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Old 07-11-2011, 10:18 AM
 
Location: Massapequa Park
3,172 posts, read 6,495,035 times
Reputation: 1372

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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.

A lot of red coming this summer.


July 10, 2011 9:33 pm
EU stance shifts on Greece default

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.


YouTube - ‪Inside the News: European shares fall on Italy debt concerns‬‏
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Old 07-11-2011, 10:22 AM
 
Location: Great State of Texas
86,052 posts, read 81,339,069 times
Reputation: 27707
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.
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Old 07-11-2011, 10:25 AM
 
Location: Raleigh, NC
20,053 posts, read 17,629,277 times
Reputation: 3826
Dow is going to be worth less than 8 ounces of gold soon.
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Old 07-11-2011, 10:34 AM
 
Location: Portland, OR
8,802 posts, read 8,566,226 times
Reputation: 4510
Spain is a complete disaster (having lived there before). They are an upper middle income country in a first world club.
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Old 07-11-2011, 10:47 AM
 
Location: Massapequa Park
3,172 posts, read 6,495,035 times
Reputation: 1372
Quote:
Originally Posted by HappyTexan View Post
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.
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Old 07-11-2011, 10:59 AM
 
Location: Great State of Texas
86,052 posts, read 81,339,069 times
Reputation: 27707
Quote:
Originally Posted by Pequaman View Post
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.
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Old 07-11-2011, 01:33 PM
 
Location: West Coast of Europe
25,735 posts, read 23,365,513 times
Reputation: 9645
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.
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Old 07-11-2011, 01:51 PM
 
Location: Ohio
23,508 posts, read 17,613,124 times
Reputation: 20410
Quote:
Originally Posted by HappyTexan View Post
Greece is already on their second loan of over 100 billion Euros
Wow, 100 Billion. That's a whole huge gigantic gargantuan 0.625% of the EU GDP.
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Old 07-11-2011, 01:57 PM
 
Location: Currently I physically reside on the 3rd planet from the sun
2,220 posts, read 1,808,246 times
Reputation: 886
Quote:
Originally Posted by Pequaman View Post
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.

A lot of red coming this summer.


July 10, 2011 9:33 pm
EU stance shifts on Greece default

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.


YouTube - ‪Inside the News: European shares fall on Italy debt concerns‬‏

What are you guys concerned about? According to Saginista there is no economic crisis and debt doesn't matter.
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Old 07-11-2011, 02:10 PM
 
Location: Great State of Texas
86,052 posts, read 81,339,069 times
Reputation: 27707
Quote:
Originally Posted by Mircea View Post
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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