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. =.=
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.
He’s gonna borrow more money to lend to the Greeks?
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.