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Tuesday, September 28, 2010

International Cracks Appearing

It is well known Ireland would have been by now into a financial tailspin if it wasn't for the Euro. As it's debt problems continue to build, there is political positioning occurring. The economy is contracting, there is uncertainty of the Irish government to cover bank debt has triggered Moody's to downgrade Anglo-Irish bank. While there is not raging fire yet, there is smoke appearing out of Ireland.

South Korean banks' loan delinquency rate rose to the highest level in 15 months in August as more corporate borrowers fell behind their repayment. Again, no raging fire, but smoke is visible in South Korea.

China Blocks Vital Exports to Japan - Note, I think China already has restored shipments, but this highlights the tension between China and Japan. Each country has detained nationals from each other's countries. Also highlights how the world can be bullied by China, as it controls manufacturing and natural resources the world wants.

Norway's Central Bank sues Citigroup on $835 Million Stock, Bond Losses - What struck me is a central bank is suing, until now, I don't remember a central bank breaking rank and file on the financial games going on.

Latvia PM says International Monetary Fund support still vital - Translation, the country would be under immense financial pressure without subsidized loans.

European Central Banks Halt Gold Sales - what? gold is at all time high, from from 200 to 1300 an ounce from 2001 to today. SELL SELL! Or maybe the demand is high enough that banks selling won't suppress prices. Time to hold onto the emergency funds.

Head of Vatican Bank Caught in Money Laundering Probe - Looks like world religion is joining into the financial games.

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