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LISBON, Portugal, May 13 (UPI) -- Portugal is to soon join the European countries instituting austerity measures in the fight against the eurozone debt crisis.
Several countries are facing severe deficits as debt obligations come due. The worst-affected are the so-called PIIGS -- Portugal, Ireland, Italy, Greece and Spain. Problems in the countries have caused confidence the euro to fall, weakening the economic position of many European countries.
Richer countries, many of which saw the problems developing and took steps years ago to forestall them, are being looked to to help their economy-challenged brethren. Before they write checks in rescue, however, they are demanding the debt-ridden countries take strong steps to guarantee they are serious about addressing the problem.
In some ways it’s a battle of the politicians against the markets. That’s how I do see it. But I’m determined to win this battle.
- Angela Merkel
Gold Is Money, and Nothing Else.
- JP Morgan, testifying under oath to Congress before the Pujo Commission, 1913
The Selling Out of Germany
I feel very bad for the German people. Not only do I feel bad for them but I can empathize. I too am being forced to sit back and watch this comedy of errors as a corrupt, inept and increasingly dangerous class of elitist political and financial oligarchs destroys my nation. On Sunday night an ex-client that I have remained in contact with since my days at Bernstein sent me an email with a simple question: “What do you think of the bailout.” I didn’t have time to answer it during trading Monday but when I finally sat down I wrote the following.
Basically, it’s a total joke as is everything else the politicians have done. No one and nothing is allowed to fail and this relates to the fact that the global monetary and financial system is a complete house of cards. It’s insanely bullish for gold. If Germans rioted they would be in the streets today. They totally got sold out beyond belief. But it doesn’t seem to be in their nature to riot so rather I think they will dump their Euros and buy gold. That’s how Germans riot. With every passing day and every new bailout of the global banks (which is all this is, all TARP was, and all everything has been) more and more people awaken to the fact it’s all a total scam. This will just accelerate the process of dumping the paper currencies we use today in favor of hard assets as this system is obviously coming down. A lot of people keep asking, is this the same as post Bear Stearns? I mean here is the biggest difference in my mind. Back then people believed in the system, the market and what we have going generally. Not now. Not anymore. Thousands more people every day figure out it’s rigged and it’s a ponzi scheme.
Originally posted by marg6043
reply to post by Vitchilo
Here more on the slow down fall of Americas sovereignty, the entire world should raise up and fight the corrupted governments that are raping their nations from their wealth.
Some commentators are talking a euro at par to the dollar. I assure you that would be the end of the union and the beginning of the attack on the dollar that is certain to come.
If you have the emergence of national European currencies as a result of the failure of the union, the mirror image strength of the dollar would instantaneously disappear. Credit Default Swaps would turn its vengeance on the dollar. The Drachma would be incinerated. The Swiss and DM would be the stronger units.
If the EU fails so does the USDX. With no mirror image to hold up the dollar artificially the US dollar will fall faster than Greece’s credit.
The Los Angeles City Council overwhelmingly approved a boycott of Arizona-based businesses and governments Wednesday unless the state repeals a new law giving police the power to question a detainee's immigration status.
Several other California cities, including San Francisco and Oakland, have already adopted resolutions requesting city departments to not sign any new contracts with Arizona companies.
Originally posted by GreenBicMan
reply to post by jacksmoke
Since 2008 IMO we have been in a descending wedge formation. It looks like we will break this support and IMO the 2005 support will not hold.
That will then take us back to 2000-2001 I believe when we were at 1.00
"French President Nicolas Sarkozy threatened to pull his country out of the euro currency group to force Germany to help Greece with its debt crisis, El Pais newspaper reported Friday, quoting Spanish Prime Minister Jose Luis Rodriguez Zapatero."