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Austria before Belgium?
15 minutes of super smart David Einhorn. Depants America and the subsidy that is going from savers to debtors/banksters of America. Says gold goes higher.
Moody's. More Pest than Buda.
Any sources for Austria, please? I thought they were very well financed and have a similiar attitude towards money as switzerland and luxembourg
austria carries a lot of debts from the less worthy. enough to sink it.
The PIIGS are getting hung(a)ry. They were not allowed to slim down, now they will consume all.
PIIGS, PIIHGS, PIIHAGS, PIIHAPGS....
Poor EU, thor's hammer strikes, should never have messed with Iceland!
And if you look at the charts of the Austrian banks, it doesn't take a Cramer to figure out who is holding the bag with regards to Hungarian debt...
Although I am certain that Moody's assessment is correct (albeit late) I cannot imagine that Hungary is the only country with issues?! I mean if Hungary is barely investment grade I would think it is a safe assessment that Greece is at the same or lesser credit quality - But then again Credit Agencies are IRRELEVANT -
So does this mean that Austrian Economics wont help us out of this mess either??
Austrian pols ignored Von Mises and listened to Keynes. It was Keynes that told the pols what they wanted to hear; 'save money in fat years and spend it into the economy in the lean years' Of course, the pols did not save money in the fat years....and Keynes was regurgitating what the pharos said long ago, but did not credit them.
Austria will soon wish it had listened to Von Mises....so will the rest of the world.
They should listen to Frederich Hayek, who is their fellow countryman.
Cnbc said everything is fine
Yes Cnbc,i agree too,"Everything Is .9999 Fine"
5 Yr Spread
invest in hard currency, iceland. its frozen.
When will Moody's downgrade itself?
We need one of those cartoons (the Bernank, etc.) about the rating agencies.
the entire edifice of 'debt' as an institution must be downgraded, because the future does not hold the growth to pay principal + interest.
All present debts, and vicariously, money, must be discounted.
Global Jubilee is the only way out. Well the only way out that actually has a shred of humanity to it. Seems the Banksters want to jubilee themselves and become nobility over the rest of us as debt slaves.
If they aren't willing to give the rest of the world some buy in I think we will see a new set of Nuremburg trials after another global conflagration.
Disclosure: Long pitchforks, torches and rope...especially rope.
Except they won't be, and this notion of debt being money and vice versa will exist for on and on. I hope this is clear.
Moody's... really. Why does anything they say matter?
Luibenat from Italy, in Ungary there are also italian big banks, first of all UNICREDIT
How quickly the rating agencies have regained credibility after suspect ratings for the past five years. How da do dat, Barney Fawnks?
Just like 1931 it will be Austria that will start the second phase of the depression. The Rothschild family bank Creditanstalt declared bankruptcy on May 11, 1931. The demise of the Creditanstalt and the Austrian government was followed by a Global bank run, a financial crisis in Germany and an attack on Sterling, which was depreciated a massive 25 percent as a result. Afterwards, central banks began a run on the U.S. dollar, liquidating it for gold. The banks included the Bank of France, the National Bank of Belgium, the Netherlands Bank and the Swiss National Bank. The result was an immediate need to increase the interest rate in the U.S. from 1.5 to 3.5 percent.
These events triggered further panics and bank runs in the U.S. The U.S. dollar depreciated 40 percent; multiple bank holidays were called to contain the panic. The U.S. President Franklin D. Roosevelt forbid ownership of gold, in an effort to control inflation, and prevent the collapse of paper money . The U.S. economy bottomed only in April 1933.
So keep a close eye on Austria’s banks…
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