“There is going to be a new financial world order that will be born of this”
September 16th, 2008Mmm hmm.
Via: Bloomberg:
In the biggest reshaping of the financial industry since the Great Depression, two of Wall Street’s most storied firms, Merrill Lynch & Co. and Lehman Brothers Holdings Inc., headed toward extinction.
New York-based Lehman, founded 158 years ago, said early today that it filed for bankruptcy protection after failing to find a buyer. Merrill Lynch, 94 years old and also based in New York, agreed to sell itself to Bank of America Corp. for $50 billion in an emergency deal hashed out yesterday.
“The tectonic plates beneath the world financial system are shifting, and there is going to be a new financial world order that will be born of this,” said Peter Kenny, managing director at Knight Capital Group Inc., the Jersey City, New Jersey-based brokerage that handles about $1 trillion worth of stock transactions a quarter. “It’s an ugly and painful process.”
The engines that powered record growth in the financial industry over the past decade — cheap credit and surging property values — have been thrust into reverse. Companies that once thrived on making real estate loans and holding assets bought with borrowed money are now under siege, giving the upper hand to those less reliant on leverage and holding the fewest assets tied to property.
So it begins… the question now is, is the ‘new financial world order’ going to be something drastic and sudden, or is it going to be a long process? The new world order pigs got the Euro up, but the Asian-Pacific single currency isn’t up yet, nor is African, South American, or North American.. it seems like we’re still a ways off to the single currency with rfid chips in your arms necessary for all transactions. Sure the major Wall Street banks are collapsing, but how will they get from here, to new world order? Is there going to be another false flag 9-11 on a much much larger scale, to bring it in? Or is it going to be one of these gradual things, like the European Union & Euro were?
Well, sit back folks and enjoy the show. I’ve got my popcorn out…
reading democracy now! 2 days ago, steve_coll_on_the_bin_ladens, i had to question amy goodman’s actual stand on 9/11, given that youtube of her agreeing it ought be ‘investigated’, but i digress. (there’s a lot of tinfoilism about ‘liberal gatekeepers’ and so on…) i dunno about new false flag ops.
my sense is there ain’t gonna be *any* sort of world order whatsoever. ever wonder why they’re as good as misgoverning deliberately? as if short on time? no proper equipping of anybody’s military, ours or any of our puppets. no concern about repercussions on how any troops are treated. or citizens. no infrastructure concerns. construction costs, you bet it does, but even the destruction ain’t as profitable as expected, i.e.; pirating resources. little concern over water even. but the money thing… one expects it to end up all in gold in the hands of the few but no, more like resources than gold? no! god knows what but something else. or nothing else. but simple lunacy.
it’s gotten i can’t keep up with the news. i gather what’s pertinent to me on a little forum on my site (& i have zero time or inclination for messing around at the agonist), but the past few days have overwhelmed that small activity…
speaking of which;
the IT stuff you posted the other day linked to an old essay of yours that blew me away. really indicative of the rushing complexity history’s impelling us towards. if we do make it to 2012, i’ll be shocked.
i’m working under contract as a day porter at a library (7 days a week!) and living in government housing with my gal, whom lives on disability. our future ain’t rosy.
i’m keeping my eye on south america. it ain’t just that my siblings were born there. i do worry the powers that be expect to retire there after the whole shithouse explodes.
It’s a New World Odor…oops, I mean Order!