Skip to comments.Market crash 'could hit within weeks', warn bankers
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 ...
sky is falling....
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.
Buffet will save them all. sarc
where is your tinfoil hat?
The fellow in the picture looks like he could use one. He is being zapped from both sides!
I’m wearing my tinfoil hat.
The collapse is all planned but it won’t happen until the election.
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.
And if it DOES happen, it’ll be Bush’s fault ;)
what should we do to prepare
Nothing will make him appear presidential. It isn’t in him.
Keep the Checkbook Open, Warren...
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.
sky is falling....
We live in interesting times.
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.
Let the House of Cards fall.
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.
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.