Third Party & Independents Archives

It's Just Money

Back in 10 there was some talk of taking the US (taxpayer) off the hook for the latest Greek dalliances. Seems some folks didn’t understand why the US should be involved in bailing out a EU country. Some thought Greece was outside our IMF assigned trading zone.

http://www.csmonitor.com/Business/The-Daily-Reckoning/2010/0521/Congress-keeps-the-US-out-of-IMF-s-Greece-bailout-plan

But, alas, wiser heads prevailed and we did get to participate.

http://www.zerohedge.com/article/us-taxpayers-just-paid-780-million-fund-latest-greece-bailout-tranche

And, before the ink is dry on those printed dollars, whoopsie, Greece and Italy are down for the count, unless somebody comes to save them. Greece will likely be bailed out again as they have agreed to remain in the EU and Italy caught a breath of fresh air with the EU central bank buying up high interest loans and promising 5.56% loans for a decade.

An article in the Washington Post, "Europe's Banks Facing Major Capital Reckoning" sums it up pretty well. "European banks are facing a reckoning over hundreds of billions of dollars in loans extended to the continent's cash-strapped governments with potential losses so large, if countries default, that some financial firms could be put out of business,."

There is some talk of trying to tap China for buying some kind of bond conjured up through the IMF. That talk carries a big hint about appointing a Chinese person as Chief, IMF. I'm 'fair thee well amazed' by it all, given enough tax payer dollars those Wall Street boys can fix anything.

But, on the other hand, what's this about the President initiating a 'buy American plan'? Got Canada's dandruff up in a hurry. "---iron, steel, and manufactured goods" used in public buildings or works are to be supplied by American firms. That does seem to fly in the face of globalisation. What would China and the IMF think of that? I'm never sure if we are serious are just in campaign mode.

Otherwise - - -

Posted by Roy Ellis at September 15, 2011 6:39 PM
Comments
Comment #329355

It won’t be long before China is the main player on the block and WE all owe them money. Looks like Chinese will be replacing Spanish one of these days hmmmm?

Posted by: Kathryn at September 16, 2011 8:01 AM
Comment #329372
There is some talk of trying to tap China for buying some kind of bond conjured up through the IMF. That talk carries a big hint about appointing a Chinese person as Chief, IMF.

Well as long as the economic system is capitalist who care’s if the political system is a dictatorship. After all the country with the gold makes the rules.

But, on the other hand, what’s this about the President initiating a ‘buy American plan’?

Campaign season?

Posted by: j2t2 at September 16, 2011 4:06 PM
Comment #329412

Well, maybe it’s time for some of the merged up, conglomerated globalisers to take the stage. Greece will need a another bailout and that will drive down the stock of the other PIIGS and really put the fear of global failure in our minds.

Maybe Microsoft or an agri-business could purchase Greece and run it as a corporate entity, producing olives,vacations, etc.

Posted by: Roy Ellis at September 17, 2011 5:09 PM
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