Crash Alert: The Stock Market is Falling like a Stone
Friday, 25 May 2012
'As you might have noticed, the stock market is
falling like a stone. As of 9 AM PST, the Dow Jones has dropped 172
points while all the other indices are down sharply. German 2-year debt
(bund) has dipped below 0% this morning at auction, signalling an
acceleration in the bank run taking place in southern Europe.
Depositors in Spain, Greece, Italy, Portugal, etc would rather take a
loss on their investment, then risk not their money back at all. The
European Central Bank (ECB) does not guarantee deposits, so people are
withdrawing their money en masse and getting out of Dodge pronto. What
we're seeing is a real-time panic.'
