134 replies to this topic

[FCP Bob]

mk, on Tuesday, November 1st, 2011, 10:29 AM, said:

just so everyone's clear, if greece were to abandon the euro currency it would not in any way doom the currency or the future of the eu.it would be like if indiana or minnesota seceded from the u.s. good news story, but in the grand scheme mostly irrelevantspain and italy, on the other hand, would be a problem.

I don't think things other than Greece are going to fall apart quickly but unless there is greater political integration and unless the ECB starts acting as a lender of last resort I don't think the Eurozone can hold.Maybe reading Nouriel Roubini is making me a pessimist

[mk]

FCP Bob, on Tuesday, November 1st, 2011, 9:52 AM, said:

I don't think things other than Greece are going to fall apart quickly but unless there is greater political integration and unless the ECB starts acting as a lender of last resort I don't think the Eurozone can hold.

meh, there's always the imf

[Dread Aidan]

mk, on Tuesday, November 1st, 2011, 8:24 AM, said:

meh, there's always the imf

???

[SAM_Hard8]

Nick Papageorgio decides that he's not gonna take the heat for making the big decision so he pussies out and puts it up for a vote and might blow the whole thing. Pussy.

[mk]

SAM_Hard8, on Tuesday, November 1st, 2011, 8:16 PM, said:

Nick Papageorgio decides that he's not gonna take the heat for making the big decision so he pussies out and puts it up for a vote and might blow the whole thing. Pussy.

Or alternatively,Why allow Sarkozy and Merkel to dictate policy to Greece--policy which is hugely unpopular among his constituents? Greece is supposed to be a democracy, after all. The referendum will show there is consensus in Greece to abandon the euro.

[mrdannyg]

SAM_Hard8, on Tuesday, November 1st, 2011, 10:16 PM, said:

Nick Papageorgio decides that he's not gonna take the heat for making the big decision so he pussies out and puts it up for a vote and might blow the whole thing. Pussy.

Democracy: for pussies.

[FCP Bob]

Really good paper from Nouriel Roubini about Greece and what might happen if they drop the EuroFull Analysis: Greece Should Default and Abandon the Euro

[SilentSnow]

mk, on Tuesday, November 1st, 2011, 7:29 AM, said:

just so everyone's clear, if greece were to abandon the euro currency it would not in any way doom the currency or the future of the eu.it would be like if indiana or minnesota seceded from the u.s. good news story, but in the grand scheme mostly irrelevantspain and italy, on the other hand, would be a problem.

I don't think there is a way to be really confident about this. Complex financial systems throughout history have been less stable and less understood than the powers that be care to admit. Today's systems are no exception. Will Greece defaulting bring about the end of the debt-based financial world? Probably not. But it might conceivably lead to a chain reaction that dissolves the Euro.

[FCP Bob]

Whispers of Return to Drachma Grow Louder in Greek Crisis

[mk]

FCP Bob, on Wednesday, November 2nd, 2011, 11:00 AM, said:

Really good paper from Nouriel Roubini about Greece and what might happen if they drop the EuroFull Analysis: Greece Should Default and Abandon the Euro

this just in: world famous economist only weeks behind your friendly forum government debt professional

[FCP Bob]

mk, on Wednesday, November 2nd, 2011, 1:14 PM, said:

this just in: world famous economist only weeks behind your friendly forum government debt professional

now put your smug away, that article was written in Sept and he's been saying those things ever since the Euro crisis startedof course he's known for being a massive pessimist about everything

[mk]

FCP Bob, on Wednesday, November 2nd, 2011, 12:17 PM, said:

now put your smug away, that article was written in Sept and he's been saying those things ever since the Euro crisis startedof course he's known for being a massive pessimist about everything

ha self pwn

[iZuma]

haha mk econpwnededit: god damnit

[strategy]

SAM_Hard8, on Tuesday, November 1st, 2011, 8:16 PM, said:

Nick Papageorgio decides that he's not gonna take the heat for making the big decision so he pussies out and puts it up for a vote and might blow the whole thing. Pussy.

did rush say this, or...?I mean it looks like something rush would say.

[FCP Bob]

[FCP Bob]

Some Tweets from Nouriel Roubini this morningMarkitEconomicsMarkit Economics by NourielSpanish Services PMI at lowest since Jul 2009; posts 41.8 in Oct (Sep: 44.8). Outlook grim: expectations at near 2.5 yr lowNourielNouriel RoubiniSpain recession turns into depression @MarkitEconomics: Spain Serv PMI at lowest since Jul '09; Outlook grim:expectations at near 2.5 yr lowNourielNouriel RoubiniEZ recession deepening rapidly making any EZ rescue plans dead on arrival as free falling GDP makes debt ratios unsustainableNourielNouriel RoubiniGreece, Portugal, Ireland, Cyprus, Italy, Spain will all be insolvent unless growth is rapidly restored. "It's the economy/growth stupid!"NourielNouriel RoubiniBiggest EZ problem is lack of growth/competitiveness. And German/ECB medicine - recessionary deflation - ensures insolvency in all PIIGSNourielNouriel Roubini4 EZ options: 1. Macro reflation; 2. Recessionary deflation; 3. Permanent core subsidy of depressed PIIGS; 4. Defaults, exits & EZ break-upNourielNouriel RoubiniOption 2 unsustainable & leads to Option 4 (break-up). Option 3 politically unacceptable to core & leads again to #4. Only #1 may rescue EZNourielNouriel RoubiniEven debt reductions in EZ wouldnt restore growth/competitiveness/debt sustainability unless real depreciation reverses external CA deficitsNourielNouriel RoubiniReal depreciation that is compatible with growth requires euro to fall to parity with US$. Real dep via deflation ensures chronic depressionNourielNouriel RoubiniThe corrupt (New Democracy) who ramped up fiscal deficits to 15% of GDP & shamlessly lied about it now want to run Greece's government againNourielNouriel RoubiniThe Greek fox (New Democracy party) that raided the chicken coop now claims it wants to guard it again.Their credibility is dirtier than mud

[akoff]

Maybe as this progresses they will realize they have a spending issue, you can't have growth when a socialized government is the largest employer and spender. Maybe some of the well educated here in the US will pull their heads out of the sand and see we need to change our spending as well....nah carry on.

[SAM_Hard8]

strategy, on Wednesday, November 2nd, 2011, 8:24 PM, said:

did rush say this, or...?I mean it looks like something rush would say.

I doubt if Rush ever saw Vegas Vacation.

[FCP Bob]

http://www.businessw...032011-gfx.htmlEurope’s Insult Diplomacy Is it really any wonder that a debt deal has been hard to come by? Is it any wonder that a deal among European Union leaders is hard to come by? Just look at what they say about each other. British Prime Minister David Cameron called French President Nicolas Sarkozy “a hidden dwarf” as part of a joke told to a journalist. German Chancellor Angela Merkel referred to Sarkozy as “Mr. Bean,” while Sarkozy called her “La Boche,” or the Kraut. Spanish Prime Minister José Zapatero is “too pink” because of the high proportion of women in his cabinet, said Italian Prime Minister Silvio Berlusconi. And Berlusconi’s opinion of the euro? “A disaster,” he said, that has “screwed everybody.” — Compiled by Spencer Bailey

[The Ocho]

That seems to hard to follow.