to be enough IMF money to support them.''

Roubini, a former senior adviser to the U.S. Treasury Department, earlier this month said that the world's biggest economy will suffer its worst recession in 40 years.

``This is the worst financial crisis in the U.S., Europe and now emerging markets that we've seen in a long time,'' Roubini said. ``Things will get much worse before they get better. I fear the worst is ahead of us.''
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http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ax3ZRmJRccyo

Let the bad times roll....
 
NEW YORK—Wall Street investors experienced a sudden surge in optimism Tuesday when, after six tumultuous weeks that saw record drops in the Dow Jones industrial average, a $1 bill was spotted on the floor of the New York Stock Exchange.

The dollar bill was discovered in the northwest corner of the trading floor at approximately 12:05 p.m., and its condition was reported as "crinkled, but real." Word of the tangible denomination of U.S. currency spread quickly across the NYSE, sending traders into a frenzied rush of shouting, arm-flailing, hooting, hollering, and, according to eyewitnesses, at least one dog pile.

"With credit frozen and the commercial paper market poised on the brink of collapse, this is the most promising development I've seen on Wall Street in months," said floor trader Tim Formato, one of hundreds who gathered around the $1 bill and excitedly called their clients to inform them that they were looking at actual U.S. tender. "I think I touched it."

According to witnesses, the trading floor was soon abuzz with energy, as traders pointed at the dollar and repeatedly shouted "Look!" and "Money!" A proposal to divide the $1 note into 1,300 equal pieces and distribute them amongst investors was considered, but ultimately rejected. Early reports estimate the dollar may have passed through as many as 65 hands before disappearing in the late afternoon.
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http://www.theonion.com/content/news/dollar_bill_on_floor_sends_wall
 
Oh The Onion. Always coming up with the good stuff.
 
Geez! You guys are not actually suggesting that I posted the Onion link as gospel?! I do have a brain, you know...

How about you respond to the actual subject of this thread namely Roubini's comments on Bloomberg?
 
Respond? What do you want me to do? Release the 100 Billion I have in Swiss Francs in my cellar to save the markets? Forget it.... there's nothing anyone can do.

I posted in an article a couple weeks ago from Statfor that predicted that shutting down the markets for a few days (as FDR did during the Great D) may have to be done and then governments and banks need to get together from around the world and make these stupid investors stop selling - maybe at gunpoint....
 
PeterCH said:
Respond? What do you want me to do? Release the 100 Billion I have in Swiss Francs in my cellar to save the markets? Forget it.... there's nothing anyone can do.

I posted in an article a couple weeks ago from Statfor that predicted that shutting down the markets for a few days (as FDR did during the Great D) may have to be done and then governments and banks need to get together from around the world and make these stupid investors stop selling - maybe at gunpoint....
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There's precious little that any of us can do to affect international politics and economics. We CAN discuss it, though, seeing that it directly impacts on our well being, not so?

Having said that, your post does address the topic instead of pointing out the obvious about The Onion. Thanks for that.
 
Japan and South Korea just closed down more than 10 percent each a short while ago. Tokyo stocks now at similar levels to 1982! Sony released a huge profit warning. Britain's economy is now officially shrinking.

Just imagine what impact things like these are still going to have on developing economies like ours.
 
StrongTurd said:
Geez! You guys are not actually suggesting that I posted the Onion link as gospel?! I do have a brain, you know...

How about you respond to the actual subject of this thread namely Roubini's comments on Bloomberg?
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Hehe, just checking. ;)
You never know.
 
FTSE 100 down 8.7%
S&P futures, 60pt limit down.

Times like this I wish I was an artist, or game ranger, or had some other job far, far removed from this perpetual idiocy.
 
our interest rate curve is pricing in a rate hike in the short term
 
This is awesome! Let the corrupt fail and fall out while a new world merges!
 
Amazing how when the markets rocket upward like they did just the other day nobody notices. A week later they plunge and everybody freaks out. Go up again, no reaction....go down and they're panicking again
 
For once SA is almost completely without blame in all of this and if just an innocent victim. Our fiscal policies are not at all bad. If only the USA had something like our NCA then we might not have been in this mess right now.

Either way, people on the street need to start catching a wake up real quick before supply disruptions start hitting the consumer goods supply chain.
 
alanf85 said:
Amazing how when the markets rocket upward like they did just the other day nobody notices. A week later they plunge and everybody freaks out. Go up again, no reaction....go down and they're panicking again
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Missing the obvious here, aren't we? You need to look at the bigger picture, not daily fluctuations. Surely you've noticed that virtually every single stock exchange on this planet has taken a nosedive since May of this year and that we are in a world of trouble?

Rest assured that if I see any signs of things turning around or at least bottoming out I'll post that on here as well. I do NOT want the world's economy to collapse. I like my life as it is...(or at least, how it WAS until TSHTF).
 
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