11 2 mins 10 yrs

Well, some of us have been warning about this for a looooong time!

The Eurozone was back on the brink last night as Spain edged towards a financial disaster that could tear the single currency apart. Analysts said Spain’s huge economy was at a ‘tipping point’ and would inevitably need international aid. In a sign that Europe’s debt crisis is deepening, Italy’s borrowing costs edged higher, Greece was was facing a 1930s-style depression and its austerity measures were said to be faltering.

It all spells meltdown. And the sooner the better. The Eurocrats want to use this crisis to tie the EU into a deeper structure. As Merkel keeps saying we need more Europe, not less. Fine words for a demented Europhile whose country benefits from a weak Euro but totally removed from economic reality. The TRUTH of the matter is that there isn’t the cash to save the Eurozone as it currently exists but there isn’t the will to break it up either.

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11 thoughts on “BACK TO THE 30’S?

  1. I hope everyone’s as glad as I am that governments bailed out crooked banks and saved us from ruin.

    Analysts said Spain’s huge economy was at a ‘tipping point’ and would inevitably need international aid.

    Particularly the cajas, those crooked mutuals which are run by politicians and which are so hopelessly bust that they’re dragging down the entire country.

    Five years after the great market correction, it remains the case that everything governments have done has been exactly wrong. It would have lasted 18 months tops if governments had allowed prices to readjust, markets to clear and economies to right themselves.

  2. Why don’t they just get it over with and put everyone out of their misery? Dismantle the useless Euro, country by country, starting with Germany. How long do people have to suffer for them to realise it’s not working.

  3. I hope everyone’s as glad as I am that governments bailed out crooked banks and saved us from ruin.

    As we have learnt in the past week, HSBC’s US bank was up to its neck in money-laundering for mexican drug barons, sanctions busting for Iran and also processing Al Queda money. Needless to say no arrests, no convictions, just another “fine”, another “apology” and another empty “promise” that it’s all fixed now.

    Nothing less than lengthy prison sentences will change this behahviour. The big banks look more and more like an organised criminal conspiracy dedicated to money-lanundering, fraud and of course tax theft on an industrial scale.

  4. Meanwhile, things don’t lool too clever in Blighty:

    “The UK recession has deepened, latest official figures have shown, after the output of the economy fell by 0.7% between April and June. The contraction was much bigger than expected and follows a 0.3% drop in the first three months of the year.”

    Watch out for more money printing quantative easing very soon indeed.

  5. Peter put down the crack pipe.

    We are living in the 30s, this Depression is actually if you look at the numbers worse than the one they called the great depression. It passed the great depressions numbers 6 months ago. Our President is making the same mistakes that the fool FDR made, and is making the depression worse.

    Here is some information for example.

    To prove that his economic plans have “worked,” Obama cited the auto industry bailouts. “I refused to turn my back on a great industry and American workers,” he said. “Three years later, the American auto industry has come roaring back.”

    Obama’s auto bailouts aren’t the unalloyed success he describes. “President Obama’s auto task force pressed General Motors and Chrysler to close scores of dealerships without adequately considering the jobs that would be lost or having a firm idea of the cost savings that would be achieved, an audit of the process has concluded,” The New York Times reported in 2010, based on an audit. “The report … estimated that tens of thousands of jobs were lost as a result.”

    The Washington Examiner’s Conn Carroll also observes that Obama bailed out union pensions, while neglecting non-union workers, and decided not to follow the law by paying certain creditors — and still didn’t save money.

    “All told Obama’s violations of bankruptcy law made the bailout of GM and Chrysler $26.5 billion more expensive than it had to be,” Carroll explained recently. “And according to Obama’s own Treasury Department, taxpayers stand to lose $23 billion if GM stock were sold today.”

    Obama’s view of the economy is not shared by congressional leaders in his own party. “The economy has not recovered,” Rep. Henry Waxman, D-Calif., said in a recent interview. “Some people call it a recession, I think it’s a depression.”

    Waxman’s message might not inspire enthusiastic cheers at a campaign rally, but at least he avoided having a Mission Accomplished moment on the economy.

  6. [ An economic ] depression, like ” balanced budget ” is a defined term. It has to do with the level of economic activity and does not directly have anything to do with employment numbers.

    Look it up.

    Don’t throw around words that you don’t know the meaning of.

  7. tell that to the 40 million under employed, the 20 million unemployed, who have been out of work for 41 months, the 70 million on food stamps and the 300 million that have lost 30% of the value of their net worth in the last 3 1/2 years.

    Ask them to look it up.

    Just because you have a job Phantom it doesn’t change the numbers

  8. I strongly agree that the current high unemployment is a major social problem, one that needs to be addressed by government, industry, labor. Possibly stealing some of the good practices of the Germans ( job sharing ) though the right time to do that would have been years ago.

    I have family and friends who have been unemployed for long periods of time – two-three years, etc.

    I just don’t think it is at all accurate to call this a ” depression “. I can accept the premise that, esp in Rustbelt areas etc that we have ” depression levels of unemployment ”

    This unemployment problem, esp as it relates to blue collar and manufacturing, has many causes, most of which have nothing to do with Obama and which started decades ago. Including outsourcing of manufacturing to China and other places, automation, etc.

  9. There’s no doubt that Phantom lives in his own, special bubble. I am doing quite well too, but I’m fully aware that many are not and I would be in serious straits if I joined them.

  10. Do you know how to read, Allan?

    You don’t catch me saying that the govt should not do anything for those impacted by this economy, and I have said a billion times that I support various social safety nets.

    Which the Darwinian Libertarians among us here oppose, tooth and claw, including some dumbkopfs who might benefit by them things.

    I am a conservative with brains. Read carefully before I have to go over there.

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