The end of the EU

[Pat494]

Don't ya just love the french.

BBC News - French banker says UK should be downgraded first

Ner ner de ner ner.

Oh and this 😆

BBC News - French ex-President Jacques Chirac will not appeal

Is it because the French Press are too kind to the rogues in power

or

plain scared to mention their mistresses, fraudulent etc. activities !!

In the UK they would have been - well sneered at, at least and a whitewash public enquiry ( hosted by reliable sort of chaps ). Mitterand got away with it for 50 years !!

 

[counter_violent]

and there's more

BBC News - French finance minister criticises 'worrying' UK economy
BBC News - Hungary, Czechs wary of EU tax harmonisation plan

 

[Pat494]

and there's more

BBC News - French finance minister criticises 'worrying' UK economy
BBC News - Hungary, Czechs wary of EU tax harmonisation plan

The chickens are getting nervous ! Will they or won't they wake up in time to escape being on the menu as the aperitif, the main course being just over the western border as usual .

Signing up to virtual slavery isn't my idea of a good time. Must be a variation of " The Stockholm Syndrome " !

Thatcher and the rest should never have signed The Maastricht Treaty either. Delivered most of W. Europe into Germany's clutch ! The French ? - they are but a junior partner until .......(they can't see it coming can they. 3rd time around. Has the "big bad wolf" changed into a reasonable neighbour ? ) What do you think ?
No D day this time mes amis

 

[Splitlink]

The chickens are getting nervous ! Will they or won't they wake up in time to escape being on the menu as the aperitif, the main course being just over the western border as usual .

Signing up to virtual slavery isn't my idea of a good time. Must be a variation of " The Stockholm Syndrome " !

Thatcher and the rest should never have signed The Maastricht Treaty either. Delivered most of W. Europe into Germany's clutch ! The French ? - they are but a junior partner until .......(they can't see it coming can they. 3rd time around. Has the "big bad wolf" changed into a reasonable neighbour ? ) What do you think ?
No D day this time mes amis

😀 Boy, are you radical! You make me scared to live over here. But, let me tell you, you seem more worried about this than the locals.

A question I was asked in the gym, "Who is this Cameron?

 

[Atilla]

The chickens are getting nervous ! Will they or won't they wake up in time to escape being on the menu as the aperitif, the main course being just over the western border as usual .

Signing up to virtual slavery isn't my idea of a good time. Must be a variation of " The Stockholm Syndrome " !

Thatcher and the rest should never have signed The Maastricht Treaty either. Delivered most of W. Europe into Germany's clutch ! The French ? - they are but a junior partner until .......(they can't see it coming can they. 3rd time around. Has the "big bad wolf" changed into a reasonable neighbour ? ) What do you think ?
No D day this time mes amis

There is nothing wrong with The Maastricht Treaty imho. I also hardly think Thatcher saved the UK from anything but other than laid the foundation to which we lie in today. Having said that - I often wonder how we can look at same events with two complete opinions. It must be because we were standing on opposing sides of the hill tops as a consequence of such policies.

Problem with capitalism that needs to be addressed is that it doesn't know how to deal with slow down. Everything is based on biger, faster and higher profits, consumption and production. But we all know it doesn't work that way. Who would get into a Ferrari with no brakes?

So what happens when things slow down? What economic theories out there to explain such slow downs? None I've heard of. Any ideas?

The only response is Social Security, Employment Laws and Government Spending.

As I've mentioned before Employment Laws and corporates with ethics and heart are the least offensive option imho. Social Security and Big Governments are the worst.

The UK has fallen behind Europe for good 20 years. Countries like Spain Portugal Italy and Greece benefited greatly. Now there is some pay back due but it's not beyond salvation.

Somewhat mismanaged but there is capitalism and lack of regulation and prudent governance for you. Talk to the Germans would be my advice as to how it is done.


As for the French - well really of all the issues facing Europe the French deem it appropriate to round off on the UK. Just goes to show how pathetic Sarkozy and the French politicians are if they feel they can get milage out of this. Have they managed to deflect attention from the **** poor situation they find them selves in? We are all in the same boat so let's see if we can throw the English out to the sharks in the lending markets. Well the markets will be rounding off the French soon enough with all guns blazing. I'm not sure we need to say anything as with such arrogant leaders pride will surely come before their fall.

Markets aren't fooled and I doubt the electors will either. Sarkozy is yesterdays man and Vive la France... 🙂

 

[Atilla]

There is nothing wrong with The Maastricht Treaty imho. I also hardly think Thatcher saved the UK from anything but other than laid the foundation to which we lie in today. Having said that - I often wonder how we can look at same events with two complete opinions. It must be because we were standing on opposing sides of the hill tops as a consequence of such policies.

Problem with capitalism that needs to be addressed is that it doesn't know how to deal with slow down. Everything is based on biger, faster and higher profits, consumption and production. But we all know it doesn't work that way. Who would get into a Ferrari with no brakes?

So what happens when things slow down? What economic theories out there to explain such slow downs? None I've heard of. Any ideas?

The only response is Social Security, Employment Laws and Government Spending.

As I've mentioned before Employment Laws and corporates with ethics and heart are the least offensive option imho. Social Security and Big Governments are the worst.

The UK has fallen behind Europe for good 20 years. Countries like Spain Portugal Italy and Greece benefited greatly. Now there is some pay back due but it's not beyond salvation.

Somewhat mismanaged but there is capitalism and lack of regulation and prudent governance for you. Talk to the Germans would be my advice as to how it is done.


As for the French - well really of all the issues facing Europe the French deem it appropriate to round off on the UK. Just goes to show how pathetic Sarkozy and the French politicians are if they feel they can get milage out of this. Have they managed to deflect attention from the **** poor situation they find them selves in? We are all in the same boat so let's see if we can throw the English out to the sharks in the lending markets. Well the markets will be rounding off the French soon enough with all guns blazing. I'm not sure we need to say anything as with such arrogant leaders pride will surely come before their fall.

Markets aren't fooled and I doubt the electors will either. Sarkozy is yesterdays man and Vive la France... 🙂

I don't think much of these rating agencies. The **** poor situation of the French finances are pretty much known by the markets and this S&P rating is only a lagged announcement of the fact.

I find it hillarious that some Europeans are now selling Euro's and buying sterling too. Oh what joy...

Moreover, some daft Scottish party bidding for independence with some great visionary desire to leave the UK and the pound only to signup for the Euro.

Some people need their heads adjusting...

BBC News - France loses AAA rating as euro governments downgraded


Finally I had the Euro testing 1.20 for quite some time now. However, looking at the charts I may have been a little over optimistic.

EURUSD 1.00-1.10 is looking more plausible for 2012...

 

[scose-no-doubt]

I remember laughing at Trader_Dante and a few others yonkers ago when they said that the "sh*t" currency was toast and was heading for parity. Pretty sure a lot of them will have been net short since late 08 early 09.

Wish I wasn't such a pig-headed, ignoramus of a f*ck-wit in those days... the folly of youth, eh?

 

[Pat494]

There is nothing wrong with The Maastricht Treaty imho.

1.The Maastricht treaty let in foreign fish factory ships to ruin the fishing around Britain
2. Gave the OK to the EU shambles of corruption and waste. One useless Parliament is bad enough but the idiots have two - another in Strasburg.
3.Thatcher & co. should have realized Britain was selling out to a moronic system invented by lunatics.

So what happens when things slow down? What economic theories out there to explain such slow downs? None I've heard of. Any ideas?


Obviously things have to go in reverse. The annual 4% pay rise for public workers is unsustainable.


Countries like Spain Portugal Italy and Greece benefited greatly. Now there is some pay back due but it's not beyond salvation.

The little countries fell head first into the trap of accepting loads of money that they could never repay - the first step to economic slavery.
. 🙂

This disaster really begs the question - can democratically elected politicians ever get out of this mess ?

 

[Splitlink]

This disaster really begs the question - can democratically elected politicians ever get out of this mess ?

Probably not, because the reasons for the union were political, rather than economical.

You may recall that the union between West and East Germany were for purely political reasons. The economists were against parity for both countries
It was impossible for an East German Mark to have the same value as West Germany's. East Germany insisted, though, and West Germany agreed. Pure politics. West Germany had to absorb those East German Marks and defaulted, as a consequence, on agreements---I've forgotten the details--- made with the other European countries. They made no apologies, either. They could not meet the conditions and that was that! That should have warned us that agreements meant absolutely nothing, except when they could be met.

The UK has always made it a point to meet its commitments. I believe that Spain has always tried to, too. Spain is trying to dig itself out of a mess but, if it needs help, I am beginning to doubt that the EU will have the resources.

 

[Pat494]

I am glad to see that shareholders inthe UK are going to be given a bit of a say over greedy executives and their montrous pay packages. imho many are very ordinary people talent wise and are just ripping off the companies they are meant to be working for. The new boss at Tesco for instance is probably in this league !!

To say 49% pay rises on already massive salaries ,are justified is ludicrous ! They and their friends sit on each others' remuneration committees, so you can imagine they don't stint themselves . The Govt could even things out a bit with tax changes, but haven't the courage.

 

[Splitlink]

I am glad to see that shareholders inthe UK are going to be given a bit of a say over greedy executives and their montrous pay packages. imho many are very ordinary people talent wise and are just ripping off the companies they are meant to be working for. The new boss at Tesco for instance is probably in this league !!

To say 49% pay rises on already massive salaries ,are justified is ludicrous ! They and their friends sit on each others' remuneration committees, so you can imagine they don't stint themselves . The Govt could even things out a bit with tax changes, but haven't the courage.

Warren Buffet recently bought into Tesco. I wonder what his opinion, as a shareholder, is. I find it difficult to believe ----let's be honest, I don't believe it 😀---- that the new boss at Tesco did not sell his shares ahead of what he knew would be announced after the sales and the effect that that would have on the share value.

 

[Pat494]

Thanks to the EU and one useless Govt after another, Britain let in 100,000s of immigrants last year of whom 570,000 are claiming benefits. A lot of these are the creme of eastern and central Europe's criminals just out of prison and others with no intention of applying for a single job ! Go to the UK where the long suffering taxpayers will give you a better life style - bl**dy marvelous. A pity we can't send our s*dding useless politicians to them in exchange.

 

[Splitlink]

Thanks to the EU and one useless Govt after another Britain let in 570,000 immigrants last year who are all claiming benefits. A lot of these are the creme of central Europe's criminals just out of prison and others with no intention of applying for a single job ! Go to the UK where the long suffering taxpayers will give you a better life style - bl**dy marvelous. A pity we can't send our s*dding useless politicians to them in exchange.

You do!

 

[Pat494]

You do!

Plenty left !

 

[N Rothschild]

eurusd to 1.5/1.6 in next couple of years after they cut away the dead wood

 

[Atilla]

Interesting article I read today compared the sinking of the Costa Concordia to that of the EU. Apparently the areas of the ship were named as that of the countries in the EU. Germany, France, Spain, Poland, Austria, Ireland etc.

The special cabins etc were the capital cities of these countries. And thus the sinking of this boat symbolically resembles the downgrading and sinking of the currency - so it was alleged.

Also on Radio 4 listening to some discussion about voluntary write down of Greek debt and the new dynamics with respect to hedge funds who have purchased debt at 35% of face value - who are now reluctant to changing the agreement (of course, declining the voluntary option) and instead leaning on the Greek banks to take a voluntary colossal hit instead.

This diabolical European tragedy has some more mileage to go.

Not to mention that a number of banks have so called collateral in exchange for debt which is valued at ridiculous 2007 boom prices. Spainish banks in particular have some pretty hefty over priced assets in their books.

Euro will continue to test the lows. February should be interesting to see if 1.25 holds. I don't think so at this point in time.

Only solution ofcourse is inflation.

Does anybody know how the ECB is able to lend money to the banks at 1%. If not printing money where are they getting it from? Collateral swaps indeed???

 

[N Rothschild]

Interesting article I read today compared the sinking of the Costa Concordia to that of the EU. Apparently the areas of the ship were named as that of the countries in the EU. Germany, France, Spain, Poland, Austria, Ireland etc.

The special cabins etc were the capital cities of these countries. And thus the sinking of this boat symbolically resembles the downgrading and sinking of the currency - so it was alleged.

Also on Radio 4 listening to some discussion about voluntary write down of Greek debt and the new dynamics with respect to hedge funds who have purchased debt at 35% of face value - who are now reluctant to changing the agreement (of course, declining the voluntary option) and instead leaning on the Greek banks to take a voluntary colossal hit instead.

This diabolical European tragedy has some more mileage to go.

Not to mention that a number of banks have so called collateral in exchange for debt which is valued at ridiculous 2007 boom prices. Spainish banks in particular have some pretty hefty over priced assets in their books.

Euro will continue to test the lows. February should be interesting to see if 1.25 holds. I don't think so at this point in time.

Only solution ofcourse is inflation.

Does anybody know how the ECB is able to lend money to the banks at 1%. If not printing money where are they getting it from? Collateral swaps indeed???

euro sentiment is the worst it has ever been. biggest short posistions ever. greek about to default etc. its all pretty bleak. yet the euro is still trading higher than the other major sell offs in recent years. once greece gets punted out the eurozone and bukake pulls the trigger on qe3 its rally on.

anyway a weak euro is good for exports, everyone seems to forget this and germany is one massive exporting nation at the heart of the eurozone. i think over the next few months we will see a pick up in manufacturing and exports in the core (just like happened the last time the euro got down to a 1.2 handle)

 

[Pat494]

Does anybody know how the ECB is able to lend money to the banks at 1%. If not printing money where are they getting it from? Collateral swaps indeed???

I think the former generation of political wasters and losers like Gordon Brown should be held to account, or is it no punishment for the incompetents at the top and another for the rest, as usual ? They can waste a whole country's assets on stupid ventures while Joe Average goes to jail for nicking £100 worth from the corner shop.

No wonder the Scots etc. are off and away from those dollops of puke in Westminster.

 

[barjon]

euro sentiment is the worst it has ever been. biggest short posistions ever. greek about to default etc. its all pretty bleak. yet the euro is still trading higher than the other major sell offs in recent years. once greece gets punted out the eurozone and bukake pulls the trigger on qe3 its rally on.

anyway a weak euro is good for exports, everyone seems to forget this and germany is one massive exporting nation at the heart of the eurozone. i think over the next few months we will see a pick up in manufacturing and exports in the core (just like happened the last time the euro got down to a 1.2 handle)

Yes, and aren't Germany rubbing their hands at what is in effect an artificially low currency for them and their exporters. Just imagine where the DM would stand relative to the drachma (or other eurozone countries) ((or other major currencies)) at the moment if they weren't tied together by the euro.

jon

 

[Splitlink]

I'm wagering that the EU will be here after we have gone. At present I, over here, am living ok. Even the weather is great, just like spring, today. My problem is to work out which way to trade the Euro tomorrow. If I get that right, as the Amercans say "another day, another dollar"

y què se joden los politicos!