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Global financial system implosion begins

Even if it isn't a stitch-up it kinda still is or at the very least rank hypocrisy considering all the financial types that that are still wandering around Scott-free after the 2008 crash and then of course there's HSBC...
 
Financial experts cast doubt on case against alleged 'flash crash' trader
Guardian 23 April 2015
Financial experts have raised questions about how a 36-year-old Londoner could have almost single-handedly caused the 2010 “flash crash” that wiped billions off the value of US stocks in seconds.

Navinder Singh Sarao, 36, from Hounslow, west London, appeared in court in the UK on Wednesday charged with crimes the Department of Justice believes helped cause the Dow Jones industrial average to plunge 600 points in five minutes, wreaking havoc on Wall Street.
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Blatantly a scapegoat.

Deutsche Bank hit by record $2.5bn Libor-rigging fine
Guardian 23 April 2015
Germany’s Deutsche Bank has been fined a record $2.5bn (£1.7bn) for rigging Libor, ordered to fire seven employees and accused of being obstructive towards regulators in their investigations into the global manipulation of the benchmark rate.

The penalties on Germany’s largest bank also involve a guilty plea to the Department of Justice (DoJ) in the US and a deferred prosecution agreement. The regulators released a cache of emails, electronic messages and phone calls showing the attempts to move the rate used to price £3.5tn of financial contracts.
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Fine and a slap wrist. No one goes to gaol.
 
Ignore the 'whiff of panic' as US economy stalls
Telegraph 29 Apr 2015
The US economy has suddenly stalled. A blizzard of shockingly weak figures raise the awful possibility that America's six-year growth cycle since the Great Recession has already rolled over, with unsettling implications for the world.

Worse yet, this apparent exhaustion is taking hold even before the Federal Reserve has begun to raise interest rates or to drain any of its $3.7 trillion of quantitative easing and balance-sheet expansion.
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Ignore the "$3,700,000,000,000 of quantitative easing and balance-sheet expansion." :thumbs:

Negative interest rates put world on course for biggest mass default in history
Telegraph 28 Apr 2015
Yet far from being a welcome sign of returning economic confidence, this almost surreal state of affairs actually signals the very reverse. How did we get here, and what does it mean for the future? Whichever way you come at it, the answer to this second question is not good, not good at all.
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Flash Crash guy : its cos he's a Brit - Chicago Board of trade knew about his trading patterns in 08 but no action till now.........
US economy:- Emperor got no kit on shocker - neither does the Emperor of the East as China drops capital requirements on banks to pump some wedge into the system. good choice as the world is in dire need of yet more huge empty buildings, streets, entire cities, built for no one to live in
 
zoltan said:
It wont implode, despite all the doomongering
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I think we are are 12/15 years away from revolution - debtors strike that brings the lot down The dividing line being those who held tangible assets in 2010. Those who did not can only grow and their plight only worsen, those who stepped onto the ladder post 2010 will actually get squeezed most, as interest rates rise.
 
Deflation is back. And as such, we continue to turn Japanese.

Annual consumer price inflation in the U.K. fell below zero for the first time since the 1960s, official data released on Tuesday showed.

Consumer prices fell 0.1 percent in April compared with the same month last year, the Office for National Statistics (ONS) said
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Bond crash across the world as deflation trade goes horribly wrong
Telegraph 10 Jun 2015
The global deflation trade is unwinding with a vengeance. Yields on 10-year Bunds blew through 1pc today, spearheading a violent repricing of credit across the world.

The scale is starting to match the 'taper tantrum' of mid-2013 when the US Federal Reserve issued its first gentle warning that quantitative easing would not last forever, and that the long-feared inflexion point was nearing in the international monetary cycle.

Paper losses over the last three months have reached $1.2 trillion. Yields have jumped by 175 basis points in Indonesia, 160 in South Africa, 150 in Turkey, 130 in Mexico, and 80 in Australia.
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Nobody knows what will happen when the spigot of cheap dollar liquidity is actually turned off. Dollar debts outside US jurisdiction have ballooned from $2 trillion to $9 trillion in fifteen years, leaving the world more dollarised and more vulnerable to Fed action than at any time since the fixed exchange system of the Gold Standard.

Total debt has risen by 30 percentage points to a record 275pc of GDP in the developed world since the Lehman crisis, and by 35 points to a record 180pc in emerging markets.
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QE causes deflation, no... inflation, no... deflation... they haven't got a clue.
 
http://www.bloomberg.com/news/artic...as-chinese-alleging-1-2-billion-currency-scam

We are starting to see more and more dodgy dealings pop out of China of late. I would hate to be the fall guy for such a high profile scam given the size of this.the interesting & standard MO aspect is that a lot of the cash was either grey or outright black in origin, the total size of the fraud may never come to light.

The chinese save something like 40% of their money - anything that impacts this will be severely dealt with. Expect more scams to be dripped out over the coming months as the government attempt to get on top of this runaway train of massive scale fraud...
 
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Is the unthinkable becoming routine?
Bank for International Settlements. 28 June 2015
Globally, interest rates have been extraordinarily low for an exceptionally long time, in nominal and inflation-adjusted terms, against any benchmark. Such low rates are the most remarkable symptom of a broader malaise in the global economy: the economic expansion is unbalanced, debt burdens and financial risks are still too high, productivity growth too low, and the room for manoeuvre in macroeconomic policy too limited. The unthinkable risks becoming routine and being perceived as the new normal.
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Unthinkable?

Low interest rates threaten solvency of pension funds and insurers
OECD. 24/06/2015
“Above all, much remains to be done to strengthen the ability of the financial system to absorb shocks and avoid the bubbles and busts of recent decades” he added.

The report also cites a very real risk that the current trend for companies to return cash to shareholders via dividends and buybacks, in order to boost short-term returns, means that capital will not be reinvested in more productive activities. This will hurt innovative investment and productivity growth. There are also risks building up from greater leverage and riskier investment in higher-yield and complex products with poor liquidity.
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The Greeks may possibly end up getting the blame but the problems are systemic
 
Glass half empty time

Chinese markets dive overnight- end of bull run( based on fuck all I may add. Absurd company valuations).shit loads of Chinese punters ( millions) are facing big calls today as their leveraged punting started to unravel.

Could be worth watching the Chinese policy makers over the next few days - they may have to get publicly involved
 
China securities regulatory commission hss indeed responded to the market madness as I guessed. They have changed tge rules as to what is now accepted as collateral for margin trade gamblers .

Yes.it is real estate.your house. You can now lodge yer deeds to cover your losses on a market teetering on yhe edge of collapse.

I cant see that having any downside at all
 
The instability of the Chinese stock exchange/economy is one of the main items on the ten o clock news in a coupe of minutes.

I'm not going to wish for Armageddon though, too many people would get hurt, and here our obscenity for a regime will make sure the poorest pay, no protection here.
 
Barking_Mad said:
Bloody Commies.
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:D

China's Unsettling Stock Market Collapse
As the world frets over Greece, a separate crisis looms in China.
Atlantic Jul 4, 2015
This summer has not been calm for the global economy. In Europe, a Greek referendum this Sunday may determine whether the country will remain in the eurozone. In North America, meanwhile, the governor of Puerto Rico claimed last week that the island would be unable to pay off its debts, raising unsettling questions about the health of American municipal bonds.

But the season’s biggest economic crisis may be occurring in Asia, where shares in China’s two major stock exchanges have nosedived in the past three weeks. Since June 12, the Shanghai stock exchange has lost 24 percent of its value, while the damage in the southern city of Shenzhen has been even greater at 30 percent. The tumble has already wiped out more than $2.4 trillion in wealth—a figure roughly 10 times the size of Greece’s economy.
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Skittish at the prospect of further losses, the Chinese government has taken action. On Saturday, the country’s largest brokerage firms agreed to establish a fund worth 120 billion yuan ($19.4 billion) to buy shares in the largest companies listed in the index. Beijing has also lowered interest rates, relaxed restrictions on buying stocks with borrowed money, and imposed a moratorium on initial public offerings. The country has even relied on propaganda to encourage the public to hold onto their shares for patriotic reasons.
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Hold shares it's your duty!
 
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