It looks like you're using an Ad Blocker.

Please white-list or disable AboveTopSecret.com in your ad-blocking tool.

Thank you.

 

Some features of ATS will be disabled while you continue to use an ad-blocker.

 

Germany refuses latest European bailout, Europe about to go supernovae

page: 1
9
<<   2 >>

log in

join
share:

posted on Aug, 6 2011 @ 01:42 PM
link   
And probably bring down the world down with it.... ain't globalism great?


Good for Germany... but bad for everyone, including Germany.
It Just Went From Bad To Far, Far Worse As Germany Says Italy Is Too Big For EFSF To Save, Refuses To Carry Euro Bailout Burden

Remember when we said (yesterday) that Germany will soon balk over the fact that it is pledging its entire economy to bail out an insolvent Europe? Well, that moment has come.

Dow Jones just hitting the tape referencing Spiegel

* German Govt: Italy Too Big For EFSF To Save - Spiegel
* German Govt: Doubts Whether Tripling EFSF Would Help It Save Italy
* German Govt: Italy Must Make Savings, Reforms To Exit Crisis - Spiegel
* Italy Debt Guarantee Could Raise Doubts Over Germany's Finances - Spiegel
* German Govt: EFSF Should Only Help Small, Mid-Size Countries - Spiegel

As a reminder, yesterday's stopgap announcement by the ECB to expand its SMP purchases of secondary market Italian and Spanish bonds was merely as a precursor to full EFSF monetization until its comes fully online in September (or sooner) in a vastly expanded format (between €1.5 and €3.5 trillion).

If Germany is now against this, which appears to be the case, it pretty much means, well, game over.

Add the uncerainty over the unwind of the Europe rescue "gamechanger" as one of the more naive CNBC anchors said yesterday, and Monday is now guaranteed to be a bloodbath.

As for those saying China will gladly step in and fund a $5 trillion EFSF shortfall, they may want to read the following article from Reuters:

Italian Economy Minister Giulio Tremonti said on Thursday that Asian investors are reluctant to buy Italian bonds because it sees they are not being bought by the European Central Bank.

So no China to save the day (which they have been doing for months now)... China will probably lose hundreds of billion over this...

Europe and the world is panicking :
Emergency Meetings Galore: ECB To Hold Crisis Conference Sunday, G20 To Hold Call At 2230 GMT Tonight

For a world that has supposedly largely priced in the US downgrade, the amount of emergency conference calls this weekend is a little disturbing. First, tonight at 22:30 GMT the G20 deputy finmins will hold a conference call It to "exchange of information and opinions." Next tomorrow sometime the ECB will hold a separate call in "response to the latest developments in the euro zone's debt crisis, an ECB source said on Saturday."


And then you add for monday : US downgrade...

And then you add for the coming weeks : the downgrade of France, one of the two pillars of the EU. (after all they are still AAA, and credit default swaps are 3 times higher than in the US)

The whole world economy is about go kaboooom unless some miracle happens... which considering the trash in office around the western world, would only DELAY the inevitable... because let's face it, they won't fix anything real.

Update : China cuts off US's credit...
CHINA: "America Needs To Accept The Painful Fact That The Good Old Days Are Over"

"The U.S. government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone," Xinhua wrote.


Fitch rating analysis on the US is due within weeks... wouldn't surprise me if they downgrade too.

The end game is fast approaching... will it be... collapse, war, revolution or something else?
edit on 6-8-2011 by Vitchilo because: (no reason given)




posted on Aug, 6 2011 @ 01:54 PM
link   


If Germany is now against this, which appears to be the case, it pretty much means, well, game over.

game over ?
life will end ?



posted on Aug, 6 2011 @ 01:56 PM
link   
The only thing I can say, is they better install safety nets at the windows of each highrise banking building, tomorrow, as they're going to need them come Monday morning. If I was a trader, I would seriously be considering calling in sick!!



posted on Aug, 6 2011 @ 02:00 PM
link   
Monday is make or break time, after the hellish week the market we've seen, followed by the american downgrade, all i can see is sell sell sell, and it wont be long till all the european civilians withdraw all their money from the banks which will cause a complete meltdown.

Supprised they havent already, i would of done a few weeks back if i lived in spain/italy.



posted on Aug, 6 2011 @ 02:07 PM
link   
Where's Foundation X these days ??

Maybe the Vatican will lend Italy the money.

Cosmic...



posted on Aug, 6 2011 @ 02:12 PM
link   
Is it time to bring the tomato plants in?



posted on Aug, 6 2011 @ 02:22 PM
link   

Originally posted by Watts
Is it time to bring the tomato plants in?

Yep. Should have brought them in when Fukushima exploded... by now, your tomato plants are all radioactive.



posted on Aug, 6 2011 @ 02:25 PM
link   
nos msm
edit on 6-8-2011 by TribeOfManyColours because: (no reason given)


article from an dutch MSM channel
edit on 6-8-2011 by TribeOfManyColours because: (no reason given)



posted on Aug, 6 2011 @ 02:27 PM
link   
So Germany says NO to Italy and China says NO to the USA......will be an interesting day come Monday on the stock market as European trading opens doors.



posted on Aug, 6 2011 @ 02:27 PM
link   
Let the fun and games begin. It's not as if we haven't been talking about this moment for the last eighteen months if not more.

So is everybody ready for the meltdown??



posted on Aug, 6 2011 @ 02:29 PM
link   
Surely Spain will default before Italy.

Italy is still solvent, they have over 2000 tons of Gold, this is going to be a robbery if it happens.

Germany or the ECB or the IMF will demand the Gold before settling or funding anything, that's if Italy really needs a loan in the first place.

Screw the Banks...let em fall.

Cosmic...



posted on Aug, 6 2011 @ 02:30 PM
link   
reply to post by Cobaltic1978
 


I think everyone worldwide knows its coming, just most are not prepared when SHTF



posted on Aug, 6 2011 @ 02:31 PM
link   
reply to post by Cosmic4life
 


Ya think those Italians are going to give up their gold that easily? Not a chance!



posted on Aug, 6 2011 @ 02:33 PM
link   
In the 1990s when they were deregulating and dismantling every safeguard as fast as possible, St. Alan Greenspasm and his army of academic, media, and political palm-lickers liked to opine that the extra risk would be much less likely to impact any big player but would rather be spread over the entire system. Of course at the time nobody bothered to point out the grim corallary: The less likely each individual player is to crash, the more likely the system as a whole is to crash.

This looks a lot like a system crash.



posted on Aug, 6 2011 @ 02:34 PM
link   
There's no need to panic. As long as you don't have your savings in European banks.

Germany is under no obligation to pay for investors who allowed their greed to overwhelm themselves. These people are the ones whom will lose their savings, some are rich and many, sadly pensioners whom had trusted cowboys to play with their money while living a high life.

It's payback time for their unconscionable gamble on small european states whom had not the resources both in mineral and human capital to pay loans, let alone fund their own social expenditure.

Once the banks and fund managers are unable to pay back depositors, they will have to go bankrupt. But at least it will save the countries with a general write off on their debts, to restart their GDP and progress, this time with care and social developement for evolution of their soveriegn people.

It's a time for sharing. Many depositors and pensioners will starve, thus those nations whom had their debts written off must use their revenues obtained through daily trade of life's necessities must share, so too must the rich whom escape unscathed, or there will only be hell to pay in the united European dream that turned a nitemare now. May those responsible be held accountable.



posted on Aug, 6 2011 @ 02:39 PM
link   
reply to post by Watts
 


pizza's as new currency?lets face it...
the first crisis was never overwon...
the reason there was an recouvery last 2 years was only becouse companies made profit to put the labours on street...
it lasted 2 years to drain the consumption to critic levels...
they should have give the thousends of billion dollars to the peopple instead of the banks....


edit on 6-8-2011 by ressiv because: (no reason given)



posted on Aug, 6 2011 @ 02:50 PM
link   
reply to post by ressiv
 


They should do alot of things, fact is, there is really no valid reason why any American should loose their homes.



posted on Aug, 6 2011 @ 02:50 PM
link   

Originally posted by Vitchilo

Originally posted by Watts
Is it time to bring the tomato plants in?

Yep. Should have brought them in when Fukushima exploded... by now, your tomato plants are all radioactive.




*OH NOES!*



posted on Aug, 6 2011 @ 02:53 PM
link   

Originally posted by bluemirage5
reply to post by ressiv
 


They should do alot of things, fact is, there is really no valid reason why any American should loose their homes.


The hang-up is, some of those things involve not allowing corporations to anally rape us for profit while being being barely taxed anymore. They'd rather you lose your home than give up their 3rd mega-yacht.



posted on Aug, 6 2011 @ 02:59 PM
link   
What we have here is history repeating itself.

The exact same economic conditions happened 80 years ago. 1933 to be exact.

6 years later the world went to war.



new topics

top topics



 
9
<<   2 >>

log in

join