MrBen, Menelaus caught you with your pants down

dollar trading as of 2pm today at 1.0052, slightly above parity, but up 4 cents on its week low.

as for stocks, a wise man would make sure he has invested in Australian stocks if italy collapses.

scare mongers do more damage than good, this country is expected to grow 3.25% next year with the government allowing for damage done in europe.
even new housing increased 5.5% this year.
RBA are tipped to drop interest rates by .05% in december.
china off loads only 25% of our iron ore and as i said,contracts in iron ore to fill 2012,13,14 are in full swing ensuring a massive trade uplift in exporting.

the strongest ecconomy in the world will not go into a recession.

Hey megsy you seem to know. Whats your call on ES ?

hey Mrben , always thought it was a bad idea to declare a position. You are married to it even if you change your mind :) I bet you don't trade solely on fundamentals. Or maybe I'm wrong.

Mrbean

can you back this statement up with any facts?


"betting figures are plummetting- no cash"

im no expert, im like most who keenly follow world financial problems and this discussion thread was made on ones opinion which gives everyone the right to reply with their opinion.

the writer states scare mongering opinions,
until Australia goes under how MrBen describes, i will state how healthy this great country is compare to the world.

personally its hard to see europes leaders not find a solution to italys woes as it benefits all european countries if they do, hence avoid a repeat of 2008

make your own opinion.

Italy has accelerated the IMF talks after the European Central Bank and Germany made clear last week they would not support Rome directly, the IMF source added.

But Italian officials questioned the point of a rescue plan for Italy alone when the whole of the euro zone is at risk.

The EU official said it made more sense for both Rome and Madrid to receive precautionary support, potentially involving the euro zone's rescue fund providing partial insurance for their bonds alongside the IMF-supervised credit.

Reuters reported exclusively on Nov. 17 that euro zone and IMF officials have discussed the idea of the ECB lending to the IMF, to provide the fund with sufficient resources for bailing out even the biggest euro zone sovereigns.

However euro zone officials said on Tuesday this would only be a last resort.

"If Italy gets into trouble, euro zone countries can decide to increase the resources of the IMF to provide money for the bailout, and they can do that through national central banks, who would simply print the money," one euro zone official said.

"This idea has been discussed, but it is in the background, it is not the main scenario," the official said.

A second euro zone official said the loans could be channeled to the IMF through the New Arrangements to Borrow.

The gambit could be a way of getting around legal restrictions on the ECB financing government borrowing or lending to the EFSF rescue fund

You are all clueless. Benny, megsy, the whole lot of you. You should stick to trading tips on the runners and leave commenting on financial matters to those who know what they are talking about.

We are all going down. DMs, EMs, the whole lot. We already are in a global depression it's just that most people haven't clued in yet (READ THE WORKS OF YOUR OWN BRILLIANT ECONOMIST STEVE KEEN). But not for the reasons that benny thinks.

It's not what Obama or the IMF or the CBs or the OECD say that matters, they are all looking backwards, it's understanding how we got to this point and we can no longer sustain that matters.

We have attained this high level of life style in the DMs, which pulled the EMs along, on the back of an enormous pyramid of debt (that's what our monetary system is) and cheap oil. The debt pyramid has collapsed and cheap oil is gone. Forever.

There are profound changes coming out way. Protect yourselves.










Here's one of my recent posts on the financial forum to help you understand:

Menelaus Joined: 03 Feb 05
Replies: 1298 22 Nov 11 17:12
melv, the system is failing......because it was designed to fail from the outset. The bankers know that, the public evidently still doesn't.

Money is created as DEBT.

Debt is a claim upon future GROWTH.......that is what the interest is.

Exponential growth is needed in the current monetary system to pay the coupon. That's how compounded interest gets paid.

The minute real organic growth stops, the system collapses. The government in order to prolong the status quo......BORROWS ON YOUR BEHALF whether you like it or not. This kicks the can down the road for a while. The problem being that this kind of borrowing leads to malinvestment, capital misallocation and more debt that can not be serviced. Accelerate the rate of the demise by the madness of morphing that debt into 40 or 50 times the money in an ever increasing pyramid of debt, layer on top of that the disappearance of cheap oil which inhibits real growth, and...........boooooom, the ponzi system collapses onto itself.

This is where we are at now, it's just that most people haven't clued in yet.

Hyperinflation.....is how this ends. What confuses people are the bouts of deflation in between.

This stuff is not rocket science FFS.

AUD hitting 1.03

Nice call Benny.


It's called policy response Benny, and unless you start to factor that in your childish analysis you'll continue to be fodder for the big boys.

Don't say I didn't warn you Benny:

Menelaus Joined: 03 Feb 05
Replies: 1310 20 Oct 11 13:09 
Even at that he gets it wrong as to how events will unfold because he assumes policy makers and central banks will sit on their hands while deflation sets in.  I'll say no more though, I've decided to stop being in the business of opening eyes that are firmly shut.

7.15 am this morning.......EUROPEAN shares have rocketed and the euro has leapt above $US1.35 ($A1.35) as leading central banks pumped liquidity into the financial system to prevent a second credit crunch linked to the eurozone debt crisis.

The European Central Bank, the US Federal Reserve and central banks in Japan, Britain, Canada and Switzerland unveiled co-ordinated lending action overnight to reduce strains on financial markets.

In response, stock markets surged.

London's FTSE-100 index of leading shares finished the day up 3.16 per cent at 5505.42 points, while in Paris the CAC-40 jumped 4.22 per cent to 3154.62 points.

In Frankfurt the DAX 30 ended up 4.98 per cent at 6088.84 points after having been over five per cent.

Madrid climbed 3.96 per cent and Milan gained 4.38 per cent.

The European single currency hit a one-week peak of $US1.3533, from a level of around $US1.33 moments before the news. At 5pm GMT (4am AEDT) the euro was trading at $US1.3462, still up from $US1.3317 late on Tuesday local time.

Start of sidebar. Skip to end of sidebar.
End of sidebar. Return to start of sidebar.
Across the Atlantic, Wall Street also shot higher after the six central banks announced co-ordinated measures that are aimed at ensuring the financial system could weather the severe stress in the eurozone.

Approaching midday the Dow Jones Industrial Average was up 3.74 per cent to 11,987.82 points while the broader S&P 500 had climbed 3.49 per cent to 1236.88 points and the tech-heavy Nasdaq added 3.57 per cent to 2605.38 points.

"Another co-ordinated central bank intervention, and one that caught markets completely off-guard," said analyst David Morrison at GFT trading group.

"The move brings relief as it removes immediate liquidity fears."

European stocks had begun overnight by trading in negative territory as eurozone finance chiefs struggled to boost the firepower of a bailout fund for indebted members at a key gathering in Brussels on Tuesday.

But following the central banks' action, Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said: "The world's central banks have shown the European area the meaning of decisive and coordinated action."

The central banks said in a joint statement that they were acting in a coordinated way to reduce strains on the financial markets and boost lending to businesses and consumers.

They added that they were lowering the cost of providing dollars to banks, and were engaging in "coordinated actions to enhance their capacity to provide liquidity support to the global financial system".

"The purpose of these actions is to ease strains in financial markets and thereby mitigate the effects of such strains on the supply of credit to households and businesses and so help foster economic activity," they said.

The arrangement allows the central banks to lend dollars to commercial banks that might be finding it hard to borrow them directly from other banks and is aimed at easing tensions in the crucial interbank lending market.

The banks added that they were not only reducing the cost of this operation, but also extending it until February 1, 2013.

European stock markets began their rebound in late morning deals after China unexpectedly cut its ratio of obligatory bank reserves, offsetting concerns about the eurozone debt crisis.

China's central bank said it will cut the reserve requirement ratio for the country's banks by 0.5 per cent, in the strongest move yet to ease restrictions on lending.

I think the Europeans could have a chance in the cup this year.

UPDATE 10.35am: source , heraldsun business... THE Australian stock market soared 3 per cent on opening after global markets rallied strongly overnight as central bankers unleashed a new campaign to rebuild the shattered confidence of investors around the world.

Financial and miners led the charge, boosting the value of Australian companies by almost $35 billion after Wall Street registered its biggest one-day rise this year.

The benchmark ASX 200 index jumped 2.8 per cent to 4237 points on opening.

more news.....RETAIL spending rose 0.2 per cent in October, which was lower than market expectations, according to official figures.

Retail trade rose in the month to a seasonally adjusted $20.951 billion, compared to a downwardly revised $20.899 billion in September, the Australian Bureau of Statistics said today.

Economists' forecasts had centred on a 0.4 per cent rise in retail sales in the month of October.

AUSTRALIAN residential building approvals fell 10.7 per cent to 10,484 units in October.
This compares to a downwardly revised 11,740 units in September, seasonally adjusted.

In the year to October, building approvals were down 29.8 per cent, the Australian Bureau of Statistics (ABS) said today.

Houses are not designed to go up every year, stupids.  We have many young married couples ready to get their opportunity as first home buyers when prices start to decline, ones in secure jobs should take advantage when the time is right.  Its all part of the game.  Labor has done a great job reducing interest rates to record lows.

didn't they change the rules around foreign ownership?

Australia's big four banks have had their credit ratings downgraded by Standard & Poor's as the agency changes its criteria for assessing banks.

Westpac Banking Corporation, Commonwealth Bank of Australia, ANZ Banking Group and National Australia Bank all had their issuer credit ratings downgraded by one notch from AA to AA minus.

Macquarie Group had its long-term rating downgraded from A minus to BBB.

http://au.finance.yahoo.com/news/S-P-cuts-ratings-big-four-aap-954052976.html?x=0

if i was a politican ... i'd probably be pushing for a pay rise about now

(as no chance once the fan is full of muck)

British banks are being asked to increase their capital and prepare for a "systemic crisis" which might include the break-up of the eurozone.

Speaking overnight, Bank of England governor Mervyn King warned UK banks to start stockpiling money.

Describing the eurozone debt problems as "extraordinarily threatening", he urged banks to limit bonuses, stop paying dividends, and ask their shareholders for more capital so they can survive the economic gale blowing in from Europe.

http://au.finance.yahoo.com/news/UK-banks-told-stockpile-money-abc-166078542.html

this is the more favourable link.

http://www.yourshare.com.au/default.aspx

thebas, me either until a few weeks ago and its legit, im in the process of filling the forms out myself. anything money returned is good money.