Yesterday was quite a news day for the festering debt crisis in Europe.Taxpayers everywhere learned that the IMF's new chief, Christine Lagarde, wants an extra $500 billion to help fight Europe's slow-motion collapse. Trouble is, where does the moneycome from? From nations already up to their eyeballs in... debt, evidently. Count Great Britain and the United States in that category.
No kidding? Greece's economic outlook is worsening? You don't say? So why not force private creditors to flush more money down the Greek drain and into the Mediterranean's crystal blue waters? After all, Europe's elites have a lot at stake. Why not strip creditors in a desperate effort to stave off a gargantuan failure made by those very same elites?
But wait, that's not all.
Greece's Aryan benefactors (albeit, reluctantly) have floated the idea that the EU assume controlof the Greek budget. EU bigwigs have shot down the notion of wresting the Greek budget from the Greeks. But those bullheaded Germans insist that the backroom discussions favoring an EU takeover of the Greek budget continue. One of the crack wire services reported rather drolly that Germany's proposed putsch will "likely spark controversy" in Greece. You think?
The European dept crisis is like an enormous redwood falling slowly. But the debt crisis will soon reach a point, as with the falling redwood, where gravity really kicks in and accelerates all that mass (basic physics, huh?).
Cover your ears and steady your feet. Europe's in for one dozy of a crash.
It's been two years since a financial crisis erupted in the birthplace of drama, and the final act is still unfinished. A second week of talks in Athens ended Friday with no deal between the country, the European Union and private holders of Greek bonds.Economists and investors see a Greek default as the biggest test of the world financial system since the crisis that followed the collapse of Lehman Brothers investment house in 2008.So investors will be watching what happens this week in Athens. At the sovereign debt conference, Hans Humes, president of Greylock Capital Management, said this week could bring "the precedent-setting moment." He warned that if the banks and investment funds that hold Greek bonds take steep losses, then Portugal, Italy and other countries shouldering heavy debt burdens can be expected to follow Greece's lead.
To Colas, the deepest concern isn't how the S&P 500 reacts or whether the dollar rises if Greece drops the European currency. It's the possibility for panic, especially a run on European banks.
What if people across France and Germany crowd into banks to pull their deposits? Banks, after all, are some of the largest buyers of government debt.
"Human emotions can drive things off the rails," Colas says.
We just beat back SOPA and PIPA with the web blackout.
Now everyone is talking about ACTA. But – because ACTA is complicated, and is just starting to receive coverage
We’ll give you an executive summary of what you need to know.
...we’ll explain why the procedure used is a recipe for disaster.
Why are we stressing procedure over substance?
Because, as awful as ACTA is, there are other horrible bills such as the Trans Pacific Partnership Agreement waiting in the wings … which may be even worse than ACTA.
Unless we understand the rotten, anti-democratic process which is causing these bad bills to be introduced, we will be caught off-guard by the introduction of one draconian bill after another … and we will lose the fight for Internet freedom.
What we are actually seeing here, is the process around the various efforts for globalization of....almost everything.
The fastest way to understand ACTA is to look at the way in which its backers have tried to traIn the United States, for example, President Bush and President Obama hid ACTA negotiations under the veil of “National Security”, thus keeping it away from prying eyes … including Congress.
Republican Congressman Darrell Issa says that ACTA is more dangerous than SOPA:
It purports that it does not change existing laws. But once implemented, it creates a whole new enforcement system and will virtually tie the hands of Congress to undo it.
As Harvard professors Jack Goldsmith and Lawrence Lessig wrote in the Washington Post in March 2010:
...it raises the stakes on the constitutionally dubious method by which the administration proposes to make the agreement binding on the United States.Normal constitutional procedures would require the administration to submit the final text of the agreement for Senate approval as a treaty But the Obama administration has suggested it will adopt the pact as a “sole executive agreement” that requires only the president’s approval.behind closed doors, subject to intense but needless secrecy, with the public shut out and a small group of special interests very much involved
Over 75 law professors – some of them quite prominent – wrote a letter to President Obama in October 2010...
The "Media Blackout...." article link has been taken down but you can find and read it here..
It is very much worth the 5 minutes.
Thanks Caver, I'll try and change the link
Well, we are down, BUT DJII WELL off the lows, with the DJII
down LESS THEN 7 points....
Bulls came in and rallied stocks
in the last few hours. Seems like
this market DOES NOT want to go
down, sad but true....!!!
THERE is STILL too much uncertainty
in the near term outlook. Stocks
could VERY WELL take out 13,000
on the upside, and SOON at that.
As I have stated before, IF that
happens, it could be QUITE a while
before the end comes.
Although that outcome is not happy,
there really is NOT much anyone
can do about it....
Stephen in Hawaii >>>>>>>
Again I see that my comments are
NOT getting published and yet
I KNOW I am right about what stocks are up to.....
People waiting for the rapture would do well to LOOK at all
evidence lest they wait forever
LIKE I SAID, Scott, uncertainty
reigns in the near term counts...
This market MAY STILL have a destiny at NEW HIGHS....
but I am being ignored again.
I was out all day and haven't had a chance to moderate the comments.
OK, I am sorry, please forgive me...guess I reacted too quickly.
I know u really don't like my stock comments so i thought u
decided to delete them.
Thanks for putting them up.
Believe it OR not, I really DO
want the market to crash AND the end to come, but right now,
destiny seems to BE going the
not much anyone can do about it...
it's just the way it is.....
BTW, I read a media article that
states that we ALL should get used
to Israel NOT being attacked by
Iran anytime soon.....
I am wondering if the whole thing
is a set up by the media so
that NO ONE will expect it....
I just read that article, it's a good one, BUT I disagree with it.
I mean , the article makes GOOD points WHY the Jews will NOT attack
Iran, BUT I still think they will.
we will see >>>>>>
Scott, just ran across this. Do you think it's for real?
"A7 Report: Bibi Willing to Cede Judea and Samaria
A senior political source claims Prime Minister Binyamin Netanyahu is willing to uproot most of Yesha in exchange for Obama's backing."
Stephen - I also believe they will attack.
Alice, I'll take a look at that article, I hadn't see it yet - thanks!
That was interesting. He has done similar things in the past, and by that I mean the following:
- Note condition #1
"The Palestinians must recognize Israel as the Jewish nation's state"....
He knows they will not do that - particularly with Hamas now in control. So what he is really doing (IMO) - is pointing out that fact for all to see - In other words, he is showing the world what is really going on here.
Thats my take anyway.
I hate to say it, BUT I think they already have the bomb, or will in
a few weeks. The nuclear team from
the UN is there now, hopefully
more info will come out soon.
I HIGHLY DOUBT it will take until
summer ?? why ?? IF BEARS have the
upper hand here in stocks, then a
HUGE DROP is right around the corner.
Also, I cannot even BEGIN to imagine
what Netanyahu would do if Iran
came out and said in a few weeks
that they have several devices
but one thing is certain....
the JEWS would not say much at
that point, they would just react.
cos then it would already BE too late.......and we ALL know that.
I agree here Scott. Bibi is smart, he has agreed to many suicidal demands but made them conditional on the enemy recognizing Israel....something he knows they CAN'T/won't do.
For a rational world, this would prove how right Israel is....for a rational world. That is not, however, what Israel is dealing with.
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