Archive for the 'Economy' Category
Collapsitalism: What I’d Keep in My Collapse Portfolio
September 18th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. NOTE: I am a BullionVault client and affiliate. I have no relationship with Everbank. I have no relationship with Powershares. I hold gold, U.S. dollars and New Zealand dollars. – – – – – Becky and I don’t have much money […]
U.S. Treasury Secretary: Prepare for Prolonged Turmoil
September 18th, 2007Does anyone understand the French connection here? Via: Times Online: Investors should brace themselves for a prolonged period of market turmoil, Henry Paulson, the US Treasury Secretary, said yesterday as he held emergency meetings with the Chancellor and the French Finance Minister. Mr Paulson flew to London to discuss the financial crisis with Alistair Darling […]
EMERGENCY: U.K. GOVERNMENT TO COVER 100% OF DEPOSITS
September 18th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. An overnight shift in policy from covering roughly £30,000 worth of deposits to 100% of deposits!? Sterling holders, consider reducing or eliminating your exposure to GBP denominated assets immediately. If a bank CEO tells me not to panic, I’d remove my […]
Alliance & Leicester Denies Problems After Shares Plunge
September 18th, 2007Remember the roughly $1 billion dollar bet that the Eurostoxx 50 index would decline sharply in September? Those put options expire on the 21st. What follows is almost certainly worthless rambling, but I’m going to do it anyway, just in case: Let’s assume that the option bet isn’t simply cost-of-doing-business hedging for some large fund. […]
Greenspan Says Euro Could Replace U.S. Dollar as Reserve Currency of Choice
September 17th, 2007Via: International Herald Tribune: Former U.S. Federal Reserve chairman Alan Greenspan said it is possible that the euro could replace the U.S. dollar as the reserve currency of choice. According to an advance copy of an interview to be published in Thursday’s edition of the German magazine Stern, Greenspan said that the dollar is still […]
NORTHERN ROCK SHARES HALTED
September 17th, 2007Can’t sell your Northern Rock shares? Try again later. Via: Reuters: Shares of Northern Rock PLC, one of Britain’s largest mortgage lenders, tumbled another 30 percent Monday as customers, driven by fears of insolvency, made a run on the bank and withdrew billions. Treasury Secretary Alistair Darling sought to assure depositors that their money was […]
Northern Rock Online Clients Can’t Access Funds
September 17th, 2007No money today, try again later… Let’s see, off the top of my head, I like these related posts: Wells Fargo: WTF? Barclays Admits Borrowing Hundreds of Millions at the Bank’s Emergency Rate Waiting for Clarity on the Brink of Oblivion Via: Guardian: As thousands of customers queued up outside branches in a bid to […]
American Home Mortgage Bouncing Property Tax Payment Checks
September 17th, 2007Via: Baltimore Sun: Checks sent out by the troubled American Home Mortgage Investment Corp. to pay the property taxes of more than 70 homeowners in the Baltimore metropolitan area have bounced, local officials said yesterday. Baltimore City received bad checks for 53 properties – a total of about $63,500. Baltimore County said American Home Mortgage […]
Kick Em’ When They’re Down: Miners Spend Billions to Wipe Out Bad Gold Hedges
September 16th, 2007WARNING: This is not a recommendation to buy, sell or hold any financial instrument. This might indicate that speculators will enter the market to bring the hammer down upon the big players who got caught short, squeezing prices much higher. If you’ve ever seen a nature documentary that shows how lions move in to attack […]
World’s Banks Hit for $30 Billion in Credit Crunch
September 16th, 2007Via: Times Online: THE world’s investment banks are to reveal a $30 billion (£14.9 billion) hit from bad debts as they unveil results that give the first real insight into the impact of the debt crisis. City analysts predict the banks will have to write down as much as 10% of the $300 billion of […]
