IMF warns of potential Euro currency collapse

pmbug

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The eurozone could break up and trigger a global economic slump to rival the Great Depression, the IMF warned last night.

In its World Economic Outlook report, the International Monetary Fund said the collapse of the crisis-torn single currency could not be ruled out.

It was the first time the Washington-based institution has accepted the prospect of the eurozone splitting up and follows fears over the health of the Spanish economy.
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More: http://www.dailymail.co.uk/news/art...pressure-sovereign-debt-crisis-IMF-warns.html

Yet, they will continue to loan them money...

:paperbag:
 

DoChenRollingBearing

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Spain, maybe, could be ring-fenced. But I doubt it.

Italy falls off the cliff we have a week.

FRANCE goes off the cliff, we have 48 hours (max) before the financial tsunami washed up on American shores.
 

ancona

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I am so completely bored with the European experiment that I could fucking scream. Just break this pig up already and let the damn chips fall where they may. in fact, I say let's repudiate ALL debts on the entire planet and do a planetary reset, start teh hell over with a sound money system and eliminate ALL central banks.
 

pmbug

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...
Nigel Farage continues:

“Suddenly, a big shot from the IMF says, ‘There is a problem here, and there may be a breakup of the eurozone. It could come sooner than you think.’ I see that as a bit of a crack in the dam. They’ve always used the argument that the euro was inevitable and it was here to stay, and an individual from the IMF has just completely blown that out of the water.

(The breakup could be disorderly) because there have been no contingency plans. This is what makes me so angry. I’ve been saying to Barroso and that little Van Rumpuy character, ‘Come on, let’s have a Plan B.’ Let’s actually get ourselves ready in case it goes the other way.’ The point the IMF official made is that there have been no contingency plans whatsoever....

Therefore, what is likely, is that at some point, the markets will just overwhelm and engulf the whole thing and short-term, that will lead to chaos. The whole central banking, International Monetary Fund banking system, I mean it just begins to look more and more like the biggest Ponzi scheme we’ve ever seen on earth.

There are going to be some serious banking collapses and the impact of that on some sovereign states, will be serious. I’m afraid we’ve gotten to a point where we really can’t stop this now. We’re beginning to reach a stage where however much false money you create, the problem becomes bigger than the people trying to solve it. We are very close to that point.
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More: http://kingworldnews.com/kingworldn...re_Going_to_Be_Serious_Banking_Collapses.html
 

DCFusor

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[ame]http://youtu.be/upvZdVK913I?t=2m35s[/ame]


Evidently some software isn't respecting the start time, which I tried to get to about 2::35 or so, with the classic line....
 

Unobtanium

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Is it just me, or does it seem like we have been hearing "The Euro's collapse is imminent!" for over a year now?
 

DCFusor

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It's not just you. Seen those pictures of rocks precariously perched on tips of mountains? Sometimes you just know they're gonna fall, but it's pretty hard to say just when.

In the prediction lottery, guys just take a stance hoping they'll get lucky, I think.
 

ancona

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DC,
The elections across Europe will tell the tale. Germany is sure to rid herself of Merkel, after giving in to the EU against the will of her people. Sarkozy is now poised to get his nuts crushed, again, by voters who see him as ceding France's sovereignty among other things. Ireland will definitely cause a problem after their elections, because the people are sick and fucking tired of paying for the bad bets made by bankers who may or may not even be from Ireland. Italy, Portugal, etc. etc. I think the collapse of the union comes sooner than later, but that's just me.
 

Unobtanium

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DC,
The elections across Europe will tell the tale. Germany is sure to rid herself of Merkel, after giving in to the EU against the will of her people. Sarkozy is now poised to get his nuts crushed, again, by voters who see him as ceding France's sovereignty among other things. Ireland will definitely cause a problem after their elections, because the people are sick and fucking tired of paying for the bad bets made by bankers who may or may not even be from Ireland. Italy, Portugal, etc. etc. I think the collapse of the union comes sooner than later, but that's just me.
I am wondering if the peoples' votes really count in those countries, unlike in the U.S., where we are served up two pre-selected fools to choose from, who are from two different parties that are heads of the same monster?
 

escobar

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The IMF is the US based arm of the world financial system. Of course they want to bad mouth the Euro, would help support the failing dollar. Think this is just politics.
 

ancona

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Escobar you are probably right. Since we are the largest "contributor" to the IMF, we usually get to pick who runs it, making it the ideal NGO set up that controls the most territory and creates the most debt slaves. The IMF should be disbanded and her officers executed.
 
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Unobtanium

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It's not just you. Seen those pictures of rocks precariously perched on tips of mountains? Sometimes you just know they're gonna fall, but it's pretty hard to say just when.

In the prediction lottery, guys just take a stance hoping they'll get lucky, I think.
Many of us on this forum have discussed how we thought a collapse of the US would come rapidly after the 2008 bailouts, simultaneous with many "collapse of US is imminent" headlines.

But rather, we what we have gotten is a steady, marching decline of the dollar and of the US, so as not to stir the slumber of the average public too violently.

I am suspecting that is the path that Europe and the Euro will take also, culminating in some sort ballooning crisis or false flag event right at the end that will be a springboard for the elite's "solution" to the problem de jour.

Whether their solution is a global currency, and electronic currency, dissolution of national borders, national or global ID cards, implanted chips, etc.... who knows.
 

pmbug

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Let's try a thought experiment. Imagine you walked into the bank, told them you were going to be taking pay cuts for the next few years, and then asked for a loan. You'd be laughed out of the office or else pay an interest rate so high that "usurious" wouldn't do it justice. The logic is simple: If you're in debt and your income is shrinking, it's mighty hard to pay back what you already owe.

It's not any different when it comes to countries that can't print their own money. That brings us to Spain.
...
That reminds me of a funny video I saw a while back of a guy applying for loan with no job/collateral. I can't seem to find it now. :(
 

ancona

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The only reason we haven't collapsed in to a giant smoking pile is the creation of a quantity of unbacked paper DOUBLE the size of the same pile before the great depression started in '08.

By doubling down on their toxic side bets through the use of CDS and other insane derivatives, they have stopped the collapse for now, but guaranteed an even more violent explosion later on down the road. Through simple friction, that can they currently still have that they have been kicking down the proverbial road, will simply cease to exist anymore. I think the European and American elections will tell the story on the time-line for it all to come apart.

You can only create just so much pretend money and pretend assets, and you can only pretend that your Tier III assets are actually worth something approaching face value for just so long. When the curtain gets pulled back this time, it will likely come completely off the fucking rod.
 
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