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Paraphrasing from Zero Hedge The ECB has no more to lend The Fed cannot step in The IMF can’t do it because of political blowback here Germany has had it and is tapped out. They and ECB are preparing for EU breakup and are now intent on protecting themselves China’s economy is slowing. So [...] Andy Carling, writing in New Europe. Our leaders have, on left and right, pushed for an unregulated financial market, not realizing that if you let a bunch of psychopathic coke fiends loose with everybody’s money, it will end in tears. Oh, I think our leaders knew quite well what a unregulated financial system would lead [...] From those wild-eyed alarmists at The Economist. The Greek debt crisis is spreading. Europe needs a bolder, broader solution—and quickly. The Eurozone is crumbling as JPM shows huge and growing losses for reckless trading. People get ready, the financial system is about to become unhinged again. This time, let’s jail the bankers, ok? blogs.telegraph.co.uk The Eurozone will eventually collapse, with at least one member nation leaving this year, says the Centre for Economics and Business Research (CEBR), a noted British think tank. It sees a probability of 99% for a complete breakup within ten years. It could easily happen much faster. If one country leaves, it would [...] It’s your choice, Europe; choose wisely. If you want a model for sanity and growth, look to Iceland. They renounced their unpayable debts and debt-serfdom, and let the market reprice their currency, debt and risk. The nightmare is past for them; they chose wisely. Now it’s your turn to choose. The debt-serfdom will fall to [...] From Neurope, ‘The European Political Newspaper’, on the proposed solution 1. The EU in general and the Eurozone member states in particular will be conceding their fiscal and borrowing sovereignty to a central authority. This could be achieved either through changes to the European Treaties or under a new intergovernmental structure such as the Schengen [...] Secret Fed loans gave banks $13 billion undisclosed to Congress The Fed didn’t tell anyone which banks were in trouble so deep they required emergency loans of a combined $1.2 trillion on Dec. 5, 2008, their single neediest day. Bankers didn’t mention that they took tens of billions of dollars at the same time they [...] The eurozone really has only days to avoid collapse Germany, France examine radical push for eurozone integration World’s largest inter-dealer broker (one that carries out transactions for financial institutions rather than private individuals), now testing trades in drachma against dollar, euro Bank of France: Europe in “true financial crisis“ Bruce Krasting A move is being made in Brussels to “force” the Swiss government/ banks to transfer all of the assets of Greek citizens back to the Greek banks. For a Greek this means that your money is hostage. It has been functionally expropriated. It will be transferred into a banking system that is [...] |  | ||||
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