Deluge of Financial Calamities Looming by Mid-March

Deluge of Financial Calamities Looming by Mid-March

As horrible as the financial news for currencies and paper assets has been since mid-2007, it looks like the worst is yet to come - perhaps as early as next month. Over the weekend the Managing Director of the International Monetary Fund (IMF), Dominique Strauss-Kahn, told a gathering of Southeast Asian central bankers that the world's advanced economies are already in a depression and that the financial crisis may deepen unless the banking system is fixed.

On Febr. 4, Paul Wolfowitz, the former president of the World Bank, said the IMF and similar institutions are incapable of coping with the global financial crisis because they do not have enough resources.The market appears to have turned on U.S. Treasury debt. Analyst Adrian Douglas issued a report on Sunday titled "Bond Market Collapse Unfolding." He used his proprietary Market Force Analysis on the price of the 10-year U.S. Treasury Note.

Last September and October, as the value of Treasury debt was falling, it looked almost certain that the U.S. Treasury entered the market to purchase its own debt! This had the effect of boosting the price of Treasury bonds.

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