bigsinky

oh dear. the computer says NO. well done IMF. makes me glad I'm not in the euro now.

andy97

iTrader: (1)

have you seen this youtube link http://www.youtube.com/watch?v=lekS_7l0b18

Paints a frightening picture if it becomes true.

Someone else said that Spainish banks have the cockroach syndrome, where there is one, there will be many more to find

bigsinky

The rate of collapse now exceeds the rate of the attempts to overtake the collapse. That means that, essentially, the entire European system, in its present form, is in the process of a hopeless degeneration. Now, this is something comparable to what happened in Germany in 1923, and they've caught themselves in a trap, where a rate of collapse exceeds the rate of their attempt to overtake yesterday.

So therefore, we're in a new situation, and the only solution in Europe, in particular, is Glass-Steagall, or the Glass-Steagall equivalent, with no fooling around. Straight Glass-Steagall — no bailouts! None! In other words, you have to collapse the entire euro system. The entirety of the euro system has to collapse. But it has to collapse in the right way; it has to be a voluntary collapse, which is like a Glass-Steagall process. This means the end of the euro, really. The euro system is about to end, because you can't sustain it.

scaremongering or do you all think there is something in it?

GlesgaKiss

There is certainly something in it. We're all dooooooommed, that's what!

There's definitely at least a good chance of a collapse of the banking system. There's a chance in normal times due to some unforeseen event - but when the whole system is in the state it is currently in (probably the worst fundamentals in several generations), the whole thing is basically reliant on people being willing to keep going in spite of (and ignoring) the fundamentals in the hope that things get better.

From what I've read, I believe that there is a crunch to come. There's certain things that need to happen to be able to move on from these levels of debt. Delaying only makes them worse by adding to the burden. It's like the choice between whipping a plaster off quickly and spending the whole day crying while tugging at it (which I haven't done for a long time.. since I was about 22).

ScoobyWon't

I was just reading it's a higher figure.

It gives the Greeks a few hours out of the spotlight.

alcazar

iTrader: (2)

And will ANY of this benefit the £ agaisnt the € in the short term, or the French franc if they have to go back to it?

Or will a weak £ get sucked down with the €?

ScoobyWon't

Both the £ & $ have risen against € today and are currently at the highest they have been, over last 120 days. As for the future, I wouldn't want to predict it.

dpb

And Hollande is dead set on attacking Syria

Maybe the French have more money than they're letting on.

hodgy0_2

The irony of all this, is that the German people were loath to give up the Deutschmark, with memories of the 20's hyperinflation still sharp in the minds of the general public

They had a strong affinity to their old currency, they must feel pretty let down by the politicians, but they are a pretty resilient nation

They must lament the euro

ScoobyWon't

I saw one report stating that less than half of Spaniards thought the Euro had been good, while over 40% of Italians want to return to using Lira.

pslewis

The Euro is finished .... the Banks are finished ...... the UK Banks will go along the line too.

There needs to be a massive mark down in everyones savings I'm afraid - the Bankers have stolen everything from us - I suggest we take what we are owed from them.

albob

it should benefit us (according to Robert Peston on bbc) "people have to put their money somewhere - and the UK looks a good bet compared to the rest of Europe..."

ScoobyWon't

Some people who are happy to return less than they invest, purely to keep their money safe, are investing in Switzerland.

Leslie

All they can do is to build some more autobahns I reckon!

Les

Leslie

They should be gaoled for dishonesty!

Les

mart360

Lets be honest, this money has gone somewhere,

There must be some very very rich people who have profited from this!!!

so why dont they pump the money back in?


Mart

J4CKO

iTrader: (1)

What were they thinking, letting in countries that dont pay tax and have a kip in the middle of the afternoon, when the rest of us are working !

What I want to know is where all this money is owed to, individuals, other countries, companies or what ?

dpb

It's imaginary money, and imaginary people

jef

iTrader: (13)

the euro seems to be the biggest scam ever

a tiny minority seem to have become extremley wealthy. figures seem to have been twisted to allow it to work from the start - and nations economies that could not be sustained were allowed in.
so the fundemantal problem is - it could never have worked from the very start, and only came into being either due to intentional manipulation or just stupidity from the organisers.

its maybe all great in hindsight, who knows.

but did we all not do quite good when the £ was stronger against the euro? buisnesses grew fairly well ect ect - so we all kind of got a cut of the profit?? im just asking because i dont know

speedking

Not necessarily. If I lend you £10 at 50% interest per day, then after a month you owe me £3m. But no-one has benefitted from that 'money'.

hodgy0_2

I said this a couple of years ago, what with the multi trillion dollar bailouts of the Banks, Insurance & mortgage companies, not to mention the entire US car industry -- all with public money

The western economies have seen a flow of money from poor to rich of almost unimaginable proportions