Financial Apocalypse - coming soon

Discussion in 'Economics' started by FORMER_FYRDMAN, May 13, 2011.

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  1. FORMER_FYRDMAN
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    FORMER_FYRDMAN LE Book Reviewer

    Britain will no longer foot the bill for the EU

    Just came across this article in the DT. I didn't realise that Greece had sunk to the state described. Can any Arrsers substantiate that it is 'lawless' in large parts?

    Looks as though Europe is set for a very rough ride - in my view well worth it if it ends the EU in its current form.
     
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  2. Strait_Jacket
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    Strait_Jacket War Hero

    This has been the inevitable end game since one eye transformed the banks gambling debt into sovereign debt and encouraged all others to follow suit. France and Germany have thrown smaller countries under the bus in an attempt to stave off disaster for their own banking institutions, but the inevitability of default cannot be avoided by pouring good money after bad. The only question is which country will start the avalanche that sweeps away the financial institutions of Europe and then the US, along with their liberal governments.

    Any aspiring right winger might want to start dusting off their manifesto because nationalism is going to be in vogue once again when the tsunami hits.
     
  3. Onetap
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    Onetap LE

    Hmmmmm, scarey. Thanks for posting that and depriving me of sleep for the forseeable future.

    I am unable to confirm that any part of Greece is 'lawless'; however, I can confirm that the UK is 'lawless' in large parts. I hope this helps.
     
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  4. Litotes
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    Litotes LE

    I always thought the Euro was a step too far and so it has proved. Greek government debt is, apparently, trading at a yield of 20%. The market is saying that it doesn't trust the Greek government to pay the annual interest or repay the capital when it falls due. Other countries have been in this position and, usually, the currency falls so far that they can trade their way out of the mess. But Greece cannot devalue its currency. What a mess!

    You asked a good question about riots in the streets. I went looking for an Anglo-Greek newspaper and found:

    ekathimerini.com | Home

    The headlines?

    "Violent skirmish leaves 30-year-old critical and four police officers are suspended"

    and:

    "Jobless rate jumps to nearly 16 pct in February "

    But I was then distracted by the article on apricots. I like apricots. I might be some time...

    Litotes
     
  5. Steven
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    Steven LE

    Unless the Greeks leave the Euro and go back to Drachmas of course.

    Not sure if there is anything in place to allow this but if it gets that bad I am sure they will be able to draft something in double quick time.

    What the affect on the rest of the Euro zone and currency would be is anyones guess.

    As for the rightwingers getting a handhold on power. This is already underway, Denmark are already planning on reintroducing border controls in defiance of the Schengen treaty. Though they say it will only be "increased customs checks" and not checks on people.
     
  6. thegimp
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    thegimp LE

    Having a large sum of cash should I be buying generators water and weapons or waiting till everybodies house price implodes and scooping up the bargains
     
  7. Wordsmith
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    Wordsmith LE Book Reviewer

    The Greeks are f*cked come what may. They can stay in the Euro, remain hopelessly uncompetitive and get further and further mired in debt. Alternatively, they can leave the Euro, go back to the Drachma, see it fall to 25% of its value and get further and further mired in debt.

    The other option is form them to default on their debt, but then that'll cause a banking crisis in Europe. Lots of German, French and British banks will require recapitalising. This will result in lending to businesses drying up and Europe tipping into recession.

    Hence, the other Euro nations are throwing money at Greece in the hope that the problems will go away (which they won't). One commentator described this strategy as 'kicking a tin can along the road'. Sooner or later Greece will default.

    And, if Greece goes, Ireland and Portugal won't be far behind. Then Spain will join the ranks of the bankrupt (and probably Italy).

    Oh, happy days....

    Wordsmith
     
  8. 4(T)
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    4(T) LE

    I've been trying to pull off a property deal, so I can take my dosh and emigrate. Trouble is, sterling has already devalued by about 25%, so I'm already behind the wave. If the Euroland financial crisis breaks, I'm not sure if Sterling won't simply keep pace with collapsing UK house prices...

    My old man lives in Spain. Every shop tag still has a Peseta price printed underneath the Euro price. There is almost universal sentiment amongst his Spanish chums that Spain should revert to the Peseta and devalue their way back into being a booming tourist destination.
     
  9. FARMBOY
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    FARMBOY LE

    Buy Gold and Farmland and wait for the Apocalypse. It's going to be a tough ten years in Euroland.
     
  10. STILTS
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    STILTS LE

    The thng is I always thoght that the poxy Euro was a very very bad idea, even I could workout that it would never work. My theory that a pint of milk, mars bar or a litre of petrol etc should cost the same in say France, Germany or Greece etc. As they all use the same currency! But goods will never cost the same Euro wide.
    So as previos posters have put I am waiting to Euroland go tits up big time.

    Stilts
     
  11. BONNACON
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    BONNACON LE

    And now tom with the weather......
     
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  12. MrsDriver and me used to enjoy many jaunts to Belgium, especially to Brussels and along the coast. We stopped going about three years ago when the exchange rate went haywire. Now think of Greece and Spain that rely on British tourists who are staying away in droves, it's cheaper to go to Florida. They should dump the euro, go back to Drachma and Pesata, devalue and stand by for the rush as they become affordable again.
     
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  13. br9mp81
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    br9mp81 War Hero

    iirc on radio 4 today last week,there was talk of the big 4 debt nations getting together to stand up to the cash cows and welsh on the repayments,as we're all europeaners in the same boat and the cash cows MUST pay up and help out.
    if your anywhere near stratford on avon that rumbling noise will be enoch turning in his grave.
     
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  14. Gold is a very high price at present - ask Mr.Brown...
     
  15. FORMER_FYRDMAN
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    FORMER_FYRDMAN LE Book Reviewer

    The question for the UK is whether it can weather the coming storm when about 40% of the country are unproductive wasters who believe that the state owes them a living. There's also a concern about what the aperatchiks in Brussels might do to try to keep the gravy train on the rails. I think the time has come to cut the PIIGS loose and completely reoraganize and refocus the EU, if not get rid of it altogether. Possible time for the Northern European economies, ex-France, to go it alone.
     
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