Tuesday, January 31, 2012

European Debt Crisis

It's bad.
Really bad.
Europe is in a deep crisis.

The bankrupt nations, PIIGS = Portugal, Ireland, Italy, Greece and Spain, are so incredibly in debt, and Greece is likely to default on its obligations.

The Banks are propping them up (American banks as well - financed by YOU - the taxpayer) - and when they don't get repaid then things are going to unravel fast.

Check out the infographics at demonocracy.com... it shows how much money must be repaid, in terms of a superhighway of debt.
Truckloads of money.

Zerohedge writes:
Our friends at demonocracy.info have been kind enough to put together an infographic that explains the European bailout in simple, visual terms, that even the most innocent of FTL truckers can grasp without much exertion, for the simple reason that it shows all the bailouts amounts in terms of trucks of cash. And here is the kicker: one would need a 13 lane highway, filled with trucks bumper to bumper, stretching for about 3 kilometers to represent the €2.91 trillion in total amounts owed by the PIIGS and their citizens (whether voluntarily or not... actually make that involuntarily) to Europe's largest banks. What is most frightening is what is not shown: just how it is that the world's central banks are keeping all of these banks propped up. Because sooner or later all this money will be discovered to have been fatally misallocated. Then the real bailout cost will become all too evident, and just like in the US, it will be in the double digit trillions. Which means the metaphorical highway of trucks full of cash will stretch on for kilometers and kilometers and so on (or miles, for the naive US-based truckers). But since that day is in the future, there is no reason to worry about it.

With debt like this teetering on default the EU is not looking good at all... and that will no doubt ripple across the pond.

"Bankers own the earth. Take it away from them, but leave
them the power to create money and control credit, and
with a flick of a pen they will create enough to buy it back."

-Sir Josiah Stamp, former President, Bank of England

"I believe that banking institutions are more dangerous to our liberties than standing armies...The issuing power should be taken from the banks and restored to the Government, to whom it properly belongs."
- Thomas Jefferson

Rest assured - this monetary crisis will be what ushers in a Global currency.. another fiat currency... that you and I will have no choice but to accept.

- and then it will be adios to American sovereignty.