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Less Than 48 Hours to Save the Euro

The Euro is in deep trouble, and if the Euro goes, so will the European Union. [See picture of sign at link: "48 Hours to Save the EURO."]

The horrible truth starts to dawn on Europe's leaders
By Ambrose Evans-Pritchard
Last updated: November 16th, 2010

The entire European Project is now at risk of disintegration, with strategic and economic consequences that are very hard to predict.

In a speech this morning, EU President Herman Van Rompuy (poet, and writer of Japanese and Latin verse) warned that if Europe’s leaders mishandle the current crisis and allow the eurozone to break up, they will destroy European Union itself.

“We’re in a survival crisis. We all have to work together in order to survive with the euro zone, because if we don’t survive with the euro zone we will not survive with the European Union,” he said.

Well, well. This theme is all too familiar to readers of The Daily Telegraph, but it comes as something of a shock to hear such a confession after all these years from Europe’s president.

More:

http://blogs.telegraph.co.uk/finance/ambroseevans-pritchard/...

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wouldnt surprise me according

wouldnt surprise me according to some inf that came out last year the u.s. provided 1/2 of the money that was used to build it after ww2.

So when does the United States Congress

do their masters bidding and write a multi-$TRILLION DOLLAR CHECK to Mr Von Rumpoy.

Just one last kick in the nuts, then a final deathblow

Did anyone really think it would last?

Not a surprise to me. But what actually fails? The euro bosses lose their jobs? The countries put their own currency back in place? It only hurts the Euro PTB. So I don't care.

SteveMT's picture

Will this Euro crisis cause a contagion?,....

a domino effect of collapses throughout the world. That is the question.

fireant's picture

If the Euro collapses, or just loses alot of it's "value"

against the dollar, our markets will all make a u-turn. Personally, I think it's already begun, and bigger surprises lie just ahead. I think it's important to remember all the fed pumping has not reached the street; just stayed in the banks and stock market. Keep an eye on commodities for clues. I could be wrong, and try to stay agile in order to be prepared for any scenario, but I'm beginning to lean towards a period of deflation prior to inflation. A sinking Euro could well cause that.

Undo what Wilson did

Steve

I don't know but we have about T-minus 24 hrs and I have a bowl off popcorn waiting to watch....

It reminds me of V for Vendetta when they blew up Parliament precisely at midnight.

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

SteveMT's picture

dexter, No one really knows when, but all signs point to chaos.

Fed orders new stress tests for our banks. Why? Something is wrong that they are not telling us.

http://www.dailypaul.com/node/149680

The Euro is getting "stressed" out of existence, with the PIGS causing a contagion.

What's left?: gold and silver, I reckon.

Is there any news to report with your wife and the vaccine situation?

Thanks for asking

We just pulled the company policy and it appears they don't allow much room for compromise. Some hospitals give you an option to wear a mask. Not this one. They demand the shot unless it is a religious or allergic conflict. Both must bear proof. What is unusual is that they really don't ask for proof you had the shot....perhaps we overlooked something. So the angle now is she will tell them she got the shot from the college she teaches at at night and hope that works. If they demand proof then that opens up a whole other can of worms.

My wife is not as vocal as I am and is usually a voice of reason in the family.

She points out that she could make a very public display, fighting the hospital in a very public arena on principle, risk her job of 11 years of employment, also tarnishing her chances of employment in her field once another hospital finds out why she was terminated....or first try to find a loop hole that can get her by...

She will not take the injection under any circumstance. Hopefully we can appease the warden for now until she can find a way out of this oppressive employment situation.

There are a lot of people lined up for her job right now and it's not easy getting back in once you leave...

I'll keep you all posted.

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

SteveMT's picture

Thanks for the update, dexter.

There is an immunization card that needs to be signed by a doctor. I am one, but don't have license to practice in your state. If I did, I would be open to your stopping by to rectify this situation for the better. I wish that I could help.

Thanks for keeping us posted by updating your thread.

bump

for...Liberty!

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

The European Union is on the brink of collapse because...

The hard working responsible countries (like Germany) are getting tired of bailing out the lazy, liberal countries (like Greece)...

And that's because socialism finally fails when it runs out of money from the responsible citizens who are stolen from until they have no more to give.

I can't wait for this socaiist organization (the EU) to crumble and then all those countries will back their sovereignty once again.

"We have allowed our nation to be over-taxed, over-regulated, and overrun by bureaucrats. The founders would be ashamed of us for what we are putting up with."
-Ron Paul

SteveMT's picture

The EU may indeed collapse from this crisis.

You may get your wish. How much money can they print?

Spain Boosts Interest Payments as Irish Slump Infects Region: Euro Credit
Andrew Davis and Paul Tobin, On Wednesday November 17, 2010, 1:54 am EST

Spain’s borrowing costs may rise at tomorrow’s auction of as much as 4 billion euros ($5.4 billion) of bonds as the European Union’s squabbling with Ireland over emergency aid threatened to infect neighboring countries.

The extra yield investors demand to hold Spanish 10-year bonds over German bunds of similar maturity rose 4 basis points to 198.2 yesterday, up 26 basis points from Sept. 16 when Spain last sold debt maturing in 2010 and 2041. Spain priced 3.7 billion euros of 12-month bills yesterday to yield 2.363 percent, compared with 1.842 percent a month earlier.

http://finance.yahoo.com/news/Spain-Boosts-Interest-bloomber...

Was Milton Friedman right about the euro?

Before the launch of the euro in 1999, Milton Friedman predicted that the Eurozone would not survive its first economic crisis.

He noted that in a world of floating exchange rates, if one country faces a shock, it could simply respond by letting the exchange rate change. But with the arrival of the euro, that option is no longer available.

Mr. Friedman also highlighted the case of Ireland. In 2001, he said the country should have been tightening its monetary policy but couldn’t because it was tied into the new European currency. “The European Central Bank makes monetary policy for the whole of euroland.”

In the absence of currency flexibility, analysts say competitiveness can only be regained through real economic adjustment such as labour reductions and downward wage adjustment.

With the euro now more than a decade old and it being the official currency of 16 out of 27 European Union member states (known as the Eurozone), a global recession is in full force and the Nobel Prize-winning economist’s theory is being put to the test. The financial crisis has made the merits of membership in the Eurozone a hot topic, even if few think a break-up is actually possible.

Read more: http://network.nationalpost.com/np/blogs/tradingdesk/archive...

Hmm not sure how I feel about this

If the euro fails, doesn't it increase the value of the dollar tremendously?

Dollar up as "safe haven" (sic)

and metals down (until we crash).

fireant's picture

Yes, and it puts inflation on hold for a while,

making our debt go up. Not exactly what Ben the banker had in mind.

Undo what Wilson did

Isn't that code speak for "We

Isn't that code speak for "We must be bailed out within 2 days or else everything will collapse, but we can't tell you the details until you make the bailout"

Yeah, This must be passed so

Yeah, This must be passed so we can find out what's in the bailout.

There is no Left or Right -- there is only freedom or tyranny. Everything else is an illusion, an obfuscation to keep you confused and silent as the world burns around you." - Philip Brennan

"Invest only in things that you can stand in front of and pr

SteveMT's picture

Good pick up Victoria: Is the Euro too big to fail? What to....

use to prop it up with? Not dollars that is for sure. How about gold? If they just partially linked it to gold, what would that do to the dollar? KaBoom!

You're right that this "or else" sounds like an ultimatum.

Im going to say "Yay" for all

Im going to say "Yay" for all the liberty minded people in those countries.

Good bye; don't let the door slam on your butt, and ...

make me a sandwich on the way out! Buh-bye!!

Martial Law Rule...

Has been in effect since the War For Southern Independence under Abraham Lincoln as President on the side of the North. Executive Orders are a form of dictatorship, and that is why Obummer can do the things he is doing without Constitutional authority. We must restore Organic Law. We even have a so-called commander-in-chief of the Armed Forces with no declared war, and funded by the quasi-congress who swear to uphold an equity form of government. An organic Congress has not sat in Washington,D.C. since before 1865 A.D. I could go on, but most are not well informed enough to understand what has happened without the proper study. So, let us get into the books and find the road less traveled, and just maybe we can turn the tide for the freedom side...Enough said...

He who sells what isn't his'n, buys it back, or goes to prison!!!...-whzh-

And this has what to do with the Euro?

Just curious.

Down with EU...Down with euro currency!

it would be the best Christmas gift I can possibly imagine.

Thanks for posting Steve and Thanks Michael for front paging this article.

LL on Twitter: http://twitter.com/LibertyPoet
sometimes LL can suck & sometimes LL rocks!
http://www.dailypaul.com/203008/south-carolina-battle-of-cow...
Love won! Deliverance from Tyranny is on the way! Col. 2:13-15

Wouldn't that be loverly!

Of course, there will be much suffering for the people to endure. The elite will probably head for the hills.

Oh to be a fly on the wall of their inner sanctum now.

SteveMT's picture

I hope that Europe will lead the way to sound money.

If they do collapse, but then get on a gold standard, the dollar will promptly collapse along with all of the rest.

That scenario would be nice indeed.

Good Ridance

I hated the Euro anyway....

For Freedom!
The World is my country, all mankind is my brethren, to do good is my religion.

So did most Europeans.

So did most Europeans.

So I wonder, will the answer be total integration?

Seems they like to foment a crisis in order to advance their agenda.

So behind every crisis, it really is easy to look for "them" waiting in the wings, if not pulling the strings.