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http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100005734/congress-blocks-indiscriminate-imf-aid-for-europe/

"Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return."

So the US wont bail out Greece and the IMF was the only source of real cash involved in the bailout, the rest was just theoretical promises from the rest of the debt-ridden Euro states who could obviously never come up with the readies. How absurd to expect Ireland/Spain/Portugal to bail out Greece.

So....

The banks made bad loans and made big losses

The sovereign nations bailed out the banks.

The EU pretended to bail out sovereign nations using the IMF

The US says no.

I feel the force of gravity coming to the world economy. The debt holders are due for a no.2 (razor trim as well as rear-end movement). The only alternative is the end of money.

VMR.

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Very interesting. They thought Laymans wasn't "too big to fail" either and look what happened there. Still, it's the only sane route and the problems will need to be confronted sooner or later - why not confront them sooner, rather than letting the mess get bigger and bigger first?

As France has made the lion's share of the loans to the Greeks, you can see why they wanted to bail it out. I'm concerned it may trigger a wave of staggered defaults across the EU, then beyond, but what can be done? Nothing much, AFAIK, so we'll just have to suck it up!

EDIT: BTW, I think it will actually be good for Greece in the medium/long term. They may find it hard to borrow for a few years, but at least the next few generations won't be picking up the loan repayment tab. The current generations caused this, so let them pay for it!

Edited by Traktion

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http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/100005734/congress-blocks-indiscriminate-imf-aid-for-europe/

"Europe may have to clean up its own mess after all. The US Senate has voted 94:0 to block use of taxpayers’ money for IMF rescues that make no economic sense or bail-outs for countries like Greece that far are beyond the point of no return."

So the US wont bail out Greece and the IMF was the only source of real cash involved in the bailout, the rest was just theoretical promises from the rest of the debt-ridden Euro states who could obviously never come up with the readies. How absurd to expect Ireland/Spain/Portugal to bail out Greece.

So....

The banks made bad loans and made big losses

The sovereign nations bailed out the banks.

The EU pretended to bail out sovereign nations using the IMF

The US says no.

I feel the force of gravity coming to the world economy. The debt holders are due for a no.2 (razor trim as well as rear-end movement). The only alternative is the end of money.

VMR.

looks that way.

there is a very definite play for hegemony going on in the world economy.

the US are accutely aware that they have been drawn into both a financial and military conflict.

We,as usual are stuck in the middle of a spat between the US and germany.......which is why we are getting bitch-slapped on both sides.

UK is going to have to make a firm decision on which side of the fence they want to sit.

I suspect we will side with our brethren across the pond,but it's just a matter of time.

the longer we dally around the more painful it will get,either by obama+co ripping shreds out of BP,or the fourth reich regulating us out of existence.

Given that the queen is buying up very large tracts of land in the US,I think she's put her money where her mouth is and made the decision already......so when are you going across the pond?

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The Yanks are bang on this time. Bailing out Greece when they will obviously never be able to pay back the money makes no sense at all. The root problems of to much debt, a lack of competitiveness, slim to zero growth prospects need to dealt with.

The only sensible way of doing this is a debt restructure and devaluation one way or another.

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  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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