And now they are causing another Depression look at Ireland the people forced to take on nearly $50,000 for each household of bad bank debt. And now the Fed/us are going to have to bail out the EU and here comes our Austerity recommendations from obama’s debt commission as if right on cue.
Ireland’s Fate Tied to Doomed Banks
Up to €50 billion—nearly $50,000 for every household in the Emerald Isle.
Read it all to see the lies of the banks and politicians!
http://online.wsj.com/article/SB10001424052748704506404575592360334457040.html
A failed banking sector that Ireland’s government can no longer rescue on its own. Ireland is in the midst of a real estate bust that could trump even the ruinous downturns that turned parts of southern California and Nevada into suburban ghost towns, with home-grown banks stoking it all. Now, those banks are trying to manage catastrophic losses. The Irish government has effectively nationalized the nation’s biggest banks by guaranteeing their debt, which would be akin to the U.S. government taking over Citigroup, Bank of America, J.P. Morgan Chase and Wells Fargo.
That means the Irish government is also on the hook for the losses those banks endure—which have risen far beyond initial estimates, and may have a lot farther to go. So far, the Irish government is obligated to cover losses amounting to 175 percent of Irish GDP
http://finance.yahoo.com/news/Why-the-Irish-Crisis-is-Going-usnews-4028366968.html?x=0
Guess Who’s Paying For The Greece (Euro)Bailout? That’s Right — YOU
I wonder if we will end up in a war with China/N.Korea?
I see real problems ahead China is experiencing food shortages, inflation and they are mad at us for devaluing the dollar. Their last sale of debt didn’t turn out too well either, I think they may want N. Korea as their ally in case conditions get too ugly with their own citizens.
China blocks UN action against N Korea
Check this part of the story out:
China Auction Failure
http://johngaltfla.com/blog3/2010/11/29/big-story-huge-consequences-little-coverage/
If the govt destroys the productive economy, everything else dies with it.
They can loan out all the money they want, it will come to NOTHING!
It's as though no one realizes that BANKS PRODUCE NOTHING BUT DEBT ! ! ! !