Quote:
The most likely
domino effect, therefore -- and the
one most widely
expected -- is that debts to non-Greek
creditors are compromised after Greece switches to the
drachma. Either there would be lawsuits over which currency
to use, or borrowers would default on the loans, or the
lenders would be forced to accept reductions in the amount
of the loan that has to be repaid, in order to avoid
outright defaults. Whichever outcome occurs, the lenders
lose money. Just as in the U.S. mortgage-lending crisis,
once some banks lose enough money to become troubled, the
contamination spreads to other banks, because they all lend
to each other.
That's not a pleasant prospect, but at least it's fairly
clear how to manage it. Greece leaves the euro zone, and its
economy suffers for a couple of years but then stabilizes.
With Greece gone, the rest of the euro zone could be propped
up more easily.
MY QUESTION: Can you throw Greece under the
bus and NOT expect to have an accident for the WHOLE
BUS?? We shall see....
and, 2nd article: About "Missing gold" .....
Hmmmmmm
Quote:
Today Egon von Greyerz told King World
News that a client went to move a significant amount of
“allocated” gold from a Swiss bank, but the bank shocked the
customer because they did not have the gold. Egon von
Greyerz is founder and managing partner at Matterhorn Asset
Management out of Switzerland. Von Greyerz also said,
“the risk of having gold in the
banking system is major.” But first, here is
what Greyerz had to say about the bank runs in Europe:
“This is just amazing, Eric, you
couldn’t write a better story than this. We have
bank runs in Greece and Spain, and now a French bank, one
of the biggest mortgage banks, is also having
problems. Ireland, they thought they were all right,
but they need more money.”
So the dominos are
continuing to fall and this is still only the
beginning. We are not far, in Europe, from fear and
much bigger bank runs than we’re seeing today.
And the countries they think are okay are not okay.
You take Germany, either way Germany will have
problems.
We had the G8 meeting and she,
(Chancellor Angela) Merkel, was in a bad mood because
everybody is putting pressure on her to come up with more
money to save Europe and Greece....
BUT....my comment.........CAN THEY SAVE the financial
system of Europe by letting Greece drop out? HOW Bad
will it get in Greece? Answer: WHO
CARES....as long as the Euro Survives....
With Europe on the brinks, politically,
financially....... how near must the Rapture then be???
TICK TOCKkkkkkkkkkkkkkkkkkkkkkk
YFIC,
Randy
How much longer can this chaos continue to be kept
alive?
Lord..I just want this waiting to be
OVER.....