The European Monetary Situation

EVERYBODY PAY ATTENTION TO IRAN AND NORTH KOREA; nothing to see here, move along. One false move in Europe could set off global chain reaction If the trouble starts — and it remains an “if” — the trigger may well be obscure to the concerns of most Americans: a missed budget projection by the Spanish … Read more

The World Is Smouldering: Protests In Ireland and Romania

For those that do not know what PIIGS stands for; it is the acronym for Portugal, Ireland, Italy, Greece, and Spain whose economies are on fire and linked to each other.  The contagion is spreading and we must start thinking about who we are as Americans, how we are going to react, and what we are going to do when it all hits the fan.  That trillion dollars in bad assets that the banks have not put on their balance sheets is hanging over our heads like a very sharp sword.

Everyone (by now) knows about the protests in Greece, but a protest turned violent in Ireland on Tuesday, and another protest is scheduled for Saturday.  Protests are happening in cities all over Romania due to the austerity measures being put in place by their president.

Ireland

Protest at Leinster House, 11th May 2010 – Next Protest Anglo Irish HQ – 2pm, Sat May 15th, 2010:

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The Dominoes Are Rocking

Strap in folks, the slow motion train wreck we have been watching since 2006 is picking up speed.  The DOW dropped 213 points yesterday in response to Greece and Portugal’s credit rating changes and Goldman Sachs all over the news in front of Congress.  The dominoes of teetering governments that Basil, the IMF, the WB, The Fed, and the other usual suspects have been trying to keep upright are now gently rocking.  So far, the only person who appears to have their head screwed on straight is Angela Merkel, Germany’s Chancellor.

Fears of Greek debt default hit markets

(Reuters) – Fears that a planned rescue of Greece could stall and extend the financial crisis to other euro zone countries hit European markets on Wednesday as investors worried that Athens may default on its debt.

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