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We Are Facing Another Global Financial Crisis Of Epic Proportions

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On 3/6/2017 at 10:22 AM, Errol said:

European Banks Risk Facing a 'Collapse Worse Than the Financial 2008 Crisis'

In a recent report, experts of the Amsterdam-based Transnational Institute think-tank revealed that in 2008-2015, European Union member states spent €747 billion ($792 billion) on different bailout packages for banks.

https://sputniknews.com/business/201703061051300745-europe-banks-crisis/

 

Ah yes, Sputnik News.

"Sputnik was launched on 10 November 2014 by Rossiya Segodnya, an agency wholly owned and operated by the Russian government, which was created by an Executive Order of the President of Russia on December 9, 2013."

https://en.wikipedia.org/wiki/Sputnik_(news_agency)

The smart minds are thinking who gains from a weakened EU...

 

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Not this again. If you post from the BBC it's just as bad. Fox and other American agencies are equally bad. Note that the report referenced in the news item is Dutch, not Russian.

The best way is to post from multiple sources - which I do. All are reporting on issues in the European banking sector. I mean it's hardly rocket science or stunning news, is it?

And in any event, it is the US that profits from European Chaos, not Russia. Russia would prefer to have proper trade and closer ties to Europe. The US sees the Euro and the growing power of the Eurozone as a challenge to its hegemony and so has cunningly created the rift between Europe/Russia by way of the Coup in Ukraine. And the Europeans have been foolish enough to fall for the trap.

I should add that the war in Syria and the refugee crisis were also a primarily American-sponsored operation designed, at least in part, to cause chaos in Europe.

 

Edited by Errol

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1 hour ago, Futuroid said:

Ah yes, Sputnik News.

"Sputnik was launched on 10 November 2014 by Rossiya Segodnya, an agency wholly owned and operated by the Russian government, which was created by an Executive Order of the President of Russia on December 9, 2013."

https://en.wikipedia.org/wiki/Sputnik_(news_agency)

The smart minds are thinking who gains from a weakened EU...

 

So it's not true then?

Or maybe the news is so bad the established press do not report it.

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Re sputnick et Al - it's good to reference multiple sources as always but these days I really don't take in much of what anyone is saying, too much disinfo/ confusion.  Albeit the cynic will say this is exactly what tptb or whatever want me doing.

On a related note I do put myself on my country's side ie given the hypothetical choice I would rather be brain washed by the "my side" rather than say Putin's.  Not referencing any poster above but it does feel somewhat there is a fashion in pitting oneself against one's own government.  Ie the whole snowden affair I have mixed feelings; partly if I was American I would like the idea of my secret services having the upper hand in espionage.   There will be certainly opposing interests doing the same thing to the best of their ability.

 

Sorry for the of rant /

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5 hours ago, Dogtanian said:

Re sputnick et Al - it's good to reference multiple sources as always but these days I really don't take in much of what anyone is saying, too much disinfo/ confusion.  Albeit the cynic will say this is exactly what tptb or whatever want me doing.

On a related note I do put myself on my country's side ie given the hypothetical choice I would rather be brain washed by the "my side" rather than say Putin's.  Not referencing any poster above but it does feel somewhat there is a fashion in pitting oneself against one's own government.  Ie the whole snowden affair I have mixed feelings; partly if I was American I would like the idea of my secret services having the upper hand in espionage.   There will be certainly opposing interests doing the same thing to the best of their ability.

 

Sorry for the of rant /

And if your government is working against the best interests of your country?

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12 hours ago, Dogtanian said:

On a related note I do put myself on my country's side ie given the hypothetical choice I would rather be brain washed by the "my side" rather than say Putin's.  Not referencing any poster above but it does feel somewhat there is a fashion in pitting oneself against one's own government.

Good little serf, your loyalty will not be rewarded ;)

Homegrown propaganda is the strongest, because we are mostly blind to its hold over our thoughts. We have been taught to distrust Russia, but it is obviously idiotic to think that their media never tells us the truth, even if it is usually dressed up in a bit of spin for added flavour.

(Not you personally)

Intelligent people read between the lines and triangulate, no matter the news source. That being said, I agree that it is often difficult to know what to believe. 

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9 hours ago, Errol said:

And so the farce goes on:

Budget deficit beyond 2025 warns spending watchdog

The Government may struggle to meet its target of clearing the deficit in public finances by 2025 according to the official spending watchdog.

http://www.bbc.co.uk/news/business-39255274

Im sure everything will be fine running a massive structural deficit as the fall in sterling will make sure we boom and become the factory to the world again,or maybe not.

http://www.bbc.co.uk/news/uk-england-tyne-39266647

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5 minutes ago, durhamborn said:

Im sure everything will be fine running a massive structural deficit as the fall in sterling will make sure we boom and become the factory to the world again,or maybe not.

http://www.bbc.co.uk/news/uk-england-tyne-39266647

And at the same time the government are desperately trying to breathe life into the dead parrot of apprenticeships. 

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3 hours ago, One-percent said:

And at the same time the government are desperately trying to breathe life into the dead parrot of apprenticeships. 

Which in any case hurt aggregate demand!

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Steve Keen: "Can We Avoid Another Financial Crisis?" (Spoiler Alert: No!)

20170417_keen.jpg

"Too many illogical and irrational assumptions are the reasons why mainstream economics is suffering from a crisis of confidence... too many countries rode a wave of private debt explosion during the last boom, and are now in the equivalent of economic purgatory."

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Theresa May is about to make a statement in parliament (just after 11 am today), many are speculating that she is going to call an early election. Could it be she knows something is about to break and wants a longer term to sort it whatever it is so Labour doesn't get a look in?

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New Global Financial Stability Report: https://www.imf.org/en/Publications/GFSR/Issues/2017/03/30/global-financial-stability-report-april-2017#Summary

"The April 2017 Global Financial Stability Report (GFSR) finds that financial stability has continued to improve since last October. Economic activity has gained momentum and longer-term interest rates have risen, helping to boost the earnings of banks and insurance companies. Despite these improvements, however, threats to financial stability are emerging from elevated political and policy uncertainty around the globe. If policy developments in advanced economies make the path for growth and debt less benign than expected, risk premiums and volatility could rise sharply. In addition, a shift toward protectionism in advanced economies could reduce global growth and trade, impede capital flows, and dampen market sentiment...

In Europe, domestic banking systems continue to face significant structural challenges. Furthermore, there should be no rollback of the postcrisis reforms that have strengthened oversight of the financial system...

Combined with low credit demand, [prolonged low growth / interest rates] would lower bank earnings, particularly for smaller, deposit-funded, and less diversified institutions, and presenting long-lasting challenges for life insurers and defined-benefit pension funds."

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Venezuela continues its descent into chaos and bloody violence.

https://www.theguardian.com/world/2017/apr/19/venezuela-protest-mother-of-all-marches-maduro-violence

Quote

At least two people have been killed and dozens injured in Venezuela as street battles erupted alongside a mass anti-government demonstration that the opposition billed as “the mother of all marches”.

A 17-year-old boy was fatally shot in the head in a neighbourhood of Caracas, while several hours later a woman was killed in gunfire during a rally in the Andean state of Tachira near the Colombian border.

At least one legislator had to be hospitalised, and images posted online showed opposition leader and former presidential candidate Henrique Capriles choking on teargas.

Fears of bloodshed had been stoked after President Nicolás Maduro put troops on the streets, supplied guns to sympathetic civil militias and called for a simultaneous rally of his supporters against what he said was a United States-backed coup.

Wednesday’s deaths brought the total number of deaths at protests this month to seven.

The first victim on Wednesday, Carlos Moreno, was not taking part in the demonstration but was shot when government supporters approached an opposition gathering and opened fire, witnesses told Reuters. Moreno, who was three days from his 18th birthday, was shot in the head, and later died in the hospital.

Hours later, university student Paola Ramírez died in the opposition stronghold of San Cristóbal, after she and her boyfriend, were shot at by a group of men as they left a protest.

“We were on a motorbike and they were following us, shooting,” her boyfriend told Reuters. “I left her on a block where she was going to find her sister and I went to hide the bike. I heard shots and when I arrived she was on the ground. I tried to protect her as much as I could,” he said.

State TV images showed red-shirted government loyalists on the rival march “to defend the homeland”.

 

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i have been constantly wrong guessing when the next crisis will come. Mid 2015 and early 2016 really did look like the start of a crash, and then suddenly we have had this massive spike higher in the stock markets.

the momentum since the start of 2016 has been mindblowing, huge gains. 

was that the final blow off top? are we about to finally dive into another recession? its overdue, doesnt seem like there is much gas in the tank.

Will 2017 be our year? 10 years on from the start of the last one?

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9 minutes ago, jiltedjen said:

i have been constantly wrong guessing when the next crisis will come. Mid 2015 and early 2016 really did look like the start of a crash, and then suddenly we have had this massive spike higher in the stock markets.

the momentum since the start of 2016 has been mindblowing, huge gains. 

was that the final blow off top? are we about to finally dive into another recession? its overdue, doesnt seem like there is much gas in the tank.

Will 2017 be our year? 10 years on from the start of the last one?

I seem to recall you were buying equities as you saved though.  Did you continue with this or did I have that wrong?

This thread started on the 18 August 2015.  Since that time my wealth has grown by 45%.  I'm doing nothing special - buy a balanced portfolio of asset types, hold, rebalance with new money, minimise expenses, minimise taxes...

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1 hour ago, jiltedjen said:

i have been constantly wrong guessing when the next crisis will come.

Join the club!

 

I am still convinced that is is a case of when not if, the amount of energy stored up is immense though and I think that BREXIT is set to release it.

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I don't like to look upon it as a crisis, more of a reality check.....people being accountable for the actions and consequences that they take....;)

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1 hour ago, winkie said:

I don't like to look upon it as a crisis, more of a reality check.....people being accountable for the actions and consequences that they take....;)

You won't be saying that when a cancer diagnosis comes through and you have to wait two years for an operation!

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7 hours ago, wish I could afford one said:

I seem to recall you were buying equities as you saved though.  Did you continue with this or did I have that wrong?

This thread started on the 18 August 2015.  Since that time my wealth has grown by 45%.  I'm doing nothing special - buy a balanced portfolio of asset types, hold, rebalance with new money, minimise expenses, minimise taxes...

summer 2016 i was in the process of buying a house which then fell through. i liquidated my bonds and my shares but not my gold holdings. Since then it worked out nicely due to bonds falling, but it didnt take long before shares rose sharply again, at which point i did not buy more. I have read permanent portfolio and fully subscribe to the theory and it treated me very well. But with hoping to actually buy a house in the next 12 months i would struggle to buy, hold and sell for long enough to actually cover the fees, permanent portfilio simply does not work in a 12-18 month time span, but the previous years i used it, it worked beautifully. 

My SIP however is looking rather healthy with its shares up around 14-20% bonds down lots and gold slightly up, thankfully my shares is by far my biggest holding. 

Cash although constantly devalued seems ok for my shorter time spans, especially as against houses its actually climbing in value currently. 

i thought i would re-visit this thread. Nothing booms forever. it might be happening now, or in 3 years time but a 'big one' recession is due. perhaps the severity of the last one has made everyone slower to react with blowing the current bubbles, maybe its laws or restrictions on lending. But recently its been looking crazy, we must be due a recession, or at least a large correction soon.

maybe this broken clock is due to be correct just from the passage of time. 

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