The Perfect Storm- three economic rogue waves inbound; US & UK said to be at risk of default..., Making stock and economic news easier to read, bookmark and use!

Home

Create my own Portal

Create a account

Making stock and economic news easier to read, bookmark and use!

NewsUSA

News Sites

News Services

NewsBlogs

Stock Trends & Waves

Financial & Biz News

Submitted Articles

Submit a Article

Feed of the Month

Create my own portal

Submit Article

Add a Feed

Watchlist

NewsUSA

Submitted Articles

The Perfect Storm- three economic rogue waves inbound; US & UK said to be at risk of default...

Global systemic crisis in summer 2009: The cumulative impact of three rogue waves

This is a very sobering thought; US and UK to be officially in default, unable to pay bills, by the end of this year. This EU report reads:

"As anticipated by LEAP/E2020 as early as October 2008, on the eve of summer 2009, the question of the US and UK capacity to finance their unbridled public deficits has become the central question of international debates, thus paving the way for these two countries to default on their debt by the end of this summer."

Check out this chart showing how badly world trade has contracted:

The article continues further, to describe the three destructive waves that will hit the world economy, starting as early as this summer of 2009:

"On the contrary, because the origins of the crisis remain unaddressed, we estimate that the summer 2009 will be marked by the converging of three very destructive « rogue waves », illustrating the aggravation of the crisis and entailing major upheaval by September/October 2009. As always since this crisis started, each region of the world will be affected neither at the same moment, nor in the same way. However, according to our researchers, all of them will be concerned by a significant deterioration in their situation by the end of summer 2009.

This evolution is likely to catch large numbers of economic and financial players on the wrong foot who decided to believe in today’s mainstream media operation of “euphorisation”.

The three financial storm waves , according to this report, are:

1. Wave of massive unemployment: Three different dates of impact according to the countries in America, Europe, Asia, the Middle East and Africa
2. Wave of serial corporate bankruptcies companies, banks, housing, states, counties, towns
3. Wave of terminal crisis for the US Dollar, US T-Bond and GBP, and the return of inflation

The article goes on to further describe the waves and their impact. It is a rather technical read, which is not the biggest problem, for it appears to be translated from the French language and thus not always easy to follow the specific context. What is easy to see though, is that they single out the US and the UK for a rough ride via these coming storm waves and they end with this:

"Once that money has been squandered by insolvent banks compelled to « rescue » even more insolvent rivals, or by ill-conceived economic stimulus plans, problems will re-emerge, further exacerbated. For hundreds of millions of citizens in America, Europe, Asia and Africa, the summer 2009 will be a dramatic transition towards lasting impoverishment due to the loss of their jobs, with no hope of finding new ones in the next two, three or four years, or due to the disappearance of their savings invested in stocks or capital-based pension funds, or in banking investments linked to stock markets or denominated in US dollars or British pounds, or investment in shares of companies pressured to desperately wait for an improvement not coming soon."
Source: http://www.leap2020.eu/GEAB-N-36-is-available!-Global-systemic-crisis-in-summer-2009-The-cumulative-impact-of-three-rogue-waves_a3359.html

I hope they are wrong and they likely are on several fronts, but we can not stick our heads in this financial quicksand any longer and must stay aware. God be with you.

Rating: 0 (0 today) - Visits: 1088 (3 today)