And you have this from the IMF: “IMF chief tells Europe: you must bail out the banks again

Yet the media is saying that the reason stocks dropped was the ‘realization’ that there would be no further government bailouts.

Depression … in ten, nine, eight, seven, six, five …. … .. .

Yes, Virginia, there is a Depression … coming soon … to the world in which you live.

DW

You vill suffer und you vill like it.

“The biggest problem is not just that European leaders don’t agree on a solution, they are afraid of the solution . . .”
And what are they going to do when the desperate situation they are imposeing upon the people results in the people seeking their own solution?

Good grief!

“The EU said it would not allow either an uncontrolled default of Greek debt or the country to leave the eurozone, the bloc’s economic commissioner said.

‘”An uncontrolled default or exit of Greece from the eurozone would cause enormous economic and social damage, not only to Greece but to the European Union as a whole, and have serious spillovers to the world economy,” Economic and Monetary Affairs Commissioner Olli Rehn said.

‘”We will not let this happen,” he added.”

Corbett Report: The Meaning of Austerity

Source: Al Jazeera – The men who crashed the world, part 1 of 4:

http://english.aljazeera.net/programmes/meltdown/2011/09/2011914105518615434.html

‘sup, ‘pups?

So, does clicking on that link get me a NSA dossier?

Not since the last wars of the 19th Century have we seen a transfer of wealth, globally, like the one we are watching today.

And it IS global.

Thanks for the update Mr. Dayen, more evidence we the people are screwed and it IS a plan and plot.

Yep, it’s class war.

N we the people are losing badly.

so when do they go to war? North Europa against the south with France trying to figure out where to go.

When I heard LaGarde today, I felt I should stand up and salute.

Nope, just an update, like us all, hoss.

*G*

Thanks

“1923-Style Collapse Underway On a Global Scale”

http://www.larouchepac.com/node/19548

Full Frontal Assault on the Nation State.

The Empire has us by the balls. The fun has only just started.

And ve vill not u hear dat?

Soon a short German dude will be “elected” in Germany, Russia will decide they want Finland, Britain will start building bomb shelters, and France will surrender to someone.

Seen this movie before.

Yeah. :)

Heh, maybe you can offset that by donating to support the vanishing millionaire:

http://www.thedailyshow.com/watch/wed-september-21-2011/moneybrawl—the-extinction-of-subway–bill-o-reilly—the-super-rich

If austerity to free up money to fund bailouts remains the standard in Europe, you’re going to have more than just a continent-wide recession, you’re going to head right into depression territory.

Barry, you listening?

And the ghost of Prescott Bush and the financial oligarchy will make sure that the short man gets the money he needs for the political arm of the operation.

Surely you’re joking?

Yeah, all that is old is now new.

Including how the global rich intend to profit from the rest of the planet.

Kinda like Hollywood repeats and tv reruns . . . .

When does the audience catch on about it all?

Hell if I know . . . stupid audience.

First, his name is NOT Shirley.

Second, he’s not the first to suggest those points.

I concur fully . . . this is gonna get uglier n we’ve ever seen as a modern species.

Unless the unwashed masses rise up and slay the beast at its banking n financial heart.

History has SHOWN huge transfers of wealth upwards into a few families, more than a few times . . . . WW1 n WW2 were two huge examples of wealth changing, by force.

You ain’t payin attention to history ma;am . . . . ;-)

I wish there were a sensible person in charge anywhere in the western world. I’d also like a unicorn.

Just how the hell do they think that reducing their citizens to poverty is going to help?

I meant it as rhetorical. But, since you asked, I think he’s quite satisfied that he can find a way to win with 9% unemployment. Especially given the R field.

It’s quite another matter winning with a double-dip recession — which I think is inevitable — or full blown depression. The guy is flirting with disaster. He’s way past Hoover territory.

Stupid by Design.

These fine fascist folks gave the masses “Hogan’s Heroes.”

Funny how their fascist past has been disappeared from history.

Didn’t learn this in school–wouldn’t it have been illuminating to the kiddies?:

http://www.larouchepub.com/eiw/public/2009/2009_1-9/2009_1-9/2009-6/pdf/32-36_3606.pdf

in the ft on september 19, nouriel roubini called for a greek default, argentina-style, and a return to the drachma…

i’ve been a first-hand witness to developments in argentina following the 2001 economic collapse and have posted on it repeatedly in my blog (here)… i’ve never ceased to admire the guts it took for argentina to unilaterally kiss off the world bank, the imf, the global banks and the super-rich elites that they serve and go its own way… needless to say, the howls of outrage and disbelief from the holders of the world’s capital were deafening… but argentina kept on keepin’ on, put the argentine citizens first, and has enjoyed growth rates averaging 9% a year since then, while at the same time accumulating a current accounts surplus that allowed them to totally pay off $10B worth of imf debt THREE YEARS EARLY – IN CASH…

the downside, unfortunately, is that the endemic corruption that is part and parcel of every level of argentine government survives untouched, the rich continue to get richer, the real inflation level hovers at 27% (despite the “official” government figures that peg it at less than 10%) and argentina is in the process of selling its heart and soul (farmland, oil, gas and minerals) to china…

nonetheless, i think roubini is 100% correct… greece should do what’s right for greece and its citizens and refuse to be held hostage to those same super-rich elites and their bankster buddies just so they can stay in the eurozone…

And, yes, I DO take it personally

Neo-feudalism.

Works for a teensy, teeny, tiny minority.

The rest, not so much.

Here’s an article, very poorly written & takes a long time to get to the point, but suggests a proposal going around for ECB revenue sharing. Here’s the money graphs:

The question arises as to what form this quasi-fiscal role on the part of the ECB will take going forward. Warren Mosler has come up with the idea of “revenue sharing” proposal on the part of the European Central Bank, and this strikes me as the most technically feasible proposal, as well as one that will be consistent with the recent strictures set out in Germany’s Constitutional Court decision brought two weeks ago.

The proposal is for the ECB to distribute trillions of euros annually to the national governments on a per capita basis. The per capita criteria means that it is neither a targeted bailout nor a reward for bad behavior. This distribution would immediately adjust national government debt ratios downward which eases credit fears without triggering additional national government spending. This serves to dramatically ease credit tensions and thereby foster normal functioning of the credit markets for the national government debt issues.

And here’s the final graph

But that’s a multi-year project. In the meantime, you need a credible plan to address the immediate market concerns of growing national insolvency perceptions in the euro zone (which are gradually spreading to the core). The ECB has to be the entity that leads this effort, much as it hates the idea and much as the Germans likely despise it. That’s the real story behind the Stark resignation and the public fury now featuring so prominently in the German press and parliament.

in the ft on september 19, nouriel roubini called for a greek default, argentina-style, and a return to the drachma…

Ding.

nonetheless, i think roubini is 100% correct… greece should do what’s right for greece and its citizens and refuse to be held hostage to those same super-rich elites and their bankster buddies just so they can stay in the eurozone…

The sooner, the better.

HIs last sentence was “Barry, you listening?” I said “surely you’re joking.” Okay

Well done piece. Thanks for sharing it. I’ll finish watching tomorrow.

Here’s my comment on that thread:

Any talk about a Swedish solution? Winding down the zombie banks? Wiping out the bad debt?

Till then it’s all just kicking the can down the road hoping somebody else (China or the US) blows up first.

Agree one thousand percent!!!

Thank you, profmarcus.

I hope to see you commenting with regularity on these threads.

DW

Don’t mind Larue, he’s just a wee bit despondent, even depressed, Twain.

Some of us “got” your irony and the sad truth therein contained.

;~DW

(((DW)))

It’s illuminating to me now! Thanks.

The Divine Right of Money is about to usher in a new Dark Age …

Judging from the last “Great” Depression, it will require at least three years before the American populace stops blaming itself … and looks to the truth, greenwarrior, the patience of Enforced Austerity … is.

Until there has been sufficient pain … there will NOT be sufficient understanding …

DW

One of the big differences between the Great Depression and now is TV and how that affects what people can see.

Roubini has been wrong in his predictions most of my life – but he does have a string of winners of late (it is good time to be a bear).

But in this case he is not just being a bear – he is being logical.

Indeed the Greek solution – putting just 30,000 on surplus at 60% of former wages with one year to find new jobs, out of a government work force of 2.2 million in a country of 11.5 million is not going to cut spending that much. The size of the “surplus labor” needed was more like 220,000, not 30,000. But then such a layoff would hit GDP so hard it would take years to recover.

Roubini is correct in this case – a 1923 German style default, or if you prefer a 2002 style Argentina default, is the only logical choice.

The only good that has come from this is getting the rich to pay their real estate tax via shutting off utilities if they do not. God forbid they actually collect an income tax or sales tax from the Greek rich.

“They will cut current pensions by 20% and future pensions by 40%, and cut wages for 30,000 employees.”

Well the Greek military and police forces better be ready and be completely and utterly loyal to the banksters, in Greece, France, Germany, etc. Because this goes only in one direction.

The rich everywhere, including here, are doing all they can to squeeze. The fools are actually trying to squeeze the last life out of the nation beast before it dies. The death throes are going to be epic. And world-wide.

Thank you.

Argentina has done better than expected. However, unpegging the peso from the dollar and then devaluing was only part of their solution. In addition they lucked out on exports with soaring agricultural commodities prices. They have been very fortunate.

Greece doesn’t have much to export let alone the happenstance of a price boom at the opportune time. They’re still in deep do-do with a drachma I’m afraid, but they definitely can’t afford the euro as it is now. I’d bet ultimately the richer northern eurozone members will have to pitch in. But then what about the voting taxpayers up there?

and temporary. whatever destruction and pain that will be endured before the breaking point,the christ-ing banking system is arbitrary and imaginary. hunger and war are real.

informative, but funny and sad.

how DO southern european nations keep their nation together?

tx for the info.

Greece MUST exit the Euro and go back onto its own currency. We’re about to see whole soveriegn nations turned into satraps by the goddamn,godawfulevil banks. Is THIS what we had the 20th century for? Is this the wonderful future globalization and de-industrialization have in store for us? clearly yes. To reduce all peoples to the level of 19th century Ireland. by the banks. Too bad theres no more Soviet Union. The Chinese are AWFUL Communists.

Greece tried the education route – and everyone has PHD’s and are applying for jobs in the US and elsewhere. They have little industry – just tourists. The farms do not export that much – indeed the family farms tend to be 3 or 4 hectares – enough for olive trees but little else as a crop.

The great shipping folks have done what all EU rich have done – arranged things so they do not pay tax, and outsourced the merchant marine labor – with few ships under the Greek flag. Fishing is still strong but not large enough to export all that much.

In the US we have incentives to get companies into the south – and they work, with Texas after a hundred years of being a welfare state coming off the rolls in last couple of years – albeit oil prices had something to do with that. The EU is not really integrated – Northern states feel no need to help southern states – which is what would result with a unified fiscal authority and is the reason Germany is against more fiscal integration.

They really need a large oil or gas discovery! :-)

“. . .The EU is not really integrated – Northern states feel no need to help southern states – which is what would result with a unified fiscal authority and is the reason Germany is against more fiscal integration. . .”
———————————————–

A decade ago the concept of the EU and Eurozone was of a “rising tide” for all — nowadays that’s become a shibboleth. Utopia should all be in place by now with prosperity for all in tow. That it hasn’t worked out puts a formidable disincentive on further integration. So who will seize the leverage going forward, the EU mavens in Brussels or voting taxpayers throught northern Europe?

My hunch is those voters will prevent further eroding of their national sovereignties, treaties and agreements to date notwithstanding. It’s just that the timing of this crisis seems “premature” enough to stop the wheels of integration before a tipping point has been reached.

I’d bet the concept of an ultimate “United States of Europe” comes to a screeching halt unless, perhaps, European leaders act by fiat and are willing to risk electoral consequences that way. Kind of dangerous prospects.

American financial, economic and business media is TERRIBLE. They never ask a smart question, or, hell, barely ever ask a question, and regurgitate stale supply side talking points that they are enthralled with.

http://www.youtube.com/watch?v=thSTpGnWEAs&feature=player_embedded#!