Sunday, Dec 23, 2007
Now that IS bearish
Telegraph: Crisis may make 1929 look a 'walk in the park'
As central banks continue to splash their cash over the system, so far to little effect, Ambrose Evans-Pritchard argues things are rapidly spiralling out of their control
Posted by holding out @ 04:37 PM (746 views) Add Comment
3 Comments
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1. voiceofreason said...
"said the Fed and allies had scripted a Greek tragedy by under-pricing credit long ago and seem paralysed as post-bubble chickens now come home to roost."
"The kind of upheaval observed in the international money markets over the past few months has never been witnessed in history,"
"There again, the credit soufflé may be hard to raise a second time."
In other words, it is too late to avoid the downturn. Wait 18 months and pick up a bargain house. Unless you are in "David Smith"-land wherever that is.
2. alan said...
The market "tipping point" is all about perspective and confidence. Ambrose Evans-Pritchard is right not to get drawn into predictions, and just point out the dangers. It's our whole economy and way of life that's about to tip, not just a 1% drop in house prices during December.
In the first 6 weeks of 2008, the market will be so volatile, almost anything can happen. The government will be wise to avoid any more banana skins like the recent loss of patient data by 9 NHS trusts.
Meanwhile shoppers spend, spend and spend, Marks and Spencers in Lakeide was absolutely manic today. Someone has to pick up the bill one day, and every passing week adds to the size of the problem. This is gonna hurt, because the UK is broke.
3. handle_it said...
An interesting article. One comment stood out for me.
________________________________________________________________________________________
"Before the general election in 2005, I was having a conversation with a Labour supporting colleague.
I said to him that I planned on voting Tory but I hoped that Labour would win.
He thought this was illogical even after I had explained to him that in the next four years, before 2009, the country's economy would hit the wall and Gordon Brown would have to carry the can.
This is not due to central bank incompetence.
It is the known result of the economic policies deliberately followed by the international banking cartel.
They wish to precipitate a depression.
This is their age old method for increasing their grip on power.
Everything else is a smokescreen.
They will use this coming worldwide depression to call for centralising monetary control."
____________________________________________________________________________
To my mind this whole situation is beginning to look staged. We shall see. My advice, buy bottled water and tinned food.