More political maneuvering on the Greek debt crisis, which threatens the integrity of the entire Eurozone. After receiving a second massive bailout from Eurozone taxpayers (especially German taxpayers), the Greek political establishment promised that it would adhere to all the austerity conditions, and meet the required timelines. Now, without a trace of embarrassment, politicos are ascending from Greece to towards the decision-makers in the Eurozone, begging for a two-year extension on the formerly sworn promises originally agreed to by Athens.
To be fair to Greek Prime Minister Antonis Samaras, the austerity agreement imposed upon Athens is so crippling, it has plunged the Greek economy into a deep recession, hardly a recipe for the growth required to pay off the massive Greek debts.
These political games seem to point even more strongly towards an eventual exit by Greece form the Eurozone. Once Greece leaves the monetary union, who will be next?
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high finance, how far would Wall Street go in search of profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
To view the YouTube video with audio excerpt from “Wall Street Kills,” click image below:
Sex, murder, financial power and pathological greed come together in the explosive suspense thriller by Sheldon Filger, WALL STREET KILLS: A NOVEL ABOUT FINANCIAL POWER, VIOLENT SEX AND THE ULTIMATE SNUFF MOVIE.
This video provides a free audio reading from chapter one of “Wall Street Kills.” The scene depicted involves two characters from “Wall Street Kills” having a business conversation in a Los Angeles suburb. One character is Peter Hoffman, director of new business development for a secretive Wall Street hedge fund and private equity group. The other character is Daniel Iachino, president of a major independent film company specializing in “adult entertainment” for niche markets. Hoffman is on a mission to investigate if portraying unsimulated violent death in the form of entertainment would be a lucrative business investment. The conversation between the two men quickly focuses on the phenomenon of snuff movies.
Eurozone economic & debt crisis: latest data shows Eurozone GDP overall contracted by 0.2 percent, with deep recession in periphery. In Greece, Spain, Portugal and other weak links in the Eurozone chain, a deep economic recession in underway.
Even the stronger economies in the Eurozone, in particular Germany, registered GDP growth that was so anemic, it is virtually at stall speed. This demonstrates that a negative feedback loop is at work in the Eurozone; those nations most afflicted by the Eurozone debt crisis have now damaged the economies at the core of the monetary union. Clearly, a deep economic crisis is underway in the Eurozone, with global implications.
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high finance, how far would Wall Street go in search of profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
Amid the celebratory exertions emanating from London during the 2012 Olympics, one might think that the Eurozone debt crisis has been “resolved.” Far from it. A minor excursion may have occurred, at least for the public at large. With the Olympics now over, the politicians in debt-ravaged Europe will again focus on the dire circumstances surrounding their fraying monetary union.
All the latest economic data from Europe reveals a growing recession afflicting many Eurozone economies, record levels of unemployment in the PIIGS nations most burdened by unsustainable sovereign debt and increasingly panicked calls for the European Central bank to print money and use the magically created liquidity to purchase sovereign bonds.
Europe and it creditors, in particular major banks in Germany and France, are just one major crisis away from a full-grown financial crisis. If the nuclear issue with Iran becomes an armed conflict, that might be the final nail in the coffin of the euro. The situation for the Eurozone is most fragile economically and financially, and not much better in the U.K., China or the United States.
WALL STREET KILLS--A CHILLING NOVEL ABOUT WALL STREET GREED GONE MAD
To view the official trailer YouTube video for “Wall Street Kills,” click image below:
In a world dominated by high finance, how far would Wall Street go in search of profits? In Sheldon Filger’s terrifying novel about money, sex and murder, Wall Street has no limits. “Wall Street Kills” is the ultimate thriller about greed gone mad. Read “Wall Street Kills” and blow your mind.
The bungling politicians of the Eurozone have done it again; another bailout. This times it is Spain. Not the entire Spanish economy (which may come later, though the politicians swear that will never happen) but its insolvent banking sector. The Eurozone has agreed to allow Spain to borrow up to 100 billion euros from its bailout fund, a sum equivalent to about $125 billion USD, with supposedly no strings attached.
As they have done so often in the past, the political leaders in the Eurozone are praising themselves for their “brilliant” move of further indebtedness for the entire monetary union for supposedly, once again, “saving” the euro. And as has happened before, they will undoubtedly eat crow when the next bailout package is offered by these same inept politicos.
The “no strings attached” deal to save Spanish banks actually poses a serious problem. Ireland originally had a relatively stable fiscal situation until the bumbling politicians in Dublin foolishly decided to backstop their crumbling private banks with public funding, leading to the insolvency of the Irish economy. The bailout package Ireland received from the Eurozone bailout fund required crippling austerity measures. Now some in Ireland are urging that their bailout terms be modified, in light of Spain having its banks directly bailed out by the Eurozone.
In conclusion, while politicians in Europe and the United States are cheering this latest bout of bailout fever in Europe, nothing positive is really happening in terms of addressing the root causes of Europe’s economic malaise.
Not long after my last post warned how near Italy was to passing the 7 percent yield on its ten year government bonds, the dire red line has been passed. It should be pointed out that the crisis in Italy is not only based on market reaction to its horrid politics; the Italian economy is coming apart at the seams, with business bankruptcies proliferating amidst a demographic contraction that makes future economic growth in a time of austerity highly implausible.
Now that Italian bonds with ten year maturities are above 7 percent in yields, the Eurozone is reeling and global markets are swooning, after experiencing a maddening series of rallies based entirely on false hopes predicated on statements from hopelessly inept politicians.
Now, except for the most gullible, the consensus among economists who even previously expressed optimism about a global economic recovery is that the Eurozone is likely headed to some form of break-up. If Americans are laughing at their comrades across the Atlantic, they shouldn’t be. The economic and fiscal tragedy unwinding in Europe is a harbinger of what soon lies in wait for the United States, which has the mother of all fiscal imbalances.
