Greco Doom
Things are getting a bit messier
The European Union’s failure to contain the Greek debt crisis is sending fresh shockwaves through currencies, money markets, equities and derivatives.
The euro lost more than 2 percent against the dollar in the past two days and the cost of protecting corporate bonds soared to the highest level since January, with credit-default swaps anticipating about a 78 percent chance that Greece won’t pay its debts. Equities declined around the world, while a measure of fear in fixed-income markets jumped the most since November.
Market moves suggest heightened concern that authorities won’t be able to keep Greece’s debt troubles from spreading after Moody’s Investors Service said it may downgrade BNP Paribas SA and two other big French banks because of their investments in the southern European nation. The collapse of Lehman Brothers Holdings Inc. in September 2008 caused credit markets worldwide to freeze as investors fled all but the safest government debt.
and this could potentially 86 your nice safe money market fund.
Oh joy.
But remember, the solution to government debt is more government spending.
Like the solution to alcoholism is more drinking.
Biz, Nanny State, Politics | Mr. Bingley | 
June 16, 2011 8:05 am
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I do wonder if Soros is losing money right now.
And by that, I mean I wonder how much he has made so far.
The bunch of stark-staring loonies who inhabit the top finance and economic positions in Brussels (blessings on all it bestows!!) are congenitally incapable of recognising the truth, which is that Greece is stony broke, its citizens are in denial of that state, and nothing further can or will happen until they default, leave the Euro, and promise to try and work things out with the people who hold the bonds, which of course are virtually worthless now.
After Greece, Portugal, Italy, then Ireland, because they are all broke, and none of them has a credit rating worth more than two cents!
We here in Britain are at least trying to do something, no matter how little, which is why we are paying 3.5% on our debts, and Greece is paying 17%.
This is so far O/T it’s in another county, but maybe you’d like to be enlightened about Presbyterians again.
http://www.firstprinciplesjournal.com/articles.aspx?article=1483
Ignore the above. A friend sent me the link, either of us not knowing it was here already. Sorry, dudes.
Posted this a little earlier, Gary.
A great read.
Us damn Presbys!
Hehehe, no worries, Gary. Just remind your friend he should check here first!
As an aside, I somehow managed to get my own comment labeled as SPAM.
How far I’ve fallen at my own damn site!
Interesting that the ‘entitlement mentality’ has percolated so thoroughly throughout the ‘civil’ service.