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Attn Hanfgiest, Eurozone crisis spreading

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Hanf, a friend who works in Brussels texted me to say the EU President has just dropped a bombshell by announcing the Eurozone debt crisis is spreading out of control, the story should hit the media this afternoon.

Edit Yeah I beat Sky News by 20 minutes

http://news.sky.com/home/business/article/16043146
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· Bushcrafter
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Cheeky Bugger :)

Hey Hanf Last night apparently the Chinese started saying there should be a new reserve currency to replace the dollar, What does that mean politically?
I don't think it will only be the Yen like Diamond is saying, they were talking about it being based on a basket of currencies and things like gold, silver, unobtaniums, oil, stuff like that.....and politically means that American dollar hegemony is over and that much like the mess we are in, they will have to work for a living now.....not just rely on flipping houses and printing/shuffling fiat money around.....
 

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I don't think it will only be the Yen like Diamond is saying, they were talking about it being based on a basket of currencies and things like gold, silver, unobtaniums, oil, stuff like that.....and politically means that American dollar hegemony is over and that much like the mess we are in, they will have to work for a living now.....not just rely on flipping houses and printing/shuffling fiat money around.....
Nah, ladies and gentlemen meet the new dollar.

http://www.imf.org/external/np/exr/facts/sdr.htm
 

· Bushcrafter
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Looks like the FRBNY made an emergency loan of $200 million to the Swiss National Bank this week:

Cue Panic As Fed Resumes Liquidity Swap Lines, Lends $200 Million To Swiss National Bank, Most Since October 2010
Submitted by Tyler Durden on 08/18/2011 16:28 -0400



If yesterday's news broken by ZH that one bank was in dire need of US dollars and ended up borrowing $500 million from the ECB was enough to send the market down almost 5% today, then the follow up news that the FRBNY just reactivated FX swap lines with Europe will likely send ES limit down at tomorrow's open. The FRBNY has just announced that in the week ended August 17, it lent out $200 million to not the ECB, not the BOE, but the "most stable" of all banks: the SNB.


http://www.zerohedge.com/news/cue-p...00-million-swiss-national-bank-most-october-2
 

· Bushcrafter
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Looks like Belgium has just joined the PIIGS and a big euro bank, UBS is playing the 'save the euro currency or there'll be riots, civil war and tanks on the street' card....

Any time a major bank releases a report saying a given course of action is too costly, too prohibitive, too blonde, or simply too impossible, it is nearly guaranteed that that is precisely the course of action about to be undertaken. Which is why all non-euro skeptics are advised to shield their eyes and look away from the just released report by UBS (of surging 3 Month USD Libor rate fame) titled "Euro Break Up - The Consequences." UBS conveniently sets up the straw man as follows: "Under the current structure and with the current membership, the Euro does not work. Either the current structure will have to change, or the current membership will have to change." So far so good. Yet where it gets scary is when UBS quantifies the actual opportunity cost to one or more countries leaving the Euro. Notably Germany. "Were a stronger country such as Germany to leave the Euro, the consequences would include corporate default, recapitalisation of the banking system and collapse of international trade. If Germany were to leave, we believe the cost to be around EUR6,000 to EUR8,000 for every German adult and child in the first year, and a range of EUR3,500 to EUR4,500 per person per year thereafter.

http://www.zerohedge.com/
 

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The markets especially the bankls are taking a hammering again today, I wonder how much more of our family silver the govt will waste on the Euro experiment
we dont have any left. the current admin are relying on selling grannys fllings to make a couple of quid from send in your gold .com.

Britain's bankrupt financially and morally folks. and bumpy times are ahead.
 

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Seeing reports in the lame stream press today that the British government are getting ready to deal with the collapse of the euro currency. Some of these reports are saying that the economy could contract by as much as 25% if that happens......
 

· Pantomime Villain
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You can add your vote for a referedum on things like leaving the EU, Scrapping the Scotland Act, Bringing back hanging, Making self defence in the home compelety lawful etc at the UK govts new E petition website

http://epetitions.direct.gov.uk/petitions/356
The E-petition is a huge con. A placebo. It's merely a release valve for those that are ****ed off with our government not doing what the electorate expect of them. It is faux democracy - people vent their spleen on E-petitions thinking they can make a difference and feel a little better for having participated. But in the end it's just a dustbin online. Nothing will come of them other than to allow the government of the day to pretend that we live in a democracy and that you had your shot and found that most people like things exactly the way things are now - thank you for participating.
 

· Bushcrafter
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The E-petition is a huge con. A placebo. It's merely a release valve for those that are ****ed off with our government not doing what the electorate expect of them. It is faux democracy - people vent their spleen on E-petitions thinking they can make a difference and feel a little better for having participated. But in the end it's just a dustbin online. Nothing will come of them other than to allow the government of the day to pretend that we live in a democracy and that you had your shot and found that most people like things exactly the way things are now - thank you for participating.
Exactly, anyone with half a brain can see that there is no way that the politicos have got time to debate all of these e-petition topics, even if they ever seriously intended too, there are simply too many people with too many axes to grind, overloading it..........

I've got the distinct impression that the eurozone crisis is about to get a whole lot worse, Merkozy seem to be in a state of shock and don't know what to do.........and little Timmy has come over from the states to noise them up about it........but in truth, there is very little they can do about it, the financial system is completely banjaxed.......
 

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I'm starting to think this whole set up is just a big nasty scame to manipulate the sheeple into believing the only way out is to create a single European state !!!

I can see the politicos trying that one on but the reality on the ground is, it's not going to happen, the populations in a lot of these countries are out on the streets protesting now and they'll go bat**** bonkers if that gets announced.....see video, Rome becomes like Athens:

 

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Seeing some reports that a bank run has started in France, big company (Siemens) just moved 500 million euros out of a French bank and deposited it in the ECB.This is likely because of the bank's exposure to Greek debt......

In a shocking representation of just how bad things are in Europe, the FT reports that major European industrial concern Siemens, pulled €500 million form a large French bank, which is not BNP and leaves just [SocGen|Credit Agricole] and deposited the money straight to the ECB. The implications of this are beyond stunning, as it means that even European companies now refuse to work directly with their own banks, and somehow the ECB has become a direct lender of only resort to private non-financial institutions! As Bloomberg reports further on the FT story, in total, Siemens has deposited between 4 billion euros and 6 billion euros, mostly through one-week deposits, with the ECB, FT says, cites the person. It isn’t clear from which bank Siemens withdrew its deposits, per the FT... but it is hardly difficult to figure out
http://www.zerohedge.com/news/shocker-siemens-pulls-€500-million-french-bank-redeposits-direct-ecb
 
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