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Re: Dubai default !!!!!!!
I remember EJ call of SP500 below 600... Saying that soverign debt maybe the cause..
Everyone tagged Dubai as the new mecka, the new financial capital of the world..who new so much debt was involved (kidding)...
I wonder how much debt losses China has ????????????? -
Re: Dubai default !!!!!!!
You would think that they would have known better than to chase "mirages" in the desert.Originally posted by Mega View Post
Could this be the "black swan" for the next leg down?
Does anybody know if they "packaged" this debt - and if so - who bought it?Comment
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Re: Dubai default !!!!!!!
i believe that china issues its own debt, and so writes off its own debt.Originally posted by icm63 View Post
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Re: Dubai default !!!!!!!
My charts here, says, someone new something big was coming..otherwise why the flight to safety, while stocks and gold soared..
Dubia, Ukrane, Georgia....
http://www.itulip.com/forums/showthread.php?t=12859Comment
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Re: Dubai default !!!!!!!
Banks stocks have been lagging the general market, it seams some large funds have been using these high prices to cash up, before the general market catches on..
Of course the NEWS WIRES are the last to know !!
Also what does this guy know ..Goldman Sachs’s Michael Evans Sells $12 Million of Stock http://www.bloomberg.com/apps/news?p...aSBzikA8&pos=5
Sectors001.jpgComment
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Re: Dubai default !!!!!!!
The sale represented less then 10% of his GS holdings.Comment
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Re: Dubai default !!!!!!!
Dubai default risk, Ukraine default risk, Lativia default risk..... S&P 500 P/E at 140 (reported earnings), stimulus effect temporary, continued unemployment, more war, worse to come in housing, bank closures have only just begun, no more EZ consumer credit to propel the borrow-to-spend economy, municipal governments financial collapse, huge numbers of retirements wiped out, energy costs ever higher, incredibly massive new Federal debt spending, Americans polarized, inevitable much higher taxes, China bubble, U.S. Constitution dead and buried..... etc
Bull stock market!Comment
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Re: Dubai default !!!!!!!
I lifted this from another site:-
Dubai is in the grip of a panic, not see personally by me, since the run on Northern Rock. The once nicknamed "the paris of the middle east" is experiencing what I would describe as a run on Dubai.
Just a few years ago, you could withdraw the equity in your home and go to lovely Dubai and buy an apartment in a luxurious part of town, rub shoulders with the celebs, driving around town in your flash harry car and Living the Life of Riley.
Now property has crashed and this is a place in the world where they throw you in prison for bouncing cheques. The spiral of economic decline started a little over a year ago and todays annoucement that the propreitor of all this opulance, the development arm of the Dubai Government is now cap in hand to its creditors asking for more time to pay it debts have prompted many to realise as we all have. No good can come out of Dubai at the moment.
Expats are bouncing over 500,000 cheques in the first 4 months of 2009. Where did they get all the cheques from anyway and who still takes cheques. Well not the Dubai folk after this carry on. They are throwing people in prison saying they will dealt with severely and lets face it, that doesnt mean you get a Ł35 penalty on your bank account, which is now ok according to the Supreme Court in England. It means some hairy Policeman get to work out his agression on your abdomen, several times a week.
They have started confiscating passports to force people to pay their debt as people were just driving to the airport and getting on the next flight home. Now their seizing passports and checks at the airport. They are inspecting visas and asking people who have UAE visa to step out of the line, while they perform some routine checks. These checks amount to asking creditors did they know that their debtors were about to board a flight out of the Dubai. The creditors can then request the airport police to confiscate the travellers passports. They have even starting to add stickers in passports from creditors to debtors, to make identification of them much easier, should flight be an optional for the non-paying.
If you have run up debts in the emirate then I dont think you will be boarding any flights homebound soon. The panic has ripped through the expat community like wildfire and many want to leave. The British Embassy position on this is that it is a criminal offence to write a cheque which is later dishonoured and as such you will be dealt with entirely by the criminal justice system of Dubai.
This is the beginning of the end.
What was that line From "Hotel california" (eagals)
"You can cheque out any time you want, but you can NEVER leave".
MikeComment
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Re: Dubai default !!!!!!!
That news simply reversed gold's weak trend of earlier today on its head:Originally posted by Mega View Post
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Re: Dubai default !!!!!!!
Market dip. CNBC - everyone buy! Don't want to miss the BIG rally.Comment
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Re: Dubai default !!!!!!!
I heard a commentator on the BBC said that the rich neighbors will bail out Dubai...but at what cents in the dollar..Dubai is in the grip of a panic, not see personally by me, since the run on Northern Rock. The once nicknamed "the paris of the middle east" is experiencing what I would describe as a run on Dubai.Comment
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Re: Dubai default !!!!!!!
Dubai World’s lenders include Credit Suisse Group AG, HSBC Holdings Plc, Barclays Plc, Lloyds Banking Group Plc and Royal Bank of Scotland Group Plc, according to a person familiar with the situation. Credit Suisse fell 5.4 percent in Zurich, HSBC slid 4.8 percent, Lloyds sank 5.8 percent and RBS retreated 7.8 percent in London, where a trading glitch earlier halted trading in many stocks for more than three hours.
Don't you just love the word "GLITCH" and its propensity to happen at the wrong time :rolleyes:
JP Morgan and GS have some urgent housework to do.Comment
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Re: Dubai default !!!!!!!
Well, glitches are more likely to happen at times like this because of the heavy order flow. Traders collectively have a lot more machines generating "sell" orders, than LSE has dispatching them. (Note: the previous big glitch at LSE was during the week of the Lehman bankruptcy, so looks like Dubai ranks right up there on this scale at least).Originally posted by thunderdownunder View PostComment
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Re: Dubai default !!!!!!!
this is precisely the event ej predicted to bring the stock market down before the end of 2009...Originally posted by icm63 View Post
and here we go...ND: Tavakoli thinks another wave of deflation is coming.
EJ: She’s in the camp that believes that the next panic will be like the last one, with a rush into dollars producing a brief surge of deflation as the herd stampedes to deleverage. She’s of the opinion that banks and financial institutions remain leveraged and when they get caught out again, we’ll see another late 2008 event or even worse. I agree that they are leveraged, but the context is entirely different. The Fed has already exploded its balance sheet. The risk is now with sovereign not private debt, not only in the U.S. but in Europe as well. I think the next panic will be triggered by a sovereign debt default somewhere and it will lead to a global currency crisis not unlike the Asian currency crisis but involving major currencies.
ripple, ripple, ripple...Dubai debt fears hit world markets hard
Dubai debt fears, dollar slide hit world stock markets hard
LONDON (AP) -- World stock markets tumbled Thursday as investors fretted over the debt problems at Dubai World, a government investment company, and the continuing slide in the dollar, which earlier fell to a 14-year low against the yen.
FTSE 100 5,194.13 -170.68 -3.18%
DAX 5,614.17 -188.85 -3.25% 
CAC 40 3,679.23 -129.93 -3.41%
Dubai debt worry ripples across globe
Nov 26, 2009 ... Markets News Afternoon: Shares slide on Dubai default worries; London Stock Exchange resumes after technical hitch ...
www.financialpost.com/story.html?id=2268603 - 6 hours ago
Dubai debt worry ripples across assets (Reuters ...
1 post - 1 author - Last post: 8 hours agoYahoo! Finance's Avatar. Join Date: Oct 2006. Posts: 66683. Yahoo! Finance has a good reputation. Default Dubai debt worry ripples across assets (Reuters) ...
http://www.onlinetradersforum.com/sh...d.php?goto...t... - 8 hours ago
Why Dubai's debt troubles are rattling global markets - The Globe ...
Nov 26, 2009 ... Dubai's troubles ripple through markets ... risks contagion in others … and the impact of a Dubai default could have serious repercussions, ...
www.theglobeandmail.com/report...dubais.../article1378190/ - 6 hours agoComment
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