Financial havoc hammers dollar and boosts gold

Financial havoc hammers dollar and boosts gold

www.reuters.com

HONG KONG (Reuters) - Stocks and the U.S. dollar tumbled on Monday as Lehman Brothers was expected to file for bankruptcy, leading to grave uncertainties about other banks and shaken confidence in the financial system, and sending safe-haven Treasury debt and gold prices soaring.

(visit the link for the full news article)


Related News Links:
finance.yahoo.com
us.rd.yahoo.com
us.rd.yahoo.com
biz.yahoo.com

Related AboveTopSecret.com Discussion Threads:
Lehman Brothers Close To Collapse - US Chapter 11 insolvency procedures starting
Bank of America's Latest Acquisition and Lehman's Bankruptcy

I think we are in for a long, hard ride. Lehman is just the first of many major corps in my opinion that will soon share in this fate. And our dollar now is reflecting this latest "case" by plunging 2% against the Yen.

Do I think this is a disturbing sign? Yes.
But can we say we weren't warned?? NO.
But what could we really have done? The banking system is so corrupt it isn't even funny. With the unconstitutional Federal Reserve running the show, and our ever increasing debt as a nation - I can't say I'm REALLY that surprised.

I'm actually half expecting someone to show up and post that this is just some "Propaganda" to make our economy "look bad"..... Because after all some "folks" believe our economy is just fine..

More from the article:

"Stock markets in Australia, Singapore and Taiwan all dropped 3 to 4 percent as investors tried to slice off any trace of risk in their portfolios, loading up on investment-grade debt as consolidation in the financial sector sent shockwaves through almost all asset classes.

"The exact ramifications of the liquidation process and the unwinding of positions pertaining to the Lehman situation remain unclear. Hence, over the next 48 hours at least, financial markets are likely to be volatile and tense," said economists with United Overseas Bank in Singapore in a note."

www.reuters.com
(visit the link for the full news article)

[edit on 9/15/2008 by justme2]

The government and the banks are already trying to suppress the gold price.

They have a long term plan to control gold prices.
findarticles.com...
www.gata.org...
forum.bulliondirect.com...
www.gold-eagle.com...
findarticles.com...
digg.com...

The governments and banks will run out some day.
the only people in the end that will make out are the owners or investors in gold mines.

That is why the government is trying to stop gold mining in the US

The European markets are currently pretty rough:
CNBC - Europe



[edit on 9/15/2008 by justme2]