Comments on: Russian Banking System Teetering, Accelerated Withdrawals Underway http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html Sun, 22 Nov 2009 17:45:03 -0500 http://wordpress.org/?v=2.8.4 hourly 1 By: Anonymous http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-22106 Anonymous Fri, 17 Oct 2008 18:25:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-22106 And now the prophecy of the eskimo woman will come true and Russia will become communist again. <br/><br/>Haha! And now the prophecy of the eskimo woman will come true and Russia will become communist again.

Haha!

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-22007 Anonymous Fri, 17 Oct 2008 04:02:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-22007 eastern European currencies were overvalued for a while. Time for the zloty and forint to fall. eastern European currencies were overvalued for a while. Time for the zloty and forint to fall.

]]> By: mxq http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21998 mxq Fri, 17 Oct 2008 03:16:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21998 Murph...it seems like it was only a few days later Russia stormed into Georgia...tough call.<br/><br/>btw, <a HREF="http://www.themoscowtimes.com/articles/detail.php?ID=371708&print=Y" REL="nofollow">Sorry, Comrades. Flight's cancelled.</a> Murph…it seems like it was only a few days later Russia stormed into Georgia…tough call.

btw, Sorry, Comrades. Flight’s cancelled.

]]> By: doc holiday http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21989 doc holiday Fri, 17 Oct 2008 02:25:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21989 I thought I'd look for Globex also, and all I could find was this 25 year old punk @ Renaissance capital:<br/><br/>Maxim Raskosnov joined Renaissance Capital in August 2007. He is currently a Vice-President of Credit team at Fixed Income Research, where his primary coverage sectors include Russian and Ukrainian financial institutions and CIS utilities.<br/>http://research.rencap.com/eng/whoarewe.asp?rid=0&cid=0&authorID=93#info<br/><br/>Please to look at this baby faced analyst, he is still in diapers and it looks like he has a Playstation in his left hand -- but I could be wrong? I thought I'd look for Globex also, and all I could find was this 25 year old punk @ Renaissance capital:

Maxim Raskosnov joined Renaissance Capital in August 2007. He is currently a Vice-President of Credit team at Fixed Income Research, where his primary coverage sectors include Russian and Ukrainian financial institutions and CIS utilities.
http://research.rencap.com/eng/whoarewe.asp?rid=0&cid=0&authorID=93#info

Please to look at this baby faced analyst, he is still in diapers and it looks like he has a Playstation in his left hand — but I could be wrong?

]]> By: James Kwak http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21975 James Kwak Fri, 17 Oct 2008 01:05:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21975 It's ironic how a country with large foreign currency reserves and huge oil and gas revenues can become risky so quickly. We discuss this a bit in our recent Forbes.com op-ed: http://baselinescenario.com/2008/10/12/next-up-emerging-markets/. Basically, the central government has to decide if it wants to expend its reserves on protecting its banking sector. It’s ironic how a country with large foreign currency reserves and huge oil and gas revenues can become risky so quickly. We discuss this a bit in our recent Forbes.com op-ed: http://baselinescenario.com/2008/10/12/next-up-emerging-markets/. Basically, the central government has to decide if it wants to expend its reserves on protecting its banking sector.

]]> By: Murph http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21972 Murph Fri, 17 Oct 2008 00:48:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21972 Everyone should enjoy this one - Goldman Sachs picks the peak of the Russia bubble almost to the day :)<br/><br/>http://www.marketwatch.com/news/story/goldman-sees-exceptional-value-russian/story.aspx?guid=%7BE054D2E4-818B-4627-9B36-9000BA5D3F56%7D<br/><br/>And we just gave these geniuses $25 Billion of our money this week...<br/><br/>(the RTS index was 2321 then, it's at 713 now.) Everyone should enjoy this one – Goldman Sachs picks the peak of the Russia bubble almost to the day :)

http://www.marketwatch.com/news/story/goldman-sees-exceptional-value-russian/story.aspx?guid=%7BE054D2E4-818B-4627-9B36-9000BA5D3F56%7D

And we just gave these geniuses $25 Billion of our money this week…

(the RTS index was 2321 then, it’s at 713 now.)

]]> By: Matt Dubuque http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21966 Matt Dubuque Fri, 17 Oct 2008 00:10:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21966 Russia's fate and Germany's fate are closely tied together here, because of their very close interlocking banking relationships that have developed over the years.<br/><br/>Matt Dubuque<br/>NOSPAMmdubuque@yahoo.com Russia’s fate and Germany’s fate are closely tied together here, because of their very close interlocking banking relationships that have developed over the years.

Matt Dubuque
NOSPAMmdubuque@yahoo.com

]]> By: Anonymous http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21965 Anonymous Fri, 17 Oct 2008 00:09:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21965 ...so if Russia & Switzerland follow Iceland down the slippery (icy?) road of making promises they can't keep to save financial institutions which can't do anything but fail...where does it lead?<br/><br/>(aside: Why did the Irish get a free pass on this one? Their guarantee was ludicrous compared to their GDP. Maybe they win because they did it first & collected a windfall of fearful deposits...?)<br/><br/>I guess that means the US will have the last currency standing due to the fact that the world thinks of USD/Treasuries as the ultimate safe haven?<br/><br/>Does anyone else get the sense that we are just at that point in the movie where everything seems relatively safe after the big crash/fall/bang, but then they cut to a closeup of cracks forming in the foundation?<br/><br/>IM …so if Russia & Switzerland follow Iceland down the slippery (icy?) road of making promises they can't keep to save financial institutions which can't do anything but fail…where does it lead?

(aside: Why did the Irish get a free pass on this one? Their guarantee was ludicrous compared to their GDP. Maybe they win because they did it first & collected a windfall of fearful deposits…?)

I guess that means the US will have the last currency standing due to the fact that the world thinks of USD/Treasuries as the ultimate safe haven?

Does anyone else get the sense that we are just at that point in the movie where everything seems relatively safe after the big crash/fall/bang, but then they cut to a closeup of cracks forming in the foundation?

IM

]]> By: aw70 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21952 aw70 Thu, 16 Oct 2008 21:36:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21952 To me as an European, this news is more worrisome than most postings in the past two weeks. Ever since an immediate meltdown was averted last week by the haphazard, but somehow at least partially effective actions of the U.S. and EU governments (hey, they WERE effective to some degree - no meltdown so far), things have been looking, well, not good in any sense of the word, but at least not completely terrible.<br/><br/>If Russia were to perform a meltdown in its own right, though, there would a) be little that the west could do about it, given the country's recent isolationist stance and b) it would probably cause a lot of grief in the U.S. and in particular in the EU. And if there is one thing we absolutely do not need at the moment, it's More Bad News (tm).<br/><br/>So, please, no. Just no. Don't collapse, there is a good boy... :-/<br/><br/>A. To me as an European, this news is more worrisome than most postings in the past two weeks. Ever since an immediate meltdown was averted last week by the haphazard, but somehow at least partially effective actions of the U.S. and EU governments (hey, they WERE effective to some degree – no meltdown so far), things have been looking, well, not good in any sense of the word, but at least not completely terrible.

If Russia were to perform a meltdown in its own right, though, there would a) be little that the west could do about it, given the country’s recent isolationist stance and b) it would probably cause a lot of grief in the U.S. and in particular in the EU. And if there is one thing we absolutely do not need at the moment, it’s More Bad News ™.

So, please, no. Just no. Don’t collapse, there is a good boy… :-/

A.

]]> By: Yves Smith http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering.html#comment-21951 Yves Smith Thu, 16 Oct 2008 21:35:00 +0000 http://www.nakedcapitalism.com/2008/10/russian-banking-system-teetering-accelerated-withdrawals-underway/#comment-21951 I haven't seen any journalist making that distinction, (I just did a Google news search, and in addition to the FT references above, MarketWatch, the Economist, the FT, McClatchy all do not mention the CME Globex). Frankly, I think news stories about Russia's financial markets appeal to only a small subset of readers. I haven’t seen any journalist making that distinction, (I just did a Google news search, and in addition to the FT references above, MarketWatch, the Economist, the FT, McClatchy all do not mention the CME Globex). Frankly, I think news stories about Russia’s financial markets appeal to only a small subset of readers.

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