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Old 05-10-2012, 11:03 AM   #1
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Alf Field: European Reality Check

http://www.24hgold.com/english/news-...utor=Alf+Field

"...reality check is to accept that the EU countries in the PIIGS group will never repay their international debts."

(Spanish) "Unemployment is at 24% while youth unemployment (under age 24) is about 53% and rising."

..the US Fed made the November 2011 commitment to grant unlimited swap arrangements to other central banks around the world until February 2013. The US Fed has become the lender of last resort to the world."
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Old 05-10-2012, 11:24 AM   #2
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You aren't supposed to acknowledge the elephant in the room Mr. Fields.
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Old 05-11-2012, 08:30 AM   #3
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http://www.bloomberg.com/news/2012-0...ng-europe.html

Things are getting bad over there.
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Old 05-11-2012, 08:36 AM   #4
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Hilarious article:
http://www.rollingstone.com/politics...treet-20120508

"1. Let banks inflate massive asset bubbles with the aid of cheap or even free government cash, and tons of leverage;
2. Before it all explodes, carve out gigantic sums for bonuses and compensation for the companies that inflated those bubbles;
3. After it explodes, get the various governments to bail those companies out;
4. Pay for it all by slashing services to what’s left of the middle class."

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Old 05-11-2012, 08:36 AM   #5
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I just read an article about the new French president, Hollande, who states that the situation in France has been greatly underestimated and that the country is far worse off than previously disclosed. I think he is opening the door which allows him to back out of some of those unreasonable campaign promises he made to the proles during hte election.
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Old 05-11-2012, 10:17 AM   #6
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http://whiskeyandgunpowder.com/europ...nomic-reality/

"The established parties lost because they could not continue upholding the false promise that had kept them in office for years or decades, the promise to make the “European model” work. They had to admit that the European welfare state was now bankrupt. Kicking the can down the road is increasingly not an option as the end of the road is now in sight."

Glaringly obvious reason that politicians "kick the can", if you try to actually fix anything you are promptly fired!

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Old 05-11-2012, 11:29 AM   #7
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well here's the thing, the US are exactly as bankrupt, if not more, than Europe is... It is just that the "news of the day" is currently focused on our side of the pond, that it seems soo bad here in comparison, and why the dollar is not falling off the sky currently, despite all the printing - but just you wait for another cyclical focus change, when something smelly explodes on your side of the pond, so the media focuses on your domestic problems...

There are no safe heavens today, all the developed world is up to our necks (and our grandchildren) in shit, and there's no easy way out (if any)
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Old 05-11-2012, 11:56 AM   #8
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Originally Posted by bushi View Post:
well here's the thing, the US are exactly as bankrupt, if not more, than Europe is... It is just that the "news of the day" is currently focused on our side of the pond, that it seems soo bad here in comparison, and why the dollar is not falling off the sky currently, despite all the printing - but just you wait for another cyclical focus change, when something smelly explodes on your side of the pond, so the media focuses on your domestic problems...

There are no safe heavens today, all the developed world is up to our necks (and our grandchildren) in shit, and there's no easy way out (if any)
...and that is why I hope to change countries by this time next year
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Old 05-11-2012, 11:59 AM   #9
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Originally Posted by bushi View Post:
well here's the thing, the US are exactly as bankrupt, if not more, than Europe is... It is just that the "news of the day" is currently focused on our side of the pond, that it seems soo bad here in comparison, and why the dollar is not falling off the sky currently, despite all the printing - but just you wait for another cyclical focus change, when something smelly explodes on your side of the pond, so the media focuses on your domestic problems...

There are no safe heavens today, all the developed world is up to our necks (and our grandchildren) in shit, and there's no easy way out (if any)
True that is, true that is. The difference however is that the Fed can create as many dollars as it wishes to create, but the European CB will not simply print. this gives us the ability to debase our currency at will. Make no mistake, the ECB is printing, just not anything close to what the US is printing.
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Old 05-11-2012, 12:52 PM   #10
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http://finance.yahoo.com/news/banks-...083804551.html

"Planning behind the scenes has been underway since Europe's debt crisis erupted in Greece in 2009, said U.S.-based Hartmut Grossman of ICS Risk Advisors who works with Wall Street banks."

Powers that be are planning for Greece to leave the Euro? How can that be, the media tells me everything will be fine?!
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Old 05-11-2012, 01:00 PM   #11
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Hints / rumors have been floated from time to time. It's only logical to assume that plans have been drawn up even if they were just for contingency.
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Old 05-14-2012, 01:56 PM   #12
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http://marginalrevolution.com/margin...rity-been.html

Reality of European debt: At best, in debt countries are not accumulating new debt, but not really paying off what they already owe.

Take a look at the France line in the graph! They may be the real problem that brings that whole house of cards down.

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Old 05-15-2012, 08:23 AM   #13
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UK perspective of the Euro crisis:
http://www.telegraph.co.uk/finance/f...euro-exit.html

An outgoing Greek minister warned that the country could descend into “civil war” amid the chaos of a euro exit

"The Foreign Office also has plans to evacuate British citizens from Greece if it becomes dangerous..."

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Old 05-15-2012, 09:09 AM   #14
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Apparently the authorities are worried about "civil war and chaos" here in the USA too.

http://www.pmbug.com/forum/f9/dhs-buys-pile-ammo-722/

http://www.pmbug.com/forum/f9/%E2%80...informant-878/
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Old 05-16-2012, 08:18 AM   #15
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The Greece people know something is afoot:
http://finance.yahoo.com/news/greeks...073408269.html

"Central bank head George Provopoulos told him savers withdrew at least 700 million euros on Monday"


"The 16 other governments in the euro zone really are at the end of their patience with Greece."

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Old 05-16-2012, 10:03 AM   #16
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Quote :
...
Central bank head George Provopoulos told him savers withdrew at least 700 million euros on Monday, the president told party chiefs.

"Mr Provopoulos told me there was no panic, but there was great fear that could develop into a panic," the minutes quoted the president as saying.

"Withdrawals and outflows by 4:00 pm when I called him exceeded 600 million euros and reached 700 million euros," he said. "He expects total outflows of about 800 million euros."

Greeks have been steadily withdrawing funds from banks for months, and there has so far been no sign of queues at banks in Athens.
...
If they are smart, they are buying physical gold.
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Old 05-16-2012, 11:59 AM   #17
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Quote :
It looks increasingly likely that Greece will have to implement controls to prevent capital flight and a banking collapse. To my mind, the only real question is when this will occur.

The widespread talk about Greece possibly leaving the euro zone is likely to trigger withdrawal of bank deposits and other financial assets, by those who fear they might be redenominated into a drachma that would be worth far less than the euro.
...
http://www.cnbc.com/id/47417336

Quote :
Flash off the rumor mill, unconfirmed — it appears the Greek banks were just cut off by the ECB.
...
Expect the incipient bank runs to resume en-masse within hours if not minutes.

Time to critical mass is now measured in days if not hours, and if acceleration occurs the weekend is the perfect time for Greek authorities to drop the hammer in the form of a bank holiday and capital controls as they will have no choice irrespective of the critical damage that will result from them doing so.

More as I’m able to learn and/or confirm it.

Update: Just repeated on CNBC – ECB stopping monetary policy operations with “some” Greek banks. Hmmm…. what’s “some” gents?
http://www.fedupusa.org/2012/05/flas...banks-cut-off/
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Old 05-16-2012, 07:51 PM   #18
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Quote :
Greece will hold new elections on June 17, state media reported Wednesday, amid a political and economic crisis that could have effects far beyond the country's borders.

News of the election date came as Greeks pulled hundreds of millions of euros out of the banking system amid fears that the country will not be able to stay in the European Union's single currency.
...
The political deadlock is leading to fears that Greece will not have a government in place when it needs to make critical debt payments, which could in turn jeopardize its place in the eurozone, the group of 17 European Union countries that use the euro currency.

And a Greek crisis could spread, one analyst warned.

"If Greece exits the euro it won't be alone. Others will exit," said Paul Donovan, a global economist with UBS bank.

"There would be bank runs across multiple countries," he predicted. "Citigroup, for example, may not be exposed to Greece, but it may be exposed to Portugal, Spain, France. ... It may be exposed to a company that's exposed to France, or exposed to exports to EU."

In a worst-case scenario, he said, "you're talking about widespread defaults in the corporate sector as well as the sovereign sector. It becomes very problematic."
...
http://www.cnn.com/2012/05/16/world/...ics/index.html
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Old 05-16-2012, 09:39 PM   #19
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All of the hyperbole is simply just that..........bullshit,

Greece WILL default and they will do it soon oif not given some new terms that they can actually meet with regards to this debt.

They should stop fucking around and just do it already.
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Old 05-17-2012, 04:49 AM   #20
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true this, ancona! "The debt, that cannot be repaid, will not be repaid". Funny to see that the creditors nowadays seem not to care about that truth, and they keep lending hand over fist to insolvent bankrupts, and later they came to mommy crying "waaah, waaah, we want our money back, sign off the check, you muppets taxpayers!"

Last edited by bushi; 05-17-2012 at 06:42 AM.
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