Posted on 08/04/2011 6:30:42 PM PDT by bruinbirdman
Eurozone countries are failing to stop the “contagion” of the debt crisis, the President of the European Commission warned yesterday.
~snip~
In other developments:
* The City watchdog asked British banks to reveal how much exposure they had to other European member states, including Belgium
* Trading in the shares of Lloyds and Barclays had to be suspended because their values fell so much
* BNY Mellon, one of the largest banks in America, said it would start charging some customers to deposit money as investors hoarded cash
* Switzerland and Japan were forced to cut interest rates to dampen demand for their currency from investors seeking a “safe haven”
Mr Barroso’s letter to European Council members came a fortnight after European leaders were congratulating themselves for bringing the Greek economy back from the brink with a £96bn bail-out.
He said the main reason for the market instability was the “undisciplined communication and complexity and incompleteness” of the Greek package.
Investors were not convinced that member states had a grip on the crisis.
Mr Barroso said he had “deep concerns” about Spain and Italy, as the cost of borrowing for both economies reached more than 6.2pc, close to the 7pc level at which the eurozone was forced to bail out Greece.
He called for the eurozone’s €440bn bail-out fund to be expanded to safeguard the euro because existing mechanisms were failing to calm the stock markets.
“Markets remain to be convinced that we are taking the appropriate steps to resolve the crisis,” he said. “We are no longer managing a crisis just in the euro-area periphery. Euro-area financial stability must be safeguarded.
“These developments…reflect a growing scepticism among investors about the capacity of the euro area to respond to the evolving crisis.”
Silvio Berlusconi, Italy’s prime minister, sought yesterday to
(Excerpt) Read more at telegraph.co.uk ...
Charging folks to store their money is pret’near a sign of widespread and massive deflation ~
Heading to the next crash.
Forget gold. Get arible land, the means to produce, and the means to defend it.
I’m thinking you’re right. I’m no farmer though. I’d probably starve! I have three plots of land in New Mexico. It just doesn’t rain here!! LOL or I’ll cry!
Really makes no sense. The bank is running low of cash, so they charge customers to make DEPOSITS.
Also, the naysayers here on FR better start looking at all this info coming in. We are very close to a worldwide complete monetary meltdown.
The Euro is near dead, and all the countries are starting to fall. Efforts to prop it up are failing. Japan is still rebuilding after the earthquake and their economy has been half-dead for years anyway.
China is on the table also as its banks are stretched to the limit. If we go down, they will go down, as their customers will stop buying and their whole economy is built on selling cheap junk to foreigners.
Then, there's the lower order economy and that's fully in the control over their 1 billion peasants and it consists of pressed earth houses with steel or straw roofs, pigs in the front yard, ducks in the back, and the organized growing of highly nutritious fruits and vegetables near the houses, and staples like rice, wheat, barley and oats out fruther ~ or in large communal fields.
It's pretty resiliant. Ony drought is able to disturb that economy very much.
In between those two exceedingly stable economies there's the manufacturing of household goods and electronics for foreigners.
China was around for thousands of years before either foreigners or electronics were a concern to them.
NONE of the banks are short of cash. They have all the cash they can handle. They are short of borrowers ~ qualified borrowers!
Ring around the Bozo’s
Pockets full of Euros
Ashes to ashes
All fall DOWN!
China has been around for thousands of years but it has never had a 1.4 billion person population. I think people are starting to talk more seriously about “peak humanity” now.
That doesn't mean they can go much above 1.4 billion people. On the other hand they recently discovered they have a demographic deficit in the ranks of young child bearing age women due to the 1 chil/1 fambly policy.
They may well have invested too much money in colleges as a consequence ~ if you don't have students, you don't need the classrooms.
What are they going to do with those millions of wifeless men?
Guess they won’t be procreating.
That's been the technique for thousands of years.
I remember the tiny foot bondage that went on for centuries.
I suppose it represents slavery, this woman can’t run away.
Wonder if it’s still ongoing.
If they'd held free, fair and open elections (like many folks used to always propose thinking that'd get rid of commies) the Chicoms would have won.
True. The question is: where to invest? gold prices are sky-high, real-estate is weak.
Can’t eat gold.
yet, with the way the global marketplace goes, most of us need clothes, etc that simple subsistence farming won’t provide. It will be ok for a 1800s style of life, but how many can stomach that?
Because they need to pay interest on the savings accounts and they need to do something with that cash -- they don't know what to invest in.
I don’t think the Chinese rural economy is quite so stable. The population is huge and the demand for meat is growing. Plus,they need the foreign capital to keep the worker-bees happily working instead of demanding political change
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