Debt Crisis May Sink Euro Warns EU President



Glucose

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Thread already exists
 

westcork

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Brian Cowen said last night that Ireland was not making an application to the European Central Fund or to the International Monetary Fund.

So next weeks Brian Cowen can claim that Europe / IMF GAVE us the money without asking so we really are still a sovereign nation with full fiscal control.
 

Cassandra Syndrome

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If Skynet pulls the plug on the Euro project, will that shut off the circuits in the algorithmic Eurotron posters processing circuits around here and we will be spared their dogmatic tripe in the future?

I'm off to put some champagne on ice. (cheap Spanish Cava by the way, which tastes better than most actual French champagne)
 

irish_bob

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watching cnbc this evening , i had expected to hear reports of gold prices surging due to the crisis in the eurozone , i then noticed that the dollar had risen considerabley off the back of the jitters in the euro , forgive my ignorance but is it simply the case that unless the dollar is falling , gold will not rise , is a potential ( though unlikely ) collapse of the euro completley irrelevant to gold
 

Goldfinger

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Van Rompuy is a rabid federalist.This kind of thing is music to his ears. You can just imagine him singing Ode to Joy in his shower tonight.
 

asset test

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Van Rompuy is a rabid federalist.This kind of thing is music to his ears. You can just imagine him singing Ode to Joy in his shower tonight.
Sad thing is Goldfinger, that there are few, if any who know who Mr Von Rompuy actually is.

Says a lot about the PR of the European Commission.
 

constitutionus

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watching cnbc this evening , i had expected to hear reports of gold prices surging due to the crisis in the eurozone , i then noticed that the dollar had risen considerabley off the back of the jitters in the euro , forgive my ignorance but is it simply the case that unless the dollar is falling , gold will not rise , is a potential ( though unlikely ) collapse of the euro completley irrelevant to gold
wouldnt think so.

golds been rising against the dollar, its just recently the euro was rising too so it didnt get reflected with it.

my bet would be BOTH will look like theyre taking a hit against gold tomorrow as the bond market goes mental.

theres a good chance it'll get back over 9% again.

if the EU starts quantitive easing itll be a cert.

dollar could be rising because people are shorting the euro. remember its MUCH easier to get that if you only want it short term than gold, but with the QE2 scheme in place i cant see it lasting.
 

johnfás

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It will destroy the Euro unless the ECB begins a programme of quantitative easing. This is the role of any central bank. We must print money, it will cost us internationally but it will help to wipe out debt (along with inflation) and it will ensure that the €urozone economies actually grow. It will hurt Germany, yes, but the ECB is not the Bundesbank! The reality is that the peripheral countries will economically cannibalise the Euro and the stronger Eurozone economies (incl Germany and France) unless the ECB begins to act like a classical central bank. The political impact of the IMF will also destroy the EU politically if it begins to seep into the PIIGS.
 

jimmyfour

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It will destroy the Euro unless the ECB begins a programme of quantitative easing. This is the role of any central bank. We must print money, it will cost us internationally but it will help to wipe out debt (along with inflation) and it will ensure that the €urozone economies actually grow. It will hurt Germany, yes, but the ECB is not the Bundesbank! The reality is that the peripheral countries will economically cannibalise the Euro and the stronger Eurozone economies (incl Germany and France) unless the ECB begins to act like a classical central bank. The political impact of the IMF will also destroy the EU politically if it begins to seep into the PIIGS.
Not at all. The main purpose of the ECB was to limit inflation, and not get involved in politics as a big stick. This is a big fight to drag the euro from the high and mighty to the sloth of the dollar and pound. If ECB starts QE, then plans will already be in place to replace the Euro with something new. The whole idea is maintain stability, not destroy countries or load citizens with debt, which is what the US/UK and the Goldman bully boys are doing their best to do.

The debt is internal anyway - this entire thing is a charade. The debt is owed to German banks who will be paying for their own debt through the ECB. If you read int he papers there is a crisis, chances are a) there isn't and b) if there is, it's not where is being discussed.
 

johnfás

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Not at all. The main purpose of the ECB was to limit inflation, and not get involved in politics as a big stick. This is a big fight to drag the euro from the high and mighty to the sloth of the dollar and pound. If ECB starts QE, then plans will already be in place to replace the Euro with something new. The whole idea is maintain stability, not destroy countries or load citizens with debt, which is what the US/UK and the Goldman bully boys are doing their best to do.

The debt is internal anyway - this entire thing is a charade. The debt is owed to German banks who will be paying for their own debt through the ECB. If you read int he papers there is a crisis, chances are a) there isn't and b) if there is, it's not where is being discussed.
The stated purpose of the ECB, during a general period of economic growth when it didn't have to do very much, was to limit inflation. The classical purpose of all central banks is to support the economy by controlling the money supply. It has got to start ripping up the rule book or it will cannibalise itself. The eurozone is rudderless because it may as well not have a central bank at this moment in time.
 
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