Gordon Brown warns of imminent euro 'high noon'


Business | 206720 hits | Dec 08 2:17 pm | Posted by: Scape
15 Comment

Gordon Brown: "You've got massive banking liabilities in the euro area" Former British Prime Minister Gordon Brown has said he fears the euro will face a "high noon" moment of reckoning early in the New Year.

Comments

  1. by avatar Scape
    Wed Dec 08, 2010 10:21 pm

  2. by avatar BartSimpson Gold Member
    Wed Dec 08, 2010 10:29 pm
    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. :D

  3. by Bruce_the_vii
    Wed Dec 08, 2010 10:29 pm
    I believe it, the points to what he is saying. What a mess.

  4. by avatar Scape
    Wed Dec 08, 2010 10:30 pm
    Ireland Isn't The Only Place With Banks Too Big To Save

    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?

  5. by avatar BartSimpson Gold Member
    Wed Dec 08, 2010 10:30 pm
    The Germans were apparently unable to sell some bonds today ('Schatz') and that caused the tinkle in the market.

  6. by avatar EyeBrock
    Wed Dec 08, 2010 11:27 pm
    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.

  7. by Bruce_the_vii
    Thu Dec 09, 2010 12:51 am
    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.

  8. by avatar BartSimpson Gold Member
    Thu Dec 09, 2010 12:57 am
    "Bruce_the_vii" said
    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!

  9. by Bruce_the_vii
    Thu Dec 09, 2010 1:14 am
    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.

  10. by Canadian_Mind
    Thu Dec 09, 2010 3:58 am
    If Spain and Italy owe each other money, why don't they just write the balance off?

  11. by avatar SepheronX
    Thu Dec 09, 2010 4:21 am
    "Canadian_Mind" said
    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.

  12. by Lemmy
    Thu Dec 09, 2010 4:30 am
    It's a little more complicated than that. Actually, it's a lot more.

  13. by avatar SepheronX
    Thu Dec 09, 2010 4:37 am
    "Lemmy" said
    It's a little more complicated than that. Actually, it's a lot more.


    Definitely, but it is one reason out of many.

  14. by avatar PluggyRug
    Thu Dec 09, 2010 4:39 am
    Who is Gordon Brown? :mrgreen:



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  • Khar Wed Dec 08, 2010 2:27 pm
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