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Europe's Bailout Costs In One Chart: €2 Trillion And Counting
This chart, better than any we have seen so far, summarizes just how much has been injected already to preserve the Eurozone from collapse.
This is what is known as a sunk cost, because last time we checked (and just as we explained back in March at the market highs when everyone was euphoric that Europe is now fixed) nothing has been fixed, and Europe is one 'rogue' democratic vote away from an EMU exit, and thus oblivion (or so they said last year, now everyone is prepared for a Greek departure, or so they say now, expect for the Greeks of course - they go straight to the 10th circle of hell and do not pass go). The truth is that by the time the status quo finishes its extend and pretend game, which incidentally has only one real outcome, the €2 trillion spent to date, will be orders of magnitude higher...
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They should have just let the banks go down and restructure... period!
What`s 2 trillion nowadays ?
When I was a kid, 2 trillion was a lot of money.
Today? Meh...
The dollar amounts are getting bigger, the bankster urgency increasing, yet overall economic health deteriorating. Geeze.... does anyone else see a pattern here?
"its official zerohedge has jumped the shark. it is now just simply another fear mongering alternative news outlet"
poopman
LMAO.
A quick quintillion to you too, Bay! LOL...
Who wants to be a trillionaire?
Got to admit trillionaire rolls off the tongue nice and easy.
Trill-o-Naire!
ori
The next trillion dollars of central bank liquidity ought to hold off collapse for at least a month.
what, until we start knocking it off every bank notes twice a year?
and people think $50,000/oz is high for gold...
deathMatchTM troll-we-can't-bear?
yes/no?
"soooo fucking baaaaaaaad"!
Bruno Mars suxxxxxxxxx
I don't think I ever used the word "trillion" until a few years ago. I had heard of it, of course, but it was rarely used, more like a theoretical amount. I grew up saying "million", then at some point learned to say "billion," and now I'm looking ahead and starting to practice saying the Q word without laughing---or crying.
reminds of when Obama, a couple of years ago, championed a ridiculously cynical effort for the Cabinet to find $100M in cuts. Obama, and anyone even remotely familiar with our current expeditures, knows $100M is a freaking rounding error - but he literally focus-grouped that number and found that people thought it was a really, really big sum of money. and that it must mean he was serious about cutting spending. how sad that Govt spending has mushroomed so much over the last 2 decades that some people aren't even aware of what order of magnitude we're now dealing with.
That'll be lower middle class soon enough.
@ nope
+ $1,000,000,000,000,000,000
Quintillion, trillion, schmillion!
Long live INK
Golden...
http://mises.org/daily/5955/The-Seven-Rules-of-Bureaucracy
Nothing more true ever spoken.
You are living it.
Great article.
Much wisdom in that article, but Frédéric Bastiat's quote especially jumped out at me:
"bad economists look only at the immediate, seeable effects and ignore effects that come later, while good economists are able to look at the immediate effects and foresee effects, both good and bad, that come later."
Unfortunately, I think we have a destructive feedback loop when we start honoring economists like Bernanke and Krugman who both fall into that former category.
When I was a kid clculators could not take so many zeroes and even now I could not find a calculator with 16 digits locally so I had to order one through E Bay. It's scary how the more zeroes we add the closer to zero we are getting.
Scientific notation works easier.
Brilliant! The problem however is that the bankers really get excited with each new zero added. When the Italians went to the Euro and had to drop their zeroes it caused a great deal of distress to would be millionaires.
+1
Ya ain't seen nothin' yet!
Pretty soon we'll be throwing the word quadrillion around.
We'll end up at Cal Worthington math soon and start using Jillion.
Just imagine how expensive this collapse would be if we didn't spend $2Trillion "stopping" it.
2 trillion? It's only (printed) money.
So a trillion is 1012
It gets real interesting when the Treasury starts calling it sextilllion 1021.
Have you ever noticed that no matter what inflation does, the most American sheople can bring back in the USA without declaring is a paltry $10k ? How many years has it been since this has changed? Do you know? Do you care? What can you do about it? Write your Congress'person'? Ha ha ha. Like that'll get anything done.
Talk about doormats while reentering their homeland ! American citizens have their balls cut off anymore/. The sheople are afraid to talk in their land of the 1st amendment, ha ha ha. ZH and its readers are the last of the real Americans - no fear to speak up, unlike all the rest of the sheople afraid of their own shadows.
Anyway, this next depression in the USA will be better than anything Jenny Craig could have helped the big lard asses with. Obama - what a farse! Electing that narcissist tells you a lot about where America is in their evolution.
Change you can believe in. LOL.
Buy gold and silver - physical. Pray to God everyday. Eat healthy. Help others. Try and just stay content with being good and count your blessings.
Meanwhile, watch the zoo governments in Europe and the USA tell lies and distort. Blow smoke up sheoples' asses on the federal media cable tv, (which the sheople pay huge $$$ for on their monthly bill, listening to fed soundbites, terrorist alerts, wall street propaganda spin- CNBC etc, and all the while watching countless adverts). Hey, CNBC, how about following up with Goldman Sachs on the propaganda piece that you helped facilitate back in March ? http://www.cnbc.com/id/46808343/Stocks_Offer_Best_Opportunity_in_a_Lifetime_Goldman_Sachs
Poor sheople gotta pay the cable bill to watch NBA, college hoops and Football (used to be free on the major three networks ....) That vanished - they did a pretty good job of that too! I remember when cable first came out, the big promotion was that it was commercial free, then it started just a few ads, then before you knew it continually spam. Sheople don't seem to mind, they have their remote control to fly through the channels with. Attention span to about 9 seconds I read somewhere....
Ever awakened early in the morning like around 4am, and turned on the TV to find some solice and entertainment? Heck, there is nothing on but infomericals! Why are we paying a cable TV bill to watch station after station of informericals !!!!
I CALLED MY CABLE COMPANY ! I told them, I just want to buy 5 or 6 stations at most - the ones I watch, and the rest I don't want to pay for. Answer: We don't do that.
My reply: I told them to turn it off, I just want my internet. It[s great - no more BS TV and no more of that manic depressive Cramer mouth off.
Now, I tune into ZH to learn the truth, help to think on our own, and give me the honest insights from the Fight Club Tyler et all to keep what money I have safe.
Let me offer this. I feel good to own gold and silver coins. It is always there. I also like to have currency available. Real paper bills. When the shit hits the fan, some paper will be good to have too. Don't think that bank runs can't happen in the good ol USA.
I remember back in 2008, my credit card issuer sent me a notice telling me that my credit limit was being reduced from $25k to $12k. I called them and asked why? I pay my balance in full every month, I have no debt, etc. The reason was of course that their own credit line were being reduced and the big squeeze to the sheople was on.
Don't think for a second that a paradigm shift in the way our financial system works is not around the corner.
Bottom line: buy physcial gold and silver now. Even if just some pre '65 silver quarters and dimes, it doesn't matter. The important thing is to start now, and keep adding to your savings.
Yeah.
Check out the video of this guy who had the "misfortune"(?) of marrying a French woman. They are now subjected to Homeland Security mandates that she be fingerprinted and biometrically scanned every 10 years or be kicked out of the country.
A preview of things to come in America
Or this lady, who worked for the CIA in negotiating with Iraq, and Libya among others, but was viewed as a threat because she had delivered warnings about attacks on the World Trade Center using hijacked planes to John Ashcroft among others, and the government wanted to deny they had any clue about such a possibility whatsoever.
CIA WhistleBlower EXPOSES Everything! "Extreme Prejudice"
(You can skip the intro by moving to about the 7 min. mark.)
2 trillion euors created out of thin air, used to buy more government debt paper that ends up on ECB's balance sheet sooner or later.
No, there won't be any government defaults. Central banks will print however much currency has to be printed to keep buying more government debt so governments can keep operating (with horrible mismanagement, waste, and fraud).
But there will be currency collapse. The euro is doomed.
US dollar is doomed too, since Bernanke will do the same thing here, keep printing and buying more government debt. Oh yes, it'll end up on Fed's balance sheet sooner or later.
You have to get your wealth out of US dollars and dollar-denominated assets like bank accounts, bank CDs, insurance policies, annuities, etc.
Unfortunately you can't get your paycheck out of US dollars. As time goes along you'll be working for less and less as the dollar drops in value.
Does this chart mean its time to BTFD?
Perhaps but, if you believe the economic signals, only for one last swing trade.
Not yet.
But soon:)
Don't know if that's possible.
Goldman Sachs already bought him.
Moral Hazard in One Chart
2 Trillion? We can pull that out of any orifice you'd like us to.........Sincerely, World Banking Cabal
With the ESM coming online on July 9th, with supposedly US$1tn to spend permanantely to bail out out European countries... it will probably become completely insolvent the next day.
2 Trillion? We can pull that out of any orifice you'd like us to.........Sincerely, World Banking Cabal
sure but can you work for it?
alex, europe bailout for $2 trillion
Where did the money come from, Alex?
That is my current family/friend gathering, conversation ice breaker,
"Where does the money come from to bail out all of these bankrupt countries?"
Deer in headlight look follows.
The link below is what I will direct them to from now on.
The new film "End Of The Road" has just been released for public viewing, featuring GoldSilver.com CEO Mike Maloney alongside Peter Schiff, Jim Rickards, Jim Puplava, James Turk, Eric Sprott and more.
http://www.youtube.com/watch?feature=player_embedded&v=gHT0na7JXs0#!
Bad link.
http://100thmonkeyfilms.com/endoftheroad/watch/
$4.99 to watch
This video has been removed by the user
How ridiculous can somebody feel when you argue with the misses that those shoes costed 400 euro and that's a bit much for a set of shoes...
2 trillion...
And probably that money will run out in 2 years.... Again...
And the cycles cycle and the circles turn. Ever turning, rolling... Reminds me of me!
that's €2 Trillion of "stability" ..or debt to use the old terminology
and to think the ECB's Stress Tests 1 & 2 passed these banks.. can we round-up all the bean counters for a mass execution please?
That is coming soon enough. Sadly, they are not the actual problem.
let's deal with one execution, sorry 'problem', at a time please
first up is the trans-European bean counters that made more than a blotting error on the ECB's Stress Tests... they were only 'out' by €2 Trillion (and counting......!)
Darwin is not just for the animals, our blades are ultra-sharp, the bean counters knecks are scrawny, this evolutionary culling won't take long at all
You are right, of course. Just following orders didn't work for the Nazis either.
"Barney, why don't you just print 3 trillion for the IMF and make it count?" -Kyle Bass (said in exasperation)
Been calling for a 10Trill Bazooka for over a week now. What the world needs now is shock n awe, baby! /sarc /Shadenfraude
And this time they won't have to get on hands and knees and beg like Hanky Paulson did, cause everyone's a zombie from all the moral hazard that's permeated every economy from top to bottom like smack. Everybody, even billionaires, feel like somehow they're dependant on the global central sun king for their further existence.
"trillion" is so 2011....think "quadrillion" for 2012...
You'd have to clear that through the Timmah and Jamie
Green to all comments on Hulk's subthread...
And green to DCRB for being able to think clearly despite have a hole in his head where his brain should be !!!
Hulk- so you've been peeking into DoChen's cone. Shame on you.
comment removed due to its ambiguous meaning
I doubt we see the big bazooka before the crisis.
"get on hands and knees and beg like Hanky Paulson"
Naw... "give $700 billion to my crew or I plug the kid". Fixed it fer ya.
Naw... "give $700 billion to my crew or I plug the kid". Fixed it fer ya.
that $700 billion was 4 years ago wonder how much it takes now?
Someone in authority needs to tell them "Go ahead, make my day." instead of rolling over to their continuous blackmail.
Everyone in authority IS the problem.
The fantasy is a lot less frightening than the reality.
So most choose to believe the fantasy, despite the absurdity.
The ECB may need a few more printers and some more ink ...
Maybe the government should tax everyone 100% and hand out some pocket money? Would that be a viable solution?
misterc
Don't give the parasites any ideas.
That's no joke. In the UK they were considering just that. The plan was for employers to send everyones' entire paycheck to their version of the IRS. They would then take what was theirs and disburse the remainder to the employee's. What could go wrong?
I keep wanting to believe that they couldn't possibly really be planning to extract the wages of the working man until he is near starved and broken, and for that privilege, once the banksters balance sheets are fully restored, come back and buy the working man's assets for mere pennies on the dollar at deep depression lows triggered by their crushing the working man in the first place... but I know it's true.. signs of evil corruption are everywhere.
A trillion here and a trillion there and pretty soon we are talking about some serious money.
It's time to start using scientific notation when mentioning an amount of money in a blog or article. It will be shorter than $100 quadrillion
good luck,
spondoolix
Scientific notation might be the best way, especially when folk can't even agree what a billion is.
A game of billiards will never be the same again.
How big is a billion? - Numberphile2 000 000 000 000 / 331 962 860 --> 6 025
this american english axis bubble and euro crisis cost us all 6k already, probably 12k for neuro citizens, we're such generous slaves.
That was an interesting article. I do have to say, however, that it is HARD keeping up with all of those Euro-acronyms: ECB, ETSF, EP, LTRO, Exxx, Eyyy, Etc.
" if this supposed failing of the Euro wasn't planned the whole time. "
Devious, yet plausible. But, again, with our self-appointed banking elite, highly probable.
Imagine all the wealth your can obtain, when you can create the illusion that second hand toilet paper has value. Ain't banking great ?
who is the european version of abraham
lincoln? and will he/she be assassinated before
he is appointed? the federalization question
in conjunction with the north south disparities
and imbalances suggest the question. the other
thing is they have lived through many wars already
and are knee deep in financial fraud, shadow
finance and tax evasion, not to mention
familiar with colonizing people and shots at
global empires. they will likely try to export
their civil war somehow, get the usa to fight
the homeless or something. they should declare
war on hyman minski for pointing out, in advance,
exactly how they are all full of shit.
so it is back to the same old thing, how can the
rich get the poor to take the brunt of their losses
and make it appear honorable?
Ah, but what they are trying to prevent is the inevitable fall of the first domino in $707 TRILLION dollar OTC derivatives scam. When that happens, and it will, get out your Mad Max survival kit.
Fuck the banks, Fuck the governments, Fuck all of the politicians, lawyers, and all of the other bottom feeding scum that dug this hole, and continue to try and fill it with the hopes and dreams of those powerless, voiceless, hardworking men and women that make this world go around. FUCK THEM.
Same crooks that caused the problems now promise they have the solutions. What could go wrong?
It's a complete misconception, that central banks print money and distribute it to cover bad loans. What they do is to provide liquidity over new debt, but this debt becomes mature itself some time in near future and needs to be refinanced. The whole process can be repeated indefinitely until all goes up with a pig poof.
the eurotards were so smug when the E was soaring over the $ a couple of years ago. Why aren't you laughing now bitchez? [/dynamo]
Hey Killian, here is Sub-Zero, now, plain zero! [/ben richards]
http://www.youtube.com/watch?v=FaqA3riikCY
In Ink We Trust
Good thing currencies are electronic now, that would be a lot of ink....
Is Robert Mugabe been consulted yet? if not suggest EU immeidately appoint him and along side BenDonkey the Fucker.
He's a bit too busy at the moment:
http://fullcomment.nationalpost.com/2012/05/28/michael-ross-robert-mugab...
Does this mean that there will be more hookers in EU than the USSA/ Just askin? If that is the case, USSA College girls, single Moms better be ready.
[tyler (kicking ass,btw)}The truth is that by the time the status quo finishes its extend and pretend game, which incidentally has only one real outcome, the €2 trillion spent to date, will be orders of magnitude higher...{]
where oucomereal = NW0 marches on to consolidation of debt control of europeons same as USPeons (the purest!) and other assfuked national types which once ruled the world m/l; or tried
cav_E's sun king rules a world of abject freaking confidence, don't it? the sun king is sinking? not enuf living wealth left to sacrifice in the hidden rites of rehypothecation to maintain the staus quo for more that 2-200 months now, depending on operative assumptions?
place yer bets, BiCheZ! 5 more hours and the wheel spins, again!
http://youtu.be/iCwGQXJqu5s
tune!
Meh, 2 trillion is nothing compared to the quadrillion + in derivatives....
Adam Hamilton over at Zeal has a slightly different take.
http://www.zealllc.com/2012/eurosrg.htm
I think this next leg could very well go the way he's seeing it.
It's basically "Gold Bitchez' with a twist.
I lost respect for him when he suggested the fraud ridden ETF bankster vehicles of SLV and GLD were all legit and a good thing.
I thought the most hilarious solution I read was Monti demading the ECB PRINT BABY PRINT.
This guy doesn't get it.
The can has been kicked as far as it will go and the EU losers have run out of rope.
However, you won't find a banker (or politician) in any breadline.
There's not even a can left to kick, just some twisted metal and a pull tab to whatever financial institution blows up first.
It's all politicians know how to do. Spend, borrow, stick it to someone else, spend, borrow, ......
They NEVER learn!
http://confoundedinterest.wordpress.com/2012/06/03/risk-on-obama-and-soros-call-for-european-action-to-stem-crisis-the-same-mistakes-as-roy-hobbs-from-the-natural/
http://en.wikipedia.org/wiki/Hyman_Minsky
Understanding Minsky's financial instability hypothesis
...
"Hyman Minsky's theories about debt accumulation received revived attention in the media during the subprime mortgage crisis of the late 2000s.[10]
Minsky argued that a key mechanism that pushes an economy towards a crisis is the accumulation of debt by the non-government sector. He identified three types of borrowers that contribute to the accumulation of insolvent debt: hedge borrowers, speculative borrowers, and Ponzi borrowers.
The "hedge borrower" can make debt payments (covering interest and principal) from current cash flows from investments. For the "speculative borrower", the cash flow from investments can service the debt, i.e., cover the interest due, but the borrower must regularly roll over, or re-borrow, the principal. The "Ponzi borrower" (named for Charles Ponzi, see also Ponzi scheme) borrows based on the belief that the appreciation of the value of the asset will be sufficient to refinance the debt but could not make sufficient payments on interest or principal with the cash flow from investments; only the appreciating asset value can keep the Ponzi borrower afloat.
If the use of Ponzi finance is general enough in the financial system, then the inevitable disillusionment of the Ponzi borrower can cause the system to seize up: when the bubble pops, i.e., when the asset prices stop increasing, the speculative borrower can no longer refinance (roll over) the principal even if able to cover interest payments. As with a line of dominoes, collapse of the speculative borrowers can then bring down even hedge borrowers, who are unable to find loans despite the apparent soundness of the underlying investments.[5]" ...
your comments are noted, b_man and the links, also
thanks
financial instablity is proving pretty hard to avoid, isn't it?
i think it would help if nations and cBanksters agreed at some point to allow real (PM) money to trade at par w/ fiat legal tender: not by a "peg" as you would know from seeing some of my stuff, but by taking away the transactional vig and income/cap gainsTax tax de-incentives, as the banksters themselves (and their pols, thru enjoy today and protect as the true basis of their "wealth"
if my money or currency goes up or down due to some gooberming & bankstering bullshit, they get to take my ConsitutionalMoney away if i choose to use it?
don't penalize theRealThing for me, either you fuking shitheaded moronic douce-baggers! ~slewie
could we please try a baby-step here and see if anything gets better or worser? how fuking hard-headed ARE the idealogues?
s,
instability is to economics as
uncertainty is to information,
an endogenous, irrepressible and
essential characteristic.
reminds me of the outlaw philosopher
allan watts who coined the term in a
book title "the wisdom of insecurity".
the current response by the "authorities"
is to turn this aspect of reality into
a global bank robbery, imo. george carlin
said they would steal the pensions and the social
safety nets etc.. he was correct. bailouts of the
too big to fail and control fraud is the mechanism.
they always knew the money system had an expired
or expiring shelf life but that was their secret
which is now understood by some school children,
at least that one canadian 7th grader.
.
@"..how fuking hard-headed ARE the ideologues?" ..
to the grave deluded if history is any guide.
when you believe you cannot think and when you think
you suspend belief as much as possible. ideologues
have given up on thinking or are afraid of it and
just believe, they become deaf and blind to the aspects
of reality that threaten their structures of power
and influence. i recently posted a link to a
discussion, john trudell and alex jones, on this topic.
mostly the reaction was not favorable as expected.
true believers hate the topic and understandably... so.
we have a faith based culture and a faith based money
system but nobody can tell if it is a light or a train
in the tunnel, but they will not question their faith
and opinion that they are in the correct tunnel.
something like that.
http://www.debtdeflation.com/blogs/
.
The End of the Communist Dynasty
by David Lawson on June 3rd, 2012 at 11:47 am
Posted In: Debtwatch
.."Some may argue that the Minsky market driven instability hypothesis is not suited to China and that they are chiefly a centrally planned state controlled economy. This reflects a fundamental misunderstanding of Minsky’s work. The Western economies’ attempt to centrally plan economic activities from the consumption end, the state based capitalism that China has become known for attempts to centrally control the economy from the production side.
The Chinese production economy cannot be seen in isolation from the consumption economies of the West; debt based consumption provided the umbrella under which the Chinese miracle grew. When the GFC collapsed Western debt based consumption reacted by providing the last line of Minsky Ponzi financing via government bail-outs. Governments faced with banking collapse chose keep the system going by transferring debt from private hands to those of the taxpayers." ..
.
I think i prefer PIGS to GIPS.....
Nobody wants to rock the boat because they all want on the boat. I heard that somewhere a few days ago, and it is the only damned explanation I have heard that explains why the majority of people in any given country don't rise up and put a stop to this bullshit insanity that is destroying everything they claim to hold dear.
American's are tactical thinkers, not reactive. It really drives them insane. LOL
A bald headed bearded Santa Claus asshole will sweep down from the sky declaring he had to save the world. Once he crosses this line, the establishment doors will instantly close. By then, everyone will have figured it out.
Tag, your it Ben. winks
2 trillon of funny money and 40 trillion on the other side of the pond; we are in never never land!
The banks would do a lot better if they could take out insurance against themselves and then take bets to gaurantee their failure.
Then the german taxpayer will really be screwed and the banksters will walk away with all their money.
Arrest them.
bailouts are just systemic stealing to accomplish
the advantage/disadvantage imbalance the poorly,
for some, designed monetary system was to provide
in the first place; repression, oppression and
total population control by other means.
generations wasting their minds and lives in the
fog of deceits, lies, half truths and fraud.
the need for bailouts exposes
the system for what it is, normalized fraud dressed
up as socio-economics.
when will people reclaim the content of their lives?
soon i think.
the same dynamic is at play discussed above between
the usa-china as we see in europe north-south and
they are connected. so we are looking at the big
minski crunch, collapse, dislocation and evaporation
of trust, global, with all the lives waiting to be reclaimed. imo.
Peak government. Peak debt.
A Quadrillion is an exceptionally bright Quadroon....bright enough for "house work" ! Monedas 1929 Comedy Jihad Cotillion
When you talk of Trillions you are really talking of Zeroes. The number in front of the Zeroes disappears into the Vastness of The Void to leave only Zeroes. This is simply what happens when you leave children in charge of sophisticated machines. We have seen it with Nuclear Power and we see it with Finance. You always end up with Sociopaths of very modest intelligence driving the Systems to Core Meltdown. It is a human condition - Trash always comes out on top. The System is finished. What comes next may not be a System but simply disintegration of the existing structures like Social Security, Pensions, Banks and the like. As Intermediaries banks suck - as Principals they are too accident-prone to survive.
The GAO audit of the FRB shows 3.2 trillion went to foreign banks. In addition to that, another 2.6 trillion went to other various institutions that may or may not be foreign.
We've been on this journey here at Zero Hedge since 2008, and it has been an interesting ride. Perhaps we are about to arrive, but my prediction is printing will be the order of the day. But even that remedy appers to be losing its ability to hold off the collapse.
Bloomberg's lead story this hour: Merkel Hardens Opposition to Eurobonds
Inside the article she says "UNDER NO CIRCUMSTANCES" will she agree to Eurobonds.
(aka BOOM!!)
Germans plunge Europe into a new Medieval Era.
Are they ready to take that risk ?
It was Germany that took huge loans from the American FED. It was Germany that put the markets up to buying ownership shares of the European Central Bank, which has burdened the States with sins. It was this State that lured the rest of the Europeans into a dissolute life so that it can pass the burden of its debts, hence its own sin to them. The current epidemic of debt crisis has begun from Germany, it is just that it kept its disease a secret and at the expense of everybody else, and now that it is in a better shape, it has gone hunting in order to take advantage of the disease it itself had created. The first State to have sickened has gone hunting for the one who was most weak in dealing with the disease, and that was Greece. If Germany had not been over-indebted, the European states would have never been vulnerable to the markets’ attacks. If Germany had not been over-indebted the European states would have never been forced to mortgage their existence so that Germany’s bosses can get their money.
________________
The Eastern gates of Europe at risk: How Northern Europe shoots itself in the leg
http://eamb-ydrohoos.blogspot.com/2012/05/greece-among-salem-witches.html
Authored by Panagiotis Traianou
It was Greece that took huge loans from the Americans and the French and Germans and paid Goldman Sachs to falsify data.
So does that mean there were German, French and American traitors working against their nations' interests at Goldman Sachs? Does this qualify them to be tagged as terrorists?
Why do you think anyone at Goldman Sachs, ABC, NBC, or even in the White House is working for any intertests other than Self Interest ?
A country in the outmost Southeastern part of the EU has grasped the headlines for quite some time. With only 2% of the EU's economy and just 2.5% of its debt it became the "Witch" that is haunted by puritan Northern Europeans. It is claimed as the epicenter of laziness, lust and unproductively for the whole of the Continent, a bad example that pious Northerns should be feared and loath at the same time.
This country is Greece and it must be punished! But is it really the witch hunt that has started in 2009 the most stupid move ever made in the entire European history? Is it worth to blame Greeks for the lonely dark winters up in the North and for the depression syndrome that cripples the lives of dozens of millions northern Europeans, as if Greece makes the weather?
In reality the Northern Europeans risk of pushing Greece into the broader global community where it is going to be free from investing heavily in its defense of the Eastern gates of Europe and it will bring about the greatest change in the balance of powers that Europe has felt since the collapse of the Berlin war. This time Germany will not be re-united, rather it will has to pay a dear price for its energy security. Netherlands will not become richer; rather it will have to pay from its own pocket in order to save itself from the flood of narcotics and Asian immigrants.
Austria will not be greater, rather it will have to deal with powder-keg named "Balkans" that has markets Vienna's history.
How Northern Europe shoot its leg, in order to satisfy the populist sentiments of an electorate being used to the fairy tales of "bad witches and pious farmers".