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Countdown to Financial Armageddon
Tracking the final days of the debt bubble
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Why the euro turkey is well and truly stuffed

Why the euro turkey is well and truly stuffed | Countdown to Financial Armageddon | Scoop.it

'The coming break-up of the single currency makes Britain’s veto seem a mere sideshow', writes Jeff Randall in The Telegraph.

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Just when you thought things were getting better - IMF chief warns no country immune from crisis

Just when you thought things were getting better - IMF chief warns no country immune from crisis | Countdown to Financial Armageddon | Scoop.it

WASHINGTON (Reuters) - No country is immune from an escalating euro zone crisis and each one must act to head off the risk of a global depression, the head of the International Monetary Fund said on Thursday.IMF...

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Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis?

Did the co-ordinated central bank action on 30 November marked a turning point in the Euro crisis? | Countdown to Financial Armageddon | Scoop.it

BBC Economics editor, Stephanie Flanders writes 'No-one thinks the eurozone crisis is over or that European leaders did enough last week to rule out nasty surprises in the next few weeks, but talking to officials, economists and analysts closer to the trading floor in the last few days, something has changed that I'm going to take as a sliver of good cheer.'

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The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began

The Danger of Systemic Collapse Is Far Greater Today Than at Almost Any Time Since the Debt Crisis Began | Countdown to Financial Armageddon | Scoop.it

The European Union is the biggest economy in the world — close to $15 trillion in GDP. When it sinks, so does the U.S. and much of the world.

European banks are roughly THREE times larger than U.S. banks. When they’re forced to cut their lending drastically, global capital shortages hit hard.

Most frightening of all, the U.S. has committed most of the same mistakes as Europe — the same kind of massive debts, deficits, and failed bailouts.

And now the European Union is crumbling, threatening a systemic collapse far larger than the near meltdown witnessed in the wake of the Lehman Brothers collapse in 2008.

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Eurozone debt web: Who owes what to whom?

Eurozone debt web: Who owes what to whom? | Countdown to Financial Armageddon | Scoop.it

Another great interactive graphic from the BBC showing the scale of foreign debt owed between key eurozone countries and the main world economies.

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What the Euro Crisis means for Portugal

What the Euro Crisis means for Portugal | Countdown to Financial Armageddon | Scoop.it

Click on the graphic and scroll down to read an interview... it's in English

(Is it me, but if you look at the photo above quickly the 2 guys look like Gilbert & George (the artists)????

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Central Banks Prep for Life After Euro

Central Banks Prep for Life After Euro | Countdown to Financial Armageddon | Scoop.it

More evidence of the coming Euro dissolution?  Some central banks in Europe have started weighing contingency plans to prepare for the possibility that countries leave the euro zone or the currency union breaks apart entirely, according to people familiar with the matter.

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Did a Catfish Cause the Debtquake?

Did a Catfish Cause the Debtquake? | Countdown to Financial Armageddon | Scoop.it

An excellent article from BullionVault! 'The Japanese used to think a giant catfish caused earthquakes. He shuffled and shifted whenever the great god of Kashima forgot to keep his foot on a heavy stone holding the beast down, deep beneath the coast of Honshu, some 80 miles north-east of what was then Edo (and is now Tokyo)...

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Ratings agency warns euro nations

Ratings agency warns euro nations | Countdown to Financial Armageddon | Scoop.it

Ratings agency Standard and Poor's puts almost the entire eurozone, including Germany and France, on "credit watch" due to the debt crisis.

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Oxford Street closed to poor to avoid ‘crushing debt’ | NewsBiscuit

Oxford Street closed to poor to avoid ‘crushing debt’ | NewsBiscuit | Countdown to Financial Armageddon | Scoop.it

(SATIRE ALERT) Credit checks will be carried out at the Marble Arch and Tottenham Court Road ends of Oxford Street to prevent those with poor ratings, or anyone who has used Wonga.com, from spending more borrowed money in the run up to Christmas.

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Here comes a Franco-German Bloc: Sarkozy Calls For 'Refounding' Of Europe

Here comes a Franco-German Bloc: Sarkozy Calls For 'Refounding' Of Europe | Countdown to Financial Armageddon | Scoop.it

French President Nicolas Sarkozy has called for greater integration between France and Germany to save the euro, including changing the terms of the 1999 Maastricht Treaty.

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Factories stall worldwide and U.S. jobless claims rise

Factories stall worldwide and U.S. jobless claims rise | Countdown to Financial Armageddon | Scoop.it

(Reuters) - Manufacturing activity is contracting across Europe and most of Asia, data showed on Thursday, and a Chinese official declared that the world economy faces a worse situation than in 2008 when Lehman Brothers collapsed.

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Portugal debt lowered to 'junk'

Portugal debt lowered to 'junk' | Countdown to Financial Armageddon | Scoop.it

Portugal has its debt rating cut by Fitch to so-called "junk" status, as the nation enters a 24-hour strike against austerity measures.

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Bank of Englad reveals UK household incomes fall for fifth year

Bank of Englad reveals UK household incomes fall for fifth year | Countdown to Financial Armageddon | Scoop.it

Disposable incomes of UK households have fallen for the fifth year in a row, research by the Bank of England suggests. The Bank's survey found the amount the average household had to spend each month, after tax, bills and housing costs, fell by £46 over the year.

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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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Top economists reveal their graphs of 2011

Top economists reveal their graphs of 2011 | Countdown to Financial Armageddon | Scoop.it

The BBC's Newsnight asked top economists to each select a graph which they considered key to the economic story of 2011. Here those experts show us which graphs they chose and explain why.

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Why Britain should pity those still trapped in the euro nightmare

Why Britain should pity those still trapped in the euro nightmare | Countdown to Financial Armageddon | Scoop.it

Angela Merkel and Nicolas Sarkozy are engaged in something that has little to do with democracy.

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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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Which do you prefer: a horrible end to the Euro, or endless horror?

Which do you prefer: a horrible end to the Euro, or endless horror? | Countdown to Financial Armageddon | Scoop.it

While we are waiting for Mario and Merkozy plus, just a quick thought on one of the EMU break-up reports hitting my desk daily, and sometimes in twos and threes.

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Tesco plans for eurozone break-up

Tesco plans for eurozone break-up | Countdown to Financial Armageddon | Scoop.it

Tesco is shifting its currency exposure, holding cash and refusing to sign long-term supply contracts in the face of the eurozone crisis.

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UK High street gloom continues as festive shopping slumps

UK High street gloom continues as festive shopping slumps | Countdown to Financial Armageddon | Scoop.it

Sales figures from the British Retail Consortium for November have added to the gloom about the high street, suggesting customers are just not spending as much as last year.

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Welcome to the living dead economy

Welcome to the living dead economy | Countdown to Financial Armageddon | Scoop.it

A eurozone that somehow stays afloat but can't be reformed, banks awash with cash that don't lend, and incoherent economic policy. We've only found a sticking-plaster solution to our crisis

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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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Bank of England's dire warning over eurozone threat

Bank of England's dire warning over eurozone threat | Countdown to Financial Armageddon | Scoop.it

Banks should prepare to withstand an "extraordinarily serious" climate, with the eurozone crisis the main worry, the Bank of England chief says.

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Here comes the cavalry! Fed saves Europe's banks as ECB stands pat

Here comes the cavalry! Fed saves Europe's banks as ECB stands pat | Countdown to Financial Armageddon | Scoop.it

The Eurozone's banking and sovereign debt crisis  has become so dangerous for the world that the US Federal Reserve has been forced to take emergency action, acting as global lender of last resort to shore up Europe's banking system.

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