Are these people stupid or just getting into power so they can set up a luxury retirement for themselves and their children and grandchildren? It’s the only explanation I can figure out. Surely they know that eventually there won’t be any money left for their own paychecks. And that means ALL parties are cashing in.
Socialists win, and the world loses. Looks like the global experiment with freedom and free markets is over.
It’s about noon on Monday in Sydney and the Sydney Morning Herald says that markets are *way* down in the East.
We can make all the commentary we want, but the 21st Century is the era nations like the US will learn a bitter lesson from globalization and free trade. Interlocking economies and financial systems with no protection against reckless bank speculations or gov borrowing will burn the US. France and Greece is the opening salvo for the destabilization of the Euro and EU. Our Fed Reserve has already extended credit to the EU via currency SWAPS whom the US taxpayer will be on the hook for if it fails. We gave Wall Street bankers via Fed Reserve while the US Treasury has the POTUS ear and looking the other way absolute power to determine our nations economic life framed in the interest of bankers and not Main Street Americans. If the Euro goes, so will many major US banks (despite their public assurances) due to the derivatives and etc they own via their parent holding companies as they attempt to use leveraging to speculate on the rise or fall of various EU debts. If MF Global is any blueprint of the future, in desperation to remain in the inner circle of high society, bank CEO if facing insolvency may take customer accounts and pay off their power creditors for the bad bets they made, and the US Treasury will look the other way as the digital thievery occurs and will claim they are still researching what legal grounds to arrest the bank CEO’s while the bank customers find their accounts empty and themselves last in line with other creditors in a bankruptcy proceeding. There is not enough money in the FDIC to cover the implosion of any one of the top five banks in the US. Worst case scenario calls for all top five being dragged down by derivative implosion (estimated at 55 trillion - US GDP is 14 trillion). If you have not prep, you need to get and store food that for at least six months, extra meds for perscriptions, definitely a gun and ammo, standby cash in case of bank holidays (ATM, credit card system is closed), precious metals to preserve your wealth and buying power when the currency is reset. You are running out of time, but it is not too late to start.
This is way better than the French waving the white flag! Do the French know how to pick ‘em or what?
Market falls after socialist elected.
Wow, now there’s a surprize.