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Davos 2011: Lagarde Refutes Bob Diamond's Euro Comments

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My understanding of how things have gone is something like this.

The Greeks did everything wrong and needed a bail out.

This was forthcoming on the back of Greek promises to start doing things right.

These have not been honoured and the Austrians are ceasing to contribute to the Greek bail out.

The Irish did everything right but needed a bail out.

This was forthcoming but the next Irish government may reject this bailout as its too onerous or Ireland may just be unable to meet its terms because so many of the productive Irish are leaving.

So the Irish just started printing euros, which according to their inflation rate (5%?) the Greeks are probably doing too.

And didn't the Spanish start printing euros as well?

Meanwhile the Jermans have said they are not gonna pay any more money for bail outs and nor will the Brits, not that the Brits are so relevant here.

And things in Belgium, no government since about Noah, Italy, bunga bunga government since wotsit Borgia and Portugal are not exactly getting better.

As Jerman nik naks are flying out the door faster than you can say, 'Vorsprung dur technic," not unhindered by loose money on the european rim .....

And the French say everything is fine, don't short the euro .....

Anyone convinced?

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My understanding of how things have gone is something like this.

The Greeks did everything wrong and needed a bail out.

This was forthcoming on the back of Greek promises to start doing things right.

These have not been honoured and the Austrians are ceasing to contribute to the Greek bail out.

The Irish did everything right but needed a bail out.

This was forthcoming but the next Irish government may reject this bailout as its too onerous or Ireland may just be unable to meet its terms because so many of the productive Irish are leaving.

So the Irish just started printing euros, which according to their inflation rate (5%?) the Greeks are probably doing too.

And didn't the Spanish start printing euros as well?

Meanwhile the Jermans have said they are not gonna pay any more money for bail outs and nor will the Brits, not that the Brits are so relevant here.

And things in Belgium, no government since about Noah, Italy, bunga bunga government since wotsit Borgia and Portugal are not exactly getting better.

As Jerman nik naks are flying out the door faster than you can say, 'Vorsprung dur technic," not unhindered by loose money on the european rim .....

And the French say everything is fine, don't short the euro .....

Anyone convinced?

A good summary, but I can't agree with the bit about the Irish doing everything right. They sold their soul to get a few multinational HQs and gave daft incentives to get factories to relocate there (they upped sticks as soon as a better deal was on offer). But their biggest folly was that the Irish govt. and banks jumped into bed with property developers. They were the greediest of the lot (except maybe the yanks) and collectively deserve what they've got. It's a shame, and I wish they weren't in such a pickle, but Ireland has always been a pretty corrupt country by western standards so it should come as no great surprise.

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Given MSW's fall from grace - bit old, but perhaps the feisty Christine Lagarde can become the new pin up girl for hpc? :lol:

I won't have a word said against the lovely MSW.

Christine Lagarde, without the blonde wig, could play a part in Macbeth, "Hubble bubble toil and trouble..."

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Given MSW's fall from grace - bit old, but perhaps the feisty Christine Lagarde can become the new pin up girl for hpc? :lol:

and her boss...

lob-bier (from lob-ster)

- a rich b'stard working for Big Business who pays orf sums (job waiting) and bends UK laws thru Govt manipulation and corruption of members!

Ditto USA/Euro Senates etc!

All they have to do is make it illegal for banks to buy/sell anything that hasn't been pre-approved by a regulator and that the bankers can prove the integrity/100% explain/understand the package they are buying/selling on Both sides.

Edited by erranta

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http://en.wikipedia.org/wiki/Jack_Diamond_(gangster)

Jack "Legs" Diamond (born Jack Nolan; July 10, 1897 - December 18, 1931), also known as Gentleman Jack, was a famous Irish-American gangster in New York City during the Prohibition era. A bootlegger and close associate of gambler Arnold Rothstein, Diamond survived a number of attempts on his life between 1916 and 1931, causing him to be known as the "clay pigeon of the underworld." In 1930,
Diamond's nemesis Dutch Schultz remarked to his own gang, "Ain't there nobody that can shoot this guy so he don't bounce back?"

:lol:

I am wondering if Bob is Jack's grandson? Similar features and much the same sort of business.

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  • 312 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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