By Wolfgang Münchau

In virtually all the debates about the eurozone I have been engaged in, someone usually makes the point that it is only when things get bad enough, the politicians finally act – eurobond, debt monetisation, quantitative easing, whatever. I am not so sure. The argument ignores the problem of acute collective action.

Last week, the crisis reached a new qualitative stage. With the spectacular flop of the German bond auction and the alarming rise in short-term rates in Spain and Italy, the government bond market across the eurozone has ceased to function.

The banking sector, too, is broken. Important parts of the eurozone economy are cut off from credit. The eurozone is now subject to a run by global investors, and a quiet bank run among its citizens.

This massive erosion of trust has also destroyed the main plank of the rescue strategy. The European Financial Stability Facility derives its firepower from the guarantees of its shareholders. As the crisis has spread to France, Belgium, the Netherlands and Austria, the EFSF itself is affected by the contagious spread of the disease. Unless something very drastic happens, the eurozone could break up very soon.

I am hearing that there are exploratory talks about a compromise package comprising those three elements. If the European summit could reach a deal on December 9, its next scheduled meeting, the eurozone will survive. If not, it risks a violent collapse. Even then, there is still a risk of a long recession, possibly a depression. So even if the European Council was able to agree on such an improbably ambitious agenda, its leaders would have to continue to outdo themselves for months and years to come.

Italy’s disastrous bond auction on Friday tells us time is running out. The eurozone has 10 days at most.

The consensus is in.

Yeah. This is end. back to the ol' good times!



And you'll lost people you too and you will remember you have laughed about it today.

V#1 - Are they ready yet?

V#2 - No, maybe another week.

V#1 - What a bunch of stupid assholes. A simple debt sterilization exercise for some Albanian sized economy and the shitheads turn it into Eurogeddeon. ROLF.

V#2 - Their Euros. Born to fail and forever live in the shadow of the Great Powers.

All jokes aside, this thread puts me in a T. S. Eliot mood. This will do nicely.

"What are the roots that clutch, what branches grow
Out of this stony rubbish? Son of man,
You cannot say, or guess, for you know only
A heap of broken images, where the sun beats,
And the dead tree gives no shelter, the cricket no relief,
And the dry stone no sound of water. Only
There is shadow under this red rock,
(Come in under the shadow of this red rock),
And I will show you something different from either
Your shadow at morning striding behind you
Or your shadow at evening rising to meet you;
I will show you fear in a handful of dust."

I wish I were as optimistic about the end to the great failure of yet another idiotic idea out of europe but the USA and it's liberals are going to SHOVEL our borrowed money at them. This will only delay and magnify the devastation. Remember the liberals in the USA in the 30s thought that Hitler was a great idea. Their support ended in misery of hundreds of millions and the death of tens of millions.

Those that refuse to learn from history are doomed to be socialists/communists/Liberals/regressives. The sad part is they do not pay a proportional price to their complicity.

malbarre wrote:

And you'll lost people you too and you will remember you have laughed about it today.

In English please!

jukinj3 wrote:

Remember the liberals in the USA in the 30s thought that Hitler was a great idea.

-They loved Stalin from the 20's until his death.
-They loved Mao.
-They love Obama.

Italy’s disastrous bond auction on Friday tells us time is running out. The eurozone has 10 days at most.

Wonderful news. And when it crashes I'll still be able get all the Italian food I want in the good ole USA...... as I watch Europe riot on TV.

"I'll still be able get all the Italian food I want in the good ole USA"



If you think "little italy" looks like italy,you are dumb

simplefrench wrote:

"I'll still be able get all the Italian food I want in the good ole USA"



If you think "little italy" looks like italy,you are dumb

Never been to "Little Italy" and I couldn't give a shit if you don't think Italian food in the USA isn't Italian enough. I'll still be watching the Euro riots on TV while eating my "Italian" dinner.

I'll still be watching the Euro riots on TV while eating my "Italian" dinner.




You know, i watched english riots and greek riots too on my TV. Relax. It did not last a long time in Uk. 5 days i think.

Meh; the euro collapses, the global stock market collapses; Civil beakdown ensues here and there. Race riots begin. I am proved right about "terrrism" [the twin towers] leading to a global market meltdown and a change in human economic progress (as I explained during an economics lecture presentation I gave; on the effect to the stock markets from a terrorist attack while at Uni in 1999 [when asked to present a paper on "what could cause a global stock market crash?"]).

I dont wanna be proved right again though; it will lead to complete fun in the USA as it rips apart in civil breakdown and then the big earhtquake strikes.
Minestew; I thought that would come last summer though; I wonder what the delay is?
Maybe I be worng after all.

Cities collapesed throughout history.
Whats a dozen more?
Greed builds most of em.

Now about my pyramid apartments idea. powered by solar; wind and underground thermal....

Will there be any takers in the next quest for civilisation?

simplefrench wrote:

I'll still be watching the Euro riots on TV while eating my "Italian" dinner.




You know, i watched english riots and greek riots too on my TV. Relax. It did not last a long time in Uk. 5 days i think.

I strongly suspect the best is yet to come. Enjoy !!!!!!

simplefrench wrote:



You know, i watched english riots and greek riots too on my TV. Relax. It did not last a long time in Uk. 5 days i think.

You need to start preparing for the inevitable collapse, Abdul Mudbi. Start storing up non-perishable food, since you'll no longer be able to go to McDos three times a day like you do now.

No reason you can't enjoy French cuisine after the apocalypse though. Go gather up some snails and preserve them in Mason jars. And we have cheese in an aerosol can which will last a long time without refrigeration.

NOTHING WILL HAPPEN

you dafffffft cunts

LTKilling wrote:

NOTHING WILL HAPPEN

you dafffffft cunts

It is inevitable that some people will incorrectly assume that there will be a Europpean war around 1910

It is inevitable that sme people will incorectly assume there will be a Major World war in 1940

It is inevitable that some peple will increctly assume that there will be a major war in Vietnam involving the USA

It is inevitable that there will be no civil war....

Ummmmm?



Dodging the History Channel dude?

"May all of our Holiday wishes come true"

For a more detailed explanation of why the euro zone is over, go here:

www.bloomberg.com . . .

balls wrote:

For a more detailed explanation of why the euro zone is over, go here:

www.bloomberg.com . . .

Quite a read, but I had my coffee

There is no painless solution...... Tragedy awaits. European politicians are likely to stall until markets force a chaotic end upon them.

.

lookanlearn wrote:

Dodging the History Channel dude?

Did you get this from the History Channel?

lookanlearn wrote:


Dummer than dumb; Here is an education in `MAD`.
As usual you fail to understand that ALL the Nuclear nations (Russia, China, USA, UK, France, [Israel excluded with their ILLEGAL stash the USA ignores]) India and Pakistan signed later, ALL OF EM, made a signed agreement that if ANY of them (any nuclear country) EVER initiated the use of even one (more) nuclear weapon, then that country would be an automatic target by every member of NATO and the UN and ALL the other Nuclear countries combined for a non-stop military barrage.
Those are the rules dude..you just make your knowledge of the subject appear rather light.

P.S.
I didn`t make up those rules.

www.fuckfrance.com . . .

Dumbass!

Prepare your dollars. With a French Franc at .25 $, we're ready to take your money.

VAVD wrote:

simplefrench wrote:



You know, i watched english riots and greek riots too on my TV. Relax. It did not last a long time in Uk. 5 days i think.

You need to start preparing for the inevitable collapse, Abdul Mudbi. Start storing up non-perishable food, since you'll no longer be able to go to McDos three times a day like you do now.

No reason you can't enjoy French cuisine after the apocalypse though. Go gather up some snails and preserve them in Mason jars. And we have cheese in an aerosol can which will last a long time without refrigeration.

Fresh piss for you !