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?
Update: As expected Moody’s cut ratings including RBC.