Sunday, December 5, 2010

Are we safe from a Euro collapse

Default, delusion and deceit (and other ways to spring the debt trap)

There are five ways of escape ... The fifth way is to default. Perhaps you can make someone not involved in the process by which the government gets elected take a good part of the hit. This is where Johnny Foreigner comes in. You say: "Sorry old chaps, but that money that you thought we owed you is now 'restructured'. In the words of Monty Python, it is an ex-loan." This is what is going to happen. Huge amounts of money are going to be lost. At the moment, the prospective losers can afford it. But coming up in the lift are Portugal, Belgium and Spain. And then Italy.

Posted by quiet guy @ 10:43 PM (1576 views)
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10 thoughts on “Are we safe from a Euro collapse

  • “Are we safe from a Euro collapse”

    Who’s ‘we’?

    If you are asking “is the financial system safe from a Euro collapse?”, the answer is “No!” Which is why it won’t be allowed to happen.

    Expect more printing.

    What? Aw, shucks… beaten to it.

    IMF urges EU to boost £425bn bail-out fund to stem crisis
    http://www.telegraph.co.uk/finance/8182765/IMF-urges-EU-to-boost-425bn-bail-out-fund-to-stem-crisis.html

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  • @devo

    ‘We’ referred to the UK. I could have made that clearer. Many media sources have remarked upon the advantages of having our own, devaluable, currency. The promptness with which we gave a ~£7bn loan to Eire makes me wonder who really has the most to lose in the overal; scheme of things.

    “Which is why it won’t be allowed to happen.”

    Reality is a bitch.

    http://www.youtube.com/watch?v=Fyq7WRr_GPg

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  • “Reality is a bitch”

    You still think nation states have control over their own destiny?

    I don’t.

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  • “You still think nation states have control over their own destiny?”

    Yes they do. I think that many countries manage their affairs responsibly. That much of the Western World is indulging in some sort of mass senility is another matter … We just happen to be living in it.

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  • “I think that many countries manage their affairs responsibly.”

    Big deal – just like the many individuals who post on hpc who have acted ‘responsibly’ and have been right royally stuffed for their efforts.

    Be assured that the nebulous, corrupt ‘markets’ are in control; and until the banksters are brought down to size, there will be no progress either on a societal or economic level, whichever you prefer.

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  • “the nebulous, corrupt ‘markets’ are in control”

    That’s a pretty broad statement which is hard to dissect at the best of times but particularly when I’m tired. Your reference to the plight of the ‘royally stuffed’ makes me suspect that we’re closer in agreement on some things than you might think. I’m off to bed now.

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  • A good analysis by Roger Bootle.

    I liked option 3:
    “Third, force those who caused the problems and gained from the years of extravagance to cough up”.

    In reality, very difficult, I suspect.

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  • Pmsl. I love monty python. As nigel farage would say. “The game is up!”

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  • It’s a very good article, and I also think that a haircut is on the way

    That will teach people to appreciate risk a bit more. That can only help us get away from loadsamoney mindset.

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  • mark wadsworth says:

    I like the same bit as Alan did (above): “force those who caused the problems and gained from the years of extravagance to cough up. That would mean the bankers, property developers and politicians”

    Yup – the Home-Owner-Ist elite – bankers, property developers and polticians (in no particular order).

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