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Preview: Comments on: Eurozone: The Kitchen Sink Goes In – Now It’s All About Solvency

Comments on: Eurozone: The Kitchen Sink Goes In – Now It’s All About Solvency

What happened to the global economy and what we can do about it

Last Build Date: Thu, 08 Feb 2018 21:29:40 +0000


By: Rickk

Mon, 17 May 2010 03:29:55 +0000

Current debt situation worse than 2008: Nassim Taleb Fri, May 14, 2010 Q: So what is the alternative? I understand your thoughts and feelings about the excess debt. What is the alternative method to address the underlying issue that will be more effective than what is happening now? A: (Nassim Taleb) Blood, sweat and tears. What we need to do is what we did to the Greeks, what we are trying to do Greeks."

By: Anonymous

Mon, 17 May 2010 01:49:35 +0000

Sometimes you have no choice but to bite the bullet.

By: Anonymous

Mon, 17 May 2010 01:47:48 +0000

Fears Intensify That Euro Crisis Could Snowball 6 minutes ago - New York Times - excerpt "In a sign of the depth of the anxiety, the euro fell Friday to its lowest level since the depth of the financial crisis, as investors abandoned the currency as well as stocks in favor of gold and other assets seen as offering more safety. And in an interview published Saturday, the president of the European Central Bank, Jean-Claude Trichet, warned that Europe was facing “severe tensions” and that the markets were fragile. Contagion, a loss of confidence that feeds on itself and leads investors to sell assets in one country after another, remained a possibility, he said. For Europe’s banks, the problems are twofold. Short-term borrowing costs are rising, which could lead institutions to cut back on new loans and call in old ones, crimping economic growth. At the same time, seemingly safe institutions in more solid economies like France and Germany hold vast amounts of bonds from their more shaky neighbors, like Spain, Portugal and Greece. Investors fear that with many governments groaning under the weight of huge deficits, the debt of weaker nations that use the euro currency will have to be restructured, deeply lowering the value of their bonds. That would hit European financial institutions hard, and may ricochet through the global banking system."

By: Rickk

Mon, 17 May 2010 01:39:21 +0000

May 13 2010 - Gary Dorsch - excerpts “It takes a lot more time to safely extinguish a fire than it does to start it... What the ECB is doing is a 180-degree about-face,” declared Eurosceptic economist Joachim Starbatty on May 12th, noting Greek bonds were already rated at junk level by ratings agency S&P. “If a central bank buys bonds that international ratings agencies have declared are junk, then it should not be surprised that the Euros it produces are quickly seen as junk as well,” he said. Starbatty said the ECB is “rewarding speculators who are betting on higher inflation... The ECB’s shift to “nuclear-QE” is expected to usher in a steady devaluation of the Euro. Already, the German economy is getting a significant boost from the weaker Euro, with its exports surging 10.7% in March to 79.0-billion Euros, the biggest monthly increase since July 1992.... The ECB is now actively engaged in rigging the stock markets, ready to massively increase the money supply, (QE), at the sight of a significant meltdown in the equity markets. In this regard, stock market indexes are utilized by many European traders as a hedge against monetary inflation and the Euro’s devaluation. "

By: Junius

Thu, 13 May 2010 14:46:05 +0000

Not mark Twain but Henry David Thoreau. There is such carelesness in not attributing quotes correctly.


Wed, 12 May 2010 20:38:24 +0000

What about the web? You mean you don't have online accounts? Still write checks and depend on the mail system?

By: lambert strether

Wed, 12 May 2010 14:20:55 +0000

What you mean, "we"? For me, slow food, slow money, everything as local as possible, including investment. Get off the grid as much as you can, so it doesn't drag you down when it goes.

By: Septimus

Wed, 12 May 2010 08:21:56 +0000

Simon, apologies, I had forgotten that your FT piece suggested reform of the EU incentive arrangements. But that addresses potential future debt, not the current debt.

By: Septimus

Wed, 12 May 2010 08:18:03 +0000

Fascinating reading, all of it. We are all in this mess, to some extent or another. So its' rather important to find a viable way out of it. Any suggestions, anyone? For Greece, the PIIGs or the USA?

By: Rickk

Wed, 12 May 2010 03:44:21 +0000

Anonymous wrote: "Europe will feel the consequences (Chinese burst bubble)." Agreed. I figure 12-24 months from now.


Wed, 12 May 2010 02:46:57 +0000


By: theotherguydidit

Wed, 12 May 2010 01:35:30 +0000

They may be saving the de-militarization of Iran to push a Victory for America Tax, aka the VAT. It would tie in well with the next presidential election cycle. You might put that on your calander.

By: Anonymous

Wed, 12 May 2010 01:08:03 +0000

jony wrote: "Guess where all that money, FED and ECB are printing, is going: China, they will have skyrocketing inflation soon." Some pundits suggest that when the Chinese commercial real estate bubble bursts, they will need the major part of their foreign reserves to sterilize their domestic banking system. In that event, I suspect one of their major trading partners, Europe will feel the consequences.

By: Brett in Manhattan

Tue, 11 May 2010 21:34:00 +0000

Mark Twain said the same thing in way fewer words: "Most men lead lives of quiet desperation"

By: hermanas

Tue, 11 May 2010 17:23:02 +0000

Good earle, check Danny's post at the end of comments.