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The Unwind Begins: Eurogroup President Juncker Redirects From A Broke Europe By Throwing US And Japan Under The Insolvency Bus: "The Debt Level Of The USA Is Disastrous"
The first rule of media (especially when dealing with an idiot audience that has a 7 second attention span): when all else fails, redirect. That's precisely what Eurogroup president, and certified, sanctimonious, pompous liar, Jean-Claude Juncker just did today, as it is becoming increasingly clear that nobody in Europe has any clue just what the Greek bailout #2 will look like now that the ECB and Germany are at polar opposites on how to proceed, the ECB thinks it is a rating agency and can dictate what an Event of Default is, and German bankers are willing to cede to private involvement in the bailout, but in a way that is voluntary. The problem is that these three are very much mutually exclusive. So what does Juncker go ahead and do - he redirects to highlighting the problems of the US: "The debt level of the USA is disastrous," Mr. Juncker said. "The real problem is that no one can explain well why the euro zone is in the epicenter of a global financial challenge at a moment, at which the fundamental indicators of the euro zone are substantially better than those of the U.S. or Japanese economy." That may well be the defining moment: by now everyone knows that the global economy is a massive pyramid scheme. Yet to this point, those in control have at least kept their mouths shut. However, when in order to explain one's insolvency, those at the very top of the control pyramid have no other choice than to point out just how broke others are (when in reality it is all one big, interconnected, "globalized" and truly insolvent Ponzi), then the unwind has begin.
The WSJ explains the latest developments in Greece:
Highly indebted Greece needs a "soft, voluntary restructuring" of its debt, said Jean-Claude Juncker, the head of the group of countries using the euro as a common currency, in a radio interview Saturday.
Backing proposals by German Finance Minister Wolfgang Schäuble, Mr. Juncker told Inforadio Berlin Brandenburg that private lenders need to participate in a fresh aid program for Greece, but only on a voluntary basis.
Also, any such move has to be made in a way that credit ratings agencies don't interpret as a credit default, he said. And it needs to be done without the "danger of infecting" other euro-zone members.
That the proposal as set forth at this point is completely unworkable (as Zero Hedge predicted) apparently is irrelevant:
The euro group president didn't explain what exactly such a voluntary, soft restructuring should look like, but he said there won't be a full restructuring of Greek debt.
Finally German banks are starting to realize that the BS-factor of the latest "plan" is becoming more see thru than the clothing in Paris Hilton's latest MTV show.
Meanwhile, Michael Kemmer, head of Germany's BdB banking association, cautiously accepted the participation of private lenders in a rescheduling of Greek debt as proposed by Mr. Schäuble. But, in a radio interview Saturday to Deutschlandfunk broadcaster, he said such a move needs to be done in a voluntary way, so that credit rating agencies don't see it as a default and financial markets don't get unsettled. The BdB represents commercial banks such as Deutsche Bank AG and Commerzbank AG.
However, as Trichet indicated in his latest press sppearance, the ECB is now on a different page entirely:
Mr. Juncker called for an agreement with the European Central Bank on the issue. The ECB so far has rejected any kind of restructuring, be it a "haircut" on the principal of Greek sovereign bonds, or just an involvement of private lenders in an extension of Greek debt maturities via a bond swap, as Mr. Schäuble has suggested.
"We can't push through a private lender participation without and against the ECB," Mr. Juncker said.
In exchange for any fresh program, Greece needs to make sure it reaches its 2011 fiscal targets, Mr. Juncker added. "If Greek policies continue as they have in the first six months [of this year], then they won't reach the budget target," he said, adding that any additional aid would be linked to very strict conditions.
Also worth nothing, is that Juncker has finally learned that keeping silent is actually better than lying outright:
The euro group head declined to give a possible amount of fresh aid, but said figures circulating in the media were right.
Asked whether that could mean anything between €60 billion and €120 billion ($86 billion and $172 billion), Mr. Juncker said he doesn't believe that euro-zone countries will have to come up with such a sum.
Yet here is the punchline:
Not withstanding the euro zone's problems, Mr. Juncker said that both the deficit and overall debt in the U.S. and Japanese economy are substantially higher than in Europe.
"The debt level of the USA is disastrous," Mr. Juncker said. "The real problem is that no one can explain well why the euro zone is in the epicenter of a global financial challenge at a moment, at which the fundamental indicators of the euro zone are substantially better than those of the U.S. or Japanese economy."
Translated: "why are you picking on us?" and "Have you looked at the US and Japan recently?" Translated even more: the Nash equilibrium of the mutually assured avoidance of the topic of global insolvency is now broken. Next up: the US and Japan bash Europe and confirm that Europe's PIIGS are actually far risky than the US and Japan, plus they can't print their money etc. Then Europe retaliates. And so forth.
The blame game avalanche has officially started.
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I think (fear) that you're right Reptil.
Also from NL and wondering how long everything will keep smoldering like an underground fire before suddenly things really increase in speed and entropty, exploding to the top soil.
It's one huge "stoelendans" at the moment..
Sadly, we (UK) have no such excuses. Ever since signing up for AUSCANNZUKUS (Echelon network), we've been the obliging 51st State of the USSA for whatever they need. Even whores get paid, but apparently we don't, but instead we pay the abusive customer whenever it suits him. I know what it feels like to be a Scot under English rule now.
I don't have the foggiest idea what's wrong with the Germans these days.
Right on YHC-FTSE. Anyone in UK advocating stopping sucking US cock and joining Europe?
Lots. But when you advocate we should stop sucking US cock, people assume that you want to suck German cock instead. No matter how much you try to explain that you are not a Nazi, Federalist, or pro-Brussels, such is the enormous anti-EU sentiment from the MSM, people accuse you of being unpatriotic. UNPATRIOTIC because you want to stop sucking US cock! The MSM shit is so thick, it is now unpatriotic for an Englishman to want to move away from the US. They bring up WWII, common language, "special relations", and military power. What next? I fear I'm going to be accused of being a traitor if I don't speak with an American accent.
People here don't seem to understand that we have been subjugated and suborned culturally, politically and economically not by anyone in the EU, but by the USA, and any faux-superiority we display to American tourists is the tarnished pride of the servant. It is the height of delusion when our politicians ally themselves to America in extremely unpopular and illegal military campaigns because they think that the cool head of British influence can sway the more barbaric American cousins. Utterly stupid and deluded. As if the Pentagon cares about the opinions of (As you would say) buck-toothed limey cock sucking cunts who sold their own brave soldiers and country to the Americans! Labour or Conservative - they are the same.
You know how the MSM has made criticizing Israel and people of Jewish descent - even convicted criminals - impossible? Well, the same story about being pro-EU. As far as some newspapers are concerned, being anti-US and pro-EU, is the same as tatooing a swastika on your forehead and singing Deutcheland Uberalles. We've had cocksucking PMs since Thatcher, and it looks as though they'll never stop drinking drinking yankee jism.
"3 days after the Carlyle Group bought Alpinvest"...
Good example of my observation that the "USUKs" - the US & UK elite scum mafia financial corporatist oligarchs are trying hard to keep controling Europe and destroy the the Euro.
Yes, I hear you. The political pressure, no doubt because of the militairy threat has turned us, from 1940, all into provinces of the same empire. Which is now going for broke, or something much worse. Or both.
It's one group that operates globally. If anyone takes them on, as if this is a problem that is coming from one nation, they win, because they can go above that, and then in the next phase they'll play out europe against the USA, just like the USA has been the source of an attack on european freedom. They used the same tactic in the Second World War and in Vietnam. Hell even Lenin had banker backing. It's that "beyond reach" one has to tackle, otherwise it won't change any time soon. I think they overstreched their abillity. But maybe not and all the insight of people now will be lost like snow on a summer day, in the next war.
Then there's the downright impossible: I posted before, I JUST can't seem to figure this one out, and it bugs me (literally).
Companies like Monsanto cannot exist on this planet. Their "raison d'être" is to kill as much natural resources and as much human beings, while trying for a total planetary monopoly on one technique, one way of doing things, one lab-created natural order. If that fails, and it does now, there's no alternative, no backup plan. It's counter-productive, and extremely risky to over specialise. The dinosaurs tried that, with their "too big to fail" model. We're repeating the same mistake. Same goes for our other technologies, like fission nuclear, like cellphones. Too big to fail does fail, and then it's all over. Nature favours the diverse, the flexible, not the static monocultures.
I.o.w. the system of a global economy, where the world is one entity has failed.
So, I wonder if there's not more to this. They're not stupid are they? They can see it fails. They must have seen it will go nowhere. So why continue? It's in their power to flip it around. They can spin most things, so why not this? Do they really think they can be exempt from any blowback from this? Don't they realise they're jeapardizing their own chances of survival in a big way? ESPECIALLY if there's going to be a big "extinction event" for our planet, we need all the genetic diversity we can muster. Who knows, deadbeat squatter genes may pull us over this event. You just can't tell in nature. Bigger and badder is not stronger. In american culture it is, but it's a folly. Thinking on... Maybe some have an exit plan off this planet's surface. I saw an interesting series called "Charly Jade" some time ago. It was about multiple realities that somehow were linked, and where people could jump through and change things that were different but still the same. I wonder how quantum shadows are connected, and how much.
Perhaps that is what is going on. It certainly would explain a lot: http://science.slashdot.org/story/11/01/13/0017256/Nobel-Prize-Winner-Sa...
Reptil - wow, far out perspective in your linked article. Maybe it's real, maybe not. Some rich elitarians have more earth-bound survival strategies. Bill Gates has stored some amount of all known grains in an underground bunker on Greenland, presumably so mankind, or rather its priviledged remains, can start over after the big blast. I'm sure he and his friends have several other more comfy bunkers in various locations for personal survival.
As for the question of the elite possible lack of recognition of the likely self-destructive consequences of their ungodly and inhuman self-glorification and total asset assumption at the cost of the destruction of the world's working masses - nah, they're not that clever - you see it doesn't take brains to make obscene amounts of money, it only takes obscene amounts of ruthlessness, murderousness and tremendous amounts of what Al Pacino's character in The Devil's Advocate called: "The greatest opiate of all: self-love."
Similarly, it doesn't take a great brain capable of holistic thinking and system analysis and great care for all of mankind to get a Nobel Prize - and, come up with say, theories of paralel universes and biological telporting, or, get a Peace Price and thereafter promptly escalate a couple of wars with hundreds of thousands of troops, upscaled amounts of undercover killings and beefing the amount of US drone planes to 6,500, which patrol the world and assasinate the enemies of the global US corporatist empire.
In the end, I believe only the people united, not individuals or heroic figures, can liberate the people, but only when it has suffered enough to wake up, educate itself and arrived at the will to sacrifice - and after much suffering, when the next revolution comes, I advocate use of French principles: add brotherhood and equality to the US constitution and use a very large guillotine to rid the collective body of the nation from the heads of hubris - the elite, who should have seen both the evil and the self-destructive nature of their unlimited greed, but didn't, and didn't share the planet, and thus have to be removed from the planet. Let them teleport their DNA to the planet previously known as Purgatory.
In summary: only enlightened men restrict themselves and care for others -and they are in short supply in this unholy time, when greed, social ascent and the individual as icon is heroicized at the cost of human dignity and community.
Yes, that's true. They don't see us, humanity, as one, despite that this an obvious given, from a biological point of view. Just because they lack that insight. Of course psychopathic predators thrive now and make the descisions. To our collective detriment. A massive group think, leading off a cliff? Japan's predicament in handling Fukushima seems to underline your idea. If that's true, it logically means we need to stage a revolution ASAP. But, then, who is "we"? It's difficult, if not impossible to define.
Perhaps the predators that actually can think are of the opinion that it doesn't really matter, and that they can do without everyone else, because their technologies have finally matured? What a weird idea. That idea in that link, sparked by rapid advances in quantum technology, is just one of many groundbreaking ideas that are finally a possible course of action, it's going really, really fast now. Here's another one; a proposed (unavoidable?) merger with technology:
http://www.youtube.com/watch?v=9GTXzUfq6p8 and http://www.youtube.com/watch?v=5DTS2jzspSE
I didn't touch upon the idea that there's presumably too many of us: http://www.youtube.com/watch?v=LF15YAvT9G0 But that wouldn't explain the push for 100% GMO food or fission nuclear. Since those are technologies that ruïn our biotope for everyone, practically irreversable.
I still don't get it.
I was going to comment earlier, but you've done it all for me. Your concerns about GMO is absolutely spot on. Not only for the health concerns and potential for wiping out biologically diverse species, but on the economic level for farmers worldwide who will be enslaved to big Agro because of non-reproductive strains being developed. It's already happening.
Americans have a habit of seeing potential for money making in everything, and I think the greatest danger to humanity as a whole is commoditizing life itself.
What irony ! What ignorance towards history !
Actually, what widespread evil.
The irony here is that you, as a member of a country who was once duped into evil by these same bankster, are now calling them out now.
You know, there was a recent piece on ZH about the wide difference in view about WW2 between Russians and Americans. I understand the Russians suffered tens of millions of casualties at the hands of the German army. I beleive the figure used was that they put 80% of the body count. If that is so, and Hitler being a puppet of the banksters (see jewish researcher Edwin Black who now pulls his punches on Rockefeller eugenics and Hitler), then wasn't WW2 a Royhs-upchuck op against Russia? I understand they funded the Bolsheviks (Kuhn, Loeb) and Russia sent their fleet to US shores to defend against bankster England and France (allied with the KKK redneck confederacy) tearing Amerika apart, so they clearly have a history.
I mention this because you stated the war was against England and France. My grandfather died attempting to return to Grrmany to fight for her.
You might want to hit the history books yourself. It was France and Russia, conspiring with Croatia that forced Germany and Austria's hand to go to war in WWI. The subsequent reparations used to bleed Germany, especially at the hands of the French, were the set up for Hitler and Germany's revenge.
There are no heroes in war, just the greedy banker motherfuckers that kill our children for power and debt interest. Leave the blame for the Red Shield demons.
You know that Gerd Schröder, Rudolph Scharping and Joschka Fischer are still at large, none of them having faced charges for the attack on Serbia and, later, Afghanistan.
I agree with your take on the hypocrisy of the West, to which Germany was "zwangsintegriert" after WWII, but find your trust on the Grundgesetz misplaced.
You may want to check what Carlo Schmid, the SPD jurist charged with writting the Basic Law, thought of the GG's final form.
http://www.youtube.com/watch?v=DGWRj4-pE2E
Yeah, they should be sued for that bombing.
They had no right to attack that foreign country of Serbia.
I urge any Serb living in Germany to exactly do that.
Sue Gerhard Schröder, sue Joschka Fischer under §80 StGB.
They are criminals.
Funny how Fischer then all of a sudden got a highly paid job in the U.S., innit ?
That was his reward for carrying out the order of his U.S. puppet masters I guess.
Ethics always hurts when the shoe changes from one foot to the other. Nuremberg was for NAzis, but the US would never accept that the world tries it's own home grown war criminals. So, whereas they still FEEL they are uber-alles in world play, their finances now says the contrary. Whatever they decide in St Moritz or at Davos or at G8/G20 they will never be able to put the MATH right on their current trajectory. So one day the Chinese will tell them : WE REFUSE TO PAY FOR YOUR WAR GAMES... Then what does the MIC of USA say?
"Sheikh Saud pay up or we leave you to the sort of Mubarak?" I think not! ...This game is going to get different. As for China they will never be able to build an empire in Africa against the local people à la European way. Maybe in joint ventures, never against the africans. Cos they have now learnt from past the africans, and the Chinese do not have the culture to dominate Africa. Too far away and no knowledge of customs. It will blow up in their faces if they go rogue...will be interesting to see this new game. In the last "naive" frontier of the world.
I think the Africans will have learnt to prepare some surprises for us in the coming decades.
+1 Good to hear some sense on this issue. Germany needs to slip the chain ASAP.
My first thought..
This statement being released during the Bilderberg weekend?
Juncker is neither attending, nor is he inside the circle.
DSK setup, gone.
Juncker speaking against the US. Only a matter of time before he gets "caught" and his reputation destroyed.
Gates said yesterday that Nato's very existence is on the table. The US trying to pull out of Nato because the US can only survive by demonstrating military supremacy. The US is only surviving by means of intimidation. The gig is up and the status of the US and the days of the reserve currency are numbered.
So, what is the US going to do next? Incite wars and go it alone? Probably, as there is no other option left than trying the usual.
Geheimwaffen, Superweapons. And this time, they actually work.
Possible future:
After a next 9-11 the USA will be transformed into a militairy dictatorship (from an inverted totalitarian state which it is now).
This will solve the unemployment issue as well. The people will ask for it themselves. All bank robberies will be instantly forgotten.
Hilarious to watch these demons spill bile at each other in their desperate attempt to maintain a genocidal status quo.
They even go so far of dreaming of a deindustrialized world where only they have the fruits of science, military or otherwise.
Mushroom clouds on the horizon, bitches!
Our next step is to have Hillary Clinton "warn" the African nations about "colonialism". You can't make this stuff up.
Clinton's Doha speech January 13...and every pronouncement yet...supporting "liberalisation and freedoms" (read overthrow) in MENA...target... House of Saud? Their last week's promise (No. n) to increase oil supply and deliver on Obama's promise to get the speculators and on Bernanke's promise of transitory inflation has got me thinking.
Obama's track record of these calls is good...("due to the profit/earnings ratio now would be a good time to buy stocks"...Mar 2009)... Bernanke's not so much.
And so, set MENA on fire to make military supremacy front and centre at least delays USD collapse while you hope for something better to turn up out of the maelstrom... just because you can't make this stuff up doesn't mean it isn't happening.
walkure (sorry no umlaut): "what is the US going to do next?"
Well, Us has got to blame and fight someone. There's go to be a war - a negative unifying factor - to tie and bond US individuals into collectivity.
How about civil war?
Count down: 12 months to US collapse.
He is just mad he didnt get one of those presidential medals Obama felt the need to give to merkel
The correct word is deflection, not redirection. Woman and politicians have it in their DNA. Good example: "Honey, in reviewing our credit card bills, I see that you spent over $5000 on shoes at Gucci, WTF?" Response: "well you left the toilet seat up this morning".
That is not the way you justify a Gucci (or Hermes) purchase.
One justifies by depreciating the life of the asset over the course of its use. Where life is defined as a minimum of 20 years and asset is defined as the shoes or handbag. Then one breaks that yearly depreciation value down by price per wearing.
Thus one can easily come up with the TRUE value in a $5000 handbag or shoe purchase.
cost ≠ value
+1
So simple and true but very hard for many to understand.
I was being facetious ;)
lizzy... You sound like some sort of Canadian hetero chick... ;<)
LOL.
Obviously, you weren't told the about the cost/looks mechanism before you married. If you want someone hotter than you, there is a price to pay. You don't get "lucky".
the "cost" of "looks" is apparently intelligent conversation, but in the case of some dudes here, that's not necessarily a "selling" point.
I think we're seeing the early stages of the politicians recognizing that the global financial system cannot be salvaged.
He's just trying to get the word out about big problems before the low-level (meaning: real economy) effects start fucking up the various societies.
Here is the big scam: The elite winds up with all the stuff and the bottom 99.99% have all the debt. Then after that doesnt work anymore because the people revolt, they sell some of the stuff back to us, and then the cycle starts again.
We (the U.S.) have been redirecting to the Eurozone whenever it suited us. What is more, the three major rating entities are based here. Whenever we wanted money to prop up treasury sales we used S&P, Moodies, and Fitch to downgrade Euro debt. Worked like a charm. Look at our states. Our finances are a catastrophe. California dwarfs Greece, but we point our fingers at Greece. We hold all the strings and have been pulling them for a long time. Let's not be surprised when others start pointing fingers back at us.
yep he learned from the best.
Yep, Reggie Middleton is still redirecting .
USSAcalypse!
If you want to distract Americans just play Balloon Boy reruns and they will stare at the balloon on TV for hours....
NO..
IT IS ANIMALS WITH HATS.
DONT YOU KNOW ANYTHING ABOUT AMERICANS?
http://youtu.be/kZUPCB9533Y
Juncker might be right, but it was still a cheap trick to deflect. The kind of cheap trick the US government and the Fed deploy every day. When Europeans start aping Bernanke in the PR department, that's when we Europeans should worry. Besides that, he's an idiot to think Europeans wouldn't notice his blatant redirection.
As a keen student of sentiment and human thought and action I noticed the same thing in 2007 2008.
There was a lot of finger pointing by europe about this Made In Usa crises ( while they were secretly begging our treasury to make whole AIG credit derivatives lest a smoking crater be all that remained from Societe General).
However they got smart and shut up for a while.
The sniping started up again, then Ben defends USA finances compared to europe in a recent speech. Now it is on like Donkey Kong!
Ben you have just been served for your recent remarks about how bad europe is compared to the USA.
"You pooped your pants!"
"No, I didn't. And besides, you did first! And worser!"
"The Debt Level Of The USA Is Disastrous" - I thought Debt was good, according to Keynsians ? There for a low debt level would be disastrous, what am I missing here, do they think 120%(1000% according to some estimates) of GDP is 'low' ?
Does Junker suggest USA to Increase their debt level ?
/sarcasm
Vee have gazolene all over zee place!
Why do all these Europeans have hyphens in their names?
trade barriers. You negotiate after the hyphen!
"Hillary Clinton "warn" the African nations about CHINESE "colonialism". Put "Chinese" before any word and the word becomes evil. My guess is Hillary is mad at China for doing what the U.S. had in mind. Peacefully invade/liberate Africa and rape it of its goods (oil uranium diamonds gold etc etc etc).
+10K
what a clusterfuck, this is just more talking around the problem, they all still pretend that they won't have to face the music. there will be no way they can pull this off without labeling it a default.
talk about idiots
nyah nyah. pointing; you got problems! (fight ensues).
http://www.youtube.com/watch?v=jsaTElBljOE
http://www.youtube.com/watch?v=vNc5o9TU0t0&feature=related
"no one can explain well why the euro zone is in the epicenter of a global financial challenge at a moment"
because the euro is a cheap copy of the US dollar, which depends upon US military force to subsidize its operations. you don't place the biggest log in the fireplace first.
US$ collapses, Euro prevails.
Euro was rigged and is continuosly being attacked by USUK (US & UK) finance mafia.
+5... Accurate analysis...
+1
ditto
http://www.gotgoldreport.com/2011/06/turk-boehringer-murphy-field-questi...
There goes the "Spirit of 2008" when the whole world was the Fed's oyster.
In very little time they were able to coordinate a global, multilateral bank rescue. Taxpayers across the developed world were robbed to bail the banks and let them keep full operations (and banker pay).
Part of the reason for the "globally coordinated rescue" was to cover up the fact that the banks had built a hoax: they were trading factitious derivatives back and forth to one another in order to give the appearance of "business", collect fees and ensure fat Christmas bonuses.
The scam was the same as if insurance companies in different countries kept selling each other re-insurance on re-insurance, each time calling it something different.
The pyramid scheme threatened to topple and take the biggest names on Wall Street and across the Western capitals down.
So they engaged in a global, government-sponsored cover-up which we still live with today: the skeletons and corpses are rotting in the overstuffed closet and every few months a new little crisis will threaten to open the closet again.
So why is Juncker starting to sing like a bird now?
It's not just because he's feeling pressure over Greece. He's blackmailing the Fed and the others in the giant pyramid scheme. He's saying that they all have something to hide. He'd like them to let all the rules slide and allow his little plot to fly where they can lie and not call a default a default by stretching the truth again.
Think about it: if they let the Juncker plan happen, banks around the world (and governments) will take it as a signal that they really don;t need to repay ANY debt! They can always do a "Soft Restructure" and not have their ratings destroyed. The final chapter in the story of how the rules are the rules for you, but not for me.
This scenario cannot avoid the inevitable. At some point in time some producer of hard goods is going to say, "I don't want your fiat". And that will start an inflationary spiral if those goods are strategic to buyer. Once that spiral starts it's every man for himself and world commerce collapses. We will be in 1931...
the main problem will be that we're too many human beings on this globe, unfortunately I have no doubt that it's getting solved quickly...
That is the foundational problem. What's happening on macro scale is the same as what happens to a yeast colony when it starts bumping into the sides of the petri dish.
The solution is going to be ugly but it will be solved.
All ships sink, its a matter of which one sinks first
It doesnt matter what happens -the Banks need to swallow there share. Schäuble is right.
"...those at the very top of the control pyramid have no other choice than to point out just how broke others are..."
All major central banks are creating air-backed "liquidity" (see, we don't even call it money anymore). They appear to be supporting each other by inflating at roughly the same rate. I call this 'co-inflation'. If they maintain rough parity in the process, the FX crosses will not change very much and that alarm won't go off. Instead, domestic wages and prices won't rise very fast, but the prices of commodities will be unfettered. Thus we are treated to the spectacle of The Bernanke telling the world there is no inflation and blaming toe nail fungus and record snowpack for the mysterious rise in commodities. $100 oil?, $1500 gold? A total mystery, but we are doing a great job here at the Federal Reserve Corporation staying on top of this urgent crisis.
The debt level of the USA is disastrous
Said the pot to the kettle - you're black.
It was the U.S. taxpayer that bailed out Eurozone commercial banking interests. (Canadians should be very suspicious that they did not do or are about to do the exact same.)
By far the most important geopolitical question of our day is: "If France attacks Turkey from the rear will Greece help!?
Tuco Benedicto Pacifico Juan Maria Ramirez
The sooner it all falls apart, the better. Maybe
then, we can build it back better from the bottom up.
Sure it will take a long time and will be painful, but
I think we all agree there's no easy way out.
Valid ? I am CMYK. A human with RED for BLOOD. Chicago 1968. Kissinger is next in my lifeline.
Stand UP and walk on two feet. Knowledge is effective. Blood is RED. Look at the humans with Blood on their beings. Beings; Existence,living thing. Webster's def. Dust to Dust.
Kick ass! Someone must be drinking besides me tonight
"Achtung Urkel-Merkel!"
It's all okay... Urkel-Merkel is at the Bilderberg conference as we speak getting her latest marching orders...
Anybody been watching Euribors? 52 week high on Friday. I would say the lenders (counterparties) are starting to cast a suspicious eye on each other.
Highly indebted Greece needs a "soft, voluntary restructuring" of its debt
And it needs to be done without the "danger of infecting" other euro-zone members.
We can't push through a private lender participation without and against the ECB
The ECB so far has rejected any kind of restructuring
Doesn't believe that euro-zone countries will have to come up with such a sum.
- Juncker
The top dog at the EU says Greece needs a limited restructuring and nearly everyone but the German & French banks laugh him out of the room. The ECB because it knows that a restructuring of Greek debt may well bring the whole of the EMU's banking & currency system down as it is premised entirely upon the foundation that sovereign debt is "risk free" risk. This is what JCJ means when he says "infect" other euro-zone members in the context of Greek restructuring and fiscal operations as he is attempting to say that the can can be kicked down the road for another seven years when it cannot be done legitimately in this way.
Finally we get the nug that euro-zone countries won't have to come up with the total bail out. That's the the simplest truth he has uttered in years. The IMF and all those who contribute to it (the US for about 25%) and those who soak up and voluntarily restructure Greek debt will be paying huge sums to help keep the riskless risk model sputtering along (no doubt selling more debt to finance it providing JCJ even greater levels of indebtedness to point out). The simple fact that everyone is discussing Greek restructuring, especially the ECB in the negative, demonstrates that there is no such thing as a sovereign that NEVER fails rendering the foundation of the debt model crap.
The numbers aren't all that hard. Greek debt to GDP was about 120% when the concept of a bail out was first getting discussion in late '09 early '10. Now it is > 140% and rising. Greece is toast and either the ECB will relent and go with restructuring or Greece will be forced from the EMU and a default will happen that way. One way or another Greece is done, it's just a matter of how much treasure can be soaked up and trash transferred before it happens.
Is this all going to end up being an unspoken transfer from IMF "target" countries to the G7 via the IMF?
Want to join the 1st world? How much do you have in your central bank?
Greece is toast regardless of the terms...once a country realizes they aren't working for their own sovereignty they won't grow out of anything (irony?).
"The first rule of media (especially when dealing with an idiot audience that has a 7 second attention span):"
I always find it amusing when I find little bon mots like this in any article.
You see, I am one of those supposed "idiots", as are you. So, what is your point again? Oh right, the author is an idiot, as is the reader.
No need to continue with the article then, is there?
There has been a lot of smug - we avoided the protectionism retoric from MSM - hence their label of "the great recession". Those of us who understand this is Global Depression 2.0 have bad feeling that actually, protectionism is unavoidable, and that in the 1930s it could not have been avoided, and as such is just part of the crystalisation of loss.
For me this article points out that the losses will be crystalised, and protectism will be enevitible. Governments have to feed populations, or revolutions happen. This is what is happeneing in the Middle East right now.
EU is really scared, and I suggest you refer to youtube videos of Nigel Farage to see why in what he is saying.
So point away - but the facts won't change if you do. Gen-X cynics get upgraded to told-you-so truth sayers from here in.
Is the Euro really dead..??....according to Bricktop, you're always going to have trouble moving a body in one peice, so the best thing to do is hack it up into smaller peices and feed it to the pigs.
Don't forget to pull the teeth and nails. These can be disposed of over the course of a few months in a jar of bleach.
(Quicker if there was no flouridation of the tooth enamel.)
well my potatoes still have not appeared above ground .... nearly 3 weeks now ... and i am looking for som cheap or free netting to protect my tomatoes which are coming along fine...