It looks like you're using an Ad Blocker.
Please white-list or disable AboveTopSecret.com in your ad-blocking tool.
Some features of ATS will be disabled while you continue to use an ad-blocker.
Are there any Saven Havens left other than the Dollar?
What happens when Greece defaults prior to Chairsatan´s ... Speech?
Everyone will flee into the Dollar,"forcing" the FED to implement QE3 because of Deflation...and since Banks were flooded with Dollars last Week,they won´t go down...will they?
Which Banks got the Money from last Weeks intervention?
Month to date excise taxes as of August 31 were down by 10%
The data suggests that the economy fell off a cliff in August.
Corporate taxes were down 23%, month to date versus last year. This is a sharp deterioration from the year to year change at the end of July when it was only down 17%.
Even though Europe is closed, and the requisite ES ramp appeared on cue just as expected, Reuters has released some news which will put the Risk Off trade solidly back on the books, after it announced that "Italy will shortly cut its growth forecasts for this year and 2012 to bring them more into line with those of independent bodies, but the prospects for public finances have improved due to an increase in value added tax, government sources told Reuters on Monday." It continues: "A government forecasting document to be published in the next few days following the austerity plan approved by parliament last week will cut the 2011 growth forecast to 0.7 percent from 1.1 percent and lower the 2012 forecast to "1 percent or below" from 1.3 percent, the sources said." Someone who will certainly be very unhappy with this news is Moody's which is already delaying cutting Italy (and said last week it will have to do something within the month), but this will make any additional delays impossible, as well as push the rating agency to trim the country's credit rating by more than just one notch.
...which means Italy may be downgraded pretty soon...whick makes everything even worse even faster...
Notice how the two weeks prior to this week, prices crashed through the yellow ribbon(180&270 moving averages) naturally prices will retrace back to the moving average it broke through and then to the next significant moving averages(orange lines and then red ribbon) and now it's sitting just barely into the red ribbon so the markets are going to need to make a big decision in the next couple days/week.
In an emailed statement from the Greek finance ministry, we are told not to expect to hear anything from anyone about anything. Sounds like they have it all under control then...
GREEK CALL WITH TROIKA MAY CONTINUE TOMORROW OR LATER: MINISTRY :-Are they all on hold for Bernanke?
GREEK FINANCE MINISTRY SAYS NO CABINET MEETING PLANNED SEPT. 20 :- Deny, Deny, Deny, or simply Lie, because this contrasts with earlier reports that G-Pap would convene a cabinet meeting after the call.
Bernanke even came out recently and said that gold is only symbolic, so how do you know they're going to even want gold when tshtf? And what if they're just trapping conspiracy theorists? Soros called it the ultimate bubble for a reason.
Originally posted by marg6043
So I don't think the government in Greece is going to survive much longer.
David Cameron must call a referendum on Europe or face a rebellion from his own party and a backlash from voters, a leading back-bench Tory warns today.
Mark Pritchard, the secretary of the 1922 committee of Conservative MPs, is the most senior Tory yet to demand a vote on Britain’s membership of the European Union following the eurozone crisis.
Writing in The Daily Telegraph, Mr Pritchard says that the EU has become an “occupying force” which is eroding British sovereignty and that the “unquestioning support” of backbenchers is no longer guaranteed.
He says the Government should hold a referendum next year on whether Britain should have a “trade only” relationship with the EU, rather than the political union which has evolved “by stealth”.
He warns that the Conservatives will see constituents “kick back” if taxpayers are forced to foot the bill for the failure of “unreformed and lazy” eurozone countries to introduce fully-fledged austerity measures.
Mr Pritchard is a leading figure in a group of 120 Conservative MPs who are pushing the Prime Minister to set out a “clear plan” for pulling back from Europe.
In a shocking representation of just how bad things are in Europe, the FT reports that major European industrial concern Siemens, pulled €500 million form a large French bank, which is (not) BNP and leaves just [SocGen|Credit Agricole] and deposited the money straight to the ECB. The implications of this are beyond stunning, as it means that even European companies now refuse to work directly with their own banks, and somehow the ECB has become a direct lender of only resort to private non-financial institutions! As Bloomberg reports further on the FT story, in total, Siemens has deposited between 4 billion euros and 6 billion euros, mostly through one-week deposits, with the ECB, FT says, cites the person. It isn’t clear from which bank Siemens withdrew its deposits, per the FT... but it is hardly difficult to figure out. BNP Paribas isn’t the bank involved, FT reports, cites unidentified person familiar with the bank. This story should be having far more impact on the EURUSD than any rumors about Greece lying it will fire all of its public workers only to make sure Eurobanks can survive one more day.