MARKETS TANK ON FISCAL CLIFF FREAKOUT
Like yesterday, markets seemed to move on every fiscal cliff headline. Unlike yesterday, stocks tanked.
First the scoreboard:
Dow: 12,938, -158.2, -1.2 percent
S&P 500: 1,402, -15.6, -1.1 percent
NASDAQ: 2,960, -25.6, -0.8 percent
OBAMA: ‘The Hour For Immediate Action Is Here, It Is Now’
Reid and McConnell Haven’t Even Reach An Agreement
President Barack Obama called on Senate leaders to come to a bipartisan agreement to avert the year-end fiscal cliff following a meeting with [...]
by Phoenix Capital Research
The markets in Europe continue to rally hard despite the fact that Europe’s financial system is totally insolvent.
At the center of this mess is Spain, which now barely functions as a country. Spanish pharmacies, owed $500 million by the government, are running out of medicine in Valencia. Strikes have resulted in trash not being collected for 20 days in Jerez. Over 2.2 million children live in poverty [...]
Stock exchange analyst predicts earthquakes for ‘Mayan Apocalypse’ day
IN RECENT MONTHS, Art Cashin – director of floor operations for UBS at the New York Stock Exchange – has been warning about increased earthquake activity driven by peculiar planetary and solar angles.
It might not sound like it should be part of his job, but spotting trends, patterns and predicting events which might have an impact on trade markets, is of course part of [...]
The Mayans may not be right about the world ending by the end of 2012, but the next month and a half is looking a lot more panic-stricken than celebratory.
The ongoing fight over the “fiscal cliff” may overshadow everything else as we get closer to the new year. Sadly, compromise seems hard to come by, even though the consequences of going over the cliff — hundreds of billions of dollars of spending [...]
The deadline when local commercial banks will be prohibited from mobilizing gold deposits is now just a month and a half away, but the question of how the State Bank of Vietnam will deal with the massive amount of public gold reserves after the ban comes into effect remains unanswered.
On April 29, 2011 the central bank halted gold mobilization at banks, but lifted the ban a year later, ruling that [...]
http://www.bloomberg.com/quote/BDIY:IND
Just a reminder.Shipping companies start losing money below 1200.Which explains some of the oldest and largest shipping companies filing bankruptcy or closing all together in the last month and a half.
http://www.bloomberg.com/news/2012-08-09/world-s-oldest-shipping-company-closes-amid-industry-decline-1-.html
The world’s oldest shipping company sold its last vessel and is going out of business, according to the liquidator.
Stephenson Clarke Shipping Ltd., started in 1730, has been placed into liquidation, according to a statement from accounting firm Tait Walker. The [...]
Jared Cummans: It is no secret that grain prices have been soaring as a number of savvy commodity investors have been cashing in on the latest trend to take the world of hard assets. Many are also aware that a nation-wide drought has been the culprit of said price rises. But while the drought has been widely covered, few realize just how severe it has been. For starters, the trailing 12 months [...]
From Zero Hedge:
A month and a half after the SEC took a much-deserved break from watching taxpayer-funded pornography, and stumbled on the scene with its latest pathetic attempt to scapegoat someone, anyone, for its years of gross incompetence, corruption, and inability to prosecute any of the true perpetrators for an event that wiped out tens of trillions in US wealth, by suing Egan-Jones for “improperly” filing their NRSRO application in [...]
Steven Mufson
Washington Post
June 5, 2012
From the copper mines in Chile to the corn farms of North Dakota to the oil fields of the Middle East, commodity prices have started to crumble.
The prices of metals, energy and agricultural goods have dropped as anxiety has ratcheted up over Europe’s currency crisis, China’s slowing growth and the stalling U.S. economy.
On Friday, copper futures fell to their lowest level of 2012. On Monday, cotton [...]
by Joe Weisenthal
The story of the moment: deposit flight!
That’s the nice way of saying: A run on the banks.
Sky News’ Ed Conway has put together this chart on the relative level of deposits in various countries’ banking systems since the beginning of 2011.
Greece has just been taken to the woodshed over the last year or so. Note that this doesn’t include the latest data, which would probably show an increasing in outflows [...]
by Miami Herald
ISLAMABAD, Pakistan — Pakistani Islamist militants on Sunday pledged to cease their four-year insurgency against Pakistani security forces, and join the Taliban’s war against NATO troops in Afghanistan.
The agreement reunited four major Pakistan-based militant factions under the flag of Mullah Mohammed Omar, the Taliban chief, an announcement by the militants said.
Security experts in Islamabad said the agreement to end the insurgency with Pakistan was a dual-purpose tactical move by [...]
President Obama wants the federal government to do some belt-tightening during tough economic times. On Tuesday he signed an executive order directing agencies to cut back on everything from travel to cellphones, printing, and even promotional or commemorative items such as T-shirts, plaques and mugs.
Each executive-branch agency has a month and a half to identify areas to slash expenditures by 20 percent below fiscal 2010 levels, which will produce what the White [...]
PROVIDENCE, R.I. (AP) — Wall Street protesters around the country who are vowing to stand their ground against the police and politicians are also digging in against a different kind of adversary: cold weather.
With the temperature dropping, they are stockpiling donated coats, blankets and scarves, trying to secure cots and military-grade tents, and getting survival tips from the homeless people who have joined their encampments.
“Everyone’s been calling it our Valley [...]
Radiation Expert: Huge Quantities of Radiation Are Still Being Released from Fukushima … And Radiation Levels In Some Parts of Tokyo Are Higher than In the Chernobyl Exclusion Zone
Huge Quantities of Radiation Are Still Being Released By Fukushima
Radiation expert Dr. Chris Busby says that huge quantities of radiation – 1013 or 10 trillion becquerels per hour – are still being released from Fukushima.
This [...]
Islamabad, Pakistan (CNN) — A suspected U.S. drone struck and killed targets in Pakistan’s tribal region Friday, the first such attack since American troops killed al Qaeda leader Osama bin Laden north of Islamabad earlier this week.
Two Pakistani intelligence officials told CNN that 12 suspected militants were killed in the assault in the Data Khel region of North Waziristan, one of the seven districts [...]
Despite the fact that China states that they are going to start projects to build up or improve the infrastructure in the western provinces, this thing keeps tanking. What is happening?
As a note, I know that orders for new Capesize ships have been fulfilled recently with more to come … so is this why the prices are staying down? Does anyone else [...]
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