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 INTERNATIONAL ECONOMIES 
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Post Re: INTERNATIONAL ECONOMIES
Bear-market growl grows louder
2012-JUN-01

New York Stock Exchange The last 24 hours have been brutal for stocks, commodities and the euro, with news that depositors yanked close to €100 billion out of Spanish banks in the first three months of the year – the fastest drawdown since Spanish records began in 1990. The Italian unemployment rate is now above 10%, and European Central Bank chief Mario Draghi is warning that the eurozone is “unsustainable”. US Q1 GDP growth was revised down from 2.2% to 1.9%, emphasising that the US economy is once again slowing, while claims on unemployment benefits increased by 13,000 when economists had expected no increase.

To top it all off, data this morning shows UK and eurozone manufacturing activity back at the lows seen in early 2009, while similar data from China also shows continuing contraction there. Brent crude oil is now below $100 a barrel, the first time this has happened since October last year, while the euro is trading below $1.235, and looking like it will soon test the low seen two years ago at $1.20. The US Treasury market continues to be the main beneficiary of this flight from growth assets, with the 10-Year Treasury Note now yielding a paltry 1.56%. The dollar also continues to gain ground – along with the yen, that other supposed “safe haven” – with the Dollar Index now at 83.30.

con. http://www.goldmoney.com/gold-research/ ... de=dollarc

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Fri Jun 01, 2012 9:26 am
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Post Re: INTERNATIONAL ECONOMIES
Question, why is he making this statement? Because of his love of humanity? As head of the World Bank, he has a whole lot of responsibility for the mess we are in. "Somebody" wants us to be afraid, be very afraid. JMHO

WORLD BANK BOSS: We're Headed For "Impending Catastrophe" -- "A Rerun Of Great Panic Of 2008"

The head of the World Bank, Robert Zoellick, is about to step down after a 5-year term.

That means he can say what he really thinks.

Here, via the Daily Mail, is what he really thinks about what's going on in Europe and the global financial markets:

Quote:
financial markets face a rerun of the Great Panic of 2008.

It's ‘far from clear that eurozone leaders have steeled themselves’ for the looming catastrophe amid fears of a Greek exit from the single currency and meltdown in Spain.

‘Events in Greece could trigger financial fright in Spain, Italy and across the eurozone. The summer of 2012 offers an eerie echo of 2008.... ‘If Greece leaves the eurozone, the contagion is impossible to predict, just as Lehman had unexpected consequences.’

'There will not be time for meetings of finance ministers to discuss the outlook and debate the politics.... 'In panicked markets, investors flee to safe assets, sparking other flames.’

Cheery stuff.

Zoellick's recommendation?

Huge, quick government bank bailouts.

In the meantime, the world, waits...

Read more: http://www.businessinsider.com/world-ba ... z1wemCE78s

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Sat Jun 02, 2012 10:09 am
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Post Re: INTERNATIONAL ECONOMIES
Oh ya thats all we need more bloody bail outs of the rich :headbang

I say tell the banks to go pound salt and do NOT re-pay the debt.

We need a do over with a realistic future in banking

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Sun Jun 03, 2012 7:37 am
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Post Re: INTERNATIONAL ECONOMIES
L2L wrote:
Oh ya thats all we need more bloody bail outs of the rich :headbang

I say tell the banks to go pound salt and do NOT re-pay the debt.

We need a do over with a realistic future in banking


Just as long as they don't pound "bath salts" - lol sorry, I couldn't resist. This isn't a funny thread, I know.

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Sun Jun 03, 2012 8:44 am
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Post Re: INTERNATIONAL ECONOMIES
rutsuyasun wrote:
L2L wrote:
Oh ya thats all we need more bloody bail outs of the rich :headbang

I say tell the banks to go pound salt and do NOT re-pay the debt.

We need a do over with a realistic future in banking


Just as long as they don't pound "bath salts" - lol sorry, I couldn't resist. This isn't a funny thread, I know.


hahahahaha very timely Ruts, good one

:roflmao :slap :crylaugh :spit

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Sun Jun 03, 2012 9:16 am
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Post Re: INTERNATIONAL ECONOMIES
News reports suggest that Spain is on the brink of requesting a bailout (although the exact terminology used may be slightly different).

Today is Friday and it seems that the request could be made over the coming weekend. I've gone and splashed out yet another giant sized box of popcorn; its gonna be a long weekend!

:popcorn :popcorn :popcorn :popcorn

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Fri Jun 08, 2012 2:46 pm
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Post Re: INTERNATIONAL ECONOMIES
Yup - RT news just reported that a loan grant has been made to support the "struggling Banksters" in Spain.

Struggling my a&se!

More like "Smoke on the Water" ...


:popcorn

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Sun Jun 10, 2012 3:11 pm
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Post Re: INTERNATIONAL ECONOMIES
Spain's Borrowing Rate Hits High Not Seen Since Country Joined Euro
By HAROLD HECKLE and ALAN CLENDENNING

MADRID -- Spain's key borrowing rate hit a fresh high Thursday not seen since the country joined the euro in 1999, after a credit ratings agency downgraded the country's ability to just above junk status amid rising fears a bank bailout may not be enough to save the country from economic chaos.

The interest rate – or yield – on the country's benchmark 10 years bonds rose to a record 6.96 percent in early trading Thursday, close to the level which many analysts believe is unsustainable in the long term and the rate that forced Greece, Ireland and Portugal to seek bailouts of their public finances.

The ratings agency Moody's downgraded Spain's sovereign debt three notches from A3 to Baa3 Tuesday night, leaving it just one grade above "junk status".

Moody's said the downgrade was due to the offer from eurozone leaders of up to (EURO)100 billion to Spain to prop up its failing banking sector, which the ratings agency believes will add considerably to the government's debt burden.

The lowered score means that even fewer investors will buy Spanish debt, because organizations like pension funds are mandated to avoid assets with such low creditworthiness.

Spain won't immediately collapse if the rate hits 7 percent, but reaching that point would affect Spain next week when it is scheduled to auction debt.

"The clock is definitely ticking," said Michael Hewson, an analyst with CMC Markets.

The bank bailout is intended at recapitalizing the Spanish banking system and calming Europe's debt crisis. Instead, investors seem unnerved by the government taking on extra debt and have pushed Spanish bond yields – a measure of market jitters – higher all week.

Moody's said the Spanish government's ability to raise money on global markets was being hindered by high interest rates, a situation which had led it to accept eurogroup funds to recapitalize debt-burdened banks.

snip

Read more here: http://www.huffingtonpost.com/2012/06/14/spains-borrowing-rate-hit_n_1596325.html

Are you like me? Did you just read that and think "for F's sake QUIT BORROWING and DEFAULT already?"

If Spain were a person (or household for that matter) wouldn't a sane family do this? Contact a bankruptcy attorney and just get it over with.

For crying out loud - how hard is this? Do an Iceland and move on already.

Your people are suffering for NO reason other than propping up the Germans and a totally corrupt worldwide banking system.

Basta! Enough!

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Thu Jun 14, 2012 7:26 am
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Post Re: INTERNATIONAL ECONOMIES
Blue, I heard that the Spanish government may need a bailout as well, not just the banks (who are receiving it this time)!!!

Anyway, Greece is having another general election today to vote for a new Parliament which might ratify austerity and come to the agreements with bankers, the EU, IMF, etc which would then entitle it to further bailouts.

I think that is no real secret that the Greek nation did not qualify for membership of the Euro. Financial figures were fiddled... and the rest of the European bigwigs were so desperate that Greece should qualify to join that they turned a collective blind eye.

Since so many others were involved in the fraud so I think they should take collective responsibility. I understand from TV interviews that most Greeks want to be 'inside' the Eurozone, but not knowing whether the media reporting is biased I cannot be sure if this really is the situation.

I think that because of the fraudulent finances Greece should not have joined the Euro, and most likely other nations should not be in it either. Spain perhaps, although its problems seem to also stem from a property market crash - too much borrowed to fund the construction of new houses which could not be afforded with builders then being left with debts that they could not repay.

My greater concern is that in reality what is going on is a 'bank robbery' - the banks are robbing money from the ordinary people. This comment applies to the wider fiscal situation (not just the Greek dilemma), including all the PIIGS nations and more. The elite wanted a way to enrich themselves at the expense of everyone else.

However, even if we had a 'jubilee year' of debt forgiveness and solved all immediate financial issues I would be concerned whether we would soon end up with some countries in trouble again. We need openness and transparancy, so as to prevent the financiers committing fraud again. Note that I am avoiding naming any one nation as my comments apply equally to other countries... and indeed the entire EU which leaks so much money (DUMBS? secret space activities?) that it has proven itself incapable of having its finances properly audited.

Whilst eveyone looks at the ongoing Greek / Spanish (etc) tragedies we forget that the whole EU project is rotten to the core. I find that to be terribly sad, as conceptually the EU is good. Its saved us from fighting wars! All it needs are honest and decent people leading it. People who by their actions could be trusted... we could even end up with a form of financial (and political?) union that works! As Churchill said, "jaw jaw is better than war war"!

Simon

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Sun Jun 17, 2012 8:56 am
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Post Re: INTERNATIONAL ECONOMIES
Pro-euro Greek right tries, again, to form government
From Christine Theodorou, CNN

Athens, Greece (CNN) -- Two elections, two interim prime ministers and 221 days since Greece last had an elected government, Greek President Karolas Papoulias asked the leader of the center-right New Democracy party Monday to try to hammer out a coalition.

Antonis Samaras has three days to cobble together a government after parliamentary elections Sunday put his party in first place. The party that came in second, the radical left group Syriza, said Monday it would not back him. Sound familiar? Of course they won't - it is so much easier to sit in opposition/obstruction than it is to deal with the problem.

The vote was widely seen as a Greek referendum on staying in the euro, the currency used by 325 million people across 17 countries in Europe. The possibility of a "no" vote caused near-panic in world markets, with analysts warning that the collapse of the euro would cost $1 trillion.

Asian markets reacted positively to the election results, closing up, while European markets were stable or slightly up at lunchtime.


Samaras said he would build a government of "parties that believe in the nation's European orientation, that believe in the euro."

But he acknowledged that ordinary Greeks are suffering because of government budget cuts forced on the country by international lenders.

The new government will have to make changes "in order for the Greek people to escape the torturous reality of unemployment and unbelievable difficulties that every Greek family faces today," Samaras said after meeting the president. What does that mean? Sounds like polit-speak to me.

He now faces a new round of coalition talks, six weeks after a previous election that failed to produce a government.

He met first with Alexis Tsipras of Syriza, which came in second, and Tsipras immediately announced the party would go into opposition rather than support Samaras.

snip

Read more here: http://www.cnn.com/2012/06/18/world/europe/greece-election/index.html?hpt=hp_t2

Sigh! Give it another 6 weeks or so and the poor Greek people will be back at the polls again. It is my understanding the New Democracy Party only received 30 percent of the votes and the other one 27 percent.

As in the US, nothing will change until these folks find common ground and deal with the problems THEY created in the first place.

Meanwhile the bankers continue to make their millions...

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Mon Jun 18, 2012 6:24 am
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Post Re: INTERNATIONAL ECONOMIES
Greek healthcare system collapses, hospital workers now working without pay

Friday, June 22, 2012 by: Jonathan Benson, staff writer

The economic situation in Greece is only continuing to worsen, as reports indicate that hospitals and care centers throughout the nation are running completely out of medicines, and many healthcare workers are now voluntarily providing care services without pay.

Strapped with spiraling debt, the Greek healthcare, which is government-run, has had to receive gobs of international financial aid just to keep operating with some semblance of normalcy. There has also been plenty of IOUs issued, and desperate patients quietly forking over cash "gifts" to doctors to receive treatments. All in all, the healthcare situation is in utter chaos, save for those that have sacrificed their own time, often free of charge, just to help those in need.

As we reported here at NaturalNews back in 2010, Big Pharma had already been withholding drugs from Greece because of the country's inability to pay for them. Greek authorities had tried to negotiate with drug companies to lower the exorbitant costs associated with drugs, and some complied. But many others simply stopped shipping in medicines, leaving thousands of ill patients without any options. (http://www.naturalnews.com/028922_Greec ... harma.html)

Today, the situation has gotten even worse, particularly because the Greek healthcare system heavily relies on brand-name drugs rather than far-less-expensive alternatives. Since the entire system is clogged because of unpaid bills, many pharmacies, for instance, have had to simply close their doors. Those that still remain and continue to supply drugs on credit -- these are few and far between -- are being overwhelmed by long lines of desperate patients seeking life-saving medications.

"We're not talking about painkillers here," said one Greek woman, a cancer survivor, to Reuters. "We've learned to live with physical pain. We need drugs to keep us alive."

MSNBC reports that many hospital workers have been working for a many as five months without pay, including at the Henry Dunant Hospital in Athens, which is owned by the Hellenic Red Cross Foundation. These workers hope to one day receive the backlog of pay they are owed, but because the crisis only appears to be worsening rather than improving, this may not ever happen.

Learn more: http://www.naturalnews.com/036257_Greec ... z1yZYZnude

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Fri Jun 22, 2012 5:40 pm
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Post Re: INTERNATIONAL ECONOMIES
Contrast the above with this:

Booming Iceland repays IMF early, again

WASHINGTON, June 22 (Reuters) - Iceland, whose economy has recovered rapidly following the 2008 collapse of its banking sector, on Friday repaid $483.7 million in loans to the International Monetary Fund, the lender said.

The early repayment, which follows another one of more than $900 million in March, is a symbolic step for the country of just 320,000 people as it works its way out of a financial meltdown that ravaged the economy.

Iceland's main commercial banks collapsed in the space of a week as the global financial crisis struck in late 2008, imploding under the weight of huge debts built up during an aggressive overseas expansion.

But the country's rebound has been equally surprising. Iceland's economy expanded in the first quarter at its fastest pace since its near-meltdown, powered by a surge in exports, tourism and domestic consumption.

Gross domestic product grew 2.4 percent quarter-on-quarter in the first three months of the year to put annual economic growth at 4.5 percent in the period, the highest since the first quarter of 2008.

snip

Read more here: http://in.reuters.com/article/2012/06/22/iceland-imf-idINL2E8HMB1C20120622

:mrgreen:

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Sat Jun 23, 2012 6:44 am
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Post Re: INTERNATIONAL ECONOMIES
Blue, thanks for that info about Iceland repaying some of its borrowings early. I had heard that they are prosecuting more bankers, but not this.

Meanwhile, there is an important EU summit this coming Thursday and Friday 28/29 June 2012. What transpires could represent the straw which breaks the camels back...according to the webbots and others this could be when the Euro implodes.

We shall see, as the saying goes!

Simon

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Mon Jun 25, 2012 3:22 pm
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Post Re: INTERNATIONAL ECONOMIES
re: the EU summit, it seems that if the unelected EU appointee for Italy (Monti) does not get a good deal (ie: one which is good for Italy) then the man he deposed (Berlusconi) is planning to
challenge him for leadership using a ticket which will include returning to the Lira.

There are also strong elements in Finland and Holland which also want to leave the Euro.

'We shall see' as the saying goes.

btw, information source:

http://www.spiegel.de/international/europe/fears-grow-of-consequences-of-potential-euro-collapse-a-840634.html

also... (this also has a link to the German article above)

http://wp.me/p1eYXc-6d6

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Wed Jun 27, 2012 1:47 pm
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Post Re: INTERNATIONAL ECONOMIES
Japan to run out of cash if Parliament standoff continues

Japan's Finance Minister says the government could run out of cash in October if it doesn’t pass a debt-issuance bill.

­The deficit financing bill allows Japan to sell 38.3 trillion yen in government bonds to fund the budget. The remainder is funded by tax revenue, non-tax revenue and income from bonds issued for public works projects.

Japan may be forced to halt all state spending including salaries, pensions and unemployment benefits, because of a standoff in parliament that has blocked a bill to finance the deficit.

"Without this bill, the budget will collapse," Finance Minister Jun Azumi said on Friday, pleading for cooperation from the two largest opposition parties.

con. http://rt.com/business/news/japan-to-ru ... inues-586/

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Fri Jul 06, 2012 5:59 pm
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Post Re: INTERNATIONAL ECONOMIES
rutsuyasun wrote:
Japan to run out of cash if Parliament standoff continues

Japan's Finance Minister says the government could run out of cash in October if it doesn’t pass a debt-issuance bill.

­<snip>


Hmm, methinks that October wont matter - indeed it could be the 'target' date line.

The Global economy is still spiralling out of control downwards. Today I read that Spain is heading for needing another bailout whilst a message on the Extinction Protocol Wordpress list suggests that in the USA officials are warning that the U.S. debt crisis is approaching a fiscal cliff.
http://theextinctionprotocol.wordpress.com/2012/07/23/officials-warn-u-s-debt-crisis-approaching-a-fiscal-cliff/

A report in today's free newspaper (Metro) says that six out of ten people believe that their bank will go bust within a year.

Our leaders know that the planet is about to start a period of serious upheaval and more & more it seems that they know what they are doing to the economy.... they've borrowed like there is no tomorrow because they will let the whole shebang go bang and then start again once the tectonics have settled down.

Simon

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Mon Jul 23, 2012 3:26 pm
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Post Re: INTERNATIONAL ECONOMIES
Moody's puts Germany on notice
By James O'Toole @CNNMoneyInvest July 24, 2012: 7:35 AM ET

NEW YORK (CNNMoney) -- Moody's cut the outlook on Germany's prized Aaa credit rating from "stable" to "negative" Monday. The move could precede a full-blown downgrade, which would mark a grim turn for a country long thought of as a bulwark of financial stability in Europe.

The rating agency also revised the outlooks on the Aaa ratings of the Netherlands and Luxembourg from "stable" to negative." Finland maintained its Aaa rating and stable outlook.

Moody's said the revisions for the three countries were prompted by "the rising uncertainty regarding the outcome of the euro area debt crisis" and the "increasing likelihood that greater collective support for other euro area sovereigns, most notably Spain and Italy, will be required."

The possibility of a Greek exit from the euro, Moody's said, could threaten banks throughout the eurozone. German banks also have significant exposure to other struggling countries on the continent, particularly Italy and Spain, the agency added.

Even if the monetary union remains intact, Moody's said Germany, as the eurozone's largest economy, will likely bear an increased financial burden as further bailout funds are required.

snip

Read more here: http://money.cnn.com/2012/07/23/investing/germany-moodys/index.htm?source=cnn_bin

:hmm

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Tue Jul 24, 2012 6:00 am
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 Re: INTERNATIONAL ECONOMIES
Debt crisis: Greece to run out of money by August 20

Greece may run out of money and go bankrupt by Aug 20, a British government analysis of the ongoing eurozone crisis has warned.

<snip>

Today is the 25th July... so there is less than one month to go!

http://www.telegraph.co.uk/finance/financialcrisis/9424923/Debt-crisis-Greece-to-run-out-of-money-by-August-20.html

-----------------------------------------------------

Europe is sleepwalking towards imminent disaster, warn top economists

The euro has completely broken down as a workable system and faces collapse with “incalculable economic losses and human suffering” unless there is a drastic change of course, according to a group of leading economists.

http://www.telegraph.co.uk/finance/financialcrisis/9424793/Europe-is-sleepwalking-towards-imminent-disaster-warn-top-economists.html


Simon

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Wed Jul 25, 2012 1:15 am
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 Re: INTERNATIONAL ECONOMIES
This is likely to be invoked the same time as the Grexit.

Simon

-------------------------

Secret Euro Moves-Exchange Control

A man I know works in a major British bank in the risk assessment department. He writes reports for the board of directors and attends board meetings. He told me that the heads of all the banks meet once a month to collude on strategies.

One of the reports he saw was a pdf of the new exchange control regulations drafted by the European Central Bank.

The central banks are terrified of capital flight as Europeans flee the collapsing euro. The new laws will prohibit holders of euros changing them into Swiss francs, or US dollars, or any other currency.

<snip>

more at link
http://www.stuartwilde.com/2012/07/secret-euro-moves-exchange-control/

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Tue Jul 31, 2012 3:44 am
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 Re: INTERNATIONAL ECONOMIES
Being August its holiday time and events are moving slowly.

But as the news headlines below suggest, significant financial upheavals are still brewing...

Simon (all copying below represents edited highlights - follow links to see full articles)


================================================================

Lord Rothschild takes £130m bet against the euro

Lord Rothschild has taken a near-£130m bet against the euro as fears continue to grow that the single currency will break up.

http://www.telegraph.co.uk/finance/financialcrisis/9484435/Lord-Rothschild-takes-130m-bet-against-the-euro.html

The member of the banking dynasty has taken the position through RIT Capital Partners, the £1.9bn investment trust of which he is executive chairman.

The fact that the former investment banker, a senior member of the Rothschild family, has taken such a view will be seen as a further negative for the currency.

RIT, which Lord Rothschild has led since 1988, had a -7pc net short position in terms of principal currency exposures on the euro at the end of July, up from -3pc at the end of January. Given a net asset value of £1.836bn at the end of July, the position is worth £128m.

-------------------------------------------------------------------------

Finland prepares for break-up of eurozone

Finland is preparing for the break-up of the eurozone, the country’s foreign minister warned today.

http://www.telegraph.co.uk/finance/financialcrisis/9480990/Finland-prepares-for-break-up-of-eurozone.html

The Nordic state is battening down the hatches for a full-blown currency crisis as tensions in the eurozone mount and has said it will not tolerate further bail-out creep or fiscal union by stealth.

“We have to face openly the possibility of a euro-break up,” said Erkki Tuomioja, the country’s veteran foreign minister and a member of the Social Democratic Party, one of six that make up the country’s coalition government.

“It is not something that anybody — even the True Finns [eurosceptic party] — are advocating in Finland, let alone the government. But we have to be prepared,” he told The Daily Telegraph.

“It is a total catastrophe. We are going to run out of money the way we are going. But nobody in Europe wants to be first to get out of the euro and take all the blame,” he said.

The issue of euro break-up may come to a head in October as EU-IMF Troika inspectors report back on Greek bail-out compliance. Pleas from Athens for two extra years to stretch out its austerity regime have run into fierce resistance from creditor powers.

--------------------------------------------------------------------------------
(this is a newspaper blog on the topic - Simon)

Germany may be the country that brings the euro crashing down

Though largely unnoticed in Britain, a political storm is brewing in Germany

http://www.telegraph.co.uk/comment/9484284/Germany-may-be-the-country-that-brings-the-euro-crashing-down.html

While attention in this country was focused on the delights of the Olympics, almost wholly unnoticed here has been the extraordinary drama unfolding in Germany – portending a truly seismic shift in the history of the European Union. The Germans have at last peered into the abyss that opens in front of them as a result of pouring all that money into the debts of their eurozone partners. To say that they don’t like what they see is a wild understatement.

Reported daily in such papers as Die Welt, Handelsblatt and Der Spiegel, a succession of politicians, financiers and commentators have concluded that, with Greece about to go bankrupt and Spain and Italy to follow, enough is enough. Certainly, they argue, Greece must be allowed to leave the euro. But so, many add, must Spain, Italy and others. Indeed, so dire has this crisis become – with one senior politician estimating Germany’s potential liability at more than $1 trillion – that voices are now being raised to say that the only practical solution to this mess would be for Germany itself to abandon the euro. The rest of the eurozone could thus be left to sink or swim with a currency which, without Germany’s backing, would face a massive devaluation.

Anyone wanting to see the kind of headlines which have been reflecting this drama – “Greece must go bankrupt”, “Multiple countries must leave the euro”, “Germany’s trillion-dollar liability”, “The current imbalances will blow Europe apart”, “Germany must withdraw from the euro” – can find them on my colleague Richard North’s blog, http://www.eureferendum.com, where he has been reporting on it daily.

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Post Re: INTERNATIONAL ECONOMIES
Goodbye Civilization: So Simple A Greekman Can Do It

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Clif High says that this is a 'temporal marker' for other events...

See here... http://halfpasthuman.com/things.html

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http://www.zerohedge.com/news/goodbye-civilization-so-simple-greekman-can-do-it

Around 1000 people per day are still losing their jobs in Greece with the percentage of the population not working now uncomfortably larger than those who are employed...

...there is a growing trend towards the creation self-sustaining eco-communities - free of the ties of money and modern civilization...

...they are trying something different, growing their own food, bartering with one another, and exchanging surpluses with other villages.

Simon

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Tue Aug 21, 2012 2:14 am
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Post Re: INTERNATIONAL ECONOMIES
Lord Rothchild, huh? Well, well, well. Interesting, indeed. Thanks, Simon.

Thanks also for keeping us up to date on what is happening in Europe. We rarely see this type of news in US MSM nowadays.

I think this Fall is going to be veddy interesting, indeed. :sherlock

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Tue Aug 21, 2012 7:37 am
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Keep up the great work keep us up to speed Simon, we may not post often to your posts but we are reading.

Thank you :clap

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Wed Aug 22, 2012 6:25 am
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Post Re: INTERNATIONAL ECONOMIES
L2L wrote:
Keep up the great work keep us up to speed Simon, we may not post often to your posts but we are reading.

Thank you :clap



Ditto, Simon, yours is a perspective that we need to hear; we get no such info from the US (or Canada?) MSM

Just a thought on Rothschild. It would seem to me, though I know little about finance, that if he is taking a huge bet against the euro, that in itself will encourage others to dump it, thus being a self-fulfilling prophecy.... ? :dunno

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Thu Aug 23, 2012 5:20 pm
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Post Re: INTERNATIONAL ECONOMIES
Iceland Was Right, We Were Wrong: The IMF

Jeff Nielson:

For approximately three years; our governments, the banking cabal, and the Corporate Media have assured us that they knew the appropriate approach for fixing the economies that they had previously crippled with their own mismanagement. We were told that the key was to stomp on the Little People with “austerity” in order to continue making full interest payments to the Bond Parasites – at any/all costs.

Following three years of this continuous, uninterrupted failure; Greece has already defaulted on 75% of its debts, and its economy is totally destroyed. The UK, Spain, and Italy are all plummeting downward in suicide-spirals, where the more austerity these sadistic governments inflict upon their own people the worse their debt/deficit problems get. Ireland and Portugal are nearly in the same position.

Now in what may be the greatest economic “mea culpa” in history, we have the media admitting that this government/banking/propaganda-machine Troika has been wrong all along. They have been forced to acknowledge that Iceland’s approach to economic triage was the correct approach right from the beginning.

What was Iceland’s approach? To do the exact opposite of everything the bankers running our own economies told us to do. The bankers (naturally) told us that we needed to bail-out the criminal Big Banks – at taxpayer expense (they were Too Big To Fail). Iceland gave the banksters nothing.

The bankers told us that no amount of suffering (for the Little People) was too great in order to make sure that the Bond Parasites got paid at 100 cents on the dollar. Iceland told the Bond Parasites they would get what was left over, after the people had been taken care of (by their own government).

The bankers told us that our governments “could no longer afford” the same education, health-care and pension systems which our parents had taken for granted. Iceland told the bankers that what the country “could no longer afford” was to continue to be blood-sucked by the worst financial criminals in the history of our species. Now, after 3+ years of this absolute dichotomy in economic policy-making a clear picture has emerged (despite the best efforts of the propaganda machine to hide the Truth).

In typical fashion, the moment that the Corporate Media is forced to admit that it has been serially misinforming us for the past several years; the Revisionists are immediately deployed to rewrite history:

the island’s approach to its rescue led to a “surprisingly” strong recovery, the International Monetary Fund’s mission chief to the country said. [emphasis mine]

In fact, from the moment the Crash of ’08 was orchestrated and our morally-bankrupt governments began executing the plans of the bankers I have written that the only rational strategy was to put People before Parasites. While I wouldn’t expect national policy-makers to take their cues from my own writing, when I wrote out my economic prescriptions for our economies I didn’t base my views on compassion, or simply “doing the right thing.”

Read more here: http://etfdailynews.com/2012/08/15/iceland-was-right-we-were-wrong-the-imf/

:elephant :banana :brockoli

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Thu Aug 23, 2012 5:39 pm
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