Posts Tagged ‘ PIIGS ’

Greece elects to Default on its Bonds – If the Rule of Law is Enforced

by John Galt February 21, 2012 05:05 ET The technocrats are all patting themselves on the back but the truth about today’s “bailout” announcement comes from the Hellenic Financial Authority and its statement today (via The Athens News): The Hellenic Republic today announced the key terms of a voluntary transaction in furtherance of the 26 October 2011 Euro Summit Statement, known as the Private Sector Involvement, and in the context of its economic reform programme that has been agreed with the European Union and…

by John Galt February 19, 2012 17:00 ET Different weekend, same headlines. Another deal, another bail out rumor, another saving of the Euro, and another piece of wood on to the pyre inflaming and destroying the oldest democracy in world history. Yet while the Greeks suffer, Berlin fiddles. Tonight, Ambrose Evans-Pritchard in the U.K. Telegraph addresses the idea of saving the nation by restoring sovereignty. Too bad it appears to be another idea, too little, too late. To read the commentary in full, click…

by John Galt February 17, 2012 19:15 ET So much for the “how dare you” mindset of the British and European banksters who wanted to invade Iceland with military force to take over the nation and insure they pay their debts back to their nations. Once the people Iceland elected to remain independent and not become victims of European servitude the hard times began but now are ending just a few short years later. Tonight Ambrose Evans-Pritchard highlights the glorious Viking victory of the…

by John Galt February 17, 2012 05:20 ET Of course TPTB will tell us, just like they did with Indymac, Fannie, Freddie, and Bear Stearns that is “contained” and no big deal. Of course tell the Greeks digging through dumpsters this fact and I’m sure they will provide you with a sip from a Molotov cocktail. I give this less than a month before we see a 1000% yield. The intraday high today, thus far, was a nasty 639%. Just wow. (via Bloomberg.com)

by John Galt February 12, 2012 17:50 ET The sad sorry joke being perpetuated on the citizens of Greece who are clueless sheep and the mindless individual investors, what few are left, playing the Wall Street casino, is that tonight’s vote on the new Greek austerity program by the Greek parliament is irrelevant. The nation of Greece is completely insolvent, totally dependent on the whims of IMF and European Union technocrats along with banksters from New York to London, and the people have not…

by John Galt February 12, 2012 16:45 ET Tonight’s editorial from Ambrose Evans-Pritchard in the U.K. Telegraph is perhaps the starkest commentary yet on the disaster in the European Union and inside of Greece: Germany’s Carthaginian terms for Greece (click on the title to read the commentary in full) One sentence describes the EU’s folly best of all in this must read article: Belief that EMU fall-out from Greek exit – or “Grexit” in market slang – can be contained by firewalls and more…

by John Galt February 12, 2012 10:50 ET From Zougla.gr: Today’s debate and vote later on might be a forgone conclusion, but the reaction of the masses in the street is what will be most fascinating to watch.

by John Galt February 7, 2012 22:05 ET (Photo from Eurokinissi) It’s a good thing the IMF, the Troika, the ECB, and German masters have settled the Greek crisis. Of course that explains why this story from The Athens News was a “positive” reaction to the German imposed bankster austerity settlement whispered, rumored, and leaked today: Strike protesters burn German flag (Click on the title above to read the story in full) From the story: Hundreds of protesters chanting “Nazis Out!” clashed with police…

by John Galt February 7, 2012 18:55 ET With the hour by hour, minute by minute, second by second, millisecond by millisecond, and of course, microsecond by microsecond breaking rumors, er, “news” about a potential Greek bailout since 2009, the markets and reality are beginning to come up with answers to the inevitable break up of the European Monetary Union (EMU) unless Germany is allowed to establish a Fourth Reich. Thus tonight’s entry from Ambrose Evans-Pritchard in the U.K. Telegraph is a must read…

by John Galt February 6, 2012 05:25 ET All the Troika talks, politician’s lies, and banksters extortionist threats couldn’t put Humpty Dumptikos back together again. The graphic be;pw via Bloomberg.com says all you need to know about a Greek default being an inevitability, no matter what lies the television talking heads or Eurozone political elites present on a daily basis.

by John Galt February 5, 2012 16:15 ET The furor being raised at Germany and its policies designed to impose a new order of economic dictatorship over the poor nations of Europe and the weak banksters of the continent is now being openly expressed by the French socialists, as expressed in Ambrose Evans-Pritchard’s column from tonight’s edition of the U.K. Telegraph: French socialists’ Latin revolt against Germany (Click on the link above to read the article in full) The failure of the quasi-Marxist economic model…

by John Galt January 19, 2012 23:00 ET As the markets continue their drunken ways, Portugal is sending out a distress signal. Ambrose Evans-Pritchard’s story this morning from the U.K. Telegraph heralds this warning clarion in graphic detail: Portugal to need “debt haircut” as economy tips into Grecian downward spiral (Click on the title to read the full article The excerpt which should set off alarm bells in bankster’s offices from Brussels to Berlin: The problem is the slow-burn threat of debt-deflation. Interest costs for…

by John Galt January 19, 2012 05:30 ET Based on the 1, 2, and 10 year bond yields in Greece, the markets are voting on a Greek default. So ignore the MSM and Financial media nonsense that is spewed today and prepare for a shock wave to hit the banksters around the world in the next 60 days. Next up after Greece are Ireland and Portugal.

by John Galt January 17, 2012 19:50 ET For my generation, the Dead Kennedys were the ultimate rebel punk band, spitting on the establishment and dismissing the elitists of the day as warmongering scum. Thus when I saw the headline and story from Xinhua tonight, the song seemed oh so perfect as the European banksters have elected to roll a bum and beat the hell of a destitute like a group of meth head teenagers bored on a Saturday night in any American city. …

by John Galt January 15, 2012 15:15 ET Coming to the U.S.A. soon. The protests initially started out over a government modification to the country’s national health care program. on Day 3 it evolved into an anti-government protest which has continued through Sunday in Bucharest and across many major cities according to this Reuters story, Romania protests spread despite health bill withdrawal. The video and report from Russia Today though tell a tale the Western media will not cover nor illustrate about what is brewing…

by John Galt January 15, 2012 13:00 ET While America slumbers, the designs on our future are being tested by the bankers of the world in the PIIGS nations plus Hungary. The origins of the rule of law in the United States can be traced back to European history and specifically, English common law. Thus when the time comes for America to settle its debts with the nations of the worlds and the banksters within them, the example being set by Greece might well be…

by John Galt January 13, 2012 05:30 ET I’m sure somewhere on one of the uber-bullish blogs or Bubblevisions there is an analyst calling this super good news for the world’s equity markets. For Greece however, it is the beginning of the end and a total collapse. Next stop: 500%.

by John Galt January 8, 2012 18:30 ET The headline in tonight’s edition of the UK Telegraph caused me to do a double take, and the article in full (at the link below) was even more insane: Italian Prime Minister Mario Monti: ‘The euro is not in crisis’ Uh, since when did Italy go Dutch? This is the most absurd headline of the day but the story only makes it better when one starts reading the details inside of it: “The euro is not in…

By John Galt January 3, 2012 07:30 ET Happy New Year and enjoy the faux Wall Street party today because it will not last long. Futures are up this morning but not due to a sudden resurgence in the U.S. economy or some miracle created by Obamanomics. The reality is that everything is still tied to the actions in the Eurozone and price action in the Euro and each tick up in the S&P 500 can be tied directly to the USD/EUR and EUR/JPY trades…

by John Galt January 2, 2012 22:10 ET 2012 starts out as 2011 ended, with many starting their usual cheer leading that everything is going to be wonderful with unicorns pooping rainbows and pissing Skittles, yet reality is, as usual, stated by Ambrose Evans-Pritchard in his column for tomorrow morning’s print edition of the U.K. Telegraph: 2012 could be the year Germany lets the euro die (click on the link above to read the full article) From the article: Monetary union is too damaged to…

By John Galt December 30, 2011 07:50 ET Buckle up. 2012 is almost here. Last year I was so-so in my predictions and for 2012 I probably will be also. If you are meek put on your Depends for this show or just assume the fetal position when the theme music stops. In the first half hour I’ll cover the news of the day, the financial news and then begin the prognostications which cover geopolitics, sports, U.S. politics, the economy, weather, and whatever else I…

By John Galt December 30, 2011 – 07:43 ET While many a commentator and bubblevisionista will argue that 2011 was a “safe” year with the Dow up about 6% for the year and the S&P 500 treading water but up slightly, the decline in the NASDAQ is the lesson of the year and a warning sign for stocks in early 2012. Traditionally during an election year markets rally as the election gets closer and I expect 2012 to be no exception. While timing is everything,…

By John Galt December 29, 2011 – 05:25 ET There is nothing Santa can do now but go home to the North Pole and melt the ice with the good Mrs. now, as the markets are totally focused on the reality of the PIIGS problems once again. The Euro is hovering and barely holding the 1.29 level as I type this, gold is moving south once again preparing to make new lows, and the yields on the 10 year Italian bond is well above 7.00%…

By John Galt December 19, 2011 – 16:45 ET Tonight’s commentary from Ambrose Evans-Pritchard via the U.K. Telegraph: Spain grits teeth yet again as austerity deepens <click on the title to read the full article> This excerpt really sums up the depth of the crisis about to hit the Spanish people, remainder of the PIIGS, and the European Union as a whole: It may prove harder this time within the euro straight-jacket. “The global economy was much stronger then and they benefitted from devaluation,” said…

By John Galt December 16, 2011 – 16:30 ET Cue Greek Music like…. Now burp, then try to digest the truth instead of the ECB and Federal Reserve/Mainstream Media lies and distortions…. “Hole” almost 2.2 billion in Social Security That story, translated from Google via Prothema.gr spells out the disaster about to hit the Eurozone… From the translated article: Indicative of the problem is the fact that so far in 11 months ie by early 2011, the “hole” in the Social Security funds reached 2.177…

By John Galt December 15, 2011 – 17:55 ET Today’s story by Ambrose Evans-Pritchard drops a not so subtle hint as to the winter of discontent getting ready swamp the European Union member nations: Talk of ‘nuclear default’ sums up Left’s anger at EU dictates The first sentence from this story via the U.K. Telegraph’s edition tonight comes courtesy of an angry Portuguese politician: “We have an atomic bomb that we can use in the face of the Germans and the French: this atomic bomb…

By John Galt December 11, 2011 – 20:20 ET From the upcoming print edition of the U.K. Telegraph, Ambrose Evans-Pritchard recognizes a mysterious pattern in world history and economics as the insanity of the banksters continues in this piece tonight (Click on title to read in full): Merkel’s Teutonic summit enshrines Hooverism in EU treaty law From the commentary that spells out the crux of the disaster: Europe will now have its austerity union, a revamped Stability Pact. Budgets will be vetted “ex ante”. Structural…

By John Galt December 7 2011 – 05:40 ET Without further ado, here is your rumor selection of the day from Europe: a. Europe will create 7 new bailout programs and print faster than the Fed. b. The new Eurobond will be called the “Transformer Bond” and it will change shape, yield, and form with each corresponding drop in equities (aka the Megatron bond) c. Merkel agrees to marry Sarkozy. d. Sarkozy agrees to marry his dog. e. All of the above In reality the…

By John Galt December 6, 2011 – 17:10 ET Tonight’s entry from Ambrose Evans-Pritchard via the U.K. Telegraph: S&P has no choice: Euroland risks bankruptcy on current policies Uh, S&P could have done this in 2008 or 2009 when it was first discovered that much of the European Union was a paper tiger and insolvent, but alas, beggars can’t be choosers. Three sentences from the article sum up his pro-Keynesian position which is as fatalistic as the current policies being pursued by the Union itself:…

By John Galt December 6, 2011 – 05:25 ET With the S&P news rattling the markets last night one might expect to wake up this morning to mini-stock market crashes around the globe. Nah. Everything in the U.S. equity markets indicates a flat open while Europe is only down slightly Gold cratered to $1712 overnight but is almost back to where it was around 6 p.m. ET last night and the world seems to be sitting on the razor’s edge waiting for some sort of…

By John Galt December 7, 2011 – 16:50 ET Ambrose Evans-Pritchard once again dares to utter what politicians and banksters on both sides of the Atlantic and Channel do not want to hear from his column in tonight’s U.K. Telegraph: Zilch again from Merkozy From the article: No fiscal union, no Eurobonds, no ECB as lender of last resort – yet. Just the usual blather and a revamped Stability Pact (Fiskalunion). Yawn. All I can say is oh CHIT!

By John Galt December 5, 2011 – 16:45 ET From Standard & Poor’s website: RATINGS LIST To From Long-term ratings on CreditWatch negative Austria (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Belgium (Kingdom of) Sovereign Credit Rating AA/Watch Neg/A-1+ AA/Negative/A-1+ Finland (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ France (Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Germany (Federal Republic of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Luxembourg (Grand Duchy of) Sovereign Credit Rating AAA/Watch Neg/A-1+ AAA/Stable/A-1+ Netherlands (The) (State of) Sovereign Credit…

By John Galt December 5, 2011 – 15:20 ET And the blood from the baby seals froze into the ice… Ouch. Story breaking now on all Financial media from the Wall Street Journal and the cratering of the rally was immediate: Boom. So much for the 200 DMA and Merkel Claus. This could get interesting in Asia tonight.

By John Galt December 4, 2011 – 21:25 ET And from tonight’s edition of doom from Ambrose Evans-Pritchard and the U.K. Telegraph: Fiskalunion is worst of all worlds for Europe All one needs to know from the article, which everyone should read: Historians can only smile, or weep. Germany is unwittingly doing to Spain exactly what America did to Weimar Germany after flooding the country with cheap capital in the late 1920s. When Wall Street cut off funds and ended the credit boom, Germany collapsed.…

By John Galt November 30, 2011 – 21:40 ET No comment beyond “see, I told you so” is really necessary. To read Ambrose Evans-Pritchard’s editorial commentary in tomorrow’s U.K. Telegraph, click on the title of the link below: Fed saves Europe’s banks as ECB stands pat And yes, you’re welcome Euros. Again.

By John Galt November 30, 2011 – 12:50 ET If I were to offer an unbiased opinion, I would say that it is too early to tell. However, the lack of a vociferous and solid course of action for the EFSF to bail out anything beyond what has been established for the nations of Portugal,Ireland, and Greece versus the abject panic in Berlin and Paris about the collapse of Italy and Spain tells this blogger that indeed, a decision may have been made to limit…

By John Galt November 29, 2011 – 05:25 ET This is just nasty. Brutal. Horrid. The auction for the 2022 bonds came in with at 7.56% yield and the 2014 auction at 7.89%, both of which are Euro era highs since Italy joined the Union. For Italy and the European Union this is not sustainable and oh, by the way; that’s how the Greek tragedy started. The Italian stock market was not thrilled: This could get interesting as the markets adjust to the new higher…

By John Galt November 28, 2011 – 17:20 ET From La Tribune de Francais: D’ici dix jours, le triple A français risque de se retrouver “sous perspective négative” In English: In ten days, the triple A French risk of being “negative outlook” Oops. Basically speaking, the ratings war is on between the least worst of the credit risks, aka, the U.S. and France which means the U.S. and France are unofficially in a pissing match to junkdom. From the article (translated via Google/my interpretation): Threats…

By John Galt November 28, 2011 – 16:20 ET Do you really need a “see I told you so” or would a wake the bleep up do? Ambrose Evans-Pritchard has penned a piece for tomorrow morning’s edition of the U.K. Telegraph which should either put you into Depends or force you to use Cyber-Monday to reinforce your supplies: Europe’s shrinking money supply flashes slump warning Personally, I do not think it is a warning. I think it is Lehmanesque capitulation. Got gold? Silver? Ammo? Read…

By John Galt November 28, 2011 Live 7 p.m. to 9 p.m. EST TONIGHT: Well, I can now officially call myself a “victim” as my wife caused me great pain this weekend, but I still love her, but in reality, she deserves to be condemned to the same punishment I have for the next month (watching the Bucs). The world news is as doomerific as always if not worse. The economic news sucks. So where can I find something to smile about? I’ll Tebow on…

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Posts Tagged ‘ PIIGS ’

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