FINANCIAL INSTABILITY -- THE ECONOMY TOTTERING -- ANOTHER 2008 ON THE BRINK, FAR WORSE THAN 7 YEARS AGO??? [Additional links in comment boxes below.] #1 QUOTING Micheal Snyder--Well, the same patterns that we witnessed back in 2008 are happening again. As the price of oil crashed in 2008, so did prices for a whole host of other commodities. That is happening again. Once commodities started crashing, the market for junk bonds started to implode. That is also happening again. Finally, toward the end of 2008, we witnessed a horrifying stock market crash. Could we be on the verge of another major one? Last week was the worst week for the Dow in more than three years, and stock markets all over the world are crashing right now. Bad financial news continues to roll in from the four corners of the globe on an almost hourly basis. Have we finally reached the “tipping point” that so many have been warning about? What we witnessed last week is being described as “a bloodbath” that was truly global in scope. The following is how Zero Hedge summarized the carnage… WTI’s 2nd worst week in over 3 years (down 10 of last 11 weeks) Dow’s worst worst week in 3 years Financials worst week in 2 months Materials worst week since Sept 2011 VIX’s Biggest week since Sept 2011 Gold’s best week in 6 months Silver’s last 2 weeks are best in 6 months HY Credit’s worst 2 weeks since May 2012 IG Credit’s worst week in 2 months 10Y Yield’s best week since June 2012 US Oil Rig Count worst week in 2 years The USDollar’s worst week since July 2013 USDJPY’s worst week since June 2013 Portugal Bonds worst week since July 2011 Greek stocks worst week since 1987 #2 The Carnage Continues - Middle East Stock Markets Are Bloodbath-ing zerohedge/news/2014-12-14/carnage-continues-middle-east-stock-markets-are-bloodbath-ing QUOTE--And [it] shows no signs of stopping... #3 QUOTING L.A. Marzullis blog-- Saudi Arabia’s oil war against Iran and Russia This price plunge has been driven by Saudi Arabia, OPEC’s dominant power. While it’s true that part of Riyadh’s actions respond to the energy renaissance in North America, the greater motivation is breaking Iran’s will. I may address this soon as I believe the real reason for this is to keep the US petrol-dollar afloat. Russia is one of the leaders of the BRICS nations—Brazil, Russia, India, China and South Africa—who are calling for a new world default currency other than the dollar. The dollar has been used as the currency for all trading of oil. This is one of the reasons we went into Iraq. Saddam was trading his oil for Euros rather than dollars. content.time/time/magazine/article/0,9171,998512,00.html L.A.
Posted on: Mon, 15 Dec 2014 20:23:10 +0000
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