I wonder, do these political figures get the same memo every morning? Do other Presidents and Prime Ministers also get the same memo?
I don't know about you, my faithful readers, but my patience has reached its limits. These politicians must really think that the population of the world they govern is full of idiots who are incapable of thinking nor reasoning. Do they really believe their own lies or do they just say whatever they have to say so they can convince the masses of their "benevolence" while, at the same time, they plan the best way to how to become richer and more powerful themselves.
These times are no joke. This is not a mild financial crisis going on. The smart one, the thinker, the one who likes to analyze, the independent, the one with a curious mind, the researcher, the learner, the one who plans ahead and does not accept with blind eyes all what these political shysters tell us day by day, will definitely come out of this economic turmoil alive and well, healthier and stronger than ever.
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Max Keiser does a fantastic job exposing GS, JPM and the Fed. Thanks for reporting on this.
ReplyDeleteHey, btw, I LOVE YOUR default avatar. It's hilarious!
ReplyDeleteFEAR OF CREDITOR WIPE-OUT AS DUBAI JETTISONS CONGLOMERATE
ReplyDeleteDecember 1, 2009
TimesOnline.co.uk
The Government of Dubai has refused to honour the debt obligations of its largest company, prompting fears that international creditors could be wiped out.
Dubai World, the state-owned conglomerate, was effectively abandoned to its fate by the Emirate's Government yesterday despite previous assumptions that Dubai would stand behind the company. That has raised the likelihood that lenders to Dubai World, which has liabilities of $60 billion, could lose billions of dollars.
Dubai World will be restructured and some of its assets, which include Turnberry golf course in Scotland and the former cruise ship QE2, are likely to be sold to pay down debt.
However, there is uncertainty over the robustness of creditor protection under Dubai law and lenders are understood to be concerned that they will get little or none of their money back.
Analysts at RBC Capital Markets said: “The bottom line is that creditors have almost no legal legs to stand on to maximise recovery values.”
...article continues...
http://business.timesonline.co.uk/tol/business/industry_sectors/
banking_and_finance/article6938208.ece
Great post, very insightful and well thought!
ReplyDeleteThis other article is from the latest John Mauldin newsletter and it's somewhat related to yours.
"We face two possible states of the world. One is a world in which our economic problems are largely solved, profits are on the mend, and things will soon be back to normal, except for a lot of unemployed people whose fate is, let's face it, of no concern to Wall Street. The other is a world that has enjoyed a brief intermission prior to a terrific second act in which an even larger share of credit losses will be taken, and in which the range of policy choices will be more restricted because we've already issued more government liabilities than a banana republic, and will steeply debase our currency if we do it again. It is not at all clear that the recent data have removed any uncertainty as to which world we are in."
http://www.investorsinsight.com/blogs/john_mauldins_outside_the_box/archive/2009/11/30/reckless-myopia.aspx
Dubai is going back to the wasteland it was. If anyone thinks this is just in Dubai they better look again. The commercial real estate market is poised for a big bust in several countries and the US is one of them. People need to take their profits and move to safe havens before the end of the year. Report after report show increasing inability of both homeowners and commercial real estate holders to pay. January could be another crisis month for the financial world again.
ReplyDeleteSeveral emerging markets have invested a great amount in Dubai. If there is no bailout of Dubai World, it will be no more than another ponzi scheme just on a larger scale. Stocks in Dubai are going to be lucky not to lose half of their value. This shows why emerging markets are so risky.
Your blog was linked from over here over an article on Lance Armstrong. Thought you'd like to take a look? Link is http://bit.ly/5g4QHY
ReplyDeleteThis is what somebody commented on one of the financial blogs I read:
ReplyDelete"I live in Dubai...all the high end real estate sits empty...25% vacancy rate minimum...their plan to become the land of the rich didn't quite work out as planned...now they want to shift the risk and delay as long as possible...the Emirates has no clothes. They are probably using all available oil funds to buy gold based upon the comments in local papers and shifting away from the tie to the USD. Oil to gold...gold to oil...it seems to be happening faster than anticipated.."
How would we call in the future the financial depression we are going down into now...Global Depression, Great Depression II, The Greatest Financial Thievery by Banksters...?
ReplyDelete