43 Responses to Eurozone’s shaky ‘breakthrough’ to prevent catastrophe now ensures the entire system will go down with a collapse

  1. Dave says:

    Why do you think this ‘breakthrough’ will ensure the whole system will collapse? I didn’t see an explanation for that in the text unless I am missing something? Thanks and I love your site!

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    • Dave says:

      What I meant is you don’t think they will just print money out of the EU bank like our QE1 and QE2 is the USA?

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    • IMG
      “And on earth distress of nations with perplexity (aporia)” Luke 21: 25 -The Greek word aporia means ‘to be at a loss, no way out.’

      Because they are printing money to not only prop up a debt-ridden system, they are fiscally-integrating these countries; so if one goes- the whole system is now in danger of collapsing. You don’t nail lifeboats to the floor of the titanic if you know there’s a gash ripped in the bow.

      US debt: 15,8 trillion
      Japan debt: 11 trillion
      Italy debt: 2.3 trillion
      UK debt: 2.0 trillion
      China debt: 1.2 trillion
      Brazil debt: 1 trillion
      ——————-
      Total global debt: $45 trillion and counting

      If anybody has a way to make all these debts disappear, I’d love to hear about it? Writing checks for money you don’t have in the bank certainly is not going to cut it. Japan has been in a deficit-spending downward spiral since the 1970s and look where they’re at- mired in debt and the country is one more major disaster away from ruin. If there was a way out through printing money, these countries would have fixed their economic problems by now, rather than paying almost more interest on their debt than they’re taking in by tax revenue. When the economy worsens; tax revenues decline even further. Now here is the kicker: With the exception of Japan, natural disasters haven’t really even entered this picture yet. This is another unforeseen scenario which will push entire countries to brink of financial devastation.

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  2. Martin says:

    blah blah blah same EURO song and dance damn this crap is geting old let just get over it flush the euro down to the toilet we hear the same BS for a decade now!, we hear month after month the euro gonna collapse its the end etc..it’s getting verry annoying,

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    • Vegeta9000 says:

      Because it is about to!!! Get ready, Martial law is upon us!!!

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    • Ophelia says:

      Martin, honestly, though, in the past year or two the entire world is protesting, people are dying, rebelling, you must see the mutiny taking place? None of our money is worth anything, my friend. I know you know that. people are bartering all across Europe and the United States, the world. It really couldn’t get any more real than it is right now.

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    • Ophelia says:

      Lord James of Blackheath, there’ rumor he died a few days after this. He talks about Barclay in here. February, 2010.

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  3. Maiden PEI says:

    Anyone else see this article from LarouchePAC:

    Geithner and Bernanke Demand New Mega-Bailout of Europe
    June 26, 2012 • 4:29PM

    Capitol Hill sources have confirmed that Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke are demanding that Congress prepare emergency legislation for yet another hyper-inflationary bailout of the hopelessly bankrupt trans-Atlantic financial system. For the past week, the two men have been meeting secretly with leading Congressional Democrats and Republicans, demanding that they draft new legislation to bailout the banks on an even larger scale than after the 2008 collapse.

    Read the rest at: Download and Distribute the PDF Leaflet of this Statement
    (http://larouchepac.com/node/23155)

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  4. Paul says:

    Alvin…the finer print on the European Stability Mechanism that this article cites is that 17 countries must ratify it by July 9 and so far only 4 have and as the article above says Spain and Italy would be required to contribute 30% to the ESM so they would have to kick in nearly a third of the money that is required to bail themselves out … this whole rig is as hysterical as an episode of the 3 Stooges if the consequences weren’t so horrific and you understand well enough that they are. I have been coming here for several months and this is my first post. I have the impression you are a blessed man and God bless you and your work in keeping the less informed more informed.

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  5. Sam Beckett says:

    I am happy & optimistic on this deal, it sure made our stock market really jump high today which is good for my 401k :) I will try to stay hopeful that things will get better now for the Euro

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    • Nothing wrong with optimistism Sam and don’t think this is a place where it’s shunned at all. I wish everyone all good fortune on their retirements.

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    • cossack55 says:

      The administration trooted out a couple of flunkies from Commerce and Treasury in January 2011 to inform the public of a plan in which the gubmint seizes all 401/IRAs and converts them to annuities. Law requires 6 month notification of this type of action. They can move forward now at any time to secure that $3.4 trillion in cash and you may receive monthly annuity payments if any money is left by the time you retire. Social Security 2.0 anyone.

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  6. tonic says:

    “$45 trillion and counting” I googled trillion just to see what it looked like as a figure.
    $1,000,000,000,000. I think this reads one thousand billion. (not sure, but there are 45 of them)
    Anyway, seems way beyond reach, of any, and all austerity. Maybe if unemployment was zero.? It’s such a mind blowing figure I cannot get any grasp on it.

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    • cossack55 says:

      Look at the OTC derivitives market. They redid the numbers in 2010 because $1.4 quadrillion was too big to visualize. It is now roughly $732 trillion. US banks are exposed to about $300 trillion of this amount.

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      • That’s on top of the $45 trillion in global sovereign debt and does not include consumer and municiple debts. There’s no need to spend money anymore looking for black holes in space. They are the eerie by-products of our own unholy devising here on Earth.

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      • tonic says:

        I had no knowledge of this. How does history record where we are now? Its fairyland.
        I looked up what a quadtrillion would look like and ended up, with 57 zeros after the number 1.
        It’s just stupid.
        But it will not be on the news tomorrow. The newsreaders, and me, and millions more will go to work as usual. And then one morning everything will fall about us in complete chaos. Denial on a global scale like never seen before.
        Only my opinion.

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      • nickk0 says:

        Tonic, I think you are right on – When the collapse comes, it will be SUDDEN, and the average citizen (many who are already overworked), will wake up to a world, where their jobs will ‘disappear’, leaving them with Nothing. Almost like taking away their form of existence.

        I know from experience, that going from overworking, to doing nothing, can be very traumatic – Even if nothing else goes wrong.

        It sounds like a cruel parable, that The West can go from having Too Much, to virtually Nothing, seemingly immediately.
        I think that this ^ is one of the hidden / unrealized / unspoken dangers of today’s Technology and Media.
        When things go ‘wrong’, they will go wrong much faster, than they ever did before – Leaving people very little time, to become prepared.

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  7. Joseph t. Repas says:

    Senator Menendez [ D ] New Jersey USA had an e-mail go out to constituents that he was championing legislation that would command banks to loan at lower rates and also to make it less difficult for citizens to get these loans from the banks….It took every ounce of Christian charity for me to not call him every 4 letter name in the book, because as I wrote back, if these elite government slave drivers would have bailed out the citizens, even if they mandated that all money would have to be used to payoff existing mortgage, then the money would have still gotten to the banks and many people’s debts reduced which would have freed up money for purchases which would have brought in more money for tax revenue and have more people employed but instead they give the money directly to the banks and the banks are still demanding all of the mortgages be paid in full.. OR ELSE ! Making the citizens poorer in so many ways….This is all about forcing people to need the Mommy government to save them so that they can mandate what people can or can not do. Same for this health care mess here in the USA, most people will eventually have to go on the Government plan which means the government can say things like,” sorry but tests show your baby may develop acne later in life, you must choose abortion.” or, ” Sorry but you are too old to have this life saving surgery, you’ve had your good life, so suffer with it, or for 200 dollars we can do you off now complete with your favorite piano music and a government minister of your choosing at your side.” 85% of people can not see this happening but it will.

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    • Deb says:

      Good reply, feeds in to the population reduction theory!

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      • Joseph t. Repas says:

        Thanks Deb! yes population reduction; but only of those least worthy to live. The sad part is that even some of my Christian friends have been buying into the government’s seduction into death. Be blessed!

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    • FoxTrapper says:

      I visit many sites everyday, on one of them, (escapes me at the moment) there was a short blib about the government giving the baby boomers a tax credit for checking out early…it would seem that they are out to get rid of the least important “useless consumers”, at least that’s my take on it..

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      • Joseph t. Repas says:

        Yes, Fox Trapper and most are too blinded with the glitter wrapping on the exterior of the health care bill to see what rotting flesh is on the inside. But, we are a nation that has brutally murdered the weakest among us… now it seems like God is saying this is what you wanted for others who could not fight back… I will fight for them… Paybacks are H aren’t they? He lets the people delude themselves in their depravity.

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    • Irene C says:

      And don’t forget, along with your favorite piano music, you get your choice of watching either “Soylent Green” or “Logan’s Run”.

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  8. Joseph t. Repas says:

    Oh, by the way, I failed to address how so many would have to go on the government health care…..Many large corporations will offer CHEAP buyouts for choosing the government plan which will be all profit for the corporations and then they will do away with them all together and the government will not have the funds, in fact they don’t now so every medical short cut possible will occur and many will die.

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  9. Garth Colin Whelan says:

    One thing we have to face; the whole world monetary system is about to collapse. It is useless also to store and hoard food, as desperate people who are starving will try to steal those who hoard. Will you be able to shoot and kill that many people? The church also is not ready, as the church is also trapped in the monetary system. Jesus said that what we see Him do, we shall see GREATER than this. Now, Jesus was able to make 5 loaves and 2 fish feed 5000 men plus women and children, He also multiplied food to feed the 4000, told his disciples to find the gold coin in the fishes mouth, to pay for their taxes and His, etc. Now, if we will see greater things, then we should be in faith that we can see miracles of multiplication when starving people are looking for food. Could you imagine the great harvest of souls that will come in to the kingdom, when they see these miracles of provision?

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  10. nickk0 says:

    “The forgiveness would work. The bankers and finance companies dug the hole; now they can’t get out of it.”

    Remember the Jubilee period, as practiced in the Old Testament ?

    Unfortunately, Bankers and Financiers, don’t believe in such old-fashioned, ‘obsolete’ ideas.
    What they do today, is…… RAISE the INTERESTS RATES, on those who are LEAST ABLE to pay.

    No wonder our system is facing collapse.

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  11. me says:

    Joseph, i truly hope you are wrong about healthcare. However, i don’t think the entire government system will last long enough for it to matter.

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    • Joseph t. Repas says:

      Hi me! I hope I am wrong also but the trying economic times with the many disasters manmade and natural will exacerbate the situation many times over. Keep close to Jesus, these are times we need to step away from the world, for as the Bible says…Babylon has fallen!

      Like

  12. Flora says:

    I’m in the UK, so we’re not feeling the euro chaos just yet, but looking across the Channel, it’s easy to see how worried and scared people must be. Debt is a dreadful contagion, and it’s caused by the indiscriminate application of high interest rates on borrowing. Everytime someone agrees to pay interest they are effectively creating invisible money. There are no bank notes printed to cover these debts, and yet we are all attempting to pay them off with real hard cash, and that can never, ever be achieved. The money is being sucked out of the world’s economies at a dizzying rate. Ophelia was completely correct in her observation. The only realistic way forward is to draw a line and start again. Unfortunately, however, that is unlikely to ever happen.

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    • As Nigel Farage said, it’s all a giant Ponzi-scheme invented by the bankers and international financeers who are in a continual tug of war with international ratings agencies for the sole purpose of destroying each other’s currency. We’re being victimized by big interest and most don’t realize it.

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  13. Emanni says:

    Five of the Biggest Banks in the United States are Putting Finishing Touches on Plans For Going Out of Business

    http://americankabuki.blogspot.kr/2012/06/five-of-biggest-banks-in-united-states.html

    Five of the biggest banks in the United States are putting finishing touches on plans for going out of business as part of government-mandated contingency planning that could push them to untangle their complex operations.

    The plans, known as living wills, are due to regulators no later than July 1 under provisions of the Dodd-Frank financial reform law designed to end too-big-to-fail bailouts by the government.

    Like

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