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The golden eye…6 days ago
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9 comments:
What is she saying? Not all of us can watch & listen to these videos.
What is going on in Russia? The Ruble has been plunging against both the $USD and the euro.
Linkey: http://tinyurl.com/7aync3m
I will do a summery asap.
Mammoth she talks of little other than the risk in the market and corporations are moving money out of Euros and into Dollars. She thinks we have two legs down to a bottom, but she is not calling it one as really no one ever does IMO. Oil is a particularly bad investment. Other than that not much more you can say in 5 minutes.
Glad we spent every last euro we had when we were over there! (Then we came home to find another thousand of them in a drawer that we had forgotten about. You know you're doing OK when you can have four figures of cash in an envelope that you just overlook... We'll sell it to our neighbour, who's going on holiday with her daughter to visit a foreign exchange student from Hamburg they hosted, then on to the German family's holiday home in Croatia, and the resort on Crete where the Krauts hang out. Sometimes I think I live a charmed life, then I look at theirs...)
I do hold some Swiss francs, which are effectively .8333% euros with the peg, so I shouldn't be sanguine. However, there's always the thought that Swissies might be freed from their peg if the euro evaporates. Then they might go bouncing up merrily, like a rubber ball suddenly escaping from a fat kid in a swimming pool. Wouldn't that be fun?!? For me, at least. Untold disruption for hundreds of millions of people in Europe. But it's stuff like that that makes me follow the financial news with giddy and nervous anticipation.
One interview I heard the other day was what a bath the swiss have taken as a result of pegging to the Euro and still they haven't had enough.
Today was a bad day for Europe; Spain finally come out and said it can't fix its problems by itself. The G7 could'nt come up with a solution to fix the problem; Germany is still refusing to pay for Spain's problems, and rightly so. Although today the Spanish bonds rose and stock markets were slighly higher, this very ugly problem is not going away. As fear creeps in, people are literally driving into Switzerland with car fulls of money to hide it; Swiss border guards are trying to stop them. This is bad juju folks.
As it stands now, the EUrocrats look to be helpless. If the VIX goes above fifty and/or gas goes below $3.00, I look for coordinated central bank action to both recapitalize banks and stabilize sovereigns. If it does come to this, it will be The End for Big O.
The Ides of June will be mighty interesting.
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