Euro-zone red alert (country, dangerous, black, pay)
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With many probabilities the new year will be the most critical moment for the euro adventures, excluding some nations driven by deserving politicians, for the others it will be a catastrophe........ a sort of coincidence with the Maya's prophecy
by the N.Y.times
The article in The New York Times collects the alarms that have widely different executives of British and American banks during the last week, along with anonymous testimonies collected from a number of important bankers. On 24 November, in fact, Andrew Bailey, an official of the Financial Services Authority of Britain, has said publicly that "the institutions of the kingdom must begin to think of Europe without the Euro." To confirm this, Merrill Lynch, Barclays Capital (of which half of the investors, according to a recent poll, think that the euro will be out at least one country) and Nomura this week have written in several studies that "the euro area has entered a most dangerous phase "and that, as Nomura says the same, without the decisive intervention of the European Central Bank (to which the German Chancellor Angela Merkel is firmly opposed)" the collapse of the euro is a likely scenario. " The Royal Bank of Scotland is preparing for the worst, while the U.S. has been pressuring Citigroup and other banks to reduce their exposure to securities of the euro and thus of its debt. Hong Kong, however, increased controls on domestic and foreign institutions to assess risk in the event of any crack side of the single currency.
Some banks in particular are already considering the implications of the euro not only out of Greece (hypothesis, as revealed by Spiegel, already seriously considered by Germany), but several countries: Spain, Portugal, Italy, but also the France, for example. In this case, Merrill Lynch already has a plan B of Serbia which would take into account the return to the old currencies of these countries and the collapse of their value against the dollar, in contrast to what would happen with those of Germany, Holland and Ireland Instead, in the event of total collapse of the euro, would be relatively stronger.
With many probabilities the new year will be the most critical moment for the euro adventures, excluding some nations driven by deserving politicians, for the others it will be a catastrophe........ a sort of coincidence with the Maya's prophecy
by the N.Y.times
The article in The New York Times collects the alarms that have widely different executives of British and American banks during the last week, along with anonymous testimonies collected from a number of important bankers. On 24 November, in fact, Andrew Bailey, an official of the Financial Services Authority of Britain, has said publicly that "the institutions of the kingdom must begin to think of Europe without the Euro." To confirm this, Merrill Lynch, Barclays Capital (of which half of the investors, according to a recent poll, think that the euro will be out at least one country) and Nomura this week have written in several studies that "the euro area has entered a most dangerous phase "and that, as Nomura says the same, without the decisive intervention of the European Central Bank (to which the German Chancellor Angela Merkel is firmly opposed)" the collapse of the euro is a likely scenario. " The Royal Bank of Scotland is preparing for the worst, while the U.S. has been pressuring Citigroup and other banks to reduce their exposure to securities of the euro and thus of its debt. Hong Kong, however, increased controls on domestic and foreign institutions to assess risk in the event of any crack side of the single currency.
Some banks in particular are already considering the implications of the euro not only out of Greece (hypothesis, as revealed by Spiegel, already seriously considered by Germany), but several countries: Spain, Portugal, Italy, but also the France, for example. In this case, Merrill Lynch already has a plan B of Serbia which would take into account the return to the old currencies of these countries and the collapse of their value against the dollar, in contrast to what would happen with those of Germany, Holland and Ireland Instead, in the event of total collapse of the euro, would be relatively stronger.
Why can't we focus on OUR crappy economy before speculating about others? Goldman Sachs just released a report 2 weeks ago saying we might gonna be heading into another recession next year. Seriously, I can't read this anymore. They just want to distract from our own problems.
Serbia is not even part of the E.U.
They really can't wait, huh? It's pathetic the way the American media is rejoicing and exaggerating the economic problems of some European countries instead of looking at their own mess Let's not forget where this whole crisis started in the first place.
As for those ignorant Republicans who see this as "evidence" that European "socialism" doesn't work, it's rather ironic that those with the most social-democratic systems (the Scandinavian and Benelux countries) are doing just fine and are in far better shape than the U.S. currently is. But the American media won't tell you that. They make it seem as if all European countries are on the brink of collapse
As for their comments on Serbia, well that just shows how uninformed they are.
They really can't wait, huh? It's pathetic the way the American media is rejoicing and exaggerating the economic problems of some European countries instead of looking at their own mess Let's not forget where this whole crisis started in the first place.
As for those ignorant Republicans who see this as "evidence" that European "socialism" doesn't work, it's rather ironic that those with the most social-democratic systems (the Scandinavian and Benelux countries) are doing just fine and are in far better shape than the U.S. currently is. But the American media won't tell you that. They make it seem as if all European countries are on the brink of collapse
As for their comments on Serbia, well that just shows how uninformed they are.
Good Lord....Get your head out of the sand! The American media is resonating with what the European media is releasing. Not to mention, the presstitutes in the media, in Europe and America, go to bed with the powers that be. Have you read the London Telegraph or El Pais from Spain? It is time to stop the blame game and really point out the real culprits.
Last edited by Ed Guitar; 12-13-2011 at 01:56 PM..
It doesn't really matter which currency European countries use, as long as their economies are OK. And in many EU countries the economy is more robust than in the US, even in some of the PIGS countries there is a growing manufacturing base.
I think the EU should kick Britain out of the EU altogether. I don't know if the recent scandal was in the American media. The British PM demanded the protection of London's financial services industry if he were to agree to the latest EU initiative to solve the financial problems. It amounted to blackmail, just in order to save the very industry who is behind much of this crisis. So London should just shut up, just like New York. Take care of your own crappy economies first.
Good Lord....Get your head out of the sand! The American media is resonating with what the European media is releasing. Not to mention, the presstitutes in the media, in Europe and America, go to bed with the powers that be. Have you read the London Telegraph or El Pais from Spain?
The European media? The British media, you mean. The British and the Americans have been bashing the EU/Euro from the start. They are simply not objective in their reporting when it comes to this issue, with a few exceptions. Despite all their "warnings", the Euro is still stronger than the dollar and most European countries are in a better economic condition than the US. The American/British media is not "resonating" with what the continental European media are releasing (I should know, I live in cont. Europe), they have their own "financial experts" who write one gloomy article after the other, hoping that their negativity becomes a self-fulfilling prophecy. It would be nice if they were that concerned about the crappy economies in their own countries.
Quote:
It is time to stop the blame game and really point out the real culprits.
Yes, the EU planned to hold the real culprits (the banking sector) of this crisis accountable but guess who vetoed it?
It doesn't really matter which currency European countries use, as long as their economies are OK. And in many EU countries the economy is more robust than in the US, even in some of the PIGS countries there is a growing manufacturing base.
I think the EU should kick Britain out of the EU altogether. I don't know if the recent scandal was in the American media. The British PM demanded the protection of London's financial services industry if he were to agree to the latest EU initiative to solve the financial problems. It amounted to blackmail, just in order to save the very industry who is behind much of this crisis. So London should just shut up, just like New York. Take care of your own crappy economies first.
Unfortunately, it's not possible for the EU to kick a Member State out (afaik). Britain has always been anti-EU even though they hugely profit from their membership (over 50% of their exports is within the EU). I definitely agree that they should just leave if they dislike it so much, instead of obstructing progress for the rest of us. But I can assure you they won't do that
The European media? The British media, you mean. The British and the Americans have been bashing the EU/Euro from the start. They are simply not objective in their reporting when it comes to this issue, with a few exceptions. Despite all their "warnings", the Euro is still stronger than the dollar and most European countries are in a better economic condition than the US. The American/British media is not "resonating" with what the continental European media are releasing (I should know, I live in cont. Europe), they have their own "financial experts" who write one gloomy article after the other, hoping that their negativity becomes a self-fulfilling prophecy. It would be nice if they were that concerned about the crappy economies in their own countries.
Yes, the EU planned to hold the real culprits (the banking sector) of this crisis accountable but guess who vetoed it?
In other words, Germany and France wanted to get Britain to pay for bailing out the Euro even though Britain is not part of it.
Also, Britain is not anti-EU. But they do prefer to keep control of their monetary, fiscal and budgetary policy rather than having it 'reviewed' by unelected officials in Brussels and Frankfurt. Other countries, like the Netherlands, handed over effective economic control to Germany years ago so are less affected by the proposed changes.
They don't like the fact that Britain refused to roll over and now they are going to have to pay for the PIIGS themselves.
Unfortunately, it's not possible for the EU to kick a Member State out (afaik). Britain has always been anti-EU even though they hugely profit from their membership (over 50% of their exports is within the EU). I definitely agree that they should just leave if they dislike it so much, instead of obstructing progress for the rest of us. But I can assure you they won't do that
That an accurate summary, and I agree that if the British are that unhappy with the EU, they should opt out. They entered reluctantly, and though they have benefited from membership, their attitude has from the beginning been that they want to be one of the big guns in running things, but they don't want to cooperate on quotidian basis.
Their attitude is helpful neither to them nor us.
Mr. Cameron also misrepresented the "new treaty." First of all.....it does not exist, so its provisions that he claims to have been protecting the UK from do not exist. If the UK were to participate in shaping a new treaty, they would have had ample opportunity to try to shape it to the UK's advantage...and if that didn't work he could at that point have taken his ball and bat and sulked off home.
The present treaty, of which the UK is a part, allows ample latitude for actions that would impact the financial institutions of member states, including, of course, those of the UK. In the 24 hours after Mr. Cameron's exit the BBC had several separate interviews with member of the financial industry from the UK, Germany and France. Each and every one of them made a point of saying that what Mr. Cameron purported to be protecting the UK from in any new treaty was already entirely within the compass of the existing treaty. The British Prime Minister based his exit on a fiction.
So, the real reason for Mr. Cameron's little drama turn must be sought elsewhere.
The reactionary and anti-European wing of his party has been pushing his political butt ever closer to the fire; and many work-a-day Britons - never especially enamoured or well-informed about the EU, are now desperate about their own economic woes, and deeply resentful of Mr. Cameron's austerity measures. Nor does it help the English national ego that the Scots have taken a determined step away from the idea of an English-oriented UK.....British exceptionalism currently has a rather pasty compexion all around.
Thus, domestic politics and Mr. Cameron's personal poltical future called for a firm anti-EU stance. To do other than what he did might well have been tantamount to his personal political suicide...dragging his government along with him. And at the end of the day David Cameron had to go the Little England route.
Last edited by kevxu; 12-14-2011 at 05:02 AM..
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Let's not forget where this whole crisis started in the first place.
