View Full Version : Now they're calling for an emergency rate cut
platinumdude
08-09-2007, 10:08 AM
That is what I heard on CNBC. Things really change quick, overnight.
France's biggest bank, halted withdrawals from three investment funds because it couldn't ``fairly'' value their holdings after concern over U.S. subprime mortgage losses roiled credit markets.
http://www.bloomberg.com/apps/news?pid=20601087&sid=aNIJ.UO9Pzxw&refer=worldwide
Wonder how munch this will spiral out of control. Maybe eventually panick enough that some people start pulling hard cash out of banks?
RichG
08-09-2007, 10:12 AM
Wonder how munch this will spiral out of control. Maybe eventually panick enough that some people start pulling hard cash out of banks?
Started yesterday......:smokin:
Prepare for the big one guys. ECB injected 95 billion euros into the system overnight. Fed adding 12 billion dollars worth of repos.
Something of the size of LTCM or worse is brewing.
RonaldoB
08-09-2007, 10:21 AM
But gold is off $13....!?!?
The usual dark forces at work I suppose.
ronaldo
Yes, that happens. freeing up all available for margin calls.
RichG
08-09-2007, 10:36 AM
Yes, that happens. freeing up all available for margin calls.
Right on the mark! PMs will be pulled down in the vacumm....to a point. That point is where PM's resist..... stretch ....and finally break free of the shackles. When that happens PM's will take flight.....and soar to heights unimaginable. This is a good thing.....painful....but needed. :smokin:
The Argent Dragon
08-09-2007, 11:11 AM
Prepare for the big one guys. ECB injected 95 billion euros into the system overnight. Fed adding 12 billion dollars worth of repos.
Something of the size of LTCM or worse is brewing.
I can still hear Cramer's rant......"They have no idea how bad it is out there......THEY HAVE NO IDEA !!!!"
:bear_w00t:
GoldWampum
08-09-2007, 11:19 AM
Hello Peter? This is Paul. You have no idea how bad it is out here.
Darkside
08-09-2007, 11:22 AM
I can still hear Cramer's rant......"They have no idea how bad it is out there......THEY HAVE NO IDEA !!!!"
:bear_w00t:
Hehe, that clip makes me think of one fat tick (Cramer) complaining to a cat about how the dog started to aggressively scratch ticks off itself. "I'm seeing guys losing their jobs (sucking blood) out there. They have NO IDEA HOW BAD IT IS OUT THERE! NO IDEA! The owner needs to step in and stop the dog from scratching!"
I can still hear Cramer's rant......"They have no idea how bad it is out there......THEY HAVE NO IDEA !!!!"
:bear_w00t: Cramer reminds me of that old sea-shag skipper from jaws. I can't wait for his next rant, cuz the blood in the water has barely gotten started.
They're gonna need to throw a straight-jacket on his azz before he can appear on CNBC again...
The Argent Dragon
08-09-2007, 11:56 AM
Cramer is a buffoon.....an ignoramus....a total sell-out !
Here's what the 'buffoon' said a few months back. :bear_tongue:
YouTube - So Subprime Blows Up; So What, Says Cramer
Golden Rivet
08-09-2007, 12:14 PM
What you can't see, just off camera, is the guy wearing the black paramilitary outfit, balaclava and ski-mask pointing a gun right at Cramer's head.
Hey, we all know the guy is a complete Street whore. He could look right into the camera and speak the truth, still no one would believe it.
It's like the world's financial markets are moving into dangerous uncharted waters and we have one of the orginal 3-stooges giving us financial advice.
Sorry, I just can't stop laughin at the guy.
GOLD is off because it's price is inflated like everything else...When the growth rate of the money supply slows GOLD or anything being inflated by the growth of the money supply can and generally will deflate in price...
In 2006 according to the World Gold Council the total identifiable demand was 3,380.4 metric tonnes
1 tonne is 1000 kilograms and there are 2.2 pounds in a Kg so 1 Tonne is equal to 2200 Lb of Gold...
Jewellery consumption accounted for 2279.3 tonnes of the 3,380.4 metric tonnes of total identifiable demand or 67%
Official coin accounted for 129.1 tonnes...or about 4%
Jewellery is hard to eat...And subtracting retail markup leaving just the Gold melt down/content...and most jewellery is not worth much.
Soon to be bankrupted people are most likely not going to cause a spike up in demand for Jewellery...
Most of the rise in the price of gold the past few years is from speculators in search of a yield...
Yields better than the popping Dotcom bubble was going to supply...
I was telling people in 1998-1999 to dump equities (Nazdaq DOW S&P mutual funds) and buy Gold and silver coins...They just said I was a Y2K nutter and to LOL STFU...
Coins have content and face value...
Pre 1964 US silver coinage very rarely circulates any more...becuase the content of the coins is worth more than the face value...The only way silver coins will circulate again is if the face value is less than or equal to the cost of the content and the economic zone in which they are to circulate is a closed system of trade or has a trade surplus and industrial demand combined with monetary coinage demand is less than or equal to mine supply.
The USA has been living beyond it's means for close to 100 years now.
So the inevitable implosion is going to be massive...
Darkside
08-09-2007, 01:43 PM
http://www.harvsworld.com/images/panic_button.jpg
Can I push it? Can I can I can I PLEEEEEASE!!!
Blue Midnight
08-09-2007, 01:47 PM
Coins have content and face value...
Pre 1964 US silver coinage very rarely circulates any more...becuase the content of the coins is worth more than the face value...The only way silver coins will circulate again is if the face value is less than or equal to the cost of the content and the economic zone in which they are to circulate is a closed system of trade or has a trade surplus and industrial demand combined with monetary coinage demand is less than or equal to mine supply.
TET, should this not read "if the face value is greater than" The situation which exists today is that all silver and gold coinage has face values less than the PM content.
Thanks for posting here. Always appreciate your insights.
Anty Ep
08-09-2007, 02:25 PM
he is talking about syndication in loans which spreads risks all around. well the flip side to syndication and deriavatives is that nobody necessarily KNOWS where all the risk is even in their own institution. warren buffet explained this when he was unwinding Swiss Re from its deriavatives business and taking huge losses.
So the truth is nobody knows where they next punch is comin from.
Got Goldies
08-09-2007, 02:31 PM
Rates are starting to soar.
Money Market rates will sky rocket!! :D
vBulletin® v3.8.4, Copyright ©2000-2009, Jelsoft Enterprises Ltd.