EC PRESIDENT CALLS URGENT MEETING FOR TOMORROW #2

Angelique wrote:Panda

Is that true about Fort Knox ? I have been saying to my partner "what about fort Know". It seemed to me that they had plenty of collateral. But now you say "Fort Knox" is empty - have they borrowed over their limit!

Hi Angelina,

Yes, it"s true. The Germans shipped the gold to the U.S. for safety and it was placed in the strongroom at Fort Knox which is impregnable. Over the
years the U.S. Government "borrowed"the Gold for collateral and apparently never replaced it. Now if Germany demanded it back, with the U.S. in
debt to the tune of $ 14 TRILLION and Gold currently $16.40 goodness knows what would happen.

At this moment the Fed has called an urgent meeting with Banks to work on a contingencey plan in the event no agreement is reached between
the Political parties.

Panda wrote:At this moment the Fed has called an urgent meeting with Banks to work on a contingencey plan in the event no agreement is reached between
the Political parties.

What can they do maybe they can get UPS to run around the country selling any gold they have, maybe they will rebrand and become Fed Up,

There is a discussion at this moment about how to get the U.S. back to Manufacturing ........yes, shouldn"t be too difficult , theyv"e only for China,
Japan, India, Brazil etc to contend with. The West , except maybe Germany, gave up manufacturing years ago.

The US is stony broke and goodness knows how many trillions in debt. They just keep raising the debt ceiling...how long can that go on!!

Angelina wrote:The US is stony broke and goodness knows how many trillions in debt. They just keep raising the debt ceiling...how long can that go on!!

definately not for ever

Obama has already said that soon they may not be able to pay some of their public workers...how long before he has a riot on his hands!

Angelina wrote:Obama has already said that soon they may not be able to pay some of their public workers...how long before he has a riot on his hands!

Soon can see the Southern States reverting back yeee haaaa.

If the U.S. doesn"t want the rioting Greece is experiencing, they need to tax the rich, some of the Wealthiest in America take advantage of Tax Loopholes
as do the rich in Brtain. I have Friends in America who believe the Welfare System in Britain encourages sloth, in some cases they are right, Britain has
to tax everyone who works for a living over the top to pay for the NHS, yet again the very rich can avoid this by taking advantage of Tax loopholes.

Panda wrote:If the U.S. doesn"t want the rioting Greece is experiencing, they need to tax the rich, some of the Wealthiest in America take advantage of Tax Loopholes
as do the rich in Brtain. I have Friends in America who believe the Welfare System in Britain encourages sloth, in some cases they are right, Britain has
to tax everyone who works for a living over the top to pay for the NHS, yet again the very rich can avoid this by taking advantage of Tax loopholes.

Looks like house of representatives have passed a bill though they doubt it will get through the senate.

http://www.bbc.co.uk/news/world-us-canada-14351148

Hi Pooh,

It beggars belief that these Politicians, representing their Voters can go to the brink in this way couldn"t reach a compromise. It"s not just America,
it"s the rest of the World which would feel the repercussions. Apparently Bernanke can take action if all else fails but no matter what happens, the U.S. will lose their Triple A Status and the emerging markets take over . The trouble is, "quantitive easing" (printing more money , thereby decreasing it"s value} has been used so often , since the Gold Standard was abolished anything goes. The Banks were allowed to do as they liked with no supervision
and this is the result. How the Hell can Greece ever be expected to repay it"s debt when they are being charged up to 18% interest on some of the Bonds.?

Panda wrote:

Angelique wrote:Panda

Is that true about Fort Knox ? I have been saying to my partner "what about fort Know". It seemed to me that they had plenty of collateral. But now you say "Fort Knox" is empty - have they borrowed over their limit!

Hi Angelina,

Yes, it"s true. The Germans shipped the gold to the U.S. for safety and it was placed in the strongroom at Fort Knox which is impregnable. Over the
years the U.S. Government "borrowed"the Gold for collateral and apparently never replaced it. Now if Germany demanded it back, with the U.S. in
debt to the tune of $ 14 TRILLION and Gold currently $16.40 goodness knows what would happen.

not quite empty...

http://en.wikipedia.org/wiki/United_States_Bullion_Depository

and the german gold...

http://news.goldseek.com/GATA/1249837200.php

http://www.gata.org/node/7713

Morning Hammy,

Thanks for the links, very interesting but a lot to absorb. As I understand it there are 147.2 million troy ozs of gold stored in Fort Knox valued @
$15.40 per ounce = $228.1 billion and the U.S. owes $13.4 trillion , mostly to China and the debt ceiling is $14.3 trillion ........OUCH!!!

So the German Gold is in New York not Fort Knox.....the way things are going I wouldn"t be surprised if they asked for it back now, I"m sure they can
build a suitable Bunker . The Monetary System really is quite complicated, it"s like Monopoly money , more can be printed at any given time. You really ought to watch Zeitgeist, the original version , I bought mine but you can download it from youtube
So that ar**hole GB sold half our Gold at half it"s value and bought Euros with half the Sterling because Teflon Tony is a Europhile.. This was the
Chancellor whose mantra was "No more boom and bust"

Panda wrote:Morning Hammy,

Thanks for the links, very interesting but a lot to absorb. As I understand it there are 147.2 million troy ozs of gold stored in Fort Knox valued @
$15.40 per ounce = $228.1 billion and the U.S. owes $13.4 trillion , mostly to China and the debt ceiling is $14.3 trillion ........OUCH!!!

So the German Gold is in New York not Fort Knox.....the way things are going I wouldn"t be surprised if they asked for it back now, I"m sure they can
build a suitable Bunker . The Monetary System really is quite complicated, it"s like Monopoly money , more can be printed at any given time. You really ought to watch Zeitgeist, the original version , I bought mine but you can download it from youtube
So that ar**hole GB sold half our Gold at half it"s value and bought Euros with half the Sterling because Teflon Tony is a Europhile.. This was the
Chancellor whose mantra was "No more boom and bust"

Every time I read about Brown and his wilful destruction of our economy I see red...I don't know how has the nerve to show his face....Just go's to prove the theory that politicians have thick insensitive skins.

Hi Malena,

The NEW LABOUR Government did more damage to Britain , not just economically, morally as well than any other Goverment I have known. It really
galls me to see how Teflon Tony has profitted so much . Anyway, unless common sense prevails the whole economic system could collapse.

Eurozone Rattled As Borrowing Rates Soar

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7:37am UK, Wednesday August 03, 2011

There is a serious new threat to the eurozone after Italy and Spain's
borrowing rates hit their highest level since the single currency was
established.










It comes amid fears that a global economic slowdown will hit their chances of
avoiding Europe's debt crisis.

Italian finance minister Giulio Tremonti has called an emergency meeting in
Rome to assess the situation.

And he is expected to meet Jean-Claude Juncker, the chairman of the Eurogroup
meetings of eurozone nations, on Wednesday.

The increasingly bleak situation has led to Spain's prime minister Jose Luis
Rodriguez Zapatero delaying his holiday to monitor developments.

The yield for the Spanish 10-year bond rose to 6.45%, the highest since the
euro was created and near levels seen in Greece, Ireland and Portugal before
they asked for rescue loans.

Italy's bond yield jumped to 6.18% - above where it was before July 21, when
the EU announced its latest debt crisis plan, including a second Greek bailout,
to calm market jitters.



Spain's prime minister Mr Zapatero is delaying his
holiday



That plan helped lift spirits for a few days, but markets have been worried
again by fears the US economy may be sliding back toward recession and faces
have its credit rating cut.

Spain's main stock market closed down 2.2% after plunging 3.2% the day
before, and hitting its lowest level since July 2010. Italy's index fell another
2.5%.

Also, the Dow Jones industrial average in the US ended down 2.19%, while the
tech-based Nasdaq dropped 2.75%

This was despite the Senate approving an emergency bill to lift
its debt ceiling and avert a first-ever government default with just hours to
spare.

Under the deal, the debt limit would rise by at least $2.1 trillion (£1.3trn)
seeing the Treasury through the 2012 Presidential election.

The agreement cuts government spending by at least $2.1trn (£1.3trn) over a
decade and does not increase taxes.

Elsewhere, Cyprus has faced calls from its largest bank for "immediate and
effective action" to avoid being forced to seek a EU bailout.

The country's economy was recently downgraded by ratings agencies.

This Comment from a Dubliner sums it up, IMO


Posted by: Made in Dublin on August 3, 2011 8:28 AM

Good morning Berlin & Paris now is the time
to see you put your hand in your pockects and see how deep they really are and
just how much you truly love your Euro.
Lets see you try to impose the
austerity measures you rammed down Irish taxpayers thoroats on 60 + million
irate Italians and 45 + million matadors.
Start digging boys..ha..

ITALY AND SPAIN SEEMS TO BE THE NEXT MEMBERS OF THE EU THAT MIGHT HAVE PROBLEMS

Contagion

Trichet says the ECB will buy Bonds from those Countries at risk Germany says NO. The announcements had no effect on the market, prices of shares
around the World continue to fall. It is clear the ECB does not know what to do and analysts are suggesting Spain,. Ireland Portugal and Italy will default.

When the stock market has been down for the last three days and the jobless in every Country is not improving, how can these Countries repay the
exhorbitant interest rate, never mind the Capital.

sky news

He said: "The reality of a global economic contraction seems to have finally
kicked in as the markets continue to plummet across Europe."

The meltdown came after EU president Jose Manuel Barroso wrote a letter to
member states.

He said: "Whatever the factors behind the lack of success, it is clear that
we are no longer managing a crisis just in the euro area periphery."

He called for a re-assessment of all elements of the eurozone's current and
future bailout funds.


Spain and Italy are the largest economies and interest on their bonds , three months, are over 6% the consenus is that the EU president, Trichet,
does not have a clue on how to manage this dire situation, throwing more money at these Countries is not the answer.

COULD BELGIUM BE NEXT?

Badboy wrote:COULD BELGIUM BE NEXT?

There was talk a while ago that Belgium could be another casualty, but Italy and Spain are the largest economies and give rise to more concern.

Standard and Poors have given Ireland a BBB+ rating , 3 points above junk bonds, but they think Ireland is stabilising it"s situation.

I was just reading a copy of the Daily Express I had kept from 13th July
to do the Crossword and came across an Article by Patrick O"Flynn Chief
Political Commentator. Too long to quote verbatim but basically he says
bailing out the likes of Spain and Italy, much larger economies than
Greece, Ireland and Partugal will not work. the retional response would
be "to let these Countries re-establish their currencies and let
devaluation shrink their
debt and kickstart growth."


"However, there is an iron will among the Eurocrats not to let this
happen, because if it does, the dream of a Federal Europe will be gone
forever"I Brussels , Berlin and Paris work is already proceeding apace
on a plan to solve the existing problem by leaping into fiscal union so
everything will be centralised and Democracy for these Countries will be
gone forever."

Scary thought, spread the word anyone from Spain, Italy, Portugal, Ireland and Greece.!!!!!!

Panda

This has been on the "agenda" for a good while.

But unfortunately for the inhabitants of each of these Countries they have been under such pressure from their own Governments regarding edicts coming from the leglislation of this Bureaucracy they are as disinterested as we are in protesting anymore.

It doesn't help that the MP's themselves and their "hangers on" are benefitting from the "mighty Slush Fund" that we in our generosity contribute to.

You could liken it to a grand washing machine - we put it in and they take it out!