News is that the new deal HAS been passed by a large margin of votes.......It will keep them going until the 2012.......Damn!!!
They can worm and squirm, discuss and dissect, wheel and deal all they want. The Euro is a dead man walking even those in control know it. The only real point of contention is how deep and how long the recession about to descend upon Europe and the rest of the world will last. This is a weekend at Bernies without the Humour.
Is it me or is my calender on constant loop? 09:00 Crisis in Europe 12:00 Crisis meeting 15:00 Leaders emerge 16:00 World economy saved 18:00 Dow inflates on Sarkozys smile 21:00 Dow deflates on Merkels frown 23.59 Reset Germany shall enter the currency war later and make a play for superpower status.
Honestly? Is that really what you think or are you sayign that for effect? If you knew Germany better know would think otherwise. Like southern cross says they are just bargaining but can do nothing to solve the solvency of the banks. All Germany's banks are bankrupt... they have been for a long time. Just no one's ready to admit it yet, though they are getting there on Commerzbank?
The US $ is a dead man walking even those in control know it. The only real point of contention is how deep and how long the recession about to descend upon the USA and the rest of the world will last (Thankyou to post #22 for the majority of this sentence). How much impact has the declining value/faith in the US$ as reserve currency of the world (and all the implications of such) combined with its own untennable level of sovereign debt, had on all the other nations of the world? Can the Euro situation be seperated from the US$ ? Reading all the hoopala written in the US dominant media, one would think it was and will be Europes fault for the US economic woes ie the European financial cancer "spreading" to the rest of the world and over to America. One could argue that the world financial cancer began in the US, with the woes of the Euro being symptomatic of this world wide economic sickness.
This was one article i saw last night after a google search of 'greece default'.... http://www.ibtimes.com/articles/262804/20111207/greek-parliament-approves-2012-budget.htm
A good local article I found today...Even austerity won't save them! http://www.abc.net.au/unleashed/3718160.html
I hope these thieves realise that historically they will be facing a guillotine or an angry mob ripping them apart.
Reporting (from MSM news this morning) that typifies the theme "blame Europe for the US and future world economic woes" ............... Quote "If you're like most Americans, you're probably sick of hearing about the crisis in Europe. The bailouts. The political turmoil. The frantic meetings. The credit downgrades. And now there is talk of a deep new recession across the pond as the eurozone moves closer to splintering. People want to hear instead about the issues that matter to them. What about the job market? Why are home prices falling again? Will Congress keep unemployment benefits and tax cuts going? And when, if ever, will I get a raise? But here's the thing: Europe matters. And it doesn't matter just to us; it matters to the rest of the world, too. Reverberations are being felt everywhere. After all, the eurozone is the largest economic entity on Earth...............................As the situation snowballed on worsening budget balances in the "PIIGS" (Portugal, Ireland, Italy, Greece and Spain) countries and financial sector turbulence, Germany's prescription as Europe's creditor was straight out of the playbook responsible for the 1937 downturn that prolonged the Great Depression: tax hikes, spending cuts and deep fiscal austerity at a time of economic vulnerability........." End Quote
very long and somewhat dry but if you like to know whats going on this is a good press hearing http://www.zerohedge.com/news/ecbs-mario-draghi-press-conference-live-webcast In short mario darghi towards the end was asked if there will be Qe, he said no , they asked why , bank of england and fed does it. He said all banks are run by a different mandate, our mandate is different to theirs ... It seems people, we will not get QE in the euro zone, mario draghi and merkel sanding their ground on this particular point... We will just wait and see ... It's a 1 hour video so if you wanna hear that part need to forward it to the last quarter.
So the Euro they are not printing any more and its value is going down and the USD which they are printing like no tomorrow it's value going up... WTF?
Possibly something to do with the rumour from Bloombergs that central banks have been selling a lot of Gold? (in addition to the fact that the "market" seems content to take things on face value rather than dig deeper - people are lazy, that's my take lol)
I dont think its that easy, If there is demand then the price goes up, i guess it could be flight to safe haven also the fact that its reserve currency. When your selling anything thats based on the reserve currency there is going to be a need to get that currency. Remember the only power that the dollar has (even tho its sh*t) is its the reserve currency. Who ever locked that into the system many years ago probably had this in mind, the dollar will collapse only once people dont trust it as the reserve currency anymore. Until then anything priced in USD will demand USD when its being bought and sold.