Tuesday, February 17, 2009
red alert: terrible tuesday could be today
Gold and silver are spiking, and some dude in the US called Denninger is freaking as a massive forced liquidation seems to be taking place.
It appears to be originating in Asia, possibly connected with the Woori Bank who just failed to pay a $400 million debt and asked for a $1.4 billion bail out from South Korea, whose government has just denied that it has a major foreign exchange [FX] crisis about to hit, but there could still be a domino effect on Eastern Europe, who owe everything to bankrupt banks in Western Europe, who are also heavily exposed in the United States where Kansas has just run out of money.
So ... we seem to be in a not-so-slow motion train crash, now teetering on the verge of a cascading wealth destruction event, very much like a collapsing house of cards, or possibly a nuclear explosion, or maybe a tsunami, which could happen at any time, like for example now at 4.29am, while most of Britain is fast asleep, possibly in rapid eye movement, dreaming about their debts, and their primeval desires, blissfully unaware that tomorrow they could wake up to a reality nightmare ... the cash machines may not work any more. Could be time to learn how to grow vegetables and make jam if you don't know.
• Fannie Mae 'logic bomb' plot foiled.