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Spain is in 'total emergency’, the EU in total denial
The Telegraph ^ | 02 Jun 2012 | Janet Daley

Posted on 06/03/2012 7:39:52 PM PDT by Texas Fossil

After a Spanish exit from the euro, there would be nothing left to exit from.

I’ve never actually heard the term “total emergency” before, at least not in the context of global economics. It sounds like the title of a disaster movie. When it is uttered in sober tones by the elder statesman of an advanced democracy to describe his country’s financial condition, the effect is rather startling.

The man who delivered this apocalyptic judgment, former Spanish prime minister Felipe González, being a socialist, might be expected to detest austerity programmes that require cuts to government spending. But there seemed to be few disinterested observers of Spain’s economy prepared to quibble with his assessment.

(Excerpt) Read more at telegraph.co.uk ...


TOPICS: Breaking News; Foreign Affairs; Germany; News/Current Events; Russia; United Kingdom
KEYWORDS: emergency; eu; eucrisis; europeanunion; exit; france; germany; globalcrisis; russia; spain; spaincrisis; unitedkingdom
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Are we witnessing the demise of the EU?

Will there be capital flight to elsewhere in the world? Of course.

If anyone other than our Commie-in-Chief were in charge in the US, that flight would probably be to the US Dollar.

Now the question: How long have the players been planning this and are we capable of repelling the assault on our nation and the world economy.

We are not the protectors of the world economy, but if the US fails after the EU what are the consequences.

George Washington warned us against foreign entanglements in Europe. Is the nation so old that no one remembers his statements?

1 posted on 06/03/2012 7:40:02 PM PDT by Texas Fossil
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To: bruinbirdman

Ping.


2 posted on 06/03/2012 7:47:46 PM PDT by Army Air Corps (Four Fried Chickens and a Coke)
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To: Texas Fossil
“Default, dear Brutus, lies not in our stars, but in Spain and other sorry-ass EU countries.”
-- apologies to Shakespeare
3 posted on 06/03/2012 7:49:02 PM PDT by ClearCase_guy (Obama needs more time. After all -- Rome wasn't burned in a day.)
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To: Texas Fossil

Who IS Spain? Government/Government Users? Catalan Opening?

Who IS the “U.S.” ?

Who IS “Greece” ?


4 posted on 06/03/2012 7:49:06 PM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: Texas Fossil

Hug your kids and get ready.


5 posted on 06/03/2012 7:50:07 PM PDT by struggle (http://killthegovernment.wordpress.com/)
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To: Texas Fossil

Watch for present bank run to accelerate.


6 posted on 06/03/2012 7:52:25 PM PDT by Prospero
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To: Varsity Flight

What DO you mean?


7 posted on 06/03/2012 7:57:12 PM PDT by Ken H (Austerity is the irresistible force. Entitlements are the immovable object.)
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To: AdmSmith; AnonymousConservative; Berosus; bigheadfred; Bockscar; ColdOne; Convert from ECUSA; ...

Thanks Texas Fossil.


8 posted on 06/03/2012 7:58:02 PM PDT by SunkenCiv (FReepathon 2Q time -- https://secure.freerepublic.com/donate/)
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To: Texas Fossil

Wouldn’t it be funny, in a sort of diabolical way, if the first and last REAL presidents of the USA were both George W?


9 posted on 06/03/2012 7:58:11 PM PDT by C210N ("ask not what the candidate can do for you, ask what you can do for the candidate" (Breitbart, 2012))
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To: Varsity Flight

Governments of Spain, Greece and yes of the US.

We have financial global entanglements. Have for many years. It got a lot more complicated and dirty since Smiling John Conley negotiated floating the dollar in the 1980’s. Stopped government conversion to silver.


10 posted on 06/03/2012 7:58:26 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: struggle

Shudder to think of the consequences.


11 posted on 06/03/2012 8:00:34 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil
There's flight to the dollar anyway. Bonds, too.

Other beneficiaries have been Switzerland (although the Swiss Franc has been driven up so much that the Swiss government has been forced to print to try and drive the Franc back down, it was killing their largely export oriented economy), the Canadian Dollar and the Australian dollar. Some benefit to certain South American countries that have commodity based economies but not quite so pronounced, Brazil for the most part.

I've been of the opinion that the Euro won't be allowed to fail and still am, but the level of almost hysterical rhetoric has gone mainstream, rather than remaining the purview of writers of blog headlines, so I'm going to have to take a long hard look at currency exchange rates tomorrow.

12 posted on 06/03/2012 8:00:38 PM PDT by RegulatorCountry
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To: Texas Fossil

The Spanish folded like lawn chairs when the muzzies gave them a little push. Just drama queens, nothing to see here.


13 posted on 06/03/2012 8:01:12 PM PDT by tumblindice (Our new, happy lives.)
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To: struggle

Yep.


14 posted on 06/03/2012 8:01:38 PM PDT by unkus (Silence Is Consent)
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To: Texas Fossil

"Miss Me Yet?"

15 posted on 06/03/2012 8:03:01 PM PDT by dfwgator
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To: Texas Fossil

Spain just needs more “green jobs”. And unicorns.


16 posted on 06/03/2012 8:04:24 PM PDT by Oldeconomybuyer (The problem with socialism is that you eventually run out of other people's money.)
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To: RegulatorCountry

Thanks for the perspective.

Commodity based?

Ann Barnhardt has been warning for months about a collapse in the commodities trading market. Advising her customers of the past to maintain physical possession of their commodities.

And for the really wild stuff like derivatives, that is a real wild card.


17 posted on 06/03/2012 8:04:53 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Prospero

Bank run? Explain. Where is it happening.


18 posted on 06/03/2012 8:06:06 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil

Shutdown vs. Government Extortion and/or Deficits.


19 posted on 06/03/2012 8:06:34 PM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: C210N

I am certainly not laughing at this. It would be ironic.


20 posted on 06/03/2012 8:07:08 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil
George Washington warned us against foreign entanglements in Europe. Is the nation so old that no one remembers his statements?

Well, good gravy. After two WORLD wars, ... and Korea, ... and Vietnam? And now our marriage made in hell with China? Is that why you were careful to say "Europe" ? Because Washington would no doubt have been cool with ASIAN entanglements?

21 posted on 06/03/2012 8:07:21 PM PDT by dr_lew
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To: dfwgator

Frankly no, but I now the consequences of his demise.


22 posted on 06/03/2012 8:11:24 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: RegulatorCountry

“but the level of almost hysterical rhetoric has gone mainstream”

Because “We the People” whose vote is neutered, are closing wallets, big time. Wallet shutdown.


23 posted on 06/03/2012 8:12:42 PM PDT by Varsity Flight (Phony-Care is the Government Work-Camp: Arbeitsziehungslager)
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To: Texas Fossil

Well, those countries whose economies are based upon commodities are certainly in posession of them until sold and delivered. Food, oil, industrial and precious metals, etc.

The states within the US that have continued to do reasonably well have largely commodity oriented economies, too. Canadian provinces as well. “Old economy” stuff, tangible products that continue to have value for trade, necessities.

Not glamorous, no seven figure bonuses routinely handed out, just real. Reality appears to have become a sort of precious thing, financially.


24 posted on 06/03/2012 8:14:17 PM PDT by RegulatorCountry
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To: Texas Fossil
"Will there be capital flight to elsewhere in the world? Of course."

Of course. Here is elsewhere.

"If anyone other than our Commie-in-Chief were in charge in the US, that flight would probably be to the US Dollar."

"That flight" is to our treasury for more debt and our dollar for more trade deficit. The commie political regulators of both parties sponsor the "news" that pushes it.

Have fun. Enjoy the bond collapse after the government income/pension/services party.


25 posted on 06/03/2012 8:16:13 PM PDT by familyop ("Wanna cigarette? You're never too young to start." --Deacon, "Waterworld")
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To: dr_lew

We largely came from Europe in the beginning. We brought much of our legal system and culture from there. It was only natural to try and avoid the lessons learned from being “from” Europe.

No the world is nothing like it was when Washington lived. But his caution of dealing with where we came from is still pertinent.

As far as the “marriage made in hell with China”, I could not agree with you more.

Suspect we shall see how much the world needs the US and what we are really made of.


26 posted on 06/03/2012 8:17:22 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil
Why is the US different than Spain?

A few reasons. First and foremost, we can print more money. Spain can't. And that's the big problem for the PIIGS, what they really need to do just print more currency. The value goes down, so does the value of the debt they have. Sure, prices go up, but that's how floating fiat currencies work.

Spain doesn't have that option. The value of their national debt is tied to the economy of Germany and France and Denmark.

Our economy is just tied to the world's largest economy, us. And we do have loads of things the rest of the world really does want. Most of all, 225 years of solid stability. Even during the civil war, the rest of the world knew where the leader of the United States was.

Where's the leader of the EU? A floating presidency doesn't make for a leader.

Sure, they could fly to some of the small economies, but none of them can absorb all that much influx of cash. The Swiss are constantly battling assaults on their economy from people trying to flee to a safe haven. The Swiss are more than happy to hold their cash...in foreign denominations, thank you very much.

Yes, it's getting harder - the increased socialism and outright embezzlement of public dollars by public employees isn't going unnoticed elsewhere. But it isn't as bad as elsewhere yet, which gives investors some confidence in the US economy overall.

So, yes, the EU can go away. The Euro can go away. The PIIGS will demand loads and loads of benefits from others, and lots of banks will take a big hit, but the US economy can and will keep on rolling on. Then again, so will the German economy, and the French economy might be shaky, but it'll keep going, and the UK will look like a genius for avoiding the whole mess in the first place.

Kick out the PIIGS, EU - Save your currency, or get ready to mint new currency - The Euro’s about to be worth a whole lot less.

27 posted on 06/03/2012 8:18:48 PM PDT by kingu (Everything starts with slashing the size and scope of the federal government.)
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To: familyop

From your profile:

“Few men have virtue to withstand the highest bidder.”

To the point.

Felt the weight of your profile was dead on for this topic of discussion.

Thanks


28 posted on 06/03/2012 8:21:22 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil

If Europe is in de Nile, where’s Egypt?


29 posted on 06/03/2012 8:23:13 PM PDT by Paladin2
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To: RegulatorCountry

Thanks for the good observations.


30 posted on 06/03/2012 8:24:08 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil

A lot of French sailboats are arriving in Florida, I can tell you that much.


31 posted on 06/03/2012 8:28:10 PM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: kingu

Thanks.

I spent many years supplying small businesses. With 2 privately held distributors.

Now back in family farming operation.


32 posted on 06/03/2012 8:29:41 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Paladin2

where’s Egypt.

In deep cow dung.


33 posted on 06/03/2012 8:30:57 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: RegulatorCountry; Texas Fossil
In terms of rats fleeing a sinking ship, or conspirators seeking immunity deals from DAs, is there any advantage to the country which jumps out of the EMU first?

Is there a dynamic at play to cause any nation to want to jump first?

34 posted on 06/03/2012 8:31:19 PM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: C210N
Wouldn’t it be funny, in a sort of diabolical way, if the first and last REAL presidents of the USA were both George W?

Interesting that you should say that. The first Romanov tsar of Russia was Michael I (in 1613). That lead to an old Russian peasant saying: The first tsar was Michael, and the last tsar will be Michael.

When Nicholas II abdicated in 1917, he ultimately abdicated in favor of...get ready for this...his brother, Grand Duke Michael.

Now, courtesy of you, we have an American peasant saying (remember, most Americans are peasants to our ruling elite):

The first real president was George, and the last real president was George.

35 posted on 06/03/2012 8:31:34 PM PDT by Leaning Right (Why am I carrying this lantern? you ask. I am looking for the next Reagan.)
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To: Texas Fossil

Its all going according to plan.

First you create “free trade areas” via treaties, which supersede the constitutional law of individual nations.

Then, you move to a “common currency” because it would make commerce so much easier.

Then, drive the partners into crisis with their phoney money, and offer the notion that “without political union, the monetary union can’t work. And if the monetary union fails, it will be the end of the world!”

Lambs to the slaughter.


36 posted on 06/03/2012 8:32:00 PM PDT by motor_racer (Pete, do you ever get tired, of the driving?)
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To: Travis McGee

French Survivors?


37 posted on 06/03/2012 8:33:02 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Texas Fossil

Escapees. Many are long-term cruisers, I’m sure, but many are not. They are getting out while they can, with some assets. It’s been a common dodge for decades. Sink every Rand or Franc or Euro into a yacht, then sail away and don’t return. It’s a way to avoid currency export controls, and possible hyperinflation or devaluation that may be next. Turn the digital money into a real asset, then sail away on it.


38 posted on 06/03/2012 8:36:30 PM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: motor_racer

OK, in the countries where civilians are armed what happens when the public realises that they have been sold out by the Globalist Traitors (POLs)?

Is that why the UN is so desperate to disarm us?


39 posted on 06/03/2012 8:38:19 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Travis McGee

That makes sense. How many Frenchmen really know what is happening?

.005% ?


40 posted on 06/03/2012 8:40:09 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: Varsity Flight

John Gault?


41 posted on 06/03/2012 8:40:52 PM PDT by bella1 (As it was in the days of Lot.....)
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To: Texas Fossil

Not a clue. G’night.


42 posted on 06/03/2012 8:43:04 PM PDT by Travis McGee (www.EnemiesForeignAndDomestic.com)
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To: Travis McGee

Have a good evening.

Thanks.


43 posted on 06/03/2012 8:44:45 PM PDT by Texas Fossil (Government, even in its best state is but a necessary evil; in its worst state an intolerable one)
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To: dfwgator
I miss this guy:


44 posted on 06/03/2012 8:45:03 PM PDT by Paladin2
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To: Travis McGee

Wouldn’t the viability of this dodge depend on being able to sell these maxed out yachts somewhere else without taking an utter beating? Are there a lot of customers for them in, say, Florida?


45 posted on 06/03/2012 8:48:06 PM PDT by HiTech RedNeck (Let me ABOs run loose Lou!)
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To: Travis McGee
Want to jump, rather than being pushed? The haves. France won't fall on their swords for anybody, too arrogant for one, too much of a sense of national survival on the other. When they've rolled over it was to live to fight another day, or the conflict ceased being beneficial to the French. Germany worries me as far as their national psyche if there really is such a thing. Aspirations of controlling all of Europe didn't begin with Hitler and didn't die with him, either.
46 posted on 06/03/2012 8:48:35 PM PDT by RegulatorCountry
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To: Texas Fossil

I would say 40-45%. There are lots of good French. Ya’ll need to get out more.


47 posted on 06/03/2012 8:50:18 PM PDT by ciaocotc
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To: Texas Fossil

It’s all Francisco Franco’s fault. Wait a minute: newsflash-he’s still dead.


48 posted on 06/03/2012 8:54:08 PM PDT by ReformationFan
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To: Paladin2

Is that El Cid?


49 posted on 06/03/2012 8:55:18 PM PDT by ReformationFan
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To: Travis McGee

For the moribund economies, it won’t help and will probably hurt. The EU will try to bleed the productive economies dry in a futile attempt to salvage the whole mess.

The first semi-functional economy that gets out will feel some short term pain but will be in the best position to capitalize on the inevitable collapse in Europe.

The next one? Too late - they’ll get sucked into the black hole of socialist debt.

Regardless, this is going to get ugly. And like WWII, the trigger will be something that seems small - a proverbail straw breaking the Euro’s back. And it will quickly descend into Hell...


50 posted on 06/03/2012 8:56:28 PM PDT by piytar (The predator-class is furious that their prey are shooting back.)
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