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China Formally Working With IMF To Avoid Eurozone Restructuring
Step aside IMF, China is now in the driver's seat. Officially.
From Market News:
China doesn't want to see a eurozone debt restructuring and is making efforts with the International Monetary Fund and countries related to the sovereign crisis on avoiding it, a government researcher said Friday.
"China, the IMF and related countries are all making efforts...we don't want to see a debt restructuring," Qu Xing, director of the China Institute of International Studies, a Foreign Ministry think tank, told reporters at a briefing here Friday.
Will third time be the charm for the Chinese "white knight" approach to Europe, where it has so far sunk about $50 billion in bad money after good? Find out after the next imminent kneejerk spike in the EURUSD...
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This is nothing more than moving debt from one "perception" to another. If I could buy Piigs @ 20 cents on the dollar, and liquidate my mid term treasury holdings, I would be opening casinos in Macau!
The Chinese are going to fund Greek lifestyles...LOL
I'm coming down on the side of "The Greeks read the book on the EU and realize it was free money for the taking."
It didn't matter when the bill came due the EU would have to prop up their socialist lifestyle if they wanted to hold the union together.
And now they've sold it to the Chinese? ROTFL...
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Where are the Human Rights campaigners? Being funded by a tyranical regime that occupies Tibet, runs slave labor camps and kills opponents is the White Knight for Euroland. Who would have thunk?
Bretton Woods era ends.
China has-a Wood era begins.
Sino Forest anyone?
China is already going down. Empty cities , empty highways , thousands of closed factories that produce low quality construction materials for dumb americans that are over indebted.Just take a look at their latest PMI.or Germany's. You would expect a spike since Japan is underwater.Nope. Monetarists will not get this but what will happen in the next few months will crush stocks , gold , silver and every other asset class .If you are preparing for stagflation you will have a nasty ride.
but paper backed by all this unpayable debt will do great though, right?
China won't do jack.
If anything they will dump EUR and buy up gold. That's it.
Europe is a c-hair away from a full blown crisis, once the protest and tax payer backlash kick in...about now,
CDS spreads are blowing out for the rest of the PIIGS
ZH?
China will end up loaning it's money and loosing them by default.
In effect they will be bailing out French and German Banks instead.
China is just now taking the opportunity to do in the open what is has done in the past years in the shadow. In order to save the Euro and therefore its mayor market the EU, China sells Dollars and buys Euros. In their eyes an investment in the Euro is of course risky but at least there exist the chance to get back some of this money some day. Maybe just 20% or even lesser will be the final quote for Greek debt one day. But 20% is much better than nothing as compared to the situation of their Dollar holdings. And these Euro investment are buying friends and influence paid with wortless Dollars. So it costs China nothing and it helps Europe but to the disadvantage of the US. A classical win win loose situation. Now the Europeans have to make a choice. Do they accept the Chinese helping hand or are they still so much under US dominance that they refuse this offer. The answer is still open but it is clear to me that the US would win nothing when they succeed to hold Europe back. A prosperous Europe is a good market for US products too and and in the long run it would help indirectly the US to come back on its feet.
"A prosperous Europe is a good market for US products too and and in the long run it would help indirectly the US to come back on its feet." At witch products are you referring ? Military jets ? US has roughly a 20pct share of the worlds industrial output for 40yrs now. Do you think that this is sustainable in the long run ? And that is only about 15% of the american economy and stands at about 2 and a half trillion per annum. Which is about the size of China's dollar reserves now. If you think about it the defense related budget callculating intrest is about 1.4 trillion this year. I'm not counting any social services . There is no coming back for the US. It's all downhill from here.
China will do that what is good for China for the long run and if Europe can take advantage of it so be it.
Well, there is an old Chinese tale about the Emperor who gave a bag of gold to his emissary and told him to go out into his kingdom and buy what he needs most. When he came back the Emperor asked him what he had to show for the gold. He explained to him that he gave away all the gold paying off the debts of his citizens because the Emperor lacked loyalty among his citizens. By paying off their debts they were then loyal to the Emperor. The story goes on to explain that with the help of the citizens the Emperor was able to overcome the next advance of the foreign invaders...
But here is really a pearl:
ECB's Noyer says banks understand very well they must participate voluntarily to Greece bailout
Now with such commitment from China, IMF, EU, ECB, even Zapatero asked banks not to sell Greek debt for 5 years...it is too much for me.
"A prosperous Europe is a good market for US products too and and in the long run it would help indirectly the US to come back on its feet." At witch products are you referring ? Military jets ? US has roughly a 20pct share of the worlds industrial output for 40yrs now. Do you think that this is sustainable in the long run ?
You are absolutely right. The US economy is producing the wrong goods since a very long time. The present economy in the US is dominated by the military industrial complex working hand in hand with Wall Street.
Therefore the long run means indeed the long run. But as a wise man once said (I think it was a Chinese): The longest journey beginns with the first step!
I have an enormous trust in the creativity of the US people once there is simply no other way left than to start to produce useful things again. This means also cutting back the military substantially or even dramatically. This may sound sarcastic today since there is no real change in Washington in sight, therefore the period of pain for the US economy is extended.
It dont think it will get as bad as the Russian population suffered after the collapse of the Soviet Union but I"m sure there will be parallels such as poor pensioners since there is simply no money there.
In hindsight it is becoming now clear what a great man Gorbatschow was in this situation. He fought the right battles while the US are fighting absolutely the wrong battles. They even took over from the Russians the battle for the control of Afghanistan which was the last nail in the coffin of the Soviet empire.
It took more than 20 years for the Russians to overcome their crisis. My bet is the Americans will need only ten years once the US starts to convert its economy in a real broad and deep way. But it has to be a real radical change shaking up the old system.
http://www.youtube.com/watch?v=Jr4wGFJrSss&feature=related
Long term Greece solution
http://gmbpost.com/investment-news/long-term-greece-solution-eu-unificat...
Mario Draghi is next ECB president
http://gmbpost.com/investment-news/breaking-italy-mario-draghi-has-been-...
When the last of the Himilayan glaciers have melted by 2100, China's rivers will stop flowing and they will have no water. They better save their money for that (non) rainy day.
So true. However it's hard for me to imagine a democratic or a republican regime which will cut social spending and the military budget. My guess is they will only make a change when they are on the verge of collapse.The solution right now and the path they have engaged on is some sort of bizarre approach on monetarism. Which clearly leads to nothing unless fiscal discipline is to be implemented. The Democratic leadership has clearly taken the wrong lessons from Keynes (leading to this "we are all austrians now" school of thought so prevalent in the EU.) Injecting money into banks to keep them solvent is as relevant to Keynes theory as it is to print money and expect inflation. In my humble opinion we are still in deflation territory but this is hidden by speculative capitals lent from banks at highly discounted prices.When that dries up (and it has started already) we shall see subdued inflation corroborated with lower demand and a full blown depression. As long as there is no possible way of deleveraging by the public sector that is the final outcome and the one that Ben has been kicking down the road for three years now. To solve this crazy liquidity trap you have to have fiscal tightening , bankruptcies in the financial system and government allocated capital into infrastructure (or whatever). Some may argue that government spends inefficiently but would you rather pay 700 billion this year to the DoD or get some highways for that money ? So ,you surely see , the US is trapped since it doesn't accept that after 40 yrs of binge drinking it has to get a hangover. The status quo certainly doesn't like that outcome.
WTF, what s going on with Italian banks? Unicredit -9% and Intesa Sanpaolo -7.5%
The mass imports of chi. products destroyed the greek manufacturing and industrial basis (Greece produced every product 20 and 15 years ago, fridges, pc's, even autos, tools, furniture, medical products).
Chi. is interesting in the Greek ports because through them and through the Italian ports (Genoa most) and French ports (Marseilles) all immitations of the famous western brands flow into Europe. The turn over is about billions of euros
There are rumours that the chi. - tria..s are in the country looking for business chances.
THAT'S THE REASON FOR CHIN?'S INTERVENTION - THE GREEK PORTS
The final deathblow for the euro: An italian will run the ECBadBank:
http://www.spiegel.de/politik/ausland/0,1518,770336,00.html
This is the definitive end of the euro, honestly.
Greece's only way is to save itself is:
1. RESTORE PROTECTIONISM in the Imports,
2. ANNULATE all European RESTRICTIONS and GUIDELINES which IMPOSED THE DESTRUCTION OF ITS AGRICULTURAL BASIS (destroy corn and wool fields, destroy fishing ships etc.)
3. let some unimportant private banks DEFAULT
4. NATIONALIZE the NBG, the AgroBank,
5. RESTORE its own currency
6. ANALYSE THE DEBT IN ODIOUS AND NON ODIOUS
7. DECLARE THE ODIOUS DEBT NOT PAYABLE
8. SOLVE THE ILLEGAL IMMIGRANTS PROBLEM AND THE PROBLEM OF IT'S INTERNAL SECURITY AND CRIMINALITY INCREASE
(FOR EXAMPLE: The authorities found out that 250.000 illegal and "legalized" (through the greek way...) immigrants were granted PENSIONS of 700 euro each, WITH ONLY ONE MONTH WORKING IN THE COUNTRY.
NOW, THE AUTHORITIES DECIDED TO PUT AN AND TO THIS, BUT THE DAMAGE IS DONE. ANOTHER HOLE IN THE STATE'S BALANCE SHEET.)
and RESET.
TO PUT AN ΕND (nοt ΑND)
The pensions granted to immigrants, illegal "legalized"
Now the authorities have decided to austerize the frame of the law.
The majority of them may be only 5, or 7, or 10 or 15 years in the country (because the mass illegal immigration started after 1989) and they get here FULL PENSION !
130.000 Albanians
30.000 Bulgarians
16.000 Russians
17.000 Rumanians
13.000 Pakis
5.000 Fillipinos
5.000 Indians (from India)
5.000 Georgians
5.000 Polands
4.500 Bangladeshians
3.800 Ukrainians
3.000 British citizens
4000 Aegyptians
2.200 Cypriots
2.000 Germans
2.000 Moldovans
1.500 Serbs
1.400 Chinese
2.500 Syrians
1.200 French
1.200 Italians
1.300 Armenians
1.200 Iraquis
900 Tschechens
870 Slovaks
900 Turks !!!
700 Hollanders
This is impressive, we should make greece UN headquarters and close that thing in NY. It'll cost the world less and the decisions will be less one sided...
Greece is no longer the Golden Cow of the Mediterranean Sea, with freedom for every one invades its borders!
Because the freedom of movement for one person constitutes an intrusion of the National Integrity of another country.
There was NEVER a legal immigration into Greece. The most of the immigrants pass the borders in an non legal way and diplay FALSED PAPERS WHICH SAY THEY ARE ALL PALESTINIAN REFUGEES!!
Last semester 30.000 albanian families left the country and returned to their country, which BTW flourishes since 20 years, when their immigration into Greece began.
They have worked in Greece and send their money home, to build or restore their homes, everything fine.
THIS TREND FOR RE-PATRIATION INCREASES NOW.
THE GREEKS HAVE TO FEED NOW THEMSELVES.
So after China bails out Europe who is going to bail-out China after its economy continues its implosion?
All the above for you TYLER, just for your information.
Because the mainstream media of the Regime try to hide it.
About the Internal Security and the dramatic Street Criminality increase in Greece.
The Heavy Street Criminality by the Illegal Immigrants in Greece has 3 categories of victims:
1. WOMEN (young and ELDER !!! which are robbed and RAPED! -YES, 80 year elder greek women are raped AFTER they 've been robbed!.
They are Greek women and women from Balkan countries, about the women in the GHETTOS with BURKAS nobody knows what is happening there)
2. CHILDREN (abused)
3. ELDER MEN which are robbed for their pensions and simultaneously murdered
GROUPS OF ILLEGAL IMMIGRANTS (5, 6, 9, OR 10 ROB, AND RAPE).
____________________________________________________________
OVERWHELMING REPRESENTATION OF THE ILLEGAL IMMIGRANTS (OR FOREIGNERS, ?F YOU PREFER...) IN CRIMES AGAINST HUMAN LIFE (HOMOCIDES)
?wo reports about the Illegal Immigration Problem and the criminality connecting with it, COMPARED to the criminality of the greek criminals, on the POPULATION BASIS. November 2010 is the date of the Report.
The illegal and "legalized" immigrants represent the MAJORITY of the so called HEAVY CRIMINALITY IN THE STREETS AGAINST CITIZENS, ELDER GREEK PEOPLE, ELDER GREEK WOMEN (WHICH ROB AND RAPE! ALSO, all data in the press!), COMPARED WITH THE CRIMINALITY OF THE GREEK POPULATION (minor such heavy street criminality).
The immigrants ("legalized" and free illegal) population according to non official numbers is about 1.500.000 (police estimates) and the Greek population 11.000.000.
????CIDES:
From 1991 until end of 2010 (police data)
Homocides is a credible index, because in Greece the Police has a very good score in resolving the cases.
A HUGE AND VERTICAL INCREASE OF THE IMMIGRANTS PARTICIPATION IN HOMOCIDES.
1991: 10,92% of homocides commited by Immigrants,
1995: 14,95% of homocides commited by Immigrants
2009: 33,33% of homocides commited by Immigrants
January - October 2010 40,86% of homocides commited by Immigrants
In absolute numbers:
25 illegal immigrants commited homocides in 1991,
40 illegal immigrants commited homocides in 1995
124 illegal immigrants commited homocides in 2009
143 illegal immigrants commited homocides in January - October 2010.
The number of greek people commiting suicides remain stable (185 in 2001 and 248 in 2009), but the number of the immigrants commiting homocides has a vertical increase.
CONCLUSION:
In a population of 11.000.000 NATIVES and 1.500.000 foreigners the foreigners represent the 40% of the HEAVY CRIMINALITY!
The greek prisons have capacity for about 7.500 people.
Today, the greek prisons host 15.000 people, the most of them illegal immigrants.
No deportation, no re-patriation, nothing.
????CIDES: HOMOCIDES
ELDER GREEK WOMEN (WHICH are robbed and RAPED)
A great number of these immigrants commiting crimes are captured and then they are freed because of a stupid?? Greek law.
The result: they circulate in the streets and commit NEW homocides and robberies and rapes.
The police cars are left with no fuel, because the Regime spends the money somewhere else, who knows where.
The State prefers to FEED all illegal immigrants and BURDEN the Greek Citizens, IN ORDER TO MINGLE THE POPULATIONS.
ALL ILLEGAL IMMIGRANTS ARE HOSPITALIZED FOR FREE.
BUT THE GREEK PEOPLE, AND THEIR PARENTS AND GRAND PARENTS AND GRAND GRAND PARENTS PAID HEAYVY TAXES TO THE STATE IN ORDER TO BUILD HOSPITALS, SCHOOLS, STREETS.
THERE WAS NO AIDS IN THE GREEK SOCIETY (very low percent).
NOW, THE NUMBER OF WOMEN (illegal immigrants) OF THE 3RD WORLD COMING INTO GREECE WITH AIDS IS 6.000.
THESE WOMEN ARE LEFT FREE ON THE STREETS FOR PROSTITUTING.
?ND THEY ARE HOSPITALIZED FOR FREE OF COURSE.
THIS REGIME IS COMMITING ON PURPOSE HOMOCIDE AGAINST THE NATIVE GREEK PEOPLE THROUGH THE HEAVY TAXATION AND ALL THE FINANCIAL AUSTERITY.
THIS REGIME IS COMMITING ON PURPOSE GENOCIDE
AGAINST THE NATIVE GREEK PEOPLE THROUGH THE HEAVY TAXATION AND ALL THE FINANCIAL AUSTERITY
The foreigners commiting murders, robberies and rapes of the abovementioned are most:
Magrebians (Northern Africans, Algerians, Morokans etc.), Africans, Iraquis, Afghanians, Bangladeshians.
Pakistanis also take prisoners their own people and demand money to free them.
Pakistanis and Bangladeshian corps found chopped in the Waste Yard, murdered by their own people.
Albanians rob and use heavy weaponry, but in general they have integrated better. They wish to be europeans.
Now the Albanian government CALLS BACK ALL ALBANIAN CITIZENS WHO LIVE IN GREECE.
The Albanian Prime Minister has called them today to RE-PATRIATE.
All data in the Police Archives.
Pakistanis also in heavy street criminality, Somalians.
AND ALL GROUPS OF FOREIGNERS IN SMUGGLING DRUGS, OF COURSE.
THSI IMPORTED CRIMINALITY BLOWS THE WINGS OF THE LOCAL, GREEK CRIMINAL BOSSES, WHO NOW HAVE ARMS OF FOREIGNERS TO BUILD AND EXPAND THEIR ACTIVITIES.
This is the second, very negative consequence of the illegal immigration and criminality.
AND THE GREEK CITIZENS IN BETWEEN ALL OF THEM.
THERE IS A HUGE INTERNAL SECURITY PROBLEM IN GREECE.
IF WE MANAGE NOT TO REVERSE THIS TREND, GREECE WILL BE THE MEDITERRANEAN MEXICO, THE NEW SARDEGNA, THE NEW SICILY AND THE MEDITERRANEAN SHANGAI.
NOT TO MENTION THE OTTOMAN DANGER...
As I keep saying, TPTB will do whatever it takes to keep the EU and Euro together until after they shut and lock the gate on the US. China is right on the inside of the NWO and have an oligarch or two at the head table.
This isn't about bailing out Euro-nations. It's about forming worldwide economic alliances away from the US dollar.
China is on a dollar-destroying campaign, which ultimately is an America-destoying campaign.
The biggest threat to America going forward is the growing China-Russia-India-Iran-Pakistan alliance.
Now it's the (anti-US-dollar) China-Russia-India-Iran-Pakistan-Europe alliance.
Our criminal banker leaders see it coming, the end of the US dollar, why they're looting America fast as they can now.
Well now kettle will play at pot... luck.
Not going to work China, wiseman say better to spend money elsewhere.