One week after Fitch downgraded Italian banks to a negative outlook due to soaring bad debt, and risks resulting from the failed referendum, moments ago Moody's did the same, when it announced it was changing its outlook on the Italian banking sector to negative from stable due to increasing capital needs and weakening confidence.
Yesterday's brief hiccup in what has been an otherwise relentless rally in global risk assets is all but forgotten this morning, as European and Asian stocks, and US equity futures, all rise in quiet trading ahead of tomorrow's FOMC meeting, with the Dow set to make a 16th consecutive post-election all time high.
Submitted by Judith Bergmann via The Gatestone Institute,
Submitted by Valentin Katasonov via Strategic-Culture.org,
The financial crisis of 2007-2009 effectively terminated the process of globalization. In 2015 world trade suddenly dropped by more than 10% for the first time since 2009. Nothing like this has been seen since the Great Depression of the 1930s. But some politicians, public figures, scholars, and journalists continue to talk about globalization as an «objective» and «progressive» process, even though it has already ended.