Finance

G20 Leaders Hold Emergency Conference Call in Wake of S&P US Downgrade

TOKYO (The Blaze/AP) — The world’s leading economies on Sunday urgently discussed the stability of financial markets after a historic U.S. credit downgrade rattled investors already worried about European debt crises.

Deputies from the Group of 20 advanced and emerging economies talked by telephone Sunday about proposals to minimize market shocks, South Korea’s central bank said. And the financial ministers from the Group of Seven economies planned talks before Asian markets open Monday.

The countries are concerned Standard & Poor’s downgrade of the U.S. credit rating late Friday will shake global markets. In a sign of the fallout, Middle East markets tumbled Sunday on the first day of business after the downgrade.

Kyodo News agency reported Sunday that G-7 deputy finance ministers had agreed on a conference call among the higher-level ministers, who are likely to discuss the U.S. downgrade as well as the eurozone sovereign debt concerns.

Japan’s Senior Vice Finance Minister Fumihiko Igarashi hinted Sunday that Tokyo would intervene again in the currency market if excessive fluctuations continue. It acted Thursday to weaken the yen and protect Japan’s recovery from an earthquake and tsunami in March.

“It’s not over yet. We will act again if we see speculative moves,” Igarashi said on a talk show Sunday on public broadcaster NHK, referring to a possibility for more rounds of yen-selling intervention.

The Bank of Korea, South Korea’s central bank, said in a statement Sunday that deputy officials from the Group of 20 advanced and emerging economies talked by phone and that G-20 officials plan to continue to strengthen policy coordination to pursue a common response. South Korea is a G-20 member.

The statement, issued after a meeting of South Korean finance officials, also said the S&P downgrade had not changed South Korea’s confidence regarding U.S. Treasurys.

China, the largest foreign holder of U.S. debt, has yet to comment on the downgrade.

However, in an editorial Sunday, the ruling Communist Party‘s flagship People’s Daily newspaper said the U.S. must confront its “addiction to debts” and called the downgrade a “warning bell” for countries like China whose economies are heavily reliant on exports.

“Regardless of whether they are Asian countries that export manufactured goods or Latin America, the Middle East and Russia that rely on exports of natural resources, all now face the threat of seeing their holdings of U.S. debt decline in value and deteriorate in liquidity,” the paper said.

Credit rating agency S&P said it would strip the U.S. of its sterling AAA credit rating for the first time and move it down one notch, to AA+.

“Our initial sense is that the S&P decision will do nothing to calm jangled nerves at the beginning of the week,” Russell Jones, of Australia’s Westpac Institutional Bank, wrote in a report Sunday. “Treasury yields are initially likely to move higher, perhaps sharply so, and risk assets will also suffer further losses.”

Still, he added that Treasury weakness was unlikely to last long for various factors, including that the U.S. still retains its top credit rating with Moody’s Investors Service and Fitch Ratings.

Middle East markets, open Sunday through Thursday, were the first to react to the downgrade. Dubai’s main market index briefly fell more than 5 percent in early trading, and other Gulf markets also opened sharply lower.

Israel‘s Tel Aviv Stock Exchange delayed the start of the week’s first session after pre-market trade showed the benchmark index dropping more than 6 percent because of concerns over the U.S. debt rating cut. Exchange spokeswoman Idit Yaaron said the start was pushed back by 45 minutes “so market players will have time to react logically and not under pressure.”

U.S. markets and others reopen Monday but have had rough patches recently. The Dow Jones industrial average dropped 512 points Thursday, its worst performance since the financial crisis of 2008, and regained only a fraction of that drop Friday.

Japan’s Nikkei index lost ground in the past week due to debt crisis developments.

Both Italian Premier Silvio Berlusconi and EU Monetary Affairs Commissioner Olli Rehn on Friday called for coordination between G-7 countries, saying the crisis has to be tackled on a global level.

The G-7 includes Britain, Canada, France, Germany, Italy, the U.S. and Japan, while the G-20 includes those countries and others with large and emerging economies.

Many economists see the world’s big central banks as the last line of defense at this moment in the crisis, after policymakers in Europe and the U.S. have failed to agree on the kind of shock-and-awe moves that many investors demand.

In the eurozone, the summer recess of national parliaments is delaying the implementation of crucial changes to the currency union’s bailout fund that could help save Italy and Spain from expensive bailouts.

Many investors have also been calling on the U.S. Federal Reserve to start pumping money into the American economy again to help underpin the slowing economic recovery.

Comments (165)

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  • goobert
    Posted on August 7, 2011 at 10:19am

    O please bail us out.

    Report Post » goobert  
  • SamIamTwo
    Posted on August 7, 2011 at 10:19am

    Ah yeah another costly meeting is what we need, eh? Party on doods.

    Report Post » SamIamTwo  
    • MODEL82A1
      Posted on August 7, 2011 at 11:08am

      Do you know what a “Conference Call” is? There was no “Costly Meeting”.

      Report Post » MODEL82A1  
    • hauschild
      Posted on August 7, 2011 at 11:25am

      More genius at work, constantly “meddling” and “tinkering”. Yeah, that’ll solve all the problems.

      This world is chock-full of idiots, imbeciles and morons.

      Report Post »  
    • old white guy
      Posted on August 7, 2011 at 12:35pm

      so freezing the debt ceiling was a bad idea??? i think not. complete refusal to expand the debt would have shown that congress and the rest of government was serious about spending cuts now they have shown they are not. i would not lend these aholes 10 cents.

      Report Post »  
    • G3L
      Posted on August 7, 2011 at 1:07pm

      Do I care that the middle-east market fell. With obama he will just send more money to that part of the world.

      Report Post »  
    • Jaycen
      Posted on August 7, 2011 at 1:25pm

      @MODEL82A1

      Whatever comes out of that meeting is going to cost the rest of us A LOT.

      Report Post » Jaycen  
    • getalong
      Posted on August 7, 2011 at 1:26pm

      George Soro’s sits at the head of the table.

      Report Post »  
    • robert
      Posted on August 7, 2011 at 2:09pm

      The “realists” in the economic community are warning that the world economy is being undermined by unwise decisions by the community organizer who has crippled the US financially by piling on too much debt at a time it could least afford to do so.

      It was the far left agenda to provide housing for unqualified citizens that brought on the beginning fall toward insolvency via the collapse or near collapse of the big banks. Adding debt to the situation
      made it so bad it is now at a point where the least little financial problem could well bring down this entire global Ponzi scheme.

      And to make matters worse, cutting back via austerity prgrams is bringing people to the streets in rioting mode. Add to that, the so-called Arab Spring, which some say, was prompted by the rebellion against government austerity measures in Europe, has spread from Europe to the Middle East and is now returning to Europe.

      As it stands now, Europe is reaping the benefits of its its overspending and its scheme to become a European Union super power by importing third word immigrants to add to its consumer and tax base. The scheme is resulting in what so many warned about: Large scale civil upheaval caused by a lack of assimilation, during a time of economic hardship.

      It’s the beginning of the end.

      Too, they are warning that the economic base in Europe is crumbling due to years of over spending that has been responsible for the
      to keep their blated bureaucracies

      Report Post »  
    • Polwatcher
      Posted on August 7, 2011 at 3:31pm

      Just another bump in the road (to total chaos).

      Report Post »  
    • the hawk
      Posted on August 7, 2011 at 8:58pm

      Maybe it’s Time for a debt vote ! More debt get a mark ,maybe three sixes, no more debt only one?
      Tattooed or our foreheads………………………………………………………………….
      And we all no what happens to those who refuse……………………………………………….

      Report Post »  
    • CeramicElement
      Posted on August 7, 2011 at 10:11pm

      The flowers are just now starting to bloom and look at how they are reacting!!! Just wait until the berries are ripened and see how they will respond… All of this Cloward and Piven Fertilizer… Karl Marx is rolling over in his grave. Anita Dunn is smiling. I think that I will go back and hunker down in my bunker now. Peace Out Blazers.

      Report Post »  
  • Okieflyover
    Posted on August 7, 2011 at 10:18am

    The president should have promised that we would pay our debts. Instead he played politics If the world trusted Obama to be fiscally smart with our mint they would not have done this. They have seen us waste $800 billion in stimulus money that was all borrowed and we have it in our budget to spend that AGAIN every year.

    The booky knows we are wasting our mOney and know this president is fighting a balanced budget agreement more less developing a plan to pay this back in his lifetime.

    The bloom is off the rose in more ways than 1. It can not be repaired.

    Report Post »  
    • Snowleopard {gallery of cat folks}
      Posted on August 7, 2011 at 10:50am

      Notice that China for right now is remaining silent? Along with people calling for the treasury to start pumping even YET MORE MONEY into the economy?

      If China decided for some reason to start dumping part or most of the debt she owns; how fast would the fall for our markets of the bonds, t-bills, and Dow Jones most likely be (and if they do go down, just how far and how fast)?

      Anyone wish to speculate how long until QE 3, and QE 4 are launched by the administration? And how long until our own dollar finally declines due to devaluation and inflation? Until the dollar is now done and collapses?

      Report Post » Snowleopard {gallery of cat folks}  
    • 42Devils
      Posted on August 7, 2011 at 11:12am

      In order to ensure the public demands for a global currency, the strength of the dollar has to be eroded.

      Report Post »  
    • NOBALONEY
      Posted on August 7, 2011 at 11:46am

      @SNOWLEOPARD Communist China is and has not been quiet about the downgrade, A day before the S&P downgrade from AAA to A, China’s ratings agency downgraded the US from A+ to A. Since then officials statements from China have stated, “America must live within their means” and yesterday a chinses official said, “China holds about a trillion in american securities, and a 1% decline would mean about 13 billion dollar paper loss”. As Glenn has pointed out many times: China doesn’t want America to dishonor their obligations, but whether it’s the downgrade, quantative easings, or uncontrolled spending. We on the path to dishonor our obligations with a devaluating currency.

      Report Post » NOBALONEY  
    • jacobstroubles
      Posted on August 7, 2011 at 12:20pm

      well, it looks as if bho’s game plan to destroy the US is right on schedule!
      Good luck everyone!

      Report Post »  
    • just the facts
      Posted on August 7, 2011 at 1:58pm

      Is everyone forgetting the over goal of the progressives?? The strong U.S. dollar must become worthless or at the least equal to the worlds ‘dollar’. The only way that will happen is the downing of our financial system. And this so called president is making it happen. We all knew that a downdrade was going to happen – it had to. It is the next step in the progressive agenda and process. Our wealth, personal and as a country, is slowly being manipulated. All one needs to do is to go back to the 2006 when the dems (progressives) gained control. The facts and figures show the progression of the destructive policies. This is not to say the previous administration was stellar by any means. It wasn’t – but, America and the Americans came first. We were not put on a equal foundation as this present administration is (has) done.

      I am not one for conspiritory theories, but this does have a look of aiding in the overall goal of the progressives. They need the extra monies for the furtherment of their agenda and to have the people of the U.S. to remain in a stooper if you will. They need our (your) wealth to downsize our people. They can’t at this point allow the people to regain momentum. This is why they are feverishly going after the tea party.

      The tea party may not be the answere, but if we are going to get back on track, get rebooted if you will, and show tough love when we need it the most, they are at this time the best answere.

      Report Post »  
  • REVerse
    Posted on August 7, 2011 at 10:15am

    Obama seems to enjoy “dancing with the devil in the pale moonlight.”

    Report Post » REVerse  
  • BuckOfama
    Posted on August 7, 2011 at 9:59am

    I spent the last year and a half preparing for this, so bring it on…….

    Report Post »  
  • boca_chica
    Posted on August 7, 2011 at 9:59am

    It looks like soros is getting what he wants, now he can manipulate the money market and make another billion while the banks try to control the value of their currancy. And the potus is probably dancing in the wh. The culture in washington is ensuring we have a european style economic system. Maybe we should tax the rich more, they seem to have the ear of OUR elected officials, and they sure won’t be hiring people any time soon. This is the first time in 60 years that I think EVERYTHING they ( wh, congress…etc) have done the exact opposite of what needed to be done to get the country back on it’s feet.

    Report Post »  
  • MrWill
    Posted on August 7, 2011 at 9:58am

    This is what happens when democrats are in charge of things. The dems have ran 2/3s of the government, since 2006, and this is what America has reaped from it. I think they should be held responsible, and they all should pay for it, from their own personal wealth, which they stole from the American taxpayer.

    Report Post » MrWill  
    • Moonbat
      Posted on August 7, 2011 at 10:17am

      @ Mr. Will

      Many of the policies that have caused our debt were proposed and supported by Republicans. The Bush tax cuts have cost trillions. His Medicare expansion is one of the reasons why Medicare costs have expanded so dramatically. And our wars, overwhelmingly supported by Conservatives, have cost trillions as well.

      Both parties are guilty of helping to create the mess we’re in, and it’s time to stop blaming each other. If we’re going to solve our problems, we need to work together.

      Report Post »  
    • powhatan
      Posted on August 7, 2011 at 10:56am

      reply to MoonBat…who were running the house and senate during Bush’s time?????It is still the progressives that are the problem..always

      Report Post » powhatan  
    • Nathan
      Posted on August 7, 2011 at 11:17am

      Indeed. Well said, bro.

      Report Post »  
    • Moonbat
      Posted on August 7, 2011 at 11:27am

      @ Powhatan

      I listed three of the most expensive policy points during the Bush years, Which of them were proposed by congressional Democrats? I was against the war in Iraq — how am I more responsible for those particular trillions than you?

      My point isn’t that Democrats are blameless — they certainly aren’t. Thinking that one side or the other is responsible for all our problems is convenient, but it’s neither true nor productive.

      Report Post »  
    • veracity79
      Posted on August 7, 2011 at 11:28am

      We don’t need to work together, sick of hearing and reading that kumbaya crap. What is happening and HAS been happening by both parties is because they work for the SAME people (and no, not WE the people). What is happening is utter treason. This is all by design and both “parties” are in on it. It’s pure deceit. “Republicans” are there to make you feel like you have a conservative choice. They gain your trust and quietly stab you in the back, every single freaking time. House needs cleaned…PERIOD. Most of you people need to start facing this truth, there is no solution and nobody has plans to change anything, they don’t care about YOU!! THIS IS WHAT THEY HAVE BEEN PLANNING TO HAPPEN.

      The only person out there that has ANY idea of what is really going on, stands in opposition to it, has been warning us over and over, is Ron Paul, the big scary Libertarian that everyone seems to ignore because he’s not politically correct enough I guess. I hear so many people talk about our founding fathers this and founding fathers that but most have no clue who Ron Paul is or that Libertarians are as Constitutional or as “founding fathers” as you can get. If there is any chance to buy this country more time it will be getting that man elected. But that also means you have to clean house and get as many “freshman” conservatives with like beliefs as the Pauls in all the congressional seats that are up for reelection as well. Why freshman? They have yet to be co

      Report Post »  
    • fatjack
      Posted on August 7, 2011 at 12:34pm

      veracity79
      Posted on August 7, 2011 at 11:28am

      What is happening and HAS been happening by both parties is because they work for the SAME people (and no, not WE the people). What is happening is utter treason. This is all by design and both “parties” are in on it.
      =================================

      Bingo

      Out of the ashes I expect a new Global currency.

      Report Post » fatjack  
    • Steel Awesome
      Posted on August 7, 2011 at 1:49pm

      Moonbat – working together sounds fine in theory, but if two sides (and let’s forget about Democrats and Republicans and talk Progressives and Conservatives) are diametrically opposed to each others’ philosophies, then will any progress be made?

      Let’s face it, what the Progressives want for this country is not what the Conservatives want; in fact, they are polar opposites. In the old days you might be able to argue that both sides want the same thing, just going about it in different ways. I would argue that both sides do not want the same end results anymore.

      Report Post » Steel Awesome  
    • drumsalot5
      Posted on August 7, 2011 at 2:01pm

      @ Moonbat – Of the few things that Obama actually inherited from Bush, our AAA rating was the most important. . . You can’t blame the exponential growth of the debt since Obama took office on Bush

      Report Post » drumsalot5  
    • Moonbat
      Posted on August 7, 2011 at 2:15pm

      @ Drumsalot

      I don’t. That’s exactly my point.

      Report Post »  
    • Moonbat
      Posted on August 7, 2011 at 2:28pm

      @ Steel

      I don‘t think that’s true. The leading liberal and conservative economists of the 20th century, John Kenneth Galbraith and Milton Friedman, were friends and clearly respected each other. I think that if you and I had a beer together, we could probably agree on a whole range of issues. I’m sure we disagree on some things, too, but so did the founders, and they managed to come together.

      The problem is that there’s a whole industry, Beck and Olbermann et al, who make a living from convincing you to dislike and distrust me, and vice versa. They‘ve gotten us to the point where we can’t even make basic decisions for ourselves and our children. We need to turn off the pundits and talk to each other, for a change.

      Report Post »  
  • julia
    Posted on August 7, 2011 at 9:58am

    So this is what a global false flag looks like

    Report Post »  
  • awall1231
    Posted on August 7, 2011 at 9:56am

    I predict that the markets will continue to spiral until around mid 2012. at that point it will be obvious that BOBO the puppet is going to lose and that is the time to buy.

    Report Post » awall1231  
  • TelepromoterNChief
    Posted on August 7, 2011 at 9:56am

    World bank.
    Obama Dow, this is playing out exactly how they wanted.

    Obama 2012…….yeah right, go f*** yourself if you vote for that.

    Report Post »  
  • NHwinter
    Posted on August 7, 2011 at 9:55am

    It is against the Constitution for a president to bankrupt America. He needs to be impeached and now. Not just for that but for all he has done to America and all the times he side stepped the Constitution. This super committee is against the Constitution also. How long do the American people sit by and watch our rapid decline? Is it time to peacefully march on Washington and demand the president step down? A Tea Party Spring!!!!!

    Report Post » NHwinter  
  • A Doctors Labor Is Not My Right
    Posted on August 7, 2011 at 9:54am

    Do not choose bitcoin!! We need to use commodity-money rather than any fiat money.

    You don’t want your spending to be able to be tracked online by an ever growing government; And you don’t want the money to be able to be created so easily – fiat money is responsible for all of this deficit spending.

    PLEASE see these videos:

    Here.

    (Glenn Beck’s 15 days to Economic Collapse)
    Glenn Beck-11/05/10-B
    http://www.youtube.com/watch?v=En-oJHyG-PY

    And here.

    Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
    http://www.youtube.com/watch?v=HAzExlEsIKk

    Report Post »  
  • TheCenturion
    Posted on August 7, 2011 at 9:51am

    AMAZING, Obama can’t take 5 minutes out of his busy golf schedule this weekend to get in front of the cameras and lie to ease the concerns of his drones? I guess the teleprompter is broken.

    Report Post »  
    • Fed up in Bama
      Posted on August 7, 2011 at 9:57am

      Yeah, well he’s not like most Presidents. Most would be out in front of the American people (and world) with a speech about ‘how great America is and we’re not about to default and lose our credit’. But no, of course not. This is his plan and he don’t want the teleprompter to stick his foot in his mouth again.

      Report Post » Fed up in Bama  
    • Dustyluv
      Posted on August 7, 2011 at 10:03am

      He isn’t playing golf..He is going on a taxpayer funded bus tour….

      Report Post »  
    • dietrdeb
      Posted on August 7, 2011 at 10:12am

      This isn‘t OBAMA’s plan…he is nothing more than a puppet!

      Report Post »  
    • bulldog_1990
      Posted on August 7, 2011 at 1:35pm

      I was wondering the exact same thing. Maybe Obama thinks that if he gets in front of the camera that will legitimize the S & P downgrade. Tel Aviv went into free fall and stopped due to circuit breakers. I think after seeing that, Obama better get on TV. He should do it before the Asian markets open.

      This is the most uncertain time I ever remember. We could see anything from a stable market to total collapse tomorrow. I could make the case either way.

      Report Post »  
  • Sam Brown
    Posted on August 7, 2011 at 9:47am

    Who in the world would buy Americas debt when Obama spends so recklessly? When he laughed at spending billions on non existent shovel ready jobs it should have told the world the man is stupid.

    “The worst characteristic in any leader is hubris, which is best described as a combination of arrogance and stupidity.”

    Report Post »  
    • AlwaysLearning
      Posted on August 7, 2011 at 11:48am

      You mean studying the penis size of Vietnamese prostitutes isn’t a worthy expenditure?

      Report Post »  
  • RIGHTHOOK
    Posted on August 7, 2011 at 9:47am

    Difficult for S&P to justify downgrade when France is AAA and then Italy is AA. Euro bailouts are approaching 3 billion so panic in that sector. The leadership here driving this jumbo jet don’t even have the experience to fly a Piper Cub. Until we employ some well equipped individuals that have real world experience (not politicians) the jumbo jet is losing altitude quickly and bound to crash into oblivion. We need talented, qualified Amreicans NOW grabbing the controls.

    Report Post » RIGHTHOOK  
    • hauschild
      Posted on August 7, 2011 at 11:33am

      Problem is, half the country likes the course this country is on.

      The secret is not only new leaders, but better citizens. I think the latter is more difficult to mine.

      Report Post »  
    • Banter
      Posted on August 7, 2011 at 12:08pm

      That is because that half isn’t going to bite the hand that feeds it.

      Report Post » Banter  
    • Steel Awesome
      Posted on August 7, 2011 at 1:43pm

      You may be onto something. What better way to speed the demise of the U.S. dollar and move us into a world currency (and of course, one world government), than to downgrade the credit rating of the U.S.
      You can bet that if this is the plan, then Soros is the principle partner behind it, along with the Chicoms.

      Report Post » Steel Awesome  
  • TheCenturion
    Posted on August 7, 2011 at 9:43am

    Soros must be very proud….. SOB!

    Report Post »  
  • The Toad
    Posted on August 7, 2011 at 9:38am

    Palin’s Fiscal Record as Governor Is the Strongest in the GOP Field!

    Report Post »  
  • Secessionista
    Posted on August 7, 2011 at 9:37am

    As long as we use their currencies, we are their slaves. The only path left to freedom today is a new currency not controlled by a central authority. Google “bitcoin”.

    Report Post » Secessionista  
    • A Doctors Labor Is Not My Right
      Posted on August 7, 2011 at 9:52am

      Do not choose bitcoin!! We need to use commodity-money rather than any fiat money.

      You don’t want your spending to be able to be tracked online by an ever growing government; And you don’t want the money to be able to be created so easily – fiat money is responsible for all of this deficit spending.

      PLEASE view these videos:

      See here.

      (Glenn Beck’s 15 days to Economic Collapse)
      Glenn Beck-11/05/10-B
      http://www.youtube.com/watch?v=En-oJHyG-PY

      And here.

      Smashing Myths and Restoring Sound Money | Thomas E. Woods, Jr.
      http://www.youtube.com/watch?v=HAzExlEsIKk

      Report Post »  
  • The Toad
    Posted on August 7, 2011 at 9:36am

    America Needs Palinomics: It’s Time to Send a True Reformer to Washington!

    Report Post »  
    • Banter
      Posted on August 7, 2011 at 12:06pm

      Palin 2012!

      Report Post » Banter  
    • bulldog_1990
      Posted on August 7, 2011 at 1:39pm

      I like Palin but we don’t have time to wait for the next election. We need the leaders that are there to do the will of the people now.

      Report Post »  
    • Banter
      Posted on August 7, 2011 at 3:02pm

      @Bulldog
      In all seriousness, we do need the leaders in DC to represent the people. Reality is that just isn‘t going to happen when a majority of the R’s are rinos. Combined with the progressives we are not well represented. All we can do is continue to fight, and pray the election outcome in 2012 does put leadership in that wants to save this great country. It will take more than one election cycle to rid ourselves of the old guard, just pray we can hang on that long.

      Report Post » Banter  
  • Sicboy
    Posted on August 7, 2011 at 9:36am

    Now that they manipulated the stock market in an attempt to fool the people, they don’t know what to do. Just how do they fool the people in an attempt to get the people to spend money? They need to save their sorry necks, but it wont happen. How long until economic collapse? 1 year, 2 years? Then they can have their New World Order, and the Anti Christ. Thanks george bush and your NWO crap in the 80′s. I live in Texas, but I won’t be fooled again. “meet the new boss, same as the old boss” NO rick perry for President. You will regret the day you do. Oh Jesus, please return soon. Amen.

    Report Post » Sicboy  
  • Secessionista
    Posted on August 7, 2011 at 9:36am

    I still hold out hope that Greece or Italy can give us an emergency loan to save us from this mess.

    Report Post » Secessionista  
  • suzy000
    Posted on August 7, 2011 at 9:28am

    Pump money into the markets…pump money into social programs…pump pump pump. When will they learn? This is the problem! America…worry when Europe wants to get involve and help “solve” America’s woes. Obama’s wealth redistribution plan was just more escalated than other presidents. They had started down this path but Obama began RUNNING down it. Beck was right….Obama threw us in the hot water instead of a slow boil…guess we got lucky that we had this boiling water wake up call when we did!

    Report Post »  
  • MidWestMom
    Posted on August 7, 2011 at 9:28am

    and the dominoes continue to fall…

    Report Post »  
    • Dustyluv
      Posted on August 7, 2011 at 9:42am

      Yep…It is just a matter of time when it all crumbles to the ground. The sad part is that people are still holding out hope instead of preparing for the ceash. Maybe when the big cities start burning to the ground by the teat suckers they will get the message.
      If you haven’t already prepared..you are a fool…

      Report Post »  
    • Steel Awesome
      Posted on August 7, 2011 at 1:38pm

      Emergency Essentials still has Mountain House freeze dried food in envelopes and 10# cans. Get them while you can. I would hope that everyone has a decent generator and water storage capability as well. Remember, chances are your neighbors won’t be prepared, so you’ll need something extra to tied them over.

      Report Post » Steel Awesome  
  • mwhaley
    Posted on August 7, 2011 at 9:21am

    Wander what the stock market will look like this weeK. Rumors are circulating that Obama has run out of ammo for a QE3.

    Report Post »  
  • ProbIemSoIver
    Posted on August 7, 2011 at 9:19am

    The article stated
    “Many economists see the world’s big central banks as the last line of defense at this moment in the crisis,”
    Are you for REAL ????
    THE WORLD”S BIG CENTRAL BANKS orchestrated this huge CRIME against humanity !!!!!

    Report Post » ProbIemSoIver  
    • ProbIemSoIver
      Posted on August 7, 2011 at 10:00am

      And, if i recall correctly, the G summit in RIO is where AGENDA 21 was conceived.
      Also Rumor has it, at the Bilderberg meetings. They have a NWO round table of 7 that call the shots. G-7 maybe? hmm…
      I wonder if the U.S. will lose its seat in the G-7 ruling council next year, due to credit downgrade?
      World Bankers are Illuminati also. So lets rely on the people have scripted the fall of capitalism to bail us out . sure !!!
      2% of the World’s populace owns over 50% of world’s wealth. They don’t need money anymore. They just need to stop YOU from getting anymore money. That way you are never a threat to them.
      Let’s face the truth…
      The Bilderbergs are the G-20 group, without the press or anyone else to disclose any information about their “little get-togethers.”

      Report Post » ProbIemSoIver  
    • burned at edges
      Posted on August 8, 2011 at 8:57am

      I thought it was against the 14th ammendment to the us constitution to question the debt of the united states. Is downgrading the debt not questioning it? Class action lawsuit anybody for retirement and savings investment accounts being hurt by questioning the debt of the United States?

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