Skip to comments.Asia stocks tumble, Tokyo hits 28-yr low amid global rout
Posted on 06/03/2012 8:49:08 PM PDT by Typical_Whitey
TOKYO, June 4 (Reuters) - Asian shares tumbled on Monday, pushing the broader Tokyo market to a 28-year low, as investors extended a rout of global stocks and worried about a nightmare scenario of euro-zone breakup, U.S. economic relapse and a sharp slowdown in China.
Tokyo's broader Topix index lost 2.1 percent to 693.35, a level not seen since late 1983, as Asian markets plumbed new lows for 2012. Japan's Nikkei average fell 2 percent after last week marking its ninth straight week of losses, the longest such losing streak run in 20 years.
(Excerpt) Read more at reuters.com ...
Can QE3 be far behind?
Yes but, this is the same 2% or so lost by NYSE on Friday. The headline is a bit overblown.
All is not well but this seems to be sewing panic. Why?
If it is a tumble in Tokyo..there will be a rumble on Wall Street. I’ll blame the Bildenberg Group is causing this.
Sounds like a safe bet huh. I hope we’re wrong, but...
“Can QE3 be far behind?”
Quit the meddeling and let it totally crash!!!
We’re in for another 15 years of recession otherwise.
I don’t think there is much appetite for QE3 in congress. The problems of government debt and our credit rating are more damaging than any potential benefits they would tout for QE3. In fact, I think there is a solid argument and public sentiment that the first two failed beyond helping out Wall Street.
Too bad a-hole Obama and his Regime have systematically destroyed the US economy.
Who else can lead the world out of the endless recession?
Instead, Obama and his Administration’s economic role model is Euro-Socialist Greece.
Bernanke is conveniently scheduled to testify tomorrow?
Hmmm... something wrong with that headline... I KNOW!!!
Media pumps Asia stocks, Tokyo braces for manufactured crisis...
See tag line.
They're *very* trying...
NO cheers, unfortunately.
I don’t consider it a bad day unless they are jumping out of windows in tall buildings.
Monday, Monday, can’t trust that day.
Monday bloody Monday. Full moon too.
You are so right. It seems none of those in power dare to draw the parallel between what is being today, with the very same thing they did in the 1930s. Which dragged out the misery until WW2 started, which was even more miserable.
I know there are far more factors involved, but I’d love to see the cost to the world economy added up of all the feelgood environmental/global lying..er...warming crap tallied and publically thrown in the faces of every current world leader/govt and the UN.
Imagine how much better the entire planet would be doing economically, standard of living et all, had people never allowed the wholesale rape of the extraction industries to happen.
Right now, not that I’m advocating this however, had America maintained it’s oil/logging/mining and manufacturing base as we had it before the greens were empowered, we could singlehandedly bail out most of Europe.
Then again, Europe would not be in this particular mess to begin with. Think about all their govt jobs. Why do they exist? In part, it’s because people otherwise would be unemployed. There are not enough jobs in Greece ect to support the populations. Why? Because industries that traditionally require a lot of manpower are regulated out of existence or massively hindered. Now, an entire generation has come and gone on the dole. The youth never knew a world where work carried reward. So they expect their entitlements.
I know. There’s more to it. But people need to learn and understand just how great the impact of rabid environmentalism is. Almost if not every economic problem today traces back to regulations with environmental connections. It frustrates the hell out of me that people ignore the root causes of the problem...Regulation over green concerns and social engineering.
Cut industry loose and watch a miracle happen.
“...traces back to regulations with environmental connections.”
Hitler started getting out of the Depression by invading other countries and developing their natural resources.
All we would need to do is invade the EPA, BLM, Forest Service, etc. offices and develop our own natural resources. Seriously. Roll back some of the restrictions, even put a 10-year period on them or something if we had to, but get us back up and running.
This is one of the reasons I left the Republican party. They refuse to reign in the BLM/Interior/EPA ect. They could have done it at almost any point. Defund them. Simple. But they won’t.
The number of jobs lost in the Pacific NW and northern states over owls and fish is staggering. That cost also includes an increase in building materials...snow ball effect. In Apalachia it’s coal. In Colorado it’s mining.
And all the land closed into national parks that are then closed to motorized vehicles which are then closed to mechanized transport which are then closed to hiking...
How many people did that put out of work, from tourism jobs to the manufacturing base to support it all?
And Oil... It’s insane. People think “Price of gas”. But that’s the least of the problem. Important of course, but all the things we use requiring petroleum... So few people think.
Ah, how you like my "hope and change"?!
Well you will have all the time to reflect on this “hope and change” stuff when he is voted out of office come this November.
“And all the land closed into national parks that are then closed to motorized vehicles which are then closed to mechanized transport which are then closed to hiking.”
Its all part of the plan to force people into cities and make much of the nation off limits to humans. Its been well documented.
Yup. Look up “Turtle Island/Environment”. Then sit in awe when you realize that it has the approval of Agenda 21.
And for those who never heard of it, well, you need to read it for yourselves. Anyone speaking it sounds like they read too many Sci-Fi novels. But it is a reality. And it is on paper.
Can you imagine Social Security being part of the Stock Market? That is why I am glad that they have not put our Social Security in the stock market. It is bad enough the retirement plans are connected. Having everything in one pot is not a good idea in my opinion. 401K’s could end up at zero and people will have to live on their small Social Security but at least they will have that.
Under the assumption that tha FedGov doesn’t cut off SS as well.
Sooner or later people will wake up to the fact there is no SS lockbox.
After Friday's selloff and breaking the 200 day moving average, I thought Monday morning would open sharply lower. However, the futures are modestly positive and the talking heads are spinning a possible bailout of Spain and a proposal for a EU centralized fiscal authority.
Gee, how comforted I feel.
Almost makes me want to rush down and have our broker help us set fire to another pile of dead presidents.....except that we've been totally out of the market since '07 and the only time I see that broker is our weekly golf game.
No, he's down to me at that, too.
“Can QE3 be far behind?”
Excellent question, Michael. During the Hoover administration, we kept bailing out the European banks until we collapsed. This isn’t really an old-style depression yet, but it could get even worse if our ‘wise’ leaders ignore history. During the Great Depression, most people expected economic collapse and were braced for it. They knew how to farm, to work on machinery, keep durable clothes, etc. Our Chinese junk would fall apart in two years.
[I’ll come back with the history just mentioned, bailing out Europe prior to Great Depression.]
I agree to a point. However, it seems as though companies would unite together and sue the EPA. There is no way the EPA could stand as a constitutional entity.. therefore it’s powers to make laws would be declared zero. Company, after company stand by and do nothing. This tells me something else is going on. Somehow, despite all the rhetoric, there must be some benefit. No other explanation works. Companies could ignite a legal firestorm from hades if they wanted to, but obviously, they do not. The GOP left us.
The trouble with macroeconomic tinkering is that eventually it becomes like pushing on a rope.
It’s my birthday, dammit. I don’t want the date going down in infamy as black Monday.
Probably fear of Audits/IRS and any of a thousand ways the govt could put the hurt on them for ‘defying’ their ah-thor-i-tay. But you are right. They ought to class action it and sue. The EPA should stand for “Exceed Power Always” because it fits them to a T. They don’t protect the environment or anything but themselves/Democrat interest groups.
Why loaning to Europe is a repeat of the Great Depression:
“The years 1924-1929 are rendered as the years of stabilization [for Weimar Germany] and stagnation in the German economy. Stabilization occurred, in part, as a result of German banks borrowing money from American banks, and the willingess of American banks to lend this money.”
The German economys recovery after the inflation of 1923 had been financed by loans from the United States. Many of these short term loans had been used to finance capital projects such as road building. State governments financed their activities with the help of these loans.
German interest rates were high, and capital flowed in. Large firms borrowed money and depended heavily on American loans. German banks took out American loans to invest in German businesses. The German economic recovery was based on shaky foundations.
The Wall Street Crash
The German economy was in decline prior to the Wall Street Crash. There was no growth in German industrial production in 1928-9 and unemployment rose to two and a half million.
A vote to change the of resident at 1600 Penn Ave in November would help.
Legislation has a better chance of reforming the EPA, though not this year.
Our nation’s judges were educated to believe in the liberal interpretation [new and ‘improved] of the Commerce Clause. That’s one of our root problems. Our ‘wise’ leaders have been legislating ‘commerce clause’ amendments to the Constitution. For example, Social Security would only have been constitutional via an amendment [and would have been nationally rejected]. Dust Bowl prevention policy would have been an easy amendment to pass during the 30s. National parkland seized by private owners should have been via amendment. Etc.
Now, to abruptly weaken the Federal government through strict interpretation would be quite a can of worms. For example, the right to own a machine gun technically is not to be infringed. Owning a machine gun is, after all, being ‘armed’. [But an amendment against machine guns might actually be possible.] I suppose owning a rocket launcher is also being ‘armed’.
There is a solution, but I’m telling you, it’s not going to be easy.
But here’s the good news: the longer people keep getting themselves informed, the easier that solution will be. And then there’s the peripheral weakening of liberal interpretation occurring even now as college students rebel against dogma. The slower solution would ultimately end all this mess, but not at a frightening pace. I think that is what most conservative legal eagles are fighting for.
[last post for the day ...]
There is a quick solution to our economic problems though —the nuclear purse string option that our House of Reps has. They can boycott just about any domestic spending until their demands are met. They could completely defund, for example, any new EPA spending and all of Zero’s goodies. If the crisis point washes over the USA, I hope that we rally behind that.
Looks like we’ve got a worldwide problem here. So far, none of the world’s economic powerhouses have figured out what to do to escape it. Could be a difficult task even for a great businessman like Romney.
Big business welcomes federal regulation to forestall wildly different state regulations. Having to deal with one set of regulations makes doing business much easier than it would be having to meet FIFTY different sets. Plus, an increase of state power would make business susceptible to state corruption and political demands.
Not to be rude, but am I reading this correctly? Businesses are concerned about increases in states power? They should be more concerned about Federal power. I think competition between states is awesome. We can start by returning education to the states. If your businesses don’t like states power, they are in the wrong country.. I would suggest Europe. Environmental protection should be the sole responsibility of the state. How does a bureaucrat from DC know anything about the Environment of Oregon, or North Dakota? They read “reports” about it. I find it unlikely these reports are accurate and unbiased. Most likely funded by one group or another. While we are at it, the pipeline should be like Alaska... If your state allows the Keystone, you should get annual proceeds from the profit. This is widly popular in Alaska. I do not know what happens if there is no profit.. I only lived there four years.
Yes, this is one of the reasons the Progressive movement flourished around the turn of the 20th century.
Businesses want certainty and having federal regulations pre-empt State regulations makes life easier for them.
I have no connection with these, or any other, businesses and am merely telling you some facts about the issue. I am not saying they are correct.
Information is easily obtainable about any region of the country and there is no reason that one should have to live in the region to know pertinent facts about life there.
States do profit from all the pipelines and such which run through them. Whatever length of the pipeline is in a state they draw revenue from through tariffs on the volume moving through them.
If you want to see how state governments can cause chaos with business take a look at the relationship between the NY state legislature during the “Railroad Wars” in the 1800s particularly as it regarded the New York Central. Holy Moly.
Seems hopelessly corrupt sometimes. In the Alaska model, every resident gets an annual payment from the pipeline.