Remember when we said (yesterday) that Germany will soon balk over the fact that it is pledging its entire economy to bail out an insolvent Europe? Well, that moment has come.
More post-downgrade international news at Zerohedge, but take an extra anti-depressant before clicking.
Frankly I see this as good news. Perhaps Europe will go back to being Nation States with their owm currancy. Dump the Euro. Get rid of the EU phoney Parliment of Collectivists & try to save not only their econominies, but their National identities.
Stop the mad rush to suicide by importing volinists instead of immigrants.
Its late in the game but they can still survive the Post American break down.
JMO
I suspect that Germany now realizes that it (and perhaps France) is on the brink of subsidizing the entire EU economy. Even Blair’s “Broken Britain” is not much help.
Poor relatives always are a nuisance.
Guess this means Germany is finally over its WW2 guilt and can’t be moralized into any more stupidity by the morons running (ruining?) Euroland.
Time to refit the Wehrmacht and this time when they march west we will not send our troops over to bail the Froggies & the Limeys out of the hot water.
They’ll enjoy speaking German and they’ll be prosperous.
What Revnant Dream said. The Euro was designed to achieve political ends, not improve the economy. From the start, it was ludicrous for any nations other than Germany and France to participate as those two intended to lord over all other nations in Europe, with de facto German control of the ECB giving one more lever to Germany to exert it’s power.
Phantom worst case scenario: Breakdown of the Euro followed by MASSIVE disruption in the PIIGS and probably Britain, maybe a bit of starvation and such, possibly followed by a nice war. With Germany. Again.
Lovely.
Now would be a great time for Canada to start a nice quiet build-up of our teeny weenie little boutique armed forces into something kinda internationally scary. Focus on maritime defense (oil tankers) and being able to reach out and touch things across the Pacific. And Atlantic. Ain’t likely to be no more Peace In Our Time(tm).
Fun while it lasted though, eh? I really liked the ’80s.
Bear market on the welfare state.
Free market capitalism once again triumphs, much to the chagrin of the marxist utopians.
Norway, Denmark and Sweden function very well with their own currencies so why not Germany, France, Spain etc.
This sounds like good news.
Sounds like great news.What have the Euro’s brought to us,except war,the Useless Nations,phoney money,socialists,and commies?The only good thing was the Titanic sinking. Oh,and the Zero is probably playing golf right now.
I get the distinct feeling that if Europe DID erupt into war,many of today’s Canadians and Americans would be e great deal less enthusiastic about bailing them out than we were in the ’30’s and ’40’s.
I remember back in the ’80’s working with Europeans,many of whom said the EU was going to far surpass the U.S.economically,and we’d all better be nice because soon the EU was going to be the predominant power in the world.Many were very anti-American,and their attitude was “you just wait ’til WE hold the reins”.
I wish I still worked with some of these guys,just to witness the shell shock they must be feeling right now.
it ain’t theEU so much, as it is thee damn socialism these fools practice
when she goes down the drain I hope the vortex sucks the UN right along with it, as it’s also a destructive socialist shiitehole
dmorris at 3;21
My sentiment exactly. The snotty Brits and French I worked with in the 90’s were insufferable.
Schadenfreud rules!
Phantom, you are right, we do need to up-arm. I’d also suggest that we quietly withdraw from the nuclear non-proliferation treaty (simply ignore it), and develop our own nuclear umbrella, since the U.S. one is getting decidedly threadbare.
Adopt the Israeli model. Don’t crow about what we have, and never acknowledge having them, but leave the bad guys without the certain knowledge that we don’t.
Tell me, gordinkneehill, what makes you think we don’t already have some, hmmm?
@gordinkneehill = ok bring back the Bomarcs!
But to Europe – the problem was not with the Euro as a currency (along with the Schengen aggreement – which allowed free movement that even we don’t have with the USA)as it saved countries from constant exchanges and manning border control posts. Europol and extradition and arrest fast tracking was sorely needed.
The problem was the establishment of multiple levels of bureaucracy in various sites that regulates every little thing like shape of Bananas etc only France and the UK so dearly love.
Kafka’s Castle became a reality.
dmorris
“I get the distinct feeling that if Europe DID erupt into war,many of today’s Canadians and Americans would be e great deal less enthusiastic about bailing them out than we were in the ’30’s and ’40’s.”
Probably! For some time, I have counseled young guys with the itch…stay home…grow old…make babies…….
Me, I have matured (aged) to the point where I have got used to people throwing wars and not inviting me….
Not much sympathy here for France but sympathy is all I can deploy for the Legion.
If the EU disintegrates….the muslim invasion will be over….if another European war breaks out, the unassimilated immigrants will be caught in the cross-fire….literally. Europeans will eliminate security threats in their rear areas ruthlessly…count on it.
The downgade of the credit rating, I understand, came after the close of markets of friday. Monday is going to be a bloodbath. Banks hold tbills as reserves. They are the assets they use to justify their loan portfolios. The value of those tbills will tank, interest rates will rise and banks will have to call in loans to maintain their reserve ratio. The Dow dropped to around 8000 points in 2008. Its possible that we will look back on that time as the good old days.
Oh it’s going to be a financial blood bath, the leftwing politicians can’t keep their elite houses of cards afloat any longer and blaming the uncivil right won’t work this time.
“Europeans will eliminate security threats in their rear areas ruthlessly…count on it.”
I’ve been afraid the Euros will march the Muslims to Turkey for years. Its what they always do when things aren’t working out. Pick a scapegoat and slaughter it.
It appears with the down grade that the “long run” has finally arrived.
But John Maynard Keynes said: in the long run we’re dead.
So either we’re dead or Keynes is wrong.
The Ponzi scheme is unravelling, in Europe first, then USA, fear for your pension and your paycheck, because no government will reduce existing social programs.
Everybody has a right to a portion of your paycheck and that portion is about to get bigger.
“nomdeblog”, Keynes is dead. It worked for him.
Europe should declare this coming Monday as mmm ah … how do you say Bernie Madoff Day in German?.
Germans are not reflexively militaristic. The Amish and Mennonites in the US and Canada are pacifists.
The Swiss Germans, like the Swiss French, Italians, and Romansh, are not pacifist but are strong
advocates of neutrality. And so forth. Germany is not likely to take over France, or Greece, because then
the Germans will be responsible for their conquests. It defeats the purpose. Much better to let Greece,
France (eventually), Italy etc. stew in their own juices and enjoy the massive purchasing power of the eventual New Deutschmark.
“Schadenfreude” after all is a German word.
@ gordinkneehill
To be credible, strategic weapons need to be publicly tested to demonstrate they are a threat to potential enemies, particularly delivery vehicles. No doubt, modern nuclear warhead designs can be obtained from the US or UK, cutting the development time and cost of building a force that makes potential aggressors sit up and take notice.
I think Mark Steyn has probably offered the most likely outcome for Europe. It won’ t be the Europe of our grandparents.
I am not so pessimistic – marketwise at least.
Italy’s pathetic economy was just factored into the market this week. The US downgrade was pretty much already factored in as it was not unexpected. Some will run to the hills on Monday, but by the end of August – barring other unforeseen events – I expect the markets will be where they are now.
As far as war in Europe is concerned – possibly. But who will finance it?
We do live in interesting times.
Out of the dust of the EU mess will rise a leader, a united front. In the meantime the US will cease to exist and fracture into mini-states/countries and no longer seem as a threat to others in the world.
They won’t invade, but leave us to self destruct.
but in the EU the leader while ruthlessly gain power and control the finances and eventually the monetary system.
Look up for your redemption draws nigh.
Good times!
johnbrooks
“Out of the dust of the EU mess will rise a leader, a united front. In the meantime the US will cease to exist and fracture into mini-states/countries and no longer seem as a threat to others in the world.”
You should write this on a sandwich board and stand at the corner of Yonge and Dundas.
Gimme a break.
Shit is coming but you and those like you haven’t a clue how it will look…and neither do I.
Where you been, water dog?
“Where you been, water dog?”
I’ve missed you, too, SYF.
I’ve been commenting on many a lefty site under other pseudonyms trying to see how many and how often the “progressives” would ban me despite my polite behaviour.
I’m proud to report…it’s nearly unanimous. So much for their alleged superior civility, equanimity, and commitment to free speech. And social justice? Fuhgedaboutit!
I think john brooks is pinning for a leader with the ability to make the trains run on time. with a cool new salute and a really snappy way of marching, in with the new….
While we are fretting over the EU, don’t forget the other elephant in the room.
China lashes out at U.S. over partisan wrangling, debt
foobert
“While we are fretting over the EU, don’t forget the other elephant in the room.”
Elephant in the room? You have got to be kidding. Name a continent that doesn’t have a disaster unfolding in their near future.
Oops. You’re right. The Antarctic is safe. AGW doesn’t seem to be melting their glaciers all that much. Lucky penguins. If ony they were pachyderms or polar bears.
foobert, China is hanging on by their fingernails. If the Euros and the Americans stop buying, the Chicoms got -nuttin’-. Except some American/European funny money, newly downgraded to kleenex.
They don’t actually have any natural resources to speak of other than exotic metals and such, so if the demand drops all those factories are not going to be kept busy building stuff for domestic consumption. Oopsie.
Kabang, instant famine. Half a billion p1ssed off, starving peasants with nothing to lose. Most of whom are young men at the peak of their @sskickerness with no girlfriends to slow them down.
Great planning there, eh?
Holding physical cash will become more and more important in the coming months.
Melinda R – that worked neither in the Wiemar republic, nor in Zimbabwe.
If by physical cash you mean gold, canned goods, and shotguns, then yes, you are correct.
I remember when “physical cash” meant Johnny…