EU calls emergency meeting over debt crisis! Big crash imminent?

Reuters European Council President Herman Van Rompuy has called an emergency meeting of top officials dealing with the euro zone debt crisis for Monday morning, reflecting concern that the crisis could spread to Italy, the region's third largest economy.

The talks were organised after a sharp sell-off in Italian assets on Friday, which has increased fears that Italy, with the highest sovereign debt ratio relative to its economy in the euro zone after Greece, could be next to suffer in the crisis. A second international bailout of Greece will also be discussed.

Keep bailing Greece out but it will only delay the inevitable crash!
All these bailouts point to only one thing IMO.
When Greece crashes the world follows.
The global economy is in tatters.
All it would take is a catalyst.
I think the big one is coming..
Reuters

Shouldn't Berlusconi and his Mafia friends have enough money herded by now to bailout Italy on their own?

Just put a 90% tax rate on the rich and all of their assets, that is about the amount they herded in the hundreds of years.

GM

Interesting. I'll be watching to see what happens.

It does seem like with the Greek economy they are bailing out a bailout, which is throwing good money after bad. Then again, when you talk billions of dollars, euros, drachmas, whatever, that it's not real money, just numbers on a balance sheet. How much of the world's economy is just that?

Could this have to do with Edtna exploding? I may not have spelled that right I know...

reply to post by TechUnique


Does anyone else find it coincidental and ironic that their emergency meeting is scheduled within 72 hours of our own US 'debt ceiling' crisis Obama and Boehner butted heads on this weekend? Seems to me the IMF is having some 'growing pains' at the moment.

They are very concerned about the next domino tumbling, i.e. Italy

European Council President Herman Van Rompuy has convened an emergency meeting of top EU officials for Monday morning to discuss efforts to assemble a second rescue package for Greece and growing concerns about market pressure on Italy, three EU sources told Reuters

www.reuters.com...

Also keep an eye on Spain.
I don't think there's anything that they can do to stop this landslide...

Originally posted by antar
Could this have to do with Edtna exploding? I may not have spelled that right I know...

i doubt it, the eurozone is just screwed anyway!!

i cant say i would be surprised if there is a big collapse ahead of us...

double post....

reply to post by scoobyrob


It really does affect us all as most currency is connected anyway. Something big on the horizon and to be a independent being is important now.

reply to post by TechUnique


Lets hope that the economy is all the meeting is about.
I hope its not about Katla.
Time will tell,unless they keep it all secret and tell the media a BS story of course.

Strange days have found us it feels to me at the moment.

S+F

Just like the US QE1 & QE2, bailing out Greece again is throwing good money after bad to keep the system afloat for just a little while longer. What that purpose is, is up for speculation. I knew a while ago things were going downhill on a rocket sled when Jim Cramer from TV's Mad Money was talking about the problems with the PIIGS (Portugal, Ireland, Italy, Greece, and Spain). I don't understand what postponing the inevitable accomplishes but someone thinks they have it figured out.

I think Elenin is sucking the worlds money out into space, we need to nuke that sucker!!

When there are this many people unemployed and employers aren't interested in creating jobs because there is no demand, then naturally the world economy will crash.

The only way to create jobs is for the governments of the world to hire their unemployed to do anything. Then there will be more buying power and the economy will be o.k.

Rich people and corporations don't create jobs when there is no demand. Only governments can do that.

reply to post by TechUnique


The socialist progressive experiment that is the EU is coming to a end for the 2nd time. WW2 ended the first time. You can not get nothing from nothing and you must take it from someone else. That is the Achilles heel of the progressive movement.


I wish they would at least get some good front men like Hitler or Mussolini again.

Originally posted by ren1999
When there are this many people unemployed and employers aren't interested in creating jobs because there is no demand, then naturally the world economy will crash.

The only way to create jobs is for the governments of the world to hire their unemployed to do anything. Then there will be more buying power and the economy will be o.k.

Rich people and corporations don't create jobs when there is no demand. Only governments can do that.

And what do govts pay their new hires with?

Answer:
Poor bedraggled struggling taxpayers' money.

Until there's 60million govt "workers" supported on the backs of the remaining 6,000 privately employed and entreprenuers left( to tax the life blood out of)?


" the problem with socialism is you soon run out of other peoples money..." Margaret Thatcher

reply to post by TechUnique


....And they said it won't happen.

Don't lump small business owners in with all the millionaires and billionaires who are enjoying paying 16% to 0% in taxes.

Originally posted by ren1999
When there are this many people unemployed and employers aren't interested in creating jobs because there is no demand, then naturally the world economy will crash.

The only way to create jobs is for the governments of the world to hire their unemployed to do anything. Then there will be more buying power and the economy will be o.k.

Rich people and corporations don't create jobs when there is no demand. Only governments can do that.

Tried that New Deal in the Depression. And failed.

FDR's New Deal grew the GDP by 5.2% during the Depression. It was a success.

Originally posted by ren1999
When there are this many people unemployed and employers aren't interested in creating jobs because there is no demand, then naturally the world economy will crash.

The only way to create jobs is for the governments of the world to hire their unemployed to do anything. Then there will be more buying power and the economy will be o.k.

Rich people and corporations don't create jobs when there is no demand. Only governments can do that.

"Rich" people and corporations create jobs when they want to create new things. New things like new medicines, technologies, farming, etc.....

The problem with today is that it is more profitable and more politically protected to be a government worker, lawyer, or financial pencil pusher. This is zero creation and innovation. The public and private world is ruled by debt.

What are all these new government hires going to do? Build a new bridge? Remember all those shovel ready jobs? Sorry but there is no project of great importance with the need of government workers unless it is for revenue generation for the government and bankers. A mission to mars or a new energy infrastructure will create new jobs but it provides zero revenue to the bankers.

If only the currency system can be reformed ( end Fed style banking) then the real solutions and possibilities will happen.