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DOOM: Global Financial Virus Spreading!

 
doomsdayer
User ID: 518189
United States
10/05/2008 05:07 PM
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DOOM: Global Financial Virus Spreading!
"The global financial virus that incubated in the United States' housing sector and infected Wall Street is threatening to burst into a full-blown worldwide epidemic as anxious European governments raced this weekend to innoculate national financial systems in a futile effort to stop the spread of a fatal economic disease.

Toxic assets, or illiquid securities, sold in bundles to investors large and small, foreign and domestic, have poisoned international financial markets like melamine in Chinese powdered milk and pet food. They're everywhere.

Ireland, Greece, and now Germany have pledged government intervention to resuscitate ailing finanial markets as Der Spiegel online reports that "Europe bids adieu to a common financial crisis approach," splintering any hope of consensus on a European Union fix to the global financial crisis now infecting the Continent and its island states.

French President Nicolas Sarkozy supports a common European Central Bank plan to formulate a unified response to the financial virus now threatening the health of European national economies. German Chancellor Angela Merkel disagrees.

Following Ireland, the German government today announced that it would guarantee the safety of private banking products in an effort to prevent further deterioration of financial markets in Germany, Europe's largest economy.

AP reports that Torsten Albig, a spokesperson for the German Finance Ministry, said that Germany is pledging $785 billion (568 billion euros) to guarantee the safety of checking and savings accounts as well as certificates of deposit (CDs).

In spite of a European Union (EU) economic summit yesterday, the leaders of France, Germany, Italy, and the United Kingdom (UK) were unable to reach consensus on an EU accord to stop the escalating viral meltdown across Europe as toxic American assets continued to spread across the Atlantic.

Claude Gueant, a leading advisor to the French and EU President Sarkozy, told the AP, ''What is certain and what the citizens of...Europe must know is that their [financial institutions] won't be left in difficulty."

The failure of the EU to forge a consensus on treating the financial virus underscores the varying degrees of national anxiety European governments face at the spread of international contagion.

BBC business editor Robert Peston says, "European governments are as dazed and confused by the mayhem in the global banking system as most of the rest of us."

In addition to Ireland and Germany, Iceland confronts a rapidly mutating financial infection following last week's nationalization of Glitnir, the country's third largest bank. That move by Icelandic authorities prompted credit rating agencies to downgrade Iceland's four primary banking institutions and to cut the credit rating of the government of Iceland.

According to the BBC, negotiations are underway in Iceland between the government and trade union representatives to repatriate foreign-invested pension funds and to accept wage restraints. Iceland's inflation rate stands at 14 percent."

[link to www.opednews.com]
von doom
User ID: 483035
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10/05/2008 05:13 PM
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Re: DOOM: Global Financial Virus Spreading!
chronic market interventions were another incubator but it's easier to blame all of the irresponsible borrowers out there in foreclosure land