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Old 11-04-2011, 08:59 PM
 
29,986 posts, read 39,387,525 times
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Quote:
Originally Posted by Alaskan_Adventurer View Post
To the fools replying to this thread saying that everything is pretty much peachy, and the good ol US will recover...are you for real?

We are 14 trillion in debt, and only sinking deeper by the day. We love to invade country after country, trying to force our warped democratic viewpoint upon others. Corruption runs our country and it is only a matter of time before the house of cards collapses.
Toxic mortgage derivatives of over $71 Trillion are in the process of being shifted from investment accounts to savings institutions (see Merrill Lynch to transfer $50+ Trillion to BAC) to be insured by depositors and the FDIC. I don't see any way for that slight of paper to end well.
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Old 11-05-2011, 03:38 PM
 
2,515 posts, read 1,823,362 times
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Quote:
Originally Posted by lifelongMOgal View Post
Toxic mortgage derivatives of over $71 Trillion are in the process of being shifted from investment accounts to savings institutions (see Merrill Lynch to transfer $50+ Trillion to BAC) to be insured by depositors and the FDIC. I don't see any way for that slight of paper to end well.
This is the outcome of the repeal of Glass Steagal.


We don't have the tax base to support all the debt in the US.
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Old 11-16-2011, 04:46 PM
 
Location: Sputnik Planitia
6,933 posts, read 9,717,980 times
Reputation: 7624
Italian banks heading into the ground, this crisis is getting from bad to worse!


Italy's biggest bank UniCredit announced a 10.6 billion-euro loss bank run danger - YouTube
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Old 11-16-2011, 05:34 PM
 
Location: Sputnik Planitia
6,933 posts, read 9,717,980 times
Reputation: 7624
another great watch:


Economic crisis looming [CNN 11-11-2011] - YouTube
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Old 11-16-2011, 06:02 PM
 
706 posts, read 1,206,314 times
Reputation: 438
It crashed a long time ago, they just haven't admitted it yet
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Old 11-27-2011, 12:04 PM
 
3,335 posts, read 2,708,717 times
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Quote:
Originally Posted by jimmyP View Post
It crashed a long time ago, they just haven't admitted it yet
I think they are starting to admit it.

Prepare for riots in euro collapse, Foreign Office warns - Telegraph
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Old 11-27-2011, 02:17 PM
 
Location: Great State of Texas
86,068 posts, read 76,830,155 times
Reputation: 27652
Need to keep a close eye on the Euro zone now. Greece, Italy and now Spain.
I don't think France and Germany have enough to bail out three countries.
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Old 11-27-2011, 05:52 PM
 
3,335 posts, read 2,708,717 times
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Quote:
Originally Posted by HappyTexan View Post
Need to keep a close eye on the Euro zone now. Greece, Italy and now Spain.
I don't think France and Germany have enough to bail out three countries.
Nor the will.
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Old 11-28-2011, 04:23 AM
 
Location: western East Roman Empire
8,067 posts, read 11,855,218 times
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Quote:
Originally Posted by HappyTexan View Post
Need to keep a close eye on the Euro zone now. Greece, Italy and now Spain.
I don't think France and Germany have enough to bail out three countries.
The market has been sending the eurozone a dual message for two years now: 1a) centralize fiscal policy and issuance of money supply and 1b) improve competitiveness and growth among the laggards; or 2) break up and allow for monetary/exchange rate devaluation of the laggards.

What have eurozone and IMF policymakers done: 1a) nothing significant so far with respect to the first demand; 1b) raise taxes, in the face of the demand to boost growth.

The reason for inaction on the first demand is, indeed, France and especially Germany are tired of subsidizing laggards (not to mention cheaters), though they account for a significant percentage of France's and especially Germany's exports (reflected in debt owed to French and German banks).

The reason for the wrong policy response on the second demand is simply that average workers are scared stiff of global competition and they want to save their welfare states at all costs, even in the face of long-term economic laws.

The Germans are now calculating which is in their best interest: 1) abandon the euro, lose a significant percentage of their regional export market and try to make up for it in the global market or 2) achieve deeper integration in terms of fiscal policy and money supply issuance, but only if the Germans can more or less dictate budget policy in the laggard eurozone members.

They probably have until 1Q12 (3-4 more months) to work it out or break up.

Italy could probably muddle along intact if it returns to the lira, not so sure about Spain and Portugal, while Greece would face the grim prospect of collapse of the real economy as I have defined it.

Once the dust settles, I estimate that standards of living would revert several decades for around 50% of Italy's population, around 70% of Spain's and Portugal's populations, and around 80%-90% of Greece's population.

The details on the ground of how that would work out could indeed become ugly.

They could improve on those percentages, and save the trauma of a currency break-up, if they, in the next 3-4 months, embrace pro-competitiveness/pro-growth policies while at the same time centralize fiscal policy and issuance of money supply.

Don't hold your breath.

Good Luck!

Last edited by bale002; 11-28-2011 at 05:20 AM..
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Old 11-28-2011, 06:36 AM
 
207 posts, read 502,777 times
Reputation: 177
I don´t know how many times I have seen "Spain is going to fall" in this forum since 2008, and it is always the next one. The worst thing is that "spain probably is going to fall" because the bad marketing.
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