The President of the European Council, Herman Van Rompuy, thinks that Greece’s debt is the only sovereign debt to be written down and that the debt of Italy, Spain, and Portugal will somehow be bailed out through other means, including a Chinese contribution to the EFSF rescue fund. And half-brain economists predicted a better tomorrow.Įurope is happy because the European private banks, the creditors of the European governments, have agreed to eat 50% of Greece’s sovereign debt and to be recapitalized by public money handed to them by the European Financial Stability Facility rescue fund. On National Public Radio a half-wit analyst declared, emphatically, that the latest US government statistics proved that the recovery was in place and that there was no danger whatsoever of a double-dip recession. The euro rose, putting the European currency again 40% above its initial parity with the US dollar when the euro was introduced. The result of these funny numbers and mere words sent the Standard & Poor’s 500 Index to its largest monthly rally since 1974, erasing its 2011 yearly loss. On October 27, 2011, the US government announced some routine economic statistics, and the president of the European Council announced a new approach to the Greek sovereign debt crisis. Few understand that hard economic times are here to stay. They don’t realize that their liberties have been supplanted by a Gestapo Police State. Octo" Information Clearing House " - I have come to the conclusion that Big Brother’s subjects in George Orwell’s 1984 are better informed than Americans.Īmericans have no idea why they have been at war in the Middle East, Asia and Africa for a decade.
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