h/t Gates of Vienna
The euro has completely broken down as a workable system and faces collapse with “incalculable economic losses and human suffering” unless there is a drastic change of course, according to a group of leading economists.
Continued on Page 47
#1
They are not the only ones. GM might go bankrupt. Profit for Ford dropped 57% to 1 billion. New home sales down 8.4%. The little boy has no extra fingers to plug all the leaks in the dike and the water is up to his chest. I have avoided the news on this subject. It has been too much negativity and nothing has changed. The economists have been the willing slaves of the politicians. Like the weather, they (politicians) do as they please.
#3
Norway is basically the Kuwait of Europe. As long as Statoil (the Norge Oil combine) controls the North Sea pipeline heads, Norway will show positive balance of trade with the other Euro countries. 'Cause they're still pumpin' that Brent crude.
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07/26/2012 7:32 Comments ||
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#4
A very interesting article from Dale's post.
Klik
#5
They're not sleepwalking anymore than the administration at Penn State. They know what the real problem is and are unwilling to face it because it means a loss of 'power', damn everything else.
#8
"The euro has completely broken down as a workable system and faces collapse with "incalculable economic losses and human suffering" unless there is a drastic change of course, according to a group of leading economists. "
So finally - when the global financial system is about to fall off a precipice - a bunch of economists actually get the right message? These folks should quit and take jobs as corner fortune tellers - they have a better track record with future predictions.
#9
The banks are stable in Sweden and Norway and German money is fleeing to these banks? Interesting. Sweden is socialistic and they have immigration problems. Taxes are high. I don't know about Norway.
Are the Swedish and Norwegian banks independent of the government? Maybe they don't have a Bernanke and the Fed.
#10
I think P2K may be closest to a snap summary I'm afraid we will find out.
Some hand came out today I guess and said they would save the euro by any means necessary, or something to that effect. Seems I disagree with the market trend, knowing that sometimes that phrase does not necessarily mean kittens drinking strawberry milk.
#11
Sweden and Norway are brothers as they say in Norway. Norway is socialist also and has been very active with the world bank for years. New home construction and other positive economic news. They just shutdown a solar power effort that was a loser. Cruse industry is down also.
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