So, in other news bank runs in Greece and Spain have become common place in the last week.
I heard that somthing like sixty million dollars was taken out of Greek banks in one day.
Burn mother fucker burn!
Bring on the fun over here across the pond!
Let’s fucking do this now!
Let’s see the true value of everybody’s labors! Bring it!
Oh, you heard it did you? Then it must be true. After all, you Americans know so much about what’s going on elsewhere, because your elections are so lengthy. Or something.
In reality, it was a lot more than that. The Euro is fucked, it is only a matter of time.
Yeah, we’ve known the Euro is fucked ever since we ditched the Articles of Confederation. Cause we had a very, very, very lengthy constitutional convention and thought shit like this out centuries ago. That’s what responsible democracies do.
Honest as fuck… we did. Benjamin Franklin is looking up at you all laughing his ass off in hell at the sight of this.
Euro was being traded at 1.17 dollars today. I think that’s close to the high of the Canadian dollar during this depression relative to the dollar.
Yes, in one sense, the crash of the Euro will hurt us, but the businesses in the US are washed with cash, and are more than willing to by bankrupt businesses out. Chinese are already printing out fake ass money right now in a effort to buy what they can (increasingly convinced the Chinese are just printing money with absolutely no attempt to ground it in real world, internalized value from their own market… they just slap a number on some paper and send it off to Obama for loans with interest… cause no one can tell in China if it’s legit or not).
If you’re talking about the very recent weakening of the rmb, that’s actually a response to the fact that China’s foreign reserves have started falling, which China says shows that the renminbi is reaching equilibrium. Also, China has been loosening its capital control over the last few years, which is also causing the currency to weaken naturally.
It is just silly for Washington to expect China to continue weakening its currency even after foreign reserves have started to fall. When has America ever done such a thing - jeopardized its own growth for the good of other countries? Back in 1971 the US Treasury secretary told Europe that the dollar was “our currency, but your problem”. America has maintained a selfish attitude to financial control over the last 50 years, as has Europe. Now China is acting with similar selfishness, and suddenly everyone is branding it as manipulative and evil. It’s kinda pathetic actually - the big kid spitting his dummy out because he’s having the toys that he stole being stolen from him by the new biggest kid.
China is doing nothing that America wouldn’t be doing in the same situation. Its government has a responsibility primarily to its own people and economy, just like every other country. The rhetoric flying around the issue seems like the start of a propaganda war that’s building up to something worse. Part of me believes that there is a genuine attempt, somewhere in America, to brand China and Chinese people as enemies of America with the intention of justifying some sort of potential military response to China’s growth before China’s military outgrows the U.S. military. I seriously don’t like it - China is barely doing anything wrong here at all - its just following international precedent - and yet the American right is winning the propaganda war outright.
You do realise you have the Federal Reserve, essentially the same thing as the European Central Bank, don’t you?
Oh, you don’t. You honestly don’t realise that it’s the same thing. OK.
We don’t have the Euro in my country, and I am wholly in favour of it being abolished. But keep laughing at people who you know nothing about if it makes you feel better about serving as cannon fodder.
You don’t really understand finance, do you?
An American criticising the Chinese for creating money that isn’t ‘grounded in the real world’ - the ironing…
Wow, that is almost six dollars per Greek!
No, I am not talking about the recent weakening, I’m talking about the saying ‘Oh yeah, we have a trillion to loan you’. They didn’t have a trillion to loan anyone. If they did, I would be pretty pissed off if I was a farmer in western china if they happened to have a trillion dollars stacked on some shelves somewhere.
SAIDT, I know about the federal reserve, and I know the ECB was designed off it, and have read considerable literature PRIOR to the current crises from the ECB on how it functions. You gotta get off your trip thinking I’m walker and never do research… most of my prejudices come from actual study, not from what someone tells me. I’m not knocking the ECB… I’m knocking the diaspora of responsibility into fragmented units and inane spending… hence the Articles of Confederation knock I pointed out… we indeed were once in this situation a few hundred years ago… Delaware was the most notorious, it tried a socialist scam much like half of europe in purposely degrading it’s currency to pay off it’s debts cause it thought it was still sovereign, and sorta was under the older American constitution.
The Articles of Confederation = Eurozone crisis in many ways. This is a situation where we literally did figure this on out in our extreme infancy and made certain it wouldn’t come back.
Oh yeah… WHAT THE FUCK WAS WW2 AND THE MARSHALL PLAN, AND CONTINUOUS ECONOMIC SUPPORT BOTH INFRASTRUCTURE AS WELL AS MILITARY, THE LATER UP TO THE PRESENT, NOT INCLUDED IN YOUR TRIPE? We are the only fucking county in history up to that point that ever tried to do that shit. We DO exactly what your saying we don’t do. We known for doing exactly that. And not just in Europe. You gotta gouge your eyes out and puncture your eardrums to have NOT picked up on this. Hell, we pay the largest burden to the UN even. UN wouldn’t even exist if it wasn’t for Roosevelt, he was a philosopher who worked on concepts like it since the late 1800s on how to put the league of nations together… from the theoretical to the real when he became president. We literally host the damn thing. And I am the one called ignorant and stupid here… you gotta have absolutely no understanding of modern history whatsoever in order to pull your belief off here.
To put this in more context which I did not do very well in the first post the Greeks have taken out 893 million dollars worth of Euros since their May 6th elections. You can then imagine how much money is being withdrawn on a daily basis since then.
What many do not realize is that Japan is not too far behind the EU when discussing economic collapse.