Wednesday, June 02, 2010
End of Prosperity
Europe is in tatters. The European Central Bank warned that European banks were liable to write off €195 billion through the end of 2011. That is a large amount even for 500 million EU citizens. We are going to enter into an inflationary spiral. It appears that the USA (and China) are emerging victorious from the 2008 - 2011 world financial crisis.
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8 comments:
In Europe, they have been propagandized to have this huge, insatiable sense of entitlement, and which has destroyed them.
Obama wants to deploy this weapon against the USA in the same way, and has no end of allies even within the USA, with the same goal.
Fork in the road.
Anon.
195 billion is loose change for the Europeans. If Obama with 300 million people in the US can manufacture 7 to 9 trillion dollars out of thin air, surely the Europeans can do with a couple of trillions themselves. If this all there is to the European flu, the euro will live to fight another day.
The fact that 195 billion seems to you small change only shows that money is worth nothing or so.
Yes. We are witnessing the disinvention of money.
Anon.
Governments print money, and the more sophisticated among them use the magic of banking reserves to generate an exponential money suppy. Thus is in relative terms all the major countries end up more or less in the same position as before. This applies to the prudent Chinese too; they have a massive real estate bubble on their hands. A bubble that has been fueled largely by the banks.
That said, in my present indigent circumstance even deflated dollars or euros would be accepted with thanks.
I should have written 'inflated dollars' instead of 'deflated dollars'.
You meant "ether filled dollars", "anti-dollars", "dolarrettes" or "reich-dollars"?
Dolorosettes, I predict.
Anon.
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