Buying an expensive bit of time. Next stop: Italy.

http://www.economist.com/blogs/buttonwood/2011/07/sovereign-debt-crisis

what can a magazine be worth that insisted a decade ago that crude oil will be priced in single dollar-digits for decades to come?

Buying an expensive bit of time. Next stop: Italy.

What is interesting is to watch all this scurrying over Greece when Italy, Portugal or Spain waits in the wings.

Greece will seem like a fly compared to those.

don't believe what is "in the wings" spread by parties who have an agenda. these parties (you find them in Wall Street, Chicago and the White House) would jump skyhigh with joy if their debt problem could be solved as easily as the problems of Italy, Portugal and Spain.

Good on you though if you have found some profit in it.

the beauty of the stupid markets is that one can make some profit when they go up and when they go down. important is that one doesn't get too greedy and bets the ranch. that limits of course the profits but avoids disaster.

Buying an expensive bit of time. Next stop: Italy.

http://www.economist...ign-debt-crisis

what can a magazine be worth that insisted a decade ago that crude oil will be priced in single dollar-digits for decades to come?

Everybody makes mistakes from time to time, Naam; even a whopper like that doesn't mean they will never get anything else right ever! If you look for any publication which never makes a mistake, you'll be still looking when the next Euro crisis comes.

Buying an expensive bit of time. Next stop: Italy.

What is interesting is to watch all this scurrying over Greece when Italy, Portugal or Spain waits in the wings.

Greece will seem like a fly compared to those.

don't believe what is "in the wings" spread by parties who have an agenda. these parties (you find them in Wall Street, Chicago and the White House) would jump skyhigh with joy if their debt problem could be solved as easily as the problems of Italy, Portugal and Spain.

Everybody has an agenda, even Naam. Oh yes, I expect Isanbirder has one too, though he's not letting on!

Buying an expensive bit of time. Next stop: Italy.

What is interesting is to watch all this scurrying over Greece when Italy, Portugal or Spain waits in the wings.

Greece will seem like a fly compared to those.

don't believe what is "in the wings" spread by parties who have an agenda. these parties (you find them in Wall Street, Chicago and the White House) would jump skyhigh with joy if their debt problem could be solved as easily as the problems of Italy, Portugal and Spain.

Everybody has an agenda, even Naam. Oh yes, I expect Isanbirder has one too, though he's not letting on!

wrong assumption IB. i admit i do have an agenda at 0500 in the morning after being up for at least an hour, having consumed three cups of coffee and joined one of my dogs for a pee in the garden (we love to fertilize our plants). that agenda might last for an hour, a month or a year. it all depends what news i read, what the markets did the day before and what the anal-lusters of a dozen banks/financial institutions leave in my mailbox.

but i can assure you that i can switch my agenda/views within less than 60 seconds if my belly tells me that's the right thing to do. worthwhile to mention is that my belly is quite often wrong. what counts is that -fortunately- he is/was more often right than wrong.

Everybody makes mistakes from time to time, Naam; even a whopper like that doesn't mean they will never get anything else right ever! If you look for any publication which never makes a mistake, you'll be still looking when the next Euro crisis comes.

in the early 80s is used to say "these bloody Brits who live on the remote island called "Perfide Albion" have three most beautiful things. the Financial Times, the Economist and Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

today i say "these bloody Brits who live on the remote island called "Perfide Albion" have one really beautiful thing. and that is Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

...today i say "these bloody Brits who live on the remote island called "Perfide Albion" have one really beautiful thing. and that is Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

On pronounciation...

SC

...today i say "these bloody Brits who live on the remote island called "Perfide Albion" have one really beautiful thing. and that is Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

On pronounciation...

SC

assuming you are a Brit SC... why do you spell pronunciation the wrong way?

Everybody makes mistakes from time to time, Naam; even a whopper like that doesn't mean they will never get anything else right ever! If you look for any publication which never makes a mistake, you'll be still looking when the next Euro crisis comes.

in the early 80s is used to say "these bloody Brits who live on the remote island called "Perfide Albion" have three most beautiful things. the Financial Times, the Economist and Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

today i say "these bloody Brits who live on the remote island called "Perfide Albion" have one really beautiful thing. and that is Bitter Orange Marmalade and i wish i could pronounce their language as some of them can."

Glad you like our Bitter Orange Marmalade, Naam. You'd love my stockbroker belt accent.

Funny, I thought it was the French who called us Perfide Albion? Maybe better than "ultima Thule".

By the way, the oranges come from Spain.

And the EC is unravelling as I go!

assuming you are a Brit SC... why do you spell pronunciation the wrong way?

Anybody who can spell our language right must be a foreigner (except me, of course).

There is a way to save the Euro - employ Irish accountants.

The Irish Independent reports that the discovery of an accounting error means that Ireland’s national debt is €3.6bn less than previously thought.

http://www.independent.ie/national-news/paper-trail-shows-how-euro36bn-alert-was-ignored-2923074.html

There is a way to save the Euro - employ Irish accountants.

The Irish Independent reports that the discovery of an accounting error means that Ireland's national debt is €3.6bn less than previously thought.

http://www.independe...ed-2923074.html

PADDY'S DEAD DONKEY RAFFLE

I'll not bore you with the whole joke, but here's the punch line, I'm sure you've heard it before

"Sure and no-one complained except the fella that won, and I gave him his two euro back and everyone was happy"

SC

At the end of the day one thing seems clear..

This will not end nicely...Not for the EURO & Not for the USD

Makes you wonder about the years of prediction that 2012 is the end

Maybe they meant they end of the financial world as we know it :lol:

Most of the money is in Asia... where world financial domination will be moving. (Look at China, Taiwan, and Hong Kong on the list)

http://en.wikipedia....change_reserves

But then what will all that be worth if the USD and the EURO go bottom up?

Edited November 3, 201114 yr by isanbirder

China is not going to pour out billions to save Europe. As always (and like Greek politicians) it will put its own interests first.

http://www.bbc.co.uk/news/15550691

There is a way to save the Euro - employ Irish accountants.

The Irish Independent reports that the discovery of an accounting error means that Ireland’s national debt is €3.6bn less than previously thought.

http://www.independent.ie/national-news/paper-trail-shows-how-euro36bn-alert-was-ignored-2923074.html

that's peanuts Humph! last week they detected €55 billion (FIFTY-FIVE BILLIONS) in the 'nationalised' german bank Hypo Real Estate.

"(Reuters) - The German government tried to deflect responsibility on Monday for a 55-billion euro accounting blunder that has exposed it to charges of ridicule for being inept and hypocritical after its steady criticism of Greek bookkeeping practices.

Finance Minister Wolfgang Schaeuble has summoned executives from the nationalized mortgage bank Hypo Real Estate (HRE) to explain how they made a simple accounting error that ended up raising Germany's total debt load by 55 billion euros.

Schaeuble, in the awkward situation of being humiliated by the windfall that will cut Germany's debt levels, will also demand answers at a Wednesday meeting from the PwC accountancy firm that signed off on the report."

http://www.reuters.com/article/2011/10/31/us-germany-blunder-idUSTRE79U5MW20111031

German bankster accountants über alles!

Edited November 4, 201114 yr by Naam

There is a way to save the Euro - employ Irish accountants.

The Irish Independent reports that the discovery of an accounting error means that Ireland’s national debt is €3.6bn less than previously thought.

http://www.independe...ed-2923074.html

that's peanuts Humph! last week they detected €55 billion (FIFTY-FIVE BILLIONS) in the 'nationalised' german bank Hypo Real Estate.

"(Reuters) - The German government tried to deflect responsibility on Monday for a 55-billion euro accounting blunder that has exposed it to charges of ridicule for being inept and hypocritical after its steady criticism of Greek bookkeeping practices.

Finance Minister Wolfgang Schaeuble has summoned executives from the nationalized mortgage bank Hypo Real Estate (HRE) to explain how they made a simple accounting error that ended up raising Germany's total debt load by 55 billion euros.

Schaeuble, in the awkward situation of being humiliated by the windfall that will cut Germany's debt levels, will also demand answers at a Wednesday meeting from the PwC accountancy firm that signed off on the report."

http://www.reuters.c...E79U5MW20111031

German bankster accountants über alles!

I saw that on the BBC, and amended it mentally to 5 billions... obviously wrongly. Can HRE now get itself un-nationalised?

I think I could take the humiliation for just a single billion euros!

I have an offer open to all Bedlam readers.

I have a strong corner of the market in Unobtainium (with credit to Avatar and Flying).

My business raises 10 million a year and it only costs me 12 million per year to purchase, pack and market the stuff.

I have already borrowed five million from banks and investors, without security, at five percent interest.

I am now asking for another ten million, with vague promises to pay 10% per annum, with a final settlement of the debt in ten years at eleven million.

Anyone who wishes to invest with me, at this fantastic ten per cent interest offer, please contact me through the ECB, which has already promised to bail me out in 2020. (That's 20/20 hindsight).

There is a way to save the Euro - employ Irish accountants.

The Irish Independent reports that the discovery of an accounting error means that Ireland’s national debt is €3.6bn less than previously thought.

http://www.independe...ed-2923074.html

that's peanuts Humph! last week they detected €55 billion (FIFTY-FIVE BILLIONS) in the 'nationalised' german bank Hypo Real Estate.

"(Reuters) - The German government tried to deflect responsibility on Monday for a 55-billion euro accounting blunder that has exposed it to charges of ridicule for being inept and hypocritical after its steady criticism of Greek bookkeeping practices.

Finance Minister Wolfgang Schaeuble has summoned executives from the nationalized mortgage bank Hypo Real Estate (HRE) to explain how they made a simple accounting error that ended up raising Germany's total debt load by 55 billion euros.

Schaeuble, in the awkward situation of being humiliated by the windfall that will cut Germany's debt levels, will also demand answers at a Wednesday meeting from the PwC accountancy firm that signed off on the report."

http://www.reuters.c...E79U5MW20111031

German bankster accountants über alles!

55 billion is just a rounding error in the US.

I'd shoot all the bankers and politicians. It probably wouldn't solve the problem (although you never know) but it would make me feel much happier.

I'd shoot all the bankers and politicians. It probably wouldn't solve the problem (although you never know) but it would make me feel much happier.

You'd have economists and philosophers taking over - theorists without practical experience.

Wouldn't solve any problems, believe me.

(Not that the present shower have any real experience)

(Not that the present shower have solved any problems, either)

OK, you're right - shoot the lot.

I'd shoot all the bankers and politicians. It probably wouldn't solve the problem (although you never know) but it would make me feel much happier.

You'd have economists and philosophers taking over - theorists without practical experience.

Wouldn't solve any problems, believe me.

(Not that the present shower have any real experience)

(Not that the present shower have solved any problems, either)

OK, you're right - shoot the lot.

You're not referring to posters on OTB, are you, HB?

I'd shoot all the bankers and politicians. It probably wouldn't solve the problem (although you never know) but it would make me feel much happier.

You'd have economists and philosophers taking over - theorists without practical experience.

Wouldn't solve any problems, believe me.

(Not that the present shower have any real experience)

(Not that the present shower have solved any problems, either)

OK, you're right - shoot the lot.

You're not referring to posters on OTB, are you, HB?

As economists and philosophers?

I'm sure that all contributors here have their own philosophies, but not nearly so sure about economics.

Not economists and philosophers... the whole post, HB ("I've got 'em on my list,/They'll none of them be missed")

After all this discussion about the Eurozone, I've admitted to myself (gulp) that I didn't know who exactly was in it! So, in case there are any other ignoramuses like me, here is the list.

Rock solid:- Germany, France

Small rocks:- Netherlands, Belgium, Luxembourg, Austria and (I suppose) Slovakia

Rocky:- Greece, Italy, Ireland, Spain, Portugal, Cyprus (heavily exposed to Greek bonds)

Offshore islands:- Finland, Estonia, Malta, Slovenia

Hangers on (can use but not mint Euros):- Andorra, Monaco, San Marino, Vatican, Kosovo (and another small Balkan state I can't remember)

Others are committed to joining when they meet the criteria... but will they join?

Surely anyone can 'use' the Euro.

In UK for instance shops can mark goods for sale in both pounds and Euros.

Here in Vietnam both dollars (commonly) and Euros (with some traders) are used as common currency as well as the Dong. I commonly carry round with me a mixture of both Dong and dollars.

(too many commons)

To get rid of the Euro would not collapse the EU, as the dire predictions of France and Germany, but it would be the first step to reverting to the Common Market, rather than the European UNION, because we are all certainly not united - except in distrust of Brussels and the European Parliament.

To get rid of the Euro would not collapse the EU, as the dire predictions of France and Germany, but it would be the first step to reverting to the Common Market, rather than the European UNION, because we are all certainly not united - except in distrust of Brussels and the European Parliament.

That underlined section always made me wonder how they thought the EURO could work in the 1st place

To get rid of the Euro would not collapse the EU, as the dire predictions of France and Germany, but it would be the first step to reverting to the Common Market, rather than the European UNION, because we are all certainly not united - except in distrust of Brussels and the European Parliament.

That underlined section always made me wonder how they thought the EURO could work in the 1st place

for the record: the €UR worked... nicely and for a whole decade... especially for the German export dominated industry which raked in many more billions profit than the good old Deutsche Mark would have allowed. quite some of these billions seeped down to those who will pay in future for the damage done, namely to those German taxpayers who enjoyed safe employment and good salaries.

more for the record: the €UR will not cease to exist. perhaps with less countries using it as currency. time will tell.

for the record: the €UR worked... nicely and for a whole decade...

more for the record: the €UR will not cease to exist. perhaps with less countries using it as currency. time will tell.

True but you must admit a decade is a very short lifespan for even a Fiat currency

Yes time will tell.