Sponsored Content




Intermarkets' Privacy Policy
Support


Donate to Ace of Spades HQ!



Recent Entries
Absent Friends
Bandersnatch 2024
GnuBreed 2024
Captain Hate 2023
moon_over_vermont 2023
westminsterdogshow 2023
Ann Wilson(Empire1) 2022
Dave In Texas 2022
Jesse in D.C. 2022
OregonMuse 2022
redc1c4 2021
Tami 2021
Chavez the Hugo 2020
Ibguy 2020
Rickl 2019
Joffen 2014
AoSHQ Writers Group
A site for members of the Horde to post their stories seeking beta readers, editing help, brainstorming, and story ideas. Also to share links to potential publishing outlets, writing help sites, and videos posting tips to get published. Contact OrangeEnt for info:
maildrop62 at proton dot me
Cutting The Cord And Email Security
Moron Meet-Ups

NoVaMoMe 2024: 06/08/2024
Arlington, VA
Details to follow


Texas MoMe 2024: 10/18/2024-10/19/2024 Corsicana,TX
Contact Ben Had for info





















« Pull the Plug, Now: Immigration Amendment Would Give Legal Status to Those Displaced By "Climate Change" | Main | Fox News Hires Howard Kurtz, Hoping to Catch Some More of That Lightning In a Bottle He Brought to CNN & Newsweek »
June 20, 2013

World Markets "Shredded" on Worries About Coming Contraction

This is the most awesome presidency in history.

Stock, bonds, commodities, and currencies around the world got destroyed today. Today's drop in the S&P 500 was the worst one since 2011.

Today's calamity was really an extension of yesterday's sell-off, which appeared to be triggered by comments made by Federal Reserve Chairman Ben Bernanke. Specifically, he said that the Fed could begin to taper, or gradually reduce, its quantitative easing program as early as later this year. In other words, they would be scaling back on their monthly purchases of $85 billion dollars worth of mortgage bonds and Treasury securities.

Some argue that the most devastating news was the surge in an obscure Chinese interest rate called SHIBOR, or the LIBOR of China. In 2008, surging LIBOR rates preceded the global credit crunch, causing the global economy and financial markets to spiral.

So we've got that to look forward to.

I find that last point ominous. Seems to me that the US often pulls the rest of the world out of a global recession. But the US hasn't done that. We're limping along. We're not in "recovery" and we're certainly not in growth.

So there's really no backstop, except for other big countries like China.



digg this
posted by Ace at 06:41 PM

| Access Comments




Recent Comments
Nova Local: "69 "Local news here quietly discussed that most/al ..."

redridinghood: "Wishing all a blessed Good Friday. ..."

LinusVanPelt : "No. Burr was a POS, certainly. But it was a duel, ..."

Rufus T. Firefly: ">>>Local news here quietly discussed that most/all ..."

Village Idiot's Apprentice: ""Local news here quietly discussed that most/all w ..."

Ben Had: "..., boggles the mind, it does. May Spring bring ..."

Nova Local: " And the names of the two deceased workers who's ..."

... : "We MUST defend Ukraine. And we MUST stop Israel ..."

Dem Propagandists: "Republicans made Obamacare expensive and unafforda ..."

Ben Had: "JT, Good morning. Hope all is well with you ..."

JT: "Hiya BenHad ! ..."

m: "Where's our SFGoth? ..."

Recent Entries
Search


Polls! Polls! Polls!
Frequently Asked Questions
The (Almost) Complete Paul Anka Integrity Kick
Top Top Tens
Greatest Hitjobs

The Ace of Spades HQ Sex-for-Money Skankathon
A D&D Guide to the Democratic Candidates
Margaret Cho: Just Not Funny
More Margaret Cho Abuse
Margaret Cho: Still Not Funny
Iraqi Prisoner Claims He Was Raped... By Woman
Wonkette Announces "Morning Zoo" Format
John Kerry's "Plan" Causes Surrender of Moqtada al-Sadr's Militia
World Muslim Leaders Apologize for Nick Berg's Beheading
Michael Moore Goes on Lunchtime Manhattan Death-Spree
Milestone: Oliver Willis Posts 400th "Fake News Article" Referencing Britney Spears
Liberal Economists Rue a "New Decade of Greed"
Artificial Insouciance: Maureen Dowd's Word Processor Revolts Against Her Numbing Imbecility
Intelligence Officials Eye Blogs for Tips
They Done Found Us Out, Cletus: Intrepid Internet Detective Figures Out Our Master Plan
Shock: Josh Marshall Almost Mentions Sarin Discovery in Iraq
Leather-Clad Biker Freaks Terrorize Australian Town
When Clinton Was President, Torture Was Cool
What Wonkette Means When She Explains What Tina Brown Means
Wonkette's Stand-Up Act
Wankette HQ Gay-Rumors Du Jour
Here's What's Bugging Me: Goose and Slider
My Own Micah Wright Style Confession of Dishonesty
Outraged "Conservatives" React to the FMA
An On-Line Impression of Dennis Miller Having Sex with a Kodiak Bear
The Story the Rightwing Media Refuses to Report!
Our Lunch with David "Glengarry Glen Ross" Mamet
The House of Love: Paul Krugman
A Michael Moore Mystery (TM)
The Dowd-O-Matic!
Liberal Consistency and Other Myths
Kepler's Laws of Liberal Media Bias
John Kerry-- The Splunge! Candidate
"Divisive" Politics & "Attacks on Patriotism" (very long)
The Donkey ("The Raven" parody)
Powered by
Movable Type 2.64