G7’s Sheeple Distraction in IQALUIT, Canada, while Central Bankers Meet Secretly in Australia.

We don’t know what the Central Bankers will be discussing during their secret two day meeting in Australia, but what we know is that you don’t hold a well publicized G7 economic ministers meeting at the same time for no reason. If the CBs need a distraction that means that something is very grave and serious is going on. Whether we are on the verge of a new panic and financial crisis or something else, but it cant be good. Perhaps the sovereign debt issues in Europe are on the verge of causing a big monetary implosion and stock markets collapse.
When one reads the reports of G7 meeting in Canada, it is clear the meeting is a charade as nothing has been decided or agreed upon and all we are reading in the press is some general statements about “working together” and

“We expect and we are confident that the Greek government will take all the decisions that will permit it to reach that goal”.

This is total BS.

It is much more interesting to read in one of the very few articles about the secret meeting in Australia that

“This does feel like ’08 and ’07 all over again whereby we had these sorts of little fires pop up and they are supposedly contained but in reality they are not quite contained,” said H3 Global Advisers chief executive Andrew Kaleel.

“Dubai should have been an isolated incident and now we are seeing issues with Greece, Portugal and Spain.”

We shall find out in the week of February 8th, 2010 how low will the market’s leg down go.

Just remember history:

• 05/1866 (April 1866) Market Crash (England, Italy) Suspension of Bank, Italy abandoned fixed parity.
• 10/03/1937 (March 10 1937) Start of 2nd worst market crash of 20th century; Starting DJIA: 194.40; Ending DJIA: 98.95; Total loss: 49.1%; Total days: 386