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.
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.
Don't think that news will come as a great surprise to anyone on these boards. God help people who've gone over there on holiday though, if it goes pearshaped, we got no military left to rescue 'em.Think I'll just step out and get some of my cash out of the puggy machine.......
No surprise direct ? I mentioned it yesterday that Spain and Italy are going to create the next crise
If you think Greece was bad just wait and se what happens when Italy and Spain fall ( This is going to affect every nation that has Euro as currency ) And if that happens its going to get real ugly
The only reason I can fathom out why the whole lot has not collapsed now is so the rich bankers, financiers and bond dealers can pass off the massive debts from themselves and dump them in the hands of the poor European tax payers.
The Rich will stay rich even though they created the mess, and the entirely innocent tax payers will get the bill.
I know for a fact that my gov already have used taxmoney to help Greece and im almost certain that they will use taxmoney to help other countries to .
Taxmoney that i firmly belive could have been used to better things back home ( They could invested it in better infrastructure and more money for the schools and so on )
Mr Larouche has been saying the whole shebang's going down, for a while now.I agree Tanksprid, I think we are looking at the 1931 creditanstalt bank crisis playing out again, could be a whole lot worse this time though......
Looks like the markets are in a panic and dumping Italian and Portugese treasury bonds and Trichet of the ECB is buying them, in an attempt to stabilize things! they also seem to have closed the FTSE MIB, which is the Italian stock market index...
Don't see how Trichet can keep printing money to bail these failed states out, it's like giving somebody who has defaulted on their mortgage another loan that they can't pay back and the people who trade treasury bonds know this full well, so he is not fooling them and they'll just keep up the attack until the market gets corrected to the true values of the euro and the bonds.....
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
I truely think it is about time we closed the doors on the world and just traded within the Commonwealth plus pullout of all the countries we are fighting in and just defend what is ours sod the rest
To get rid of the unwelcome outsiders and get back to normality we first have to get rid of the ruling political and business elite, Lords, Ministers, Senior burocrats, Banking cartels, every current cop over the rank of inspector, every military officer over the rank of major. Then we have to lose the welfare state and cut taxation back to absolute basics. Then and only then could we look at foreign enemies. The royals and other noted land owners need to go and much of the Enclosure act needs repealing along with the gun ban laws.
So you can see nothing will happen unless we get a societal collapse because of economic meltdown
The hegemony of the rich will end, if they think that they can soak the poor to bail out their dodgy dealing in the stock market they can think again, people will recognise eventually what is going on, and heads will roll....
That's not what usually happens, in some of the past collapses, the people who caused it, took advantage of the chaos to bankroll and install a ranting demagogue who promised to restore the country to 'greatness' and 'full employment'. The panicking broke, unemployed and hungry voters put him into power and he used the goon squad to batter/remove anyone who opposed the banksters plans they were executing through him. History has shown that this can happen very easily, because most people are too thick to realize what's going on, some of them get employed as goons and bureaucrats in the regime and thus directly benefit from the oppression and the rest of them are too scared and lacking in weapons to do anything about it......
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.....
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.
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.
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
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......
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:
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
With all this economic instability plus energy prices going up 20% and a forcast of severe winter weather again by November I think there really could be some unpleasentness from the masses.
Now would be a great time for Anonymous or some other similar group to conduct a fire sale on several vunerable european nations and let the snowball roll down the mountain.
There are reports today that Lloyd's of London (the insurance company) are pulling their cash out of eurozone banks:
From Bloomberg: "Lloyd’s of London, concerned European governments may be unable to support lenders in a worsening debt crisis, has pulled deposits in some peripheral economies as the European Central Bank provided dollars to one euro-area institution. "“There are a lot of banks who, because of the uncertainty around Europe, the market has stopped using to place deposits with,” Luke Savage, finance director of the world’s oldest insurance market, said today in a phone interview. “If you’re worried the government itself might be at risk, then you’re certainly worried the banks could be taken down with them.” Lloyd’s, which holds about a third of its 2.5 billion pounds ($3.9 billion) of central assets in cash, has stopped depositing money with some banks in Europe’s peripheral economies,
Never mind that trader telling the truth about the eurozone on the BBC yesterday, now Attila the Banker tells it how it is.......
Either the YesMen have infiltrated Italy's biggest, and most undercapitalied, bank, or the stress of constant, repeated lying and prevarication has finally gotten to the very people who know their livelihoods hang by a thread, and the second the great ponzi is unwound their jobs, careers, and entire way of life will be gone. Such as the head of UniCredit global securities Attila Szalay-Berzeviczy, and former Chairman of the Hungarian stock exchange, who has written an unbelievable oped in the Hungarian portal Index.hu which, frankly, make Alessio "BBC Trader" Rastani's provocative speech seem like a bedtime story. Only this time one can't scapegoat Szalay-Berzeviczy "naivete" on inexperience or the desire to gain public prominence. If someone knows the truth, it is the guy at the top of UniCredit, which we expect to promptly trade limit down once we hit print. Among the stunning allegations (stunning in that an atual banker dares to tell the truth) are the following: "the euro is “practically dead” and Europe faces a financial earthquake from a Greek default"... “The euro is beyond rescue”... “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”...."A Greek default will trigger an immediate “magnitude 10” earthquake across Europe."..."Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty “within minutes.”
I see Willy Hague has described the Euro as a burning building with no exits, and Doug Carswell is calling for a referedum on EU membership.
The worst bit I think is the EUs concept of a tax on currency market trading in Europe which because most of its done in London will see the UK take the biggest hit, to support a currency we dont use.
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