Momentary Freefall: Europe's Getting Crushed (again) [NOT News]

090511

[the invisib1e hand]

DAX -3%

FTSE - 5%

It's a freefall at the moment.

[ken5050]

Which means that it’s gonna be bloody Tuesday here..and a nice backdrop to Obama’s speech...

[3Fingas]

Good thing our market is closed today. Perhaps, cooler heads will prevail tomorrow.

[the invisib1e hand]

A “downward spiral” in pictures.

[Porterville]

Well, at least I have a job for now... We must survive the Obama Recession

[PGalt]

Very interesting. Thanks for posting.

[Zakeet]

Here We Go: US Futures Plunge As Milan, Dax Down 5%, Italian Fins Halted, EURUSD Sub 1.41

It is unclear what just spooked the market, but whatever it is, stocks have had enough fun for the day. After the ECB just announced that it had monetized a whopping E13.3 billion in the past week, nearly double expectations, and a total of E134 billion since the SMP program's inception, the market took one quick look at just how effective this program has been, shuddered, and plunged realizing that neither ECB intervention, nor the shorting halt is doing anything at all. As a result, ES is now down 21, EURUSD just dropped below 1.41 (Chinabot is about to give up), and rolling halt of Italian banks have started, with Intessa, Mediaset and Impreglio all halted. We expect UniCredit to follow suit as usual.

[Bean Counter]

Gold just hit $1900.

[Farmer Dean]

DAX now down 5.5%.

[ken5050]

The game's over in Europe...it can't be fixed..and there is no sense throwing good $$ after bad down the same rathole..it can't even be papered over any more....the "kick the can down the road and hope and pray" approach..

The Germans won't waste any more $$ to let Greeks retire at age 50, and if Merkel keeps trying...she'll be tossed out ....her party justhad a big loss in a regional election..a hint of what's to come..

[the invisib1e hand]

It is unclear what just spooked the market...

Kidding, right?

THE International Monetary Fund has called on the US and Europe to abandon fiscal austerity and switch to stimulus measures, warning that the global economy faces a ''threatening downward spiral''. [emph added]

Read more: http://www.smh.com.au/business/imf-urges-stimulus-over-austerity-20110905-1ju39.html#ixzz1X5UqWhI2

And this when the US isn't around to pick up the slack.

[the invisib1e hand]

germany will bail them out.

[ken5050]

Nope..and neither can Bernake....

[the invisib1e hand]

you’ll see.

[ken5050]

I’ll bet you ONE pfennig.....

[Farmer Dean]

Germany will end up owning Greece.

[PGR88]

I can just picture the scene 3 days from now - the world financial markets will be in collapse, and boy-Obama will give his long-awaited speech, which will be full of empty lefty cliches and nonsense....

[bert]

-——cooler heads will prevail -——

My thought is that the first string will return to the game after the August vacations and soothe the frenzy.

Then I thought...... that’s exactly what happened in Europe and they declared the disaster worse than the second team would acknowledge. The first string is on the field and all hell broke loose.

[no-to-illegals]

Not only does the U.S. have to put up with our own citizens robbing the treasury, every other country and the IMF wants to help rob our treasury. Looks like it’s too late to be worried about tomorrow.

[the invisib1e hand]

I’ll bet you ONE pfennig....

what'll that be worth when it's time to settle up?