Is the end nigh for the Euro? [vol. 2]
Discussion
Globs said:
Crafty_ said:
Ozzie Osmond said:
".... a great leap, a first step towards stability and political union."
Isn't that the b
ks they came out with when they dreamt up the euro ?Still, worked out just like they said eh ?
Seeing Ozzie's words there I had only two words: 'Pathetic Troll'.
Huntsman said:
A chum commented to me last night that heard heard this week that a major French bank is about to go bust, anyone heard this?
Same rumour was floating round about "A Spanish bank" a few weeks back. Whilst there are undoubtedly a lot of banks in a lot of trouble, I have a feeling these rumours are just "FOAF" stuff, as there never seems to be a source. Usually starts "A friend who works at..." or "Someone I know who works in the City". Twitter is the main culprit.hornetrider said:
Despite the marvellous signed 'fiscal agreement' the Telegraph are reporting that the Spanish PM has come out and said they are not sticking to the new rules.
It's fubar'd before it's even begun.
It's fubar'd before it's even begun.
link: http://www.telegraph.co.uk/finance/financialcrisis...So Ozzie, can you explain how this fits in with your latest comments?
hornetrider said:
Despite the marvellous signed 'fiscal agreement' the Telegraph are reporting that the Spanish PM has come out and said they are not sticking to the new rules.
It's fubar'd before it's even begun.
"This is a sovereign decision made by Spaniards," I like that It's fubar'd before it's even begun.
So are some countries more sovereign than others.
Crafty_ said:
hornetrider said:
Despite the marvellous signed 'fiscal agreement' the Telegraph are reporting that the Spanish PM has come out and said they are not sticking to the new rules.
It's fubar'd before it's even begun.
It's fubar'd before it's even begun.
link: http://www.telegraph.co.uk/finance/financialcrisis...So Ozzie, can you explain how this fits in with your latest comments?
article said:
Mariano Rajoy said he had decided to set a new target rather than extract €44bn (£36.6bn) from the budget at a time of economic crisis
So Ozzie - whose action do you support here - Mariano or your beloved fascist EU?"Mr Rajoy insisted the slippage was just on an interim target and Spain would still honour its commitment to bringing its deficit down to 3pc of GDP by 2013."
By the way, how's the Governor of the Bank of England getting on with the 2% inflation target?
"On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
By the way, how's the Governor of the Bank of England getting on with the 2% inflation target?
"On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
Ozzie Osmond said:
"Mr Rajoy insisted the slippage was just on an interim target and Spain would still honour its commitment to bringing its deficit down to 3pc of GDP by 2013."
Isn't the whole euro crisis just a temporary 'slippage'?I'm sure they'll be able to suddenly bounce back to austerity later
Ozzie Osmond said:
By the way, how's the Governor of the Bank of England getting on with the 2% inflation target?
"On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
The UK is inflating it's debts away by printing more money, which is causing some of the inflation. This is because your NuLabour government wrecked the economy and spent all our money."On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
Prices are also climbing because oil is going up because Israel wants us to attack Iran, and Iran failed to find this amusing.
Inflation is also driven by the Pound sinking in value, partly because your NuLabour government wrecked the economy and spent all our money, and partly because the currency is self-correcting in the UK.
In fact UK inflation is a symptom of the UK's independent currency allowing it to survive your NuLabour government wrecking the economy and spending all our money. The eurozone on the other hand can't 'do' inflation, so they are having mass unemployment and debt instead.
I find it shocking that a socialist condones mass poverty and unemployment and attacks some mild inflation, particularly as the latter end of socialist parliaments always end up with big inflation (and quite often IMF loans too).
Globs very well put,nulabia are unelectable it shocks me that peoples memories are so short,the danger is that people dont like pain and vote accordingly and so if they are an immigrant,lame,sick,lazy or public sector worker all will be better off (short term) with Millibund god help us all!
the mayoral elections IMO will be key here if Livingstone gets back in we are all doomed.
the mayoral elections IMO will be key here if Livingstone gets back in we are all doomed.
Gary11 said:
the mayoral elections IMO will be key here if Livingstone gets back in we are all doomed.
Ah yes - Ken Livingstone, dyed in the wool Socialist and Tax Avoider:telegraph said:
In 2000, before first being elected mayor, he channelled his non-parliamentary earnings through a company called Localaction. There, too, he paid corporation tax, rather than income tax, on it. His defence at the time was much the same – he’d paid further amounts in income tax on what he drew out of the company.
"It is only a tax avoidance option provided you're not drawing the money out," he said (Sunday Times, 23 January 2000.)
This “tax avoidance option” is, in fact, precisely what Ken is doing now. In 2009 and 2010, the only years for which Silveta’s accounts are available, he has drawn out little, if any, money from the company. By June 2010, the last date for which figures are available, he had piled up a cash mountain in the company of £320,000.
In 2009 he earned 230k for speaking engagements, so he's making a fair bit of money but only paying 20% tax as his company is only owned by him and his wife. As a socialist Ken also says:"It is only a tax avoidance option provided you're not drawing the money out," he said (Sunday Times, 23 January 2000.)
This “tax avoidance option” is, in fact, precisely what Ken is doing now. In 2009 and 2010, the only years for which Silveta’s accounts are available, he has drawn out little, if any, money from the company. By June 2010, the last date for which figures are available, he had piled up a cash mountain in the company of £320,000.
Ken said:
THESE rich bds just don’t get it…No one should be allowed to vote in a British election, let alone sit in our Parliament, unless they are paying their full share of tax.
As a member of the 1% of the richest people in the UK he's done well out of tax dodging and socialism, unlike the workers of the country he has helped to shaft. And unlike those inhabitants of the Olympics site he pushed out of their homes and businesses. It might even be said that he shows the true colours of a socialist, one of greed, arrogance and hypocrisy, all sound EU principles..ds just don’t get it…No one should be allowed to vote in a British election, let alone sit in our Parliament, unless they are paying their full share of tax.ETA:
Solidarity brother.
Edited by Globs on Saturday 3rd March 18:46
Had to do some research the other day and came across the inflation figures from the ONS.
Scary stuff really, 2006 to date of 4.4%, 4.6%, -1.6%, 5% and 5% (June to June) and I'm fairly certain that come June 2012 we can add another 5% (or more) to that lovely list.
And I can assure you that I haven't seen anyone getting pay awards up at that level...
Scary stuff really, 2006 to date of 4.4%, 4.6%, -1.6%, 5% and 5% (June to June) and I'm fairly certain that come June 2012 we can add another 5% (or more) to that lovely list.
And I can assure you that I haven't seen anyone getting pay awards up at that level...
Ozzie Osmond said:
"Mr Rajoy insisted the slippage was just on an interim target and Spain would still honour its commitment to bringing its deficit down to 3pc of GDP by 2013."
By the way, how's the Governor of the Bank of England getting on with the 2% inflation target?
"On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
Typical socialist, unable to answer a simple question.By the way, how's the Governor of the Bank of England getting on with the 2% inflation target?
"On 10 December 2003, the Chancellor announced that the new inflation target would be 2.0%"
What the BOE is or isn't doing has no relevance to the complete mess the EU is in IMHO.
Maybe we can try another question or two, how is Greece going to pay back all the money they've borrowed ? or Italy for that matter ? How does this worthless bit of paper they all signed last week facilitate a return to a healthy economy ?
Or will you ignore those questions too ?
Globs said:
So Ozzie - whose action do you support here - Mariano or your beloved fascist EU?
Ozzie said:
What about the Bank of England?
Crafty_ said:
Typical socialist, unable to answer a simple question.
In a way Ozzie did answer by changing the subject, he supports his beloved fascist EU.He either hates the europeans who have to suffer the EU/ECB/ESM triparty attack upon them, or he just ignores their pain.
I've not met a socialist yet who would have a proper discussion, they ALWAYS avoid the straight answer and will often just refuse to discuss something when they feel their beliefs threatened. Very similar to the Global Warming zealots, not interested in anything else but their own thoughts.
mondeoman said:
And I can assure you that I haven't seen anyone getting pay awards up at that level...
If people wrote employment contracts to account for inflation interest rates would create no advantage. After all it doesn't make mortgages any cheaper in the long term because the rates are adjusted to account for inflation. It would make a difference in the short term for people with fixed mortgages but after a few years when their terms run out it would be of no difference. The more financial businesses lose on mortgages now the more they put up rates next time to make sure they remain profitable.
Major French bank going bust eh? Another sensational and stunningly accurate prediction no doubt, a bit like this one:
http://www.zerohedge.com/article/sigma-x-trading-s...
" the next, and probably biggest domino may be about to fall: the UK itself, because coming in at position #2, just behind UniCredit, we see Lloyds Banking. And if Lloyds goes, the ones that will follow are Barclays and RBS. At that point, the financial crisis goes global."
The earnest sense of worry and melodrama on this thread is hilarious, reminds me of this:
http://www.youtube.com/watch?v=cTDz5hvNqTQ
Driller said:
Since then a lot of euros and dollars have been printed, UK banks have been furiously reducing their exposure to the euro and that threat to the UK has been averted.
It's revealing that all you and Ozzie can contribute on this debate about the chronic euro-debt-crisis is pithy laughter and attacks on the UK finances. As I explained earlier the UK's woes are mainly down to NuLabours spending of all our money, and their huge donations to the fascist money pit we know as the EU.
So a large extent 'The Pound' is what decouples us from the euro debt crisis, the magic floating exchange rate is what saves us from the morbid euro experiment in austerity, poverty and a taste of totalitarian rule that's making the average european deeply unhappy.
The only area of doubt in europe is how much s
t with the european take until some serious backlashes against the central bankings system and their puppet EU start becoming the norm. As for the big french banks hanging on with their fingernails, lets hope the ECB bails them out again. In three years time however the landscape will be Very Different. Greek default looms as voluntary debt deal looks set to fail
Telegraph Link
Telegraph Link
Telegraph said:
European leaders are braced for the eurozone’s first ever sovereign default this week as Greece’s efforts to secure a €206bn (£172bn) “voluntary” bond swap looks increasingly unlikely.
Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.
Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.
While the markets have been ready for a Greek default for months, the move could leave Greece and its banks barred from funding from the European Central Bank (ECB). On Monday, Standard & Poor’s declared Greece to be in a state of “selective default” which led to the ECB announcing it would no longer accept Greek government bonds as security for new loans.
The rating agency said its decision had been prompted by the threat of the CACs and the actual use of them is likely to tip Greece into actual default. The agency said it regarded the process as a “distressed debt restructuring”.
Raoul Ruparel of Open Europe, the London-based think-tank, said: “Greece is likely to struggle to reach the targets for a voluntary agreement so the credit rating agencies are almost certainly going to see this as a default.
(article continues online)Authorities in Athens are ready to enforce the controversial collective action clauses, or CACs, to impose the restructuring deal on all bondholders as the number of voluntary agreements look set to fall short of the required amount.
Credit rating agencies have warned they will declare Athens to be in default if the CACs are triggered which would be a dramatic culmination to a three-year rollercoaster ride for Athens, the eurozone and global markets.
While the markets have been ready for a Greek default for months, the move could leave Greece and its banks barred from funding from the European Central Bank (ECB). On Monday, Standard & Poor’s declared Greece to be in a state of “selective default” which led to the ECB announcing it would no longer accept Greek government bonds as security for new loans.
The rating agency said its decision had been prompted by the threat of the CACs and the actual use of them is likely to tip Greece into actual default. The agency said it regarded the process as a “distressed debt restructuring”.
Raoul Ruparel of Open Europe, the London-based think-tank, said: “Greece is likely to struggle to reach the targets for a voluntary agreement so the credit rating agencies are almost certainly going to see this as a default.
1/3/12
The International Swaps and Derivatives Association's Decisions Committee ruled that the Greek government's retroactive insertion of collective action clauses (CACs) – which could force private sector bondholders to accept the agreed deal with haircuts estimated around 70% – does not constitute a credit event.
The International Swaps and Derivatives Association's Decisions Committee ruled that the Greek government's retroactive insertion of collective action clauses (CACs) – which could force private sector bondholders to accept the agreed deal with haircuts estimated around 70% – does not constitute a credit event.
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