[Newsbot]

Title: Gordon Brown warns of imminent euro 'high noon'
Category: Business
Posted By: Scape
Date: 2010-12-08 14:17:54

[Scape]

[BartSimpson]

Silver passed $30 an ounce today on news of the Euro taking a poop. I know that because Mrs. Bart called me to let me know. This the same woman who chafed when I bought 75 pounds of silver at just under US $3 an ounce.

[Bruce_the_vii]

I believe it, the points to what he is saying. What a mess.

[Scape]

Ireland Isn't The Only Place With Banks Too Big To Save

$1:

Bank assets as a percentage of GDP

Luxembourg 2,461
Ireland 872
Switzerland 723
Denmark 477
Iceland 458
Netherlands 432
United Kingdom 389
Belgium 380
Sweden 340
France 338
Austria 299
Spain 251
Germany 246
Finland 205
Australia 205
Portugal 188
Canada 157
Italy 151
Greece 141

(For comparison, total banking assets in the U.S. are equal to approximately 82 percent of GDP.)

Is Europe's Bailout A Giant Shell Game?

[BartSimpson]

The Germans were apparently unable to sell some bonds today ('Schatz') and that caused the tinkle in the market.

[EyeBrock]

Ahh, how things have changed.

I remember the Euro-weenies sneering at the US$ and how they were going to replace it.

I remember OPEC saying they were going to ditch the US$ and go with a petro-Euro.

I remember the Chinese saying they were going to ditch the US$ and go with the Euro.

The US$ might be a tad hurt, but it’s still there.

Now the Boxheads are looking at going back the DMark. Europe needs to stop trying to integrate disparate economies and paying unsustainable amounts to prop up butter mountains in France etc.

Maggie was right about the EU. They should concentrate on trade.

[Bruce_the_vii]

Of course Gordon Brown should talk. As UK finance minister and then prime minister he spent and ran deficits instead of paying down the debt. So the UK is not well positioned to weather the storm. Now he's telling us there's problems.

[BartSimpson]

Bruce_the_vii Bruce_the_vii:

Of course Gordon Brown should talk. As UK finance minister and then prime minister he spent and ran deficits instead of paying down the debt. So the UK is not well positioned to weather the storm. Now he's telling us there's problems.

The UK is at least not shouldering the debt of all the rest of Europe. Oh, and don't forget the recent approach from Brussels to Ottawa when they wanted Canada to join the Euro. I'm sure that would've been just great for Canada!

[Bruce_the_vii]

I've long been miffed by the EU. You give up your currency and border for a common currency. My take on that is that economists have no proper idea how that will work, it's just a big idea that is popular. It turns out to be worse than that.

[Canadian_Mind]

If Spain and Italy owe each other money, why don't they just write the balance off?

[SepheronX]

Canadian_Mind Canadian_Mind:

If Spain and Italy owe each other money, why don't they just write the balance off?

Because in desperate situations, needing money, they are going to collect. Ally or not, money has far more say than some sort of paper agreement.

[Lemmy]

It's a little more complicated than that. Actually, it's a lot more.

[SepheronX]

Lemmy Lemmy:

It's a little more complicated than that. Actually, it's a lot more.

Definitely, but it is one reason out of many.

[PluggyRug]

Who is Gordon Brown?