Is Citibank closing?

**uls** · February 21st, 2008 10:56 AM

Latest on the biggest, the toughest, most indestructible bank in the universe!

From Bloomberg: Citigroup to shed some units in Mexico, Japan, UK
http://www.bloomberg.com/apps/news?p...1sABw&refer=uk

From Reuters: Citigroup to sell, close some non-US operations
http://www.reuters.com/article/rbssF...23691720080219

From Marketwatch: Citi to sell or close some overseas units
http://www.marketwatch.com/news/stor...&dist=hplatest

**theveed** · February 21st, 2008 11:21 AM

World economy shaking in fear....

**uls** · February 21st, 2008 11:51 AM

Hindi pa tapos ang writedowns.

Sa 2008 G7 meeting sa Japan, sabi daw mga $400B ang magiging writedowns

So far $100B-150B palang ang na-writedown ng mga bangko.

Nasan ang $200-250B?

**tidus1203** · February 21st, 2008 12:10 PM

It won't. With Ben Bernanke leading the Fed and bailing out his friends by printing more money at the expense of inflation banks will not go down. I just wouldn't be confident if your US dollars will still buy the same things though.

**uls** · February 21st, 2008 12:21 PM

yep... that's what they're doing

printing more money...

lowering the interest rate to almost zero...

interest rate way lower than inflation rate...

Dollar losing even more value...

Cheapening everything priced in dollars...

Like commodities...

Sending commodity prices into the stratosphere...

Making our pan de sal more expensive by the day...

Thanks a lot Wall Street...

Thanks a lot Ben...

**tidus1203** · February 21st, 2008 12:25 PM

Buying gold, owning a farm, and buying land. These are my ways of cursing Ben Bernanke. :D

**uls** · February 21st, 2008 12:37 PM

yep... hard assets

if ur holding cash, inflation is just gonna eat it up.

**tidus1203** · February 21st, 2008 12:43 PM

Especially US Dollar cash. Other currencies like the Euro and Australian Dollars still look ok and their inflation is more contained in relation to their interest rates.

**uls** · February 21st, 2008 12:47 PM

they say the USD is gonna be the next carry trade currency...

If i convert my USD to AUD to earn the higher AUD interest...

is that a good idea Sir Tidus?

**tidus1203** · February 21st, 2008 12:50 PM

Very good idea :D Some people like to carry the Yen but the Yen is so overcrowded and eventually once those carry liquidates if the risk starts to wane there will be a lot of stop that is going to trigger. I will carry the US against the Aussie as a safer bet. Not as big as the Aussie/Yen carry but definitely mas makakatulog ka....