Posted on 02/16/2009 7:47:40 PM PST by dangermouse
8:17 CT
I do not know what is going on here, and I don't think I want to.
Someone, apparently someone in Asia, wants dollars. A LOT of dollars. There is a forced-liquidation event underway that is massive, it is against all asset classes and it is spreading.
It originated at approximately 7:15 CT this evening and originated out of Asia somewhere. All of the primary currency crosses got hit at once - Euro, Pound, Yen - all weakened dramatically against the dollar and it is still going on. The Asian stock markets got walloped at the same time in coordinated waves of forced selling.
At the same time the US futures markets got nailed as well, down some six handles on the /ES in a near-vertical drop. While this sounds "not that big" to move these markets in a coordinated fashion like this is a trillion-dollar enterprise - this is not some small company that went bankrupt, or even a large company.
There is no news coverage at the present time identifying the source of this but it is not small and contrary to some reports it is not "automatic selling"; this is forced liquidation.
Folks, if this translates into Eastern Europe where there are severe instabilities already brewing literally everything in the financial world could come apart "all at once."
The worse news is that if this happens Bernanke will have killed us (in the US) by extending those swap lines all over the planet during the last six months. These will become utterly uncollectable and they are massive, in the many hundreds of billions of dollars.
To those who are reading this, I hope if you're in the markets you are prepared for extreme levels of violence. You must expect that the authorities will try to arrest the destruction if they are able, but you must also be prepared for the possibility that we have reached a "critical mass" point beyond which "duck and cover" is the only winning strategy.
Unfortunately.
I hope I'm wrong; this is going to be a long night.
Great tagline!!!!
Jump the pond? The one between us and them?
Overall, this move is deflationary in nature. Hold off on underwear. You may be able to get it cheaper next week.
Ammo tends to track with gold (panic market), and that’s heading up. I’d recommend buying both.
(Disclaimer: I also have a sloping forehead and slack jaw, and do not hold a Series-7 license)
I noticed this last night. Gold and silver spot prices up big, and dollar up big at the same time, which is somewhat unusual.
The update on the article suggests that the violent action was contained. So this is more of a heads-up or warning of what could happen than an actual catastrophe.
But the Dow ain’t doin’ too good this morning, is it? Obviously Hussein’s Porculus plan is not being well received.
It is breathtaking ... confounding.
Market down 231 points already this morning. Thanks for the ping. The Rockefellers have always been communists imho. Very scary times ahead for our country.
so far down 245 points.
The markets are down an avg of about 3.3% right now. This is probably the people behind what happened in Oct 2008 to sink Juan McCain. Hedge funds like Soros, Flower, Paulson and a few others could control $100 billion and leverage up maybe $300 billion. Countries with this sort of money are China/Hong Kong, Saudi Arabia, Kuwait and maybe a few others.
We are going to see crsis after crisis with stimulus after stimulus until dear leader and Pelosi have the power of Chavez. This is all manipulation for political power. prepare for the Islamification of America. We better get BC cases in every state quickly.
Someone is trying to destroy the USA and at this point I think they may be succeeding, especially now that the Marxist are in control of the economy.
READ MY TAGLINE REF . . .
THEY’VE BEEN
IN CHARGE OF THE ECONOMY AT LEAST A HUNDRED YEARS.
http://www.freerepublic.com/focus/religion/2130557/posts?page=81#81
More accurately, we buy from each other. While the trade deficit might be $677 billion, our exports still bring in almost $2 trillion annually.
If the rest of the world is even worse off than the U.S., how they gonna pay for those video games and consulting serevices...???
LOL
On a day like this, we have to laugh. What else can we do?
. . . TRUE ENOUGH . . .
though praying more does come to mind.
Many thanks, LucyT
Ping.
some things should never change!
You should be!
I did not create it just try to live by it.
YIS Aliquando.
My Webelos would be very happy. Thanks
8AM, EST: Major currencies.
Here:
http://www.freerepublic.com/focus/f-news/2187216/posts?page=270#270
This will jumpstart the remainder of your day:
http://www.newswithviews.com/Cuddy/dennis148.htm
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