The writing is on the wall... just a matter of time. Why is the IMF waiting until July to discuss the small EUR $12b payment Greece needs next month? I reckon this delay is really a wealth transfer for the private banks to get out of dodge... Just a heads up to the private sector. The Euro won't collapse overnight but I wouldn't be surprised if some countries quickly exit. You can see Germany wants to...
If America had a real, honest president and leadership it could be turned around very quickly and become formidable once again. This is the nation that built Manhattan, the Interstate system, the Golden Gate, Hoover Dam.... It is a very potent nation with a lot of pride and a lot of very smart and hard working people, but it has been suckered into impotency by an utterly corrupt media, it has been poisoned by HFCS, and lied to from top to bottom by it's politicians. It's sons and daughters have been scattered to military bases and wars all over the planet. Basically it's a lion has been hypnotized by a bunch of mice in suits. God help them if the lion wakes up....
China shifting to the euro. Probably why the euro hasn't fallen that much or the US dollar rallied as much as it might have on more recent greek news? http://www.marketwatch.com/story/chinas-new-bond-buying-hints-at-shift-to-euro-2011-06-21
I rather think that China is in a bit of a bind. She has a Trillion in US etc Bonds, a Trillion in Wall Street shares, and a Trillion in foreign currencies. She has not too many alternatives to direct all the ever increasing trade balance in her favour, and she can't flog off what she has without making the bottom fall out of the market. And just about the LAST thing she wants to do is generate a crisis in any of those markets. She really does have to try and keep both Europe and the USA from drowning in all that red ink, as that will drag her down too. OC
Looks like all these bail outs are a delay tactic (more for the bankers interests than for the ordinary people) as they must see that Greece (and the USA) will never pay back their debt How much longer can the Germans bail out other countries? I am very surprised that they are bailing out Greece for a second time. This could signal the end of the euro! - The more they delay purging the system the worse it is going to be in the long run. You can just see one country after another asking for bail outs, the system cannot survive. When ordinary people have no jobs and nothing left to lose and are hungry they will turn to rioting! I think you can fool the people only so long.
Gonzalo Lira has a good outline of the domino effect of a Greek default. http://gonzalolira.blogspot.com/2011/06/if-greece-defaults-what-happens-to.html In summary: Greece / Ireland / Portugal / Spain / Europe / ??? When you cross the event horizon of the black hole of debt, there is no turning back. When all global currencies are loaned into existence and all economies are interlinked in a global ponzi scheme of borrowing to invest and when there is more debt to repay than available money and when creditors need their investment returns to meet their obligations and someone defaults. . . well, the global pyramid of debt, so delicately constructed, tumbles down. . . [youtube]http://www.youtube.com/watch?v=JKGUhgMVINE[/youtube]
so we just gotta make sure that bloody cat doesn't go anywhere near the global credit markets and we'll be sweet.
UK isn't exactly the bright burning beacon of economic strength either though I've always wondered why they decided on a linked currency such as the Euro, the participating members vary far too much in terms of economic structure and strength. France and Germany are always positive net exports whereas Greece and some of the others are always net imports. It's just debt and more debt for Greece with no hope of repayments?
Fishball, new currency means further expansion of the fraudulent fiat system, I would not be surprised if the Amero is born in the not to distant future, or maybe even the globeo
Geezus..edit your last post Hiho...don't mention the "A" word...it's like Voldemort here...don't even mention it! GP will have kittens!
RM, "So glad the UK didn't adopt the Euro." The entire idea of the 'European Community' was built on an illogical dream all along. 30 or 40 countries that have been at each others throats for best part of 2000 years, or at least since the Romans left. Then, all of a sudden they were meant to love and co-operate with each other, and live happily ever after. It was all a hopeless dream. OC
Sorry but I think it is going to be 'Asiazone' in the future What if some of the Asian countries get together and unite in a single currency?..................!!!
Feels a bit unlikely, China hates Japan, China hates Taiwan, North Korea is a bastard causing havoc in Asia etc etc Would be fun to watch though, it'd be the end of cheapo asian labor?
