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Market crash 'could hit within weeks', warn bankers
Daily Telegraph (UK) ^ | August 25, 2011 | Harry Wilson and Philip Aldrick

Posted on 08/25/2011 7:49:41 AM PDT by Arec Barrwin

Market crash 'could hit within weeks', warn bankers

A more severe crash than the one triggered by the collapse of Lehman Brothers could be on the way, according to alarm signals in the credit markets.

The cost of insuring RBS bonds is now higher than before the taxpayer was forced to step in and rescue the bank in October 2008

By Harry Wilson, and Philip Aldrick

9:50PM BST 24 Aug 2011

Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group's implosion nearly three years ago.

Credit default swaps on the bonds of Royal Bank of Scotland, BNP Paribas, Deutsche Bank and Intesa Sanpaolo, among others, flashed warning signals on Wednesday. Credit default swaps (CDS) on RBS were trading at 343.54 basis points, meaning the annual cost to insure £10m of the state-backed lender's bonds against default is now £343,540.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Business/Economy; Front Page News; News/Current Events; United Kingdom
KEYWORDS: crash; market; stocks

1 posted on 08/25/2011 7:49:46 AM PDT by Arec Barrwin
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To: Arec Barrwin

sky is falling....


2 posted on 08/25/2011 7:53:36 AM PDT by Moleman
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To: Arec Barrwin

This is why Obama does not care about re-election. This is the liberal surprise to collapse the world’s economies and reorganize under their leadership.


3 posted on 08/25/2011 7:53:36 AM PDT by Erik Latranyi
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To: Arec Barrwin

Buffet will save them all. sarc


4 posted on 08/25/2011 7:53:53 AM PDT by Orange1998 (Obama also inherited AAA credit rating.)
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To: Erik Latranyi

where is your tinfoil hat?


5 posted on 08/25/2011 7:54:32 AM PDT by Moleman
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To: Moleman

The fellow in the picture looks like he could use one. He is being zapped from both sides!


6 posted on 08/25/2011 8:01:31 AM PDT by proxy_user
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To: Moleman

I’m wearing my tinfoil hat.

The collapse is all planned but it won’t happen until the election.


7 posted on 08/25/2011 8:02:25 AM PDT by RadiationRomeo (Step into my mind and glimpse the madness that is me)
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To: Erik Latranyi

The only hope this regime has for reelection is some type of crisis to rally around and somehow make the boy-king appear presidential. The EU is one the verge of financial and political disintegration and that will send shockwaves throughout the financial world.

I believe we’ll get an event worse than late 2008 financial meltdown between now and nov of 2012.


8 posted on 08/25/2011 8:09:49 AM PDT by bereanway
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To: RadiationRomeo

And if it DOES happen, it’ll be Bush’s fault ;)


9 posted on 08/25/2011 8:10:59 AM PDT by Walrus (You can't begin a revolution with establishment leaders)
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To: Moleman

10 posted on 08/25/2011 8:12:36 AM PDT by AngelesCrestHighway
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To: bereanway

what should we do to prepare


11 posted on 08/25/2011 8:15:38 AM PDT by yldstrk (My heroes have always been cowboys)
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To: bereanway

Nothing will make him appear presidential. It isn’t in him.


12 posted on 08/25/2011 8:15:56 AM PDT by squarebarb
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To: Arec Barrwin

Keep the Checkbook Open, Warren...


13 posted on 08/25/2011 8:23:39 AM PDT by Buckeye McFrog
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To: yldstrk

Well, you could check out Kartographer’s post. Lots of good information there.

Personally, I’m buying as much gold and silver as I can afford, stocking up on canned goods, bottled water, gasoline, medicine, paper products and AMMO. Lots of ammo.


14 posted on 08/25/2011 8:35:55 AM PDT by Ernie Kaputnik ((It's a mad, mad, mad world.))
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To: Moleman

sky is falling....

____________________

We live in interesting times.


15 posted on 08/25/2011 8:48:08 AM PDT by volunbeer (Keep the dope, we'll make the change in 2012!)
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To: Arec Barrwin

Economic conditions now are almost EXACTLY what they were in 2008, the difference being that there is no huge pile of cash lying around now to save anybody with.


16 posted on 08/25/2011 8:50:51 AM PDT by tcrlaf (PREFRONTAL LOBOTOMISTS FOR OBAMA2012!)
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To: tcrlaf
IMO we should have let the whole thing crash in 2008. Now it looks like we may have no choice but to let it all crash. We've used all our tools and exhausted our options.

Let the House of Cards fall.

17 posted on 08/25/2011 8:52:33 AM PDT by ClearCase_guy (The USSR spent itself into bankruptcy and collapsed -- and aren't we on the same path now?)
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To: Moleman
sky is falling

Can't happen soon enough. We need the full effect of the collapse of the Socialist nanny state to be seen and felt by the American voter. And it has to happen on Obama's watch. A drunk can only recover after they hit rock bottom. Helping them our just allows them to continue their destructive behavior. America needs to hit bottom, barf out the toxic dogma of the welfare state and sober up.

Besides I'm looking forward to mining the silver lining in those clouds. And once the sky falls it will be a whole lot easier.
18 posted on 08/25/2011 8:56:39 AM PDT by GonzoGOP (There are millions of paranoid people in the world and they are all out to get me.)
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To: tcrlaf
the difference being that there is no huge pile of cash lying around now

There're immense amounts of cash lying around corporate vaults and in IRAs and 401Ks. I wouldn't put it past them to take a swipe at them.

19 posted on 08/25/2011 9:07:19 AM PDT by Glenn (iamtheresistance.org)
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To: yldstrk

I would recommend getting out of debt to the greatest degree possible. Don’t have a lot of money at risk in the markets (stock and bond). Rather invest in tangible assets with real, intrinsic value such as gold, silver or maybe even farmland if possible. Paper will be worthless at some point and that includes many if not all of the financial investments including the dollar. The major banks will get govt money (tarp etc) to see them through as was the case in ‘08, but not us.

I think it’s also important to have a good local support network. Like your church, people willing to work together to help see one another through.

I have no idea of how bad things will get (that’s impossible to predict) but the potential is there for things to break down quickly.

We’ve become a country of urban dwellers with very little practical skills so when basic services and necessities are curtailed in urban areas things could go south quickly. They may not, but it’s a good thing to keep a worst case scenario in mind and take a few practical steps.


20 posted on 08/25/2011 9:08:52 AM PDT by bereanway
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To: Arec Barrwin

Dont believe these shysters. It wont be road warrior at all. Even when the soviet union fell, people still had jobs. No it wasnt a cakewalk but people stuck to their own and for once in their lives did not have Big Govt breathing down their necks. If only for a few moments.

At this point only good could come from a government shutdown.


21 posted on 08/25/2011 9:12:14 AM PDT by Soothesayer9
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To: Glenn

Temporary confiscation of 401k’s, IRAs, and a short bank holiday doesn’t sound all that crazy for the bunch in charge in DC. It’ll be a bipartisan move though and you can bet a great chunk of the TEA party caucus will go along.


22 posted on 08/25/2011 9:17:52 AM PDT by Eyes Unclouded ("The word bipartisan means some larger-than-usual deception is being carried out." -George Carlin)
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To: GonzoGOP
We need the full effect of the collapse of the Socialist nanny state to be seen and felt by the American voter.

Yep. It's not going to be an easy ride, though - especially in the liberal gimmie gimmie cities. If the freeloaders can't get the politicians to steal for them, they're going to start stealing for themselves.
Those who live in conservative areas have been truly blessed. They're more apt to work together. It's the way they think.

23 posted on 08/25/2011 9:18:03 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Soothesayer9

“It wont be road warrior at all.”

I’m not sure about the inner cities, but I think overall, you are correct.


24 posted on 08/25/2011 9:20:53 AM PDT by DonaldC (A nation cannot stand in the absence of religious principle.)
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To: bereanway
We’ve become a country of urban dwellers with very little practical skills so when basic services and necessities are curtailed in urban areas things could go south quickly.

We're rural. Heck, we can make soap from road kill and brain tan the hide afterwords. We've walked through it - once. It's gross, but the ability, or know-how, to do it might come in quite useful someday.
We've also learned how to use wild food sources, because you never know (we have children).

25 posted on 08/25/2011 9:26:43 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: concerned about politics
Not to make too light of the the subject that y'all are discussing, when I read this entry ..

"We've also learned how to use wild food sources, because you never know (we have children)."

.. the first thing that crossed my mind was that you were listing your "wild food sources" ...

26 posted on 08/25/2011 9:30:27 AM PDT by BlueLancer (Secede? Y'all should hope that we don't invade!)
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To: BlueLancer
the first thing that crossed my mind was that you were listing your "wild food sources" ...

Hey, now there's an idea!
Just kidding. I wish they'd show a little more enthusiasm about this stuff, though. What's their future going to be like?

27 posted on 08/25/2011 9:34:02 AM PDT by concerned about politics ("Get thee behind me, Liberal")
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To: Arec Barrwin

I can’t say I care about the banks.

To big to fail, to big to exist. Did up Teddy Roosevelt and start breaking them up.


28 posted on 08/25/2011 10:28:01 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Orange1998

This whole BofA/Buffet deal stinks to high heaven. Drudge reporting that Zero talked to Buffet before the buy. Why aren’t the Republicans calling a press conference and investigating this?


29 posted on 08/25/2011 10:30:16 AM PDT by jersey117
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To: Eyes Unclouded
IF we keep any semblance of a democracy, the TEA party might make a stand.

But looking at the terms the state run propaganda is using, the Tea party will be suppressed soon. The statists are tired of people voting.

30 posted on 08/25/2011 10:40:51 AM PDT by redgolum ("God is dead" -- Nietzsche. "Nietzsche is dead" -- God.)
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To: Arec Barrwin

Ahh the Telegraph, where from comes real news.


31 posted on 08/25/2011 10:46:02 AM PDT by NeoCaveman (From the Halls of Martha's Vineyard to the shores of Tripoli)
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To: Eyes Unclouded

Temporary confiscation?
Once they grab up our $$$, it will already be spent.
Just like social security.


32 posted on 08/25/2011 11:00:27 AM PDT by Texas resident (Hunkered Down)
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To: tcrlaf; sickoflibs
Insurance on the debt of several major European banks has now hit historic levels, higher even than those recorded during financial crisis caused by the US financial group's implosion nearly three years ago.

EXACTLY what they were in 2008, the difference being that there is no huge pile of cash lying around now to save anybody with.

well, to be honest, there wasnt a huge pile o cash then either...there were a few more trees still standing tho, before the papermill got hold of em...

33 posted on 08/25/2011 11:22:37 AM PDT by Gilbo_3 (Gov is not reason; not eloquent; its force.Like fire,a dangerous servant & master. George Washington)
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