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Whoa!

Officially it never was called an "Emergency summit." But with the European currency only days from collapse according to many economists, it was clear that European leaders came to beg the American president for help. A closed-door conversation today between US President Barack Obama and European Council President Herman Van Rompuy and European Commission President Jose Manuel Barroso dealt with, among other things, the ongoing crisis that is spreading out of the Eurozone and into the United States. And according to statements courtesy of Obama, the time of American intervention could be coming soon, and at a monumental cost to the American public.

http://rt.com/usa/news/obama-bail-eu-425/

I can hear the Republicans and the Tea Party screaming already. Mind you, u.s. banks are properly fethed if things go bad in Europe. They have billions and billions on their loan books for countries like Italy, Ireland, and Greece.

Think Obama stated um....no

Well, I'm lost for words.

aannnddddd....we're getting downgraded again

edit
If the euro collapse how bad is it going to be? Not like out Great Depression back in the days I hope.........MATTRYM...your my Battle Buddy I got you covered...not the air fare of course

Wanting to or not aside, I am not sure if we can actually pull it off. Logistically, we'd need to form a coalition of a huge number of banks plus the fed to actually bail them out.

Not quite sure what to say, I'll be watching this with Interest.

UK not on the euro right?

That quote does not come from that link. This is a trick of some sort.

ShumaGorath wrote:That quote does not come from that link. This is a trick of some sort.

Fixed the link

olympia wrote:

ShumaGorath wrote:That quote does not come from that link. This is a trick of some sort.

Fixed the link

This story is coming from Russia Today. This is a trick of some sort.

There is no today in Russia, only yesterday. Occasionally there is a glorious tomorrow, but that is it.

I hope Obama didn't even bother with the pleasantries and told him to feth off.

Jihadin wrote:UK not on the euro right?

One of the few (only?) countries that decided giving up their monetary sovereignty was a terrible idea. Oh yeah Denmark was the other one.

So UK like "leaning" away from Europe before it gets stuck in the commode and waiting to see the result eh?

Jihadin wrote:So UK like "leaning" away from Europe before it gets stuck in the commode and waiting to see the result eh?

They're in there regardless. Europe is their largest trading partner and they're pretty well attached. They'll recover more quickly though.

Hopefully Australia does not get dragged under...

I'm not 100% sure how long ago it was but the UK has exemptions from the monetary union portions of the EU treaty, starts with an M I thinkie. 1992 I think.

rockerbikie wrote:Hopefully Australia does not get dragged under...

You should be safer-er, Australia does most of it's business with China doesn't it?

ShumaGorath wrote:

rockerbikie wrote:Hopefully Australia does not get dragged under...

You should be safer-er, Australia does most of it's business with China doesn't it?

Yes. A Majority of Trade is done with China(resources) but alot of our agricultural products still end up in American and European Markets.

Jihadin wrote:aannnddddd....we're getting downgraded again

edit
If the euro collapse how bad is it going to be? Not like out Great Depression back in the days I hope.........MATTRYM...your my Battle Buddy I got you covered...not the air fare of course

Cheers mate, but I'm off to work Black Ops for anyone with the money to pay me.

Er.... North Korea?

Well, that's some dodgy journalism right there. Managed to spin something out of nothing with no basis but shakey conjecture.

At the end of the day, we live in a global economy. Sure some countries will be slightly better off than others, but if the Euro disintegrates in the coming weeks, we are all in serious gak.

I just read The Economist, and its looking increasingly likely apparently..

How bad could this get?

Real bad. Probaly not like The Road bad, but really, really bad. The first world are navigating waters right between Charbondis and Scylla right now.

Let's say Europe decides to disband the Eurozone. Each country goes back to its own currencies. What ahppens to all the paper written for the Euro? Overnight it is worthless. It goes from having some value greater than 0, to 0 immediately. This makes the financial crisis due to derivatives look like a cake walk.

Those toxic assets haven't even been completely cleaned out, and most Central Banks and Governments have all ready spent huge sums to bail us out of that. There simply isn't enough political will (and possibly existing money) to bail out the finacial system if the Eurozone collapses.

I'm a bit nervous. Is it time for a good old fashion Bank run!

Easy E wrote:
I'm a bit nervous. Is it time for a good old fashion Bank run!

You assume that, if things get that bad, your money will be worth the paper it's printed on.

Mattrym...I do know some of those um...organizations your wondering about. Links yes...not given names to you


Automatically Appended Next Post:

You assume that, if things get that bad, your money will be worth the paper it's printed on.

Well...I see we have tinder for our bonfires at Fortress Dakka. Always wanted to burn through a couple millions in an hour

To borrow an American saying: "you bet your ass we're not in the euro!" Euronotes are like monopoly money and the coins have always got a picture of some fat italian guy on them (Da VInci I think)

Anyway, I thought america was 15 trillion in debt. You guys don't have two pennies to rub together, so how are you going to bail out the EU. Just send us your women folk and krispy kreme donuts. I'll be happy.

Just send us your women folk and krispy kreme donuts

That might not go well here and over there.

Do_I_Not_Like_That wrote:
Anyway, I thought america was 15 trillion in debt. You guys don't have two pennies to rub together, so how are you going to bail out the EU. Just send us your women folk and krispy kreme donuts. I'll be happy.

Must you bait our American friends?

Plus, if you send women with donuts, the women will eat all the donuts on the way over and then you wont want the big fat rhino arsed women anyway!

America is probably better off then we are. They have a larger debt, but it is a much smaller percentage of debt as GDP.

daedalus wrote:

Easy E wrote:
I'm a bit nervous. Is it time for a good old fashion Bank run!

You assume that, if things get that bad, your money will be worth the paper it's printed on.

If I get it now, I can convert it to canned goods and firearms. If I wait too long, I won;t be able to convert it into anything.

Easy E wrote:

daedalus wrote:

Easy E wrote:
I'm a bit nervous. Is it time for a good old fashion Bank run!

You assume that, if things get that bad, your money will be worth the paper it's printed on.

If I get it now, I can convert it to canned goods and firearms. If I wait too long, I won;t be able to convert it into anything.

Okay, well, that's a perfectly valid point. I applaud your forward thinking, and now am considering following suit.

I don't understand wheer all this hypothetical money is owed to. The whole thing seems like a pyramid scheme that is bound to collapse