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Banks Build Contingency for Breakup of the Euro
NY Times ^ | November 25, 2011 | By LIZ ALDERMAN

Posted on 11/26/2011 9:58:19 PM PST by DeaconBenjamin

For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

But some banks are no longer so sure, especially as the sovereign debt crisis threatened to ensnare Germany itself this week, when investors began to question the nation’s stature as Europe’s main pillar of stability.

On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

While European leaders still say there is no need to draw up a Plan B, some of the world’s biggest banks, and their supervisors, are doing just that.

“We cannot be, and are not, complacent on this front,” Andrew Bailey, a regulator at Britain’s Financial Services Authority, said this week. “We must not ignore the prospect of a disorderly departure of some countries from the euro zone,” he said.

Banks including Merrill Lynch, Barclays Capital and Nomura issued a cascade of reports this week examining the likelihood of a breakup of the euro zone. “The euro zone financial crisis has entered a far more dangerous phase,” analysts at Nomura wrote on Friday. Unless the European Central Bank steps in to help where politicians have failed, “a euro breakup now appears probable rather than possible,” the bank said.

(Excerpt) Read more at nytimes.com ...


TOPICS: Business/Economy; Foreign Affairs; Germany; Government; United Kingdom
KEYWORDS: andrewbailey; angelamerkel; barclayscapital; belgium; europeancentralbank; europeanunion; france; germany; hungary; lehmanbrothers; merrilllynch; nomura; portugal; standardandpoor; unitedkingdom
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1 posted on 11/26/2011 9:58:21 PM PST by DeaconBenjamin
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To: DeaconBenjamin

Let the Euro die, it will eventually.


2 posted on 11/26/2011 10:00:37 PM PST by doc1019 (Romney will never get my vote)
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To: doc1019

I remember at the very beginning of the Euro (I was living in Europe at the time)...everyone had this positive spin on how it would change the future. The problem from day one....is that various European countries didn’t have the same standards as others....and you end up with a bunch of wannabe countries trying to get the same status as others.


3 posted on 11/26/2011 10:07:12 PM PST by pepsionice
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To: DeaconBenjamin; blam; TigerLikesRooster; dennisw; archy
For the growing chorus of observers who fear that a breakup of the euro zone might be at hand, Chancellor Angela Merkel of Germany has a pointed rebuke: It’s never going to happen.

"Never believe anything in politics until it has been officially denied."

~~Bismark

4 posted on 11/26/2011 10:07:26 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: DeaconBenjamin
Banks in France and Italy in particular are not creating backup plans, bankers say, for the simple reason that they have concluded it is impossible for the euro to break up.

The fiscal equivalent of depending on the Maginot Line.

I wonder what will happen to Greek citizens who have been prudent enough to move their money to non-Greek banks. Will they be forced to move their money back to Greece and have it forcibly converted to the drachma? What if they hide their money further afield like in Britain, Switzerland, the US or even in the Caymans?

5 posted on 11/26/2011 10:20:30 PM PST by KarlInOhio (Herman Cain: possibly the escapee most dangerous to the Democrats since Frederick Douglass.)
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To: Travis McGee

Never believe anything in politics until it has been officially denied.”

~~Bismark


How true!


6 posted on 11/26/2011 10:21:15 PM PST by unkus (Silence Is Consent)
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To: KarlInOhio

That would only be delaying the inevitable if a universal currency comes about.


7 posted on 11/26/2011 10:23:30 PM PST by unkus (Silence Is Consent)
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To: doc1019

Agreed, the Euro will end. Bad idea to have a common currency with very uncommon cultures. That dog won’t hunt.


8 posted on 11/26/2011 10:31:55 PM PST by cornfedcowboy (Trust in God, but empty the clip.)
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To: pepsionice

When “everyone” is saying the same thing, as Europeans were about the Euro, you know their is propaganda involved. There was plenty of honest debate missing from that decision. The European media is controlled like our media is controlled.


9 posted on 11/26/2011 10:39:34 PM PST by SaraJohnson
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To: cornfedcowboy

The European socialists figured they could impose their lofty “will” and undo the reality of Europe. It’s like they do with alternative energy when there is none. Or with what they did in inventing Obama, when he is really an empty suit.


10 posted on 11/26/2011 10:42:06 PM PST by SaraJohnson
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To: Travis McGee
"Never believe anything in politics until it has been officially denied."

~~Bismark

Truer words were never spoken...

11 posted on 11/26/2011 11:19:49 PM PST by Cowboy Bob (Greed + Envy = Liberalism)
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To: DeaconBenjamin

Credit Suisse recently said that bond yields in Italy and Spain are likely to reach 9% soon.


12 posted on 11/26/2011 11:31:47 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the world.)
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To: familyop

Wow! It is about over isn’t it. What is Credit Suisse time table.


13 posted on 11/26/2011 11:34:18 PM PST by cornfedcowboy (Trust in God, but empty the clip.)
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To: DeaconBenjamin

Those would be ten-year bonds, BTW. The default process will run its course with those nations and more. The recent flood of accusations against countries to the north of them won’t change that. The others can only try to salvage as much as possible for their own economies.


14 posted on 11/26/2011 11:35:34 PM PST by familyop (We Baby Boomers are croaking in an avalanche of rotten politics smelled around the world.)
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To: unkus

That is where this whole thing is headed ....


15 posted on 11/26/2011 11:49:10 PM PST by F15Eagle (1 John 5:4-5, 4:15, 5:13; John 3:17-18, 6:69, 11:25, 14:6, 20:31; Rom10:8-11; 1 Tim 2:5; Titus 3:4-5)
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To: Travis McGee

great riposte


16 posted on 11/27/2011 12:47:25 AM PST by SteveH (First they ignore you. Then they laugh at you. Then they fight you. Then you win.)
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To: DeaconBenjamin

ECB bond buying= CON-BONDS. Cause: Con-papers deception (false collateral)Insufficient national product output Deflation. (As in attempt to issue stock in a false or fictitious corp.) Fraud, Security fraud.

CON-BOND Purpose: RICO Asset distribution/theft.

Devices:

1. Disproportionate monetization.

2. Indenture-ment: Backroom RICO wile.

e.g. U.S. Phony-Care, “Health-I.D.” , Super-State Vat-taxation, taxation wile.

Effects:

1. Stagnation

2. Unemployment

3. Poverty

4. Shortages

5. Supression

6. Violation of Bill of Rights.

7. Force-”Work-camps”

8. over-throw of bondage.


17 posted on 11/27/2011 1:40:32 AM PST by Varsity Flight
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To: DeaconBenjamin
On Friday, Standard & Poor’s downgraded Belgium’s credit standing to AA from AA+, saying it might not be able to cut its towering debt load any time soon. Ratings agencies this week cautioned that France could lose its AAA rating if the crisis grew. On Thursday, agencies lowered the ratings of Portugal and Hungary to junk.

UNaccountable bureaucracies are junk and their bureaucrats need to go. Are you listening Congress?

18 posted on 11/27/2011 3:35:29 AM PST by PGalt
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To: PGalt

“UNaccountable bureaucracies are junk and their bureaucrats need to go. Are you listening Congress? “

The only reason the US ain’t considered junk either is that the FED is printing 24h/7d. The germans insist on not let the ECB printing more money (The american way) but on cut spending.


19 posted on 11/27/2011 3:53:07 AM PST by buzzer (Right wing != right wing)
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To: DeaconBenjamin
My guess is that all the major non-European banks around the world have been preparing for the collapse of European sovereign debt at least since the middle of 2010, when the crisis started to flare up in Greece and everyone figured that Portugal, Spain, Ireland, and Italy were almost as bad.

I would not be surprised that banks in the USA, Canada, the more prosperous parts of Latin America, and most of Asia (Japan, South Korea, China, Hong Kong, Singapore, India and even the financial institutions in the Middle East that run under Islamic law) may have quietly entered into special agreements to protect each other once the European collapse occurs.

In the end, the 21st Century will end up being the Century of the Pacific as once the economy recovers most trade will be done across the Pacific Rim.

20 posted on 11/27/2011 5:03:21 AM PST by RayChuang88 (FairTax: America's economic cure)
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To: RayChuang88
There are two separate issues with European debt.

One is the unwillingness to lend any more funds to the countries. .this they can't finance there ever increasign welfare state.

The other is the potential, and ever increasing unwillingness of ANY one bank...especially one in Asia, to roll-over an existing CD..

All it takes is just ONE bank..to say it wants its money..and the game's up..

21 posted on 11/27/2011 5:21:34 AM PST by ken5050 (Support Admin Mods: Doing the tough, hard, dirty jobs that Americans won't do...)
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To: buzzer

Exactly. Lots of junk to go around. We’re intrinsically linked by UNaccountable UNregulated socialists junk DERIVATIVES backstopped by UNaccountable UNaudited FED stymied by UNaccountable socialist supercommittees.


22 posted on 11/27/2011 5:29:48 AM PST by PGalt
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To: KarlInOhio

-——What if they hide their money further afield like in Britain, Switzerland, the US or even in the Caymans? ———

For many, hiding it is not the plan. Many many European companies have a very large US presence. The US operation will achieve dominance until the storm in Europe blows over.

You left out two large financial centers...... Singapore and Dubai.


23 posted on 11/27/2011 5:36:10 AM PST by bert (K.E. N.P. +12 ..... Crucifixion is coming)
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To: ken5050

Many of the countries I mentioned in my original post are sitting on a lot of cash, especially in eastern Asia. They’re increasingly reluctant to invest in the financial sinkhole that is much of Europe, and this is why I think countries all over the Pacific Rim plus the more prosperous nations in South America, Australia, New Zealand, India and the Middle East have quietly setup up protection mechanisms in case all heck breaks out in Europe.


24 posted on 11/27/2011 5:40:36 AM PST by RayChuang88 (FairTax: America's economic cure)
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To: RayChuang88
You mention non-European bank preparation.

The best thing they can do to protect themselves is withdraw all lending to entities in the Eurozone. Sovereign, corporate, bank to bank, everything. Of course, that is what is happening, and its making the European situation even worse.

25 posted on 11/27/2011 5:42:50 AM PST by Former Proud Canadian (Obamanomics-We don't need your stinking tar sands oil, or the jobs that go with it.)
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To: DeaconBenjamin
Politcally, I fear Obama will use this, and of course with the compliant DNC US media, to build a case that the financial woes of the country have been caused by George W Bush and now excaberated by the Europeans.

In essence, not his fault!

If Republicans present a weak candidate without charisma and a solid conservative stance (Romney), then prepare for Obama to be reelected.

26 posted on 11/27/2011 6:13:07 AM PST by Alas Babylon!
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To: DeaconBenjamin
Meanwhile.....

IMF Readying Loan of as Much as $794 Billion for Italy, La Stampa Reports

Note to American taxpayers: Incoming!!!!

27 posted on 11/27/2011 6:19:56 AM PST by mewzilla (Forget a third party. We need a second one.)
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To: KarlInOhio
Nov 19

Greeks who moved their savings to Swiss banks seeking safety are watching the E.U. and their government leaning on the Swiss to send the money back to the tottering Greek banks whether the money owners like it or not. E.U. Officials Negotiating Forced Greek Capital Repatriation With Swiss Banks is the report. Reminiscent of the 1930s… I guess private property doesn’t mean much to governments when their interests are involved. If this happens:

1. It will spread, capital transfers will be widely controlled, and

2. There will be PANIC! Which will make things much worse, much faster.

E.U. Forcing Swiss Banks To Return Greek Depositor’s Money To Greece?

28 posted on 11/27/2011 6:48:33 AM PST by DeaconBenjamin (A trillion here, a trillion there, soon you're NOT talking real money)
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To: DeaconBenjamin
Prepare for riots in euro collapse, Foreign Office warns
29 posted on 11/27/2011 7:25:21 AM PST by blam
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To: DeaconBenjamin
E.U. Forcing Swiss Banks To Return Greek Depositor’s Money To Greece?

I'm not sure if the EU will succeed. The whole point of having a Swiss account is to protect your money from craziness in your home country. If the Swiss give in, then lots of Europeans will close out their Swiss accounts and move their money to the Caymans or elsewhere. It will be a huge loss of credibility for the Swiss banking industry.

Because, if the Swiss have to bend over for the Greeks, who WILL they be able to refuse in the future? They will become Europe's shared "prison girlfriend".

30 posted on 11/27/2011 7:28:52 AM PST by PapaBear3625 (During times of universal deceit, telling the truth becomes a revolutionary act.)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


31 posted on 11/27/2011 9:39:59 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


32 posted on 11/27/2011 9:40:35 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


33 posted on 11/27/2011 9:40:43 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


34 posted on 11/27/2011 9:41:31 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


35 posted on 11/27/2011 9:42:10 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: DeaconBenjamin; All

“Europe’s common currency ... ushered in years of prosperity for its members, especially Germany, as interest rates declined and money flooded into the union — until the Lehman Brothers bankruptcy sent global credit markets into chaos three years ago and the financial crisis took on new life with the near-default of Greece last year.”

Fascinating. This idiot “Slimes” reporter is blaming Eurozone woes on Lehman Brothers!!??? Gee, and here I thought that the problem was because the socialist PIIGS were finally running out of other peoples’ money to spend. That they’ve borrowed so much money that no one will buy their sovereign bonds any longer, even at interest rates greater than 7%. That their socialist economies are on the verge of collapse from borrowing and spending more than their GDPs, and that the bond rating agencies have reduced their bonds to junk status.

Silly me. Those things couldn’t have squat to do with the incipient collapse of the European Union, right? Naw. Not if you’re stupid and ignorant enough to believe that Lehman Brothers is why Europe will fall. I guess The Slimes still thinks their readers are stupid and ignorant, and they would be if the only information they got was from The Slimes itself. But fortunately, The Slimes is dying, and millions of other informational sites have sprung up on the Internet where one can become truly educated and aware of what is going on in the world today, rather than the bizarro world The Slimes tries to depict.


36 posted on 11/27/2011 9:46:31 AM PST by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Travis McGee

You know, I’ve been suspicious of the Euro currency all along, and do not care for it at all, it’s a complete contrivance.

However, it appears to me that the shrill warnings do not match up with the behavior of exchange rates. Friday close, Euro was approximately $1.32. Trending down but nothing extraordinary, a seven week low.

I’ve always thought it pays to watch what people do and not what they say, especially politicians and businessmen. There’s a big apparent disconnect right now. That could all change rapidly, but as of now it does not look like the money is on a Euro collapse.


37 posted on 11/27/2011 9:51:29 AM PST by RegulatorCountry
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To: RegulatorCountry
However, it appears to me that the shrill warnings do not match up with the behavior of exchange rates. Friday close, Euro was approximately $1.32. Trending down but nothing extraordinary, a seven week low.

The fact that the dollar is not going down much relative to the dollar may just mean that the traders are not impressed with the dollar either. The financial storm, when it comes, will be global.

38 posted on 11/27/2011 10:08:04 AM PST by PapaBear3625 (During times of universal deceit, telling the truth becomes a revolutionary act.)
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To: RegulatorCountry
However, it appears to me that the shrill warnings do not match up with the behavior of exchange rates. Friday close, Euro was approximately $1.32. Trending down but nothing extraordinary, a seven week low.

The fact that the dollar is not going down much relative to the EURO may just mean that the traders are not impressed with the dollar either. The financial storm, when it comes, will be global.

39 posted on 11/27/2011 10:08:57 AM PST by PapaBear3625 (During times of universal deceit, telling the truth becomes a revolutionary act.)
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To: PapaBear3625

If anything, the dollar has benefitted from EU problems due to so-called flight to safety (odd as that sounds, we’re bad off but they’re worse at least for the moment), and so the decline of the Euro vis-a-vis the dollar would therefore be exaggerated.

Note that the single EU currency was introduced at par with the dollar in 1999.


40 posted on 11/27/2011 10:17:57 AM PST by RegulatorCountry
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

The Euro can’t coexist with redistribution, and the less prosperous members of the EU were less prosperous precisely because of their level of socialism.

Thanks DeaconBenjamin.


41 posted on 11/27/2011 2:24:07 PM PST by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: Travis McGee

Thanks, that’ll make a great quote for this week’s GGG digest.


42 posted on 11/27/2011 2:25:17 PM PST by SunkenCiv (It's never a bad time to FReep this link -- https://secure.freerepublic.com/donate/)
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To: SunkenCiv

Believe it or not, Otto Von was quite a wit, and has other quotable quotes.

It’s perfect for the official denail by Angela M.


43 posted on 11/27/2011 4:45:50 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: DeaconBenjamin

Here's the banker's plan, skip town.

44 posted on 11/27/2011 4:45:59 PM PST by M. Espinola (Freedom is never 'free'.)
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To: RegulatorCountry

Your guess is as good as mine! We’re just a couple of ants, trying to predict the behaviour of elephant herds on the horizon.


45 posted on 11/27/2011 4:48:01 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

Given the news over the past week or two, I had suspected a more pronounced drop, but it’s not evident. Either the smart money doesn’t buy the media panic which makes it hype for some other purpose, or it’s not supported by private funds which makes it propped up by some other entity.


46 posted on 11/27/2011 4:57:33 PM PST by RegulatorCountry
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To: RegulatorCountry

I can’t wait for each new day, to watch history unfold.


47 posted on 11/27/2011 4:59:04 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

I’ve had a lurking, sick feeling that every milestone, birthday, family event and holiday needs to be celebrated as if it were the last we’ll be able to celebrate for a long time, for going on four years.

I’m either getting “the boy who cried wolf” syndrome or have just become acclimated to living in a depression, and the looming collapse of yet another institution or country is starting to seem normal.

Dangerous, I know. If you had asked me in 2008 if I’d be battling complacency on the eve of 2012 given all that has transpired since, I’d have thought you were crazy.


48 posted on 11/27/2011 5:06:43 PM PST by RegulatorCountry
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To: RegulatorCountry

I keep telling my family, especially after every nice meal, “these ARE the good old days.”

We had some beautiful fresh codfish tonight, fillets 2” thick, melt in your mouth. That fish probably came from an ocean a long, long way away, and passed through a lot of brokers along the way to my plate.

I wonder how long we average Americans shall be able to enjoy such a luxurious (by world historical measures) standard of living?

Hope for the best, prepare for the worst. These ARE the good old days.


49 posted on 11/27/2011 5:11:28 PM PST by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

I’ve gained a much keener appreciation for all the fine foods we have at our dsiposal, and marvel at how many nations, how much transit, how many hands are involved in keeping us so well fed, yes.

Can’t help but wonder at the seeming vulnerability of it all, to the point that I’m actually comforted and even moved by the sight of local farming on any scale. I want to be where the farms are, it’s such a relief to return when I’ve been traveling to large urban areas.

Maybe it’s due to fondness for my upbringing in a semirural agricultural area welling up as a result of the constant lowgrade stress, but it’s sort of primal, too. No big cities, be close to the land.

Didn’t always feel this way, not at all.


50 posted on 11/27/2011 5:28:06 PM PST by RegulatorCountry
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