The Italian debt crisis is blowing up.
First, the scoreboard:
Dow: -389.3 pts, -3.2%
S&P 500: -46.8 pts, -3.7%
NASDAQ: -105.8 pts, -3.9%
(snip)
Gold Is No Place To Hide When Everyone Is Selling Everything
When in doubt - print more money!
But I don't even speak Austrian.
“Federal Reserve needs to buy up every single European bond owned by every single American financial institution”
Satire, right??????????
HAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
The Italian debt crisis is blowing up.
First, the scoreboard:
Dow: -389.3 pts, -3.2%
S&P 500: -46.8 pts, -3.7%
NASDAQ: -105.8 pts, -3.9%
(snip)
Gold Is No Place To Hide When Everyone Is Selling Everything
That one quote in the article is absolutely brilliant, I must admit.
This is the way the Euro ends.
Not with a bang, but with bunga-bunga.
LOL!
In 1931 Austria was a brilliant brain and a beating heart of a body which had been drawn and quartered.
I call B@llsh#t on this.
Even worse 1931 Austria had been FORBIDDEN to join itself to the only state which could save it.
No.
It is not 1931.
No.
There we are not a tad bit like Austria.
The Fed is not going to save us.
The establishment is a believer in internationalism and of the EUrtopian Dream. They will try to prop it up with as many billions or trillions as they can print.
Today Jefferson County Alabama determined that bankruptcy was the only possible way forward. Un mentioned were the creditors. Who will not be paid?
A bank failure precipitating the calamity seems less likely than the failure of an insolvent state. It will just happen. One day we will wake up to learn that the state is insolvent and failed to pay some creditor the day before and has no cash for other imminent payments. Also, ordinary trade creditors already with nonpayments 90 days old are totally screwed and three declare immediate bankruptcy because they are insolvent as a result of the state’s nonpayments.
Then banks holding state bonds will fail. the dominos will all begin to hit the table
Sadly, there is only one thing that can solve our problems and it isn’t pretty - the complete collapse of the welfare state. The American public such as it exists today will never vote their transfer payments and benefits away. The Republican party won’t really advocate curtailing entitlements because they know it will be too unpopular and they’ll lose badly. Our problems will likely only be fixed through a complete economic collapse and the hope that what wins power afterward are conservatives. We will have to amend the constitution as well to write out all possibility of the federal government getting back in the entitlement and social welfare business. The collapse is coming, there is no doubt considering the path we are on - the only question is how long and what takes over after the fact. We can only hope for the best as these types of things often end badly.
This would be bailing out American banks for bad economic choices.Where do I sign up for my bailout? I’ve had people default on me, where was the Fed when I needed them?
“with Italian 10-years now well above 7 percent, we’re now in territory where all the vicious circles get into gear”
Yes and no.
If Italy was using their own currency, they’d be well on their way to a run on their central bank. They don’t though.
When (not if) America gets to that point, we’ll have a run on our currency. No one can back us up.
If the fed does act I guaintee we will be in a very long depression!
If they stay out of it, it will be a much shorter depression.
[insert spine tingling organ music]
What will John Quiggin say??? Tune in tomorrow, for.......As The EuroZone Burns!
(gotta love a post that ends with that sort of cliff hanger)
Fight for the USA in the currency and trade war. Or go ahead, and take the anti-American way to default. Either way is fine with me. And Europe...Europe...toss Europe—especially mobbed-up southern Europe.
Good grief, blam. Henry and his comrades are Obammy fascists.
He’s a criminal nailed for inside trading. He roots for the collapse of the economy because this best serves the “progress” of the revolution.
His ideal of a revolution is not something that we ever want to see on American soil.
Same with all the other Wall Street global commies who prop up the DNC radicals and shake down our treasury.
Only an Ivy League graduate would be stupid enough to believe that the banking problems in Austria in 1931 led the world into the Great Depression.
Everyone overlooks and forgets the role of war reparations from WWI in causing the Depression and sovereign currency/banking problems.
Whew. Okay, nothing to worry about then.