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Slowdown, and smell the coffee

News and events from around the world

Slowdown, and smell the coffee

Postby skynet » Fri Jun 01, 2012 8:51 pm

People desperately clutch onto the old failed make-believe systems while the select few bandits take what's left of the illusion...

Well, what is one suppose to believe these days within the growing madness that is the human world? The best method seems to be believing nothing. Does it exists if you don't believe it? I mean, even if you believe, it still doesn't necessarily exist.

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Stock markets hit to their lowest level in 2012 as poor US jobless figures and weak manufacturing data from Europe sparked renewed fears of a global slowdown.

Bond trading - eurozone risk premiums (versus German bonds). Photograph: Sergio Barrenechea/EPA
World markets plunged to their lowest level this year as poor US jobless figures and weak manufacturing data from Europe sparked renewed fears of a global slowdown.

As traders sold off shares in favour of safer assets such as gold, the FTSE 100 in London fell 1.14% to close at 5260.19, its lowest level since 25 November last year. European markets also ended sharply lower, with Germany's Dax down nearly 3.5%, France's Cac down 2.2% and Spain's Ibex off by 0.4%. In the US, the Dow Jones industrial average had fallen more than 220 points - or 1.8% - by the time London closed. After overnight falls in Asia following signs of a slowdown in China, the MSCI world index hit its lowest level since December.

The day's economic data went from bad to worse, with the eurozone manufacturing sector suffering its worst month since June 2009 and its jobless rate hitting a record high of 11%. In the UK the manufacturing sector sufferered its second-biggest fall in 20 years, according to the latest purchasing managers' index.

Then came the widely watched US non-farm payroll numbers, which showed a rise in employment of just 69,000 in May, compared with forecasts of a 150,000 gain. This was the third set of disappointing numbers, while April's gain of 115,000 jobs was revised down to an increase of 77,000. That prompted an immediate fall in the US dollar against the euro and the yen, with unconfirmed talk the Bank of Japan might have intervened to help stop the slide in the US currency.

All this added to growing fears the eurozone crisis was spiralling out of control. With Spain increasingly in the firing line, the cost of insuring its debt against default hit a record high. The move followed reports that Spain will not announce details of a mechanism to ease the funding problems of its heavily indebted regions today, as hoped.

In Greece left wing leader Alexis Tsipras, gaining ground in the opinion polls ahead of this month's election, ratcheted up his rhetoric against the EU's bailout terms for the country. He repeated his pledge to rip up the bailout agreement if elected, and threatened to take Greece out of Nato.

Signs that Ireland had voted in favour of the European fiscal treaty in Thursday's referendum did little to soothe investors' nerves. But gold gained ground, adding around 3% to $1,613 as traders sought safer assets.

With the global economy running out of steam, oil was on the slide, with Brent crude falling more than 3% to $98 a barrel.

Full Article: World stock markets plunge as global crisis deepens
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Re: Slowdown, and smell the coffee

Postby skynet » Sat Jun 02, 2012 1:39 pm

Bankers have a deathwish for the whole planet.

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The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.
That means he can say what he really thinks.
Here, via the Daily Mail, is what he really thinks about what's going on in Europe and the global financial markets:

...financial markets face a rerun of the Great Panic of 2008.
It's ‘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.
‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008.... ‘If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’
'There will not be time for meetings of finance ministers to discuss the outlook and debate the politics.... 'In panicked markets, investors flee to safe assets, sparking other flames.’


Cheery stuff.
Zoellick's recommendation?
Huge, quick government bank bailouts.

Read More: We're Headed For Impending Catastrophe -- A Rerun Of Great Panic Of 2008
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