Crisis: world depressions follow each other, look alike

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Crisis: world depressions follow each other, look alike




by Christophe » 09/05/12, 23:42

May 9, 1873. In Europe, in the USA, the stock markets plunged, the crisis, unemployment ... Already.

The Point.fr - Posted on 09 / 05 / 2012 to 00: 00
World depressions follow each other and look alike. In 1873, the crash started in Vienna, went to Berlin, to Paris, then to America!

Crisis ! Crisis ! We have only heard of her for a few years. Horror, oh despair, the stock markets are falling, the economy is collapsing, jobs are disappearing ... it's the end of the world! But no ! It is simply capitalism which is experiencing a small slump ... as it regularly experiences. A good little purge to be able to start again more beautiful. For two centuries, there has been a sacred bundle of crises, crashes, depressions and other treats of the same style. And not just small crises, but huge ones, those that make you believe in the apocalypse. But who remembers it? That of 1929 is still remembered, but it was preceded by many others: in 1873, in 1865, in 1836. Each time, punches in the mouth. The civilized world believes that it can never recover from it and it always picks up, the banks often causing the turmoil rise from their ashes to start a new cycle.

May 9, 1873, panic on the Vienna Stock Exchange. A week after the opening of the Universal Exhibition intended to magnify the reign of the Austro-Hungarian Empire, it is the crash. The speculative real estate bubble in Austria bursts. Within hours, hundreds of banks went bankrupt, ruining hundreds of thousands of small savers. Financial institutions are unable to recover the indiscriminately loaned money to real estate companies and individuals to build in Vienna. Just one edifying example: the Placht and Fels bank is unable to bring together 9 guilders of assets while it has a liability of 000 million guilders. It's unimaginable.
Real estate fever

Once again the bankers pay their total irresponsibility. Like all Austrians, they had the folly of grandeur when France began to pay huge war indemnities after the defeat of 1870. Vienna and many other cities launched huge real estate programs. Individuals followed suit by building buildings and houses. We had to borrow. Financial institutions demanded only that. They started issuing mortgages like a cow that pissed. Speculation soared. When, for a variety of reasons, confidence fell, so it was the stock market and banking rout.

The crisis spread quickly to Germany, whose banks experienced the same real estate fever. For example, between 1871 and 1873, the Berlin Stock Exchange had registered 95 new banks including the Deutsche Bank. Before the collapse, listed real estate establishments paid exceptional dividends of between 10 and 15%. The crash is sweeping these societies like straw. One after the other, the financial groups jump like champagne corks during a princely wedding. The most spectacular bankruptcy is that of the financial Stephan Keglevich who had been the youngest member of the Hungarian Parliament in 1861. In the process, thousands of small investors who thought themselves rich and clever find themselves on the straw, Gros-Jean as before . In Austria, to save the furniture, the banks have a fund of 20 million guilders, but it is dried up faster than an oasis well after the landing of a caravan of camels. According to the newspapers of the time, a thousand small savers committed suicide. No crash for funeral directors.
Cascade of bankruptcies

After cleaning the banks across the Rhine, the crash decides to visit Paris, where there would be another nice real estate bubble to blow up. Indeed, in the wake of the work of Baron Georges Eugène Haussmann, French banks had also played the construction thoroughly. Immediately the wind of terror blows on the Paris Stock Exchange. Émile Zola describes perfectly the misdeeds of the real estate crisis in his novel La Curée. After crunching Paris, the crash feels ready to take America by the throat. In the fall, the New York Stock Exchange, which has been euphoric since the end of the Civil War and especially thanks to the rail boom, begins to falter. Even more than their European counterparts, the American bankers had taken big risks by lending tirant-larigot. When the European crisis arrives, it is the last straw that overflows the already full vase of troubled railways and politico-financial scandals. Trust in the American banking world is collapsing as quickly as Hiroshima under the A bomb.

Bankruptcies are triggered in cascade. The crisis became panic on September 20, 1873, when Wall Street had to close ten days after the bankruptcy of the largest American bank at the time, Jay Cooke. A witness of this time confides that "the economic organization collapsed with accents of primitive cataclysm". The unemployment rate in New York was then 25%. In the big cities, the unemployed demonstrate to demand the opening of public worksites. The police responded immediately with clubs. Many strikes paralyze the country, ending with an exchange of gunfire with private militias hired by the bosses. In central Europe, the depression is also raging, plunging many populations into poverty. Which pass their own rage on the Jews during pogroms. The usual scapegoats. But, let us be reassured, capitalism is cyclothymic. Financial crises eventually run out of steam. Phoenix of modern times, financial institutions are filling in to better tackle the next crisis. Here we are...


Source: http://www.lepoint.fr/c-est-arrive-aujo ... 71_494.php
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by plasmanu » 10/05/12, 06:26

It's cyclical.
It's called a technical rebound.
Today is by the week or by the day.

Just take the course on the Paris stock exchange of Crédit Agricole or Société Générale.
+4 -4 +10 -10 +4 -4 ...
It's regular sawtooth : Shock:

Edit: it's like nature
After the rain: good weather ... Until the next downpour
Hard to say if it rains more ... It is variable
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by dedeleco » 10/05/12, 12:11

In the time of the pharaohs, over 3000 years ago it was 7 years of fat cows followed by lean cows !!!!

http://jfbradu.free.fr/egypte/LE%20NIL/ ... 0CRUE.php3
According to the writings found (and the Bible) cycles of seven years alternate between bad and good years, the 7 years of lean cows and the 7 years of fat cows.

http://www.universalis.fr/encyclopedie/ ... onomiques/
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by dedeleco » 11/05/12, 14:37

History is full of non-repayments, and creditors sent out to walk, like Russian loans !!!

But blows of sticks in return for loss of confidence of the rich investors who take revenge, behind the banks !!

Economic collapse, huge crises, suffering of the poor, etc ...


Currently, since 2008, incessant crunches, harbingers of worse, for tomorrow ????????????????


We are constantly grazing it, since 2008, and even Goldman Sachs announces today 2 to 3 billion losses in random speculations, failed !!!
A very large Spanish bank Bankia is bankrupt, taken over by the Spanish State, which is rushing without knowing the risks?
4,465 billion euros injected by the public fund to help the financial sector (Frobe)


http://www.lepoint.fr/economie/national ... 183_28.php
http://www.france24.com/fr/20120509-ban ... -partielle



http://www.rfi.fr/ameriques/20120511-et ... rgan-chase

http://www.france24.com/fr/20120511-fin ... mie-dimon-


By dint of scamming, she loses her power.

http://ladettedelafrance.blogspot.fr/20 ... ldman.html

* Http: //www.courrierinternational.com/article/2012/03/14/pourquoi-je-quitte-goldman-sachs


AFP - US bank JPMorgan Chase announced on Thursday that it had recorded a loss of $ 2 billion in brokerage over the past six weeks, which could increase due to the risky positions of credit derivatives, products behind the 2008 crisis.

On a surprise conference call, CEO Jamie Dimon spoke of "litigation losses of around $ 200 million" and "pre-tax brokerage losses of over $ 2 billion", offset by "a billion dollars in sales of debt hedging products.

He added that the offending asset portfolio still had "a lot of volatility". "We will manage it as much as possible" but "it could cost us up to a billion dollars or more" and "the risk will persist for several quarters".

The group launched a study on how these losses came about, but there were "a lot of mistakes, lack of rigor and poor judgment," commented Jamie Dimon.

This loss arose because the group wanted to hedge its credit exposure, which represents "the biggest" risk for the financial group, whose core business is to issue loans.

For it he massively bought credit derivatives, "credit default swaps" (CDS), which are kinds of insurance contracts intended to protect against a possible default by an institution.

"By covering this portfolio of assets again, there was a bad strategy, badly executed, it became more complex and was poorly followed," Mr. Dimon further lamented.

This poor performance would therefore be linked to the kind of complex derivative products that were at the origin of the 2008 financial crisis, and targeted by the "Volcker rule", one of the flagship measures of the 2010 financial reform, and which planned to limit investments in bank derivatives.

Dimon has repeatedly opposed financial reform and any tightening of banking regulations.

"It's unfortunate, there are going to be a lot of commentators" who are going to criticize JPMorgan on this, "but we're going to have to live with it," said Mr. Dimon, when asked about it.

He clarified that the offending brokerage operations did not "violate Volcker's rule but Dimon's principle".

US Senator Carl Levin, co-author of the Volcker rule in the legislation, also immediately condemned "the enormous losses of JP Morgan" which are for him "the latest proof to date that what the banks call + a risk hedging +, it is often risky bets that systemic banks do not have to take ".

Dimon admitted that this problem was discovered following an article in the Wall Street Journal in early April describing the astonishment of London's financial center at the very risky and massive positions of a French broker from JPMorgan, Bruno Michel Iksil, in CDS.

Jamie Dimon soon after called the information a "storm in a glass of water".

JPMorgan "hopes that this will not be a problem by the end of the year" but insisted it would depend "on the markets and our positions".

Mr. Dimon concluded by saying that banking is "not a business where you don't make mistakes."

JPMorgan Chase released results significantly higher than expected for the first quarter last month, although net earnings of $ 5,38 billion were down 3%. Turnover had increased by 6% to 26,71 billion dollars.

The action plunged 6,73% to 38 dollars in electronic trading after the close of the New York Stock Exchange.
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Re: Crisis: global depressions follow each other, look alike




by Obamot » 07/11/22, 16:26

After having messed up the planet (production of covid, planetary scandal of mRNA injections, pushing for murder in Ukraine/Europe), the USA in the hands of (pseudo)-“democrats” fears losing the mid-term elections. ..

You amaze me Biden!

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Re: Crisis: global depressions follow each other, look alike




by Remundo » 02/08/23, 13:07

it would seem that a willful banking crisis is brewing to impose a form of expropriation on real estate.



The Grand Mage Attaloche had announced it...

I let you listen to Philippot who takes stock from 3 minutes.
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