Stock markets around the globe are bleeding from the eyesockets (for the second consecutive week.) First it was chalked up to ‘fears’ surrounding the crippled Japanese economy and now it seems we are back to an issue that was supposedly ‘put to bed’ nearly a year ago.
I’m certain it doesn’t help to remind you that there were people saying it wasn’t enough even before the deal was sealed…but they were ‘brushed off’ and not heard from again.
Hell, even I have been saying for more than two years now that there was 'no possible solution'. It is impossible to ‘head-off’ a total financial collapse without a complete overhaul of the financial system.
And no, I am not trying to say I was ‘ahead of the curve’ on the European situation (even though I was in the respect of no solution here, by extension, means there is no solution there either.)
Any, onwards with today’s first offering
Investors fretted that the debt crisis was turning more acute because of mounting speculation Greece would have to restructure its debts, a warning from a leading credit ratings agency over Italy’s public finances, and a heavy defeat for Spain’s governing Socialists in regional elections.
The renewed jitters were particularly visible in stock markets, where most leading indexes around the world shed over 1 percent of their value. The euro was also in the firing line, briefly dropping 2 cents on the day to $1.3976 before recovering a bit to $1.4032, the first time since March it traded below $1.40.
Why the big fuss over, of all things, Greek sovereign debt?
You’ll have to shift mental gears with me if you want to chase this improbable chimera down because it really is ‘fuck you, pay me’ at its finest!
Because the biggest question that is continually ‘glossed over’ by the corporate owned media is precisely who (individual(s) or entities) is all of this debt owed to?
The ‘general’ answer is the banks, with no particular bank being painted as any more guilty/responsible than any other.
Um, also ‘not up for discussion/debate’ is who is liable for the bad decision to make these ginormous loans?
And guess who ends up taking it in the shorts regardless of who signed on the line…
Yup, the taxpayer! (Read: non-wealthy resident. Wealthy people don’t pay taxes.)
So, do we have a ‘political problem’ on our hands or do we have a legal problem…or, wait a minute, it could be BOTH!
The greatest ‘scam’ ever pulled is the banks putting the public on the hook for loan(s) it never should have made!
The ‘solution’ here is to prosecute the banks but the banks ‘own’ too many politicians.
Leaving the only viable solution as hanging the politicians for treason!
I keep repeating and honestly believe we will see the day when the key figures involved in this scam are sent to the gallows to be publicly executed.
Um, the ones who manage to survive the not so public lynchings. Sadly we can only hang them once.
In today’s second offering we have a fresh perspective:
On one side, Germany is taking a hard line against anything resembling aid to its troubled neighbors, even though one important motivation for the current rescue program was an attempt to shield German banks from losses.
On the other side, the E.C.B. is acting as if it is determined to provoke a financial crisis. It has started to raise interest rates despite the terrible state of many European economies. And E.C.B. officials have been warning against any form of debt relief — in fact, last week one member of the governing council suggested that even a mild restructuring of Greek bonds would cause the E.C.B. to stop accepting those bonds as collateral for loans to Greek banks. This amounted to a declaration that if Greece seeks debt relief, the E.C.B. will pull the plug on the Greek banking system, which is crucially dependent on those loans.
At the end of the day good citizen, this whole fiasco of transferring all of this ‘bad debt’ onto the taxpayers is being justified in order to ‘save’ the global financial system!
Like it is worth saving!
Hey boys and girls, ‘banking’ is not ‘rocket science’ (as long as your not trying to swindle the average customer.) Push comes to shove the government could ‘step in’ and be our new interim ‘banker’.
It’s not like we will stand there, confounded as to what to do if the banks who made those reckless loans go out of business!
In fact, failing to put them out of business is a major legal/political failure!
The laws are not being upheld, so the public is not being served!
But I belabor the obvious, don’t I ?
With ‘default’ already in the cards in Europe, what do you suppose is the next step in the ‘funny money’ house of cards?
Left to our imagination is ‘who precisely’ gets to decide what each Utah gold or silver coin is worth in, er, ‘real money’?
His idea isn’t to return to the gold standard, when the dollar was backed by gold instead of government goodwill. Instead, he just wanted to create options for consumers.
“We’re too far down the road to go back to the gold standard,” Galvez said. “This will move us toward an alternative currency.”
will the new gold and silver ‘alternative currency’ be payable in Euros, Dollars or Whiskey and Gunpowder?
Bad enough people are losing faith (as well as purchasing power) with their (enforced) reliance on ‘fiat currency’. It is a no brainer that the backers of this devisive legislation are…you guessed it, ‘nothin’ go up top conservatives’ who (obviously) don’t understand money at all.
How sad an indictment is it that the ‘Don’t understand money club’ includes most of the world?
How fortunate is it for the governments of the world that their people DON’T THINK?
Thanks for letting me inside your head,
Gegner
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