European stock markets rocked by bank sector plunge

European stocks plunged on Monday, with Paris shedding 4.0 percent, as US legal action hit banks and added to pressures from the eurozone debt crisis and recession risks, traders said.

The price of debt bonds issued by Greece and Italy fell sharply, pushing up the borrowing rates indicated by these instruments.

In foreign exchange deals, the euro fell against the dollar as traders withdrew from risky positions on eurozone debt worries. The price of gold jumped back above $1,900 an ounce on demand for a safe haven investment.

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Source ca.news.yahoo.com...

Yea we have another rough week on the markets Friday had posted big losses on the DOW due to the job reports for August, Since North American markets are closed today (September 5th Labor Day) I do see another rough week this week due to the EUs markets having a rough day today.

Referencing the current markets and complete non acceptance of the bigger problems...............

This is what i read today -

"Deutsche Bank's outgoing chief executive, Josef Ackermann, said on Monday that some European banks would go bust if they were forced to recognise in their accounts the existing losses on government debts they own, based on current market prices for government bonds.''

There you go, from someone who should know because he is off to spend his millions and was part of the cause of it and the wreckless lending for bank profiteering.....

They all know the system is buggered yet they Pretend they can fix it............ Why not own up, get the pain out of the way (and it will be very painful) and get on to a new system of finance...

PDUK

I have a feeling the next couple of days are going to be pretty volitaile.

Gold is over 1,900 again. Marketwatch is saying Dow futures are down more than 200.

www.marketwatch.com...

Europes close -

[atsimg]http://files.abovetopsecret.com/images/member/cba83df937f4.jpg[/atsimg]

Hmmm... I have to wonder what the next major distraction will be to push attention else where while this one calms down.. around we seems to go flip flopping between bad news and disasters.

I think this year is going to be like 2008 all over again.
I also think tomorrow is going to be worse than today.
Worrying times, but it was just a matter of time.

You can pretty much bet that the last few months of 2011 are going to have some significant upheaval in the markets. Every time an index drops it gets followed by some sort of "good news" and "silver lining" that makes things seem like they will turn out alright.

It's smoke and mirrors.

Personally, I think the worst to come is right around the corner.

Here's to hoping I'm completely wrong on this.

reply to post by Hessling


I do agree with you on how this feels and would prefer to be laughed at as the village idiot than be right..

The bit that worries me most is two fold.. the first is how the electorate will react towards the establishment when the market crashes again! and the second is what the establishment will do to divert that attention!

Originally posted by thoughtsfull
reply to post by Hessling

 

I do agree with you on how this feels and would prefer to be laughed at as the village idiot than be right..

The bit that worries me most is two fold.. the first is how the electorate will react towards the establishment when the market crashes again! and the second is what the establishment will do to divert that attention!

edit on 5/9/11 by thoughtsfull because: (no reason given)

Those are two really good reasons to be worried.

More to the point, I agree that this will be the defining concern...what's going to happen in the aftermath.

Yikes!

TSX will probably react poorly to this when they open up on Tuesday so far things really aren't too bad in Canada not many complaints, I went to Michigan this past weekend, not many complaints on their side either. But we shall see, Blockbuster is closing all Canadian locations so thats 2300 people out of work now.

reply to post by PurpleDog UK


Won't be long until we're all using the Lectro, or something similar anyway.

Interesting article if you feel like a quick read. Link

Lectro hummmm?
Kina interesting.....
I like the part of selling yer power for chits...it allows everyone to create money.....