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Look out below

Old 27th May 2012, 11:02
  #1 (permalink)  
Thread Starter
Join Date: Dec 2007
Location: HK
Posts: 49
Look out below

Major, major economic downturn just started

Well actually the next act of the crap from 2008

But most have forgotten.

It's on again. Look out below.

Major financial market collapse.
In 2008 it was Lehman

In 2012-2013 it's Greece.

Now most might say "yeah we know, Greece, last weeks news"

Think for a second here. A country going bankrupt.

Not a financial firm overleveraged. A country.

After Greece, once the floodgates are torn asunder, Spain, Italy, Portugal, Ireland.

Good thing Ben Bernanke is going to shield all of the US from this.

He will. Won't he??

Oh crap......

Last edited by larrikan larry; 27th May 2012 at 11:05.
larrikan larry is offline  
Old 27th May 2012, 11:51
  #2 (permalink)  
Join Date: Sep 2005
Location: Paradise
Posts: 182
Give me a break.


Even a broken clock is right twice a day.
superfrozo is offline  
Old 27th May 2012, 11:51
  #3 (permalink)  
Join Date: Jun 2009
Location: Secret
Posts: 19
Wow you're a real ray of sunshine, aren't you?
Adam GoodJob is offline  
Old 27th May 2012, 15:03
  #4 (permalink)  
Join Date: Jul 2005
Location: Hong Kong
Posts: 1,133
And you only figured this out now!?

What have you been looking at for the last 12 months?
Frogman1484 is offline  
Old 27th May 2012, 16:28
  #5 (permalink)  
Join Date: May 2004
Location: 3.5 from TD
Posts: 1,007
Who cares about Greece, after all, what is their contribution to the world economy... yeah, thought so.

Besides, Lehmans profits were probably greater than Greece, Portugal, and Spain's combined GDP.

Honestly, if Greece default, life will go on. Many countries have defaulted before and they are the only ones who suffer the most. The economy finds a way to isolate itself from them, always has, always will.

Welcome to globalisation man. There are just too many variables and too many players chomping at the bits to pick up where Greece slacks off.
Sqwak7700 is offline  
Old 29th May 2012, 00:02
  #6 (permalink)  
Join Date: Nov 2011
Location: Here
Posts: 345
I hate to break it to you but it won't be ok. Greece should have left the eurozone three years ago but the bankers demanded their money back so Greece was forced to take bailouts to make banks whole and now look what's happened, it's 1.3 trillion in debt and rising. This isn't the crucial factor however, US banks have written dodgy CDs contracts on European debt, these are the same weapons of financial terrorism that caused 2008. When Greece exits the euro and countries like Spain start to wobble these contracts will fall apart and just like 2008 there is no such thing as bilateral netting, none of these gaming houses are hedged because that case assumes that the other party can pay the contract, just as AIG proved this isn't the case, the financial house of cards will topple because everything is linked like some hellish ponzi daisy chain. In essence Greece is the last of our worries, it's the too big to fail corrupt casinos writing derivative contracts yet again!
I reckon the crazy manipulated hong kong property bubble is due a fall too, the bubble has been blown too hard.
Marc Faber of gloom doom boom blog has predicted a 100% chance of recessionin 2013, not that we ever left recession mind you, money printing solves nothing.

Five Banks Account For 96% Of The $250 Trillion In Outstanding US Derivative Exposure; Is Morgan Stanley Sitting On An FX Derivative Time Bomb? | ZeroHedge

Last edited by Threethirty; 29th May 2012 at 00:23.
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