Big market correction coming Sept\Oct !

[Selene]

Posted by Bill Ryan (here)
.
This may or may not be the place to report this — but as another data point on our sometimes-confusing graph, Simon Parkes shared this in his latest newsletter, just out:

Breaking news as of 31 August: inside information reaching me would appear to suggest that the Hong Kong and Shanghai Bank is on the verge of collapse having suffered catastrophic losses in China. As we write this the situation is changing by the minute and we expect more banks to be affected. In Great Britain HSBC applied to the Bank of England for an emergency bail out - this was rejected, the Bank of England appealed to the European Central Bank for help - that was rejected and as we write an appeal has gone to the Federal Reserve of the USA, our inside sources has informed me that the Fed is willing to bail out the Bank if necessary.

A search for recent news re HSBC shows they have been having clearing (i.e. cash flow) problems over the past week which they are attributing to “IT glitches… new operating system…” But they would say that, wouldn’t they? Mellon is also involved here. Not good.

No word yet about this on ZeroHedge. We’ll see.

If the trigger for HSBC’s demise (if so) is ‘losses in China’, then it would perfectly explain China’s gold purchases, yuan devaluation and now dumping of US treasuries: Having fed the western banks enough rope, they are now reeling it in. Goodbye Fed?

And if I ask myself: Would China methodically do a thing like that? The answers is yes, absolutely.

Cheers,

Selene

[ThePythonicCow]

From RT.com Putin says dump dollar:

==========

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries.

This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union.

“This would help expand the use of national currencies in foreign trade payments and financial services and thus create preconditions for greater liquidity of domestic currency markets”, said a statement from Kremlin.

The bill would also help to facilitate trade in the region and help to achieve macro-economic stability.

==========

There's more at the above link.

... and the beat goes on ... The Day The Music Dollar Died.

[Callista]

This from a friend in Wisconsin:

http://investmentwatchblog.com/new-g...unds-and-etfs/

I know when I went to my bank this past Friday they were having problems taking care of people because they said they had computer problems all day long.

¤=[Post Update]=¤

This also from Simon Parkes' September newsletter:

Last Monday Damien McBride former special advisor to the past Prime Minister of Great Britain, Gordon Brown, tweeted that in his opinion an economic collapse 20 times greater than the collapse in 2008/9 was imminent. He went on to tweet that people should stock up on tinned food and bottled water building a stock to cover them for one month. He also said that people should draw out their money from the banks.

[conk]

The Fourth Turning: An American Prophecy - What the Cycles of History Tell Us About America's Next Rendezvous with Destiny

http://www.amazon.com/Fourth-Turning...fourth+turning


After researching historical patterns, the authors (Generations: The History of America's Future, Morrow, 1991) conclude that America is on the verge of crisis. They substantiate their hypothesis by identifying and tracing a repetitive, four-stage historical cycle that, throughout recorded time, started on a high note and ended in hardship. Narrator Michael Tilford's polished, convincing voice and steady pacing lend an air of legitimacy to the authors' assertions.

----------------------
This book has convinced many to sell their goods in the city and move to a rural or farm area.

Conk

[ThePythonicCow]

Posted by Bill Ryan (here)
.
This may or may not be the place to report this — but as another data point on our sometimes-confusing graph, Simon Parkes shared this in his latest newsletter, just out:

Breaking news as of 31 August: inside information reaching me would appear to suggest that the Hong Kong and Shanghai Bank is on the verge of collapse having suffered catastrophic losses in China. As we write this the situation is changing by the minute and we expect more banks to be affected. In Great Britain HSBC applied to the Bank of England for an emergency bail out - this was rejected, the Bank of England appealed to the European Central Bank for help - that was rejected and as we write an appeal has gone to the Federal Reserve of the USA, our inside sources has informed me that the Fed is willing to bail out the Bank if necessary.

After spending a bit of time on the World Wide Web of Confusion just now, I remain entirely undecided as to whether the cause of HSBC's payment woes were due to an aging technical infrastructure, or due to a near-death experience of funds shortage.

I am however leaning toward blaming their technical infrastructure, with a deliberate chaser of a fabricated rumour blaming a funds shortage, as part of the ongoing effort to spread fear and doubt amongst us observers.

I can find no basis or claimed source for the rumour that Simon passed along; I would not expect a major bank failure to start with failures to dispense payrolls; and this would not be the first time that HSBC's aging infrastructure failed them.

[Richard S.]

Posted by Bill Ryan (here)
.
This may or may not be the place to report this — but as another data point on our sometimes-confusing graph, Simon Parkes shared this in his latest newsletter, just out:

Breaking news as of 31 August: inside information reaching me would appear to suggest that the Hong Kong and Shanghai Bank is on the verge of collapse having suffered catastrophic losses in China. As we write this the situation is changing by the minute and we expect more banks to be affected. In Great Britain HSBC applied to the Bank of England for an emergency bail out - this was rejected, the Bank of England appealed to the European Central Bank for help - that was rejected and as we write an appeal has gone to the Federal Reserve of the USA, our inside sources has informed me that the Fed is willing to bail out the Bank if necessary.

For those interested, here is the news letter...

http://us9.campaign-archive1.com/?u=...8&e=3653842ef4

[Rocky_Shorz]

Posted by Paul (here)

Posted by Bill Ryan (here)
.
This may or may not be the place to report this — but as another data point on our sometimes-confusing graph, Simon Parkes shared this in his latest newsletter, just out:

Breaking news as of 31 August: inside information reaching me would appear to suggest that the Hong Kong and Shanghai Bank is on the verge of collapse having suffered catastrophic losses in China. As we write this the situation is changing by the minute and we expect more banks to be affected. In Great Britain HSBC applied to the Bank of England for an emergency bail out - this was rejected, the Bank of England appealed to the European Central Bank for help - that was rejected and as we write an appeal has gone to the Federal Reserve of the USA, our inside sources has informed me that the Fed is willing to bail out the Bank if necessary.

After spending a bit of time on the World Wide Web of Confusion just now, I remain entirely undecided as to whether the cause of HSBC's payment woes were due to an aging technical infrastructure, or due to a near-death experience of funds shortage.

I am however leaning toward blaming their technical infrastructure, with a deliberate chaser of a fabricated rumour blaming a funds shortage, as part of the ongoing effort to spread fear and doubt amongst us observers.

I can find no basis or claimed source for the rumour that Simon passed along; I would not expect a major bank failure to start with failures to dispense payrolls; and this would not be the first time that HSBC's aging infrastructure failed them.

come on, you can say it, Sorcha said it first so it must be disinfo...

500 point drop in the market means nothing...

dang computer glitches

the disinfo was passing truths that would be disregarded by small investors so the big guys could be the first to dump...

as too many little investors catch on, they rule48 the trades back them out and toss them behind the big boys...


this is Sorcha's report from Friday

Posted by Rocky_Shorz (here)
Hey Guys,

we should be able to confirm this report, but this is more than a hickup

first reported Citigroup moving assets to Russia to prevent seizure, now the world's largest bank failing...

"The Ministry of Finance (MoF) is reporting today that British banking giant HSBC is nearing a total collapse after its having lost a staggering nearly $1 trillion due to the ongoing Great 2015 Global Market Crash and earlier today it completely ran out of cash to pay its obligations and depositors.

According to this report, HSBC is a multinational banking and financial services company headquartered in London, United Kingdom and is the world's fourth largest bank by total assets worth $2.67 trillion.

Not known to many Westerners, this report continues, HSBC was established in its present form in London in 1991 by the Hong Kong and Shanghai Banking Corporation Limited to act as a new group holding company and the origins of this banking giant mainly lies in Hong Kong, and also to a lesser extent Shanghai, where branches were first opened in 1865.

Due to the staggering crash of the Shanghai Composite index that has shed 38% of its value since 12 June, this report explains, HSBC lost nearly $700 billion of its value in China while a further estimated $300 billion has been lost due to the Dow’s collapse of over 1,800 points since its high for the year was reached on 27 May.

To the consequences of this massive $1 trillion HSBC loss, this report says, began hours ago when reports began to surface in the UK that hundreds-of-thousands of people were not being paid their salaries, which this British banking giant first tried to deny, but a few hours later blamed their failure to pay on a “computer glitch”.



"MoF experts in this report dismiss HSBC’s explanation of a “computer glitch” noting that this phrase is commonly used by Western banking and financial institutions as a “cover story” to mask their inability to access cash…and is likewise being used to explain what is preventing hundreds of American mutual and exchange-traded funds from providing their investors with the values of their holdings, and why one of the world’s largest brokerages, Charles Schwab, shut down earlier today too.

As HSBC is Britain’s largest bank, this report notes, it has appealed for an emergency loan from the Bank of England (BoE), with the BoE then appealing to the European Central Bank (ECB), and the ECB then appealing to the US Federal Reserve System (FRS).

With the US Congress having verified that over $16 trillion of the American peoples money was given by the US Federal Reserve to European corporations and banks, purportedly for “financial assistance” during and after the 2008 fiscal crisis, this report says, it remains “highly probable” they will do so again before HSBC totally collapses.

And with China continuing to dump hundreds-of-billions of its US held debt to stabilize its own markets and economies, this report concludes, the near collapse of HSBC today is but a prelude to the coming greater global financial collapse some experts have warned will “change the landscape of the entire world”.

Though not mentioned in this report, it is interesting to note that at least the American people are seeing the truth and, according to one news source, are “yanking their money from almost everything”…which in turn has led one of the elites major mouthpieces, the Financial Times, to publish an anonymous article calling for the outright abolition of cash in order to give central banks and governments more power. " link

[ThePythonicCow]

Posted by Rocky_Shorz (here)
come on, you can say it, Sorcha said it first so it must be disinfo...

500 point drop in the market means nothing...

dang computer glitches

the disinfo was passing truths that would be disregarded by small investors so the big guys could be the first to dump...

as too many little investors catch on, they rule48 the trades back them out and toss them behind the big boys...

I didn't claim that everything Sorcha said was disinfo ... nor did I claim that major drops in the markets mean nothing.

As with our food, water, air, and medicines, they mix some good stuff in with the toxic, info in with the disinfo, ...

Rather like dumpster diving to get one's food, one has to sort through what's there to find what's edible, or in this case credible.

This is not even close to an exact science, and it helps to have a strong stomach, as sometimes you're going to guess wrong.

P.S. -- If I read your post above correctly, Rocky, it would seem that Sorcha was the original source for the "alternative" explanation for the cause of HSBC's problems last week. I will admit that that puts the matter to rest in my mind. Thanks!

[Rocky_Shorz]

heheh...

glad I could help...

then you shouldn't be too worried about Russia moving troops into Syria to Smash Isis then...

another first from Sorcha

"Putin Authorizes Air Strikes On “American Interests” As Thousands Of Russian Troops Pour Into Syria

By: Sorcha Faal, and as reported to her Western Subscribers

The Ministry of Defense (MoD) is reporting today that President Putin has authorized air strikes against “any and all” American interests located in the Levant War Zone (Eastern Mediterranean) and has further ordered the immediately deployment to Syria of (at least) 2 air squadrons, 1 bomber squadron, 2 assault squadrons and 1 intelligence squadron whose mission will be to “target and degrade” the military capability of Islamic State of Iraq and the Levant (ISIL/ISIS) forces currently rampaging throughout this region.

Though the timing of these military deployments remain highly restricted in this MoD report, Israeli news sources are also reporting that Federation combat aircraft are even now beginning to operate over Syria and have further stated:

“In the coming weeks thousands of Russian military personnel are set to touch down in Syria, including advisors, instructors, logistics personnel, technical personnel, members of the aerial protection division, and the pilots who will operate the aircraft. Arab media outlets have [also] recently published reports that Syria and Russia were looking for an additional port on the Syrian coast, which will serve the Russians in their mission to hasten the pace of the Syrian rearmament.”" link

[Mandala]

What about what's in our bank accounts? Will it be gone or be worthless?

[Redstar Kachina]

..........

[Rocky_Shorz]

Posted by Mandala (here)
What about what's in our bank accounts? Will it be gone or be worthless?

from what I am able to find, is stocks will continue to exists, with corporate value to back it, money will be exchanged, but anything invested in derivatives will collapse as will most bonds.

currency outside of banks will have a very short window for exchange.

foreign stockpiles of Bills in suitcases will have no value for exchange.

I'm not convinced my credit union has any exposure to the troubles ahead, so I am leaving mine in the bank and CDs

I have $800 face value of silver coins on hand with a few weeks worth of necessity cash in case tomorrow, ATM systems were to drop down...

I still have faith in the system for a quick recovery.

[ThePythonicCow]

Posted by Mandala (here)
What about what's in our bank accounts? Will it be gone or be worthless?

If I had more money than I could afford to lose in the few largest banks, such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup and U.S. Bancorp, I'd be tempted to move it to smaller local banks and credit unions. The FDIC has about as much ability to cover a collapse of one of these largest banks as a mouse has of keeping an elephant from falling, and I would guess that some of these largest banks are more likely to be involved in massive fraud and risk.

I expect that we (in the US) will see a series of devaluations and other emergency measures, that will reduce the actual value (purchasing power) of what we have in most banks, and of cash on hand, by a factor of about two to one. There will be little escaping this devaluation, outside of not having US Dollars in the first place. This can be done by (1) already being poor, (2) having precious metals, in hand, or (3) having other worthwhile goods in hand, such as food, cigarettes, booze, ...

Minimize debt as much as possible ... better to have little in the bank and no mortgage or car payments, than to have a lot in the bank, and substantial monthly debt payments. There will be a tendency for those institutions you owe money to to still want their money, but for those who have your money, or promises of future benefits (retirement plans, insurance plans, ...), to be unable to pay it all. Income from jobs will be at risk; for example many local, state and federal government jobs will need to be trimmed back, and some corporations will find themselves on the wrong side of these changes and have to trim back (this is already happening). Monthly debt payments become more difficult if you lose your job.

The steady and reliable increase in the value of US Treasuries, and hence of other AAA bonds, over the last 30 plus years will come to an end. These safest of investments will probably, in the short term, spike higher in value, as other riskier investments collapse first, and then collapse, vanish, or otherwise suffer massive restructuring. The actual value (purchasing power) of federal government social payments (social security, medicare, medicaid, food stamps, unemployment, veterans benefits, etc, etc) will decline substantially, in various ways.

[gripreaper]

Posted by Paul (here)
The actual value (purchasing power) of federal government social payments (social security, medicare, medicaid, food stamps, unemployment, veterans benefits, etc, etc) will decline substantially, in various ways.

Too bad we bought into the Roosevelt new deal, the Federal Reserve deal, and the corporate government statutory US citizen deal, and abrogated all of our resources, assets, labor and energy to these psychopaths to take care of us when times get hard, times they themselves created I might add.

Its a pretty raw deal and will be a pretty rude awakening for many.

[jagman]

"This is absolutely Not an End of the world thread!"
I Never have claimed that this is 100% outcome this is one of many
possibilities I feel that could happen. I hope they don't!!1 But if it
does happen We Are Strong!!! We will find
our way!!! I've been thinking maybe I would call in on C2C and ask
George if he would consider one of those "Thought Experiments"
We have several major events that could hit us at anytime that
could end us and I also think were close to Greatness. We can
do anything we want! We have the power to create many great things
but we have to learn to eliminate hate form our hearts.
One of my Favorite stories from the bible is when Jesus goes and sits
down with Mathew, "The THE HATED TAX COLLECTOR" He does this in
front his apostles and they all got mad! They said to Jesus how can you
Break bread with the tax collector Mathew and Jesus basically said

Mathew 9:10
Later Jesus was having dinner at Matthew's house. Many tax collectors and sinners came to eat with Jesus and his disciples. 11The Pharisees saw this and asked his disciples, "Why does your teacher eat with tax collectors and sinners?" When Jesus heard that, he said, "Healthy people don't need a doctor; those who are sick do. Learn what this means: 'I want mercy, not sacrifices.' I've come to call sinners, not people who think they have God's approval."

[idiit]

i'm optimistic. I feel we are on a + timeline that necessitates the removal of the old before we can get on with the new. preps will smooth out some of the bumps in the short term volaitility.

[K626]

UK banks did some major stress testing last year as preparation for a Grexit. The biggest faultline is Deutsche Bank's exposure to derivatives (not many are aware of this) which is greater than the whole German economy combined.

K

[mgray]

So China takes a two-day holiday to celebrate the Japanese defeat in WWll (no comment on that) and all is well with the world.

The US has monthly jobs numbers Friday, which may be below 200K, taking a Fed rate rise in Sept. off the table.

HSBC doth protest too much, when I queried them on needing a bailout. The bank vehemently denied the fact that they needed a loan, but would not go on the record with a response with asked if they went to the Fed's Swap Window.

So journalistically can't say they did, without corroboration from another source, which will not be the other party, the Fed. The stock has moved slightly higher this week, but so did Lehman Bros. before the fall.

I will keep an eye on this.

[Pam]

Posted by mgray (here)
So China takes a two-day holiday to celebrate the Japanese defeat in WWll (no comment on that) and all is well with the world.

The US has monthly jobs numbers Friday, which may be below 200K, taking a Fed rate rise in Sept. off the table.

HSBC doth protest too much, when I queried them on needing a bailout. The bank vehemently denied the fact that they needed a loan, but would not go on the record with a response with asked if they went to the Fed's Swap Win

So journalistically can't say they did, without corroboration from another source, which will not be the other party, the Fed. The stock has moved slightly higher this week, but so did Lehman Bros. before the fall.

I will keep an eye on this.

mgray, if this turns out to be true, how do you see this going down?

[Pam]

It looks like good old HSBC has had some serious problems in the past. It boggles my mind how the government can accuse a corporation of all this crap and still allow them to be in business!!! Of course the government would have to have authority over that corporation, and it doesn't seem to be the case here. Can you imagine an average citizen being accused of what this bank was accused of and walking away with a fine???? I know how corrupt things are, at least I think I do, but it never ceases to turn my stomach.



Home » Office of Public Affairs » Briefing Room » Justice News
Justice News
Department of Justice
Office of Public Affairs
FOR IMMEDIATE RELEASE
Tuesday, December 11, 2012
HSBC Holdings Plc. and HSBC Bank USA N.A. Admit to Anti-Money Laundering and Sanctions Violations, Forfeit $1.256 Billion in Deferred Prosecution Agreement
Bank Agrees to Enhanced Compliance Obligations, Oversight by Monitorin Connection with Five-year Agreement


“HSBC is being held accountable for stunning failures of oversight – and worse – that led the bank to permit narcotics traffickers and others to launder hundreds of millions of dollars through HSBC subsidiaries, and to facilitate hundreds of millions more in transactions with sanctioned countries,” said Assistant Attorney General Breuer. “The record of dysfunction that prevailed at HSBC for many years was astonishing. Today, HSBC is paying a heavy price for its conduct, and, under the terms of today’s agreement, if the bank fails to comply with the agreement in any way, we reserve the right to fully prosecute it.”

“Today we announce the filing of criminal charges against HSBC, one of the largest financial institutions in the world,” said U.S. Attorney Lynch. “HSBC’s blatant failure to implement proper anti-money laundering controls facilitated the laundering of at least $881 million in drug proceeds through the U.S. financial system. HSBC’s willful flouting of U.S. sanctions laws and regulations resulted in the processing of hundreds of millions of dollars in OFAC-prohibited transactions. Today’s historic agreement, which imposes the largest penalty in any BSA prosecution to date, makes it clear that all corporate citizens, no matter how large, must be held accountable for their actions.” ......