[dolanbaker]

$this->bbcode_second_pass_quote('Novus', ' ')The world wide financial Coup is nearly complete.

[Newfie]

Didn't I read of the British Finance Minster or someone of equal stature essentially saying the same thing a few days ago?

[Daniel_Plainview]

$this->bbcode_second_pass_quote('Newfie', 'D')idn't I read of the British Finance Minster or someone of equal stature essentially saying the same thing a few days ago?

[eXpat]

$this->bbcode_second_pass_quote('', 'T')he euro is “practically dead” and Europe faces a financial earthquake from a Greek default, according to Attila Szalay-Berzeviczy, global head of securities services at Italy’s biggest lender UniCredit SpA. (UCG)

“The euro is beyond rescue,” Szalay-Berzeviczy said in an opinion piece for index.hu., a Hungarian news portal, which he signed as former chairman of the Budapest Stock Exchange. “The only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.”

The article described a “worst-case scenario,” he said in a telephone interview from Budapest today. Szalay-Berzeviczy’s “are his own personal view and do not reflect the position of the company,” Claudia Bresgen, a spokeswoman at UniCredit in Munich, Germany, said by e-mail.

A Greek default will trigger an immediate “magnitude 10” earthquake across Europe, he predicted. Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty “within minutes,” Szalay-Berzeviczy wrote.

The impact of a Greek default will “rapidly” spread across the continent, possibly prompting a run on the “weaker” banks of “weaker” countries, Szalay-Berzeviczy said in the article. “The panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area.”

[Daniel_Plainview]

$this->bbcode_second_pass_quote('eXpat', '')$this->bbcode_second_pass_quote('', 'T')he euro is “practically dead” and Europe faces a financial earthquake from a Greek default; “The euro is beyond rescue; the only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.” ... A Greek default will trigger an immediate “magnitude 10” earthquake across Europe, he predicted. Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty “within minutes,” Szalay-Berzeviczy wrote.

The impact of a Greek default will “rapidly” spread across the continent, possibly prompting a run on the “weaker” banks of “weaker” countries, Szalay-Berzeviczy said in the article. “The panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area.”

[dorlomin]

$this->bbcode_second_pass_quote('Newfie', 'D')idn't I read of the British Finance Minster or someone of equal stature essentially saying the same thing a few days ago?

[dolanbaker]

$this->bbcode_second_pass_quote('Daniel_Plainview', '')$this->bbcode_second_pass_quote('eXpat', '')$this->bbcode_second_pass_quote('', 'T')he euro is “practically dead” and Europe faces a financial earthquake from a Greek default; “The euro is beyond rescue; the only remaining question is how many days the hopeless rearguard action of European governments and the European Central Bank can keep up Greece’s spirits.” ... A Greek default will trigger an immediate “magnitude 10” earthquake across Europe, he predicted. Holders of Greek government bonds will have to write off their entire investment, the southern European nation will stop paying salaries and pensions and automated teller machines in the country will empty “within minutes,” Szalay-Berzeviczy wrote.

The impact of a Greek default will “rapidly” spread across the continent, possibly prompting a run on the “weaker” banks of “weaker” countries, Szalay-Berzeviczy said in the article. “The panic escalating this way may sweep across Europe in a self-fulfilling fashion, leading to the breakup of the euro area.”

[evilgenius]

$this->bbcode_second_pass_quote('dorlomin', '')$this->bbcode_second_pass_quote('Newfie', 'D')idn't I read of the British Finance Minster or someone of equal stature essentially saying the same thing a few days ago?

[dorlomin]

$this->bbcode_second_pass_quote('evilgenius', '')$this->bbcode_second_pass_quote('dorlomin', '')$this->bbcode_second_pass_quote('Newfie', 'D')idn't I read of the British Finance Minster or someone of equal stature essentially saying the same thing a few days ago?

[evilgenius]

The British disgust with the euro is very interesting to me. I was listening to a BBC interview of an Estonian minister last night. He was saying that the appetite to be in the euro zone amongst those outside of it, but in the Union, is still very high. In his comments he also said that news of this is easy to find any place in Europe other than the UK. He seemed to be alluding to something important about the UK as opposed to the rest of Europe.

[Serial_Worrier]

I dream of global catastrophic apocalypse!

[Ferretlover]

$this->bbcode_second_pass_quote('', '[')b]CBO chief warns of 'fiscal cliff' and potential recession
By Tom Curry, NBC News Updated at 12:40pm ET--The director of the Congressional Budget Office, Douglas Elmendorf, said Wednesday that currently planned sharp cuts in spending and increases in taxes at the end of the year would cause “a dramatic reduction in the federal deficit” and “a significant tightening of fiscal policy” which he would “probably lead to a recession early next year.” …
But remarkably, revenues in fiscal year 2012 will still be $133 billion less than what the federal government collected in revenue in FY2007, five years ago.
Revenues in 2007 were $2.568 trillion or 18.5 percent of GDP. In FY2012 they will be $2.435 trillion or 15.7 percent of GDP.
Much of the fall in federal revenues is “a natural consequence of the weakness of the economy,” the CBO chief said. “When incomes fall, taxes fall more than proportionately because we have a progressive tax code and people who slip down into lower tax brackets pay a smaller fraction of their income in taxes.”
But he added, “We are a little surprised by how weak tax revenues are, and we don’t know exactly what’s going on there,”* he said. …

[Lore]

$this->bbcode_second_pass_quote('Ferretlover', '*')waving arm around* " Ew, Ew, we know!"