Countdown to Financial Armageddon
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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
Curated by Nick Laight
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Uh Oh! Fitch downgrades six global banks

Uh Oh! Fitch downgrades six global banks | Countdown to Financial Armageddon | Scoop.it

Ratings agency Fitch downgrades six of the world's largest banks, including Goldman Sachs and Barclays, citing the challenging financial markets.

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UK banks worst hit by looming credit squeeze

UK banks worst hit by looming credit squeeze | Countdown to Financial Armageddon | Scoop.it

The early stages of the looming credit crunch hit Britain even harder than struggling European countries, figures from the Bank for International
Settlements (BIS) show.

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Is that the best they could do? Global Bank Action Sees Short-Lived Rally In Stocks

Is that the best they could do? Global Bank Action Sees Short-Lived Rally In Stocks | Countdown to Financial Armageddon | Scoop.it

European markets have been trading flat on Thursday, after a brief but dramatic rally on Wednesday as the world's central banks took coordinated action to head off a fresh credit crunch.

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Moody's warns on French rating outlook

Moody's warns on French rating outlook | Countdown to Financial Armageddon | Scoop.it

PARIS (Reuters) - A rise in interest rates on French government debt and weaker growth prospects could be negative for the outlook on France's credit rating, Moody's warned in a report on Monday, adding...

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France cuts frantically as Italy nears debt spiral

France cuts frantically as Italy nears debt spiral | Countdown to Financial Armageddon | Scoop.it

France has unveiled the toughest austerity measures since World War Two despite the looming danger of a double-dip recession, vowing to slash borrowing by €65bn over the next five years in a last-ditch effort to save the country's AAA...

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Selling More CDS on Europe Debt Raises Risk for U.S. Banks

Selling More CDS on Europe Debt Raises Risk for U.S. Banks | Countdown to Financial Armageddon | Scoop.it

U.S. banks increased sales of insurance against credit losses to holders of Greek, Portuguese, Irish, Spanish and Italian debt in the first half of 2011, boosting the risk of payouts in the event of defaults.

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U.S. rating likely to be downgraded again

U.S. rating likely to be downgraded again | Countdown to Financial Armageddon | Scoop.it

NEW YORK (Reuters) - The United States will likely suffer the loss of its triple-A credit rating from another major rating agency by the end of this year due to concerns over the deficit, Bank of America Merrill Lynch forecasts.

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Berlin experts fear euro break-up from bail-out escalation

Berlin experts fear euro break-up from bail-out escalation | Countdown to Financial Armageddon | Scoop.it

Plans to increase the firepower of Europe's bail-out machinery with extra
leverage threaten France's AAA rating and risk setting off a dangerous chain
of events, a top German institute has warned.

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And so it goes... Italy and Spain debt downgraded

And so it goes... Italy and Spain debt downgraded | Countdown to Financial Armageddon | Scoop.it

Italian and Spanish government debt are both downgraded by the Fitch credit rating agency.

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Down, Down Down! UK banks hit by Moody's downgrade

Down, Down Down! UK banks hit by Moody's downgrade | Countdown to Financial Armageddon | Scoop.it

Moody's downgrades the credit rating of 12 UK financial firms because it believes the government is now less likely to provide support.

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Sino Contagion? S.M.E. credit crisis 'could sweep China'

Sino Contagion? S.M.E. credit crisis 'could sweep China' | Countdown to Financial Armageddon | Scoop.it

The failure of a number of small and medium-sized businesses in Wenzhou marks the beginning of a much larger wave of corporate bankruptcies across the rest of China, economists warn.

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"The money ran out in June and what you are seeing now is the beginning of a new credit crunch, except this time it will be truly global, not Western,"

"The money ran out in June and what you are seeing now is the beginning of a new credit crunch, except this time it will be truly global, not Western," | Countdown to Financial Armageddon | Scoop.it

The global financial system is on the edge of a new credit crunch as the cost of insuring the bonds of banks across the world hits new highs, analysts
have said.

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Finally, UK Consumers Wise Up! Debit Cards Replace Credit Cards as Plastic of Choice

Finally, UK Consumers Wise Up! Debit Cards Replace Credit Cards as Plastic of Choice | Countdown to Financial Armageddon | Scoop.it

Credit cards have fallen out of favour with British shoppers, as consumers eschew high interest rates in favour of sensible spending and turn to debit cards.

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China's epic hangover begins?

China's epic hangover begins? | Countdown to Financial Armageddon | Scoop.it

It is hard to obtain good data in China, but something is wrong when the country's Homelink property website can report that new home prices in Beijing fell 35pc in November from the month before. If this is remotely true, the calibrated soft-landing intended by Chinese authorities has gone badly wrong and risks spinning out of control.

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Bloomberg Poll: Sixty One Percent respondents predict Chinese credit crisis by 2016

Most global investors predict China will face a banking crisis within the next five years, paring their appetite for the nation's shares and eroding confidence in its leadership, a Bloomberg Global Poll indicated.

 

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British banks could ask taxpayers for more cash as Credit Crunch Part Deux arrives

British banks could ask taxpayers for more cash as Credit Crunch Part Deux arrives | Countdown to Financial Armageddon | Scoop.it

Sir Mervyn King, the Bank's Governor, confirmed that there are "signs of a credit crunch already in the euro area". Banks have been ordered to slash bonuses to staff and payments to shareholders to get their houses in order as a second credit crunch bears down on the
country.

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Sir Mervyn King: Britain on the brink of second credit crunch

Sir Mervyn King: Britain on the brink of second credit crunch | Countdown to Financial Armageddon | Scoop.it

Britain is on the brink of a second credit crunch, the Bank of England warned
as it slashed its growth forecasts for the economy and raised the prospect
of a double-dip recession.

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What caused the financial crisis? The Big Lie goes viral.

What caused the financial crisis? The Big Lie goes viral. | Countdown to Financial Armageddon | Scoop.it

Rather than admit the error of their ways, those who helped cause the financial crisis are engaged in an active campaign to rewrite history.

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Abolish Credit Default Swaps

Abolish Credit Default Swaps | Countdown to Financial Armageddon | Scoop.it

It's time to abolish credit default swaps and similar exotic, impenetrable, essentially unregulated securities. They add nothing to economic efficiency, they line bankers' pockets, and they add massively to global financial risks.

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China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000

China cuts its US debt holding by $36.5 billion - the biggest sell off since 2000 | Countdown to Financial Armageddon | Scoop.it

China divested $36.5 billion or 3.1 per cent of its holding in the US treasuries in August, its biggest sell-off of dollar assets since 2000.

The move came as a surprise as China had bought over bonds worth $8 billion weeks before that.

Downgrade of US credit ratings by Standards & Poor's, in early August, had created a major crisis of confidence over US treasuries all over the world.

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Fitch downgrades UK bank ratings

Fitch downgrades UK bank ratings | Countdown to Financial Armageddon | Scoop.it

Ratings agency Fitch downgrades the credit ratings of two UK banks, Lloyds and Royal Bank of Scotland.

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Watch this BBC interview to see IMF advisor Predict GLOBAL BANKING MELTDOWN

Dr. Robert Shapiro who advised Presidents Clinton and Obama and who currently advises the IMF predicts possible banking meltdown within the next few weeks!

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Germany Overtakes Spain in Credit Default Swaps

Bets on German credit quality overtook those on Spain for the first time in a year as the mounting cost of bailing out the region's most indebted nations infects Europe's largest economy.

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SLOWLY, THEN SUDDENLY! Italy's credit rating is slashed as Euro stares into the abyss

SLOWLY, THEN SUDDENLY! Italy's credit rating is slashed as Euro stares into the abyss | Countdown to Financial Armageddon | Scoop.it

Get ready for the dominos to fall .... The Italian government's credit rating is slashed by ratings agency Moody's from Aa2 to A2 due to "market sentiment".

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CRISIS AS ART: 'IOU': 65-foot-High Shipping Container Sculpture Inspired by US Debt

CRISIS AS ART: 'IOU': 65-foot-High Shipping Container Sculpture Inspired by US Debt | Countdown to Financial Armageddon | Scoop.it

Across the street from the Federal Reserve Bank of Kansas City, a foreboding tower of shipping containers glowers at the building spelling out an in-your-face message: "IOU."...

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