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Reading the BIS article was a real red flag for me. We all have a pretty good handle on what is up with the US economy but to read such a blunt assesment by such a powerful institution was the single story that stands above all the rest of the many that I have read in the last few months. Did anyone see mention of the BIS article on CNN?
I don't know about CNN, but BBC World TV News did mention it yesterday.
B(I)S first creates the crises, and then, at the very last moment, warns about them. That makes their warnings something to heed. They don't kid around. They want no-one to know what's being cooked up, but they also want to be on record as saying: "I told you so". Which they did this week.
Of course, in view of our finely tuned smoothly gliding free market system, all this is conspiracy ranting, we're leaving it up to the invisible hand after all to decide if our billion dollars from yesterday will still be there in the morning, and the FED is trying frantically to stop the housing bust, and Alan Greenspan has no higher priority than looking out for your very own personal happiness and satisfaction. Think Santa.
Can you explain how BIS "creates the crises"?
Bring down interest rates from 6.5% to 1% in a few months, raise M3 by 15% per year, and have Sir Alan go public telling people that homwownership is a G-d given right, that they now all can get through new loan arrangements. ARM's provide Americans with liberty!!! Power to the people.....
the right to bear ARM's?
LOL!
HeIsSoFly - Is this the end of the yen carry that you promised me would trigger the end of this fricking credit bubble, huh huh is it is it?
Yen up again as carry trade unwinds
http://www.bloomberg.com/apps/news?pid=20601083&sid=aKrojJoLTW60&refer=c...
I never promised anyone any such thing, but if you go to TOD:Canada, the Bear Stearns coverage should shake something awake. We wonder whether the alarm will go off first in Asia, not that it matters much down the line, but I had a talk with a trusted friend today and we agreed it, the trigger that is, might as well be this:
Merrill Lynch taking Bear Stearns to task. These are guys who play golf together, you know, and now they are adversaries?! It wasn't me, teacher, it was the ugly kid in the corner. Private and government, everyone is pointing fingers and talking to lawyers. It wasn't me.....
In the end there's but one problem: people play with other people's money.
By the end of the year we will be swamped in bankruptcies and lawsuits. If Bear Stearns goes, others will follow. There is exactly ZERO reason to believe they won't. And your bank is invested in all of them, and so is your pension fund, and and and.....
Sell your house while you can guys......
Sorry HISF it was Hurin that talked about the Yen carry.
I really appreciate reading you. I perceive your evolution in thinking on these subjects that are discussed here at TOD and believe that most are going through similar changes but are not as able (me) or willing to express them. For that again I thank you.
I value every ones perspective (how else would I know who to hate. I can't just go by what the MSM tells me).
Airdale, if you are present, I hope you can still post on occasion. I look at TOD as just another tool in monitoring WTF is going on in this crazy world. That’s all.
One must use the right tool for the job.
Damn, the dirt keeps slipping through the tines of this stupid rake when I try and hoe a row.
Love ya all, OOPS did I type that out loud?
EDIT - Oh man I just read this and it sounds like I have been tipping the cup too much
Big fat TOD troll found half full bottle of sarconol someone threw out window of car on overpass.
How's this for a strange connection between energy and finance...
MISC Postpones Bond Sale on `Market Volatility'
Hello Leanan,
I am no finance wizard, but it seems that if, in some locations, are peaking in natgas relatively soon: this company should have no problem selling stock shares to raise funds for building more LNG tankers. My feeble two cents.
Leanan,
That is completely nuts. The biggest LNG tanker firm globally not issuing bonds because of US subprime mortgeges?!
No, it is not nuts.
Financial types HATE volatility. The uncertainty and risk here is that one would have to sell bonds below par because of FUD related to the Bear Stearns hedge funds fiasco.
If I wanted to sell bonds I would wait for a strong and stable market environment.
Also, I think bonds to finance investments in LNG are inherently risky, because the stuff blows up so easily. Those tankers are floating bombs. And remember the very last scene in the fine film "Syriana"? Now that was a scary one.
I like the last line for the article.
"That may not last much longer."
River et al,
Seeing that you appreciate Stoneleigh's efforts in compiling the Round-up, I'm thinking you might want to leave a comment (at least one) showing that on the TOD:Canada site. Just to let her know......
She makes Canada distinct from the US , or let's say Leanan's Drumbets, in two ways
1/ obviously, the Canada energy content, which seems to be increasingly important stateside
and
2/ Stoneleigh is on the know about the financial quagmire, which is in a head-to-head race with peak oil for no.1 bringing down this society factor, as in who's first??
I, for one, find that interesting, and an added value. Nothing taken away from Leanan. Moreover, as I pointed out in a another comment today, it's the women that lead us..
Men smart, the women are smarter
(old reggae tune, google it)
"Woman is smarter than 'de man in every way!"
Old Harry Belafonte calypso tune. (Not reggae.)
Thanks for the kind words HISF :)