Failure to save East Europe will lead to worldwide meltdown

[peaceandlove]

Failure to save East Europe will lead to worldwide meltdown

The unfolding debt drama in Russia, Ukraine, and the EU states of Eastern Europe has reached acute danger point.

By Ambrose Evans-Pritchard
Last Updated: 2:05AM GMT 15 Feb 2009

If mishandled by the world policy establishment, this debacle is big enough to shatter the fragile banking systems of Western Europe and set off round two of our financial Götterdämmerung.

Austria's finance minister Josef Pröll made frantic efforts last week to put together a €150bn rescue for the ex-Soviet bloc. Well he might. His banks have lent €230bn to the region, equal to 70pc of Austria's GDP.

"A failure rate of 10pc would lead to the collapse of the Austrian financial sector," reported Der Standard in Vienna. Unfortunately, that is about to happen.

Article continues: http://www.telegraph.co.uk/finance/c...-meltdown.html

[piers2210]

Financial meltdown is inevitable.

7-11 November 2009...mark your diaries.

[peaceandlove]

Eastern European currencies crumble as fears of debt crisis grow

Currencies have crumbled across Eastern Europe on mounting fears of a debt crisis as foreign creditors withdraw from the region.

By Ambrose Evans-Pritchard
Last Updated: 7:23AM GMT 17 Feb 2009

Hungary’s forint fell to an all-time low on Monday, and Poland’s zloty slumped to the lowest in five years on plunging industrial output. Half of all loans to the private sector in Poland are in foreign currencies so borrowers face a severe debt shock after the 40pc fall of the zloty against the euro since August.

“We’re nearing the level were things could get out of hand,” said Hans Redeker, currency chief strategist at BNP Paribas.

Article continues: http://www.telegraph.co.uk/finance/f...isis-grow.html

[peaceandlove]

EU moves against six states over deficits

February 18, 2009

"As a result of the sharp global financial and economic crisis, EU public finances are under stress," said Almunia.

Article here: http://www.breitbart.com/article.php...cle=1&catnum=0

[peaceandlove]

UK overshoots borrowing target

By Chris Giles, Economics Editor
Published: February 19 2009 10:33 | Last updated: February 19 2009 14:29

The public finances took a sharp turn for the worse in the crucial month of January as the recession and credit crisis hit corporate and personal tax revenues, making it almost impossible for the government to meet its borrowing target made in late November.

Banks Nationalized?
Excerpt:

In the official figures, the Office for National Statistics also announced it had decided that such is the government’s control over the Lloyds Banking Group that it would classify the company as a public corporation, joining Royal Bank of Scotland, Northern Rock and Bradford & Bingley as British banks with this status.

Full Article Here: http://www.ft.com/cms/s/0/35788e96-f...nclick_check=1

[burgundia]

Originally Posted by peaceandlove

Eastern European currencies crumble as fears of debt crisis grow

Currencies have crumbled across Eastern Europe on mounting fears of a debt crisis as foreign creditors withdraw from the region.

By Ambrose Evans-Pritchard
Last Updated: 7:23AM GMT 17 Feb 2009

Hungary’s forint fell to an all-time low on Monday, and Poland’s zloty slumped to the lowest in five years on plunging industrial output. Half of all loans to the private sector in Poland are in foreign currencies so borrowers face a severe debt shock after the 40pc fall of the zloty against the euro since August.
“We’re nearing the level were things could get out of hand,” said Hans Redeker, currency chief strategist at BNP Paribas.

Article continues: http://www.telegraph.co.uk/finance/f...isis-grow.html

This is true. But many people realize that it is a manipulation on a big scale.

[peaceandlove]

More funny money. Why don't we all just start printing our own money.

Bank will write to Darling to begin 'printing money'

Bank of England rate-setting committee agrees unanimously to begin 'quantitative easing' and votes 8-1 for half point rate cut

From Times Online
February 18, 2009
Grainne Gilmore, Economics Correspondent

The Bank of England is set to begin "printing money" in a bid to boost the economy after its rate-setting committee unanimously agreed that its Governor must write to the Chancellor.

The minutes of the Bank's rate-setting meeting earlier this month showed that as well as voting 8-1 to cut rates to 1 per cent, the nine-strong Monetary Policy Committee (MPC) agreed that the Mervyn King, the Bank's Governor, should write to Alistair Darling to seek permission to embark on "quantitative easing" — sometimes called printing money.

The minutes said: "It is unlikely that the inflation target could be met solely by cutting Bank Rate."

Article Continues: http://business.timesonline.co.uk/to...cle5757895.ece

[Jacqui D]

Originally Posted by piers2210

Financial meltdown is inevitable.

7-11 November 2009...mark your diaries.

Why this date Piers?

It all seems a losing battle, it's only a matter of time now i feel.

[piers2210]

Hi Jacqui, well Bill Deagle in his interview on 16th Feb was talking about "any bank holiday soon" for the "economic revolution" (a good interview by the way) but i just don't think things are prepared enough yet. Change is inevitable, but i think it will fall more in line with the dates 7-11 Nov this year because of two things : (1) the elite/secret societies like to do things on auspicious dates, and 11-11-11 fits well ie 11 nov 2009. According to the Mayan Calendar though, the Fifth Night period was meant to have been the key time for economic collapse, ie pre-nov 2008, but this only partially happened. According to Calleman and others, collapse only occurs during "Night" periods, so we are now looking at 7th Nov 2009 onwards ie the start of the Sixth Night of the Galactic Underworld. Whatever, due to the unchangeable cosmic plan, change HAS to come very soon, as there is little time left before completion of the cosmic plan on 28th Oct 2011, when political and economic change must already have occurred. Because no one is aware of the cosmic plan, change when it comes will be hard for most, but you can prepare. Preparation suggestions are well documented, but 14 days food, water and small bills would help as the streets will be empty by then (except for the bodies you must step over).

Cheer up!

Piers

[piers2210]

The other thing about delays in the economic revolution thats coming is that the massive increase in the money supply in the US, Britain and elsewhere will slow the pace of change...a little. Printing money can't stop change, but it will slow it down. The collapse this time will be total though in my view.

[Connecting with Sauce]

My proposed new currency is below

[Humble Janitor]

Originally Posted by piers2210

Financial meltdown is inevitable.

7-11 November 2009...mark your diaries.

Ha!

We've seen what happens when people attach dates to events. The events don't materialize.

See: Goodchild, Blossom

[peaceandlove]

Originally Posted by piers2210

Financial meltdown is inevitable.

7-11 November 2009...mark your diaries.

Hail Piers, the Predictor,

Maybe we should start a lottery and let everyone make their predictions for EU Collapse, US Collapse, Mexico Collapse, Japan Collapse, or maybe just the Total Collapse?

Do you want to start a thread?

What should the winner receive?

Would there be a second place?

How about a third?

Why not a consolation prize too?

PaL

[piers2210]

Brilliant idea!!

The winner gets "paper money"!!

[burgundia]

Goldman Sachs admits to manipulate Polish currency and they say that they are not going to do it any more. they already made money on that speculation. isn't that sweet? no more stealing people's money...

[Northern Boy]

Originally Posted by Connecting with Sauce

My proposed new currency is below

Hey I`m RICH !

[peaceandlove]

Don't expect miracles during big week in EU's battle with depression

David Gow in Brussels
guardian.co.uk, Wednesday 18 February 2009 10.29 GMT

Is the EU falling apart? Can the euro survive? The coming week is scheduled to deliver some eagerly awaited policy responses to these suddenly urgent questions, but the prospects are that they will fall short of what is required and that the "worst depression for a century" will deepen...

Article continues: http://www.guardian.co.uk/business/2...cession-policy

[peaceandlove]

Britain at risk of 10 year recession

By Andrew Porter, Political Editor
Last Updated: 10:55PM GMT 19 Feb 2009

Britain is at "serious risk" of entering a decade-long recession similar to that experienced by Japan in the 1990s, the outgoing deputy governor of the Bank of England has warned.

Sir John Gieve, the Bank of England deputy governor has warned Britain is at risk of slipping into a ten year recession.

Sir John Gieve was speaking after new figures showed Britain's national debt could more than double to almost £2 trillion later this year. However, he added that such a prolonged decline was not inevitable because interest rates had been cut sharply.

The high level of public debt will be reached when the Government's stakes in two part-nationalised banks are put on the balance sheet.

It puts Britain's financial position "off the Richter scale," according to the Tories, who urged Alistair Darling, the Chancellor, to stop the rises in spending to bring down debt.

Article continues: http://www.telegraph.co.uk/finance/f...recession.html

[peaceandlove]

Berlin cleared to seize control at Hypo Real Estate

From The Times
February 19, 2009
Susan Thompson and Catherine Boyle

The German Government has approved a draft law that allows the forced nationalisation of stricken banks, paving the way for Berlin to take control of Hypo Real Estate, the commercial property lender.

The Bill, which must be approved by parliament, breaks a post-war taboo in giving the Government the right to expropriate shareholders in domestic banks.

In the case of Hypo, the Government wanted the option of expropriation because, without it, it might have trouble taking full control of the bank since JC Flowers, the American private equity investor, owns nearly a quarter of the bank's shares.

German politicians have agonised for weeks over the Bill, aware that it is linked in many Germans' minds to Nazi seizures of Jewish property in the 1930s and East Germany's attack on private business after the Second World War.

Article continues: http://business.timesonline.co.uk/to...cle5762351.ece

[piers2210]

Love your posts, PaL.

You are The Business.

Carry on.

Paper money is going to be irrelevant.

For those who haven't seen it yet, check out Gerald Celente's latest interview on Russia Today on another thread.....get the tins and water in!!

Enjoy life, NOW.

I tried to enjoy myself tonight in a bar in asia, but failed dismally.

[Northern Boy]

It is going to happen regardless of how much money they throw at it , The PTB are in control of it and the push for the NWO is on, My take on it is yes they are manipulating this but they fail to see it is taking on a life of its own that even they won`t be able to stop it .

[peaceandlove]

Saab on the brink as Swedish crisis reaches deadlock

The Swedish car-maker Saab Automobile was on the brink of failure on Thursday night after General Motors threatened to walk away, and the Swedish government refused to come to the rescue.

By Ambrose Evans-Pritchard
Last Updated: 9:05AM GMT 20 Feb 2009

Excerpts:

"Sweden has been the hardest hit of any country in western Europe: the economy contracted at an annualized rate of nearly 20pc in the fourth quarter, which is horrendous," said Par Magnusson, a strategist at Danske Bank.

There is mounting concern over the health of the Swedish banking system, which has only just recovered from its last disaster in the early 1990s. Swedbank and SEB have heavy exposure to the crumbling economies of the Baltic states.

"It's been a blessing. This is exactly why a country needs its own currency," said Mr Magnusson.

Full article: http://www.telegraph.co.uk/finance/n...-deadlock.html

[micjer]

Originally Posted by piers2210

Financial meltdown is inevitable.

7-11 November 2009...mark your diaries.

One thing is definate. Financial meltdown is inevitable. Part of their plan.

Next will be one world currency and banking system.


There is not enough bailout money to end the slide.

There is only one solution. All debts are considered paid off everywhere. Then start over with no interest. There is not enough money to go around once interest is put into the equasion. Giant pyramid scheme.

Wouldn't the Federal Reserve like my idea!!!

[Humble Janitor]

If it has a date, it's ********.

[piers2210]

I am fairly sure that we will see major economic change before the year end...and we haven't seen anything yet. So far we have just seen a small market correction, inevitable with the disastrous decisions made for some years by top bankers and politicians. But what is to come will take us to the true position when politicians give up manipulating, which they will by year end. Then, as Peter Schiff, Ron Paul, Gerald Celente and others are advocating, the market can readjust to its new true level....which may make your eyes water a bit....