ECB Crisis Meeting

mmnews ^ | 06.08.2011 | Michael Mross interview with Russia Today.

[TWhiteBear]

The ECB will hold on Sunday afternoon, a crisis meeting. Per Telefonkonerenz mit dabei: alle wichtigen Finanzminister und Vertreter der G7. By using this Telefonkonerenz: all major finance ministers and representatives of the G7. Themen: PIIIGS-Bonds und US-Downgrade. Topics: PIIIGS bonds and U.S. downgrade. Möglicher Finanzcrash am Montag. Update: G20 halten Krisenkonferenz bereits Samstag Abend (US-Ostküstenzeit). Possible financial crash on Monday. Update: G20 already hold emergency meeting Saturday night (Eastern time). - Michael Mross Interview mit Russia Today. - Michael Mross interview with Russia Today.

[TWhiteBear]

Sorry for the language challange, but this is a very big issue and moving very fast. If the G7 does meet Sunday, there might not be enough time to implement any decisions before the markets would open. And depending on the decision, banks may have to regroup for a day or so. The G20 emergency meeting shows a lot of confusion at the highest economic policy level.

[E. Pluribus Unum]

President Cloward-Piven’s plan is working!

[DaveinOK54]

http://www.zerohedge.com/

Well, these folks don’t seem to optimistic.

[E. Pluribus Unum]

That's because their goals and Ubama's goals are in diametric opposition.

[Owen]

They don’t have to implement anything.

All they have to do is parade to the microphone to announce that they have agreement among all parties to commit whatever funds are required to achieve stability.

Complete BS, no details at all, or maybe a few teaser details to give it credibility, and a few days later Germany will say they won’t fund it.

Then they’ll have another meeting and another microphone parade to say they have reached another agreement.

This is all markets manipulation by governments now. They will do anything to keep the pretense in action.

[Longbow1969]

Sorry for the language challange, but this is a very big issue and moving very fast. If the G7 does meet Sunday, there might not be enough time to implement any decisions before the markets would open. And depending on the decision, banks may have to regroup for a day or so. The G20 emergency meeting shows a lot of confusion at the highest economic policy level.

Seems to me the Eurozone is doomed. At what point do they just agree the whole thing didn't pan out, that a common currency didn't work, and let the whole thing dissolve. I think it's happening anyway. What are the forces really behind the desperate attempts to hold it together? Germany complains a lot, but it strikes me their industry is massively benefiting from the weak Euro and skepticism of some of the other economies in the zone.

I'd love to really pick the brain of someone who really knows these issues inside and out.

[ClearCase_guy]

This is really feeling like Sept 2008. Back then, the feeling was "The Sky is Falling! Everything is approaching collapse! It will be unbelievably bad!"

Of course, at the time, the solution was obvious -- throw about $1T in made-up money at the problem to keep the world economy from imploding. Well, here are 3 years later, another collapse seem imminent, and the one thing that S&P has made clear is that throwing vast quantities of made-up money is no longer an acceptable option.

Personally, I think that massive -- massive -- amounts of de-regulation and tax cuts would jump start our economy and generate world-wide economic growth.

But I know that won't be considered.

[RayChuang88]

Personally, I think that massive -- massive -- amounts of de-regulation and tax cuts would jump start our economy and generate world-wide economic growth.

I think in the end, the US, Europe and even possibly Asia will finally realize that too much unneeded regulation of the economy and the progressive multi-rate income tax are both BAD ideas. I wouldn't be surprised we see within the next year at least an income tax overhaul revolution around the world as country after country changes their income taxation systems to encourage savings and investment locally.