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House Price Crash Forum


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  1. WHAT!??? This is far worse than Greece due to the numbers involved. Greece is small fry and its total debts are only a few hundred Billion Euro's. Italy's debts are in the Trillions! Even if a 20% cut on the debts is needed that will colossally more than if Greece full defaulted. To put in simple terms, if Ireland, Portugal and Greece all fully defaulted it would still be significantly smaller than if Italy defaults. Basically Italy is one of the few countries that are to big to fail - (Along with the US, China, Japan, Germany, UK, France, India, Brazil, and to an extent Spain).
  2. Supposedly they have been, there seems to have been 1 trade today, and that's probably the ECB. Basically it seems nobody but the ECB wants to buy them at anywhere near there current levels.
  3. Today's the day the Euro dies. No way they can try and save Italy from this death spiral, the amount that would need to be pledged is just to great. We talking probably greater than 200 Billion Euros immediately, with an unknown amount needed long term. The EFSF theoretically will have 1 Trillion, but its not designed for this kind of need.
  4. Reason why its going down across Europe is that Italian bonds are crashing today, seems like no buyers lots of sellers. They passed 6.66% now, and worry is the spread between them and the other key Euro Nations is almost coming to a magically marker which could start triggering events in contracts.
  5. I can imagine the hotlines between the Rest of Europe and Greece are going nuts, and kind of expect someone flying out to ask them what the hell are they playing at! Guess its just bringing the inevitable ever more closer.
  6. More like he should be sacked for acting like a 5 year old! Yes the staff have been working to rule, but then just because he is not getting his own way he takes all his toys home. I imagine there are lots of nasty phone calls from shareholders heading his way.
  7. Was amazed nobody on here picked up on it, but then again it did seem to have almost a news blackout on the newspapers / TV channels even though almost all the finance press and news wires were going mad over it. Basically the signs point to BoA is going bankrupt and wants the USA to pick up the tab on all its liabilities and thus bail out the whole banking system in one fail swoop - it stinks to high heaven, and the FDIC is god damn furious as its massively abusing the system. Unsurprisingly there's already a bank run of sorts going on, even though the mainstream press is refusing to mention it, thankfully news is spreading around to get out of BoA fast.
  8. No, not all the part timers will be in the 114k as a lot of part timers wont be able to qualify for job seekers allowance. It is the 175k figure which is the most worrying to be honest, as part timers are the easiest ones for a company to get rid of which means many companies are cutting back staffing numbers quickly.
  9. This only works if the system works, the problem is the whole system is bankrupt, hence why the only solution is to in effect declare it bankrupt and cancel all debt. We are in a major chicken and egg situation with the current system, we need debt to make the system work but debt is killing the system. House prices are now at a level that is absurd in comparison to average wage, yet they cant afford to lower them as the system cant cope with lower prices as it needs the high prices to fuel the system A jubilee is the only sensible way out of this, and if it was done properly, along with some asset changes (e.g. renters become the owners of property where the existing owner doesn't actual own it e.g. BTL's etc) it could get the west out of this mess. But it wont happen instead we are heading to a situation in the UK that is becoming more and more like Germany in the 1930's every day.
  10. US opens and does a nice small crash - down 2% and still going. The S&P 500 is now an offical bear market, as the fall is 20% below the high. The DOW has been an official bear since September. FTSE now approaching 4% down.
  11. Tbh they are both big stories and together they create a massive story. In effect Siemens is working on the premise of a massive crash and positioning itself to buy up any distressed assets as they appear. I would assume its aiming to go after assets held by countries that need cash fast, rather than companies as there is no reason for the short terms and such a large amount. The fact it is held with the ECB is what points to they are expecting to use it when the normal markets are not working hence why they have moved it out of the normal bank system into a system only available to the few companies in their position. edit: Should say (as cant make any money from it so...) if I was going to guess Siemens is aiming to buy any Greek power plants that Greece would be willing to sell.
  12. haha of course yes. Greece is a minnow this is all about protecting the big fish (Germany, UK, France, Spain, Italy). The EU have put in place measures, which they think will keep the Greece situation contained, but tbh in situations like this there are usually many domino events that are unforeseen and its how ALL the countries handle those that matter. The market has already priced in a Greece default, although I don't think its priced in a full default which is what maybe going to occur.
  13. CDS's on Greek 5 year bonds has increased 25% today! Basically the bond market seems to no longer expecting an orderly default and is now expecting a full default of all Greek debts.
  14. It does seem to be having an effect as the current floor to the FTSE. As soon as it went past that point it rallied 50 points in 20 minutes. it will test it again soon no doubt as its creeping back down. Whats most amazing is the battering the CAC (and DAX to a degree) are taking due to the continental banking stocks being decimated. This really is 2008 all over again, just waiting for the trigger event to start the real panic.
  15. Nope its down now 2.5%. Does look like there is not many buyers lots of sellers, so could well see a major down day today, depending on how desperate people are to offload positions.
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