[Zardoz]

A lot of alcohol will be consumed today:

Credit fears pound global stocks

$this->bbcode_second_pass_quote('', 'E')uropean stocks tumbled in early trade on Thursday as credit market jitters intensified, the yen rose, government bond yields fell and all measures of risk reflected growing investor queasiness.

Financial stocks led a 2.7 percent fall in Europe as part of an across-the-board slide fueled by worries over exposure to the battered U.S. subprime mortgages market.

Asian shares outside Japan headed for their worst daily percentage fall since the attacks on the United States in September 2001, tracking a broad U.S. stock slide spurred by rumors of funding trouble at top mortgage lender Countrywide Financial...

..."The effects from U.S. credit on global markets remains consistent with a textbook case unraveling of financial contagion over a week after central banks intervened to normalize conditions," wrote Lena Komileva, an economist at Tullett Prebon.

[Roccland]

Yen 114.55

Sorry to say folks, but looks like today the fat lady sings.

You may want to cash your 401ks if you have not already if you have one.

Here is a source to learn about gold and silver.

Here is a source for cheap on line legumes and grains.

Here is a source for cheap on line ammo.

Hindenburg Disaster

[Eli]

Yen now at 114.53 down from 118 just a few days ago.

The Yen carry trade is very similar to the housing boom just much larger. The BOJ has kept the Yen artificially low for years, the people of Japan and Major US investment banks have borrowed the Yen and invested it around the globe.

This had the net effect of keeping inflation low in Japan and pumped up equities around the world.

Getting back on the right side of the trade means a collapse.

[qwanta]

$this->bbcode_second_pass_quote('Roccland', 'Y')en 114.55

Sorry to say folks, but looks like today the fat lady sings.

You may want to cash your 401ks if you have not already if you have one.

Here is a source to learn about gold and silver.

Here is a source for cheap on line legumes and grains.

Here is a source for cheap on line ammo.

Hindenburg Disaster

[Roccland]

$this->bbcode_second_pass_quote('qwanta', '')$this->bbcode_second_pass_quote('Roccland', 'Y')en 114.55

Sorry to say folks, but looks like today the fat lady sings.

You may want to cash your 401ks if you have not already if you have one.

Here is a source to learn about gold and silver.

Here is a source for cheap on line legumes and grains.

Here is a source for cheap on line ammo.

Hindenburg Disaster

[sjn]

$this->bbcode_second_pass_quote('qwanta', '
')The unfortunate thing is that gold and silver haven't moved in the past few days (except downwards). I suspect Central Bank manipulation, but would be nice to see them return to safe haven status inversely correlated to stock market....

[Zardoz]

DJ is down 54 points right out of the gate:

Stocks continue their August slump - Major gauges continue selloff on continued credit and mortgage fears.

EDIT -

Make that 145 points as of 10:19 Eastern time.

It's truly dropping like that proverbial rock...

[qwanta]

$this->bbcode_second_pass_quote('sjn', '')$this->bbcode_second_pass_quote('qwanta', '
')The unfortunate thing is that gold and silver haven't moved in the past few days (except downwards). I suspect Central Bank manipulation, but would be nice to see them return to safe haven status inversely correlated to stock market....

[ritter]

I think I'll put money into cigarettes and liqueur instead of gold. People will trade a lot to keep their addictions fed!

[Zardoz]

Stocks Under Attack

$this->bbcode_second_pass_quote('', 'S')tocks tanked Thursday afternoon, building on the recent bloodletting, as investors took lender Countrywide Financial's latest woes as evidence of bigger problems for the credit and mortgage markets.

[Zardoz]

Just another day at the office:

Emerging-Markets Stocks, Currencies Plunge on Credit Concern

$this->bbcode_second_pass_quote('', '[')b]Emerging-market shares fell the most in seven years and currencies declined on concern a credit crisis will derail global economic growth and reduce demand for riskier assets.

"It's a selling panic,'' said Mark Mobius, who oversees $30 billion of emerging market investments at Templeton Asset Management Ltd. in Singapore. "We're seeing a lot of negative news with few positives.''

[Eli]

Guys what we saw today was the unwinding of the Yen carry trade.

Hedge Funds and Banks around the globe are heavily invested in the trade. The Yen shot up through the roof which kicks in margin calls on those who have been using it as funding.

The market was tanking so to off set losses the Hedgies had to sell off their best assets what were those? Shorts on home builders mortgage companies and the financials, that is what went up today.

The Yen coming apart is sucking vast sums of cash out of the market.

[Zardoz]

*yawn*

Japanese stocks drop as strong yen hits exporters

$this->bbcode_second_pass_quote('', 'M')ost Asian indexes dropped Friday as investors continued to downsize their portfolios in the wake of turmoil in the global credit markets and the Japanese yen's rally against major global currencies. Shares of Japanese firms such as Sony Corp. and Canon Inc. were hit hard on fears their exports earnings will be pressured, while further selling in China-related stocks led to heavy losses in Hong Kong...

...The regionwide losses coincide with a rebound in the yen's value against global currencies, after a long spell of weakness for the Japanese currency due to the so-called yen carry trades, in which investors hitherto borrowed funds in low-yielding yen to buy other high-yielding assets.