Has anybody actually been watching the markets today? What triggered the selloff? Was it weather in South America?
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It started in korea last night.
I'm hearing something big was forced into liquidation and needed a huge number of usdx's.
Russia was locked limit down and the exchange was closed.
Gold broke through some significant resistance,with good reason,even in the face of a dollar rally.
There is so much scary news out there i dont know were to begin.
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"beginning"-more like another step forward in a series of unfortunate events that started a long time ago.
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You're right, and I can't help thinking the US$ will puke at some point. But if (for whatever reason) the greenback makes it back above the Nov high, even gold could get hammered. Look at a monthly S&P for a nice "Dolly Parton" formation. What happens if the "cleavage" gets breached?
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Apparently this near-meltdown in the financial markets had something to do with the exposure of Austrian banks to Eastern Europe. Austrian banks have lent the equivalent of 70% of Austrian GDP to Eastern European customers who are having difficulty paying. What I understand is that a default rate higher than 10% would be sufficient to bring down some of these banks, and the fear driving the markets down today was that they may have breached this point.
By the end of the day things seem to have settled down, but I have a feeling this is only the beginning.
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vvalk,
I agree with you.
As the article posted a week ago indicated... EU financial players lent out 2x as much as US lenders... and 4x as much as Canadian banks on the backed asset basis.
In India and China... they seem to have been more conservative... only time will tell.
We are so close to the financial apocalypse...
Sooo how do we put humpty dumpty back together again?
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LMAO...cottonpicken...you are nothing but a romantic fool under all that finance and grump...
do ya think she LOOKS like Daisy Duke??vs
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C.P.;
My best guess (which I am sure you were smart enough to get) was the name was left to support the CWB forensic audit that we were asking for on the other thread. Correct me if I am wrong Daisy!
Don't let Cottonpicken run you down. We appreciate new posts and participation from folks who actually care!!!
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