"“We have lent a huge amount of money to the U.S. Of course we are concerned about the safety of our assets. To be honest, I am definitely a little worried.” "

Chinese premier Wen Jiabao 12th March 2009

""We have a financial system that is run by private shareholders, managed by private institutions, and we'd like to do our best to preserve that system."

Timothy Geithner US Secretary of the Treasury, previously President of the Federal Reserve Bank of New York.1/3/2009

Friday, November 02, 2007

The Rolling Thunder as Wall Street writes off Billions ... More to come...

"…Central bankers are surrounded by all sorts of experts and specialists. The problem is that these experts were invariably mistaken over the past year while LEAP/E2020 anticipated correctly the fall of the US dollar, the collapse of US real-estate, the subprime crisis, the bursting of the financial bubble, the ongoing crash of Spanish, French and British housing markets, etc…

At the beginning of last August, most of these experts were still negating the event of any severe crisis. Their incapacity in anticipating the real world’s evolution lies in two very simple (and non-exclusive) reasons: either they cannot tell what they really think because they are hired to say that “everything is fine” (this is the case for most specialised and mainstream media, as well as for ministers and ministries of economy and finance), or they are incapable of understanding the profound nature of this crisis as it does not specifically belong to the financial and economic sphere, but relates to the collapse of the geopolitical system created after 1945. In both cases, due to these conceptual limitations (of expression or understanding), experts are at best useless for the months to come and at worst dangerous, their advice being completely disconnected from reality."

Go for more to this site a fascinating mixture of forecastuing, rant and anti Americanism. Global Europe Anticipation Bulletin.

The median price of US houses has crashed from a peak of $262,600 in March to $211,700 in September. This is an 18pc drop nationwide.

Merrill Lynch has just confessed to a $7.9bn write down on CDO subprime debt and assorted follies, nearly double what it suggested three weeks ago.

Citigroup has reported $6.5 billion in writedowns and losses from credit
markets.. we forecast a dividend cut.

The world's largest banks and securities firms have announced more than $30 billion of charges in the third quarter.

...and Mukasey still doesn't know the fucking difference between torture and unhuman and degrading treatment or what the Geneva Conventions say about torure.

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