A week after the BBC exploded Alessio Rastani to the stage, it has just done it all over again. In an interview with IMF advisor Robert Shapiro, the bailout expert has pretty much said what, once again, is on everyone's mind: "If they can not address [the financial crisis] in a credible way I believe within perhaps 2 to 3 weeks we will have a meltdown in sovereign debt which will produce a meltdown across the European banking system. We are not just talking about a relatively small Belgian bank, we are talking about the largest banks in the world, the largest banks in Germany, the largest banks in France, that will spread to the United Kingdom, it will spread everywhere because the global financial system is so interconnected. All those banks are counterparties to every significant bank in the United States, and in Britain, and in Japan, and around the world. This would be a crisis that would be in my view more serrious than the crisis in 2008.... What we don't know the state of credit default swaps held by banks against sovereign debt and against European banks, nor do we know the state of CDS held by British banks, nor are we certain of how certain the exposure of British banks is to the Ireland sovereign debt problems." But no, Morgan Stanley does, or so they swear an unlimited number of times each day. And they say not to worry about anything because, you see, it is not like they have any upside in telling anyone the truth. Which is why for everyone hung up on the latest rumor of a plan about a plan about a plan spread by a newspaper whose very viability is tied in with that of the banks that pay for its advertising revenue, we have one thing to ask: "show us the actual plan please." Because it is easy to say "recapitalize" this, and "bad bank" that. In practice, it is next to impossible. So yes, ladies and gentlemen, enjoy this brief relief rally driven by the fact that China is offline for the week and that the persistent source of overnight selling on Chinese "hard/crash landing" concerns has been gone simply due to an extended national holiday. Well, that holiday is coming to an end. http://www.zerohedge.com/news/bbc-d...ve-global-financial-meltdown-two-three-weeks-
Quoting a member of this forum: "ZeroHedge: Where the apocalypse happens three times a day or your money back." Next time write "ZeroHedge" in the title, so that I won't even bother clicking on the link.
ZH chops up it articles, misquotes, searches high and wide for negative stories. etc.. Since MArch 2009,, they have been right twice, FLash crash and August 1st, 2011. being blindly bearish is as bad as being blindly bullish, EF
Zerohedge sees the apocalypse every single day. Now, for 2 years in a row. I am still enjoying my cup of coffee every morning. And still, the Financial Times is pusblishing the same boring headlines every day. And still, Obama is the president of the US. And Bernanke is still chief od the Federal Reserve...
better to read zero hedge than the ft bullshit and be a cnbc believer. if i traded off of their tips i would be well down. next someone will be telling me stocks are a great long term investment. ive been long bank of america puts for a long while courtesy of zero hedge when most pundits were saying they were a buy. wake up people this guys been nailing the moves the last few weeks and months.