By John Galt
September 7, 2011 – 00:50 ET
In even the most “normal” of times, September can turn out to be an extremely turbulent month for economies and world equity markets without warning. This time around, we have plenty of warning and an actual schedule which indicates trip wires and land mines which could bring the entire world to its knees with little warning. While this list may not be complete, if my readers have an entry I miss, please post it as a comment and I’ll add it to the article.
September 7 - Today the German Constitutional Courts will rule if Germany can legally bind itself to agreements which bail out other members of the European Union.
September 7 - At 8 p.m. local Rome time, the Italian Senate will vote on Berlusconi’s austerity package.
September 8 - Finland decides if the conditions required will be met and if it will help to finance the massive ECB bailouts. On these two decisions the fate of the EU could be determined before the week is over.
September 8 - President Obama presents his feeble $300 billion (according to news reports) jobs program to a joint session of Congress in a nationally televised address.
September 8 - The debt ceiling super committee holds its first organizational meeting; on the agenda will be setting the rules.
September 9 & 10 - G7/G8 Finance Ministers meeting.
September 12 - U.S. will exceed the current extension of the debt ceiling without action by the administration or Congress, based on current Treasury projections. (UPDATED 9/8 1900-Geithner was able to postpone this until Monday September 12) 9/9 05:35 ET-AVERTED for now: The Senate did not block the $500 billion dollar increase the Obama administration implemented overnight and our national debt ceiling was increased to over $15.1 trillion or an astonishing 101% of U.S. GDP.
(from Treasury Direct)
September 10 - The historical “peak” of the Atlantic Hurricane Season for North and Central America.
September 11 - 10th Anniversary of 9-11-01 attacks; terror threat in U.S. elevated per DHS.
September 14 - EU/IMF Troika talks resume with Greece.
September 15 - Danish Parliamentary election; could impact European Monetary Union.
September 16 - Informal meeting of European Union ministers (Ecofin) in Poland will determine if collateral obligations and terms have been met for next tranche of Greek bail out.
September 17 - U.S. Days of Rage protests across America at financial institutions, Washington, D.C., state capitols, and on Wall Street in New York City by extreme leftists.
September 20 - Palestinian Authority will ask the United Nations for recognition of statehood and the enforcement of imposing the 1967 borders on Israel.
September 21 - Governing Council meeting European Central Bank with rate decision to be announced afterwards.
September 21 - Federal Reserve Open Market Committee announcement at 2:15 p.m. ET.
September 22 - Deadline for Congress to consider a resolution of disapproval for first $900 billion tranche of debt limit increase.
September 23-24 - Russian President Dmitry Medvedev will announce if he or Vladimir Putin will run for President of Russia in 2012.
September 24 - First round of Parliamentary elections in Bahrain.
September 30 - Deadline for passing either a continuing resolution or FY 2012 budget appropriations by the House and Senate.