The World under the brink of financial ruin

[YoungJoonKim]

Elephants are too big, too hard to feed, cloth, and save. Once the time for elephants to "pass on," the foundations of our ground shook. And this is what's happening about the world. The Elephant is about to fall, the world is injecting massive cash flow into banks to save the world. It is uncertain what might happen to our future but one thing is clear--recession is coming...or worse.
(EXCITED)

Bank of Canada injects cash to thaw frozen credit


HEATHER SCOFFIELD
Globe and Mail Update
September 30, 2008 at 12:21 PM EDT


OTTAWA — The Bank of Canada is injecting an additional $4-billion into short-term money markets as a means to thaw the flow of credit, which has essentially frozen around the world.

http://www.reportonbusiness.com/ser...930/BNStory/Business/home?cid=al_gam_mostview

Dexia bank gets multi-nation $9.2B bailout

Tuesday September 30, 11:12 am ET
By Aoife White, AP Business Writer
Dexia bank gets $9.2B bailout from governments, shareholders
BRUSSELS, Belgium (AP) -- Dexia became the second Belgian bank this week to get a government and shareholder bailout Tuesday when Belgium, France and Luxembourg said they would inject almost $9.2 billion to keep it afloat.
Dexia's CEO Axel Miller -- who immediately stepped down -- said the bank had no real option to asking for state help because "our feeling was clearly that this week is going to be very tense on the market and we might be ... one of the banks that might be put under pressure."
Dexia, a French-Belgian specialist in lending to local governments that ran up huge losses in its U.S. operations, closed nearly 30 percent lower Monday -- triggering emergency talks with government officials.
This came barely two days after Belgium, the Netherlands and Luxembourg moved to save Fortis bank on Sunday, pumping 11.2 billion euros ($16.4 billion) after its shares shrank by a fifth Friday. Traders saw the bank as overleveraged....
http://biz.yahoo.com/ap/080930/eu_belgium_dexia.html

 

[Avro]

Don't worry Canada can weather the storm created by the idiots in the U.S.

 

[Praxius]

Don't worry Canada can weather the storm created by the idiots in the U.S.

And if not, well I got a nice cave picked out to live in.

Either that or I'm taking off to Australia. Screw this place.

 

[Avro]

And if not, well I got a nice cave picked out to live in.

Either that or I'm taking off to Australia. Screw this place.

Huh?

Unlike you I love Canada.

 

[#juan]

And if not, well I got a nice cave picked out to live in.

Either that or I'm taking off to Australia. Screw this place.

I thought you had no mortgage. In any case Australia has the same problems as the rest of the world:


08 NATIONAL Australia Bank will take a $100 million hit on its cash earnings this year, as the fallout from its exposure to damaged US sub-prime assets intensifies.
The bank revealed last night that it would hedge the counter-party risk of its $1.6 billion synthetic CDOs exposure held in its conduit portfolio.
NAB said the hedging deal would cost it $100 million this year, and $300 million over the next five years in cash earnings from on-going hedging costs.
The NAB has been one of the worst affected domestic banks, with among the largest exposure to troubled offshore assets.
"Long-dated hedges have been entered into with a large highly reputable global bank counter-party, which strengthens NAB's position and substantially reduces the likelihood of loss arising from the SCDOs," a statement from the NAB said.
A risk-review found that the synthetic CDOs could withstand corporate default rates worst than the average over the past 90 years. But the cash earnings impact could further hit the NAB share price today, after the banks were solidly sold down yesterday.
The ANZ also revealed yesterday it had completed a $1.08 billion convertible preference share deal, to bolster its tier 1 capital base.
The deal was carried out in the tough market conditions and was the first transaction any major banks in the domestic market recently. The banks have been forced to go to Japan in recent months, with each of the majors carrying out "samurai" transactions in yen-denominated raisings.
The ANZ preference share issue was taken up mostly by institutions, with 8 per cent of the transaction snared by UBS Wealth nominees.
The current market conditions has raised questions about the funding costs of the major banks going forward, particularly when the official cash rate will be cut this month.
The banks have become fearful lending to each other, with a record $10.72 billion in the Reserve Bank's exchange-settled accounts. The central bank injected a further $1.94 billion in the domestic financial system yesterday, to ensure cash remained for lending between institutions.

The RBA has been one of the most active central banks in putting in funds, and the bank also revealed yesterday it had widened a currency swap deal with the US Federal Reserve.

 

[EagleSmack]

Ahhhh... I long for the day of trading colored rocks and marbles. Things were so much simpler then.

 

[Praxius]

Huh?

Unlike you I love Canada.

Yeah well love can only go so far in the real world. Piss ass employment in the maritimes, all the money heading out west, all the people from the Maritimes going as well because they have very little choice, a nation that sucks arse with the US and has become so damn dependant on them that when they fall, so will Canada, moron governments who do nothing worthwhile to make any drastic change... piss poor hospitals and a universal health care that has been circling the crapper for decades......

And besides.... in my profession, I can stick around here and play around with a $31,000 salary for someone who's been working in the industry for 10 years now..... or head to some place like Australia where I can get a salary from $63,000 up to $120,000 for doing a lot less work I'm doing now.

Not to mention the immigration there is far more easier and cheaper then here in Canada.... why the hell would I want to stick around here?

Hell, they're actually begging for workers, as opposed to this place where nobody gives a sh*t about the lack of jobs and low minimum wage that nobody can live off of, and the jobs you do get, you're treated like scum and over worked for far less then you should be paid, and always with the threats of being replaced by someone who will work for less.

Don't get me wrong.... I like the country I was born in raised in, but since I've gotten out of High School, it's been one fight over another, one screw over after another, and it's not just myself, it's practically everybody I've ever talked to face to face here (Besides those who own their own companies) there is simply nothing available when it comes to any type of assistence or advice to get you where you should be in life.

I've been completely independant for the most part since I moved out after high school.... I've been dealing with all the BS, the student loans, the collection, the pissy ass jobs that pay you half of what you are qualified for......

..... so seriously..... when another country is constantly sending you the forms and details, begging for your profession and willing to pay Godly amounts in comparison to what you're being paid now, giving you the opportunity to finally start a life and family, in a country that isn't as closely tied with the US that they won't feel the economic blow as Canada will, after the country continues to go down one path, totally opposite of what you once thought it should have.......

what logical reason is left to stay?

Seriously?

If you were working in a job with a low 5 digit salary and not even coming close to the average middle class marking of pay, and another country offered you a 6 figure salary for less work, and willing to help you with your citizenship..... why the hell wouldn't you go?

And besides, if the nukes fly, you'll be out of the way of most of them.

Just playing the ol' Devil's Advocate here.

 

[EagleSmack]

And besides, if the nukes fly, you'll be out of the way of most of them.

Leave a forwarding address for us!

Just playing the ol' Devil's Advocate here.

You? Devil's advocate? No!

 

[Praxius]

I thought you had no mortgage.

That's because I don't.

In any case Australia has the same problems as the rest of the world:

08 NATIONAL Australia Bank will take a $100 million hit on its cash earnings this year, as the fallout from its exposure to damaged US sub-prime assets intensifies.
The bank revealed last night that it would hedge the counter-party risk of its $1.6 billion synthetic CDOs exposure held in its conduit portfolio.
NAB said the hedging deal would cost it $100 million this year, and $300 million over the next five years in cash earnings from on-going hedging costs.
The NAB has been one of the worst affected domestic banks, with among the largest exposure to troubled offshore assets.
"Long-dated hedges have been entered into with a large highly reputable global bank counter-party, which strengthens NAB's position and substantially reduces the likelihood of loss arising from the SCDOs," a statement from the NAB said.
A risk-review found that the synthetic CDOs could withstand corporate default rates worst than the average over the past 90 years. But the cash earnings impact could further hit the NAB share price today, after the banks were solidly sold down yesterday.
The ANZ also revealed yesterday it had completed a $1.08 billion convertible preference share deal, to bolster its tier 1 capital base.
The deal was carried out in the tough market conditions and was the first transaction any major banks in the domestic market recently. The banks have been forced to go to Japan in recent months, with each of the majors carrying out "samurai" transactions in yen-denominated raisings.
The ANZ preference share issue was taken up mostly by institutions, with 8 per cent of the transaction snared by UBS Wealth nominees.
The current market conditions has raised questions about the funding costs of the major banks going forward, particularly when the official cash rate will be cut this month.
The banks have become fearful lending to each other, with a record $10.72 billion in the Reserve Bank's exchange-settled accounts. The central bank injected a further $1.94 billion in the domestic financial system yesterday, to ensure cash remained for lending between institutions.

The RBA has been one of the most active central banks in putting in funds, and the bank also revealed yesterday it had widened a currency swap deal with the US Federal Reserve.

My decisions are not based on the markets, or how much who lost what or not..... my decisions are based on direct future of myself and whom I wish to continue my life with.

I look to where there is a job demand for what I do, I look at how much they are willing to offer for my abilities and experience, I look to see if it is a country in which I could relate to or always wanted to visit.

Quite honestly and flat out..... in an unbiased and logical view, there isn't very much keeping me in this country at this point in time.

 

[Praxius]

Leave a forwarding address for us!

You? Devil's advocate? No!

Hey Eagle, if you got something worth while to say, by all means, say something.... you're peanut gallery two-liners are getting pretty sad.

 

[darkbeaver]

Don't worry Canada can weather the storm created by the idiots in the U.S.

It depends on what you mean by weather Avro. Personnally I don't think you have enough sense to get in out of the rain, sugarman.

 

[TenPenny]

Yeah well love can only go so far in the real world. Piss ass employment in the maritimes, all the money heading out west, all the people from the Maritimes going as well because they have very little choice, a nation that sucks arse with the US and has become so damn dependant on them that when they fall, so will Canada, moron governments who do nothing worthwhile to make any drastic change... piss poor hospitals and a universal health care that has been circling the crapper for decades......

I guess you live in a different part of the Maritimes than I do.

 

[Praxius]

I guess you live in a different part of the Maritimes than I do.

Perhaps.... and it could also depend on the type of work that I do, which I was originally sucked into in high school as being in a great demand and the market growing greatly here where I live..... only to figure out afterwards that there isn't a market at all here, jumping from one crap job to the next to pay off the $85,000 some odd student loan pile, not to mention the other multi-thousand dollars for lines of credit to pay the extra that the student loans wouldn't pay for......

I could have jumped into construction and be paid far more then I'm being paid now..... but I was told to follow what I love(d) and enjoy(ed) and kill two birds with one stone and work in a job I enjoy and get paid well for it.....

Well the birds pecked my eyeballs out and I don't see any good in it anymore.

Sure I could have gone out west like everybody else, with higher living expenses to counter any increase in pay, all the while adding the moving expenses on top of all the BS I already owe for a waste of time....... but besides all that, it still sure as hell doesn't do anything for the Maritimes does it?

Then again, maybe I will stick around and see what can come out of the next couple of years.....

Then again, maybe I'll just head off to some other place like Ireland, Scotland or Australia and make my own path for myself.

Sure no place is perfect and everywhere you go there's always going to be challenges and issues to deal with..... but every so often one just has to take that etch-a-sketch you planned your life all out on and give it a real good shake to start over again.

Meh.... I dunno.... then again, maybe I didn't get enough sleep last night and not enough pot.

 

[EagleSmack]

Hey Eagle, if you got something worth while to say, by all means, say something.... you're peanut gallery two-liners are getting pretty sad.

I was just kidding around. Geez!

 

[Praxius]

I was just kidding around. Geez!

My apologies then... maybe I'm just angry at the world today.

*Then someone sez "When are you not angry at the world Prax?"*

*Then I sez "Wednesdays between 4-5pm."*

 

[mt_pockets1000]

Prax, you've expressed precisely my thoughts on Atlantic Canada. I love the place but man it's tough to make a go of it down there. So, after 3 attempts over my lifetime of trying to eke out a living in such an economically depressed area, I gave up and threw my hat in with the rest of the migrants and headed west. I haven't looked back in over 10 years. As much as it pained me to leave friends and family behind, the alternative was just too bleak. So I say do what your heart tells you. Look at it as an adventure, a chance to live in other parts of Canada or the world, a chance to broaden your views of the world, a chance to pay off your debt and save some money for the future. Or you could stay the course and hope the economy will turn around down there, which has been dangled like a carrot in front of us eastern Canadians for decades.

 

[darkbeaver]

Perhaps.... and it could also depend on the type of work that I do, which I was originally sucked into in high school as being in a great demand and the market growing greatly here where I live..... only to figure out afterwards that there isn't a market at all here, jumping from one crap job to the next to pay off the $85,000 some odd student loan pile, not to mention the other multi-thousand dollars for lines of credit to pay the extra that the student loans wouldn't pay for......

I could have jumped into construction and be paid far more then I'm being paid now..... but I was told to follow what I love(d) and enjoy(ed) and kill two birds with one stone and work in a job I enjoy and get paid well for it.....

Well the birds pecked my eyeballs out and I don't see any good in it anymore.

Sure I could have gone out west like everybody else, with higher living expenses to counter any increase in pay, all the while adding the moving expenses on top of all the BS I already owe for a waste of time....... but besides all that, it still sure as hell doesn't do anything for the Maritimes does it?

Then again, maybe I will stick around and see what can come out of the next couple of years.....

Then again, maybe I'll just head off to some other place like Ireland, Scotland or Australia and make my own path for myself.

Sure no place is perfect and everywhere you go there's always going to be challenges and issues to deal with..... but every so often one just has to take that etch-a-sketch you planned your life all out on and give it a real good shake to start over again.

Meh.... I dunno.... then again, maybe I didn't get enough sleep last night and not enough pot.

That's quite a debt burden Praxius, my disorganization can help you consolodate that into one lowlow monthly payment of zero. Look us up it's called SkipTown Credit Counciling we're in the yellowing pages. If you think you might like life on the fringe where the action isn't, this is your oportunity to be free for life. Call while you're young before it's to late.:smile:

 

[TenPenny]

Perhaps.... and it could also depend on the type of work that I do, which I was originally sucked into in high school as being in a great demand and the market growing greatly here where I live..... only to figure out afterwards that there isn't a market at all here, jumping from one crap job to the next to pay off the $85,000 some odd student loan pile, not to mention the other multi-thousand dollars for lines of credit to pay the extra that the student loans wouldn't pay for......

I could have jumped into construction and be paid far more then I'm being paid now..... but I was told to follow what I love(d) and enjoy(ed) and kill two birds with one stone and work in a job I enjoy and get paid well for it.....

Well the birds pecked my eyeballs out and I don't see any good in it anymore.

Sure I could have gone out west like everybody else, with higher living expenses to counter any increase in pay, all the while adding the moving expenses on top of all the BS I already owe for a waste of time....... but besides all that, it still sure as hell doesn't do anything for the Maritimes does it?

Then again, maybe I will stick around and see what can come out of the next couple of years.....

Then again, maybe I'll just head off to some other place like Ireland, Scotland or Australia and make my own path for myself.

Sure no place is perfect and everywhere you go there's always going to be challenges and issues to deal with..... but every so often one just has to take that etch-a-sketch you planned your life all out on and give it a real good shake to start over again.

Meh.... I dunno.... then again, maybe I didn't get enough sleep last night and not enough pot.

I almost got sucked into law school when I graduated from university. I know quite a few lawyers who are doing okay, but nothing spectacular.

There are days that I wish I had become an industrial millwright....work a little bit of OT, pull in $120,000 / year easy.

 

[Praxius]

Prax, you've expressed precisely my thoughts on Atlantic Canada. I love the place but man it's tough to make a go of it down there. So, after 3 attempts over my lifetime of trying to eke out a living in such an economically depressed area, I gave up and threw my hat in with the rest of the migrants and headed west. I haven't looked back in over 10 years. As much as it pained me to leave friends and family behind, the alternative was just too bleak. So I say do what your heart tells you. Look at it as an adventure, a chance to live in other parts of Canada or the world, a chance to broaden your views of the world, a chance to pay off your debt and save some money for the future. Or you could stay the course and hope the economy will turn around down there, which has been dangled like a carrot in front of us eastern Canadians for decades.

Indeed.... I never left and I stuck it out, because I always figured if I leave the area, then it's still not helping anything here. If I stay and rough it out to find a decent job, then perhaps things won't seem so bad, and if more and more people stick around to force some kind of economic change here in the Maritimes, then maybe it'll all be worth it.

But it's not working out that way and I'm begining to figure that I'm just going to be another person who left the maritimes and the place gets that much more emptier.

Maybe that's the plan, who knows.... but either way.... there's certainly no incentives making me want to stick around and yeah, it'd be nice to work for the greater good and help the economy here.... but after so long, one just has to say fk'it..... and take care of yourself.

And as it goes for my girlfriend from Australia, she's having a worse nightmare then I did looking for a steady job here.... which is why we're both thinking of heading to her land, rather then here.

Sure I may have to watch the spiders and other things that could kill me, but if it's not that, then it's the freezing cold..... *shurgs*

 

[Praxius]

I almost got sucked into law school when I graduated from university. I know quite a few lawyers who are doing okay, but nothing spectacular.

There are days that I wish I had become an industrial millwright....work a little bit of OT, pull in $120,000 / year easy.

Exactly..... I just wished arseholes just simply told the truth about the work industry and not suckering in teenagers when they're still in school and don't know any better.

To all you youngins.... heed these warnings.