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'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading...
Daily Mail ^ | 06/01/12 | Hugo Duncan

Posted on 06/01/2012 7:53:15 PM PDT by TigerLikesRooster

'Beware a rerun of the Great Panic of 2008': Head of World Bank warns Europe is heading for 'danger zone' as world markets suffer bleakest day of the year so far

Robert Zoellick: 'Far from clear leaders ready for impending catastrophe'

Raft of dismal news from around world wreaked havoc on market

Manufacturing output crashed in Britain, jobless up in Europe and U.S.

Fast-emerging economies such as Brazil and China running out of steam

By Hugo Duncan

PUBLISHED: 15:49 GMT, 1 June 2012 | UPDATED: 22:52 GMT, 1 June 2012

The head of the World Bank yesterday warned that financial markets face a rerun of the Great Panic of 2008.

On the bleakest day for the global economy this year, Robert Zoellick said crisis-torn Europe was heading for the ‘danger zone’.

Mr Zoellick, who stands down at the end of the month after five years in charge of the watchdog, said it was ‘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.

The flow of money into so-called ‘safe havens’ such as UK, German and US government debt turned into a stampede yesterday.

In Berlin the two-year government bond yield fell below zero for the first time, with the bizarre result that jittery international investors are now paying – rather than being paid – for lending to Germany.

There was a raft of dismal economic news from around the world, with manufacturing output falling in Britain and Europe, unemployment jumping in the eurozone and America, and fast-emerging economies such as Brazil and China showing signs of running out of steam.

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


TOPICS: Business/Economy; Foreign Affairs; Germany; News/Current Events; Russia; United Kingdom
KEYWORDS: brazil; china; doommonger; economy; eu; europe; europeanunion; france; germany; greece; italy; kookstuff; russia; spain; unitedkingdom; worldbank
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Eventually time is running out for the world-wide circus of pretending and wishful thinking. However, I still see many folks who really believe that economy is on the rebound.
1 posted on 06/01/2012 7:53:28 PM PDT by TigerLikesRooster
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To: TigerLikesRooster; PAR35; AndyJackson; Thane_Banquo; nicksaunt; MadLibDisease; happygrl; ...

P!


2 posted on 06/01/2012 7:54:54 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

I need to buy more rice......


3 posted on 06/01/2012 8:06:14 PM PDT by netmilsmom (Romney scares me. Obama is the freaking nightmare that is so bad you are afraid to go back to sleep)
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To: TigerLikesRooster

Ben will save us all by adding a few digital zeros to the debt. sarcasm.


4 posted on 06/01/2012 8:11:24 PM PDT by Orange1998
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To: TigerLikesRooster

“The head of the World Bank yesterday warned that financial markets face a rerun of the Great Panic of 2008. “

Is there anyone who really believes its not going to be much worse than 2008?


5 posted on 06/01/2012 8:11:40 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: Orange1998
Ben will save us all by adding a few digital zeros to the debt. sarcasm.

And then he'll add a few digital zeros to the money supply to pay for the additional debt. It's a beautiful world.

6 posted on 06/01/2012 8:15:57 PM PDT by kevao
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To: driftdiver

add a few downward notches to his comment, and you get the reality in immediate future.
add a several or many downward notches, and you get the eventual scenario.


7 posted on 06/01/2012 8:20:15 PM PDT by TigerLikesRooster (The way to crush the bourgeois is to grind them between the millstones of taxation and inflation)
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To: TigerLikesRooster

How much was the bailout that ‘got us out’ of 2008? This will be several orders of magnitude greater unless we get some wise leaders very very soon. Seeing whats happening in Wisconsin gives me some hope.


8 posted on 06/01/2012 8:30:08 PM PDT by driftdiver (I could eat it raw, but why do that when I have a fire.)
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To: TigerLikesRooster

Did this bankster Zoellick take a break from the Bilderberg confab. He should know first hand what economic disaster is heading our way, he’s part of the cabal orchestrating what’s coming... He’s in Chantilly VA right now sitting down with a number of other major world bankers planning the end game.


9 posted on 06/01/2012 8:31:30 PM PDT by Beatthedrum
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To: TigerLikesRooster

If it comes down to barbarity for some period of time, where you want to be is in a nation with ample food production to feed its own populace, sufficient fuel production to maintain its own basic functioning, the weaponry and the will to defend it and a government that retains the will for national survival.

Get the Obama regime out of Washington, DC and get the EPA away from oil shales and fracking, and that describes the United States.

Who else? Brazil? Canada? Russia? Find the answer and you will have identified the new axis of power on the world stage, but only if TSHTF.


10 posted on 06/01/2012 8:32:55 PM PDT by RegulatorCountry
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To: netmilsmom
I bought a half-dozen more big bags of freeze-dried soup at Rural King the other day. Have you seen the movie, `The Divide'? Pretty grim.
11 posted on 06/01/2012 8:55:32 PM PDT by tumblindice (Our new, happy lives.)
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Salve

Don’t warn me of something I already know, better warn immigrants and others. Countries in Europe are about to explode in cleansing stupid trash.

You be better of warning about that. Not this idiotic propaganda media, full of idiots with no knowledge of history. Remember Ceausescu?

Merci.


12 posted on 06/01/2012 9:03:21 PM PDT by MCSP2008 (Romanian native > ESL)
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To: TigerLikesRooster

Wait until September or October, and Romney can spend four years blaming it on Obama.


13 posted on 06/01/2012 9:06:26 PM PDT by pallis
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To: RegulatorCountry

Ample food production - fresh water everywhere - Hydro electric power generation - healthy and benign climate - stable government - peaceful population - access to firearms - good medical system - popular culture similar to the US of the 1950’s - very friendly to Americans = COSTA RICA


14 posted on 06/01/2012 9:06:43 PM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: netmilsmom
I need to buy more rice......

If there is ever a major crash, I may want to see a big bag or rice but at the rate our family goes through bags of rice I'm not sure I would miss it if I never came across one during an emergency.

Great, no food except this RICE!

15 posted on 06/01/2012 9:07:35 PM PDT by gunsequalfreedom (Conservative is not a label of convenience. It is a guide to your actions.)
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To: RegulatorCountry

Salve

Real power friend is not in names, it is who control resources and have power to control those who don’t have it.

Merci.

United States, and Russia have resources that people can only dream of, Russians are playing chess game, Obama and American politicians.. well you know the story.

If politicians in United States will listen to their people, America will be absolute power house.

I don’t live in dreams, but reality and I wish it was true; it’s like dreams of great people just fade away.

Merci.


16 posted on 06/01/2012 9:10:37 PM PDT by MCSP2008 (Romanian native > ESL)
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To: MCSP2008

It’s going to get worse before it gets better, sorry to say.


17 posted on 06/01/2012 9:10:57 PM PDT by TheWriterTX (Riding the Long-Wave Economic Contraction, Baby!)
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To: TheWriterTX

Salve

Yes my friend, it is so true. Sad but your words speak reality of truth.

We all can feel it, but no politician or reporters will admit to it.

We know is bad, and as you have said, it will get worst.

Merci.


18 posted on 06/01/2012 9:16:00 PM PDT by MCSP2008 (Romanian native > ESL)
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To: Orange1998
Ben will save us all by adding a few digital zeros to the debt. sarcasm.

Hell yes! Zeros are cheap and plentiful... 100000000000000000000000000000000

See?

19 posted on 06/01/2012 9:25:29 PM PDT by Ken H (Austerity is the irresistible force. Entitlements are the immovable object.)
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To: mick

Are there jobs for hard working, smart, ex-pats. I got a bit of a bankroll but not enough to survive what is coming like a freight train


20 posted on 06/01/2012 9:26:40 PM PDT by MattinNJ (Romney? Really? Seriously?)
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To: mick

I’d worry about the scale and defense capabilities of a small nation like Costa Rica. Larger unfriendlies nearby, both north and south, perhaps easily overrun.


21 posted on 06/01/2012 9:32:15 PM PDT by RegulatorCountry
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To: MattinNJ

I’m staying put. I’m in the midst of a well-armed population who I count as friends. I’m not sure where I’d find a safer or more livable place.


22 posted on 06/01/2012 9:43:28 PM PDT by Ken H (Austerity is the irresistible force. Entitlements are the immovable object.)
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To: MattinNJ

I do a lot of business with Costa Ricans. Mainly exporting some of their products. I have lived there off and on for over 10 yrs. I know American couples living well - nice, small house in a safe neighborhood, minimal R.E. taxes if any, housekeeper 3 times a week for cleaning and cooking, cheap utilities ( no heat and Air Cond not necessary in most places because of altitude) - with a combined Soc Sec income of $1500 per month. And you get a one time duty free shipment of all household stuff and a car if you establish residency. On the bad side is that the roads are terrible, the infrastructure is not up to US standards....and the people are docile when it comes to petty corruption and lack of services. In ain’t America - but in a melt down here it is a good back up place to hold out in.


23 posted on 06/01/2012 9:46:22 PM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: RegulatorCountry

You’re right. They have no army. And Nicaragua in the North is always in a bad mood when it comes to CR. The Nicas come across the border to work and the Ticos treat them as illegals. But Panama in the south is very friendly. And well armed with American weapons. Plus we land Marines in the ports of CR from time to time for drug interdiction. And the terrain is similar to Switzerland - not easily overrun. And there isn’t much for an invading army to steal....mostly farm lands and crops. I wouldn’t worry about that.


24 posted on 06/01/2012 9:53:33 PM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: mick

Do you think Costa Rica would still be hospitable for Americans if it sinks into ruin along with the rest of the world?


25 posted on 06/01/2012 9:58:15 PM PDT by Ken H (Austerity is the irresistible force. Entitlements are the immovable object.)
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To: mick

As far as south, I’d regard Panama as a likely target of hostile intent, likely at the hands of Venezuela and to some extent Cuba. The international mercantilist economy would be heavily impacted, putting it into shambles for years between loss of demand, lack of accepted means of exchange and trade barriers, so China would be rather preoccupied in their more immediate sphere. Closer neighbors would have much to fear, but far flung I suspect not.


26 posted on 06/01/2012 10:04:44 PM PDT by RegulatorCountry
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To: Ken H
Yes. They love Americans. For example....the Chinese have built a sports stadium to curry favor. But the Chinese workers lived in a compound and didn't mix with the people. And they were rude and hostile. The Ticos hated them, but took their money.In contrast, many retried Americans live there and mingle perfectly with the regular people. English is taught in the schools and the people are the nicest folks you will ever meet. It is not a rich country but it can feed itself. And they are an industrious people who are little entrepreneurs in everything. And the American dollar is still king there !!

Oh....did I mention the women are beautiful?? :)

27 posted on 06/01/2012 10:14:56 PM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: Ken H

Ruin would be a relative concept, with those nations or alliances controlling sufficient food, energy etc. to remain viable and the ability to defend it faring much better, imho. It wouldn’t be a walk in the park for anybody, but those with the right resources, food and fuel, with the firepower to defend it, will be better off. Scale individual thinking up the line, from yourself, to your family. To your circle, town, region, state ... then nation or group of them. The basic concerns are the same. Those blessed by nature or well prepared won’t have the same level of difficulties.


28 posted on 06/01/2012 10:15:07 PM PDT by RegulatorCountry
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To: RegulatorCountry
The odd thing about CR is that the $ is as much legal tender as the Colon. Every place takes it. Even taxi drivers....except they will cheat you if you don't know the rate of exchange.

But Panama has the dollar as the legal currency....so we all go down together there, I suppose.

As far as invasion from Venez....not likely IMO. I doubt very much Chavez's troops will fight once outside their own country. Like the Italians in WWII.

29 posted on 06/01/2012 10:23:28 PM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: mick

Is kidnapping a problem there like it is in Mexico and much of South America?


30 posted on 06/02/2012 2:04:33 AM PDT by PastorBooks
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To: RegulatorCountry

E.U. will collapse but Germany, Switzerland, just to name a few, will continue to do well.


31 posted on 06/02/2012 2:38:37 AM PDT by MinorityRepublican
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To: RegulatorCountry
Canada and the US are sitting on the largest energy reserve in the world, bar none. North America can easily feed itself.

China is about to implode. Do you know what "ghost cities" and bank runs have in common? They signal an economy about to tank. When it blows a billion oppressed people will rise up and the central authority will be powerless.

Build the fence on the southern border, where civilization stops, get rid of Obama, and Fortress North America will survive.

32 posted on 06/02/2012 4:25:14 AM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: RegulatorCountry
Canada and the US are sitting on the largest energy reserve in the world, bar none. North America can easily feed itself.

China is about to implode. Do you know what "ghost cities" and bank runs have in common? They signal an economy about to tank. When it blows a billion oppressed people will rise up and the central authority will be powerless.

Build the fence on the southern border, where civilization stops, get rid of Obama, and Fortress North America will survive.

33 posted on 06/02/2012 4:25:38 AM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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To: PastorBooks
No. I have never heard of a tourist or a Gringo kidnapped for money. There have been killings of young Americans from time to time...but that was all drug related. The east coast port city of Limon is a known drug stop over point and a few yrs ago a couple of American kids were murdered. But like any port in the Caribbean you have to use caution. San Jose ( the capital) has plenty of rough spots that are best avoided.

It's important to remember that the population prides itself on being descendant from European stock with little inter marriage with the native population. Costa Rican's look and carry themselves very differently from Nicaragua, Panama or the rest of the people of Central America. Actually, the thought of a vicious drug cartel rising up in Costa Rica among the native population is laughable. They are much too passive and laid back for that !!

34 posted on 06/02/2012 6:19:11 AM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: driftdiver

I’ve got the same feeling.

2008 is going to be looked at with fond memories as “good times”.

People don’t have any money to fall back on like they did in 2008.


35 posted on 06/02/2012 6:23:34 AM PDT by IMR 4350
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To: netmilsmom
I need to buy more rice......

http://americanpreppersnetwork.com/2012/04/10-rookie-food-storage-mistakes.html

36 posted on 06/02/2012 6:38:13 AM PDT by Sirius Lee (Goode or Evil, that's the choice.)
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To: Sirius Lee

My family eats lots of Bibimbap.


37 posted on 06/02/2012 6:47:08 AM PDT by netmilsmom (Romney scares me. Obama is the freaking nightmare that is so bad you are afraid to go back to sleep)
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To: gunsequalfreedom

Get rice and a book on edible wild plants and you will never starve.


38 posted on 06/02/2012 6:49:52 AM PDT by netmilsmom (Romney scares me. Obama is the freaking nightmare that is so bad you are afraid to go back to sleep)
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To: Former Proud Canadian

Agreed, if we had the government we should have, this is the place to be if such a thing were to occur, the US and Canada.

Without it, I don’t know.


39 posted on 06/02/2012 6:58:57 AM PDT by RegulatorCountry
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To: MinorityRepublican

Switzerland, yes. Germany, I don’t know.


40 posted on 06/02/2012 7:01:50 AM PDT by RegulatorCountry
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To: tumblindice

Freeze dried soup? Got a link?


41 posted on 06/02/2012 7:18:06 AM PDT by FrogMom (There is no such thing as an honest democrat!)
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To: RegulatorCountry

Trouble with Switzerland is that we Yanks cannot get in to stay. They are very tough on immigration. And it’s expensive as hell.


42 posted on 06/02/2012 7:43:07 AM PDT by mick (Central Banker Capitalism is NOT Free Enterprise)
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To: mick

I’m just not that enamored with the idea of fleeing, unless circumstance literally forced it. It’s a semirural area just outside a midsize sourhern metro area here, farmers abound, most grow a garden and I’m related to half the county. So, I’ll stay put.

Family’s been here going on 300 years and Virginia before that, through oppression of religious dissenters, the frontier era, indian attacks, the Revolution, the Civil War, Reconstruction and the Great Depression. We’ll survive this, if indeed a catastrophic economic collapse is as baked into the pie as it appears to be.

If I were less situated, less certain or less attached, I’d be wary of making myself obviously “other,” as far as evaluating a potential refuge. Breakdowns aren’t pretty, and all manner of barbarity rears its head, I know I’ve heard enough old family stories to understand that.

Seek to blend in wherever you end up going, if you do. The scapegoaters won’t have you top of mind if and when it hits the fan.


43 posted on 06/02/2012 8:00:09 AM PDT by RegulatorCountry
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To: RegulatorCountry

What makes you say that? Germany is currently the only thing that’s keeping E.U. together at this moment.....


44 posted on 06/02/2012 8:02:57 AM PDT by MinorityRepublican
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To: MinorityRepublican

... because they’re EU.


45 posted on 06/02/2012 8:17:17 AM PDT by RegulatorCountry
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To: Ken H; All

Salve

If people think there is safe place to hide, they are wrong, only safe place is with God. In WWII at least were some safe places, like North and South American continents, now is no longer available. Unless you are somewhere deep in the ocean of UFO super secret base :}}}}}}}}

I don’t like wars, I hate them, but if doodu hits big fan, we are all in big trouble, no matter where you are.

Home is here temporarily anyway, but family and those you love is different story.

Merci.


46 posted on 06/02/2012 8:18:01 AM PDT by MCSP2008 (Romanian native > ESL)
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To: Orange1998

In a liquidity crisis it’s the exact right response to avoid deflation.


47 posted on 06/02/2012 8:19:55 AM PDT by Wyatt's Torch (I can explain it to you. I can't understand it for you.)
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To: MinorityRepublican

Salve

Now wrealy, situation is getting out of control.

European countries are waking up to reality of nonsense giving to them for so long, as well nationalism is on the rise and old wounds are being open, which is very dangerous.

It is happening all around the world, something is just not in sync.

War is coming, either people like or not, it is. Humanity has reduced itself to slavery of nothingness and replace God with their idols.

Merci.


48 posted on 06/02/2012 8:24:35 AM PDT by MCSP2008 (Romanian native > ESL)
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To: Wyatt's Torch

Trouble is, the liquidity is flowing into those few commodities with reliable demand and the rest is deflating anyway. Adding pain to misfortune, salt on the wound, insult to injury is how it appears from this vantage point.

I suppose an argument could be made that price uncertainty and supply constraint due to price in certain areas prevents the full blown onset of a deflationary mindset.

But food? That’s just evil.


49 posted on 06/02/2012 8:28:23 AM PDT by RegulatorCountry
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To: RegulatorCountry

If Obama is re-elected, all bets are off. It will not be pretty. I’m thinking of starting a “rat line” for refugee freepers.


50 posted on 06/02/2012 9:13:14 AM PDT by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, we'll just grow algae.)
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