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Mister Trichet
  • Vitaliy_KiselevVitaliy_Kiselev
    European Central Bank President Jean-Claude Trichet issued the dramatic warning as chairman of the European Systemic Risk Board, created to avoid a repeat of the 2008 financial crisis, amid growing fears that Greece will default on its massive debt.

    "The crisis is systemic and must be tackled decisively," Trichet told a European Parliament committee in his final appearance before retiring at the end of the month.

    "The high interconnectedness in the EU financial system has led to a rapidly rising risk of significant contagion. It threatens financial stability in the EU as a whole and adversely impacts the real economy in Europe and beyond."


    Via: http://www.reuters.com/article/2011/10/11/eurozone-idUSL5E7LB1JM20111011

    Big surprise :-)
  • 11 Replies sorted by
  • lolololo
    well that is a bad news, luckily, the first commercial partner of my country is China, i wonder why?? hahahah
    ten years ago it was USA, the first commercial partner... mmmmm...
    China has a better plan to become the next superpower than an open cold war i think
  • driftwooddriftwood
    Greece is going to find it hard to make any kind of repayment under the present situation. We all know its bankrupt. The EU has not protected its members. Its not prepared for this situation whatsoever. Great that the guy who is retiring parts with reccomendations he should have been doing years ago.
  • Vitaliy_KiselevVitaliy_Kiselev
    Do not blame this guy. He couldn't change anything.
    It is the same as blaming nearby shark for not stopping Titanik.
  • stoneystoney
    EU won't be broken. Euro won't die soon. More bank nationalization is a natural step toward a bigger goal.

    Consolidation of currencies. Consolidation of banks. Consolidation of debts. Then consolidation of countries.

    Eventual political/financial unification among EU countries toward one big country like USA.

    Then world government, global single currency, a single global central bank.
  • lolololo
    or eventual fragmentation in even more parts, if the people and not the rulers of the EU, empowers themselves, and rise...
    but you have a point stonebat, that may be a goal, but i don´t know if that will ever work, specially in europe considering his feudal/national history.
  • Vitaliy_KiselevVitaliy_Kiselev
    >Then world government, global single currency, a single global central bank.

    Yep, this is the goal of "banksters".
    They'll just make few wars on this way and few countries won't accept this in any way.
  • driftwooddriftwood
    'It is the same as blaming nearby shark for not stopping Titanik.'
    Fuckin hilarious! :-)
  • EOSHDEOSHD
    This is pretty spot on. http://www.guardian.co.uk/commentisfree/2011/oct/10/stop-another-great-depression-debt?fb=native&CMP=FBCNETTXT9038
  • Vitaliy_KiselevVitaliy_Kiselev
    In fact, plan had been going quite good.
    Until mr. Caddafy interfered and Egypt army did not allow muslim fundamentalists to form new goverment.
    Sirya must be thankful because otherwise now we'll be already in the process of big ground invasion.
    Bank bailouts, nationalization of debt will continue, of course.
    Because to dismantle social structure you need some reason.
    After quite short time they'll same somthing like - "Public debt is too big, sorry guys, please forget about any free medicine, free education and your pension savings. We suggest you to work harder and apply for bank loan."
  • stoneystoney
    debt jubilee won't work... under the current laws and regulations.

    currency pairs have built-in weakness. not all currencies can go down. not all currencies can go up. money flows from weaker currency to strong currency. thus the birth of currency carry trades... creating endless bubbles all over the world. heard about "last 40 years of bubble making"? exactly 40 years ago the dollar became free floating currency. the system was destined to fail... or designed to fail when the reserve currency fails. note that no other existing currency can replace the dollar. they cant provide massive liquidity like dollars.

    we will keep hearing, "Don't Let This Golden Window Of Opportunity Close Before You Take Action". a newly rising global power will create a global single currency. finally realization of The New Republic anticipated by H.G. Wells? By the way it's interesting to hear more about spotting UFOs all over the world recently where H.G. Wells is the original author of The War of the Worlds book. coincidence?

    all those sound surreal like sci-fi stuffs though. haha.
  • davhardavhar
    When times get too serious a sense of humour is required. Not a joke. Not an easy cynical aside. But a lighten up already. And for me in trying to understand all this economic crap that's upon us, and not going away anytime soon, is not something I take lightly…but must put in perspective.

    I get it…and yet don't. The easy emotional thing is to get the bastards. It's easy to imagine the rich hiring their own army of security, as such, and putting bars on their windows and locks on their doors, etc… But they're already doing that. So what's next? Besides their little safe havens away -an island or fortress- they'll begin to feel trapped unless they fight back in every which way they can. I mean if they don't want to be good people in corporations that don't choose otherwise then they'll bring in the Public Relations companies to manage what they can't say about what they do and won't do.

    They may win a few rounds until battles become a war. No old economic theory or political right versus left will suffice. It won't be about socialism or capitalism. It'll all be about an organic emotional response that basically shouts in their face- You screwed me so fuck you! And if it gets to that point then Non-violence has lost its voice and all bets are off.

    But the cops realize their pension funds are gone…as does our brethren in the military. No one will stand by the rich but those whom they pay…until they see the numbers, cash in their coins and walk away.

    The worst case scenario = violence. We don't need no stinkin' revolution...but Evolution Now!
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