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Welcome to Armageddon Online - Disaster News, Future Scenarios, Preparedness and Survival |
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Another Great depression? Economic Meltdown? |
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The News -
Economy
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July 03, 2007 |
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"The United States faces a severe credit crunch as mounting losses on risky forms of debt catch up with the banks and force them to curb lending and call in existing loans, according to a report by Lombard Street Research." Source : Telegraph / Money "The Bank for International Settlements issued a warning this week that the Federal Reserve’s monetary policies have created an enormous equity bubble which could lead to another “Great Depression”. The UK Telegraph says that, “The BIS--the ultimate bank of central bankers--pointed to a confluence of worrying signs", citing mass issuance of new-fangled credit instruments, soaring levels of household debt, extreme appetite for risk shown by investors, and entrenched imbalances in the world currency system." Source : Global Research "The dollar traded within a cent of a record low against the euro and the weakest in 26 years versus the British pound on speculation higher interest rates in Europe will lure investors away from U.S. assets. Central banks in England and the EU are expected to raise rates soon. With the dollar trading at $1.3627 to the euro, Tempus Consulting trader Mark Meadows expects "to see the euro-dollar test the record level this week.'' Source : Chicago Sun Times
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