'Global Debt is a Holocaust Waiting to Happen.’

[Ed Goldstein 10]

Is Greece the tip of the iceberg?

 

Chicken little may be ahead of us hunkering down in a cabin in the woods!

 

http://www.fulcrumtrader.com/market-perspective/global-debt-is-a-holocaust-waiting-to-happen

 

fast eddy

[brownsfan019 17]

You have to wonder if...

1) Is the entire planet close to entering an 'ut oh' credit crisis

 

or

 

2) Is the media just doing their job and creating concern out of nothing

Since we've never had a global 'redo' I would lean towards #2, although a global start over would be interesting to live through, esp as a trader.

[bakrob99 11]

You have to wonder if...

1) Is the entire planet close to entering an 'ut oh' credit crisis

 

or

 

2) Is the media just doing their job and creating concern out of nothing

Since we've never had a global 'redo' I would lean towards #2, although a global start over would be interesting to live through, esp as a trader.

 

 

If I remember correctly, planet Earth does not YET owe anything to the Martians or other beings stupid enough to lend it to us... so it's all about who is the debtor, and who are the indebted... watch the money.

[Kiwi 16]

The trick is that planet earth may be owed a fair bit by mankind.

 

Should the planet collect the boys with the baseball bats might be a little harsh.

[Gabe2004 10]

From the Merriam-Webster Dictionary

Main Entry: ho·lo·caust

Pronunciation: \ˈhō-lə-ˌkȯst, ˈhä- also -ˌkäst or ˈhȯ-lə-kȯst\

Function: noun

Etymology: Middle English, from Late Latin holocaustum, from Greek holokauston, from neuter of holokaustos burnt whole, from hol- + kaustos burnt, from kaiein to burn — more at caustic

Date: 13th century

1 : a sacrifice consumed by fire

2 : a thorough destruction involving extensive loss of life especially through fire <a nuclear holocaust>

3 a often capitalized : the mass slaughter of European civilians and especially Jews by the Nazis during World War II —usually used with the b : a mass slaughter of people; especially : genocide

 

 

I find that using the word Holocaust is totaly out of line since a financial calamaty has nothing to do with loss of life.

 

Gabe

[BlowFish 10]

From the Merriam-Webster Dictionary

Main Entry: ho·lo·caust

Pronunciation: \ˈhō-lə-ˌkȯst, ˈhä- also -ˌkäst or ˈhȯ-lə-kȯst\

Function: noun

Etymology: Middle English, from Late Latin holocaustum, from Greek holokauston, from neuter of holokaustos burnt whole, from hol- + kaustos burnt, from kaiein to burn — more at caustic

Date: 13th century

1 : a sacrifice consumed by fire

2 : a thorough destruction involving extensive loss of life especially through fire <a nuclear holocaust>

3 a often capitalized : the mass slaughter of European civilians and especially Jews by the Nazis during World War II —usually used with the b : a mass slaughter of people; especially : genocide

 

 

I find that using the word Holocaust is totaly out of line since a financial calamaty has nothing to do with loss of life.

 

Gabe

 

Agree, though certainly not going to get bent outta shape by it The guy that wrote the original article seems a little fixated by holocausts (can you have a plural?). Kind of a latter day short term Nostradamus.

[BlowFish 10]

From the Merriam-Webster Dictionary

Main Entry: ho·lo·caust

Pronunciation: \ˈhō-lə-ˌkȯst, ˈhä- also -ˌkäst or ˈhȯ-lə-kȯst\

Function: noun

Etymology: Middle English, from Late Latin holocaustum, from Greek holokauston, from neuter of holokaustos burnt whole, from hol- + kaustos burnt, from kaiein to burn — more at caustic

Date: 13th century

1 : a sacrifice consumed by fire

2 : a thorough destruction involving extensive loss of life especially through fire <a nuclear holocaust>

3 a often capitalized : the mass slaughter of European civilians and especially Jews by the Nazis during World War II —usually used with the b : a mass slaughter of people; especially : genocide

 

 

I find that using the word Holocaust is totaly out of line since a financial calamaty has nothing to do with loss of life.

 

Gabe

 

Agree, though certainly not going to get bent outta shape by it glad someone did mention it (I could not be bothered tbh). The guy that wrote the original article seems a little fixated by holocausts (can you have a plural?). Kind of a latter day short term Nostradamus.

[AgeKay 10]

1) Is the entire planet close to entering an 'ut oh' credit crisis

 

I would like to say "it's about time" but that would sound just cynical. Truth is all major governments have accumulated so much debt that they will NEVER EVER be able to pay back all the while accumulating more debt and having to pay more interest on it. There will come a point (just a matter of time) that countries won't be able to pay the interest on that debt, whenever that will be. But what usually happens is that people stop being in denial about it due to some catalyst e.g. financial crisis, Greece more than 10% new debt to GDP ratio, etc.... [continued below].

 

2) Is the media just doing their job and creating concern out of nothing

 

...and then all of the sudden the media starts talking about it (as if they had just found out that these countries had massive debts that they could never pay back) and then the common people (read: ignorant people) wake up and complain about it. Now politicians have to react to it and initiate measures that are somehow supposed to fix it (because quick-fixes always work, right?) but they usually make it worse (like lending Greece more money instead of kicking them out of the Eurozone). When everyone finally realises that there is no way to fix this, everyone starts to accept reality and something huge is going to happen. My initial thought was hyperinflation but that can only happen locally. Probably the world governments just decide to reset all debts, who knows, the world has never been so interconnected...

 

All I am sure of is that in the end the speculators, "greedy" bankers and "rich" people will be blamed. I love how the Euro recently went up after going down and in the news they said "short speculators got raped today" and all the common people got their "revenge" as if speculators were the only one's shorting the Euro and not allowed to buy it back until it came all the way back up.

[macdfx 10]

It's already here:

 

[zdo 20]

Fiat money is the holocrush waiting to happen. To me, that is more accurate. The world is currently packed with ‘paper bugs’… and getting more and more unbalanced. All the nominal ‘debt’ is just an effect, a symptom, a ‘logical’ exploitation of the existing paradigms and systems…

 

Ideally, the holocrush would be peaceful and seamless. If history is any indication, it won’t be… the ‘prophets’ will get it right one more time… it’s funny how all prophesies ultimately come true over and over again…unspeakable horrors… sad for all the ‘innocent’ peeps…

[TheWizard 10]

From the Merriam-Webster Dictionary

Main Entry: ho·lo·caust

Pronunciation: \ˈhō-lə-ˌkȯst, ˈhä- also -ˌkäst or ˈhȯ-lə-kȯst\

Function: noun

Etymology: Middle English, from Late Latin holocaustum, from Greek holokauston, from neuter of holokaustos burnt whole, from hol- + kaustos burnt, from kaiein to burn — more at caustic

Date: 13th century

1 : a sacrifice consumed by fire

2 : a thorough destruction involving extensive loss of life especially through fire <a nuclear holocaust>

3 a often capitalized : the mass slaughter of European civilians and especially Jews by the Nazis during World War II —usually used with the b : a mass slaughter of people; especially : genocide

 

 

I find that using the word Holocaust is totaly out of line since a financial calamaty has nothing to do with loss of life.

 

Gabe

It did in 1929! History often repeats itself.

[MadMarketScientist 11]

In my opinion, this whole crisis, and the series of debacles really since the peak of the markets in the late 1990s early 2000s is the reason I actually worry more about my long term holdings -- investments in mutual funds and stocks, and the reason I feel much more in control and empowered with my short-term to daytrading activities. Most would probably argue it is the opposite, that the risk is on the short-term/day trading but I'd argue that has anyone made anything "long-term" in the last decade? And, how many times have you been wiped out 25%, 50% or more?

 

Of course you have to be able to master the short-term, which is why we're all here -- to improve and sharpen those skills. There are definitely times I feel I should take everything out of the buy and hold category and actively trade it all since you never truly know what is around the next corner.

[Gabe2004 10]

It did in 1929! History often repeats itself.

 

I am sorry but I cannot explain this better.

There was no Holocaust in 1929. Nor was there one in 2008.

There was one in 1940-1945 in Europe.

There was one in 1994 in Rwanda.

There was one in 1915-1923 in the Ottoman Empire concerning Armenian.

 

These are genocides=holocausts.

 

Not a collaps of a stock market like in 1929 and 1987 and 2008.

 

Gabe

Edited May 15, 2010 by Gabe2004

[Kiwi 16]

I think you guys are too stuck on one meaning of holocaust and perhaps trying to keep it sacred. Back to the definition used before:

 

 

"hol·o·caust

 

 /ˈhɒləˌkɔst, ˈhoʊlə-/ Show Spelled[hol-uh-kawst, hoh-luh-] Show IPA

–noun1.a great or complete devastation or destruction, esp. by fire.

 

2.a sacrifice completely consumed by fire; burnt offering.

 

3.(usually initial capital letter) the systematic mass slaughter of European Jews in Nazi concentration camps during World War II (usually prec. by the).

 

4.any mass slaughter or reckless destruction of life.

 

 

Origin:

1200–50; ME < LL holocaustum (Vulgate) < Gk holókauston (Septuagint), neut. of holókaustos burnt whole. See holo-, caustic

—Related formshol·o·caus·tal, adjective

hol·o·caus·tic, adjective

—Synonyms

1. inferno, conflagration, ruin, havoc, ravage."

 

 

The primary meaning is a great or complete devastation or destruction, esp. by fire. and a financial meltdown could meet that criteria. Great destruction of systems, social structures, and political structures could happen. It says especially by fire but it doesn't say only by fire.

 

3. is a later usage and an example of how events or social moves capture words (hero, gay, professional). So I would argue that a financial meltdown of sufficient impact can be a great or complete devastation or destruction.

 

Personally I hope that none of us or our children experience such a meltdown and, thus, the original author is guilty of exaggeration to sell the story.

[BlowFish 10]

I think he meant Armageddon, holocaust is far too tame. I am all for colorful language but perhaps not in headlines (if you want to be taken seriously).

[TheWizard 10]

I think he meant Armageddon, holocaust is far too tame. I am all for colorful language but perhaps not in headlines (if you want to be taken seriously).

Exactly. My other 1/2 was in the newspaper biz for years. Headlines like that are what get peoples' attention. That technique worked again!

 

My point was, there were deaths in '29 also in the most recent crash. Not on the scale of a 'holocaust' or 'armageddon' (I was being funny!) There may be more in the likely, upcoming 2nd wave, I would imagine, unless people are 'different' now than they've been before. People feel they just can't go on since they've lost everything. How untrue. Always sad to see when people end their lives based on the loss of a 'thing'.

 

I DO think we need to start practicing some of those principles that Grandma & Grandpa tried to teach us. Only spend what you need to. Only buy those things that are necessary. Save for the day when things aren't as rosy as they are right now (even though right now may not be so rosy)! Cut up your credit cards. Or, if you use them, pay them off at the end of every month. Live within your means. Don't be too greedy. Everybody can't have the entire pie! Learn to share what you have with others so that you can keep that 'channel ' open so you can continue to receive.

 

You know, common sense stuff. Doesn't seem to be too much of that wanderin' around these days.