Jump to content

Crash 2 The Sequel!


Malcolm Robinson
 Share

Recommended Posts

  • 1 month later...
  • 4 months later...
  • 4 weeks later...

Everything in the garden is rosey now........................................................

"The Board of Directors of Banco de Portugal has decided to apply a resolution measure to Banco Espírito Santo, S.A.. The general activity and assets of Banco Espírito Santo, S.A. are transferred, immediately and definitively, to Novo Banco, which is duly capitalised and clean of problem assets."

Link to comment
Share on other sites

merkel_3000207b.jpg

 

Hole discovered in the Euro's lifeboat?

http://www.telegraph.co.uk/finance/financialcrisis/11020183/Germany-close-to-recession-as-ECB-admits-recovery-is-weak.html

 

Easy to see why she's resisting sanctions on Russia.  Farcical really, when the EU is the prime initiator of the little local difficulty in Ukraine.  That Ruskie missile might just have taken the Euro out!

 

"The picture is getting worse rather than better. We are going to get to 140pc for sure next year. Nobody knows when the markets will react,” said a senior Italian banker.

Link to comment
Share on other sites

Triple dip are the words I've heard - but personally I've lost count! :)

 

Third generation euro-puppet Renzi is constantly preaching about reform of this and reform of that, but what he's actually pushed through so far is minimal;  certainly the Italian equivalent of the CBI isn't at all impressed.

 

It's still very much a society which doesn't trust banks (and justifiably so), which is geared to live with inflation, and has no appetite for private debt.  Trying to couple it directly to the German economy was insanity, and there will be no solutions until the link is severed.  It took Berlusconi many years to reach that conclusion, but anyone who opposes the euro-mafia is eliminated.

Link to comment
Share on other sites

For an economy which always answered its tough economic conditions with devaluation (and thereby giving its politicians a can to kick down the road!) the fact that Italy can borrow relatively cheaply can only pre-suppose one outcome.

For some reason rates have gone down when they should be going up and that can only be political intervention, or throwing our money at the problem to save their political skins. ...................................

As Mario said he will do anything needed to save the Euro.

Link to comment
Share on other sites

This is true. Banks don't lend like they do in the UK, for instance if you want a mortgage you can get maybe half the asking price and the rest you need to find from family resources or savings. Though what actually happens - in the countryside at least, and often in towns - is that you buy the building materials you can afford and build so much.  This inflation proofs your money, and you can always sell on the incomplete project, or pass it on to the next generation.  Hundreds of incomplete buildings is puzzling to Brits; they say just get a mortgage and finish the thing, not understanding that what they are looking at is not an unusable home, but inflation-proofed personal wealth that's almost beyond what politicians can screw up.

 

In 2006 and shortly thereafter, I got entirely the wrong impression seeing hundreds of semi-abandoned small tracts of land in the countryside.  It rather looked like a complete abandonment of land where you could grow things we really value in the UK.  In fact the was great stuff growing wild you could just go help yourself to - Italians still do! ;)  But what I was seeing was the peak of the delusion that small agriculture was a thing of the past.  Over the last few years things have completely changed and people have returned to the land.  Not just the few eighty-odd year olds like before, but middle-aged people, bringing with them youngsters to help work the family plot. That's the most obvious testament to the disillusionment with the EU to me.  It's easy to see where Bepe gets his 25%+ support from.  There may be minor differences of emphasis from UKIP, but the ideas are broadly the same.

Link to comment
Share on other sites

Things could be moving faster than I reckoned:

 

http://www.telegraph.co.uk/finance/comment/ambroseevans_pritchard/11032571/Italys-Renzi-must-bring-back-the-lira-to-end-depression.html

 

But, then again, one should never underestimate the capacity of a Europhile to pig-headedly ignore reality.

 

Anyway, logic says it's going to be a Friday night jobbie.  After which can France be far behind?  At which point you can safely say auf Wiedersehen to the entire "Euro experiment" - it really won't matter what Spain, Portugal etc. do.

 

I hope it happens before next May, as that will lend further weight to what UKIP has been saying about the whole sorry state of the EU.  Whenever, it's going to be very messy, and it really needn't have been, with even a modicum of foresight by the Euro politicos.

Link to comment
Share on other sites

  • 2 weeks later...

"over 75% of Italian new debt since November 2011 has been 3 years or less. and at least 50% was issued with maturities of less than a year."........................................................................................................

If French borrowing costs go up as expected thats the old one two punches to the Euro!

Link to comment
Share on other sites

  • 1 month later...

 UK GDP:

£6 IN EVERY 10 FROM BANKING SERVICES,

£1 IN EVERY TEN FROM MANUFACTURING,

£1IN EVERY 100 FROM FARMING.

(And about the same as the farming figure from prostitution and drug dealers!  WTF!) 

..and the national debt just goes upwards every day! 

Looks like a reet well balanced economy to me laddie! 

She's gonna blow captain she's gonna blow!  

 

post-23-0-96986100-1412095677_thumb.jpg

Link to comment
Share on other sites

Listen very carefully to what Balls said at the LPC. What the delegates came away thinking he said (and probably want to believe he said), and what he got past them, are two entirely different things.  They think he said that he will eliminate the deficit! What he actually said was that he will manage the interest payments and make no attempt at the principal.

He also pulled a con trick on the NHS. Through all the smoke and mirrors - and taken quite literally - what he said is that he'll keep spending in line with inflation.  This government has kept the spend about one percent ahead of inflation, and during the whole of Maggie's government the yearly increase averaged a full 3% ahead of inflation!

 

So, despite all the "Tories want to privatise the NHS" B(b)alls, he's planning to spend even less that the current lot in order to meet national debt interest payments! The pretence is that "the mansion tax" and soaking companies will pay for a much bigger spend, but he knows that this will raise next to nothing, and is simply playing to Labour voter ignorance.

 

Put simply, and by his own mouth: this crook is planning to spend far less on public services than the present lot, and clamp down on benefits even harder - because he knows he can get away with it!  Taking candy out of the mouths of children comes to mind.  Never underestimate the stupidity of a tribal Labour voter and you can't go wrong. Yes, he's got an Oxford PPE in that!

Link to comment
Share on other sites

  • 1 month later...

Meanwhile in the land of the rising sun............

 

Bank of Japan shows how QE should be done………….next year three thousand billion dollars of QE for the Japanese markets. 

 

Bet they still don't get out of their deflation!  

 

I thought this recession business was over now????????????? :wacko:

Link to comment
Share on other sites

Global deflation beckons. And, when the flood gates burst, all the cash slopping around will cause completely uncontrollable mega inflation. Instability is increasing by the month. That bitcoin has full credibility illustrates just how much actual credibility national currencies have these days. Interdependency has traded manageable national boom and busts for global boom and bust, and we've yet to experience the first global bust. I.e. no one has the faintest clue as to when, how deep, and even if it's recoverable from.

Link to comment
Share on other sites

  • 1 month later...
  • 10 months later...

No matter how hard the man behind the curtain pulls on the levers, the global economy WILL eventually crash and burn. It's in the nature of all Ponzi schemes and can't be avoided.

 

You can't blame all these 'Preppers' for using a bit of forethought to try to stave off the worst of what will be the most catastrophic event ever to hit mankind. I laugh at people buying up gold. WTF use will gold be to anyone? If your neighbour has a little food and medicine that you desperately need to keep your family alive, is he going to give it to you for an ounce of gold and risk his own family? I think not!

Link to comment
Share on other sites

  • 2 months later...

..and.. I though this might be a mention of just how well 'canny' Iceland was doing since leaving the EU! ;)

Now be reasonable here!  If the American political parties and their politically appointed senior judiciary put bankers in jail it would kill the symbiotic relationship.  Jail is for really serious offences like sticking up a drug store for ten bucks; lining your own pockets with hundreds of millions shouldn't even count as a misdemeanour.

Quote

"President Obama released his tax return today. He didn't owe a lot in taxes. He has a lot of dependents. He's got his wife, two daughters, A.I.G., General Motors, Goldman Sachs." �Jay Leno

'Why are government employees filing a civil suit against Goldman Sachs? That's just going to be embarrassing in a few years when they all go back to work at Goldman Sachs.' �Stephen Colbert

source: http://www.jokes4us.com/miscellaneousjokes/corporatejokes/goldmansachsjokes.html

 

Link to comment
Share on other sites

Create a free account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share


Hide Adverts


  • Latest News

    • Get the latest Northumberland news and updates delivered straight to your inbox
      All they want to do is cradle their newborn baby in their arms.
      But Bedlington parents Carly Walker and Ryan Murphy have been forced to watch from the sidelines as their daughter fights for her life.
      Little Ayda Faith Murphy was born prematurely on March 31, weighing just 4lbs, at Newcastle's Royal Victoria Infirmary.
      Rushed for her first operation straight after birth and another at just four days old, she's battling terrifying odds after being diagnosed with a series of incredibly rare birth defects.
      An almost unique variant of gastroschisis, a defect of the abdominal wall, has left her intestines pushing up into her chest - a condition doctors estimate is suffered by no more than 10 babies worldwide.
      Meanwhile, her heart appears to have flipped over and lies on the wrong side of her chest, while she's receiving oxygen from a machine due to her underdeveloped lungs.
      Keep up-to-date with all the latest news in the county by visiting our Northumberland Live homepage.
      You can sign up to our daily Northumberland newsletter here.
      Facebook: Here's our main Northumberland page.
      Twitter: You can follow the Northumberland Live page here.
      Find The Journal's Northumberland editions on the British Newspaper Archive here.

  • Popular Now

  • Latest Topics

×
×
  • Create New...