WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008"

TBI ^ | 6-202012 | Henry Blodget

[blam]

WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008"

Henry Blodget
Jun. 2, 2012, 9:51 AM

The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.

That means he can say what he really thinks.

Here, via the Daily Mail, is what he really thinks about what's going on in Europe and the global financial markets:

Financial markets face a rerun of the Great Panic of 2008.

* It's ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.

* ‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008.... ‘If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’

* 'There will not be time for meetings of finance ministers to discuss the outlook and debate the politics.... 'In panicked markets, investors flee to safe assets, sparking other flames.’

Cheery stuff.

Zoellick's recommendation?

Huge, quick government bank bailouts.

In the meantime, the world, waits...

Read more at The Daily Mail

[blam]

‘Fear of the Future’ Keeps Lid on Economic Growth: Greenspan

[blam]

KEITH JUROW: Prepare For The Coming Housing Collapse

After being one of the few analysts who was correct in stating for the past two years that there is no housing bottom in sight, it’s time for me to tell you what I see ahead.

Housing pundits are nearly unanimous in declaring that housing markets are showing signs of bottoming. This is nonsense!

[Ramcat]

People have become comfortably numb to the catastrophe about to happen.

Head fake? When has financial catastrophe hit when people (even informed people) predicted?

Ok. Here's my prediction. Team Obams needs this stock market sell off to get the price of gasoline down. Leaks of QE3 will allow the market to climb back up gathering a heard of weak minded voters?

[DaxtonBrown]

Great Charts combat. I have a permanent page of unfudged numbers here:
http://www.futurnamics.com/slfed.php
I’ll have to ad some of the ones you posted. They all look hideous.

[dennisw]

Check this out>>> http://www.businessinsider.com/raoul-pal-the-end-game-2012-6#

I just read your Jurrow link on housing bust

[Texas Songwriter]

“Everything is fine today, that is our illusion.”...Voltaire

[blam]

Thanks.

I saw the Raoul Pal summary here:

The Bad Jobs Report Is Just A Very Small Taste Of The Nightmare That Is Coming

[dennisw]

Glenn Beck just read the Raoul Pal information. It was on Business Insider and Zero Hedge. Then you have that free traitor Robert Zoelick (now heads World Bank) saying pretty much the same as Raoul Pal who I never even heard of before. He has described some likely events in a SHTF situation

Could you freep mail where is a better place than banks to put free cash. Under a Raoul Pal scenario there will be bank runs. You won’t be able to get all your money out...only half your money and you will get some kind of BS bond for the rest

[dennisw]

BTW-— Did you hear just the other day this treasure hunter saying he located a ship off the Maine coast with 3 billion in platinum on board?

http://articles.boston.com/2012-02-01/metro/31008710_1_shipwreck-crew-members-merchant-ship

The Port Nicholson, a British steamer, was sailing from Halifax, Nova Scotia, to New York when a German U-boat torpedoed it during World War II, despite a heavy military escort. Four people died, while 87 were rescued.

Since then, it has remained on the ocean floor about 30 miles off Provincetown. The cargo, then valued at about $53 million, was a lend-lease payment to the United States from the Soviet Union.

Maine crew set to recover sunken $3b in platinum - Boston.com
articles.boston.com/.../31008710_1_shipwreck-crew-members-merch...
Feb 1, 2012 – Maine crew set to recover sunken $3b in platinum ... vehicle tethered to the Sea Hunter, a 214-foot salvage ship currently docked in East Boston. ... million, was a lend-lease payment to the United States from the Soviet Union.

[blam]

"Could you freep mail where is a better place than banks to put free cash."

You Choose.

[blam]

The platinum ship sounds familiar.

Will it affect platinum prices?

[dennisw]

Getting the platinum to the surface will take a long time in my opinion. So it won’t affect platinum prices much.

When it sank the platinum was worth 64 million. Today it is worth about 3 billion. This is a rough indicator for the inflation we have had since 1943. Though today platinum has more industrial uses than it did in 1943

[blam]

"Though today platinum has more industrial uses than it did in 1943 "

Yup.

I used to make billions and billions of Schottky platinum silicide transistors.
During one Xmas vacation years ago, someone stole our $50k platinum target out of the stock room at TI.