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Archive for the ‘Euro’ Category

New reserve currency

This is big trouble for the USA
WASHINGTON (AP) — Regulators on Friday shut down a Nevada bank, raising to 83 the number of U.S. bank failures this year.
The 83 closures so far this year is more than double the pace set in all of 2009, which was itself a brisk year for shutdowns. By this time last year, regulators had closed 40 banks. The pace has accelerated as banks’ losses mount on loans made for commercial property and development.

The Federal Deposit Insurance Corp. took over Nevada Security Bank, based in Reno, with $480.3 million in assets and $479.8 million in deposits. Umpqua Bank, based in Roseburg, Ore., agreed to assume the assets and deposits of the failed bank.
New reserve currency
We in Ireland are still bailing out bankrupt banks at the cost billions we don’t have causing economic depression for this and the next generation!
With 52 thousand students coming out of our universities and no jobs to go to
alone along with 100,000 people all ready left the country ,and another 53 thousand students leaving secondary education this year
How many of them are going into apprenticeships, jobs or is it emigration for the majority for them
The Unelected Cowen and his band of economic terrorists are helping the top bankers of the state live it up while the rest of us struggle to pay our monthly bills
I say let the bankrupt banks pay their own bills and allow them to fail, just like the Americans are doing in the land of Free markets
Allowing the crooks in the Dail to plunder our natural resources and the wealth of future generations is a crime I personally do not want to be responsible for, when our children ask what you did to prevent it I can show I was active in my opposition and I made a stand
What can you say you did??
It is the responsibility of each and every one of us to oppose this band of thieves we must stand up and take action
Do not just stand by and allow our country to be destroyed by the current government who have sold out to the faceless bondholders in Germany , France and England
Stand up and Fight back now!
Put yourself up for election do not give you vote to any of the current TD’s
We need new blood in the Dail and not Family dynasties
We want a general election now and we need a new community party made up of new local people from ordinary backgrounds that will work for an average wage and not clock up huge self given perks, ending up as millionaires while the rest of us struggle to pay for these perks & pensions
We need real servants of the people and not leach’s sucking the rest of us dry like some of the current shower of TD’s are doing
The next general election must end Gombeenisem for good.
Promise yourself this and we just might save Ireland!

David Mc Williams in his latest posting Memo to ECB: print money

David Mc Williams in his latest posting Memo to ECB: print money

Highlights the conundrum the Germans now find themselves in!


As the paymasters of Europe, they are not happy in this unforeseen roll and the opposition in Germany is growing as we see with the loss of North Rhine-Westphalia see article here

In last week’s elections in Germany, by the ruling party of Angela Merkel.

Where this leaves the Euro is another question, I think too much has been invested in the Euro enterprise, so much so that I don’t expect to see the Germans just ditch it anytime soon!

The latest support package for the beleaguered Euro is testimony to the fight the Germanys are still prepared to put up, to save their investment in the single currency.

But what have the Europeans really agreed to?

From here it looks like a giant NAMA solution! Yes we have arrived at the unthinkable, a NAMA for Europe .this of course is just as bad if not even worse that our own Irish NAMA ,but with much worse consequences. All over the air waves to-day we hear that the Euro has been saved and the markets initial reaction is positive but the markets are prone to swing at a moment’s notice and I would not put faith in any initial reaction.

Where are all these billions going to come from and what is the Irish government’s contribution going to be now ,from my estimates we could be asked to stump up 5,000.000.000 billion. (Under the loan package, euro-area governments pledged 440 billion euros in loans or guarantees, with 60 billion euros more in loans from the EU’s budget and as much as 250 billion euros from the International Monetary Fund.)

Where are we going to get this kind of money? Am I the only party pooper?

Surely spending this sort of money replicates the reckless actions that got us here in the first place!

Someone somewhere is going to ask the question what are we going to have to do the get this money? Give up more sovereignty, in the form of a new Lisbon 3 referendum.

Either way this is not good news and this will dawn on the people of Europe in the coming months!

Just think if NAMA is bad for Ireland ,then Euro NAMA cannot be good for Europe !

Unless the Germans start to experience real pain, and their economy starts to go into depression ,and they then come on to the streets, I expect that things will die down and we will see perhaps new attention been brought on to the dollar again! Why? Because the Americans are much further down the road with their printing presses, and the American Jumbo Debt comes to focus on the world stage again!

The thing about debt is that it has to be faced up to at some stage !


 

 

Dollar Watch(March 2010)

Dollar Watch




I t looks like the dollar is heading back towards the 1.45 level against the euro ,now that the Greek crises has fallen off the international money markets screen for now

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