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Errol

French Banks Poised For An Exceptionally Spectacular Crash

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I can’t see this going on much longer. We may have already passed the point where the downward spiral on funding availability is irreversible without global central banks stepping in.

I think there is a decent chance this important next step takes place outside of Jackson Hole. It could happen this Sunday night. If I’m wrong, and we get nothing, the European funding markets are going to collapse next week. It will be very difficult to reverse the damage that this will cause. All the central bankers know this. They know that there is not much time left to act. They can’t wait another two weeks.

http://www.zerohedge.com/contributed/eu-banks-solvency-or-liquidity-or-both

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I can't see this going on much longer. We may have already passed the point where the downward spiral on funding availability is irreversible without global central banks stepping in.

I think there is a decent chance this important next step takes place outside of Jackson Hole. It could happen this Sunday night. If I'm wrong, and we get nothing, the European funding markets are going to collapse next week. It will be very difficult to reverse the damage that this will cause. All the central bankers know this. They know that there is not much time left to act. They can't wait another two weeks.

http://www.zerohedge...quidity-or-both

oh dear Zerohedge alert!

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I can’t see this going on much longer. We may have already passed the point where the downward spiral on funding availability is irreversible without global central banks stepping in.

I think there is a decent chance this important next step takes place outside of Jackson Hole. It could happen this Sunday night. If I’m wrong, and we get nothing, the European funding markets are going to collapse next week. It will be very difficult to reverse the damage that this will cause. All the central bankers know this. They know that there is not much time left to act. They can’t wait another two weeks.

http://www.zerohedge.com/contributed/eu-banks-solvency-or-liquidity-or-both

Thank goodness Dad's Army is on BBC 2 in the next hour - just in time to pick up some tips from Coporal Jones.

These Americans, I love many of them but they are prone to panic.

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It's a good job the FSA have been sorting all out with a few phone calls. :unsure:

http://blogs.news.sky.com/kleinman/Post:bec2b0f0-ed9c-4847-bbc7-5abad24b9b2d

Exclusive: FSA Steps Up Eurozone Banks Scrutiny

"The City regulator has intensified its scrutiny of major French, Italian and other banks operating in the UK amid ongoing share price turmoil and concerns about their ability to survive a freezing over of critical bank funding markets.

I've learnt that in recent weeks, the Financial Services Authority (FSA) has been holding daily talks with some of the largest banks which have a substantial presence in London.

In a statement, the FSA told me today: "As you'd expect, we are in close contact with the banks we supervise."

The regulator has heightened its monitoring of major Eurozone banks such as Societe Generale of France and BBVA of Spain in the weeks since fears about sovereign defaults by members of the currency bloc began to escalate.

The FSA's approach is designed to reflect the increasingly intrusive approach it vowed to adopt in the wake of the 2007-08 banking crisis, which left several British banks having to be wholly- or partly-nationalised.

Executives at several European banks say the FSA has been seeking more detailed and more frequent information from them about their funding and liquidity positions.

"They have been on the phone more-or-less constantly," an executive at one bank said.

The executives say it has been particularly pronounced since the flames of the Eurozone debt crisis began licking at the door of Italy and Spain. Major German and French banks have massive exposures to the economies and banking systems of those countries.

The news about the FSA's stance mirrors a move by the Federal Reserve Bank of New York to hold discussions with European lenders, reported by the Wall Street Journal earlier this week.

Most big European banks with operations in the UK are supervised in a different way to British lenders such as Barclays and HSBC, because they are treated as branches rather than subsidiaries of their parent.

Unsurprisingly, the FSA has also been holding more frequent discussions with the domestic regulators of the banks whose operations it supervises in the UK.

The plunging stock markets tend to grab most of the headlines, but the real concern for the FSA is that a UK arm of a European bank would not be able to meet financial commitments because of its inability (or that of its parent) to access the necessary funding.

It's not clear whether any bank has yet found itself staring over the precipice in that way but what's striking is that some of the senior financiers I've spoken to in New York during the last 48 hours are beginning to liken the current turmoil to the events of 2008.

Given those fears, it's right that the FSA should be intensifying its supervision of European banks in this way."

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Did we ever establish who the European Bank that needed the 500 billion from the US Fed last week was - didn't someone say it went to the Swiss National Bank, which made some think it was a Swiss bank in trouble?

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oh dear Zerohedge alert!

We will find out, either way.

Edited by Mr. Miyagi

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zerohedge serves a useful purpose of keeping people out near market bottoms, its like an antiassetz

I thought housepricecrash.co.uk was the anti-assetz.

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Thank goodness Dad's Army is on BBC 2 in the next hour - just in time to pick up some tips from Coporal Jones.

These Americans, I love many of them but they are prone to panic.

Sounds like something 'they' "cook-up"

Fr. panique (15c.), from Gk. panikon, lit. "pertaining to Pan," in sense of "panic, fright" short for panikon deima, from neut. of Panikos "of Pan," the god of woods and fields who was the source of mysterious sounds that caused contagious, groundless fear in herds and crowds, or in people in lonely spots.

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zerohedge serves a useful purpose of keeping people out near market bottoms, its like an antiassetz

and into gold at market tops of course. their primary objective.

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ZH have been banging the gold drum well before + $800. You will be right one day re gold but your timing up till now has been woeful.

So you agree their agenda is to get everyone into the gold bubble?

Evidence? My timing has been absolutely awesome. Long and short. You'd weep if you kept up to date.

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So you agree their agenda is to get everyone into the gold bubble?

Evidence? My timing has been absolutely awesome. Long and short. You'd weep if you kept up to date.

No i dont agree that ZH have an agenda to get everyone into a gold bubble. To this day i do not know if gold is in a bubble.

I belive you have been calling gold a bubble for as long is i can remember when you have posted on gold topics on hpc so i belived that you had been short gold consistantly also. You now say that you trade gold and are awesome at it, well done and long may it continue for you. Not sure about the me keeping upto date bit, do you mean your gold trading? and i certainly wouldnt be one to weep.

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Gold will be a bubble when we see a Times editorial calling for everyone to go out and buy gold, instead of calling for everyone to sell it as they were today!

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Worryingly, this is probably the most sensible post on this thread.

It's the chevrons on the soldiers arms you should be more worried about!

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No i dont agree that ZH have an agenda to get everyone into a gold bubble. To this day i do not know if gold is in a bubble.

I belive you have been calling gold a bubble for as long is i can remember when you have posted on gold topics on hpc so i belived that you had been short gold consistantly also. You now say that you trade gold and are awesome at it, well done and long may it continue for you. Not sure about the me keeping upto date bit, do you mean your gold trading? and i certainly wouldnt be one to weep.

is it possible to call gold a bubble ever?

For internet stocks there is some limit on the price - the net present value of future expected dividends

For property there is a link to salaries and mortgage availability

what is the constraint for gold? why not a million pounds an ounce? what is stopping it go that high?

the central banks have not had a gold audit - so who knows what the actual supply is

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So you agree their agenda is to get everyone into the gold bubble?

Evidence? My timing has been absolutely awesome. Long and short.

Has it? When?

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Gold will be a bubble when we see a Times editorial calling for everyone to go out and buy gold, instead of calling for everyone to sell it as they were today!

First sell-off / Bear trap? So far I don't think we've seen this unless it was the move down towards the back end of 2008?

The main bubble people need to be concerned with is the debt bubble which is fast heading towards the 'fear' phase in its lifecycle. The 'return to normal' phase was when the west unanimously claimed the recovery was here.

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  • 338 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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