Financial Crisis

[Wrong Turn]

Was the allied fighting in World War 2 a failure? Something that crackpot Ron Paul was against. Something about his lack of interest in saving Jews.

I'd have been against it too, and our involvement in WWI. You were born into a paradise and you just can't stand it that it's not a sewer like practically everywhere else. Maybe because you allegiance lies elsewhere? Lots of people made lots of money going to war. America got into lots of debt over it. So what changed Other than hanging some new paper on new debtors I mean?

I see it the way you do, lannarebirth.

We've been conditioned since elementary school that entering the European theater was the right thing to do.

Hitler and Stalin was awful. The US aided Staling.

Lots of money made during WWII and it provided the rise of the Military Industrial-Complex, US Hegemony, the US Dollar as the world currency reserves, and unleashed expansion of American Empire interest. WWII gave gave birth to it.

[BlackJack]

Australia's largest trading partner is China

"Linen House executive director Gordon Duncan told the Australian Financial Review this morning he believes his company will begin moving away from American dollars to yuan within the next 12 months, and is even speaking with ANZ about it."

ANZ is one of our banks - possibly opening a branch in Thailand soon

Now wait till RIO and BHP do the same.

[Naam]

Now wait till RIO and BHP do the same.

then what will happen? bar fines lower in Walking Street? Singha, Chang and Leo sold only against CNY? Thaivisa postings in Mandarin mandatory?

[churchill]

anyone else think we are on the edge here ...

Either the Euro muddles through and the USD declines , markets rise etc .. as Bernanke indicated in his press conference

or there is some event in Europe that triggers an almighty crash ...panic .. !!

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

listen ..

[midas]

anyone else think we are on the edge here ...

Either the Euro muddles through and the USD declines , markets rise etc .. as Bernanke indicated in his press conference

or there is some event in Europe that triggers an almighty crash ...panic .. !!

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

listen ..

[Naam]

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

the markets may temporarily heal, but healing the markets does not solve the debt problem of many countries. even extreme haircuts (lowering sovereign debt by 70-80%), as proposed for Greece, does not solve the Greek problem!

[flying]

but healing the markets does not solve the debt problem of many countries.

The 15+ Trillion dollar (USA) question

Edited February 1, 2012 by flying

[churchill]

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

the markets may temporarily heal, but healing the markets does not solve the debt problem of many countries. even extreme haircuts (lowering sovereign debt by 70-80%), as proposed for Greece, does not solve the Greek problem!

Seems like a European problem , with Greece as one part -- The solution is for the creation of the United States of Europe with a European Fed of sorts ? hence the kicking ...

[Naam]

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

the markets may temporarily heal, but healing the markets does not solve the debt problem of many countries. even extreme haircuts (lowering sovereign debt by 70-80%), as proposed for Greece, does not solve the Greek problem!

Seems like a European problem , with Greece as one part -- The solution is for the creation of the United States of Europe with a European Fed of sorts ? hence the kicking ...

if you think that problem is only a European one then you haven't done your homework Churchill.

[waza]

I think that they will be able to hold the markets together for now ( hence the rise of the Euro ) but are they! just kicking the can for an even bigger problem or will kicking the can give time for markets to heal ?

the markets may temporarily heal, but healing the markets does not solve the debt problem of many countries. even extreme haircuts (lowering sovereign debt by 70-80%), as proposed for Greece, does not solve the Greek problem!

Seems like a European problem , with Greece as one part -- The solution is for the creation of the United States of Europe with a European Fed of sorts ? hence the kicking ...

if you think that problem is only a European one then you haven't done your homework Churchill.

Its a western world problem, lucky Australia is part of asia,

[midas]

Its a western world problem, lucky Australia is part of asia,

no it's not

http://online.wsj.com/article/SB10001424052970204624204577182424205452462.html

[lannarebirth]

if you think that problem is only a European one then you haven't done your homework Churchill.

Its a western world problem, lucky Australia is part of asia,

What's that, an inclusion of convenience? Trying to bring the Asian IQ score down?

[churchill]

Fun and games in Brussels

[ronz28]

ISDA calling the Greek default a non credit event/default is such a massive weaseling out of a contract by the issuers of the CDS (5 banks/ISDA) I don't understand how the holders of CDS would let such a determination stand????

[Jingthing]

Now injecting a voice of reason from the Fed over rigid reactionary damaging ideology:

http://www.washingtonpost.com/business/economy/fed-chief-warns-congress-against-hampering-growth-while-cutting-debt/2012/02/02/gIQA2YEjkQ_story.html

Fed chief warns Congress against hampering growth while cutting debt

[flying]

Some folks cannot understand that government spending what they dont have & later asking citizens to pay for it does not equal growth.

Benny Shalom Bernanke is a bit of a contradiction

He knows enough to say...

Bernanke urged Congress to put a priority on finding a sustainable level of federal spending over coming decades.

An idiot would guess he means something that balances revenues & debt a bit better than we have been

Yet he will also throw in the but, but, but.....We here at the Fed Reserve look forward to profiting greatly from your overspending Supporting growth now, he said, because it “will lead to lower deficits and debt in coming years.”.....& yet here we are at the result of just such actions of over spending....unfunded wars....yada yada yada

So this is lower deficits?

http://www.usdebtclock.org/

Edited February 3, 2012 by flying

[Jingthing]

...

Benny Shalom Bernanke is a bit of a contradiction

...

Clearly a good Mormon. I feel safer now!

"I don't care about the very poor." Priceless!

[flying]

...

Benny Shalom Bernanke is a bit of a contradiction

...

Clearly a good Mormon. I feel safer now!

"I don't care about the very poor." Priceless!

Yah got that one backwards..........They dont care about the poor & would like

to add a another link/generation or two in the chain that binds them

[Jingthing]

They. Who is they?

[metisdead]

A post containing a link to an anti-semtic conspiracy theory website has been removed. Totally off topic to this topic.

[Naam]

They. Who is they?

Papua New Guinea head hunters... i think

[Naam]

ISDA calling the Greek default a non credit event/default is such a massive weaseling out of a contract by the issuers of the CDS (5 banks/ISDA) I don't understand how the holders of CDS would let such a determination stand????

the planned retroactive CAC (Collective Action Clause) will let such a determination stand.

[midas]

They. Who is they?

Papua New Guinea head hunters... i think

[Jingthing]

The point the esteemed Mr. Bernanke was making, of course, is that ideologically based aggressively attacks on the debt right now during the time of a very fragile recovery for a historically bad economic downturn is exactly the WRONG strategy as that will probably KILL the recovery. Of course ideologically based right wingers don't actually care about the additional massive human suffering that outcome would bring.

[manarak]

Some folks cannot understand that government spending what they dont have & later asking citizens to pay for it does not equal growth.

This.

Exactly.

That's what socialists do.

[Jingthing]

Some folks cannot understand that government spending what they dont have & later asking citizens to pay for it does not equal growth.

This.

Exactly.

That's what socialists do.

Like Reagan?

[lannarebirth]

The point the esteemed Mr. Bernanke was making, of course, is that ideologically based aggressively attacks on the debt right now during the time of a very fragile recovery for a historically bad economic downturn is exactly the WRONG strategy as that will probably KILL the recovery. Of course ideologically based right wingers don't actually care about the additional massive human suffering that outcome would bring.

Was that his point, really?

http://www.businessinsider.com/ugh-ben-bernanke-will-says-the-worst-possible-thing-in-his-new-testimony-2012-2

[manarak]

Some folks cannot understand that government spending what they dont have & later asking citizens to pay for it does not equal growth.

This.

Exactly.

That's what socialists do.

Like Reagan?

A fair point. Maybe I should narrow down to Keynesianist socialists.

[Jingthing]

Speaking of Reagan the darling dead guy of the tea party and the demigod of the republican party, no we don't need a resurrection of Reagan voodoonomics!

Why the GOP should stop invoking Reaganomics

http://www.washingtonpost.com/opinions/why-the-gop-should-stop-invoking-reaganomics/2012/01/31/gIQAQRb6mQ_story_1.html

“Low interest rates are generally a sign that money has been tight,” economist Milton Friedman wrote in 1997. Yet, absurdly, Republicans continually berate the Federal Reserve for being too easy; some even insist, insanely, that the United States should return to the gold standard, even though it was a key cause of the Great Depression.

[flying]

The point the esteemed Mr. Bernanke was making, of course, is that ideologically based aggressively attacks on the debt right now during the time of a very fragile recovery for a historically bad economic downturn is exactly the WRONG strategy as that will probably KILL the recovery. Of course ideologically based right wingers don't actually care about the additional massive human suffering that outcome would bring.

Such drama ....It is always all or nothing with you. Either that or you have to try & turn it into a false claim.

False like anyone with a mind to stop the madness is somehow in love with past right or left wing Presidents who helped create it.

Yet there are many in America like myself who are fawning over neither left nor right. There are some who see the folly of all the BS associated

with those who like to get America to think they have a choice called left or right.

Which is why you spout the rhetoric of ATTACKING the debt being exactly the wrong thing to do.

Yet you do not even consider that some might actually believe in repair....repair that starts with not growing the debt in any further crazed steps masked with the word recovery. Masked with the threat of massive human suffering.

Instead some folks think to at least stop digging the hole that has caused the suffering. Stop spending on stupid unfunded wars that cause suffering, Shrink a bloated illogical government that has caused suffering, loss of rights & liberties. None is talking about ATTACKING the debt.

They are talking about at least controlling the bleeding. If that is possible only then would we talk about stitching up the gaping wound/repaying the debt

There are many ways to start reducing the blood loss....Increasing the problem that caused the suffering is not one of them

If not then as LB's article said Bernanke is just basically endorsing the "U.S.-could-be-Greece" line