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EU officials are finally admitting that allowing Greece to default is the only move. Goodbye to the 7% rally we saw the last 2 weeks on this fake greek rescue news. Now Italy spreads are blowing up and they are joining the other piigs on the way to default and dismantling of the Euro currency once and for all.
European leaders are for the first time prepared to accept that Athens should default on some of its bonds as part of a new bail-out plan for Greece that would put the country’s overall debt levels on a sustainable footing.
The PIIGS are losing it. Greece is already on their second loan of over 100 billion Euros and is still nowhere near getting a handle on their finances.
Now the other EU countries are busting at the seams.
And here we sit in the US wanting to take on more debt (raise the debt ceiling) while pilfering from the Fed pension system to pay our monthly bills.
Are we that far behind ?
And FWIW we never really ended our economic fall that started 3 years ago.
We printed money and made believe we had a recovery.
The PIIGS are losing it. Greece is already on their second loan of over 100 billion Euros and is still nowhere near getting a handle on their finances.
Now the other EU countries are busting at the seams.
And here we sit in the US wanting to take on more debt (raise the debt ceiling) while pilfering from the Fed pension system to pay our monthly bills.
Are we that far behind ?
And FWIW we never really ended our economic fall that started 3 years ago.
We printed money and made believe we had a recovery.
The only advantage we have is economies of scale. So I think we'd be last in a major debt meltdown. What amazes me is the recent run up the markets have seen / 100 pts a day on the dow it seemed on the greek news. Never ending pool of suckers.
The only advantage we have is economies of scale. So I think we'd be last in a major debt meltdown. What amazes me is the recent run up the markets have seen / 100 pts a day on the dow it seemed on the greek news. Never ending pool of suckers.
It's not retail investing though..it's institutional (aka the banks).
They drive the prices up and when the little guy jumps in then they sell.
Read the weekly analysis reports on trading and volume.
All that money the Fed printed is going to the banks who are using it for trading because it certainly didn't circulate into the economy.
There are speculators behind most of those developments, working hand in hand with rating agencies.
Their goal is to make as much money as possible, no matter at whose expense...
I think the only reason they have not driven the US against the wall is that most of those crooks live in the US, thus they don't want to cut the branch they are sitting on.
Location: Currently I physically reside on the 3rd planet from the sun
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Quote:
Originally Posted by Pequaman
EU officials are finally admitting that allowing Greece to default is the only move. Goodbye to the 7% rally we saw the last 2 weeks on this fake greek rescue news. Now Italy spreads are blowing up and they are joining the other piigs on the way to default and dismantling of the Euro currency once and for all.
European leaders are for the first time prepared to accept that Athens should default on some of its bonds as part of a new bail-out plan for Greece that would put the country’s overall debt levels on a sustainable footing.
Wow, 100 Billion. That's a whole huge gigantic gargantuan 0.625% of the EU GDP.
It's not the individual loans themselves but the bigger overall picture of how many 100 billion + Euro loans each of the PIIGS countries need on what looks like a continuing basis.
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