Tuesday, August 31, 2010

Second Leg Of World Collapse Coming

September and October hold bad news for stock markets and banks remain overleveraged as we head into the second leg of the financial crisis according to Pedro De Noronha, the managing partner at Noster Capital in London. "We are seeing one of the most challenging years for investors ever," De Noronha told CNBC Tuesday. "Major investors are simply leaving the market. When it looks like markets are about to fall off the cliff they rally and vice versa.

"There are problems coming from the resetting of US mortgages and (the) euro area remains a big worry," he said.
"Germany is unwilling to save any other European country," De Noronha said. "Merkel used up lots of political capital saving Greece and she saved the Greek bond market in order to save the French and German banking system from more big losses."
"There are four or five countries that have major structural problems that should not be in the euro," he said. "I still have (yet) to see a politician who will shoot themselves in the head on austerity."
"The Greeks have no choice but to cut, the others like Spain are not doing enough, I am with the 'Austerian' school and do not buy the Keynesian argument," he said. 

Japan Airlines
: 16,000 Job Cuts
More Here..

U.S. Auto Sales May Hit 28-Year Low as Discounts Flop 
More Here..


  1. Maybe those 16,000 people cut and Japan Airlines can join the TSA (aiport security) and pat down people and run them thru the body scanners.

    I quit flying just too much hassle.

  2. Ironically, I have gotten through airport security in less than 5 minutes the few times I have bothered flying. They just rush me right through and don't even care to really check.

    At one time I had my PS2 in my luggage, the two people looking at the scanned couldn't tell what it was. So they just asked me, I told them it was a PS2 and one turned to the other and said "I told you so" and that was it.

    I always hear about how annoying flying is so I generally avoid it. I drive if at all possible. If the airlines want my business they will have to in general take a stand against all the stuff they have or the news reports say they use. I don't believe some random terrorist is going to hijack a plan or bomb it, so I don't see the reason for all this junk.

  3. I quit flying also. I hate the whole experience. I try to rent a nice car instead.

  4. How in the heck does any AIRLINE lose $26 BILLION, that's ILLION with a 'B'?

    TOKYO — After a two-month delay, struggling Japan Airlines was to announce on Tuesday details of a rehabilitation plan that will see thousands of job cuts as well as route closures and debt waivers.

    In January the flagship carrier went under with 26 billion dollars of debt in one of Japan's biggest-ever corporate failures, but has continued flying while it goes through a painful state-led restructuring process.

  5. How in the heck does any AIRLINE lose $26 BILLION, that's ILLION with a 'B'?

    Pensions? Benefits? Bloated salaries?

    Hey, all ponzis have to end sooner or later.
    US Treasury Bonds are NEXT (<-link).


Everyone is encouraged to participate with civilized comments.