Comments on: Europe Crisis Deepens

By: George

George — Mon, 08 Aug 2011 20:25:57 +0000

What would the BoE put up?

At some point, with respect to treaty-fixed obligations, the answer is "abrogation", or in less fancy latinates "so long, chaps".

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Mon, 08 Aug 2011 20:20:54 +0000

SD and all,

Sorry I have been away all day till just now.

SD,

The scale of Countrywide's misrepresentation are so collosal that only a congenital idiot or a highly paid lawyer could not see clear intent. The statitical odds against each and every 'error' being an innocent mistake are just too large.

The problem is they all did it. The evidence has been there for well over a year. I have written about it here and many others have written far more and in far more detail.

BoA will not make it.
In Europe UniCredit is dead.
In the UK RBS is moribund.
I do not beileve Santander is as healthy as they would have us believe. Same goes for Commerzbank.
Soc Gen and Credit Agricole are doubtful.
Deutsche Bank is massively exposed but Berlin will not let them go down.

As for assets they are all being held at mark to model values and held in mythic 'hold to maturity' so as not to have to have any value other than par. These are all State sanctioned lies which the market is no longer inclined to buy in to any more.

The bil for 'restoring confidence' is now quite beyond many countries.

By: SD

SD — Mon, 08 Aug 2011 20:05:52 +0000

Woah, what a day.

What's your take on the damage done to BoA's stock price (down 20%)? How significant is the AIG lawsuit?

The thought occurred that if AIG is able to show in law that Countrywide knowingly misrepresented the value of its paper, this might have current implications for the valuation of BoA assets. Anything in this?

By: shaun ohara

shaun ohara — Mon, 08 Aug 2011 18:02:46 +0000

city2city
they havent touched the laws of gravity. is that good news?

By: mikehall

mikehall — Mon, 08 Aug 2011 16:03:32 +0000

It looks to me like the play is to transfer as much of the dodgy debt to public obligation, thru' the ECB etc., as possible, before the system crashes. The only available response will then be to print(keyboard) currency, likely $, € & £ all needed, in favour of the casino banksters. They will get their cash and the austerity depressed economies will give them the fire sale opportunity of the millenium & even more power than now. Bye bye welfare & public health care. Work to pay your debt servitude (directly via private 'rent' or indirectly thru' public 'rent' paid on to the banks) or die.

Create as much austerity chaos & division in the bewildered herd so they don't cop on –

-that the now invevitable 'keyboard' money to be created could rather be given to citizens as jobs & investment in the real economy directly, nationalising the high street banks as needed (with full reserve banking) & tell the wealthy bankster elites (& their 'useful idiots') to go f&%k themselves once & for all. (Political leaders, economists & media commentators with vertebrae & brain intact required – apply within.)

Brilliant speech (do read it) by Prof James Galbraith recently covering the ills of the economics 'establishment' & the obscene mindset of the entire bankster & mega-corp system. Transcript here:

http://www.nakedcapitalism.com/2011/08/james-galbraith-on-fraud-and-how-bad-economic-thinking-got-us-in-this-mess.html

"…the fraud is systemic & irreversible…" (or words to that effect)

Galbraith is a supporter of 'Post-Keynesian' 'MMT' economics &, I believe, full reserve banking, removing the 'casino' at source.

By: city2city

city2city — Mon, 08 Aug 2011 16:00:03 +0000

Every time I go on here I´m depressed. Give us some hope with some posts about what politicians should be doing.

By: gorgeous cleo

gorgeous cleo — Mon, 08 Aug 2011 14:57:37 +0000

To those who have only joined recently, can I recommend David's film – High Anxieties – the Mathematics of Chaos. (It's there on You Tube) Extremely prescient, and well worth the effort. All about tipping points. Tell your friends.

By: shaun ohara

shaun ohara — Mon, 08 Aug 2011 12:52:05 +0000

the trouble with economics is that none of them and all of them are right.
Is theIn quantum mechanics, the Heisenberg uncertainty principle states precise inequalities that constrain certain pairs of physical properties, such as measuring the present position while determining future momentum of a particle. Both cannot be simultaneously done to arbitrarily high precision. In other words, the more precisely one property is measured, the less precisely the other can be controlled, determined, or known. heisenburg uncertainty principle any good for understanding economics?

By: theprofromdover

theprofromdover — Mon, 08 Aug 2011 09:49:09 +0000

So where is the hero INSIDE * the system who will bang the heads together and force them to face the facts?
I don't think there is anyone, so how can the boil be lanced?
* cos we (the rabble) really don't count.

By: Golem XIV - Thoughts

Golem XIV - Thoughts — Mon, 08 Aug 2011 09:00:43 +0000

Mercury4,

That's a very difficult thing to hazard. I am oiut most of teh day but will think on it and get back to you. If I could time things I'd be the richest man alive. And I'm not.

But in the mean time welcome.