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Looks like Italy is next to go down.Then Spain Portugal where will this end?
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Italy has a bunch of muppets in charge of its Treasury operations as 1/4 of all outstanding debt (bonds) is due for replacement in the next two years. 500 billion Euros worth.
Any Treasury that bunches debt maturity like that deserves to be flayed ..
Given that Germany does not want to print money QE and is determined not to extend the bailout fund, and when it decides to do anything takes 6 months to agree anything with its other 16 Euro partners who all have to put it to the vote in their Parliaments..
it does not take a genius to assume whatever they do will be too little far tooo late..
On that basis I am expecting a major crash next year and have planned accordingly.. ALL assets will be affected except gold..
I may of course be wrong and far sighted policies will prevail but that requires 180 degree U turns at once. So it aint going to happen.
Stand by for US style Depression 1929-32 - as those are the policies adopted by the Bundesbank - who run the ECB.
The alternative of printing money led to wheelbarrow of DMs in the Weimar Republic and Hitler - so no wonder the Bundesbank will only support it when the rest of Europe is broke and German Banks require bailing out due to Italian debt going belly up.
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Im not storing any money in the banks atm, just enough to pay the bills, the useful amounts are elsewhere.
Im also building up a cash reserve just incase the nightmare scenarios happen - nobody thought this could happen to the Euro, well few thought it would, so now I am expecting it to be as bad as it can get and planning accordingly, the Eurozone is a basket case, its just a matter of time.
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One of the reasons we downsized back in 2009 was the global economy. Not the main reason granted. We didn't need a 4 bed house anymore and being mortgage free was a good idea anyway. But we thought then was a good time to sell and downsize. Not the peak granted and our current house cannot be worth what we paid - but neither is the one we sold worth what it was.
Although asking prices around this way seem to be holding up - just far fewer on the market.
But knowing we have a home regardless of what happens is a nice feeling. One could manage for quite some time if you have no mortgage to worry about.
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We are lucky also,house is payed for no debts but at our age over 60 we should be.Not so nice for the younger generation who have to make a living could be a decade lost mentioned by the French Lady Christine.I wonder when they check the books in Italy how much there prime minister has syphoned off to his own companys.
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Cash, while inflation is at 5%, is melting away. The banking system, is not going to collapse, your money is not going to disappear, unless you leave it under grannies mattress.
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I can't eat money and when we end up with hyper inflation which is a possibility I dont care that much.
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Same people who say that said the Euro would never be in trouble either.
Ive got more than enough in a safe place not to worry.
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We're lucky with the mortgage paid off years ago, no dependents and no debts. If it does come to a point where we can't afford the basics it will be long after at least half the country will have starved to death.
We'll have to wait and see what the social consequences of a depression will be, if it does come to that.
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The western world is in trouble,these financial systems arn't working.To much corruption by the top people filtering down to all of us.Any currency can only work if there is a agreed structure.There was with the Euro in the beginning and the Northen countrys kept to this.The Southerners in Europe wiiped their bottys with it.>:)
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I wouldnt worry Dutchie, we are a long way from the edge just yet.
Im sure they will work hard to keep inflation from getting too silly, but it helps if you grow your own food and own a bike, just incase petrol/food go silly in price.
My bike is in the garage and my fathers veggie patch is 1/6 of an acre which is enough to keep us all in food regardless, although diet might be dull!
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I have not that much faith in politicians they are like puppets on a string dancing the tune.The one politican I have followed over the years and has always being truthfull is Tony Benn.He is not perfect far from it,but he speaks from the hart not many left like him.
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>>The one politican I have followed over the years and has always being truthfull is Tony Benn.<<
Or Viscount Stansgate as he was known, who married the daughter of a wealthy lawyer.
The stuff of socialist dreams then :-)
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What does the thread title mean?
House of cards?
Anything to do with the domino theory?
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One pouffé and it's down!
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No mortgage, no debts, no life insurance, not enough in the bank to bury us, bank account down to £200 before pension day = scraping by.
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You know what it means Cliff,not to difficult to fathom out is it.? :)
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>>No mortgage, no debts, no life insurance, not enough in the bank to bury us, bank account down to £200 before pension day = scraping by<<
Like far too many retired folk in the UK I'm sorry to say + people unable to heat their homes properly,
If you had 1% of the £billions spent on the Iraq murders, £billions spent on killing Afghans, £billions of tax payers money thrown at the banks etc., etc., etc.. you'd be a £millionaire Roge.
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...not enough in the bank to bury us...
Blinkin' pensioners, sponging off the taxpayer to the end.
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>> ...not enough in the bank to bury us...
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>> Blinkin' pensioners, sponging off the taxpayer to the end.
>>
Oh, I DO hope so!
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where will this end?
It won't end until the state owns us, not just in mind, and they've brainwashed a lot already...get 'em young enough..., but by taking via taxes ever more of the money you've already earned and paid tax on to pay for it all.
Two growing monsters to feed, our own one party with three heads state, and the EU master state.
Last edited by: gordonbennet on Thu 10 Nov 11 at 14:29
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>> I have not that much faith in politicians they are like puppets on a string
>> dancing the tune.The one politican I have followed over the years and has always being
>> truthfull is Tony Benn.He is not perfect far from it,but he speaks from the hart
>> not many left like him.
>>
Honest, but useless.
He was a disaster as Secretary of State for Industry, a typical socialist who never really understood where the money came from.
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A pack of cards. - madf
