We cannot avert our eyes from the yet unsolved EU financial/Gorgon-head debt crisis. We opine that what Europe needs is not another committee or summit where "hard decisions" will be made, but a gardener with the will to prune the tree so it will survive to once again bear acceptable fruit. Barring that unlikely event, it is likely that the undertaker is next. Meetings compound upon meetings, resolutions and press releases portend dealing with the hard decisions, but nothing has changed. Soon there may be blood...maybe more blood. Maybe lots and lots and ...Is the reader perhaps fatigued by repetition of a crisis that does not yet seem to be reaching US shores, and that is still "under control" by the EU? We urge the reader to look more deeplu and form a considered opinion. We are alarmed, and we know that families can do somethign to help themselves.
From Der Speigel: Time is running out. With the financial crisis now in its fifth year, the banks' problems remain unresolved, and in some countries they are even jeopardizing the stability of the state -- and the future of the European common currency. Spanish banks are particularly unsteady. They are sitting on roughly €1 trillion ($1.3 trillion) in shaky loans related to the ailing real estate sector -- and urgently need fresh capital as a risk buffer. The estimates for the cash shortfall range from €50 billion to €200 billion.
From Trib Live: Is it possible that the liquidation of U.S. dollar assets by hard-pressed European Union banks is sufficient to counter the flood of private investment funds seeking safety in the United States? If not, are central banks manipulating the price of the euro, thereby secretly subjecting citizens to unknown trillions of dollars of potential wealth erosion?
From Dprogram: This is hands down the ugliest chart out there today. Spain is telling us point blank that disaster is looming. With that in mind, I believe we have at most a month before Spain drags down the entire EU. The Spanish economy and banking system are too large to be bailed out. The IMF and ECB know this. Moreover, worldwide banking exposure to Spain is well over €1 TRILLION. What impact do you think that might have on the EU which has an entire banking system that is leveraged at 26 to 1 (Lehman Brothers was leveraged at 30 to 1 when it collapsed)?
Does the reader believe these numbers are deviod of meaning or fabricated by "fear mongers"? We believe that the numbers are real and pose a threat to North America.