GFC II on its way: Norris

GFC II on its way: Norris

www.smh.com.au

OUTGOING Commonwealth Bank chief executive Ralph Norris has warned that the European debt crisis has entered a dangerous phase, likening the current turmoil to the global financial crisis of three years ago.

Mr Norris said global money markets ''effectively froze'' this week as Germany failed to sell the entire stock of €6 billion ($8.2 billion) worth of long-term bonds.

(visit the link for the full news article)

His comments came as the leaders of the euro zone's key economies, France and Germany, met in France overnight to resolve differences over how to handle Europe's debt crisis.
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But Mr Norris, who retires next Wednesday after more than six years in the role, cautioned that credit-crunch conditions were returning, which is threatening to choke off funding for banks around the world.

''This has potential to be significantly worse than the Lehman Brothers collapse and the subprime crisis because now we are talking about nation states,'' Mr Norris told BusinessDay.

''If you have a situation like you had today, where markets had effectively frozen, then it doesn't matter how good your name is, you are not going to be able to access markets,'' Mr Norris said. ''As of today, no banks could access these markets.''

Read more: www.smh.com.au...

For anyone confused as to what the Commonwealth Bank is, it is one of Australia's "Big 4" banks.

Although he is telling us what we here at ATS have known for some time, it is still scary and an indication of the seriousness of this situation that this message should come from the Chief Executive of the Commonwealth Bank. If this doesn't serve to wake those up who still believe everything is rosy, I don't know what will.


www.smh.com.au
(visit the link for the full news article)

Originally posted by Kryties

His comments came as the leaders of the euro zone's key economies, France and Germany, met in France overnight to resolve differences over how to handle Europe's debt crisis.
Advertisement: Story continues below

But Mr Norris, who retires next Wednesday after more than six years in the role, cautioned that credit-crunch conditions were returning, which is threatening to choke off funding for banks around the world.

''This has potential to be significantly worse than the Lehman Brothers collapse and the subprime crisis because now we are talking about nation states,'' Mr Norris told BusinessDay.

''If you have a situation like you had today, where markets had effectively frozen, then it doesn't matter how good your name is, you are not going to be able to access markets,'' Mr Norris said. ''As of today, no banks could access these markets.''

Read more: www.smh.com.au...

For anyone confused as to what the Commonwealth Bank is, it is one of Australia's "Big 4" banks.

Although he is telling us what we here at ATS have known for some time, it is still scary and an indication of the seriousness of this situation that this message should come from the Chief Executive of the Commonwealth Bank. If this doesn't serve to wake those up who still believe everything is rosy, I don't know what will.


www.smh.com.au
(visit the link for the full news article)

I have seen a lot of evidence and comments from people suggesting a double dip in the economy to the point Im waiting for it to happen, the time is very very near, and I no longer doubt it coming.
Am I prepared for it? No. How can one really be prepared for it?
I will take my chances, and if im one of the first to fall from it, then so be it, at least my suffering is cut short.
Im already suffering really badly with 3 different debt collection agencies on my case, at this point I have nothing to lose. So what may come, can come. Bring it on.

Bumpity bump goes the thread. I would hate for this to get lost in the onslaught of threads here on ATS.

Good find. But I don't like Norris, and that is putting it nicely - with my two years of haivng a mortgage with the bank and it raised interest rates over and above the RBA on two occasions. Anyway I agree with it and it would know because it has to borrow money and knows the costs of those borrowings.

I would like to add this article to the thread....

www.moneynews.com...

Originally posted by OneManArmy
I would like to add this article to the thread....

www.moneynews.com...

Here is a quote I pulled from that article.

In the Aftershock Survival Summit, Wiedemer reveals what the publisher didn’t want you to see. Citing the unthinkable, he provides disturbing evidence and financial charts forecasting 50% unemployment, a 90% stock market collapse, and 100% annual inflation.

Scary numbers, I guess.
Wouldn't it be simpler to just say the stock market is worth 10 cents on the dollar?

What's you take on it OneManArmy.


David Grouchy

That article ^ is a sales pitch. Anyway the RBA boss urges Europe to 'find a solution' stating:

"We're fast coming to a point where parties who have to come up with a solution have to hurry up and do it," Reserve Bank of Australia governor Glenn Stevens said on Thursday.

You know the world is in a bad way when even Chuck Norris is foretelling economic collapse.

On a serious note though...
I think it would be horribly nieve for us to think of this as a "double dip" scenario. This isn't a recession. It isn't GFCII. Look around you. Look at the movement in this world physically, financially, politically... even at the grassroots movements like OWS and so on. Anarchy is everywhere, nobody has any faith in the systems of this world anymore, and even nation states are being taken over and dominated by the will of the few against the many... and then subverted.

Welcome to the end of the world as we know it.
I'm feeling fine... you?