Greece debt farce - the end of the Euro?

djjaycool said:
The different national banks are keeping the euro strong be cause if it falls to much companies that switched from the dollar to euro will lose billions and cause a bigger bank crisis. The euro should have been devalued and should be on par with the dollar. The USA would like to keep a strong euro it helps with the trade balance
Click to expand...

Right....I think a true value of the euro would be around the value of the dollar, that would make a lot more sense.
When banks prop up a currency and or an economy against it's natural progression there is a potential for an almighty build up of pressure....then comes a ''San Andreas Fault'' style release of chaos.
I have to pay a deposit on a house I am buying in Ibiza next week....trying to hold on until the last possible minute before buying the euros.
Scarey times.
 
If you look at the currencies that preceded euro (in France, Germany, Ireland, Italy, Spain, Portugal, Belgium, and Greece), there value against the pound and dollar was no were near the levels they hold today. Market hopes drove the rise of the euro value with no real substance behind it. The aforementioned countries governments and individual fiscal policies have remained basically the same. The euro has become over valued and now is too big too fail like the banks. The social net costs are high in those countries without the economy to sustain them at the current levels, something will have to give. The people will probably riot even more if the austerity packages become more stark.
 
I-Spy said:
Right....I think a true value of the euro would be around the value of the dollar, that would make a lot more sense.
Click to expand...
Not with the amount of dollars we've printed over the past couple of years. Plus, the US gov't doesn't want the dollar to strengthen as it might reduce manufacturing competitiveness.

I think it should get down to around $1.20 but it seems to be holding steady around $1.4 (well, down to $1.38 today).
 
Morbyd said:
I think it should get down to around $1.20 but it seems to be holding steady around $1.4 (well, down to $1.38 today).
Click to expand...

$1.37 now as Italian 10 year Bonds today pass the point of no return at 7%.

ECB will have to step in or else the euro falls.

I like this twitter quote today "Italy is too big to save. It's a Killer Whale in a pedestrianised town centre
 
If Italy fails it will wreck the world economy, China will have to step in and buy loads of Italian junks bonds. The UK will be rocked and the USA only a little less.
 
392100_189751067782088_138406762916519_383835_1918681682_n.jpg
 
Greece had the raah going with the rioting going on there. Non-violent protest should be the way forward. This is just sad
 
Jeff Nielson: Gold and silver prices plummet because the U.S. economy is so healthy that the Federal Reserve won't have to print any more money, and so there won't be any more inflation. Lol! While it made good fiction for the mainstream pablum-dispensers, it certainly has no connection whatsoever with the real world.

http://etfdailynews.com/2012/03/03/...for-the-abrupt-plunges-in-gold-silver-prices/


Sums up the insane world economic situation atm. Quite why the media are happy to play along with the whole charade beggars belief.
 
WeLuvIbiza said:
Sums up the insane world economic situation atm. Quite why the media are happy to play along with the whole charade beggars belief.
Click to expand...


Because they write what they are told to write by their editors, if they dont they loose their jobs and at the end of the day the majority of Journalists are just cheerleaders for whatever vested interest agenda their advertisers want them to peddle.

IMO print journalism is a dying trade. Online media is where the truth is found.
 
Bez said:
IMO print journalism is a dying trade. Online media is where the truth is found.
Click to expand...
True, print journalism is being killed by online journalism.
But not because the latter is better. It's much worse but also much faster, which means the print guys feel compelled to compete.
Quality journalism of any kind is dying a slow, depressing death :(
Rumor spreads like fact across the landscape and even when the truth comes out, minds have been set.
 
Morbyd said:
True, print journalism is being killed by online journalism.
But not because the latter is better. It's much worse but also much faster, which means the print guys feel compelled to compete.
Quality journalism of any kind is dying a slow, depressing death :(
Rumor spreads like fact across the landscape and even when the truth comes out, minds have been set.
Click to expand...

It all comes down to checking the facts which is a basic fundamental pillar of professional journalism.

When an online story breaks it may take a print jorno 1 day to check the story out. Ethically print should be better but its let itself down badly in recent years.

Its a race to the bottom now.
 
Morbyd said:
True, print journalism is being killed by online journalism.
But not because the latter is better. It's much worse but also much faster, which means the print guys feel compelled to compete.
Quality journalism of any kind is dying a slow, depressing death :(
Rumor spreads like fact across the landscape and even when the truth comes out, minds have been set.
Click to expand...

Is copyrighting suffering similarly?

My missus get's the Sunday Times on her I-Pad and I'm always amazed at the number of mistakes in it.
 
The one thing that surprises me more than anything else since the 2007 sub prime debacle is the world turning a blind eye to the plight of America:confused:

Nothing adds up, there is no way the debt mountain Helicopter Ben has created can be eradicated. ZIRP has got to end in catastrophe, Bernake cannot re-write history. It is impossible to know what is happening with China, they can be far more creative with their accounting than any country. It is widely known China have printed more money than anyone but they are out manoeuvring USA on every turn atm. They have established a relationship with Saudi for oil and no way will they deal in USD once they are live in 2013/14. Lots of other inter country deals are being established where the dealings are not in USD, lots of evidence the dollar will not remain as the reserve currency for many more years. Frightening times ahead imvho.
 
The Russians (on par with Saudis in terms of oil production) would love to move off the dollar for foreign trade as well.

Exactly why I keep my savings spread out across four currencies!

But the Chinese have a vested interest in keeping the dollar viable considering they're our biggest creditor.
 
Morbyd said:
The Russians (on par with Saudis in terms of oil production) would love to move off the dollar for foreign trade as well.

Exactly why I keep my savings spread out across four currencies!

But the Chinese have a vested interest in keeping the dollar viable considering they're our biggest creditor.
Click to expand...

What currencies do you have your savings in, out of interest?
 
You must log in or register to reply here.
Back
Top