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Breaking News - Greece Threatens To Leave The Euro


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The Euro was always going to end in disaster.

I could believe that if it wasn't for the fact that the dollar has survived as a continental currency for several centuries.

It is my belief that if the Germans can get them to stick it out (baling if necessary), the Euro[zone] will emerge a formidable economic force.

IMHO

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I could believe that if it wasn't for the fact that the dollar has survived as a continental currency for several centuries.

It is my belief that if the Germans can get them to stick it out (baling if necessary), the Euro[zone] will emerge a formidable economic force.

IMHO

Although North America is a continent and individual US states are similar to countries in many ways

I do not believe the comparison is valid.

All US states have a shared language, political parties and institutions, religion and cultural heritage

wheras the various states within Europe have been doing their best to destroy each other for the last few hundred years.

Personally I cannot understand why the countries in Europe can't just have a free trade agreement and live together in peace.

Great Britain only ended up a World superpower because the French spent many decades trying to destroy us.

:blink:

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Personally I cannot understand why the countries in Europe can't just have a free trade agreement and live together in peace.

They could, but...

Britain is not a global super power

Neither is Germany

Nor France

Europe is [or could be]

A United Europe would rival the strength of a United America or United Asia.. the only advantage is geopolitical strength in unity.

Edited by libspero
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They could, but...

Britain is not a global super power

Neither is Germany

Nor France

Europe is [or could be]

A United Europe would rival the strength of a United America or United Asia.. the only advantage is geopolitical strength in unity.

A "United Europe"?

Keep smokin da weed.

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...just a thought, silly or not....but what is stopping the euro having different internal exchange rates? ;)

Seems a very reasonable idea.

No surprises this is happening, everyone knows Greek debt is unsustainable and the Greek bailout bought about a year before getting to this point. Money well spent.

Ireland and Portugal will follow, as will Spain.

If the Euro does collapse it really won't be a surprise, the whole implementation was done by a lunatic. They should have spent 20 or 30 years sorting out the budgets and the economies of the PIIGS before letting them join.

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They could, but...

Britain is not a global super power

Neither is Germany

Nor France

Europe is [or could be]

A United Europe would rival the strength of a United America or United Asia.. the only advantage is geopolitical strength in unity.

Why? Why would we want to do this?

I don't care whether the UK is a global superpower or not, I just want a nice house to live in at an affordable price.

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They could, but...

Britain is not a global super power

Neither is Germany

Nor France

Europe is [or could be]

A United Europe would rival the strength of a United America or United Asia.. the only advantage is geopolitical strength in unity.

Sorry, but this is just a pipe dream IMO.

Too much 'history' to be forgotten.

And you can't run anything effective 'by committee'

The US has hundreds of years of World domination ahead until it reaches the limits of economic expansion within the borders of North / South America and Canada.

Both India and China have already reached the limits of their populations and resources and will spend the next few hundred years just trying to raise 2 Billion people to the standard of living enjoyed by those in the US in the 1950's.

IMHO

:)

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Why? Why would we want to do this?

I don't care whether the UK is a global superpower or not, I just want a nice house to live in at an affordable price.

Exactly,

Only the French want to challenge America because they have a massive inferiority complex to get over.

Why would we want to challenge America? - they are 'us' to a far greater degree than anyone else is.

:blink:

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Exactly,

Only the French want to challenge America because they have a massive inferiority complex to get over.

Why would we want to challenge America? - they are 'us' to a far greater degree than anyone else is.

:blink:

If Lisbero wants to march to the top of the hill and then march back down again that's fine by me. But don't drag anyone else into it!

Global superpower ffs.

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A "United Europe"? - Keep smokin da weed.

What exactly is the point of continental power blocks when all they become is another obstacle to circumvent for our global elite?

Why? Why would we want to do this?

Sorry, but this is just a pipe dream IMO.

Clearly a minority view then :lol:

Given the complaints about Europe's control over us I would have thought most people thought we were already there.. and we don't even share monetary policy yet.

I'm not saying Britain will or should become part of a continental block.. simply that we would be part of a more powerful political/economic body if we did.

There is nothing wrong with being a small isolated independent nation per se.. I'm sure as global resources dry up our more powerful neighbours will be happy to give us a fair share of the pie and not muscle us out..

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Clearly a minority view then :lol:

Given the complaints about Europe's control over us I would have thought most people thought we were already there.. and we don't even share monetary policy yet.

I'm not saying Britain will or should become part of a continental block.. simply that we would be part of a more powerful political/economic body if we did.

There is nothing wrong with being a small isolated independent nation per se.. I'm sure as global resources dry up our more powerful neighbours will be happy to give us a fair share of the pie and not muscle us out..

The EU can't even manage it's own fish stocks, and it forces "renewable" energy on us at every opportunity; wasting yet more of our time and money.

Yes I'm quite happy being part of a small isolated independent nation if the EU is the alternative. Norway and Switzerland seem to be doing alright for themselves.

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The US has hundreds of years of World domination ahead until it reaches the limits of economic expansion within the borders of North / South America and Canada.

Possibly, but they are worried enough to have already marked a line on the urinal at the world GDP pissing contest.

Linky

Someone's nervous..

Edited by libspero
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It sounds increasingly likely that:

1) The "secret meeting" will actually take place tonight

2) The agenda will be Greek debt restructuring

EU Finance Officials Said to Hold Talks That May Involve Greek Debt

May 6 (Bloomberg) -- European finance officials are meeting in Luxembourg for unscheduled talks that may focus on proposals for restructuring Greek debt, said two European officials familiar with the situation.

A German official said the discussions would include a German paper on options for confronting Greece’s growing debt load, which has spurred speculation by investors that a restructuring was a likely outcome.

Apparently, a few market players are positioning themselves for a big announcement.

Deutsche Bank Put Volume Surges On Greek News

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Clearly a minority view then :lol:

Given the complaints about Europe's control over us I would have thought most people thought we were already there.. and we don't even share monetary policy yet.

I'm not saying Britain will or should become part of a continental block.. simply that we would be part of a more powerful political/economic body if we did.

There is nothing wrong with being a small isolated independent nation per se.. I'm sure as global resources dry up our more powerful neighbours will be happy to give us a fair share of the pie and not muscle us out..

We are not 'small' and we are far from isolated.

If we were, one of: Napoleon, Wilhelm II, Hitler and Joseph Stalin

Would have had us for breakfast.

Instead we have had to save Europe from itself on at least 4 major occasions in the last 200 years.

And no doubt we will have to save their sorry ars*s again this time.

:blink:

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We are not 'small' and we are far from isolated.

If we were, one of: Napoleon, Wilhelm II, Hitler and Joseph Stalin

Would have had us for breakfast.

Ok well.. I'm not going to labour it too much more, although I think by focusing on our power at a time when we were part of a global empire you are almost making my point.

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Ok well.. I'm not going to labour it too much more, although I think by focusing on our power at a time when we were part of a global empire you are almost making my point.

We were on the winning side in WW1, WW2 and the Cold War because we alone were able to persuade the USA to fight alongside us for freedom and democracy in Europe.

The EU and the Euro are just the latest attempt to create a European superstate that started with Napoleon I.

If they ever succeed, God help the people of Europe - because it won't be based on freedom OR democracy.

But these are just my opinions based on what I know of history.

:)

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Has anyone asked yet who got the tip off to unload on silver earlier in the week, causing almost the entire commodities complex to join in?

They monetised just 2 days before the Euro gives up 600 points against the dollar on Trichet holding off and the Greeks threatening a withdrawal from the Euro in a 'secret' meeting.

If this all blows over by Monday then this was a massive manipulation across the entire commodity and major currency world.

Not many players could do that.

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http://bmobile.reuters.com/article/rbssFinancialServicesAndRealEstateNews/idUSLDE7440EN20110505

http://www.xe.com/news/2011/05/05/1878789.htm?utm_source=RSS&utm_medium=TL&utm_content=NOGEO&utm_campaign=News_RSS_Art6

http://af.reuters.com/article/idAFN0511221020110505

This actually makes some sense having thought about it. Greek tax revenues are falling and are below 2010 levels, unemployment is rising, retails sales plummeting, construction has fallen off a cliff (new building permits plunged 62.8% y/y for January). Cement production is running at levels last seen in the 60's. The rule of law is breaking down and a 10 day illegal strike will be held for petroleum workers. The economy is heading for collapse.

Meanwhile the € has been trading at near $1.50, interest rates have risen (nice one Trichet). The Greek government have probably realised there will never be an economic recovery whilst they are in the €. Better to force default flush the € now and recover more quickly. Germany etc would have to support as uncontrolled default would wipe them out as well.

If the meeting is about restructuring. What is the point, the Greek economy needs to grow, how will restructuring help. Even if the haircut was 100% the debt would be back in a decade or two. The IMF have no doubt realised this as well. There will be no primary surplus whilst Greece is in the €, no escape, no hope collapse will be inevitable.

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Has anyone asked yet who got the tip off to unload on silver earlier in the week, causing almost the entire commodities complex to join in?

They monetised just 2 days before the Euro gives up 600 points against the dollar on Trichet holding off and the Greeks threatening a withdrawal from the Euro in a 'secret' meeting.

If this all blows over by Monday then this was a massive manipulation across the entire commodity and major currency world.

Not many players could do that.

Good point. I lost a bloody fortune over the last two days.

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I could believe that if it wasn't for the fact that the dollar has survived as a continental currency for several centuries.

Erm the US$ has not lasted centuries. The dollar of today is only 40 years old, as the old dollars immediately changed after the nixon shock.

Much like UK£ sterling, its gone on and off the silver and gold standard but each time it is a new currency.

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