Here is the latest conversation I had with money manager Andrew Horowitz…. new insights for anyone who invests in anything. This week Germany begins to act weird. Why??
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Oh Please! Oh Please!
I cannot understand how any American, who professes to love democracy, could possibly be in favour of an organisation run by unelected bureaucrats, which has NEVER in the last fourteen years, found an accountant willing to sign off it’s accounts (on account of too much missing and unaccounted for money – like billions). which the Commissioners have the loosest expenses ever, whose taxes are set by them as an item separate from and excluded from taxation in their own country (the Capone tax solution)an who for years and years have ‘preserved’ fish stocks by insisting that any over-the-quota stocks caught are to be thrown back, dead, into the sea.
We did of course get the offer of a referendum by the Great Mr.Brown (several times) on acceptance of their last power grabbing ‘Treaty’ this of course, was withdrawn after Brown realised we were not going to vote the way he wanted (presumably on instructions from Stasbourg). The Irish voted again and again until Strasbourg got the result it wanted. Now all voting is stopped for good – and the Treaty is ‘self-amending’
Not quite sure which particular model of Democracy this all equates to. Need advice on this
The Germans did EXACTLY what needed to be done and what SHOULD be done here:
“It appears that the German Government has just plain had enough of the crap that the banksters have tried to pull, and has decided to do what Barack Obama should have done in early 2009.”
http://market-ticker.org/archives/2331-The-German-Government-Has-Had-Enough.html
Germany is known for wrecking Europe.
#2 yeah. In other news..
G.O.P. Blocks Debate on Financial Oversight Bill
http://nytimes.com/2010/04/27/business/27regulate.html
Republi-Sheep are now more concerned about what’s happening in Germany than right here in Washington
Nations Over Banks (Who Serve Only Themselves)
http://market-ticker.org/archives/2332-Nations-Over-Banks-Who-Serve-Only-Themselves.html
The second debt storm
Who will bail out the countries that bailed out the world’s corporations?
http://www.marketwatch.com/story/the-second-debt-storm-hits-nations-2010-05-14
Excerpt:
“Public finances in the majority of advanced industrial countries are in a worse state today than at any time since the industrial revolution, except for wartime episodes and their immediate aftermath,” Willem Buiter, chief economist at Citigroup Inc. /quotes/comstock/13*!c/quotes/nls/c (C 3.77, +0.04, +0.94%) and former member of the Bank of England’s Monetary Policy Committee, wrote in a recent note on sovereign risk.
Even though the current epicenter of the crisis is focused on the euro zone, the overall fiscal position of the single currency area is stronger than that of the U.S., the U.K. and Japan, he noted.
“Unless there is a radical change of course by those in charge of fiscal policy in the U.S., Japan and the U.K., these countries’ sovereigns too will, sooner (in the case of the U.K.) or later (in the case of Japan and the U.S.) be at risk of being tested by the markets,” Buiter said.
“The sovereign debt problems encountered by most advanced industrial countries are the logical final chapter of a classic ‘pass the baby’ (aka ‘hot potato’) game of excessive sectoral debt or leverage,” Buiter said.
“First excessively indebted households passed part of their debt back to their creditors – the banks. Then the banks, excessively leveraged and at risk of default, passed part of their debt to the sovereign,” he explained. “Finally, the now overly indebted sovereign is passing the debt back to the households, through higher taxes, lower public spending, the risk of default or the threat of monetization and inflation.”
#4: The quote I listed in post #2 was not meant to be partisan. BOTH parties are completely owned by the financial sector or anyone else who has deep pockets. I have equal contempt for both. Anyone who believes that there will ever be any real CHANGE to the status quo from either party isn’t paying sufficient attention to history or the present.
Make-believe “reform” bill being rushed to vote without debate:
Great Dylan Ratigan video:
http://www.msnbc.msn.com/id/21134540/vp/37218846#37218846
“They think we’re really stupid,” he says. For the vast majority of Americans, this is true on this particular topic and, unfortunately, on too many others as well.
Time to call the game:
http://market-ticker.org/archives/2334-To-Greece-Nut-Up-Or-Shut-Up.html
To Greece: Nut Up Or Shut Up
Time to call the bluff:
The euro fell from the session high against the dollar and Swiss franc on Wednesday after Greece categorically denied market rumors which said it was considering leaving the European Union or the euro zone.
Of course that didn’t take long to be “officially denied”:
“We categorically deny any thought of leaving the European Union, or the euro zone,” said government spokesman George Petalotis.
Then you have no chance.
Let’s be clear: The only way to do this is by surprise. Unilaterally, without any discussion with anyone else. Just like Germany did.
And Greece should do it right here, right now, today.
Nail those European Banks that played “too cute by half” and bought Greek debt expecting an intervention and “sticksave”, then effectively extorted the Eurozone nations into providing it, exactly as happened here in the US with Fannie and Freddie paper.
Note that Spain was unable to make its debt auction yesterday; they are thus going to be unable to fund the alleged bailout. As such the promises Greece was made are in fact empty, and intended to screw the Greek people and their government.
It is time for someone to stand up and say in return “screw you!” to such tactics. Germany has laid the groundwork, now Greece needs to deliver the “coup de grace” to Sarcozy and his butt-buddies in Brussels.
Depart the Euro and at the same time declare by fiat all Euro-denominated Greek debt held by anyone who is not a Greek national (or a Greek-chartered bank holding said debt entirely within Greece) worthless.
Such a unilateral action would instantaneously detonate a lot of banks in Europe and would put the ECB into an untenable position, as they have been accepting “repos” against Greek debt (along with direct purchases) without regard to actual credit quality.
It would also free Greece from a debt it cannot pay, totaling some €300 billion.
With that wiped off the table Greece would of course have to live within its taxing resources immediately and permanently.
So what?
That has to happen anyway, and is the entire premise of the purported austerity measures. Do it now and get it over with, while at the same time refusing to pay one penny of interest nor one dime of principal on the debt outstanding at this point.
If the Greek people are going to bear the costs they should get all the benefits, not the international banking cartel.
There’s not a thing that the world could do about a move like this, but it would put a spike into the bankster concept of looting both citizen and sovereign alike without regard to the consequences.
IT IS TIME FOR A NATION TO STAND UP AND DO IT, AND GREECE IS IDEALLY POSITIONED TO DO SO.
Most of the EU has been and is running on borrowed money. They can’t and aren’t going to cover their bills as long as they can borrow and when they can’t borrow they will implode. Germany is trying to figure out what their least awful option is.
There is nothing to be gained other than a slight delay of the inevitable by trying to bail out the depter nations because you are just giving a credit extension to a credit card junkie.
I think we are going to throw away 250,000,000,000 in this mess. I understand why. Obama and friends are afraid of what will happen when the wheels come off of the EU but we can’t prevent that.
About all I can see us accomplishing by loaning money we have to borrow to people that won’t pay it back is to rapidly advance the day we go into internal economic collapse when other nations refuse green stained cotton fiber paper for payment of dept.
#9 Greece is in an ideal situation to have it’s money become worthless. This makes transacting any business extremely difficult at best. This scares the crap out of the other nations using the Euro.