Domino Effect at Work with Euro - Last Days of the Eurozone ? - UPDATE: S & P put EU on Negative Watch

[MPB]

An ECB Member does not trust Politicians



http://www.forexlive.com/blog/2012/0...-of-bond-buys/

The ECB is the European Central Bank. Banks caused this problem. The only reason these arseh/oles had to buy Govt bonds is because Banks needed to be bailed out by the citizens of European countries.

The politicians are useless and a lot of them are downright corrupt, but the Central Bankers are criminals.

[C. Flower]

Eurozone stats are out, and once again, Ireland's aren't ready. Good way of avoiding attention?

The Eurozone is flatlining, with a small decline from last year, supported by slight increases in Germany and France.

The Greek economy has shrunk by more than 6% since last year.

http://www.businessweek.com/ap/2012-...-percent-in-q2

Germany currently benefits from strong demand for its products, but its high-value exporters are finding it increasingly difficult to tap international markets. Forward-looking surveys, including Tuesday's closely monitored ZEW survey of German investor sentiment, are suggesting that confidence is taking a knock as Europe moves from one crisis point to another.
The other 16 countries that use the euro are Germany's biggest export market and six of them — Greece, Spain, Italy, Cyprus, Malta and Portugal — are in recession. The U.S. recently recorded GDP growth of 0.4 percent in the second quarter, according to Eurostat, which was less than the growth in the first quarter.
Slower economic growth is also making it harder for governments and central banks to control the debt crisis in Europe. Shrinking economies mean less tax revenue while forcing up the cost of social benefits.

[MPB]

Eurozone stats are out, and once again, Ireland's aren't ready. Good way of avoiding attention?

The Eurozone is flatlining, with a small decline from last year, supported by slight increases in Germany and France.

The Greek economy has shrunk by more than 6% since last year.

http://www.businessweek.com/ap/2012-...-percent-in-q2

The Germans can thank the ECB for their growth figures.

The ECB is laundering money through private EU peripheral banks to recapitalise private German banks, while at the same time making the citizens of those countries pick up the bill.

Theft. Organised crime. Call it what you want, but it is legal only because the criminals make the rules.

[C. Flower]

Euro price only supported by wishful thinking ....

http://www.efxnews.com/story/14064/e...3-bofa-merrill

[ang]

The common link in the euro crisis ? (Lest we forget )

[C. Flower]

http://blogs.independent.co.uk/2012/...burn-the-euro/

Someone on the UK Independent thinks that Germany, not Greece, may leave the Eurozone.

[Dr. FIVE]

Golem

http://www.golemxiv.co.uk/2012/08/a-waiting-game/

All of the above has certainly been the case over the last 4 years and to some extent still is. The German banks in particular are still sitting on a mountain of assets they have still not marked to anything like market value. Those ‘assets’ and loans are presently sitting in off-balance sheet vehicles registered in Ireland.

How can I say this? A long conversation with a former Landesbank CEO that’s how. All banks are guilty of hiding losses by refusing to mark their ‘assets’ to market. But the person I talked to said the German Landesbanks in particular are still hiding rather large unrecognized losses in their Irish registered, off-balance sheet vehicles. Safely hidden away from the prying eyes of regulators and citizens. The joys of regulatory arbitrage! But should any of these dirty secrets be exposed to the harsh light of market pricing then the banks in question must have either cash hoarded away or feel they can cry to friends in government and the ECB will bail them out.

[Sam Lord]

The Euro is not in trouble - the people are ...

.... the Euro is going to be around for a long, long time.

http://www.counterpunch.org/2012/08/...he-people-are/

[C. Flower]

Golem

http://www.golemxiv.co.uk/2012/08/a-waiting-game/

As usual, interesting.

Doug Sanders wrote recently about the trillions of cash building up in corporate accounts as well as in banks.

There is nothing out there worth investing in, from the point of view of rate of profit and satisfactory risk levels. Capital has accumulated until it is like a time bomb, able to blow up any economy sky high with over-investment.

The built in urge in the system is to wipe out huge amounts of value and start again - like knocking down the NAMA estates, but on a much more massive scale world wide. Enormous waste and destruction involved, with a few cash rich people benefiting, or hoping to.

Create shortage and start all again is the idea, but in the past this has involved war. Really better to avoid this and find an alternative.

[Dr. FIVE]

Create shortage and start all again is the idea, but in the past this has involved war. Really better to avoid this and find an alternative.

I do sometimes wonder. What to do with all these unemployed youth

[C. Flower]

I do sometimes wonder. What to do with all these unemployed youth

Perhaps they might come up with some ideas, not involving mass slaughter of each other.

Take over the banks and get production of useful stuff going ?

[ZeroWedge]

Capital has accumulated until it is like a time bomb, able to blow up any economy sky high with over-investment.

That sounds very dramatic but its meaningless.

The built in urge in the system is to wipe out huge amounts of value and start again - like knocking down the NAMA estates, but on a much more massive scale world wide. Enormous waste and destruction involved, with a few cash rich people benefiting, or hoping to.

Create shortage and start all again is the idea, but in the past this has involved war. Really better to avoid this and find an alternative.

Its called mal-investment, and its what socialist states excel at. They waste hundreds of millions of taxpayers money to build places like Ballymun. And then they waste hundreds of millions to knock it down again.

[C. Flower]

[quote]

That sounds very dramatic but its meaningless.

Unfortunately not. It was exactly such an influx of cheap capital that devastated the Irish economy.

Its called mal-investment, and its what socialist states excel at. They waste hundreds of millions of taxpayers money to build places like Ballymun. And then they waste hundreds of millions to knock it down again.

Or Priory Hall, a triumph of capitalism ?

[ZeroWedge]

Or Priory Hall, a triumph of capitalism ?

Priory Hall developers had to pay the state considerable "development levies" which are supposed to be used to ensure developments meets safety standards.

Unfortunately, the public sector leeches, took the development levies and didnt bother inspecting the development and just did a runner with the money.

They probably used the money to pay themselves a "tax free lump sum". Lying, thieving bureaucrats.

[Ephilant]

Another nail in the coffin..

http://www.telegraph.co.uk/finance/f...-eurozone.html

And of course the scramble to deny there is anything going on here

http://www.telegraph.co.uk/finance/f...-break-up.html

and the by now almost compulsory dig at ourselves.from the usual suspects. It is getting that boring that local papers here barely mention it any more.