Thursday, October 6, 2011

A Dangerous Moment

This BBC video should explain to any who have doubts just how dangerous this European mess really is:

Here is a Telegraph UK article about this crisis quoting Bank of England's Mervyn King:

Update 6:30pm: Apparently Germany and France can't agree on the EFSF:


  1. news does not matter. Just the mob can make the price what they want and where they want.Goldman Sach etal + bernake decide DJIA-11k-13k or 8k.
    Big volume sell to scare the children and low volume melt up. this is the game that is going on
    commodities paper price can be manipulated. Real supply and demand affect producers+ consumption. That even though the honest price does not determine the exchange speculated price.

  2. Looks like Dexia is being eaten by the vultures.

  3. Belgium backstopping Dexia is rather like a ground squirrel attempting to catch a hippo. Nobody really knows just how much toxic waste lies beneath, and much of it depends on what happens to Greece, Spain and Portugal. In a worse case scenario, Belgian taxpayers might have to cough up roughly half their GDP.. all of this done by a government that really does not exist and without any sort of vote by the Belgian people. But no matter-- the bankers will be made whole, even if the people are reduced to serfdom and debt servitude. After all, isn't the banks that really matter ?

  4. Mr. K

    This Euro meltdown reminds me of the old British "commons" (not the political body, but land that was used by all farmers to feed their sheep/cattle. Everyone used it, but no one cared for it.

    Everyone wants the benefits of European membership but only one country is expected to pick up the tab. Great for the short run....

  5. F the government and big banks they suck and kiss my hairy arse