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  1. #11
    The Unwieldy Clawed One Falcarius's Avatar
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    Germany v Greece is a false dichotomy: they need each other like America needs China and vise vesa.

    If Falcarius was Ireland he be annoyed right now, Span had next to no stipulations where as Ireland had whole bunch. Not to mention, Spain will need another bailout anyway. How does that work out?
    Quote Originally Posted by Thalassa View Post
    Oh our 3rd person reference to ourselves denotes nothing more than we realize we are epic characters on the forum.

    Narcissism, plain and simple.

  2. #12
    Freaking Ratchet Rail Tracer's Avatar
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    Quote Originally Posted by Falcarius View Post
    Germany v Greece is a false dichotomy: they need each other like America needs China and vise vesa.

    If Falcarius was Ireland he be annoyed right now, Span had next to no stipulations where as Ireland had whole bunch. Not to mention, Spain will need another bailout anyway. How does that work out?
    It means one or more of those nations will be the cause of a global meltdown that will be even worse than the one started in the U.S., since the world economy is still unstable. But hey, money was given to Spain, yet the economy still went down today.

    America and China only need each other... as long as nothing bad happens in Israel/Iran.

  3. #13
    pathwise dependent FDG's Avatar
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    Well, the crux of the matter is: what else could have been done? If banks are left free to fail, then a relatively large portion of both spaniard's - french - german savings will be completely erased (I'm mostly thinking about bonds) - and thus french or german banks will need to be saved lest giving a signal which would favor a slow bank run. What I do not find particularly pleasant is, the usage of EU funds in order to implement these measures - it would be optimal if the ECB were able to directly deal with those issues, just like the Banca d'Italia or Bundesbank can do for their own national banks.
    Given that most of these institutes are strongly undercapitalized and southern europe is currently living in a deflationary economic environment, I believe inflationary pressures would remain low.

    To be completely honest, the Italian situation seems more worrying. Even though most (many?) people still consider Northern Italy as a relatively prosper regions, firms are closing and/or leaving to Switerzland or Austria at an increasingly quick rate, due to rising taxation (currently around 70% of total revenues). I expect a -4% GDP for end 2012, and I'm being optimistic.
    ENTj 7-3-8 sx/sp

  4. #14
    Senior Member Survive & Stay Free's Avatar
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    Quote Originally Posted by Rail Tracer View Post
    Have you heard of credit unions?

    The Gold standard is a hoax, the only people who can afford those, are.., you guessed it... the rich. I don't think most of us can afford to spend thousands upon thousand just to get 100 shares of gold.

    The system we currently live in (for a century now when it really began to take off,) at least when it comes to the U.S. is a Federal/Monetary system. It is currently the system that got us into this mess(along with the repeal of a provision in the Glass-Steagall act that would of prevented risky procedures.) It continues "pumping" money to the economy in the hopes of making it stable. The fact of the matter is... it really hasn't been stable and the only people it is currently benefiting are the bankers that use it as a leverage for more risky spending. At the same time, while they are continually pumping money out, they are continually devaluing the dollar currency we currently have (thus the people fleeing to the gold standard... AKA rich people.)

    In other words, break the Fed/Monetary system.

    The credit unions, on the other hand, tend to play it a lot safer than the banks/lenders (BOfA, Goldman Sachs, Chase, Wells Fargo, etc) because they are more "democratically run" that means that credit unions are funded by the people that use them.
    Hmm, interesting, I do know about credit unions but I've never heard anyone consider them as alternative financial associations really, most mutual societies which are similar to the credit unions have become banks.

  5. #15
    Freaking Ratchet Rail Tracer's Avatar
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    http://www.businessinsider.com/spani...eld-690-2012-6

    I sense a storm is brewing.
    And.... I was correct. Spain's 10 year bonds hit 7%, no way in hell the money lent to the banks (with that "little" money) will help it, not to mention the credit rating on Spain went down (loathe the credit rating system.)

  6. #16
    Senior Member Joehobo's Avatar
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    Oh great, that is going to help spain out HEAPS.

  7. #17
    Superwoman Red Herring's Avatar
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    - And I said to Merkel, I'm not gonna to tell you twice, either you give my banks some dough or I'll break your legs.
    - You don't say!
    The good life is one inspired by love and guided by knowledge. Neither love without knowledge, nor knowledge without love can produce a good life. - Bertrand Russell
    A herring's blog
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