« The Bank of England And the Panic Of 1873 | Main | THE PANIC OF 1873 2008! »


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well hopefully everyone will get their $800 off Uncle Decider soon and everything will be okey dokey then.


Check out this possible scenario by:

Countdown to a Meltdown by James Fallow



Box Canyon with only 12 hours to decide. Leave rates unchange, with the resulting recession turning into a minor depression and interest rates will once again be above the rate of inflation along with 12-20% unemployment, homes selling for 25 cents on the dollar if they are lucky, and riots before election day (Countries with Reserves would benefit). Cut rates in increments of 1-2% until you get to Japan's rate, get a small orgy for 6-9 months along with hyperinflation in commodities, in the process killing the yen carry trade and dollar leading to a greater depression with 25% or greater unemployment further out along with fuel and food shortages (Countries up to nose in debt would benefit with this debasement). The trillion question is will the sovereign wealth holders (like China) allow the market to crash before the Western Bankers can debase the sovereign wealth holders reserves (like China).


Don't forget China is now the world's largest gold producer and they are in the process of locking up all of Africa's mineral resources including gold.

Isn't it obvious by now Russia (another gold producer) and China are preparing for a fiat collapse and corner the remaining oil supplies by paying in gold??

It is the Mexican Standoff time - make the wrong move...the Dragon will hit both US & Japan with its massive reserves. Nothing will give it more pleasure than seeing Miz Japan writhe in pain. US economy will become a casualty of war between Gandolf & Sauriman (P.S. China is not Sauriman)


This is kind of funny: it is a "tribute" to Bernanke, set to the song "Whiter Shade of Pale": http://calculatedrisk.blogspot.com/2008/01/bernanke-rock-blogging-whiter-shade-of.html.

Europe melted down after Asia this morning. Asia is set for another big drop tonight. And US futures are down 2.5 - 3 per cent.

I can hear the whoop-whoop-whoop of helicopter blades in the distance. I'm betting on an intermeeting rate cut this week of 1/2 to 3/4 point, though Ben might go for the Full Monte cut rates a full point. I'm guessing they'll time it to correspond to the SOTU, in which Dubya can jawbone about how strong the US economy is (just a little "downside risk", dontchaknow).


Good summary, LQL.

"Countries up to nose in debt would benefit with this debasement."

Well, guess which the US (up to its nose in debt) will choose?


For those of us who hasn't caught on to events that happened in the last 48 hrs:

Bond Insurer Defaults:


And here's Jim Cramer's take:


Brace for Impact!!

Random Dude

I don't know about you, but I'm seeing a lot of value being wiped off the Hang Seng.


The beginning of GAME OVER?


A thing I read today, that I liked so much I have stolen it:
Why I like John McCain? He is the only candidate to have been tortured; therefore he is the only politician to have gotten what he deserved.

Elaine Supkis

I was out all day and of course, we have a Panic of 1873!

The thing about 'seeing ahead' is to look backwards which is why I decided the 1873 event was most appropriate due to the news clippings sounding an awful lot like my blog.

And when I saw the Nikkei Sunday night, I said, 'Off the cliff!'

Forex Tracer

Thanks for the post mate.

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This was an age of innocence and happiness.God bless you all, and God bless America !

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What a beautiful and brilliant explanation of these complex events. Cheers.


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This was an age of innocence and happiness.God bless you all, and God bless America !.....

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This was an age of innocence and happiness.God bless you all, and God bless America !


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