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Second GFC Begins: Greece

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Garpal Gumnut

Garpal Gumnut

Ross Island Hotel
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The Eurozone has long been an inefficient entity where farmers pour milk down drains and leave fruit rotting on the ground, to access subsidies from Brussels.

The chickens are finally coming home to roost.

Germany is none too happy to rescue underperforming economies like Greece and Bulgaria and this may lead to a financial crisis in the EU

http://www.telegraph.co.uk/finance/...s-Germany-warns-of-fatal-eurozone-crisis.html

I'd read this article if you have any funds in Europe. It may be worthwhile getting them out while you can.

gg
 
Re: Second GFC Begins Greece

Buy physical gold, silver or platinum.

The euro will be toast within 5(minimum of chips) Greek calculation
-10 years(baguette calculation) Euro calculation.
 
It does seem that we've only seen the start of this little situation.

Looking forward to see more petrol being poored on the fire to try and put it out.
 
This has been known for some time, and it is what has pushed the AUD to all time highs against the Euro recently. Will be interesting to see how it develops, but its def putting the EUR under a heap of pressure
 
They say Ireland, Spain and Portugal are one step away from the same fate as Greece.

They have all been living off debt and funny money for far too long and deserve to fall back into genteel poverty for a generation or two.

And I agree, sell any Euro's you've got, and short the euro against any currency, except the UKP.

gg
 
Garpal Gumnut said:
They say Ireland, Spain and Portugal are one step away from the same fate as Greece.

They have all been living off debt and funny money for far too long and deserve to fall back into genteel poverty for a generation or two.

And I agree, sell any Euro's you've got, and short the euro against any currency, except the UKP.

gg
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I heard Faber calling them the PIGS a couple of days ago...
 
kennas said:
I heard Faber calling them the PIGS a couple of days ago...
Click to expand...

Yes that was a classic...

The development is very straight forward - pass the debt bomb to the bigger guy and hope they don't blow up. The debt bubble started at the retail level, moved up to the banks and then now into governments. The most leveraged and in debt governments will go bust first (congrats to Dubai who won first place), and the biggest and badest last.

I will need some EUROs in April so I hope it falls into the abyss...
 
skc said:
Yes that was a classic...

The development is very straight forward - pass the debt bomb to the bigger guy and hope they don't blow up. The debt bubble started at the retail level, moved up to the banks and then now into governments. The most leveraged and in debt governments will go bust first (congrats to Dubai who won first place), and the biggest and badest last.

I will need some EUROs in April so I hope it falls into the abyss...
Click to expand...

The first Global Financial Crisis in the late 20's-30's stumbled along in years of struggling stagnation until *BANG* - WW2 got manufacturing/production/growth around the world BOOMING again, to the point where we are now.

Perhaps another World War will be needed to revive our stagnating economies out of the inevitable ashes that such conflicts create? I seem to remember at least two of the countries most devastated by WW2 went on to became two of the world's richest and most powerful economies... Japan & the old West Germany (up until a decade or so ago).
 
Aussiejeff said:
Perhaps another World War will be needed to revive our stagnating economies out of the inevitable ashes that such conflicts create? I seem to remember at least two of the countries most devastated by WW2 went on to became two of the world's richest and most powerful economies... Japan & the old West Germany (up until a decade or so ago).
Click to expand...

But if WOMD were in play from the very start of a world war? Not business as usual, methinks...

And how well the losers are treated may well depend upon who wins... it may not be the same side, this time...
 
If the EU didn't have farm subsidies then the poorer members have a way to compete and generate some extra employment and revenues. A better use would be pay farmers to leave the land with conditions on the sale of the property - it can't gain subsidies or further payouts for the next 50 years.

It becomes EU stimulus and ends a cost.

It will be interesting to see how the politics of the EU playout in the next few years.

As for a war to get things going. It took England a long time to pay for that. Japan and Germany was rebuilt with money from the victors. USA and England do not look they can really afford to throw much money at such things.
 
boofhead said:
As for a war to get things going. It took England a long time to pay for that. Japan and Germany was rebuilt with money from the victors. USA and England do not look they can really afford to throw much money at such things.
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The US will not be able to pay for its own war effort. Their manufacturing is in their enemy's territory, same with science. No money for raw materials. You need lots of all that to fight a war. A populace to dip into which is not exactly as educated, principled and united as it was in the 30's/40's (and that is putting it so lightly it's almost funny.) That country has never been more divided than it is now aside from the civil war. A certain prez has alienated his country from any allies who might help (the list of snubbings is quite long, & includes Britain.) A cynic might suggest they have been set up for this perfectly, with an incompetent at the helm to camoflage that it is done by deliberate and malicious planning. But who knows, maybe the bad actors will have a change of heart and play nice. I would like for someone to post a bright side to look on because it does not look great from here.
 
A friend of mine has just returned from Ireland. He confirmed that "financially" they are in deep sh*t.
 
beaul said:
A friend of mine has just returned from Ireland. He confirmed that "financially" they are in deep sh*t.
Click to expand...

Another victim of rampent property speculation/excessive gearing, the parallels between that country and oz are a little creepy.
 
skc said:
The most leveraged and in debt governments will go bust first (congrats to Dubai who won first place), and the biggest and badest last..
Click to expand...

I thought Iceland had that honour ????
 
Aussiejeff said:
Perhaps another World War will be needed to revive our stagnating economies out of the inevitable ashes that such conflicts create?
Click to expand...

Not only that, but, the reduction of population is also required as we (as a species) are currently consuming more than our planet can comfortably provide. Less people, less demand for resources (I hope). But, on the other hand, what damage would another WW do to our planets ecology ??? If there is another WW, you've got to acknowledge that if any country that has a nuclear capability will use it if they are getting beaten (ie. Russia & China start thrashing USA... You think USA is going to sit back and refuse to use their nuclear weapons ????)
 
inenigma said:
Not only that, but, the reduction of population is also required as we (as a species) are currently consuming more than our planet can comfortably provide. Less people, less demand for resources (I hope). But, on the other hand, what damage would another WW do to our planets ecology ??? If there is another WW, you've got to acknowledge that if any country that has a nuclear capability will use it if they are getting beaten (ie. Russia & China start thrashing USA... You think USA is going to sit back and refuse to use their nuclear weapons ????)
Click to expand...

With space tourism taking off and making space travel cheaper, we will be able to jet our waste into the sun. Within 100 years we will be mining garbage dumps for raw materials. There is plenty of room on earth. Give each family in the world a 1/4 acre block to live on and we would all fit within the state of Texas. In those places where resources are not comfortably provided you can thank poor management, despotism and the choice of destructive state types. All matters solvable short of a devestating nuclear holocaust the outcomes of which are guaranteed for no one involved.
 
Aussiejeff said:
The first Global Financial Crisis in the late 20's-30's stumbled along in years of struggling stagnation until *BANG* - WW2 got manufacturing/production/growth around the world BOOMING again, to the point where we are now.

Perhaps another World War will be needed to revive our stagnating economies out of the inevitable ashes that such conflicts create? I seem to remember at least two of the countries most devastated by WW2 went on to became two of the world's richest and most powerful economies... Japan & the old West Germany (up until a decade or so ago).
Click to expand...
During WW2 the US was able to expand it's industrial capacity and technologies largely unimpeded by the war itself. If there were another global conflict today that would not be possible for any country.

Post WW2 Japan and West Germany were rebuilt by the victors in their image.
 
Atlas79 said:
.... There is plenty of room on earth. Give each family in the world a 1/4 acre block to live on and we would all fit within the state of Texas.....
Click to expand...

Well Said Atlas

Land Surface Area Earth = 148,940,000km ² (36,803,875,516 acre)
Jan 2010 Population = 6,800,000,000

Area of Texas = 172,044,897acre
Jan 2010 Population = 6,800,000,000

Land for everyone in the world residing in Texas 0.025acre (102m ²)

So we can all live happily in our container in Texas after all.

All we gotta do then is remotely power and feed everyone.
 
Second GFC Begins: Greece?

Third WW Begins: Taiwan??

But this time the sanctions were more biting, and analysts said they reflected China's increased clout at a time when its economy looks set to overhaul Japan's and its military budget is surging year by year.

Chinese defence ministry spokesman Huang Xueping said the reprisals reflected the "severe harm" posed by the deal with Taiwan, which Beijing says is a part of its territory that must return to the mainland fold.

The trade of barbs amounted to the worst Sino-US crisis of US President Barack Obama's tenure so far.

US officials said the White House was committed to Taiwan's defence, and denied it was picking a fight with China.

China refuses to rule out the use of force to reacquire Taiwan, and has hundreds of missiles deployed against the self-governing island of 23 million people, which split from the mainland in 1949.
Click to expand...
http://www.heraldsun.com.au/news/br...hina-suspensions/story-e6frf7k6-1225825096171
 
Aussiejeff said:
Second GFC Begins: Greece?

Third WW Begins: Taiwan??
Click to expand...
Wars have been started on less. And we would have to follow as per ANZUS alliance. We have to commit a Brigade plus.

But, I don't think the US and China are at a point to start a war. China can't win. Once they have a few more aircraft and a blue water navy, yes. 10 years.
 
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