Spain, Greece and Europe

[1Admin]

Drudgereport has three headlines concerning the EU mess,

Here's one of them

http://www.telegraph.co.uk/finance/financialcrisis/9301270/Spain-faces-total-emergency-as-fear-grips-markets.html

Spain faces "total emergency"

Lots going on, keep your head in the game...

[Matt In Oklahoma]

Portugal and Italy are next.
Dont wish this on no one but it dont look good. Props only work for so long till something falls

[JUSTIFIED]

I think other countries(including ours)will continue to bail them out because if another one fails it could topple the EU. A few years ago it was Iceland, then Greece, now Spain....Eventually they will topple and it will affect us here. I just hope Patriot Lady and me are a lot farther along in our prepping than we are now!

[miked2345]

Come on, there's nothing to worry about!!!! Didn't you see the Drudge story about our Treasury Secretary Timothy Geithner being in talks with Spain, to help them figure out a solution????? It's all good! We have our best man on it!! (And if he can't do it, we'll send Joe Biden over...)

[Benn Gleck]

Come on, there's nothing to worry about!!!! Didn't you see the Drudge story about our Treasury Secretary Timothy Geithner being in talks with Spain, to help them figure out a solution????? It's all good! We have our best man on it!! (And if he can't do it, we'll send Joe Biden over...)

Thanks Miked, I just threw up a little bit in my mouth.;)

[rockriver]

i wish i understood this better.

and wonder what the end results will be.

it is apparent they want us to help bail them out.
i don't want the us to do that at all.
but... if they need money, then what have they got to sell?
arms?
an island or two?
gold?

they could have a big auction.
maybe they have a pretty painting that a rich american (or ??)
would pay millions for.

[JUSTIFIED]

Think I barfed a bit too. blech!......

rockriver, the end result will likely be that one or two more of these countries will fail and likely leave the European Union. Not only will there be countries like ours that eat the debt of trying to help them but we will fail too. To what degree is impossible to tell but I think, at the very least, we are looking at a severe long term recession sometime in the next few years. If I'm wrong? Great! Don't think I am though.

Why?

There's no history to support any of these countries, including ours, doing what needs to be done and that is scaling back the size and cost of the respective governments, busting the unions that are now completely communist controlled including the AFL-CIO(Richard Trumpka), abolishing the myriad of regulations that are strangling our economy and returning to a more pure capitalistic business atmosphere.

Spain, France and Greece have all recently elected leaders who practice various forms of statism, all of them more oppresive than the leaders they replaced, including the marxist in our White House. Since I don't see any Reagans in the race I have little hope we can avoid the pitfalls history is showing us through repetition. I'm not sure even Reagan could correct what's happened in this country because of the mindset of most of the younger genereations.

[1Admin]

What is Amerika survives the economic mess the world is in relatively unscratched? I mean more than what is already has had.

Is the world going to love us after that? Or are they going to blame us for it? Are the Jawas/Sand People with the oil going to say that the U.S. PLANNED AND ORCHESTRATED the economic collapse?

[Bearman202]

It's mostly about bookkeeping. Greece owes a lot of countries money. Those countries count that debt as an asset on their books. Say they owe Spain a billion dollars. Spain counts that billion as an asset, and can borrow against it. Spain goes to Italy and borrows money based on that promissory note of a billion dollars. Now Italy has an asset worth a billion dollars. They need money, so they go to Portugal, and borrow from them with that asset as collateral. Suddenly, Greece tells Spain "Sorry, dude, we got high and blew the money we were going to use to pay you back, so we can't pay you. We default." Suddenly, again, Spain doesn't have a billion dollar asset, they've got a worthless piece of paper they used to borrow money from Italy with. Without that asset, they can't borrow any more to pay Italy, so they tell Italy they can't pay them. Now Italy is holding a worthless piece of paper. Guess what Portugal hears? The payments that are due are more than they make, so they default on other notes as well. Pretty soon, everybody has to pay cash for anything they want to buy, like food or oil. When that happens, they're screwed. They can't do it. Their government, however, likes the idea of staying in power, so the only thing they can do is raise taxes. After they strip mine the population to the point that people can't afford food any more, the people start looking for another government. That's what happened in Egypt, and is happening in Syria, soon to be followed by a bunch of other countries over there. The next obvious choice is to nationalize everything, so that ALL the income comes directly to the government. In Greece's case, that's still not enough, but it won't stop them from trying it.

It's going to get ugly, folks. Real ugly.

[protus]

What is Amerika survives the economic mess the world is in relatively unscratched? I mean more than what is already has had.

Is the world going to love us after that? Or are they going to blame us for it? Are the Jawas/Sand People with the oil going to say that the U.S. PLANNED AND ORCHESTRATED the economic collapse?

then they'll just be reverting back to how they felt about the US during the cold war years ......it's all our fault...oh wait bush's fault LOL

[JUSTIFIED]

They're basically check kiting Bearman. Used to be illegal. Doesn't seem like that matters to politicians, does it? We let them get away with it so they just take more and more until there's nothing of ours left and we're left holding the bill. Like Protus said, it'll all be Bush's fault! Think I read where BO blamed Bush for the economy again yesterday. 3.5 yrs in and he's still trying to make people think he's just stupid....well he is where capitalism is concerned but he's intentionally destroying the country as we know it.

[Patriotic Sheepdog]

...Are the Jawas/Sand People with the oil going to say that the U.S. PLANNED AND ORCHESTRATED the economic collapse?

Yep. The UN already hates the US. We are already blamed for most things by those we are giving BILLIONS of $$$ to.

Time Is Running Out Even leaving out the crap happening in Europe, time is running out here in the US if we continue down this same deficit spending, fiscal path. People, the math doesn't work. We cannot sustain this path. The arithmetic just doesn't lie.

[JUSTIFIED]

That video provides an excellent reresentation of check kiting being done by politicians on both sides of the isle! It bothers me that so many politically and historically ignorant voters keep voting these _ _ _ holes into office! If we keep going in this direction we'll be dumpster diving in our retirements years!

[Patriotic Sheepdog]

Sometimes you can learn more from the comedians than the MSM...

[Patriotic Sheepdog]

There is a reason we can't or won't balance the budget and will try to keep running deficits....

Mathematics will prevail....