Handbasket Report — June 29 — Dutch Version

A gold bug blog today carried an alarming story supposedly from a Dutch newspaper. The blogger translated the article thusly:

American ‘meltdown’ reason for money injection Fortis.
28th of June, 9:10
BRUSSELS/AMSTERDAM – Fortis expects a complete collapse of the US financial markets within a few days to weeks. That explains, according to Fortis, the series of interventions of last Thursday to retrieve € 8 billion. “We have been saved just in time. The situation in the US is much worse than we thought”, says Fortis chairman Maurice Lippens. Fortis expects bankruptcies amongst 6000 American banks which have a small coverage currently. But also Citigroup, General Motors, there is starting a complete meltdown in the US”

OK. I’m always a bit skeptical of gold bugs, so, after I took a deep breath, I clicked the link provided to the original, knowing full well it wouldn’t work since the URL was clearly truncated. With high hopes that the article was bogus, I sought the original. Unfortunately, I found this:

Amerikaanse ‘meltdown’ reden geldinjectie Fortis

Good old Babelfish translated the first paragraph of De Financiele Telegraaf article thusly:

AMSTERDAM – Fortis count within some days up to weeks on complete collapsing the American financial markets. That explains interventions of Thursday to the serial according to the bank insurer for itself with? 8 billion to reinforce. We are on the nippertje ready. It goes in the United States much more badly than thought, Fortis-chairman Maurice say lip paunch, which continues that top man Votron stays on. Fortis expect bankruptcies under 6000 American banks which have cover now little. But also Citigroup, General engines, there start completemeltdownin the US.

OK. Close enough.

In fact, too close for comfort.

And, in case you didn’t already know, Fortis is the largest bank in the Netherlands. Notice how the people running large European banks are all envisioning a mushroom cloud over Wall Street?

The news in America itself is, of course, more opaque. But I did find this article on Yahoo:

Wall Street to Begin July on Shaky Ground

There’s some pretty dire stuff in this article. But I didn’t notice any use of the word “meltdown.” Nice to know we’ve apparently exported the word though.

Cassandra

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3 Responses to “Handbasket Report — June 29 — Dutch Version”

  1. Sybil Says:

    http://www.bloomberg.com/apps/news?pid=20601087&sid=azRci4F1PUGI&refer=home

    Good morning. Watch out for the disorderly declining dollar.

  2. uncommonscolds Says:

    Question: Fortis-chairman Maurice say lip paunch–what is lip paunch?

  3. uncommonscolds Says:

    Also…I love this line: “We are on the nippertje ready.” Having no clue what that really means, I believe that we ARE on the NIPPERTJE and should be ready! From Jeremiah.

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