2-Dec-10 News-Europe tries to save itself w/massive bailout

[John]

2-Dec-10 News -- Europe tries to save itself with massive new bailout program

South Koreans puzzled why investors don't worry about war

** 2-Dec-10 News -- Europe tries to save itself with massive new bailout program
** http://www.generationaldynamics.com/cgi ... 02#e101202


Contents:
"Europe tries to save itself with massive new bailout program"
"South Koreans puzzled why investors don't worry about war"

[shoshin]

this is kinda scary...the Fed is bailing out Europe???

http://www.bloomberg.com/news/2010-12-0 ... s-aid.html

[vincecate]

this is kinda scary...the Fed is bailing out Europe???

http://www.bloomberg.com/news/2010-12-0 ... s-aid.html

Very scary. I think more people need to read "The Bubble that Broke the World", particularly people in government or the Fed. Even the book "This Time is Different" shows that the standard pattern is bank bailouts then sovereign debt crisis, then currency crisis. This will end badly for the dollar.

[mannfm11]

I agree about the Bubble that Broke the World. I have to applaud John for turning us onto that book 2 years ago. The bubble has been blown so long that idiots are buying into the market and the Wall Streeters are scamming us of more and more money. CNBC is nothing but a cheerleading section for them. Dillon Ratigan was thrown off CNBC and now is one of a very few in TV news that covers what is really going on. The cartoon John put on the day after this thread is quite telling, another ponzi scheme. The problem the bulls have is there isn't going to be anywhere near the credit to push this market to a new level. Bernanke acquires money already created with his QE. This isn't free money as it is evidenced by what is already in the economy. If he buys assets from the banks, the money is already owed to the depositors. Solvency is still the problem in credit and QE gives liquidity for the bankers to pay themselves bonuses out of virtually non-existent capital and earnings. Naked Capitalism, Yves Smith's site, has some recent stuff about the mortgage mess. The banks have legally screwed themselves. To fix this, the Congress would literally have to pass an ex post facto law and attempt to over ride state law on trusts and many other rule of law items the banks flat ignored. A firing squad wouldn't be too harsh a treatment for such treasonous bastards.