Russian stock market has fallen -50% since April. Investors pulling money from emerging markets, soaring political risk as Western businesses/investors see blatant Russian govt seizures of private capital, oil price down >35% and energy is about all that Russia actually produces, the idiot war in Georgia - Putin appears to believe that today's Russia is like the old USSR which could manage with hardly any international trade or capital, he's now going to see that belief tested.
Spain had a huge housing bubble, house prices soared far more than in the US, and it is blowing up now.
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I was on the road today, listening to the radio. I heard some reporters from Russia and Spain, apparently things are getting pretty bad over there? The guy in Russia was saying they expect their largest of banks to be ok, but many of their "second tier" banks will go under.
The guy from spain was talking about the housing price collapse there. And banks being so terrified now, they are demanding 40-50% down to buy a house, so very few can get in.
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