Socio-Economics History Blog

Socio-Economics & History Commentary

Nigel Farage: The Euro Titanic Has Hit The Iceberg!

  • Transcript:
    “Another one bites the dust. Country number four, Spain, gets bailed out and we all of course know that it won’t be the last. Though I wondered over the weekend whether perhaps I was missing something, because when the Spanish prime minister Mr Rajoy got up, he said that this bailout shows what a success the eurozone has been.

    And I thought, well, having listened to him over the previous couple of weeks telling us that there would not be a bailout, I got the feeling after all his twists and turns he’s just about the most incompetent leader in the whole of Europe, and that’s saying something, because there is pretty stiff competition.

    Indeed, every single prediction of yours, Mr Barroso, has been wrong, and dear old Herman Van Rompuy, well he’s done a runner hasn’t he. Because the last time he was here, he told us we had turned the corner, that the euro crisis was over and he hasn’t bothered to come back and see us.

    I remember being here ten years ago, hearing the launch of the Lisbon Agenda. We were told that with the euro, by 2010 we would have full employment and indeed that Europe would be the competitive and dynamic powerhouse of the world. By any objective criteria the Euro has failed, and in fact there is a looming, impending disaster.

    You know, this deal makes things worse not better. A hundred billion [euro] is put up for the Spanish banking system, and 20 per cent of that money has to come from Italy. And under the deal the Italians have to lend to the Spanish banks at 3 per cent but to get that money they have to borrow on the markets at 7 per cent. It’s genius isn’t it. It really is brilliant.

    So what we are doing with this package is we are actually driving countries like Italy towards needing to be bailed out themselves.  In addition to that, we put a further 10 per cent on Spanish national debt and I tell you, any banking analyst will tell you, 100 billion does not solve the Spanish banking problem, it would need to be more like 400 billion.

    And with Greece teetering on the edge of Euro withdrawal, the real elephant in the room is that once Greece leaves, the ECB, the European Central Bank is bust. It’s gone. It has 444 billion euros worth of exposure to the bailed-out countries and to rectify that you’ll need to have a cash call from Ireland, Spain, Portugal, Greece and Italy. You couldn’t make it up could you! It is total and utter failure. This ship, the euro Titanic has now hit the iceberg and sadly there simply aren’t enough life boats.”

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June 13, 2012 Posted by | Economics | , , , , , , , , | Comments Off on Nigel Farage: The Euro Titanic Has Hit The Iceberg!

John Embry: Despite Rally, Global Financial Crisis II Is Imminent !

  • Embry – Despite Rally, Global Financial Crisis II Is Imminent! 
    by www.kingworldnews.com
    Today John Embry told King World News that, despite the rally, investors should brace for “global financial crisis II.”  Embry also said this crisis will be “more unpleasant than the first one.” Embry, who is Chief Investment Strategist of the $10 billion strong Sprott Asset Management, also told KWN that gold and silver will reign supreme during the upcoming turmoil.  But first, Embry had to say about the Egon von Greyerz prediction of a massive global bailout:  “I believe that’s very realistic.  They will go down the path of trying to continually bail this system out to prevent a collapse.  Nobody wants to be at the helm when the ship goes down, so they will try to move heaven and earth to prevent that.”
    …..
    “The only way they can do that is with exactly what Egon (von Greyerz) suggested, and that is with a massive, global bailout.  I think it’s absolutely essential that the listeners be aware of the depth of the problem, and not listen to the mainstream media which glosses over everything and tells you to be in the conventional assets and that everything is going to work out fine.  I don’t believe that’s going to be the case. I see one of two outcomes.  Basically you have a debt-logged world economy….

    read more!

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June 13, 2012 Posted by | Economics | , , , , , , , , , , | Comments Off on John Embry: Despite Rally, Global Financial Crisis II Is Imminent !

EU Lockdown: A Front Row Seat To Tyranny!!

June 13, 2012 Posted by | GeoPolitics, Social Trends | , , , , , , , , , , , | Comments Off on EU Lockdown: A Front Row Seat To Tyranny!!

F. William Engdahl: Massive Debt Collapse!

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From Crowd Funding Europe’s Future To The Future of Gold And The US Dollar!

June 13, 2012 Posted by | Economics | , , , , , , , , , , , | Comments Off on From Crowd Funding Europe’s Future To The Future of Gold And The US Dollar!

Keiser Report: Hot Potato Counterfeit Cash!

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Nouriel Roubini : ‘Grexit Not Disaster’!

June 13, 2012 Posted by | Economics, GeoPolitics | , , , , , , , | Comments Off on Nouriel Roubini : ‘Grexit Not Disaster’!

America No Longer The Land of Opportunity?

June 13, 2012 Posted by | Economics, Social Trends | , , , , , , | 1 Comment

Webster Tarpley: West Seeks Annihilation of Syria!

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China Slams US Pressures for Joining Iran Oil Embargo!

June 13, 2012 Posted by | Economics, GeoPolitics | , , , , | Comments Off on China Slams US Pressures for Joining Iran Oil Embargo!