Global Financial Crisis (4 Viewers)

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Germany is like the guy who marries what he thinks is a hot supermodel to show up his friends -- but yet only recently does he notice that her family of pregnant teenage crack whores is going to bleed him dry in financial support.
That's pretty much how it is.

It would be political suicide for Merkel to bail out anybody in the EU.

That's why it won't happen, IMO.
 

Buy on AliExpress.com

Lapa

FLY, EAGLES FLY
Sep 29, 2008
19,949
Argentina is a great example here.

Greece doesn't have many options because they can't inflate their way out of their troubles by printing money since they have the Euro.
Can you really compare Argentina to Greece at this point?

Having the Euro really gives Greece some headache at the moment since they can`t "play" with their currency at all...
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Can you really compare Argentina to Greece at this point?

Having the Euro really gives Greece some headache at the moment since they can`t "play" with their currency at all...
Greece's situation is very similar to Argentina's. The former's external debt amounts to 170% of national income and the government deficit is over 13% of GDP. Just like Argentina, Greece has a fixed exchange rate and a long history of fiscal deficits that turned into disaster.

The major difference is that Greece can't really hyperinflate their way out of this mess and they don't have an abundant commodity sector nor a decent-sized domestic market.

So actually Greece is in worse shape.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Lots of red on Wall Street today. S&P 500 down 1.5%.

Guess they no likey the Goldman Sachs criminal charges that should be filed against those financial terrorists.
 

swag

L'autista
Administrator
Sep 23, 2003
83,441
That and Greece has fewer U.S. governors headed there to "hike in the Appalachians" when really banging their mistresses.
 

JBF

اختك يا زمن
Aug 5, 2006
18,451
Spain's unemployment rate has hit 20% for the first time in nearly 13 years, official figures have shown.

There were 4,612,700 people unemployed in the country at the end of March, the national statistics agency INE said.

Spain's jobless rate has risen sharply during the economic downturn and is the highest in the eurozone.

Meanwhile, official European Union (EU) figures showed that the eurozone unemployment rate remained unchanged at 10% in March.

This equates to 15.8m people. Among the wider EU, the jobless rate was 9.6%, with 23.1m people unemployed.

Germany was the only country where the jobless rate fell, from 7.4% to 7.3%.

The EU's statistics agency Eurostat calculates its unemployment figures on a slightly different basis to the INE.

The agency also said it expects eurozone inflation to be 1.5% in April, up from from 1.4% in March.
Shrinking economy

Earlier this week, credit ratings agency Standard & Poor's downgraded Spanish government debt over fears for the country's economic outlook.

Spain's unemployment figure was released by mistake earlier this week, but was not confirmed at the time as official by the INE.

The Spanish economy shrank by 0.1% in the final three months of 2009. For the whole year, it shrank by 3.6%


BBC


----

As the great Andy says, Spain is fried :D
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
I bet that unemployment figure provided by the EU is the equivalent of U-3 unemployment here in the US. This number does not tell the whole story as it does not count folks "out of the labor force," which include people that have given up looking. U-6 unemployment is a better way of looking at this matter as it includes all people who cannot find full-time work.

So the unemployment rate here in the US is really ~17%. In Europe it's probably close to that as well.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Total crash mode going on in the global markets.

Look at the last couple of candles in this chart of the S&P 500 ETF. Holy shit, never seen anything like this before.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Seems like there are rumors that bank lending in Europe is FROZEN.

A day like this just utterly DESTROYS confidence, and I feel bad for the retards that bought into this market within the last month. This is how your average investor loses his shirt, listening to retards on CNBC screaming BUY BUY BUY.

The economy is not sound, neither is this market.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
CNBC is claiming that a human trader at a large firm "accidently" sold 100 BILLION shares instead of 100 MILLION.

I don't know if I believe that.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
Sounds like the SEC is investigating some illegitimate price action in Proctor and Gamble. Some think that set off the crash today.

I still don't believe this rogue trader story. But they need to have something to instill confidence... a rogue trader bringing down the market is much better than focusing on the poor state of the world economy.

This is a fucking crash right here.
 

Bjerknes

"Top Economist"
Mar 16, 2004
111,508
This chart clearly shows that the overall market began to sell off rapidly BEFORE PG stock sold off.

So once again we have the financial media spreading around lies and rumors to protect their "all is well, buy stocks" agenda.

 

Users Who Are Viewing This Thread (Users: 0, Guests: 4)