Posted on 09/22/2011 1:55:07 PM PDT by blam
MARKETS DESTROYED AROUND THE WORLD: Here's What You Need To Know
Joe Weisenthal
Sep. 22, 2011, 3:59 PM
But first, the scoreboard:
Dow: -387.37
NASDAQ: -79.69
S&P 500: -36.19
And now, the top stories:
* The "day" really started yesterday around 2:20 when the FOMC released its highly anticipated "Operation Twist" announcement. Markets were already down modestly heading into that, but the selloff got serious after that, and stocks really fell out of bed. To some extent, the selling was a "sell-the-new" kind of thing, and perhaps to some extent some were disappointed that Bernanke didn't go further. Alongside the announcement, yields on long-term Treasuries plunged through the floor.
* Not long after the market closed, more bad news from Washington came: The House voted down a continuing to keep the government open. A government shutdown is a real possibility.
* That selling carried through. Asia got smoked across the board last night. Hong Kong fell 4.8%. Korea fell another 2.9%. What's more, Chinese flash PMI came in weak, confirming slowdown fears there.
* But the real pain was in Europe, where French banks continue to be at the center of the show. They got demolished on all kinds of ugly headlines, like Mohamed El-Erian talking about a huge run on them (in an FT piece) and a story BNP Paribas going to the Mideast looking for fresh cash. This of course lead to selling in everything else, and all the major indices got destroyed. Clearly the crisis is not a "Greek" crisis anymore. The banking system has been infected. Europe, too, clocked in with a bad PMI report. The slowdown is real.
(snip)
(Excerpt) Read more at businessinsider.com ...
Uh. I think that's the point.
In the bizzaro world we’ve come to live in, apparently US Treasuries are the safety trade the money is fleeing into. Talk about out of the frying pan and into the fire.
The welfare system has destroyed western civilization.
“...bizzaro world...”
-
I swear there are some days where I wake up and look at this country and this world,
and seriously wonder to myself if I am still asleep in some kind of weird dream.
I dont understand, blam. Wealth has to sit somewhere. If investors are pulling their money out of stocks and you dont see gold and silver going up, then where is the money going?
As Galt said, "Check your premise."
Who said the money is disappearing?
Maybe it's just the mirage of wealth is evaporating now down to reality.
How much did Soros know and when did he know it? Any bets he WASN’T tipped off?
The gang that couldnt shoot straight are now all out of bullets and now we will have to live with the mess theyve made.
What kind of a mess you ask, well I think that we are in for something like the collapse of Argentina ( http://www.youtube.com/watch?v=7yerKMQc7-w&feature=grec_index )but on a global scale. Additionally I think we will see a much more violent version. As recent events show (Flash Mobs, UK riots, etc)we have a larger entitlement minded population and a the US has a much more violent and armed population than Argentina. I see many many small business wiped out by flash mob looting, and see rape, robbery and murder for murder sake. Many of these yutes will think no more about killing you than most people think about stepping on a roach. That will be the test of many. Most preppers I know are Christian people and they will hesitate to do what they might have to do to stop the yutes. On the other hand the yutes wont think twice nor lose a minute of sleep, in fact they will smile and laugh about it.
Think of this quote which is one of my favorites:
Star Trek: Deep Space Nine: The Siege of AR-558 (#7.8) (1998)
Quark: Let me tell you something about Hew-mons, Nephew. Theyre a wonderful, friendly people, as long as their bellies are full and their holosuites are working. But take away their creature comforts, deprive them of food, sleep, sonic showers, put their lives in jeopardy over an extended period of time and those same friendly, intelligent, wonderful people... will become as nasty and as violent as the most bloodthirsty Klingon. You dont believe me? Look at those faces. Look in their eyes.
Now go look at some of the videos of the riots in the UK and of some of the flash mobs here in the US and look into there eyes.
I think we will be the last domino, but eventually the weight will be to much and ‘Atlas will shrug’.
I think you still have a bit of time to start investing in brass/lead (ammo), guns, long storage food, basic household supplies like soap, papergoods, cleaning supplies, good sturdy clothes including extra socks, underwear and extra shoes and boots, a extra couple changes of oil and filters for your car, tools. If you can you need to start buying two of the things you use everyday and put one up.
For those who are just starting or are old hands at prepping you may find my Preparedness Manual helpfull. You can download it at:
http://www.tomeaker.com/kart/preparedness1i.pdf
As the LDS say When the emergency is upon us the time for preparedness has past.
Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3
There is no greater disaster than to underestimate danger.
Underestimation can be fatal.
Thanks!
They are deliberately destroying wealth.
OK then,
so why are we all so concerned
about the disappearance of something
that never actually existed in the first place?
Here’s the problem in a nutshell:
1. In the last few decades, as jobs and industries were leaving, we compensated by MORE Government spending to pick up the slack. This gave us the illusion of prosperity.
2. We also stimulated ourself into numerous bubbles which also (temporarily) gave us the illusion of prosperity. Except when they burst.
3. Simultaneously, politicians made a lot of promises they couldn’t keep. Or maybe they thought they could keep them, if we just drew more people into our Ponzi scheme.
4. Building on point #3, we didn’t have enough citizens (thanks to abortion), so we tried to fill the void with immigration, both legal and illegal. Problem was, the cost of those immigrants was more than their benefit.
5. We are now out of $$. Also, anyone who might lend to us is also out of $$ (Europe) or dependent on us for $$ (China & most of Asia). On the plus side, they DO have our factories, which may not help since we won’t be buying.
6. We are now almost out of $$. The one saving grace is that we are still viewed as a “safe haven”, because we are in less bad shape than the rest of the World and our Government has [wisely?] agreed to guarantee everything. This will help somewhat in the short term.
7. When the World finally realizes that the US Emperor has no clothes, everyone is really screwed. There will be a long and painful Depression and probably a lot of violence. That is the bad news. The good news is that it may also flush a lot of the Liberal/PC foolishness out of the System.
Did I miss anything? If not...QED.
I have thought for some time that our stock answer should be: OBAMA’S FAULT!!!!!!!!!!!!!!!
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