The freight train known as a world-wide recession hurdled itself into on coming traffic in North America today with our own TSX dropping nearly 3% today.
Speculation abounds that at some point later this afternoon Moody’s will Down Grade 17 banks around the world including our own RBC .
In addition,Bank Of Canada Governor,Mark Carney reminded us that our economy has been running on the fumes the fumes of borrowed money.
Oil also dropped to $78.20 per barrel.
Manufacturing around the world also hit lows although you can’t always believe figures from China until the goods are on the boat.( It’s probably worse than they say)
The Big Elephant in the room? Spain? No that’s tiny compared to Italy!
What do you think will happen?
Stay Tuned!
Update: As expected Moody’s cut ratings including RBC.
Thanks for theupdate on Moody’s/RBC. You’re right. The situation is quite precarious now and bears watching.
Thank you for this and enjoy the weekend!
15 banks down graded, and the BC electorate wants to install an NDP tax and spend administration?
Surf’s Up, aboard a tidal wave
http://www.youtube.com/watch?v=CP0wV7IvSiI
and look who we have in charge:
http://www.globaltvbc.com/video/premier+responds+to+clbc+outrage/video.html?v=2248872831&p=1&s=dd#video
You can’t make this stuff up.
No you can’t.
And it’s gets worse.we are now told the CLBC bonuses will be in place until the end of March.
What next?
Several things are going on here – first of all, we have falsified-inflation exacerbated by the fiat money system – prices are increasing artificially as governments print more cash!! Next we have the E.U. and their common currency/economy pulling down the rest of the world. They should have never amalgamated like the have. Lastly, sustainable growth is not exponential – the economy – is like a car – in that while it ‘can’ do 180 KM – it cannot be constantly driven in overdrive – it will blow apart.
Interesting> Thank you for your comment!
Settle down the market goes up and then the market goes down
give your head a shake
I shook my head and 15 banks including the RBC had their ratings downgraded.
Must have been a bad day at the office!
Thank you for reading and commenting!