IT’S a $2.6 trillion mystery.
That’s the amount that foreign banks and other financial companies have lent to public and private institutions in Greece, Spain and Portugal, three countries so mired in economic troubles that analysts and investors assume that a significant portion of that mountain of debt may never be repaid.
The problem is, alas, that no one — not investors, not regulators, not even bankers themselves — knows exactly which banks are sitting on the biggest stockpiles of rotting loans within that pile. And doubt, as it always does during economic crises, has made Europe’s already vulnerable financial system occasionally appear to seize up. Early last month, in an indication of just how dangerous the situation had become, European banks — which appear to hold more than half of that $2.6 trillion in debt — nearly stopped lending money to one another.
Badges?
ReplyDeleteWe ain't gotta show u
No stinking badges
-- Henry Paulson
They know the oil dispersants are going to kill a lot of people.
ReplyDeleteThey know.
http://www.youtube.com/watch?v=6vn8cVoK70M
I just wanted to let people know about the REAL STATE OF THE AMERICAN ECONOMY. I am a church deacon and the head of the food pantry.
ReplyDeleteOur food pantry is located in a working class Chicago neighborhood. We started it two years ago when children would knock on our doors after school, requesting food because they didn't have enough to eat.
Ever since that time, the need for a basic necessity in our nation- FOOD has only increased month after month.
I hope and pray the economy gets better so people can get back on their feet. But in the mean time, as the country struggles, I believe deeply that we should all help each other out.
If you are in a good financial position, then first thank the Good Lord. Then do what you can do help someone else out.
Remember, this too shall pass. It will be hard but I hope when it's all over, people realize that having a big house, a fancy car, the latest electronic toys weren't important at all. That love, kindness, charity, fidelity, a family and children were the most precious pieces they had.
About two weeks ago WSJ reported that the real major holders of the European debt was sitting on Chase, Citi, and Wells Fargo. For researchers fearing that the ones in trouble would be the Swiss banks, they found an amount of that giant debt is owed to USA. You guess!!!!
ReplyDelete02:47 people that are rational and prepared have no need to thank the 'good lord.' Allegiance to a cartoon has nothing to do with it.
ReplyDeleteHaving the guts to step away from the 98% populace of mind numbed, deluded people is the answer. To have the strength of mind and resolve to understand that facts, albeit uncomfortable, are still facts.
We are at the edge of a very tall cliff, about to be pushed off. No man on a flying white horsey blowning a horn is coming to save us. The logical, rational person is preparing to take care of themselves the best they can. The only person that can save you is YOU.
http://www.businessinsider.com/the-us-economic-collapse-top-20-countdown-2010-6
ReplyDelete"About two weeks ago WSJ reported that the real major holders of the European debt was sitting on Chase, Citi, and Wells Fargo. For researchers fearing that the ones in trouble would be the Swiss banks, they found an amount of that giant debt is owed to USA. You guess!!!!"
ReplyDelete"Long live free money for banksters" says :
These American Bondolders and rich investors need not worry . The US Fed has arranged "currency swaps" backing for the EU financial authorities to ensure the bondholders of EU government debts collect.And rightly so!
The EU has guaranteed about a Trillion US $
for this Task of guaranreeing these bonds by
putting the Europeans on short "austerity".
Its as Good As the TARP financial coup in America for banksters.
Just Another Trillion dollars printed by a resonsiible Fed led by Uncle Ben and Tiny Tim GS/US treasurer.
The US can just print And swap these dollars as a line of credit For The E.U.
Ben has sent his helicopter to drop dollars on the Eupropean banks in oder to help "them"out.
It wil surely end well, as all is for the best in the best of all possible Worlds . America Through its Fed now guarantees
these bonds and the Euro credit supply system itself .
So no worries ! The $ cost very little to print and it only devalues existing dollars by bringing inflation to america from Europe.
One day the American Congress may even get a vote approving ,after the fact of course,
the transfer of hundreds of billions,or perhaps in the end trillions of American dollars ,by the privately run Fed for the use of Europeans to bail out banksters.
Including of course US bondholders.
5.32
ReplyDeleteOf course the deacon on the white horse was trying to justify his religion by the need for
showing off social concerns on this world.
But, none of that practical social talk has any relevence to true American individualists only concerned with saving their own skin and silver ?
Some of the religious have spiritual idols and are storing up wealth in heaven to save themseves in the "afterlife" in heaven by good deeds for building up a credit with the Lord .
Others have silver Idols.Guarded by guns .
But it turns out that the silver Idols are really sometimes only me,me, and I.
But not all Atheists are extreme individualists and deny the social needs and the need for mutual aid and cooperation of humans for a better life in this world.
I may be an Atheist and materialist, but I prefer the social talk and practical help of this Christian deacons and even the more practical Jihardis in this world fighting for their national independence in the poor Third World ,over that of the inhumane Me Me Me individualists justfying their save only ME first individualism , by using atheism as an excuse for denying the social needs of humanity.