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Kind of glad I'm not in Europe. Shit is about to get crazy.

Discussion in 'Off Topic' started by BillyBadAss, Sep 27, 2011.

  1. BillyBadAss

    BillyBadAss Strong Cock of The North

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    Have you guys seen this on the BBC yet? This guy is basically forecasting a huge stock market crash. I know the Euro is in shit shape right now, but fuck this is bleak. At least people are buying dollars though. :p

    [m]http://youtu.be/lqN3amj6AcE[/m]
     
  2. Zur

    Zur surrealistic mad cow

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    Last edited: Sep 27, 2011
  3. BITE_ME

    BITE_ME Bye-Bye

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    Japanese subtitles for the deaf and hearing impaired

    LOL.
    Japan owes the most amount of $ compared to it's income :D
     
  4. BillyBadAss

    BillyBadAss Strong Cock of The North

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    I'm not saying it not sinking, but Europe has a huge hole and it's taking on water fast.
     
  5. DarkED

    DarkED The Great Oppression

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    If Europe's economy tanks, we're all fucked.

    Things are getting bad here in the states too, if you know where to look. There's been a lot of talk about riots possibly coming soon in the major cities. There's also been a lot of talk about the U.S. government revoking the second amendment and taking registered firearms from households by force. As a result, a lot of people are stocking up on unregistered firearms and ammunition. As crazy as it sounds, I can't say I haven't been considering it myself. And don't even get me started on all the rumors flying around about FEMA detention camps. From the way people are talking, Deus Ex is becoming a reality (just without the plague and the advanced technology.)

    If things keep heading in the direction they currently are, it's gonna get real bad real soon. I hope the jobs plan passes because it would at least give us some temporary relief and boost the economy, if only a little, but I don't think even that will save us in the end.
     
    Last edited: Sep 27, 2011
  6. Rambowjo

    Rambowjo Das Protoss

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    Word right now is that things are getting better, but we'll see I guess. Greece will tank completely real soon, which will really put the economy to the test. Scandinavia will for the most part be fine, in particular Norway will remain mainly unharmed. Denmark is probably going to get hit the hardest, out of all three. It isn't helping that the current new government still hasn't worked out an agreement, although I guess it does leave the blue government in charge for a little longer, before the reds **** everything up.
     
    Last edited: Sep 27, 2011
  7. Big-Al

    Big-Al amateur de bière

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    oww oww I live in Europe somewhere, how exciting :D
     
  8. DeathBooger

    DeathBooger Malcolm's Sugar Daddy

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    Outlaw hedge funds, bring back risk to the stock market. All of this silly shit and loopholes will go away.
     
  9. Big-Al

    Big-Al amateur de bière

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    and make steam pricing fairer :p
     
  10. Benfica

    Benfica European Redneck

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    The nature of the "crisis" will change when the EU starts taxing the City of London and a few """terrorists""" crash a plane into the Goldman Sachs building
     
    Last edited: Sep 27, 2011
  11. Capt.Toilet

    Capt.Toilet Good news everyone!

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    I just know about the bullshit that is happening here in the states, but tell me why it would matter if Greece were to fail? Are they some sort of backbone to the entire world economy or something?
     
  12. Fuzzle

    Fuzzle spam noob

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    Other countries are counting on the money that greece owes them. If they don't get that money, they will withdraw their loans from other countries and so on. It could trigger another global financial crisis.
     
  13. Zur

    Zur surrealistic mad cow

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    Meanwhile, Belgium is still deciding if it needs a government :D .

    Greece is only like something like 2% of the gross domestic product of the european union. The reason why people are worried are because of a possible contagion effect among the PIGS (Portugal, Italy, Greece, Spain) as the US/UK press likes to call them. If Greece defaults interest rates might increase for other member states making borrowing less accessible.

    It is possible to get out of the debt loop as Ireland has demonstrated recently and the media are kind of exaggerating things a bit. It seem like the European debt issue has been used to distract attention from bad news in the USA since last year. If the EU goes down it would put the United States in a better light if ever there is a crash and it might also slow down the use of the euro worldwide.

    Anyway, what the EU wants to do to counter that is come up with eurobonds to average out the interest rates while injecting yet more money (where the hell does all this cash go?) in the hope of making Greece's situation look more rosy. Also it sounds like Germany has no choice but to go on (they depend on the euro for exports) and the question of whether to remove countries from the economic union has been dropped as it would be more expensive to pay back debt with a weaker currency.
     
    Last edited: Sep 27, 2011
  14. Selerox

    Selerox COR AD COR LOQVITVR

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    Banning short-selling would help.

    Another? The last one never ended...
     
  15. Big-Al

    Big-Al amateur de bière

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    For some, yes: http://en.wikipedia.org/wiki/Greek_salad

    [​IMG]
     
  16. Capt.Toilet

    Capt.Toilet Good news everyone!

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    Last edited: Sep 27, 2011
  17. Selerox

    Selerox COR AD COR LOQVITVR

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    I feel sorry for Germany...

    Like Fuzzle said, Greece's economy was never great, however, it's gone to the wall entirely.

    The general sequence is:

    1. Greece lies through it's teeth about it's borrowing figures.
    2. This allows Greece to join the Euro.
    3. Greece finds that it's worthless economy gets a boost from being part of a big, powerful currency, with low interest rates.
    4. Greece uses this low interest rate to borrow a ton of cash from big, powerful European banks.
    5. Greece's economy gets a big boost from this money.
    6. The Greek government blows all the money on stuff it can't afford.
    7. The World's economy hits the skids.
    8. Greece suddenly finds itself up to its eyeballs in debt it can't pay. Ever.
    9. All the big European banks who have just taken a kicking due to the World's economy hitting the skids are now suddenly exposed to all that debt.
    10. The Greek Government looks close to bankruptcy, meaning it will default.
    11. If it defaults, it's debts will be passed on to all the big, powerful European banks, causing them to be dragged screaming into the abyss with it.
    12. It rapidly becomes clear that some other Southern European countries are having the same problem, but to the problem there is that their economies are vastly larger than Greece's. If they go down, it's bye-bye Euro, bye-bye any economic stability, and say hello to a financial crunch that will make 2008 look like a walk in the park.
    13. The only alternative option is for thye EU and Northern European countries who have the ability to find their fiscal arse with both hands (ie. Germany) to bail Greece out with their own taxpayers money to try to avoid this. This causes a financial slowdown in Northern Europe that wrecks their economy too. Only it might be slightly better than letting Southern Europe drop into the howling abyss of their own fiscal incompetence and taking us with them.

    The moral of this story? The EU is, was, and always will be a mechanism for fiscally solid Northern Europe to pay for the screaming fiscal idiocy of Southern Europe.

    It's all a big pile of dominoes. If Greece falls on it's arse, it will take the European banks with it. This will caused meltdown in Europe that will cascade back into North America and will likely make 1929 look like a golden age of prosperity and joy.
     
  18. Zur

    Zur surrealistic mad cow

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    The Spiegel article says the following:

    If this is true, the current crisis is the fault of the respective governments of Italy and Greece as well as any other countries that falsified their figures. The big banks in Europe are in Switzerland (Credit Suisse), Germany (Deutsche Bank, Commerzbank), Netherlands (ING) and France (BNP Paribas Group, Société Générale). A good portion got their butt burnt with the subprime mortgage crisis and had to be rescued, this leading to the current sovereign debt crisis.

    P.S: I do agree that Europe has failed on a few aspects.
     
    Last edited: Sep 27, 2011
  19. Benfica

    Benfica European Redneck

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    The moral of this story is your display of ignorance.

    1) Southern Europe is fiscally neutral, i.e., Italy's net contribution is equivalent to Portugal, Spain and Greece benefit. According to your own OpenEurope institute:
    http://en.wikipedia.org/wiki/European_Union_Budget
    Code:
    Member state             Net  benefit (billions)
    Italy	116	70	−46	0.603	59,131,287	−778
    Greece	  15	40	+25	2.667	11,171,740	2238
    Portugal 12	29	+17	2.417	10,599,095	1604
    Spain	  76	78	+2.2	1.026	44,474,631	49
    
    2) Britain in Northern Europe, fiscally solid?
    http://en.wikipedia.org/wiki/List_of_countries_by_external_debt
    Code:
    Rank	Country	External Debt	Date	Per capita [B]% of GDP[/B]
    1	 United States	14,825,308,000,000	30 June 2011	47,568	[B]99[/B]
    —	 European Union	13,720,000,000,000	30 June 2010	27,864	[B]85[/B]
    2	 United Kingdom	8,981,000,000,000	30 June 2010	144,338	[B]400[/B]
    3	 Germany	4,713,000,000,000	30 June 2010	57,755	142
    4	 France   	4,698,000,000,000	30 June 2010	74,619	182
    5	 Netherlands	371,028,000,000	    31 December 2009	47,172	74
     
  20. 213

    213 New Member

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    Waaaait a minute...

    Are you telling me, the entire world's economy is based on the fear and cynicism of a group of the world's wealthiest, insanely greedy people, and that they have not been doing responsible things with the vast majority of the world's wealth which they control through nothing more than overly complex gambling? ... and people are somehow shocked that this would cause problems in the long run?

    Nah, that can't be it. There's got to be some way this is all Obama's fault or Clinton's fault, or Bush's.. maybe it's Dr. Evil's fault.

    Gotta start working on my cardio more so I'm sure to live long enough to see the whole card house tumble. I only wish Carlin were around to see it too.
     

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