Nancy Pelosi Wants Us To Be More Like Europe

Pelosi

Baltic Dry Index. 1764  -50

LIR Gold Target by 2019: $30,000.  Revised due to QE programs.

“For more than two thousand years gold’s natural qualities made it man’s universal medium of exchange. In contrast to political money, gold is honest money that survived the ages and will live on long after the political fiats of today have gone the way of all paper.”

Hans F. Sennholz

One day after another, Europe is dying. While a cabal of European witch doctors look on, babbling away in polyglot languages about differing remedies and quack medicines, Europe’s 2011 black death spreads from country to country. Greece is already a gonner with default only a matter of time, now Spain and Italy seem to be next with no one in the Euro zone seemingly able or willing to do much about stopping Euroland from dying. Seen from London, Europe’s indifference to its fate is simply amazing. An uncontrolled collapse seems to be favoured over an attempted controlled restructuring (ending) of the European Monetary Union.

Obama & The Logan Act: Following Pelosi’s Easter Foot Steps! »

All monetary unions end badly. Sclerotic Europe seems determined to let the EMU set a new standard in bad endings. Stay long physical precious metals.  “This must be hell” goes the old joke, “because no one gets out of here alive”. Europe seems determined to make this true for the unfortunate wretched countries trapped in the Euro. But first this.

“When it becomes serious, you have to lie”

Jean-Claude Juncker. Luxembourg Prime Minister and president of the Euro Group of Finance Ministers. Confessed liar.

World leaders set for fraught IMF meeting
By Ben Chu, Economics Editor Tuesday, 20 September 2011

World leaders and financial policymakers arrive in Washington this week for the annual meeting of the International Monetary Fund with the global economy balanced on the edge of a precipice.

The focus will be on two crucial reports. First, today, the IMF is expected to downgrade its official global growth projections for 2011 in its World Economic Outlook. The blame is likely to fall on the uncertainty generated by the eurozone sovereign debt crisis and the shock of the Japanese tsunami. Second, tomorrow, the fund will give its perspective on the state of the world’s financial sector. Of particular interest will be the organisation’s view on the health of European banks, which have considerable holdings of debt from the struggling eurozone periphery.
More

Now back to comatose Europe. We have probably already passed the point of no return. Europe is frozen in inaction as the infamous Bilderberger United States of Europe patient dies. While no one will miss the conceit of a United States of Europe, a controlled ending is better than a car wreck. A car wreck seems to be what we are about to get. Below, Italy starts to go the way of Greece.   China starts pulling the plug on Europe.

“With the exception only of the period of the gold standard, practically all governments of history have used their exclusive power to issue money to defraud and plunder the people.”

House Whore Nancy Pelosi – Obama Eligibility: Caught In Conspiracy And Treason – Supplying Altered Congressional Records To The Election Commission!

7 Out Of 10 Richest Members of Congress Are Democrats:

F.A. von Hayek

Global stock markets braced for further turmoil after S&P downgrades Italy
Global financial markets are bracing themselves for another day of turmoil on Tuesday after credit ratings agency Standard & Poor’s downgraded Italy late on Monday night.
By Philip Aldrick, and agencies 12:46AM BST 20 Sep 2011

The news came after panic gripped global markets as a fresh showdown over Greece renewed fears that the eurozone will be plunged into crisis.

The rating for Italy, which has Europe’s second-largest debt load, was lowered from A+ to A, S&P said in a statement. The agency said the country’s net general government debt is the highest among A-rated sovereigns, and now expects it to peak later and at a higher level than it previously anticipated.

“In our view, Italy’s economic growth prospects are weakening and we expect that Italy’s fragile governing coalition and policy differences within parliament will continue to limit the government’s ability to respond decisively to domestic and external macroeconomic challenges,” S&P said in a statement.

“The measures included in and the implementation timeline of Italy’s National Reform Plan will likely do little to boost Italy’s economic performance, particularly against the backdrop of tightening financial conditions and the government’s fiscal austerity program.”

S&P also said it lowered its outlook for Italy’s annual average growth to 0.7pc for 2011 to 2014, from a prior projection of 1.3pc.

—-Earlier, as Greece and the bail-out “troika” of the International Monetary Fund (IMF), the European Union (EU) and the European Central Bank (ECB) thrashed out their differences, investors hit the sell button – hammering confidence and threatening the recovery.

Greece warned that it is just weeks away from default unless the troika releases an €8bn (£7bn) instalment of its original €110bn rescue. Creditors, though, stressed that they need evidence the country is delivering on its promised spending cuts.
More

Sept. 19, 2011, 11:33 p.m. EDT
China bank halts forex swaps with Europe banks

HONG KONG (MarketWatch) — An unidentified Chinese state-run bank has halted foreign-exchange swaps with several European banks, with the suspension believed to include BNP Paribas SA and UBS AG, according to reports citing unnamed sources. The Chinese bank involved is the “most active” in the market for trading those products according to Dow Jone Newswires, which reported that the halt began Monday. Societe Generale SA is also included in the ban along with BNP and UBS, according to Reuters
Read.

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