Celticguy (12-07-2022), Controlled Opposition (12-07-2022), Matt Dillon (12-07-2022)
Members banned from this thread: moon, ThatOwlWoman, Jade Dragon, AProudLefty and Doc Dutch |
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Looks like yet another 2008 is in the offing. Only this time it is on a scale never ever seen before. Of course we'll need to consult the likes of Con Artist first though. He's the main man, according to him anyway.
This warning does not come from some headline-grabbing doomsayer but arguably the most respectable financial body of all, the Bank of International Settlements (BIS). This is a body of central bankers based in Basle, Switzerland.
BIS is know as “the central banker’s banker”, an umbrella body for august institutions such as the Bank of England, US Federal Reserve and European Central Bank.
Its researchers can predict financial crises three years in advance using machine learning to aggregate predictions from different models.
Now they are warning of a crash the scale of which we have never seen before, with a staggering $80trillion (£65trillion) at stake.
To put that into perspective, the global financial crisis was triggered by the collapse of Wall Street investment bank Lehman Brothers in September 2008.
That was the largest corporate bankruptcy in US history but its debts totalled "just" $619billion. That is less than one percent of the sums at stake today. One global financial expert contacted by Express.co.uk said a hidden corner of the finance world has been stretched to an “unsustainable” point, leaving the world in a “dangerous position”.
'It'll wipe out every dollar in the world' - new crash fears as $80trillion 'goes missing'. The world faces a staggering financial meltdown with potential losses exceeding the total number of US dollars in circulation.
https://www.express.co.uk/finance/pe...h-meltdown-BIS no no
Last edited by cancel2 2022; 12-07-2022 at 06:56 AM.
Celticguy (12-07-2022), Controlled Opposition (12-07-2022), Matt Dillon (12-07-2022)
It's all primed and ready to go.
I choose my own words like the Americans of olden times........before this dystopia arrived.
DARK AGES SUCK!
AProudLefty (12-07-2022), christiefan915 (12-07-2022), Guno צְבִי (12-07-2022), Phantasmal (12-07-2022)
The article is bullshit. The ‘quote’ is unattributed and the BIS made no such conclusion.
The actual story:
https://www.reuters.com/markets/curr...nt-2022-12-05/
cancel2 2022 (12-07-2022)
AProudLefty (12-07-2022), evince (12-07-2022), Guno צְבִי (12-07-2022)
Celticguy (12-07-2022)
Personally, I think the Financial World has larger concerns and issues!
Here the Crypto Market is starting to look like a Space Station teetering on the edge of space about to fall back to earth and burn up in the Atmosphere on it's way down.
This is going to cause a chain reaction throughout the entire Funny-Money market.
But for you Masochists and Suicide Kings the price is right- RIGHT NOW!
Last edited by Geeko Sportivo; 12-07-2022 at 09:44 AM.
evince (12-07-2022)
some things we can take away from this.
1. That 80 trillion went in to a sizable number of elitist pockets
2. the dollar/economy will certainly not tumble because those elitists will want their absconded cash to stay valuable.
3. all the government spending only hurts us, we the people, but some people are too partisan stupid to see it
A sad commentary on we, as a people, and our viewpoint of our freedom can be summed up like this. We have liberals and conservatives, Democrats and Republicans, yet those very people look at Constitutionalists as radical and extreme.................so those liberals and conservatives, Democrats and Republicans must believe that the constitution is radical and extreme.
cancel2 2022 (12-07-2022)
Althea (12-07-2022)
There is just an incredible amount of ignorance in the OP and in some of the responses. Let me clear things up.
1. There is only about 2 trillion dollars of actual currency in circulation. So if some dollar figure is greater than the amount of currency in circulation, it does NOT mean that it could 'wipe out the dollar'. That's hyperbolic and stupid, and it was NOT what BIS stated. That's bullshit #1.
2. The money is not 'missing'. Obviously, whoever said that is ignorant. It already exists. It simply exists in the form of a currency swap, meaning the holder can exchange the foreign currency for US dollars. Since the dollar is very strong against other currencies, there is a possibility that some of those may be executed, but frankly, it's unlikely. There is a reason it is being held in that manner. But it doesn't really matter. It would not cause a 'crash' because it is not a demand for CURRENCY. It is a demand for dollars. Anyone who thinks those two things are the same should never, ever participate in an economic thread. The reality is that almost every single holding of almost every single person in the US is convertible to dollars. In other words, this is really much ado about nothing. So that is bullshit #2.
3. The article does not suggest that this would cause a crash of any kind. That is bullshit #3
Primavera is a fucking moron. I think we all knew this already.
cancel2 2022 (12-07-2022)
Althea (12-07-2022), Guno צְבִי (12-07-2022)
A Dutch pension fund or Japanese insurer could use borrow dollars then lend them as euros or Japanese yen, before later repaying them.
The FX swap market has a history of problems, including funding squeezes during both the global financial crisis and again in the early days of the Covid pandemic, before the Federal Reserve raced to the rescue.
Terrifyingly, the $80trillion-plus "hidden" debt estimate is greater than the total stocks of US dollar Treasury bills, repo and commercial paper in circulation combined, BIS said.
In other words, it's bigger than the mighty dollar.
It has grown from $55trillion to $80trillion in a decade, with daily FX swap deals totalling a massive $5 trillion a day.
Non-US banks and pensions funds have twice as much FX swap dollar obligations as the amount of dollar debt that is listed on their balance sheets.
This is why it matters what other nations do huh
This is why it MATTERS to police financial institutions and tax them properly
Thanks for admitting the Democratic Party has wise financial ideas
But we all know you assholes will blame your political enemies if this actually takes place as predicted huh
You will somehow claim the Fix is to DEREGULATE everything and to cut more corporate taxes
Fucking idiot Austrians that you are
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