Posted on 03/09/2010 8:02:41 PM PST by mojito
WASHINGTON -- President Barack Obama stood with Greek Prime Minister George Papandreou on Tuesday and pledged that the United States would work with its ally, even as Greece's enormous debts sparked frenzied trading.
Papandreou said he outlined European proposals in his White House meeting and Obama reacted positively to European ideas about cracking down on currency speculation. He also said the issue would be discussed at the next meeting of the Group of 20 summit of leading and emerging economies in June.
Earlier Tuesday, European officials urged the U.S. to curb certain financial instruments.
A market frenzy in recent weeks saw traders make bets worth billions of dollars against the euro and on the chances of Greece not repaying its massive debts. Those market worries have undermined the 16-country currency.
(Excerpt) Read more at foxnews.com ...
Quick... someone better go tell China... WE NEED MORE MONEY!
WHY?
Let the Euros settle this.
Did you see that Greeks can retire at 57 with 95% of their salary by government mandate?
Ummmm.....I thought WE were broke. Or are we giving them our children’s debt too.
Let me guess.....with American taxpayer money cause we all know that the money trees Jack Squat Barry is pulling money from do not exist. =.=
I think that the Gooberment are working on putting your grandkids in hock.
Oh yeah. They’re gooood at that.
Maybe your great grandchildren will be out of peonage.
The Icelandic govt. held a referendum recently in which the voters voted not to make good on the national debts (the govt. could potentially ignore the vote completely). Obama will not offer a referendum to us for bailing out, to any further extent, any or all of Europe’s problems now. He has acted unilaterally. The Germans would have to bail out Spain, Portugal, Ireland, Italy, etc. if they bailed out Greece, and have refused to do so. Since the US invented the derivatives and especially credit default swaps, the Greeks have been aimed by the EU at the US, and Obama will set the precedent of bailing out Greece, perhaps with new financial instruments of unique design containing the same old worthless assets with new packaging. Obama must now be prepared to keep the door open for all the PIIGS if it assists Greece. The US taxpayers be damned.
There is another issue. The Europeans hold apparently, about $6 trillion of assets in the US markets, and, if things deteriorate enough in Europe, liquidation of those assets could tip our markets in the wrong direction in a very big way. Ob may feel obligated to delay or attempt to minimize such events as long as possible, and, therein may lie the interest in keeping Europe alive as the unraveling continues unabated.
In the end there is no solution that looks viable, however. The problem is too big. Furthermore, a couple of articles recently suggest that the holders of credit default swaps in Europe are beginning to demand GOLD as the settlement medium. Those who actually hold gold must feel well.
We’ll all be slaves.
We the people can take a page from the Greek playbook. Only 15,000 Greeks declare more than 100,000 euros in income. Greece has a population of 10-11 million.
0bama wants to be like a Greek socialist. American taxpayers will be like Greek taxpayers.
He’s gonna borrow more money to lend to the Greeks?
It’s all very troubling. I hope we don’t go down that path but the way things look....
Tailor made for this thread:
Obama-nomics & Greece [link-list]
http://www.freerepublic.com/focus/chat/2464021/posts?page=4
Related ...
JP MORGAN CHASE: ‘California a bigger risk than Greece’...
http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7326772/California-is-a-greater-risk-than-Greece-warns-JP-Morgan-chief.html
GOLDMAN probed over crisis in Greece...
http://www.ft.com/cms/s/0/ca979904-2216-11df-98dd-00144feab49a.html
“Everyone’s up in arms about Goldman Sachs’ role in helping Greece hide its mounting debt ...”
http://www.freerepublic.com/focus/f-news/2454754/posts
Germany: ‘We’re Happy to Give the Greeks Anything, Just Not Money’
http://www.freerepublic.com/focus/f-news/2463825/posts
Germany wants Greece to sell off its islands for cash
http://www.thelocal.de/politics/20100304-25667.html
Greece before California.
Greece before America.
Lovely way of doing business.
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