Skip to comments.Goldman: euro could split apart
Posted on 11/05/2011 8:47:46 PM PDT by bruinbirdman
The chairman of Goldman Sachs Asset Management has said that the need for a German-led fiscal integration in the eurozone would make it increasingly unattractive for all the countries who joined to stay in the single currency.
Jim ONeill, whose division manages more than $800bn (£500bn) of assets, said that countries as diverse as Portugal, Ireland, Finland and Greece could pull out of the single currency rather than have to operate under a single eurozone treasury.
Yesterday, Angela Merkel, the German chancellor, said the market turmoil could last for a decade and there was still a chunk of work to do.
The Germans want more fiscal unity and much tougher central observation with the idea of a finance ministry,
Mr ONeill said in an interview with The Sunday Telegraph. That will emerge for those that want to stay in this damn thing, or can stay in.
With that caveat, it is tough to see all countries that joined wanting to live with that including the one that is so troubled here [Greece]. If you wind the clock back, it was pretty obvious that economically probably only Germany, France and Benelux of the original joiners were the ones that were ideal for a monetary union.
For [them] it is not a bad idea these countries have always had some kind of tight fixing of exchange rates and are very intertwined. For all the rest that originally joined Spain, Italy, Portugal, Ireland, Finland it is actually questionable.
Mr ONeill said that because Finland and Ireland were adjacent to non-eurozone countries the UK and Sweden they might prefer to quit the euro. He said the single currency might be stronger as a result.
Turning to the Brussels bail-out deal, he said that, although
(Excerpt) Read more at telegraph.co.uk ...
Ein volk, ein reich, ein finance ministry
the split up of the euro union
means the delay of endtimes.
Such a stupid idea in the first place!
Jim Willie was saying that more than a year ago.
Wasn’t it GS that concealed the magnitude of Greek’s debt in order to seal the EU deal in the first place? I believe it was to comply with the Mastrict (sp?) treaty.
Why should we listen/trust them now?
Deutsch bank, Deutsch bank über alles, über alles in der Welt.
(yeah, I probably screwed up gender or case badly enough to make my high school German teacher cry, but there was no way to make Deutsche Bundesbank fit in the song.)
“It will be easier to be called up with the church than attempt to be saved during the Tribulation”
It will be far, far easier...
Chairman of the supervisory board of China Investment Corporation, Jin Liqun said, "I think if you look at the troubles which happened in European countries, this is purely because of the accumulated troubles of their worn out welfare societies . . . the labour laws are outdated the labour laws induce sloth, indolence rather than hard working. The incentive system is totally out of whack."
Ice could melt on a hot summer day.
Just saw the post of another 5.6 quake in OK. Wake up bell being rung loud and clear. I am just saying to those who do not hear, time is short friends. Time is short. In the Twinkling of an Eye and it is over here.
I’m glad I’m not on dial-up.
There will be no delay. We are in the end times now. And not in some general “some day” sense - we are in the end times now. Here are some specifics:
1) The European Neighborhood Program Instrument (ENPI) runs from January 1, 2007 to December 31, 2013. Expect to see a “stopping” of the daily sacrifice “in the midst” of this time frame according to Daniel 9:27.
2) The “stopping” of the daily sacrifice kicks off a 1260 day window at the end of which begins The Great Tribulation. Ref. Daniel 12:11
3) The “stopping” of the daily sacrifice also kicks off a 2300 day window within which occurs attacks against Israel, The Great Tribulation, The Second Coming, and Armagaeddon. Ref. Daniel 8:13-14.
As an Italian newspaper asked: “Will Italy be giving up our sovereignty to the conceptual new “Europe” or, in reality, “Germany”?
the Bible says that we are not to know the exact time.
i’m not aware of any daily sacrifices in israel at this time; i would agree with you if there were.
A united or coherent or central or whatever-word-you-like fiscal policy in Wonderland would 1) at this stage be utterly unworkable, because relatively fiscally sound nations would enter a permanent fiscal war against fiscally unsound nations, 2) be completely dominated by Germany with an assist from Finland, sooner or later (and 'later' isn't much of an option in my view), and 3) not be acceptable to any number to elevate Germany to the status of a fiscal hegemon, thus adding a new set of fault lines in and throughout Wonderland.
Maastricht, Lisbon and Nice treaties be damned; the only -- say again ONLY -- way out of this for Wonderland is to toss the habitual spendthrifts in front of the bus. Kick 'em out, now, because waiting around another 6 months or a year will do nothing at all except exacerbate the situation, likely past the point of NO possible solution.
And, please note, kicking out the PIIGS (and likely Belgium and a few others) itself does not guarantee survival of the Fishwrapper; Friedman's observation is still true. Its truth is diminished by eliminating the parasiticals, but the inherent instability is still present -- and MUST be addressed -- in a smaller Wonderland.
I agree with you. The Messiah said (about 2000 years ago) that no man knows the day or the hour of The Day of the Lord. The closing verses of the book of Daniel, however, tell us that the wise will understand what is going on. We may not be able to pinpoint the date, but it won’t be a surprise to us.
Concerning Israel and sacrifices, I do not see daily sacrifices either. However, considering how poorly the Israelis are being treated by the whole world, they may soon say “Enough! We will do what we please with that which is rightfully ours.”
We will soon know if the ENPI is the “seven” of Daniel 9:27. If it is, then the “daily sacrifice” must be stopped before the end of December 31, 2013.
Jesus said that only the Father knows the day and hour. There are still signs that one can see that will let us know when it is "at the door" though, e.g. nation rising against nation and kingdom against kingdom, intense religious confusion, morality descending so low as to be "as in the days of Noah" and "as in the days of Lot", and even meteorological and geological disturbances. Of course, one of the biggest signs was that of the development of weapons that could wipe all life off the planet . . .
the Bible says that we are not to know the exact time