Friday, February 20, 2009

European banks may need £16.3 trillion bail-out, EC document warns

The Looming Collapse of European Banking

Gary North reveals how mainstream media editors are colluding with bankers to conceal the impending collapse of Europe's banking system

Posted by sold 2 rent 1 @ 10:03 AM (1606 views)
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19 thoughts on “European banks may need £16.3 trillion bail-out, EC document warns

  • CONCLUSION

    “The West’s economy really is at the edge of a leveraged disaster. The politicians know only one answer: deficit spending. The central bankers have only on significant tool: monetary inflation. The speed of events is increasing.”

    “The markets don’t reflect this yet. This gives time to a few people to get out. But the vast majority cannot get out. There are too few escape hatches open. “

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  • Eastern Europe is about to Blow

    By Mike Whitney

    February 17, 2009 “ICH” — -Eastern Europe is about to blow. If it does, it could take much of the EU with it. It’s an emergency situation but there are no easy solutions. The IMF doesn’t have the resources for a bailout of this size and the recession is spreading faster than relief efforts can be organized. Finance ministers and central bankers are running in circles trying to put out one fire after another. Its only a matter of time before they are overtaken by events. If one country is allowed to default, the dominoes could begin to tumble through the whole region. This could trigger dramatic changes in the political landscape. The rise of fascism is no longer out of the question.

    The UK Telegraph’s economics editor Edmund Conway sums it up like this:

    “A ‘second wave’ of countries will fall victim to the economic crisis and face being bailed out by the International Monetary Fund, its chief warned at the G7 summit in Rome….But with some countries’ economies effectively dwarfed by the size of their banking sector and its financial liabilities, there are fears they could fall victim to balance of payments and currency crises, much as Iceland did before receiving emergency assistance from the IMF last year.” (UK Telegraph)

    Foreign capital is fleeing at ~~~ cont.

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  • “He is also the author of a free 20-volume series, An Economic Commentary on the Bible. “

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  • So! what to do? put the kettle on me thinks…

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  • “The rise of fascism is no longer out of the question.”

    And neither is the rise of ETHICS over POWER.

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  • 4. sold 2 rent 1 said…”The rise of fascism is no longer out of the question.”

    And neither is the rise of ETHICS over POWER.
    ~~~~~
    s2r1, that may be so and I wish I could share your optimism, but :-

    cousin malc has long time commented on how complacent and apathetic we all are towards politics, which after all is the process by which we control and manage our lives (or it should be). However, his observations in recent years suggest that this has developed to an almost unbelievable and dangerous extent whereby we seem totally paralysed as a nation when it comes to saying ‘no. we ‘re not going to accept xyz’ when it comes to the most outrageous lies, deceipt, corruption and downright legalised theft in the public domain.

    It is as if we have found ourselves with no mechanism for fighting back. We have been psychologically, economically, moraly and socially divided and conquered.

    re going to the IMF, I think there is a que building up.

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  • some-one saw it coming then,

    Re: RED ALERT: FX Dislocation In Process
    « Reply #57 on: February 16, 2009, 11:29:23 PM »

    ——————————————————————————–
    http://www.bloomberg.com/apps/news?pid=20601087&sid=a7rstGPFeihs&refer=home

    Banks Face Downgrades on Eastern European Losses, Moody’s Says
    Email | Print | A A A

    By Zoe Schneeweiss and Niklas Magnusson

    Feb. 17 (Bloomberg) — Austrian, Swedish and other banks with subsidiaries in eastern European may face rating downgrades as economies in the region deteriorate, according to Moody’s Investors Service.

    East European banks, which are mainly subsidiaries of financial institutions such as Raiffeisen Zentralbank Oesterreich AG and Swedbank AB, are likely to come under “downward pressure” which may also weaken their parent companies, Moody’s wrote in a report released today in London.

    Banks from Austria, Italy, France, Belgium, Germany and Sweden account for 84 percent of western European bank loans in eastern Europe. The region’s economies are weakening, with the International Monetary Fund already offering aid to Latvia, Hungary, Serbia and Ukraine. Bailouts may be extended to Bulgaria, Romania, Lithuania and Estonia as the global recession derails more banks, according to Capital Economics research.

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  • cousin malct,

    Once people are freed from the only thing they know – materialism – things will change and change fast. Remember change is accelerating into a singularity. Until then its more of the same I am afraid.

    The change can only come out of chaos, there is no other way, so in some perverse thinking I say “Bring it on”

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  • another view from a colleague and friend :-

    East European collapse in context

    Posted by Planning4aCrash on 02/19/09 2:33 PM
    Last updated 02/19/09 10:30 PM

    [Older: Student withdrawn from UK school over CCTV in toilets ]

    Recently, Ambrose Pritchard announced that East European Collapse would plunge the West into the Dark Ages. But remember, this is a theatrical event. Remember that we are seeing a transition from Soviet Union to National Independence, to European Union. This recent phase of the ongoing revolution began with President Clinton’s United Nation’s wars in the Balkans, followed by velvet revolutions in countries now being turned over to NATO control. We are seeing revolution yet again, this time via economic warfare. Eastern Europe once again being cannon fodder for politican gain. Any bailout will be on condition of total repeal of national sovereignty for Eastern European countries, and wealthy W.European countries will loose significant wealth to prop up the coming bailouts. Interdependencies were carefully crafted during the derivatives and debt bubble of the 1990’s, and they are playing out now, in a form of international interdependency, which is an ingenius blend of western crony capitalism and eastern socialism/communism. George Bush Sr described it as Communitarianism. A darstadly trap indeed.

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  • oops wrong thread

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  • Gold hits record against euro on fear of Zimbabwean-style response to bank crisis
    Gold has surged to an all-time high against the euro, sterling, and a string of Asian currencies on mounting concerns that global authorities are embarking on a “Zimbabwe-style” debasement of the international monetary system.

    By Ambrose Evans-Pritchard

    Gold jumped to multiple records on Tuesday, triggered by fears that East Europe’s banking crisis could set off debt defaults and lead to contagion within the eurozone. It touched €762 an ounce against the euro, £675 against sterling, and 47,783 against India’s rupee.

    Crucially, gold has decoupled from oil and base metals, finding once again its ancient role as a store of wealth in dangerous times.

    “People can see that the only solution to the credit crisis is to devalue all fiat currencies,” said Peter Hambro, chairman of the Anglo-Russian mining group Peter Hambro Gold. “The job of central bankers is to allow this to happen in an orderly fashion through inflation. I’m afraid it is the only way to avoid disaster, but naturally investors are turning to gold as a form of wealth insurance.”

    One analyst said the spectacle of central banks slashing rates to zero across the world and buying government debt as if there was no tomorrow feels like the “beginning of the ‘Zimbabwe-isation’ of the global economy”
    http://www.telegraph.co.uk/finance/4682554/Gold-hits-record-against-euro-on-fear-of-Zimbabwean-style-response-to-bank-crisis.html

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  • Gold is over $990 right now, I think this is saying that something is going to blow, maybe it is Eastern Europe and therefore the European banking system.

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  • MG,

    Looks like we could see a spike to 1050-1100 in the next week or 2.
    We still have 1 more correction in March before gold really starts its Elliott wave 1 and ascent to 8,000+ in 12 months.

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  • S2R1 – a break above the March 08 high would be very bullish. Any guesses on where support lies for the correction March April? My view is the gold correction low will correspond to a stock market rally this spring, Martin Armstrong might be on time again.

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  • Something to put straight: the article says that impaired assets amout to 12 tn euros, but this does not mean that the loss given default is going to be 100 percent.

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  • sold 2 rent 1 says:

    MG,

    My “Mayan Calendar” gold stocks analysis (don’t laugh) gives a date of 5 April for the gold stocks launch into Elliott wave 1 in earnest.
    The Armstrong high is 19 April on the 8.6 year cycle but 16 April on the 8.6 monthly internal cycle.

    So the first 2-3 weeks in April should contain an exit point for stocks and a buying point for PM stocks.
    Happy trading

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  • S2R1

    What are PM stocks ?

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  • Precious Metals by any chance ?

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  • sold 2 rent 1 says:

    Precious Metals – yep

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