Posted on 09/22/2011 2:44:42 PM PDT by Kartographer
An extraordinary day in the financial markets ended with stocks and commodities down sharply while the dollar and U.S. Treasuries rallied, sending the yield on the 10-year note to a record low.
After trading below 10,600 intraday, the Dow closed down 391 points, or 3.5%, to 10,734 while the S&P lost 3.2%. Stocks are now on track for their worst week since October 2008, Dow Jones reports. Meanwhile, gold shed 4%, silver plummeted 11%, copper tumbled 9% and oil fell 6.7% Thursday as traders unwound "risk on" positions funded with "cheap" dollars, which rose 1% vs. the euro.
(Excerpt) Read more at finance.yahoo.com ...
The only reason the MSM does not refer to this as a depression is that GWB isn’t president any more. It will officially become a depression when Perry defeats Obama in 2012.
All those rumors of China stockpiling copper to keep the price inflated resulting in numerous cases of costly theft and vandalism were true after all?
Say it ain't so.
Good time to buy some silver.
Ron Paul was right about one thing. In the 50s gas was 10 cents a gallon. Today a dime will still buy a gallon of gas, as long as it’s a silver dime, which with todays drop would be worth about $3.35 or so.
Nervous Breakdown? 21 Signs That Something Big Is About To Happen In The Financial World
I read somewhere that Chinese growth could actually be zero...when calculated in some 'special' (don't remmember what) way.
"What the world economy (and the equity markets) doesn’t want to hear about right now is a hiccup in China that ratchets growth down another notch. We might just get that."
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