Are we on the verge of a massive Emerging Markets Collapse?

emordnilap · Post by **emordnilap** » 05 Feb 2014, 15:37

RenewableCandy wrote:Plastic surgery, it's like The Lipstick Economy only worse...

A-pucker lips Now?

SleeperService · Post by **SleeperService** » 05 Feb 2014, 15:44

emordnilap wrote:
RenewableCandy wrote:Plastic surgery, it's like The Lipstick Economy only worse...
A-pucker lips Now?

That's unbelievable

The Horror...

Tarrel · Post by **Tarrel** » 05 Feb 2014, 18:01

acman wrote:I see the Times today has a headline that 'Osbourne sees house price boom to last 10 years', I think that's a little optimistic, or maybe panic mode is setting in?
Mind you, the other day, local radio news, had a story that plastic surgery last year had increased 43%, obviously no data, fact etc, with this story, it then cut to supposedly 'an expert' on this who stated 'Yes a big increase last year, and we're finding that increase in the lower economic groups as well, so it shows that the economic recovery is taking hold'.........
Oh wow,

Civilisation as we know it may not be around in 10 years, so I think he's being a bit premature there!

Post by **kenneal - lagger** » 05 Feb 2014, 18:24

Osbourne is coming near to Brown's "Abolishing Boom and Bust" here. Chancellors must think that they're invincible after a while in office.

Nigel Lawson obviously thinks he can do no wrong after his time in power. Shame he has no scientific knowledge to illuminate his babble on Climate Change.

biffvernon · Post by **biffvernon** » 05 Feb 2014, 19:39

kenneal - lagger wrote:
Nigel Lawson obviously thinks he can do no wrong after his time in power. Shame he has no scientific knowledge to illuminate his babble on Climate Change.

And his Prince and Heir Apparent calls him a headless chicken.

Post by **kenneal - lagger** » 05 Feb 2014, 19:51

I doubt that Lawson has any more respect for Prince Charles than I have for Lawson. If however I was allowed a nomination for World President/Dictator, as suggested elsewhere, it would have to be Prince Charles.

biffvernon · Post by **biffvernon** » 05 Feb 2014, 20:01

Maybe in coalition with the Dalai Lama?

RenewableCandy · Post by **RenewableCandy** » 05 Feb 2014, 21:25

No. He's too smug.

Post by **kenneal - lagger** » 06 Feb 2014, 01:56

He's got a lovely sense of humour, though.

PS_RalphW · Post by **PS_RalphW** » 30 Jul 2014, 16:00

Argentina in last minute talks to avoid currency bond default (again) after vulture funds win US court ruling. Deadline midnight 30/7/14 US Eastern time.

http://www.bbc.co.uk/news/business-28558121

Yet another potential trigger. However the US has just posted 4% GDP growth, which seems hard to believe.

emordnilap · Post by **emordnilap** » 30 Jul 2014, 16:21

PS_RalphW wrote:However the US has just posted 4% GDP growth, which seems hard to believe.

Haven't they recently started including prostitution and illegal drugs in the GDP? Hang on, in that case it's too low.

snow hope · Post by **snow hope** » 31 Jul 2014, 10:47

Argentina defaults, http://www.bbc.co.uk/news/business-28578179

emordnilap · Post by **emordnilap** » 31 Jul 2014, 10:57

snow hope wrote:Argentina defaults, http://www.bbc.co.uk/news/business-28578179

Argentina was not going to agree to anything that would compromise the country.

At the heart of this is a feeling that Argentina has been treated badly by the international financial system. Mr Kicillof made the point that the vultures always win and the people lose.

Well, what a refreshing piece of reporting. A politician working for the majority of his constituents? What a novel idea.

I know the situation is more complex than that but expect US intervention anytime soon.

PS_RalphW · Post by **PS_RalphW** » 31 Jul 2014, 11:26

The default was against bonds owned by 'vulture funds' - these were government bonds sold at pennies in the pound after Argentina defaulted the last time. and the new owners have been demanding payment in full, for 1000% profits, ever since. Blatant naked greed and speculation.

The US courts have sided with the fund managers, all other actors side with the Argentinian government, including all the other bond holders who settled for far less years ago.

The total face value of the bonds is about $1B. They were bought for far less, so we are talking peanuts in global terms.

raspberry-blower · Post by **raspberry-blower** » 03 Aug 2014, 18:37

Why Argentina is Right to Defy the Taliban of Global Finance

The first thing to note is that, despite repeated accusations by the vultures that Argentina is in contempt of US court rulings, Argentina’s willingness to pay its debts is not in question. The country has credibly committed itself to repaying its foreign creditors ever since it restructured its unsustainable debt load in the wake of its historic 2001 default, with over 93% of bondholders accepting crisp new bonds in 2005 and 2010. In fact, the government last month deposited $539 million with the Bank of New York Mellon to honor its commitments — in full and on time. Willingness to pay is simply not an issue.

So if Argentina is willing to pay, and actually fulfilled its obligations by transferring the money to its creditors, why is it now considered to be in default? The problem is that the Bank of New York, like all financial institutions, was under orders from Judge Griesa of the District Court of Southern New York not to transfer any of Argentina’s cash to its claimants unless the government first paid a small group of so-called “hold-out” creditors who have been tirelessly suing the country for full repayment ever since its initial 2001 default. Far from being unwilling pay, US court orders thus left Argentina unable to pay simply because its creditors could not receive their payment.

This is all part of the current currency wars (aka the race to the bottom) that are raging at the moment