Breaking headlines out of Europe indicate that EU may very well be on the brink. These days, headlines move markets and capital flows. If the problems in Europe are perceived to be as bad as things actually are, we may see the next leg in the crisis unfold in coming days and weeks, as we discussed in Is a Monster Reversal In Stocks, Commodities, and the US Dollar in the Works?
After repeated denials from Ireland about the necessity for an EU bailout, mounting pressure from the rest of the Union may finally force the Irish to buckle.
Portugal, which is pushing for Ireland to “do the right thing” and take the bailout, itself is in jeopardy of getting hit.
Greece – nothing new here, other than the media finally deciding to report on the continuing saga.
Headlines and news from Europe as the situation unfolds:
Dublin has so far admitted to holding talks over “market conditions” with EU partners but insists that it is fully-funded until June and hopes to calm nerves with €6bn (£5.1bn) of budget cuts in early December. –Telegraph
…
An increasingly isolated Irish government was coming under mounting pressure tonight to seek an EU or International Monetary Fund bailout within 24 hours amid fears that contagion from its crippled banking sector might spread through the weaker eurozone countries. –Guardian
…
Ireland signalled a willingness to weigh European Union measures to aid its banks, potentially abandoning a go-it-alone defense to prevent a resurgent debt crisis from destabilizing the euro. –Bloomberg News
…
The euro is facing an unprecedented crisis after another country indicated on Monday night that it was at a “high risk” of requiring an international bail-out. Portugal became the latest European nation to admit it was on the brink of seeking help from Brussels after Ireland confirmed it had begun preliminary talks over its debt problems. –Montreal Gazette
…
Greece’s goal of reducing its gargantuan debt received a fresh blow today when the EU statistics agency announced that the country’s 2009 budget deficit was much worse than first thought. Six months after Athens received €110bn (£93bn) in emergency loans from EU nations and the International Monetary Fund to prop up its near-bankrupt economy, Eurostat revealed that Greece’s budget deficit reached 15.4% of GDP last year, substantially higher than its previous estimate of 13.6%. –Guardian
…
Whether the EU bailouts will be enough to stem the flow of capital out of Europe and into the US Dollar remains to be seen. The Europeans saved the system from a major collapse when they bailed out Greece earlier this year and global media touted it as another success on the road to recovery, but will they be able to do it again?
There has been lots of talk of a weakening dollar and continued inflation, especially in relation to asset classes like equities and commodities which have seen major upward momentum for the last 18 months. But could it have been yet another mind game from the financiers and medial moguls behind the scenes? If the world becomes convinced that Europe is on the brink, it could mean serious money flows out of the Euro and into US debt-based assets (Treasuries, etc.). The Chinese would get their wish for a stronger dollar (as compared to where it was last week), the Federal government would have buyers for US debt, and those on the inside who positioned themselves appropriately will make yet another killing in the markets.
For now, and this is subject to change at the whims of our acronymic news outlets, it looks like money has been piling back into what may be perceived by panicked investors as the last bastion of monetary safety:
The dollar hit a six-week high against the euro on Tuesday, extending gains after U.S. Treasury yields jumped as investors closed out bets before market liquidity declines toward the year-end.
The 10-year U.S. Treasury yield soared 17 basis points on Monday for its biggest one-day rise since June 2009, giving a broad lift to the greenback.
Besides the rise in U.S. yields, the euro was hurt by worries about fiscal troubles in Ireland and Portugal, with investors focusing on meetings of European finance officials on Tuesday and Wednesday.
Predicting the outcome of government in crisis and their machinations is nearly impossible because of the multitude of variables and possibilities. Volatility, not just in financial markets, but all aspects of our intertwined global economy and geopolitical systems should be expected.
Be ready for pretty much anything at this point.
Thanks Mac… right on top of it as usual.
I’m still trying to figure all of this out- is this part of the Elite’s agenda, or is Europe’s problems an unforeseen byproduct of the US financial turmoil? We know “they” are engineering the US collapse, but are they also engineering Europe’s?ÂÂ
I’ve always assumed that the “Anglo-American Elite” (I like this term, having read it on the Daily Bell site) would never let the EU fail, as it’s the “model” by which the NWO will be based, but recently I’ve been thinking that part of the game is to allow them both (US and EU) to die to smooth the NWO birth. (And have a little fun with the currencies on the way down- LOTS of money to be made if you know which way the dollar/euro is going day after day).
It’s also crossed my mind that Goldman Sachs and friends could be actively trying to destroy (or weaken) the Euro to keep the US dollar propped up and help thier buddies in the Fed and Gov; but isn’t Bernanke trying to devalue our own dollar to inflate the debts away?ÂÂ
Can anyone clear up this confusion?ÂÂ
The way I see that  the dollar will die is : When the PIIGS go under ( Portugal , Ireland , Italy ,Greece , Spain ) it will be a domino effect . That will work  its way over here to this side of the pond that should be about two weeks or so after the PIIGS tank . Starting most likely with Mexico , then south America with the USA close behind . So give it a few more weeks to simmer in Europe , then watch the fireworks start and then head over here All of this could happen right around Christmas or shortly after the New Year . Lets face it , the bubble is about to burst and it won’t be long now . If you haven’t prepped for this you are way behind the power curve !!  Skip the Christmas gifts and get supplys !!
Actually it does make sense in the long term plan. Ultimate goals are one global currency, one global ruling body. One global currency and ruling body makes it so much easier to manage the masses from the top down when you have a stranglehold on the currency. Panic and fear works wonders to push people where you want them to go.ÂÂ
Comments…..The unfolding EU situation is directly tied to the drop in gold & silver prices. Who does this benefit? J.P. Morgan and the ‘silver shorters’.  Always “Follow the money” when you see these events. As ‘Plane Guy’  has observed the “Anglo American Power Elites” ( like this name too) do wish to destroy the idea of individual nations and replace them with a ‘One World’ government and the universal digital currency.   This is their goal and never forget it.  Now is not the time to lose your grip on your P.M.s . If your need to add to your PM stacks, look at the PM daily price charts for the last three or four months an determine at what price you want to buy in at.  Then  dollar cost average (dca) in. It has been said many times on this site. PMs are the insurance for you and your familys future.  Winter is here and the snow is falling here in Montana. Are your ‘preps’ ready for the winter the A.A.P.Elites are pushing us toward?? Be Well
That’s right childrens… the piigs are squealing as the slaughter begins.ÂÂ
Wheee… whee whee… Wheeeeeee
Comments….. I’m not a Glenn Beck fan by any means, but he’s the only one I’ve heard recently on TV talk about preparing for what is coming out way. It will come tumbling down because that’s the way the natural law works. Go against natural law and it will burn you every time. Bernanke who brags that he’s an expert on the great depression and is kayaking his way through this mess, he will topple over and not be able to right himself. I see him being out of that office soon now that the Repuglicans have taken over the house. We won’t last another two years–I give us about 3-6 months maybe not even that. JMHO.
Oh I don’t know, I hear an eye popping story on NPR this morning predicting difficulites ahead  …. msm is on to it, but they don’t seem to say SHIF as loudly, more in between the lines.
Comments…..high time to go back to the gold standard!
They are doing the same thing as the Federal Resrve is doing here in the States.They will cut deals because they cant afford for it to fall, at least not yet .Ireland will most probably cave in and lose what ever sovergnity it has left . the name of the game is to extend it out until all that is possable has been done and then let it fall in on itself .If the euro falls, expect Germany to go back to the mark and stabilise itself, while the others wallow in debt .
folks, what is coming is a Global event and its not just slated for a Nation but many Nations . We are headed for tough times ahead and our Quantative Easing in the short term wil stabilise things but in the long term it will destroy us ! We have maxed outt he credit card and now were on our second extention and once we use that up thier will be a third until its determined enough is enough .China has the ability to do that to us right now , Yes they will feel the pain but we will feel it worse because were broke .
ÂÂ
It can’t be stopped. We can’t be saved. We will go through another great depression and given the larger population this time and the less agrarian population I think this depression will be worse then the last one.
Make no mistake, it cannot be stopped or prevented but it can be exacerbated. Our politicians and the Fed can and will make everything worse. We would be better off if they stopped propping the economy up and instead gave individuals and businesses BIG tax cuts. Sure the economy would still crash and we would have some form of hyper-inflation but whatever happened would happen in a shorter period of time, 18 months vs 10 years, and we would begin the recovery. But have faith it could be worse and your politicians will make it worse.
Living in Greece, i can tell you that the system cannot be saved.
Each country will fall due to its own problems along with the globalization concequences.
Greece’s internal problems have to do mostly with corruption at all levels of public life (bribery, stealing of public money, stupid donations to the Orthodox church, politicians’ wrong moves, unfair and obsolete tax system, no long-term strategy, etc).
Private companies work like hell and employees are of the most hard working people all over Europe. It’s the public sector which sucks.
The crisis will unfold very fast from now on.
Manos
Yep “Gone with the wind” you hit the nail…let me drive it flush. In 1930’s depression we had about 153 million people (310Mil today), The vast majority were farmers (2% today) But the BIG difference today is back then we as a Nation had an unbelieveably Strong moral fabric, and belief in God! Today?…..God help us!
Like my ol’ friend Jerry Jeff Walker sang they’re just
“Pissin’ in the wind, bettin’ on a losing friend
Makin’ the same mistakes, we swear we’ll never make again
Pissin’ in the wind, but it’s blowing on all our friends
We’re gonna sit and grin and tell our grandchildren”
http://www.lyricsondemand.com/w/walkerjerryjefflyrics/pissininthewindlyrics.html
It’s all over but the cryin’ now…you ain’t seen thuthin’ yet! If you don’t have beans, bullets and band aids by now, it may be too late! Or you can just trust to the shroom and count on those precious $10 bills! They may be useful for trading to those that don’t have charmin!
The real crisis will begin in mid 2011. The reason why/ Well Ireland has some cash reserves that wil last until late winter early spring. By then we will see the spraks fly. The crisis in the EU will ultimatley lead to a euro collapse and the dollar will rally for a while. At this time we will enter a great depression. The states who are bankrupt over here will get their bonds bought by the fed to ultimatley buy time. A bailout for Californai,and New York will not sit well for people for people in Texas.Western Pennsylvania,and Arizona. So a stealth bailout will occur and austerity passed by states will lead to higher unemployment,crime,and civil unrest. A dollar collapse is far away from now. The event that will start a collapse is a rise of interest rates that will have to happen by the middle of this decade. But in the eurozone it will fall apart when Germany decides to leave. Germany is the decider.
Goldenfoxx, If your not a Glenn Beck fan, why do you watch it?
I’m of the opinion that Angela Merkel is ready, willing and able to move back to the Deutche Mark in a minutes notice. A few months back there were even rumors of new Deutche Marks being distributed through out the German banking system.
I think France would follow suit. So what would that do to the Euro, It would be worthless.
I know this may sound crazy, but what if everything is being manipulated to move the dollar from the Reserve currency to the Global currency? Could that be why B.B. doesn’t care how much money he prints. It would fill the vacuum as other currencies collapse.
Just a nutty thought, what do you think?
Comments…..
Anonymous
November 16th, 2010 at 2:40 pm
Goldenfoxx, If your not a Glenn Beck fan, why do you watch it? ——————————
Because my sister and son asked me to watch that episode because he was going to reveal some “highly valuable information.” Exposing George Soros…(I’m rolling my eyes here). Glenn lost it for me when he started balling his eyes out on TV several months ago. Not that a man shouldn’t cry, but it just looked phony as all get out.
I like it when people think out of the box PO. Doesn’t sound that nutty to me but you started it. Look out for men in black suits. Just read an article about not being able to eat gold. The other side said you can’t eat T-Bonds either!!!!!!
So true Tom. If the SHTF I don’t know where I would end up, but I know I need food, security, shelter and water. I’ve always been smart enough to know what I don’t know.
I pray and hope that it doesn’t happen because most of my friends and family have no plan. I’ll miss them, but the name of the game will be produce or perish. My lead and seed will be worth more gold then I could possibly use.
The void/vacuum of the Euro would be like a fire in zero gravity & 100% O2 or an explosion loss of pressurization @ 40K feet!!!!! All body exits open, O2 mask on, 100%, pressure breathing. No beans unless they are magic…. Got food?
bring it on!!! guess preppers are not crazy after all…ate a dandelion out of my yard today 🙂
Europe will not fall.
We need to share our ‘hope and change’ with our cousins in Europe. Quick, send that lying piece of shit Obama to Europe and all will be better. ÂÂ
(and keep the SOB while your at it)
But their money will!
Comments….. Stan are you saying that Europe is too big to fail? Do you recall all the empires that have failed in the past, and the most notable was Rome? What was one of the reasons why they failed? Because of economic problems. Rome was spending more than it could afford. The free food rations for the poor of
Rome and Constantinople were costing a fortune. Is that not what we have now with 3 different kinds of food programs going on, too many government workers sucking off the public teat, government pensions, social security, medicare, medicaid, military spending, and high unemployment both here and in Europe? I read an article today on Drudge regarding “Hunger in America Worse in 15 years!” Europe like us will learn someday soon that you can’t keep throwing money at a problem and believe the results will be different. Greece was bailed out but admitted that it didn’t spend the money where it was intended. Perhaps we’re all being setup for a one world order and it’s being ushered in fast. Why is Obumma heading to Europe? He’s got an agenda ya know.
Lindsey Williams has been saying for months that the U.S. dollar is dead by the end of 2011.   Bernanke is the undertaker. Obama the grim reaper. According to Lindsey you best be out of any paper denominated in U.S. dollars and be in physical gold and silver instead.  Otherwise, you go down with the U.S. dollar. ÂÂ
“Glenn lost it for me when he started balling his eyes out on TV several months ago”…
I knew without a doubt he was nothing more than a mouthpiece for the Elite when he started demonizing the true American patriots that had serious qualms about the “official” version of 9/11. When he started slamming Deborah Medina (Tea Party candidate for Governor in Texas) on air I had enough. Haven’t watched him since….
In addition, he’s always blaming someone OTHER than the actual culprits for this country’s problems. Beware this guy!!!
Plane Guy: Good insight. Anyone who makes 33 million dollars a year from the financial support provided to his radio and TV shows by the PTB, is NOT a man of the people!
Take his advice and perspective with a grain on salt. He is Lame Stream Media by another name: Hypocrite!
Plane Guy: Read your earlier post just now. Try http://www.shtfeconomics.blogspot.com or the link to SHTF Times on the upper right: Bailout Number Two for a different perspective on where the financial thread is going and why. No dollar or financial collapse.
Inflation by a thousand cuts.
Watching Bloomberg right now, good show on Charlie Rose right now on Bloomberg talking about G20 & #1’s visit overseas along with US reserve dollar. I am not able to watch G. Beck during the week, but take it with a BIG rock of salt also. I think he is very smart, but………ÂÂ
Beck has made himself a target- so the criticism comes with the territory. Medina labeled herself as a ‘truther’ and spoiled her own bid. Beck has recently blamed Soros for the whole national debacle- so I’ll give you that one……. there are numerous scroundrels, too many to count inside and outside of govt. Beck has recently called on his viewers to begin prepping in earnest (as we do here regularly). So- he may not be your cup of tea- he is a pretty fair entertainer. Do you have a hope of anyone else stepping up to take the reins? He has been at this, hammering the left and right, for years- back when he was on CNN too. So……. the guy is filling the void until someone else can do better comes along, imho.
 R U a regular middle income worker? My got feeling is the super rich wont pay taxes & the poor dont have it, so whats that leave us? Well we are a target for politicians to milk every dime they can out of us to solve this financial mess they got us into. Maybe they will only want our mushroom crisp $10 dollar bills. An acquaintance told me his brother works for 2 billionairs in TX to make up fake companies over seas so they pay no taxes. He says its a game to them to escape taxes. Well thanks to them we will have to pay higher taxes. I gotta get some mo beans, bullets, & bandaids.  Save those crisp new $10 dollar bills.
Who ever can sell 10K Mr. Sushi staplers will win. The following link is funny & witty!
http://silverbearcafe.com/private/11.10/phonecall.html
Just an FYI Goldenfoxx……according to his show today, Beck said the tears are done and he has stuff on prepping this week on his tv show…..
Nevertheless, it will be an interesting holiday season…..
Comments…..
11 Bravo
November 16th, 2010 at 11:33 pm
Just an FYI Goldenfoxx……according to his show today, Beck said the tears are done and he has stuff on prepping this week on his tv show…..
Nevertheless, it will be an interesting holiday season…
Well, I don’t buy into tears, so Glenn can hold them back for me. I’ve been prepping since 1998, and many times my preps have paid off.. I would imagine most here are preaching to the choir, which IMHO is okay, being prepared with a pot to pi$$ in is better than nothing.
To all of you who for one reason or another do not like/watch Beck. I must say that the guy gets under my skin, I do not care for his style and have a hard time taking him serious
BUT
Do you really think he can tell us what he is really thinking? I think he has come to the realization that the masses are screwed but if he said what we are saying here he would be off the air the next day. I think he see’s the writting on the wall but for obvious reasons can’t call it as he sees it. ÂÂ
Not trying to change the subject here but our family always does a “dirty Santa” exchange at Christmas. This is where everyone buys a 20-30 dollar gift and then we exchange and “steal” from one another….Tons of Fun! I have to come up with 2 gifts (one from me and one from my husband)
Question….since I am the ONLY one in the family that is seriously prepping I was trying to think of a gift that I could give to get my point across. Any suggestions?
I am giving a new 2010 silver eagle as one gift but what about the other? Heritage seads and a gallon of water??? LOL
I am trying to be very creativeÂÂ
Beck probably knows he’ll end up dead from a “heart attack” in his jacuzzi if he were to actually tell the truth (assuming he even knows it). Nonetheless, if he allows his “bosses” to finance the lies (or half-truths, if you will) through his show, then he’s already sold his soul in my book…
Everybody that is even vaguely aware of what’s really going on has been prepping for a while now; those that worship this guy therefore are behind the curve…
I wonder how he’s going to handle the coming global/digital currency and global bank enslavement…
Tina, silver certificate one dollar bill from coin shop, one can of sterno with bag of dry beans.
Comments….. Tina…..
How about a Chia Obumma head? That would be a hoot.
Another thing about Glenn Beck. He is a Mormon, and Mormon’s are taught to prepare–put food aside. I don’t know if he’s a practicing Mormon or not,but IMHO it would be difficult not to bring some of his beliefs (religion) into his program. From what I got out of his Soros programs, it was a tit for tat episode. Soros was trying to get rid of Beck and Beck in turn exposes Soros. Whatever, what has it changed? Soros is still a billionaire and Beck still has his program. Regardless, it hasn’t changed the way I am preparing.
I’m looking forward to some major “adjustment” since we clearly cannot continue on this money printing, war making madness by Washington (along with having that huge parasite called Israel jamming its fangs into our congress, taxes & military.
My biggest worry is how this will play out.
Will we have more liberty from the feds losing funding and the ability to just print FIAT money?, or will we (the states) end up having to fight the feds when they try to clamp down on us for even more sources of revenue?.
It will interesting, especially since millions of us are prepared for “any” outcome.
“In 1930’s depression we had about 153 million people (310Mil today), The vast majority were farmers (2% today) But the BIG difference today is back then we as a Nation had an unbelieveably Strong moral fabric, and belief in God! Today?…..God help us!”
Just think, America survived through its ability to farm on its own. A collapse of similar proportion would devastate this country, bringing it to its knees. We are on the brink of disaster, and yes you are right, this country has left God. Scary in itself.
IT ALL COMES DOWN TO N.W.O.
NEW WORLD ORDER
http://www.wowowow.com/post/hillary-clinton-try-revive-middle-east-peace-efforts-us-give-900m-gaza-218307
Tina: How about a subscription to Mother Earth News?
Great Idea.
“If the world becomes convinced that Europe is on the brink, it could mean serious money flows out of the Euro and into US debt-based assets (Treasuries, etc.). The Chinese would get their wish for a stronger dollar (as compared to where it was last week), the Federal government would have buyers for US debt, and those on the inside who positioned themselves appropriately will make yet another killing in the markets.”
Keep in mind that this move of European money into the dollar isn’t evidence of dollar strength, but rather Euro weakness. The invested(?) money is in the game. Taking money out of the game results in taxation of all profits. Here is a gambling analogy to explain it:
In a high stakes poker game, it doesn’t matter how many chips are on the table. The chips move with each hand played and at the end of the hand, the number of chips stay the same. Only once you leave the table do you become liable for the taxes on the earnings. The house will always get its cut (enablers of the transaction).ÂÂ
Now in the case of the poker game, we have an additional problem, some of the players are holding additional undeclared chips in thier pockets and sneak them out whenever they need to cover a bet exceeding thier declared number of chips.
Normally this wouldn’t be a problem except the number of chips on the table have a total declared value that doesn’t increase with increased number of chips.ÂÂ
 So with Euros being traded for dollars, what we are seeing is weaker money traded for what is percieved to be not as weak aka stronger money. This doesn’t infer that the dollar is strong, but rather it isn’t as weak. It is all about perception of value.
The key element to keep in mind is that poker players play poker. It is thier nature. They have eternal optimism that they are better at calculating odds, bluffing and when to fold. But leave the game? Never. Going bust won’t happen they believe. They’re too smart and clever.
Winning streaks always end. The gambler who plays with other folk’s money can find thier backers suddenly demanding what chips are left to be cashed in and the money paid back. If too much has been lost by too many backers?
In any large enough group, you can bet that someone will go ballistic over the losses. When I was going through riot control training, it was a given that the most vocal rioters were to be removed immediately from the battlefield. Too slow and they would inflame the rest and destruction was inevitable.
So here we are. The government who trained me in riot control hasn’t forgotten the tactic. The problem facing them is the Ist Amendment. Keep in mind, with rights comes personal responsibility for the exercise of said rights.
In Communitarian Law, the rights of the many outweigh the rights of the few. Hmm, shades of Nietzscheism. It is all about the will to exercise power for the benefit of society. This pits the society against the individual and against other societies.
It is ALL about human nature. Never forget, when you look upon society as a whole, you are NOT looking in a mirror at yourself. Nature will always out itself. Collective self interests will almost always win the battle , but in doing so loses the war.
The trick is avoiding direct involvement. Plan, prepare and avoid direct confrontation. The shear weight of numbers are against you; not just the masses, but also the PTB.
The PTB (system management) can easily afford to pay court determined damages to a group of individuals. The system can’t afford wholescale damage to the infrastructure and the system. The system is our socio-economic environment: people, places and things (tangibles and intangibles).
Consider this a warning from someone who lived and worked within the system. The PTB doesn’t care about your preparations and in some respects thanks you. Preparations demand consumerism. And consumerism is the vehicle for velocity of money and consequently taxation. Bills to pay.
The euro is done, when Germany says it has had enough.
The only reason for the euro and the EU, was the thinking that ,  if united by a common currency,  EU countries  would quit waging war, with each other.
The euro has been  great for Germany, but  the German people are not going to stand for paying other European countries debts.  Germans lived through hyper inflation before and will not continue to pay for the dead beat countries of  Ireland, Portugal, Greece, Spain…..others.
Germany has always “shadow traded” their D-mark , along with the euro……It will not be that hard of a leap, for Germany to jump out of  the EU, and euro.
The D-mark will become the most solid  currency in the world…..other than gold.  imho
Overtheedge: Very good analysis. Thanks for taking the time.
Irish bonds anyone? It’s a loan they don’t have to use….. right.
Comments….. ECB holds two types of reserve: USD and gold.
In the EMU, there are no EUR holdings in their CB, only gold.
So, 17 CB, 17 gold holders all of them using EUR. With baby steps, states outside EMU stop trading in USD. Monetary policy, tax policy, defense policy in US is pissing the rest of the world
off for some 30 yrs.
” Our dollar, your problem ‘” speech is still alive !
Well, now is something like: ” your dollar, your problem ” story.
Abrupt drop in the standard of living will became the norm in the US. Even to trade timber from northern US to Mexic will ask for a huge drop in income for US workers.
Teachers, lawyers, brokers, carpenters, butchers will forget the
minimum wage (unions included). To compete in the world market today, you should export more and import less.
When the world stops trading in dollars, you`re TOAST.
And the world producers know that. Learn to fix things first, watching others build things is a new start for your kids.
Tiger Woods, Brangelina, Madonna will be history. Be smart,
there is no free lunch, even if Wall St says so.
And by the way, may your S Palin rot in hell !
S Palin is a hottie!ÂÂ
Johnnymustardseed. You are truely amazing!
from my point of view,euro currency is not going to stay in the economic world. The most optomisim is euro is going to collapse in future.It is hard for the greek italy spain portugal and ireland to pay its debts.