They’re Here: Dire Eurozone Warnings Are Back in the News
- Posted on August 18, 2012 at 5:00pm by
Becket Adams
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You know what was nice about the last couple of weeks? Little to no eurozone news. Oh, sure, there was the usual stuff: Political impasses, compromises, bond auctions, etc., etc. But the heavy-duty, “stop-the-presses” stuff seemed to die down a bit.
Sadly, that was then, this is now. As our friends at Zero Hedge note, Euro media outlets are starting to ramp up the urgency in their headlines.
The following list of excerpts (via Zero Hedge) is definitely worth keeping an eye on (notice how things have gone from wonky to flat-out dire). If the the following headlines are at all accurate, the eurozone financial crisis is about to get real interesting, real fast:
The Euro Crisis May Last 20 Years:
The first five years of the global crisis are over, investors flee from complex financial products and into gold, silver and commodities. Experts warn against a false sense of security.
“We should not give us the illusion that the crisis will soon be over,” says Patrick Artus of the French bank Natixis. Years of negative developments such as the growing debt, or the de-industrialization of specific sectors should now be reversed. “Such a process takes time.”
“The euro crisis may also last 20 years,” says Arthur.
German finmin [Finance Minister]: No New Aid Programme for Greece:
German Finance Minister Wolfgang Schaeuble said on Saturday that there were limits to the aid that could be granted to Greece and said the crisis-stricken country should not expect to be granted another programme.
“It is not responsible to throw money into a bottomless pit,” Schaeuble said at a government open day in Berlin. “We cannot create yet another new programme.”
Debt crisis in Europe is bracing itself for EU € crash (via Bloomberg):
Euro-currency area countries are evaluating a multitude of reform options, Sueddeutsche Zeitung reports, citing unidentified people with knowledge of the plans.
These are to be whittled down into a coherent strategy in the “coming weeks.” If Greece exits, members will boost plans to support other vulnerable countries. Options include increasing aid to Ireland and Portugal. ECB would consider supporting Italy and Spain through bond purchases. Greece’s new start would be supported by EU funding. These questions will be discussed “in the autumn.”
Deutsche Bank Among Four Said to Be in U.S. Laundering Probe:
Deutsche Bank AG (DBK) is among four European banks being investigated by U.S. regulators for alleged money-laundering violations, according to an attorney with knowledge of the matter. Federal regulators, including the U.S. Treasury’s Office of Foreign Assets Control, the Federal Reserve, the Justice Department and the New York District Attorney’s office are all involved in the probe of Deutsche Bank and three other European banks, said the attorney, who asked not to be identified because the investigations are confidential.
German Industry Group Head says No Place for Greece in Eurozone (via Bloomberg):
If Greece doesn’t meet IMF and EU requirements, it must leave the euro, Hans-Peter Keitel, president of Germany’s BDI industry federation, says in an interview with Wirtschaftswoche magazine. Keitel previously said Greece must stay in the euro at all costs.
Keitel says clear progress is being made in combating the euro crisis. The German federal government is not ambitious enough in its savings program, Keitel says.
Bundesbank Vice-Head Opposes Schaeuble’s Banking Proposal (via Bloomberg):
German Finance Minister Wolfgang Schaeuble’s proposal to separate traditional banks from their investment banking units isn’t possible, Bundesbank Vice- President Sabine Lautenschlaeger tells Wirtschaftswoche magazine.
Both types of banks would still be dependent on market confidence, Lautenschlaeger says. Lautenschlaeger favors an investigation into the relationship between lenders and those banks which trade in unregulated financial products.
Westerwelle Opposes Relaxing Greek Aid Terms (Tagesspiegel):
Relaxation of the agreed on terms for Greek assistance would be misunderstood by countries such as Spain, German Foreign Minister and FDP member Guido Westerwelle told Tagesspiegel am Sonntag in interview.
Spanish prime minister would have difficulty passing reforms in parliament if terms were eased for Greece, Westerwelle says. Westerwelle gives his “solidarity” to the people of Greece.
Spain Says There Must be no Limit Set on ECB Bond Buying:
The European Central Bank must take forceful and unlimited steps to buy sovereign debt to help Spain reduce its refinancing costs and eliminate doubts over the euro zone’s future, Spain’s economy minister said in comments published on Saturday. “There can be no limit set or at least (the ECB) can’t say how much they will use or for how long,” when it buys bonds in the secondary markets, Luis de Guindos told Spanish news agency EFE.
France Favors Greece Rescue Package, Opposing Germany (via Bloomberg):
France and southern European nations are in favor of a third rescue package for Greece should it prove necessary, Welt reports, without saying where it got the information. Germany rejects a new rescue package. Germany opposes giving Greece more time to enact cost cuts. Preparations underway for Greece possibly leaving the euro. Main consideration is how to protect other euro crisis countries from the fallout.
Oh, good. France opposes Germany’s approach to the eurozone crisis? What could possibly go wrong?
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Comments (82)
OlefromMN
Posted on August 18, 2012 at 10:06pmWWGSD? (What would George Soros Do?)
Follow his money and see it most likely will again profit him. He bankrupted the European economy once before and now will do it again.
Report Post »Baracalypse
Posted on August 18, 2012 at 10:46pmhttp://www.shtfplan.com/headline-news/report-soros-unloads-all-investments-in-major-financial-stocks-invests-over-100-million-in-gold_08162012
http://www.shtfplan.com/headline-news/startling-evidence-that-central-banks-and-wall-street-insiders-are-rapidly-preparing-for-something-big_08172012
Report Post »LameLiberals
Posted on August 19, 2012 at 1:21am@bara
Earlier this year, George Soros told the following to Newsweek….
“Perhaps even more disturbing is what he believes is coming after the financial collapse….
As anger rises, riots on the streets of American cities are inevitable. “Yes, yes, yes,” he says, almost gleefully. The response to the unrest could be more damaging than the violence itself. “It will be an excuse for cracking down and using strong-arm tactics to maintain law and order, which, carried to an extreme, could bring about a repressive political system, a society where individual liberty is much more constrained, which would be a break with the tradition of the United States.”
___________________
RINOs and Liberals both TRASHED the constitution with Patriot Act/NDAA etc to make the USA a United Soviet States of America.
We keep getting RINO presidents because Iowa is as bad a California. Iowa likes being first because they can blackmail candidates into giving them corn ethanol subsidies (Romney Ryan Obama caved) and other farm subsidies while Iowans whine about oil and sugar subsidies. NO ONE SHOULD GET ANY SUBSIDIES. RINOs and liberals love their SOCIALIST medicare/medicaid, Social security and the politicians love raiding the funds and thieves like bilking the taxpayers. Our country is doomed because NO ONE IS FOLLOWING the constitution. If they did, they would insist on ENDING ALL SUBSIDIES and socialist programs.
Report Post »jcldwl
Posted on August 19, 2012 at 8:05am@ lame
Haven’t you been paying attention. They aren’t rinos and liberals any more. They are the same and it is called progressives.
Report Post »Walkabout
Posted on August 19, 2012 at 2:06pmActually I like Soros concept/theory of reflexivity. It meshes well with ZeroHedges diagram of what the world looks like under austerity versus growth.
Socially & politically I think the man is a fool. I want one world government without borders. How & when we get there is important.
For example, Europe was to have one tax rate is a good ideal. How you obtain it is important. The Devil is in the details. France wanted Ireland to raise its‘ tax rate instead France lowering its’ tax rate. see the problem? France is a wreck. the only reason that it has survived with the socialist periodically being in power as long as they have is that they devalued their currency. Well as part of the euro zonw they cannot do that anymore.
Report Post »Gold Coin & Economic News
Posted on August 19, 2012 at 5:00pmYes, it is happening and George Soros and central banks around the world are prepping for it. It is only a matter of time:
Report Post »http://www.youtube.com/watch?v=gWWMIKlGYdw
deltaecho
Posted on August 18, 2012 at 10:02pmHEY! Where’s my free goddem lunch at?
Report Post »squigs2004
Posted on August 19, 2012 at 3:58amFirst you have to fill out this government form, Form No. 12435-0488, then mail it through the postal service (not responsible for lost mail) and wait 1+ years (due to backlog of other free lunch requests) for approval via Form No. 453878-04899. Once approved take this form to the Federal Free Lunch Building and wait in the line going around the block since there’s only one person available to distribute all the free lunches.
Report Post »Walkabout
Posted on August 19, 2012 at 1:39pmsquigs2004
Report Post »That is pretty damn good.
TheMajority
Posted on August 18, 2012 at 9:39pmJohnLarson
Posted on August 18, 2012 at 7:31pm
It‘s like Groundhog Day in that Beck and other alarmists say the sky is falling and each day it’s still there.
Mr. Larson, a new day comes no matter what dictator is in power. It is what you make of the new day, if you can do anything under dictatroship. Same collectivist crap, different day. If you desire Individualism over collectivism, the sky is falling, while we don’t know the difference.
Report Post »JohnLarson
Posted on August 18, 2012 at 9:54pmWe’re talking about the economy… that kind of sky falling. Beck thought we’d be in hyperinflation and a Great Depression x 100.
This isn’t about your delusional Twilight Zone magical thinking that we are somehow living under a Dictatorship.
Report Post »pissantno.10
Posted on August 18, 2012 at 10:43pmjhony boy were not obama is changing laws every day
Report Post »Walkabout
Posted on August 19, 2012 at 1:58pmJohn Larson
Report Post »The U6 number tells the story. It is only going to get worse under Obama, your Messiah.
Lord_Frostwind
Posted on August 19, 2012 at 10:53pm“It’s the slow blade that penetrates the shield, the slight ***** that you barely acknowledge, then the painless poison that slowly worms it’s way through your body.”
The fact that the “sky is still there” is a false sense of security. The external wounds of the nations are bandaged over, but those aren’t the ones that will kill us, it will be the internal bleeding and structural problems beneath the surface, hidden from sight that will end us.
The facts remain the same, you cannot pay the majority of your population to not work at the expense of those that do. And if there is even the slightest issue that comes upon that tax base, an economic sneeze if you will, then the house of cards will collapse. In Atlas Shrugged it was years of work before the John Galt rebellion had the desired effect, and sadly it will be much the same way here. You’re already seeing the first signs of failure, major corporations groveling before government to give them the money to stay operational, and even then it is proving inadequate.
Report Post »mrfunn
Posted on August 18, 2012 at 9:09pma bit off topic…
Tried to post this on another site. It seems they don’t like free speech…or something. My guess is it is something else. It starts with ‘NBC’.
Scary Stories
The Nightly News ( the never ending story )
heat
fire
draught
run for your lives
were are all gonna die
Didn’t see the first six minutes or so. There may have been a couple more.
will update…
Anyone remember the H5N1 (Avian Flu) scares a while back? I think they were warning us of a potential pandemic. What happened there?
I’d love to know how many days in a row NBC ran with THAT story…
Do you see anything wrong with this? ( No NBC ObamaBots allowed )
Report Post »freedomnetworker
Posted on August 18, 2012 at 9:01pmworld war three is about to take place. looks like Germany is gonna get the blame again.. this time its not their fault. they didnt want the euro in the first place.
Report Post »Watermain
Posted on August 18, 2012 at 8:56pmSee ya later EU…get ready America, a look into the future may just be in the offing here. Stock up on what you need to ride it out.
Report Post »RGB
Posted on August 18, 2012 at 8:53pmYou’ll know the euro zone problem is solved when there is no more euro.
Report Post »Southernsoul
Posted on August 18, 2012 at 8:13pmA note to all those Europeans who might happen to read this site: Hey idiots, what you are doing is not working. Change your thought processes.
Report Post »german_viewer
Posted on August 18, 2012 at 11:37pmThe EU is doing exactly what the U.S. is doing: printing money out of thin air and increasing their debt day by day.
Report Post »designbyinspiration
Posted on August 19, 2012 at 10:05amYes SouthernSoul, German_viewer is correct. What WE are doing is not working either. I’ll assume you are looking toward November. Even then we are just starting to turn the steering wheel, we must continue to turn it in 2016 and beyond. The price of Liberty is eternal vigilance, I’m understanding that much more now. Hold your politicians feet to the fire, and if they lie, publicly call them a liar.
If you lie to Congress, you go to prison – yet they lie to you every day. Push for Truth In Politics Amendment.
Report Post »NoUseForLogic
Posted on August 18, 2012 at 8:07pmQuick!! Buy gold from Glenn Beck’s gold scam!!!!
What are you waiting for? Act now. There’s never been a better time to buy gold.
Obamacare.
Report Post »pissantno.10
Posted on August 18, 2012 at 10:36pmsucks to be you invested all your money in oh wait your are a liberal you dont have any money invest and what money you have is going for high dollar birth controle or dope
Report Post »pissantno.10
Posted on August 18, 2012 at 10:39pmand another thing your puppets master soras is following glens advice ya still sucks to be you
Report Post »TRILO
Posted on August 18, 2012 at 7:08pmThis is like living through the movie Groundhog Day. If the situation were not so serious it would be comical.
Report Post »JohnLarson
Posted on August 18, 2012 at 7:31pmIt‘s like Groundhog Day in that Beck and other alarmists say the sky is falling and each day it’s still there.
Report Post »Detroit paperboy
Posted on August 18, 2012 at 8:03pmAre the socialists finally running out of other peoples money…………….ohhhhh toooo badddddd.
Report Post »NoUseForLogic
Posted on August 18, 2012 at 8:36pmNo, the socialists cut services and used austerity so they could keep the money for themselves actually, and this is the result.
Report Post »RepubliCorp
Posted on August 19, 2012 at 6:22amMaybe the American rich should pay for their 6 weeks of vacations, free healthcare and for them to retire at age 50 ? Let’s ask the all knowing Obama.
Report Post »Walkabout
Posted on August 19, 2012 at 1:46pmJohnLarson
The Euro Crisis has already hit. the big spending ways of the socialist have already taken a big toll & will continue. At Zerohedge I looked at Portugal’s unemployment rate compared to its VAT. If one was to do a linear regression Portugal would be an outlier. How to explain that? Then I remembered some reporter‘s observation that he didn’t see as many young people as he should. If we check demographics we will see the high tax rate regime chased out whole cohorts of young people to Brazil, Angola & elsewhere.
High Taxes are not the answer,
Report Post »Socialism is not the answer.
You, John Larson, are part of the problem.
spenegdt
Posted on August 18, 2012 at 6:49pmI don’t know about you guys, but this is all Biblical…It’s here
Report Post »!
AllLost
Posted on August 18, 2012 at 7:05pmMaybe, but probably not at all. One might have thought it was the end of the world during the dark ages, the Moore invasion, American and French Civil wars, during the world depression, during WWI, during WWII especially, after the drop of the A bomb, when news that the Soviets blew their bomb, Sputnik, Cuban missile crisis, and on and on. Ugliness and hate have been the norm of a world ruled by force and threat of force from the beginning.
Report Post »lukerw
Posted on August 18, 2012 at 6:42pmNot… the EUR-Ozone again; Not another Hole in Sky!
Europe May Fail… but the people and nations will go on!
Report Post »Altair
Posted on August 18, 2012 at 8:04pmRight, just like WWII… an unpleasantness, as you remark.
92,000,000 deaths, untold suffering, but, what the hell, just a speed bump to your perspective.
Report Post »Walkabout
Posted on August 19, 2012 at 1:54pm92,000,000 deaths, untold suffering, but, what the hell, just a speed bump to your perspective.
***
Umm yea. A speed bump exactly. I will still vote. I will still analyze & then opine. But too many elections are stolen like the one Al Franken stole. Too many politicians have juris doctorates & no economics, engineering or the hard sciences. Their knowledge is asymmetric. So while they can do well in the political space they do poorly in the real environment for the country as a whole & us.
So me & mine will hop from country to country until this sorts itself out. We’ll fight when it is relatively safe to do so. We’ll fight when their are no Cindy Sheehan. Medea Benjamins, Megan Rices to hamstring American soldiers. Trust me if there is a WW3, we’re going to lie low for the 1st to 3 years until the Sleeping American Giant awakes, does a gut check & figures out how to fight. My kids are going to be cannon fodder, because some Demoncat cut the defense budget again.
Report Post »Walkabout
Posted on August 19, 2012 at 1:58pmMy kids are ***NOT *** going to be cannon fodder, because some Demoncat cut the defense budget again.
Report Post »lukerw
Posted on August 19, 2012 at 2:16pm@ALTAIR
According to Scientists… once the poplutation of the Earth was reduced to 52,000 females… to whom we are Related.
The US is a Sovereign Nation… as are all Nations… and you CAN DO NOTHING TO CHANGE WHAT ANOTHER NATION DOES! Wars happen… AFTER BAD DECISIONS!
You can PREVENT NOTHING!
Report Post »mensa141
Posted on August 19, 2012 at 5:13pmIt does seem to be just like a speed bump to the NWO folks like Soros.
Report Post »winin2012
Posted on August 18, 2012 at 6:42pmI know, let’s throw more US dollars at the EU problem! Yea,that’ll work!
Report Post »JohnLarson
Posted on August 18, 2012 at 6:12pmRemember in 2010 when Beck said we were going to have hyperinflation and a “Great Depression times 100” any day now in order to sell more gold and survival seeds and food insurance?
Same thing goes for Eurozone fear mongering.
Report Post »cloudmcrain
Posted on August 18, 2012 at 10:53pmMr Larson,
Do you think having a diverse portfolio, having the resources and skills to be able to grow your own food, and having some backup food just in case is not a wise thing to do?
Do you feel these proven practices are not important?
Report Post »Do you think it’s the governments job to take care of you?
Bugg24
Posted on August 19, 2012 at 1:23am@Larson
Report Post »I have only read a small portion of the comments on this one page and have read three comments by you that were the same thing every time. Do Lib trolls only get one printout a day with stupid comments to put on other websites? You have spewed the same thing over and over again. You keep saying the same thing. Can you come up with anything else to say. It’s the same thing over and over again. (see, it is annoying isn’t it) You are useless. Go away.
cloudmcrain
Posted on August 19, 2012 at 7:29amNo response?
Well Mr Larson, being don’t seem to be very wise, you dont want to take any personal responsibilty and choose to mock those who want to be preparded. If somethIng ever happens when you find yourself in need, I hope someone shows you a little more kindness than you show towards others.
The truth of the matter is many times In history there have been hard times and history has shown that those who are prepared fair better than those who don’t… History shows that people like you end up as a statistic. Good Luck number 147,832!
Report Post »nobull14
Posted on August 18, 2012 at 5:50pmEvery thing is happening just about the way Glenn Beck said it was going to crash in Europe and we are next in the USA if we do not get rid of Obummer and get are house in order !!!!!!!
Report Post »stumpy68
Posted on August 18, 2012 at 6:06pmSharpen the knives stock up on ammo learn
Report Post »to butcher what you eat learn to can or otherwise preserve food
you may never need it but if you do you’ll have it.
christhefanatic
Posted on August 18, 2012 at 7:54pmDon’t really know much about economics other than the basic common sense stuff…like”you can’t keep borrowing money forever,”…but I have heard it said that there in not enough money in the world to pay off Europe’s debt. That would be kind of a problem.
Report Post »christhefanatic
Posted on August 18, 2012 at 8:10pmRice and beans…a complete protein …though somewhat boring.
Report Post »sbenard
Posted on August 18, 2012 at 5:41pmI read Zero Hedge several times each day.
Unfortunately, Wall St has endless faith in the power of central bankers to fix all things economic. They have created the perception that there is NO risk any more. They are setting us up for another global catastrophe. We are not immune! US banks are inseparably intertwined with Europe.
Report Post »It’s going to get ugly! Be prepared!
wisehiney
Posted on August 18, 2012 at 5:48pmGreat minds……
Report Post »Thevoice
Posted on August 18, 2012 at 6:32pmExactly ..And one little interesting note…On how entwined this is today..What did the community idiot Obama do on Friday ..Put a call into every tom dick and harry ..Blabbing on and on about possible strategic oil reserve releases….Really …So in other words …He now thinks he can use “our” Americas strategic oil reserve as a manipulation tool …O …This whole mess is soon going to come to a head …and watch out when it does …
Report Post »NOBALONEY
Posted on August 18, 2012 at 5:28pmWhen you get right down to it. Does Merkel and the Budesbank really want to back the ECB’s isssuance of bonds? At rish is Germany’s Triple A rating, and buying up all the outstanding debt will not end the global economic slowdown, and Greece, Spain, France, and the UK are continuing to show no real signs of improvement. Wall Street has been soaring with stocks that pay the highest dividenns leading the way overvalued because of that reason. GB‘s ’house of cards’, and mutuallly assured financial destruction.
Report Post »Snowleopard {gallery of cat folks}
Posted on August 18, 2012 at 5:26pmWhy does no one else comment or report on the other alternative we may see happen within the nations of Europe? There is a greater chance that as the collapse comes, when one nation begins to ratchet up the blame on another, of actual warfare breaking out.
Report Post »wisehiney
Posted on August 18, 2012 at 5:39pmOur banking/financial system is so intertwined with Europe that we will collapse along with them. The only is advantage is a very short time to make preparations. Everything goes with the financial system. Oh the inevitability of it all. (SIGH)
Report Post »Couyon64
Posted on August 18, 2012 at 5:20pmJust as communism collasped the USSR, socialsm is collaspsing Euorope.
Report Post »KangarooJack
Posted on August 18, 2012 at 5:14pmGermany-do an ‘Amittyvile’ and GET OUT!!!
The entire concept of the Euro was just silly. Imagine yourselves (dear readers) perpetually/financially linked to your siblings. Each has a different household and family, yet ALL your $$$ is pooled into a communal kitty. One sister knows how to take care of a clogged drain. The other sister calls the most expensive plumber there is to remove the clog. Now ALL get stuck with the bill. Gee, see any problems with this?
Report Post »purecolorartist
Posted on August 18, 2012 at 5:13pmSo if we (the USA) get our financial act together, and we go back to traditional cheap energy, among other things, I guess we could be in pretty good shape compared to Europe. Ya think? Vote for conservatives!!!
Report Post »Darmok and Jalad at Tanagra
Posted on August 18, 2012 at 5:11pmWait, a playboy bunny was arrested. Romney’s tax returns…….Ryan throwing granny over the CLIFF. Oh yeah, Europe is on fire, Riots in France and Sweden wants to dissolve the Euro. But at least we have the Kardasians and Dancing with the Stars.
Play that fiddle Obama, and don’t mind that burning smell, it’s just the constitution.
Report Post »iampraying4u
Posted on August 18, 2012 at 5:23pmamen darmok
Report Post »NoUseForLogic
Posted on August 18, 2012 at 8:38pmWhat you’re seeing is the result of austerity.
Report Post »resme
Posted on August 18, 2012 at 8:49pmDon’t forget the jersey shore, Fox news reported that snookie is having a baby the other month.
Report Post »Cleats4Feets
Posted on August 18, 2012 at 5:11pmWell, if the world goes to crap I’m not even worried about it anymore. I‘m just going to cling to my Bible and Guns and sit back a watch all the zombies rip themselves to shreds because they can’t defend themselves because they are so reliable on Big Government.
Report Post »wisehiney
Posted on August 18, 2012 at 5:17pmDon’t forget sport hunting for bad guys.
Report Post »hatchetjob
Posted on August 18, 2012 at 7:02pmSame here, CLEATS, same here.
Report Post »wisehiney
Posted on August 18, 2012 at 5:11pmTyler Durden/Zero Hedge = Smart as a whip.
Report Post »wisehiney
Posted on August 18, 2012 at 5:06pmWe should bail them out, open our borders to them, and put them on medicare and social security. Don’t be so greedy.
Report Post »Cleats4Feets
Posted on August 18, 2012 at 5:11pmlol
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