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Eurogeddon

Eurogeddon

Some scary warnings out there, as reported by The Telegraph:

As the Italian government struggled to borrow and Spain considered seeking an   international bail-out, British ministers privately warned that the break-up   of the euro, once almost unthinkable, is now increasingly plausible.

Diplomats are preparing to help Britons abroad through a banking collapse and   even riots arising from the debt crisis….

Recent Foreign and Commonwealth Office instructions to embassies and   consulates request contingency planning for extreme scenarios including   rioting and social unrest.

And International Financial Review (via Business Insider):

European banks are being forced to abandon their efforts to sell off trillions of euros worth of loans, mortgages and real estate after a series of talks with potential investors broke down, leaving many already struggling firms with piles of assets they can barely support.

From The Economist:

Investors’ growing fears of a euro break-up have fed a run from the assets of weaker economies, a stampede that even strong actions by their governments cannot seem to stop. The latest example is Spain. Despite a sweeping election victory on November 20th for the People’s Party, committed to reform and austerity, the country’s borrowing costs have surged again. The government has just had to pay a 5.1% yield on three-month paper, more than twice as much as a month ago. Yields on ten-year bonds are above 6.5%. Italy’s new technocratic government under Mario Monti has not seen any relief either: ten-year yields remain well above 6%. Belgian and French borrowing costs are rising. And this week, an auction of German government Bunds flopped

Here’s how it may end, again per The Economist:

The intensifying financial pressure raises the chances of a disorderly default by a government, a run of retail deposits on banks short of cash, or a revolt against austerity that would mark the start of the break-up of the euro zone.

Why do I get the feeling George Soros will come out of this just fine? He’s been getting ready since 2010:

A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro.

Representatives of George Soros’s investment business were among an all-star line up of Wall Street investors at an ‘ideas dinner’ at a private townhouse in Manhattan, according to reports.

I wonder if the left-wing groups he funds will refuse to take more money from Soros, who profits from the suffering of the European 99%.

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Comments

It is interesting how at the beginning of his administration, Obama was eager to take on the challenge of the financial collapse, has now been reduced to “pass this [jobs] bill.”

I’m sure ‘Spookie Dude’ has worked tirelessly to make sure the euro collapses – just another notch in his gun. America really needs to rid itself of these criminals. T.E.A.

“I wonder if the left-wing groups he funds will refuse to take more money from Soros, who profits from the suffering of the European 99%.”

Fat chance.

When the Euro was initiated, I commented that I didn’t see how it could work over the long term. My doubts are now coming true. Different countries, different economies, different economic and political views, one currency? How could that ever work?

I’m sorta bothered by how much money Ben Bernanke might be currently funneling to European banks.

I was surprised by that Fed audit, which showed he sent more money to Euro banks back in 2008. I can only imagine what’s going on now.

No one in the media mentions the extent of US exposure to this mess. Maybe they don’t know. Maybe no one does until the house of cards come down.

Let Europe be a lesson to us.

The ONLY reason that the European Union enjoyed any success in the past was because this nation essentially provided for their defense.

The result was that they overspent for “feel good” social programs in a reckless manner.

We should pull out most of our forces on the continent OR send ’em a bill for their maintenance.

The open ended aid that we provide needs to be reviewed as well. Why do we send money to nations that hate us?

It’s time to put our house and priorities in order.

This is what countries in Europe get for surrendering their individual sovereignty to unelected elitists. The only thing that is going to get redistributed among Europeans is pain (with the exception, of course of people like Soros and the elites responsible for this mess).
I’ve included this post in my link-around roundup today:
http://zillablog.marezilla.com/2011/11/sunday-sundries.html

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