Thanks wtb[quote=“Watch The Break, post: 519990”]
Agreed, and I don’t think it was the right decision to pay, but my point was that you vote people in knowing that they can then make decision unilaterally without any further reference to you. Democracy gives them that responsibility
Ah come on Dan. They’re not sealed off in a bubble as soon as they go into office. They’re subject to pressures from wealthy and powerful institutions, and it is these pressures which dictate government activity. We saw a great example of it this very week when Phil Hogan completely reversed his position on a climate change bill because IBEC told him to. They don’t do the will of the people, they do what they come under pressure to do from private interests. That the people are not able to weigh in as heavily as these interests is a corruption of democracy, not an advertisment for it.
If this keeps up we shouldn’t bother our holes with elections and instead we should just ask those cunts in Goldman Sachs who they’d like to run the country. [quote=“dancarter, post: 519993”]
Agreed, and I don’t think it was the right decision to pay, but my point was that you vote people in knowing that they can then make decision unilaterally without any further reference to you. Democracy gives them that responsibility
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The Italian 10 year has smashed through the notional 7% tipping point this morning.
Brokers have raised the margin required to hold them
Why is this Julio?
Looks like Paul Sommerville was right on Vincent Browne the other evening, he said the italian were fooling themselves if they thought this was purely a political issue and that Burlesconi leaving would only provide them with temporary respite. Looks like they are not even getting that.
The margin raising started it. Fellas have to sell off to meet margin etc. Vicous cycle then that forces more and more sellers.
But there is also a sense of its still the same crowd in power whether its the Burlysconi or someother fella there. They’ve been trying to pass these measures for nearly 2 years now.
We were lucky we went bust early because the cash is fast running out.
The way things are looking Italy could have passed us out by the end of the week.
Is this the end of the world?
Yes Runt, yes it is.
All markets off by 2.5% at least. Euro Dollar in free fall.
What exactly are the Italian reforms that are needed to restore credit confidence in the country? It doesn’t look like they’ll do the trick anyway. Reports that a fund of over €1 trillion would be needed to prop Italy up. Where the fuck is that going to come from?
The two main French Banks are holding almost €500bn of Italian private and public debt :o
The French banks are the ones in real danger. I posted stuff from this NY Times infograph a few pages back http://www.nytimes.c…uro-crisis.html. The Greeks owe them $54b, the Spanish owe them $118b, and the Italians owe them $366b according to that. That’s why they’re saying Italy is the last stand.
Italy is too big to fail but the question is who can stop it?
Of course the ecb can but the germans are very reluctant.
Either way interesting times ahead
On a lighter note:
ECB printing money and being lender of last resort is endgame. Markets concerned today about Silvio not giving a precise date for quitting, he could tear another four months out of it yet.
What would the ECB have to do to restore ‘market confidence’ in Italian bonds?
I must say all of this is tremendously exciting. It’s all getting very very messy. Credible talk of a break up of the Eurozone.
Guardian are leading with a story about Germany and France in talks about a break-up of the Euro.
Christ on a bendy bus. This is serious business now.