Secret Fed Loans Gave Banks Undisclosed $13B

[Broncojohnny]

LOL... Like you're long the Euro

Exactly my point, who would be long the Euro at this point? Anyone? All of these fairy tales about impending economic collapse have been going on for 18 months now. No one in their right mind is going to have significant net exposure to that junk.

[majorownage]

Exactly my point, who would be long the Euro at this point? Anyone? All of these fairy tales about impending economic collapse have been going on for 18 months now. No one in their right mind is going to have significant net exposure to that junk.

Like those fairy tales about Greece, Ireland, Italy, etc.

[AnthonyS]

Would anyone like to make the case that we'd be better off today if all those banks had collapsed?

Not at all. But the real problem is that the inevitable collapse,and its severity is just being pushed off into some indeterminate future time. I hope its beyond my lifetime because it will make our world wars look pleasant when it comes.

[majorownage]

http://www.dailymail.co.uk/news/article-2066862/Britain-draws-emergency-plans-collapse-Euro-warnings-Italy-needs-500bn-bailout.html

Britain is drawing up emergency plans for the collapse of the ‘creaking’ Eurozone amid warnings debt-stricken Italy will need a £500 billion bailout involving billions of pounds of UK taxpayers’ money.

Chancellor George Osborne said the Treasury had ‘stepped up’ contingency planning and aimed to be ready for ‘whatever the Eurozone throws at us’.
It emerged yesterday that the International Monetary Fund, in which Britain is a major shareholder, could be forced to offer Italy a €600 billion (£514bn) rescue package to give its unelected new prime minister Mario Monti 12 to 18 months’ breathing room to implement big tax rises and spending cuts.
Chancellor George Osborne, left, has ‘stepped up’ contingency planning while unelected Italian prime minister Mario Monti, right, could be given breathing room to implement big tax rises and spending cuts
And in another move, German Chancellor Angela Merkel and French President Nicolas Sarkozy were revealed to be plotting a new pact on economic union without consulting Britain or other countries outside of the EU.
They are determined not to give Britain the chance of insisting on powers being handed back from Brussels by negotiating a major new EU treaty.
More...Osborne warns Britain faces six more years of misery but will cap new year rail fare rises
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Germany's original plan was to try to secure agreement among all 27 EU countries for a limited change to the Lisbon Treaty by the end of 2012, making it possible to impose much tighter budget controls over the 17-member Eurozone.
Countries will be forced to submit their budgets for EU approval before they go to national parliaments, will have to sign up to strict new rules on the size of debts and deficits and will be sued for any breach in the European Court of Justice.
Plot: German Chancellor Angela Merkel, left, and French President Nicolas Sarkozy, right, are plotting a new pact on economic union without consulting Britain or other countries outside of the EU
The Franco-German plan will effectively mean an end to national sovereignty over budgets for countries remaining in the euro.
Source said it had become clear to Mrs Merkel and Mr Sarkozy in recent weeks that it appears impossible to get all 27 EU countries on board for the plan.
It could take years to secure the necessary changes, while a rapid loss of market faith in Italy, Spain and even France suggests urgent measures are required within weeks.
EU sources said French and German civil servants have been exploring other ways of achieving the goal, either via an agreement among just the Eurozone countries.
Alternatively, they could strike a separate agreement outside the EU treaty that could involve a core of around just eight to ten Eurozone countries, officials say.
The move will infuriate British Eurosceptics, who have been urging David Cameron to insist on a repatriation of powers for the UK from Brussels in exchange for agreeing to let the Eurozone countries move towards fiscal and political union.
In a sign of the deepening turmoil in the Eurozone, IMF officials were quoted by the Italian newspaper La Stampa as saying a bailout would be needed to give the country a window of 12 to 18 months to implement urgent budget cuts and growth-boosting reforms.
The IMF would guarantee rates of 4.0 per cent or 5.0 perc ent on the loan -- far better than the borrowing costs on commercial debt markets, where the rate on two-year and five-year Italian government bonds has risen above 7.0 per cent.
The size of the loan would make it difficult for the IMF to use its current resources so different options are being explored, including possible joint action with the European Central Bank in which the IMF would act as guarantor. As a major shareholder in the IMF, billions of pounds of British cash would be put on the line under any deal, though it is not clear how much.
Italy’s vast £1.6 trillion national debt and its low growth rate have caused deepening alarm on the international markets in recent weeks, and even a Brussels-inspired ‘coup’ which saw Silvio Berlusconi removed and a government without a single elected politician in it installed failed to stop the rot.
Mr Osborne confirmed yesterday that Britain is preparing for a break-up of the Eurozone that would have cataclysmic effects for the British economy.
‘Well, of course countries like Germany and France have now openly asked the question whether countries like Greece can stay in the Euro. It is a very, very difficult and dangerous situation,’ the Chancellor said.
‘It is having a hugely chilling effect on the British economy at the moment. We have contingency plans for all situations. We have obviously stepped up that contingency planning in recent months. You would expect us to do that as the British government. But that doesn’t mean we are predicting any particular outcome.
‘We’re just ready for whatever the world, whatever the Eurozone throws at us. Adisorderly collapse of the Eurozone would have a massive impact on the UK. I mean, for example, one in seven pounds we export goes to Ireland, Italy, Portugal, Spain and Greece - just those countries.
‘So in other words, it’s a very important part of our economic strategy that we get the Eurozone moving as well.’


Read more: http://www.dailymail.co.uk/news/arti...#ixzz1f2dNHwSW

[Broncojohnny]

Like those fairy tales about Greece, Ireland, Italy, etc.

I'm confused, has anything happened yet besides a bunch of scary news stories and a stock market sell off?

[Broncojohnny]

http://www.dailymail.co.uk/news/arti...n-bailout.html

Oh no, I better sell everything and buy gold. Glenn Beck said so.

[majorownage]

Oh no, I better sell everything and buy gold. Glenn Beck said so.

Would have made a fortune if you would have done this 5 years ago.

200% ROI? lol

p.s.

Fuck Glenn Beck

[Broncojohnny]

Would have made a fortune if you would have done this 5 years ago.

200% ROI? lol

p.s.

Fuck Glenn Beck

And for the 30 years before that? Or 50? 100?

Even a broken clock is right twice a day, are you going to come in at the exact time it is stuck on and claim it works fine?

[Bassics]

Japan has been doing this for about 40 years.

This is their method for increasing the money supply without fueling an inflationary spiral.

[Denny]

Oh, Japan has screwed up with its inflation, that's for sure.

[8mpg]

End the Fed - Ron Paul

[SMEGMA STENCH]

Yea, we've been hearing all those taglines for about four years now and nothing happens. Is Europe going to blow up tomorrow? Is the dollar done for?

I've never seen catastrophe take so long to unfold.

They've happened in the past. Why is it that now we're somehow immune to it? Safeguards aren't effective if they're walked all over and constantly bypassed to help out a good 'ol boy.

[Broncojohnny]

They've happened in the past. Why is it that now we're somehow immune to it? Safeguards aren't effective if they're walked all over and constantly bypassed to help out a good 'ol boy.

We aren't immune to anything. But a crisis isn't a crisis when it takes 18 months to unfold.

Of course we all know that every banker is a crook, every news story is a conspiracy and the world is ending because the dollar is going to collapse at any time but you'd think all of that would go ahead and happen, it has been how many years now since this all started? I'm also wondering why Black Friday sales are the best ever while simultaneously the personal savings rate is high, someone needs to send out that memo about the impending collapse.

[Denny]

It all looks good under an inflated, weak dollar, Alan. Stop playing like you don't know what is going on.

[Broncojohnny]

It all looks good under an inflated, weak dollar, Alan. Stop playing like you don't know what is going on.

We should go back to the gold standard so that the dollar is worth a set amount of gold. That is, until you ask the government for that gold and they don't have it and have to borrow it from JP Morgan.

Oh dear, wait a second, I thought this whole gold standard was going to take power away from the bankers, not turn the evil bankers into another version of the Fed! All of this happened before in 1893 but I'm sure it won't happen again if we just trust that the gold standard is the way to go! Last time it happened there was a Railroad bubble and Union Pacific went bankrupt then 15,000 business followed afterwards and set the stage for >12% unemployment for five years. Probably won't happen again though, just trust me.

Oh and BUY GOLD!