Posted on 09/19/2011 4:59:38 PM PDT by Kartographer
In a shocking representation of just how bad things are in Europe, the FT reports that major European industrial concern Siemens, pulled €500 million form a large French bank, which is not BNP and leaves just [SocGen|Credit Agricole] and deposited the money straight to the ECB. The implications of this are quite stunning, as it means that even European companies now refuse to work directly with their own banks, and somehow the ECB has become a direct lender/cash holder of only resort to private non-financial institutions!
(Excerpt) Read more at zerohedge.com ...
PING!!
WHAT does it mean?!
No matter what Geitner does to help prop them up the die is cast. Too late to stop any of it. Europe disintegrates and who knows what comes next. I’m more worried about America than Europe. With our Marxist commander in Chief we have a lot more to worry about than French banks going under soon.
Look for a number of European banks to start falling like dominoes.
This is a blog.
I’d say between 4 and 6 billion definitely means something.
It's Time for the 'And So It Begins' drinking game! Every time someone posts the oh-so dire and ominous 'And So It Begins' - we take a drink!!
And So It Begins....
And so it begins
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So it begins...
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And so it begins:
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So it begins,
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and so it begins.....
And so it begins.
and so it begins.
And so it begins
And so it Begins….
A Romney we can respect (So it begins)
And So It Begins (Dollar Warnings)
And So It Begins! (And so it begins)
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(And So It Begins)
And so it begins again.....
School Is Renamed For Obama (And so it begins...)
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While this list is not complete, it demonstrates the fun you and your family can have at home.
So join in, and drink up!!!
Invest in Greek bonds! look at the amazing %100 return!/sarc
Those who understand what this mean I recommend that that you look over post:
http://www.freerepublic.com/focus/f-bloggers/2780746/posts
BUMP
Why is that significant?
Or as the bible says: A prudent man sees danger and takes refuge, but the simple keep going and suffer for it.
NIV Proverbs 22:3
Or
“There is no greater disaster than to underestimate danger.
Underestimation can be fatal.”
“Lighten up, Francis”
-Sergeant Hulka-
Siemens Transfers EUR500 Million From Large French Bank To ECB -FT
German industrial firm Siemens AG (SI, SIE.XE) has pulled more than EUR500 million from a large French bank and transferred it to the European Central Bank, the Financial Times reported Monday.
Siemens made the transfer partly due to concerns about the future fiscal health of the bank, but also to benefit from higher interest rates paid by the ECB, the FT cites a person familiar with the matter as saying.
I got the same thing yesterday from admin moderator. Apparently, even though ZeroHedge is a well respected source for breaking news that is relevant in the financial sector, he / she would like it posted with the other drivel in the blog forum. If ZeroHedge is merely a blog, than what does that say about the leading financial outlets (ie MSNBS, Bloomturd, etc). ZeroHedge breaks news and has a proven track record, it is a real journalism site. I guess that doesn't matter.
The one year was at 143% last week. That evades comprehension.
Toilet paper may be worth more than the 1 year bonds.
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