The Beginning Of The End
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The Collapse Of The Euro, The Death Of The Euro And The End Of The Euro

The euro was a doomed project from the start, and now we are starting to see the endgame play out.  Today, the euro fell to an 11-month low against the U.S. dollar.  As I write this, the EUR/USD is at 1.2983.  Back in July, the EUR/USD was over 1.45.  As panic has swept the financial markets, the euro has lost more than 3 percent over the past three days.  But this is just the beginning.  When the euro drops below 1.20, analysts will talk about the collapse of the euro.  When the euro falls toward parity with the dollar, headlines around the world will scream about the death of the euro.  But when the European financial system finally collapses, we may very well actually see the end of the euro.  Yes, it actually could happen.  The eurozone, as it is currently constructed, simply does not work.  You just can't take 17 different nations that have 17 different fiscal policies, 17 different tax policies and 17 different economic agendas and cram them all into a single currency and expect the thing to work.  The euro is a doomed currency, and if a big nation like Germany decides to walk away at some point the game is going to be over.

It is not as if the euro is just having a bad week.  Just check out this chart that shows what the euro has done relative to the U.S. dollar over the past 6 months.

The truth is that a collapse of the euro has already begun.

And a whole lot of investors expect it to continue.  Right now, huge amounts of money are being poured into bets that the euro is going to go even lower.

All over the world, financial professionals are speculating about how far the euro will eventually fall.  Scott Mather, the head of global bond portfolio management at PIMCO, says that he believes that the euro is going to go much, much lower....

"Parity with the dollar next year is not out of the question"

Of course the central banks of the world could step in at some point with coordinated action to help support the value of the euro.  This kind of thing has happened before.  But such support would only be temporary.

Central banks can manipulate the markets for a while, but in the end the long-term trends are going to prevail.  Just look at what is happening with European bond yields.

European bond yields are rising once again even though the European Central Bank has already spent over 274 billion dollars buying up European government bonds.

There will be more efforts to try to prevent the death of the euro, but those efforts will be kind of like spitting into the wind.

A recent article posted on Crackerjack Finance talked about some of the fundamental problems that make the euro such a flawed currency....

The problems of the Eurozone’s flawed construct are now completely exposed. A block of 17 sovereign nations have adopted a common currency and outsourced monetary policy to a common central bank. Yet each of the 17 sovereign nations have different comparative advantages, industries, debt levels, interest rates, budget deficits, labor market rules, and tax policies. Reflecting on all the differences, it is amazing that the Eurozone has survived in the current construct for over a decade.

Greece would probably not be going through an economic depression right now if they had not joined the euro.  But now, 100,000 businesses have closed since the beginning of the recent crisis and a third of the country is living in poverty.

As this crisis spreads throughout the rest of Europe, it is going to put an incredible amount of stress on the European financial system.  Many now believe that the euro may not be able to make it through the tough times that are ahead.

The following comes from a report recently produced by Credit Suisse's Fixed Income Research unit....

"We seem to have entered the last days of the euro as we currently know it. That doesn’t make a break-up very likely, but it does mean some extraordinary things will almost certainly need to happen – probably by mid-January – to prevent the progressive closure of all the euro zone sovereign bond markets, potentially accompanied by escalating runs on even the strongest banks."

So will we actually see the end of the euro?

Only time will tell.

But one thing is for sure - the situation in Europe is rapidly getting worse.

In Greece, approximately 20 percent of all bank deposits have been withdrawn since the start of 2011.

If you still have money in a Greek bank, you might want to do something about it before the run on the banks gets even worse.

In fact, if you still have money in any European bank, you might want to consider your options.

Today it was revealed that Germany's second largest bank is going to need a bailout.

The following comes from a Sky News report....

Germany's second largest bank, Commerzbank, is reportedly in discussions with the German government about a bailout after regulators said it needed to raise more money to cope with a potential default on its loans to governments.

"Intense talks" have been going on for several days, according to sources who spoke to the news agency Reuters.

Let the bailouts begin!

European governments are going to save the banks that they want to save, and the rest they are going to let fail.

So who will live and who will die?

We just don't know.

But without a doubt, a whole lot of European banks are in trouble.  In fact, Fitch Ratings downgraded the credit ratings of five more major European banks on Wednesday.

The eurozone worked well for a while, but now the flaws in the system are becoming appallingly evident.  To get an idea of just how badly the European financial system is unraveling, just check out this chart.  European bond yields are not supposed to be acting like that.

In the end, someone is going to leave the euro.  There has been a lot of talk about Greece or Italy leaving the euro, but the truth is that it is probably more likely that a strong nation such as Germany will be the first to make a move.

If Germany leaves the euro, will they start printing up new German currency?

No, I believe in that case that Germany would seek to establish an entirely new European currency for an entirely new European financial system.  Germany is very committed to the idea of a "European superstate", and just because the euro is a failure does not mean that they are ready to give up on the idea.

But time will tell who is right and who is wrong.

For much more on why we are on the verge of a massive financial collapse in Europe, please check out these articles....

*"Mega Fail: 17 Signs That The European Financial System Is Heading For An Implosion Of Historic Proportions"

*"22 Reasons Why We Could See An Economic Collapse In Europe In 2012"

As I have written about previously, it doesn't take a genius to figure out what is happening in Europe.  The equation is simple....

Brutal austerity + toxic levels of government debt + rising bond yields + a lack of confidence in the financial system + banks that are massively overleveraged + a massive credit crunch = A financial implosion of historic proportions

Unfortunately, the United States is not going to escape all of this chaos unscathed either.

The financial systems of the United States and Europe are more deeply tied together than ever before.  When the financial crisis in Europe fully erupts, we are going to see lots of banks in the United States fail too.

The U.S. economy never recovered from the financial crisis of 2008, and this next financial crisis could send us into a huge tailspin.

2012 is going to be a very interesting year for the financial world.  I hope that you all are ready for what is about to happen.

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  • http://myadventuresinselfreliance.blogspot.com/ Jamie

    So few people realize how much exposure USA Mutual and pension funds have in the Euro. I’ve heard as high as 40% of funds. I’m glad that Silver and gold are on sale right now , but I fear the reason is paper GLD and SLV is being sold off to maintain some liquidity.

    • DeathSpiral

      The dollar squeeze is slamming the price of precious metals. Everyone wants out of the Euro and into the dollar so the dollar is strengthening rapidly versus the Euro.

      One forecaster suggests this will bottom by early to late Feb. Then hold on tight as the physical metals take off in price.

      • Kevin2

        I been on a learning curve with all of this since Feb of 07. I understand that people would bail out of the Euro but to acquire UDS verses gold / silver does not make sense. Historically this is what they do but I can’t understand the logic.

  • Xander cross

    I got a feeling that bank of America in particular is in deep trouble and also, many department stores with credit cards as well. You are right Michael, next year is going to be very interesting.

  • Nick

    Even if they do bail out their banks in Germany or anywhere else, it’s all quite ridiculous because the banks buy up the government’s debt.

    The government’s will have to issue more debt to bail out the banks, and the banks will have to buy up the debt.

    For all the problems in the US, we have at least already recapitalized our banks with TARP. Germany hasn’t done that yet, so their debt/GDP ratio could significantly increase when the dominoes have to be propped up.

    Really, it’s all just a big ponzi scheme or shell game. It really makes no sense. No rational person can actually believe more debt is the solution to the debt crisis. But, at the same time, this ponzi scheme allowed Western economies to consume much more than they produced for quite some time.

    Even though the ECB is saying they won’t monetize all that debt (print Euros to buy up the various bonds of governments like our Federal Reserve is doing), I believe they ultimately will. This will not solve anything, but the other option will be one they can’t choose – a cascading collapse from the EMU to the UK (UK banks own Euro-denominated debt) to America/Japan/China.

  • r.bitting

    ” Very truly I tell you, whoever hears my word and believes in him who sent me has eternal life and will not be judged, but has crossed over from death to life. Very truly I tell you that a time is coming and has now come when the dead will hear the voice of the Son of God, and those who hear will live “.. John 5:24-25.. ” For my Father’s will is that everyone who looks to the Son and believes in him shall have eternal life, and I will raise him up at the last day ” .. John 6:40.. God loves you people and wants you to be saved. Don’t think that you can stand before God on your own merit, for all have sinned and fall short of the glory of God. Christ came to take your punishment for you, so that through his sacrificial death on the cross, all who trust in him would be made righteous. ” For God made him who knew no sin to become sin for us. that we might become the righteousness of God in him ” 2 cor. 5:21.. God does’nt want you to die in your sin, but thats exactly what many of you here are about to do, because you refuse to hear the truth, or even to consider the claims of Christ. I will pray for you, that you might reconsider. Think of your families, think of your kids. What if you are wrong? Should’nt you be giving the most important question in life more than just a momentary thought. Christ makes an incredible claim ( That he is God ), and he never left any other option open. He either is or he is’nt. Does’nt your own conscience point you to the fact that God made you that way because he cares about right and wrong, and the fact that you care about seeing justice served should also point you to the fact that God made you that way because he cares about justice too, which should point you to the reality of a future judgment for all of us. This is why Christ died on the cross, so that you could be aquitted, and declared righteous in Gods sight. Please consider these things.

  • Cyrus
    • Malcolm Reynolds

      No reason really to go past this whopper

      “Why is it that the yen is stronger than the dollar”

  • Rancher

    Paper comes and paper goes. Actually the job is never done until the paper work is complete. In the end paper currency will once again be used to complete said…job. ;-) “TP”

    But gold and silver will not be left behind…

  • http://EconomicCollapse Already Gone

    wednesday Italy paid a euro-era record yeild at a long term debt auction,yields on the five year
    bond soared to 6.47% up from 6.29% at a similar auction a month ago. what can a person say?

  • Dargos

    The EURO may temporarily go down against the dollar but will never collapse. The Euro will recover simply because the Europeans are discussing, planning and acting on the problem. It is the US dollar that is going to collapse. Why? Because the US government is still magnifying the problem instead of solving it.

    • Ulrick

      I agree.

      The Euro will recover because Europe has the infrastructures, the industries, the gold and the will to survive and resolve the problem.

      All these Euro alarming talks are a distraction to cover the death of the dollar as people are starting to realise that the US and the UK economies and wealth are a total joke and that nothing will change there because the both countries are in total denial and show no will to change anything.

      • Malcolm Reynolds

        No, the Euro will collapse for the reasons indicated above.

        “Europe has the infrastructures, the industries, the gold and the will to survive and resolve the problem.”

        This is more true of the US than it ever will be of Europe. True, America is isn’t resolving to solve our problems just yet, but I think that due more because we’re being lied to by our elected leaders who are trying to steal our liberty than fix our problems.

    • 007

      I believe you will be proven right.

    • grimreaper

      I seriously doubt that Euro as it is now will survive past next 6months.Greece, Italy, Portugal, Spain, Ireland,Soon to follow my country Slovenia, ,sooner or later France and Belgium..:They CANT stop the avalanche now. If they want to keep the euro as it is, they will have to force all EMU to accept ONE fiscal pact, but that would mean end of monetary/fiscal Independence.Would US citizen accept something like that? i seriously doubt. So wont EU citizens.At least not right away, and it might be just too late when they will finally end their resistance to germany/france domination….

  • 007

    We will see, Merkle and the new head of the ECB seem to have total control over the process. They forced 26 out of 27 countries into a economic treaty and giving up some sovereignty. I believe you will see the ECB stepping in as needed to prop up the Euro while at the same time forcing concessions from the Euro countries. These two are going to become a powerful duo and may eventually force a number of countries out of the Euro while forcing the remainder to surrender their economic sovereignty.

    For the U.S. This is going to mean a higher dollar, falling commodity prices, (including gold for a little while) and a falling stock market. However, watch out for the FED stepping in and manipulating the stock and bond markets.

    Newsflash: Bernanke today claims he has no intention of loaning any more money or bailing out the European countries. We shall see about that.

  • luis

    Some one told me the by the end of 1212 the U.S.A is going to collapse there going to be chaos an las vegas is going to run out of water by 1217 or by 2121 so people moved out of u s an marshall law is coming so in 5 to 7 year im out of the us.

    • Malcolm Reynolds

      It either happened 795 years ago or it wont happen for another 110 years?

      Psst, the year is 2011.

  • luis

    HEY EVERYONE GO TO YOUTUBE AN SEE WHAT ILLUMINATI IS DOING TO THE US PLEASE PLEOPLE WAKE UP BE FOR IS TOO LAKE CHANGE YOUR CURRENCY TO OTHER CURRENCY AN BUY FOOD SUPPLY BE FOR IS TOO LATE IM OUT BYE

  • dmitry

    Michael,

    thank you as always.

  • http://YAHOO RICHARD

    AS FAR AS GOLD AND SILVER I HAVE TAKEN A BATH THE LAST COUPLE OF DAY BUT I AM SURE IN THE LONG RUN SILVER AND GOLD ARE WHERE IT’S AT. I DON’T TRUST PAPER ANYMORE

    • 007

      gold is just acting with volatility now because The European crisis is driving up the dollar. Central banks and broke banks are selling because they have to cover their losses. Central banks may be selling gold to create price volatility to discourage the purchase of gold. I believe they are just trying to shake out the small investors before the next inevitable price increase. They don’t want you invested anywhere but in government debt.

      Don’t sweat it. They can’t print gold. Even with this volatility your gold you bought in January is worth 10% more. Your dollar you held since January is worth 10% less. This gold price decline is the buying opportunity of a lifetime. Just wait till it bottoms before you buy again.

      • http://YAHOO RICHARD

        THANKS 007 I FEEL BETTER ALREADY I WAS GOING TO WAIT TILL GOLD AT LEAST HIT 1589 OR LOWER. MY PROBLEM IS I BELIEVE WHEN THE CRASH COMES WHAT CASH I DO HAVE WILL DISAPPEAR OR THEY WILL CALL A BANK HOLIDAY AND I WON’T BE ABLE TO BUY GOLD. HOPE YOU SEE THIS. THANKS AGAIN

    • dodiligence

      Sorry, gold and silver are not where its at. The bible declares that the silver and gold will be cast into the streets. The economic collapse( which is certain) will only be the beginning stages of sorrows that will come on the world. There truly is only one refuge from the coming storms. His name is Jesus.

  • http://goldenladyfun.blogspot.com Pat

    Get your own bone.

    Spain is in Euro zone. I have lived in Europe since 2000. I went to university in England. I have a good handle on European politics and economics.

    First, the central bankers forced everyone to accept the Euro. That was a joke. Now they want to collapse it. Do you think this might be theatre?

    We already have facistic regimes in Europe hiding under the umbrella of socialism, another joke. The fact is that Europe was never a powerhouse. It has been bankrupt at least for thirty years ago. At best Europe is an illusion created by poor social scientist at the end of the 2nd World War. Europe is like a third world country with super highways and railroads.

    If you will notice Scandinavian countries (Denmark, Sweden, Norway) do not use the Euro. England does not use the Euro. Switzerland does not use the Euro.

    Only the poorest countries who have had their assets stolen out from under them and their controllers use the Euro. In France they have a four day work week. Is that because they care about the health of the workers or because they wanted to create the illusion of low unemployment

    Spain has incredible potential because of the warm weather, sunshine and sea. I live in Spain. We have almost no infrastructure, poor schools and hospitals, food cost twice as much as the U.S. Teachers earn about $1500 per month. Gas is twice as expensive as the U.S.

    Yet, the real estate market was booming until the banks for some unknown reason decided to stop financing houses. Now we have about 2 million homes in my area sitting empty. Many investors from England lost their life’s savings. The people were told that the economic crises was the fault of the U.S.

    In 2009 my daughter was ordered by the school to march around our local town singing the “crises song”. (To my knowledge all the European countries direct their students when to protest and what to protest about.) Who are they trying to convince that there is a crises? Who are the targets of their propaganda? Why is it so important that the people believe that there is an economic crises?

    In Denmark there is a 14 year waiting list for an apartment. This deliberate shortage was designed to keep property values artificially high so that the banks could maintain the illusion of having money. I know because I used to write economic reports for banks. Do you think that artificial collapse is being created to put more control into the hands of the banks? We readers have to be aware of the tricks these jokers play and their true intentions.

    If you do not want to be a victim of their sick jokes you have to buy gold or silver now before it goes up. We sell gold at my blog for any budget. Let us show you how to start a free gold savings account:

    http://goldenladyfun.blogspot.com

    My dogs like to sit near the table when we eat just in case we drop anything on the floor. We rarely drop anything on the floor yet they still sit there hoping. Don’t be like my dogs. Get your own bone.

    • SMASH THE CONTROL MACHINE

      JESUS IS THE BONE!!

  • ScoutMotto

    The euro was doomed from the getgo, and the federal reserve note is doomed also. Both are rooted in the same monetary concepts, and those concepts are failures from day one. They are mathematical equations that do not work. They are designed to fail, and designed to ruin the people.

  • don

    MICHAEL, I JUST STARTED READING YOUR SITE RECENTLY. I FEEL THE TRUTH IN WHAT YOU ARE SAYING EACH DAY. YOU FINISH OFTEN WITH THE WORDS “I HOPE YOU’LL BE READY FOR WHAT IS ABOUT TO HAPPEN” MY QUESTION TO YOU IS: WHAT EXACTLY DOES ONE DO TO GET READY FOR WHAT’S COMING?? I’VE PUT EVERYTHING INTO BANK FDIC INSURED CD’S BUT I KNOW FDIC COULDN’T COVER A FRACTION OF WHAT IS SUPPOSEDLY INSURED. ALL I HEAR FROM EVERYONE OUT THERE IS GOLD, AMMO, FOOD AND GOD. I BELIEVE THAT GOD IS WORKING OUT HIS PLAN HERE FOR US THROUGH ALL THAT IS HAPPENING AND IN THE END HIS WILL WILL BE DONE. WHAT DO YOU FEEL WE SHOULD BE DOING?? THANKS, DON

    • Michael

      Don:

      I am thankful that you have started stopping by the site on a regular basis. :) I enjoy writing these articles, and it means a lot that people enjoy reading them.

      As far as what to do, there are a lot of articles on this site that contain tips, and one article with some really basic ideas of how to get started is right here…..

      http://theeconomiccollapseblog.com/archives/what-to-do

      In the end, though, “preparation” is going to be different for each person and each family. A lot depends on where you live and what your job situation is.

      Michael

    • 007

      Michael has a lot of good articles. However, the best specific description of what we will face after the collapse and what to do now to prepare is linked below.

      http://www.scribd.com/mobile/documents/62910615/download?secret_password=2cgqxdq82gef7x8eatpl

  • How it will end

    Not with a bang but with a whimper,

    The United States is finished,
    AND HERE IS HOW IT WILL PLAY OUT;
    Economic Decline: Within the Next 5-10 years

    After years of swelling deficits fed by incessant warfare in distant lands, in a few short years, the U.S. dollar will finally lose its special status as the world’s reserve currency.
    Suddenly, the cost of imports soars. Unable to pay for swelling deficits by selling now-devalued Treasury notes abroad, Washington will be finally forced to slash its bloated military budget.
    Under pressure at home and abroad, Washington is now slowly pulling U.S. forces back from hundreds of overseas bases as seen in the Iraq withdrawal, to a continental perimeter.
    But now, however, it is far too late.

    Faced with our fading superpower status and now incapable of paying our bills, China, India, Iran, Russia, and other powers, great and regional, will provocatively challenge U.S. dominion over the oceans, space, and cyberspace on a routine basis.
    Meanwhile back at home here in the U.S. amid soaring prices, food, fuel to name a few and with ever-rising unemployment and a continuing decline in real wages, we are about to witness domestic divisions that are going to widen into violent clashes that will make the current occupy movements look like a walk in the park.
    We will see more divisive debates, often over remarkably irrelevant issues, such as gay marriage for example.
    then out of nowhere a Ron Paul type, during this political tide of disillusionment and despair, will capture the presidency with thundering rhetoric, demanding respect for American authority and threatening military retaliation or economic reprisal.
    Sadly with little respect the world pays next to no attention as the American Century ends in silence.

    • SMASH THE CONTROL MACHINE

      RON PAUL HE’S GOT TWO FIRST NAMES!!!!

  • knightowl77

    An old Chinese curse “May you live in interesting times” is happening….

    First the Euro, then comes the Dollar….do buy gold or silver if you can

  • Paul

    11 month low?

    Which means it has been lower before in the last 10 years?

    I won’t buy Euro now. And the only reason is that the euro is still too expensive.
    I hope for another 50% drop.

  • McKinley Morganfield

    Jamie said: “I’m glad that Silver and gold are on sale right now , but I fear the reason is paper GLD and SLV is being sold off to maintain some liquidity.”

    This may seem to be a non sequitur, but I would like to know why the federal government’s physical gold reserves (supposedly locked up tight in Fort Knox) have not been audited for many decades. And I would like to know why congress has not required an audit of the Federal Reserve’s physical gold assets.

    BTW, paper metal is just paper, its not metal. If you hold paper metal you can have it taken away by executive fiat in the drop of a hat or you can see its paper value plummet via the shenanigans of Goldman Sachs. For we serfs, physical gold and silver in the hand is worth many paper certificates in the digital vault.

  • Paul

    Check this chart to see how the euro developed to the USD over the last 5 years.
    http://finance.yahoo.com/q/bc?s=EURUSD=X&t=5y&l=on&z=l&q=l&c=

    The Euro is going down, but it has been lower than today before.

    If you want to see the big picture, don’t just check 6 months. Check years and decades.

    When I was a kid, 1 USD = 2.50 DM.
    Now with 1 EU ~ 2 DM
    1 USD ~ 0.37 DM

    therefore: the USD is crashing down.

    Maybe the United States should split up? LOL

  • http://www,Back2theLand.com Old Timer

    “Gloom, dispair, agoney on me. If it wern’t for bad luck, I have no luck at all. Gloom, dispair and agoney on me.” He-Haw.

    Old Timer

    • Highspeed

      Gloom, despair, agony on me, deep dark depression, excessive misery,
      If it weren’t for bad luck,
      I’d have no luck at all,
      Gloom, dispair and agony on me, Whooa!

      One of my favorite songs growing up.

  • David M

    Is there a way to find out and post where all the major pension and mutual funds are invested?

  • Tony N
  • Chris

    No i think you are being a bit premature here. The crisis is being used as an opportunity by the euro elite to further their agenda of centralization. They would never give up and admit defeat for their long term project rather their response is ‘what we need is more Europe not less’ . Similarly your country and the UK etc have been sold down the river by corrupt globalist serving politicians and this is to a large extent the basis of the current depression and the lack of any decent jobs being created in the West. And what is their response to the failure of Globalisation? It’s ‘we need even more Globalisation not less’ ! They are all the same, never let a good crisis (manufactured or not) go to waste.

  • karen

    Folks should read this if this doesn’t wake you up to the future nothing will: I dreamed of the Future and woke up screaming by Paul Mcguire great article.

  • Robert

    I see two possible scenarios for Europe. First the southern eurozone countries will leave the EU and proceed to reimplement their own currency, similar to Iceland. The results will be severe austerity and probable civil war in the individual countries as the non-producers revolt over the loss of entitlements.
    Or, France and Germany will try and come up with a treaty to force the other Eurozone countries to give up the management of their financial systems to France and Germany. The resultant austerity forced on say Italy or Spain will cause a war in Europe as the rest of Europe revolts against the tyranny of Germany.

  • http://erectuswalksamongst.us/ Call Me ‘Snake”

    I recall just a year of two ago, reading about
    how the ‘Europeans’ were vacationing in the
    USA and taking advantage of all the ‘cheap’
    things they could purchase with their strong
    Euro.

    Well, it looks like the roles have reversed,
    now it’s our turn again to vacation in Greece,
    see the Colliseum and the Eiffel Tower, on
    the cheap. Laughing all the way.

    Call me ‘Snake’.

  • Antonio Gonzalez

    Euro…..Euro….Euro……and the dollar? Printing and printing
    is not for long life.

  • Jeremy

    No one can stop it…the currency will be finished here.

  • Thomas James

    Michael, I recall reading somewhere recently (maybe here?) that Germany already has Deutschmarks printed up and ready to go.

  • Rancher

    Today the wife is cashing in a thousand eroded euros. It is a good time to buy gold/silver…hint hint hint.

    Probably a good time to be conditioning your mind to maybe accepting the move from the US out in the future someday.

    Normalcy Bias most of us and has our political leaders doing about zero to make any note worthy difference. The right way that is.

    But you can bet this. They have their BOL up and running and paid for by…you ;-)

  • Gary2

    Michael-could this be the start of the rise of the Fourth Riech?

    I ask in all sincerity as it seems to me that the situation somewhat like the 1930″s

  • REED RICHARDS

    Death = Collapse = End?

    Why be redundant in the title of this article?

    I say let the entire world economy collapse. Bank Runs! Collapsing Markets! Bank Holidays! Mass Starvation! Martial Law! ALL!

    The jig is up. GAME OVER………

    • Michael

      Reed:

      Not being redundant – there are fine distinctions between all three categories. :)

      Michael

      • REED RICHARDS

        Michael,

        When speaking about currencies, these are distinctions without differences………..But hey, when these currencies collapse, people won’t be thinking about these things so much.

  • William

    What is happening to gold? $1570 an ounce?!

    Could someone explain me?

    I thought that gold was going to be a good investment in times of crisis…

    • Michael

      If you are going to invest in gold, you should be prepared for WILD swings in price.

      Michael

      • William

        Oh yeah, I think you’re right. But I believe that when the crash occurs, or at least some very disturbing new hits the fan, the price of gold will crash too (because of the selling to cover losses) and that would be a buying opportunity because the price would rise again, do you agree?

        Thanks!

        • Michael

          I think that we are going to see WILD fluctuations in the price of gold in the next few years.

          Michael

    • mondobeyondo

      Time is your friend.
      Think long term, not short term.

      If only I had known that earlier in my life.

  • adam

    Soon….and then there were 10! All this was written about 2,000 years ago

  • obamaville 2008

    the united states of europe..ha…the only similarity the euro has with america is the pre war devide between the prosperous states up north and those of the yokels down south.. but apart from that, they couldn;t organise a lawns bowl outfit under their own name let alone a cival war in order to save themselves..so it will be up to her merkel and the reichstag to decide the destiny of europe for once and for all, as well as the blitzcrieg that will inevitably follow, either from the markets or the 4th reich..

  • mondobeyondo

    If it is true that many U.S. mutual funds and pension funds are heavily exposed to the Euro (not to mention some big U.S. banks) – then U.S. retirees and pensioners are in big, big trouble if the Euro collapses.

    After that, it will be a race to the bottom between the Euro and the dollar. They are both fiat currencies, and their intrinsic value will plunge to zero. Why? Neither currency has any true value.

    Gold, silver, platinum, etc. have value. They are precious metals, meaning you don’t find them by taking a shovel to your back yard and digging them up. It takes effort to find, mine, and refine these metals.

    Paper money? A one dollar bill is as valuable as a $100 bill, paper-wise. What makes the $100 bill more valuable, personally and economically, is that the Fed prints a number 100 and a picture of Ben Franklin on that strip of paper. On a different strip of paper, they’ll put a number 1 and a picture of George Washington. So that means just because there’s a picture of a different guy and a different numeral, that same piece of paper is more valuable.

    Right??

    Suppose I buy a printing press, and print up large numbers of bills with President Obama’s image on them, and declare they are worth 1/100th of a cent. Oops, I can’t do that. That would be counterfeiting…….

  • Pingback: The Collapse Of The Euro, The Death Of The Euro And The End Of The Euro | Sovereign Independent

  • Calex

    Right now, countless economic analysts and other financial whizzos are deeply immersed in the data and developments to completely miss the picture – due to insufficient conspiracy awareness.

    This is where the rubber meets the road – where the Elitists try to pull off their quantum step towards global fascist rule, and where the reality of all the “ridiculous” theories of us “conspiracists” surfaces to smack these dimwitted experts right in their clueless faces. For all the “learnedness” of these so-called “experts” and financial gurus, they may’s well have gotten their PHD’s in Unicorns and Leprechauns. If they don’t understand the goal of the financial minions’ machinations to “save” the EU – they understand nothing.

    Like an EMT handcuffing and hog-tying an innocent traffic accident victim lying unconscious on the road, the financial leadership of the EU stampedes with indecent haste to take over sovereign nations in the most fundamental aspect of national rule – control of their budgets, which would be the complete end of sovereignty for any nation fool enough to fall for it. Good ol’ Amstel Rothchild had it right – as he pretty much said “give me control of currency and finances – and you can dance your kings and queens all over their royal stages for all it’ll matter for true control.”

    That’s their goal – that’s their priority, and there ain’t no saving nobody but their minion banks as they purposely destroy the economies of these nations to bring them under the heel of a fascist collection of Scrooge technocrats in Brussels.

  • Kevin2

    Gary2

    Google this. it supports my contention that ‘The rich” creating jobs is nonsense and that taxes were much higher on them back when we had an economic boom. The high taxes did not create the boom but neither did it inhibit it. It’s does not hinder or solve the problem.

    Google the below:

    From Yahoo Finance

    Finally, A Rich American Destroys The Fiction That Rich People Create The Jobs
    By Henry Blodget | Daily Ticker – Thu, Dec 15, 2011 10:29 AM EST

  • Joel

    I’m ready to bet that the Euro WILL NOT disappear even if we go through really hard time :-)

    In fact what happen is perfect to make Europe a POLITICAL entity which has always been lacking until now – only high pressure like the one we are going through is exactly what has been needed. Yet, don’t get me wrong, this does not mean I’m jumping out of joy. A political union is not something I see with gladness.

    Just that this looks to me more as a willingness to use the fear of a “collapse of the Euro” has a mean to push forward an agenda impossible to push in a normal situation. The agenda being “a true E.U. with total power-politicaly, economicaly, financialy & socialy”.

    So I don’t believe one second in the collapse or death of the Euro at all, whatever the numbers say…

  • jolt

    The euro is doomed to fail. It is just a matter of time. The whole European economy is going down and other countries will follow. Printing more and more money will not help.

    Wall street thinks they can continue to manipulate our economy and make it all turn out all right.

    We can all see the mistakes that are occurring on Wall Street.

    Find out how ordinary people are profiting from
    Wall Streets mistakes.

    http://theelevationgroup.net/yearinreview/index.php?a_aid=160667&a_bid=418a665e&chan=y

    A lot of wealth is about to be transferred to
    those who find out the dark secrets of Wall Street and our government.

  • Michael

    The following comment was submitted by a reader….

    There used to be a saying in Britain “When America sneezes, we catch a cold”.

    Well, right now, it seems to be the other way around. A lot of these points have applied to the UK for years.

    I have a phrase to describe our leaders. David Cameron of the Conservative Party (Right) David Milliband of the Socialist Party (Left) – and before I continue I am beginning to believe that Milliband is more right wing than Cameron – and we have Nick Clegg of the Liberal Democrats who I am of the firm belief, and many events prove it, is far, far left of the Socialist Party although they try to hide that fact.

    I use a phrase to describe the three leaders more simply. Older American readers might remember a comedy threesome, who were slapstick, called “The Three Stooges”. This is my, and many other Brits, description of our leaders.

    Your problem, which is the same as ours, although we have an added negative called the EU, is that both your left and right have run down your country, through wars on the one hand, and huge government on the other.

    Not satisfied with a “cradle to the grave” philosophy, we are now building an army of outworkers to call in to people at home to help them do the things they have forgotten to do for themselves.

    In addition to this malady in both of our countries, we have to bow down to unelected Commissioners in the EU. The EU is not democratic. I have personally been to Brussels and Strasbourg and seen the MEPs (Members of the European Parliament) who are voted in by the public to pretend to be democratic. When voting is carried out, the head of Parliament reads a number our, the head man of the various parties is the only person who knows what the MEPs are voting for. The other members crane their heads to look at their leader in front who gives a thumbs up sign if they have to vote “yes” and a thumbs down sign if they have to vote “no”. I have spoken to many MEPs who assure me they have no idea wheich laws or directives they are voting for,

    Each of our country has a savour, you have Ron Paul, and we have Nigel Farage. However, they won’t ever get voted in. Ron Paul because his ideas are so different to the norm that too many people are too settled in their comfort zones, and will vote for the person who will carry on the status quo. Daft isn’t it? But true. And Ron Paul is making his last bid for the Presidentcy, his voice is weakening and I fare he wont want to stand in, I believe, five years time.

    In Britain we have an interesting mix. I am not saying my percentages are correct, they are now presented as an illustration only – although I believe they should be fairly accurate.

    We have 30% die-hard Labour Voters who many continue to vote for their party because their parents did, and their parents before that. Others are of limited intelligence who believe that the Socialists are the party for the “working man” when, of course, only a party that supports business – and therefore jobs – can really be for the working man!

    We have 30% of die-hard Conservatives. Some of which believe that times haven’t changed and still live in the “glorious past” which at 72, I can assure you were never so glorious! Others just hate Socialism and all it implies, and would never vote for the other party in a million years.

    Then you have the remaining 40% who are floating voters. I would guess many are of one or two parties and the rest, the more intelligent voter, looks at the country at the time of the election and tries to vote for the best leader.

    Nigel Farage, a member of the UKIP (United Kingdom Independence Party (UKIP) who I mentioned earlier, and who many of you will know from the YouTube Videos where is berates the officials in strongly worded and very insulting speeches in the EU Parliament, is the only man in British Politics with genuine fire in his belly.

    Many of the 40% diehard Conservatives would love to vote for him but just cannot tear themselves away from their party as they firmly believe the party will do the right thing in the end. THEY WON’T! It is left for the floating voter to give him a chance, but they are, on the whole, too busy voting tactically to get one side or the other out.

    I hope I have been able to tell you a little about British Politics, and no doubt another Brit will come along and tell you that I have it all wrong. If this happens, then great! This is good, because it might encourange you to take a look for yourself to see which of us is right. I am confident that any indepth study will prove I am pretty well right. Not definitely right, but near enough. Nobody can see into the heart of en entire population.

    Finally, please feel free to follow my blog from time to time, I don’t post every day, somethimes I may post three items in a day and a week will go by before the next. I tend to prefer to wait until I have something to say. The blog is at http://www.ampers.me.uk and my email address is there.

    Andrew Ampers Taylor

  • http://www.myg0t.com howdy doodie

    So….if Europe collapses that means USA collapses…..does that also mean Asia will collapse? A lot of their economies depend on exports. I know China has trillions of dollars and might be able to weather the storm but eventually something has to give.

  • Vince
  • Pingback: Americans Must Stop World War 3 Now or Face Extinction :

  • highspeedloafer

    Han’s, a middle-aged German tourist on his first visit to Orlando, Florida, finds the red light district and enters a large brothel. The madam asks him to be seated and sends over a young lady to entertain him.

    They sit and talk, frolic a little, giggle a bit, drink a bit, and she sits on his lap. He whispers in her ear and she gasps and runs away! Seeing this, the madam sends over a more experienced lady to entertain the gentleman.

    They sit and talk, frolic a little, giggle a bit, drink a bit, and she sits on his lap. He whispers in her ear, and she too screams, “No!” and walks quickly away.

    The madam is surprised that this ordinary looking man has asked for something so outrageous that her two girls will have nothing to do with him. She decides that only her most experienced lady, Lola, will do. Lola has never said no, and it’s not likely anything would surprise her. So the madam sends her over to Han’s. The sit and talk, frolic a little, giggle a bit, drink a bit, and she sits on his lap. He whispers in her ear and she screams, “NO WAY, BUDDY!” and smacks him as hard as she can and leaves.

    Madam is by now absolutely intrigued, having seen nothing like this in all her years of operating a brothel. She hasn’t done the bedroom work herself for a long time, but she’s sure she has said yes to everything a man could possibly ask for. She just has to find out what this man wants that has made her girls so angry. Besides she sees a chance to teach her employees a lesson.

    So she goes over to Han’s and says that she’s the best in the house and is available. She sits and talks with him. They frolic, giggle, drink and then she sits in his lap.

    Han’s leans forwards and whispers in her ear, “Can I pay in Euros?”

    Borrowed.

  • http://none bob

    the funny part is usa and euroland are bankrupt while Russia and China are not

    • Joel

      China is not bankrupt? Are you joking?

      • Joel

        There is a lot of fake numbers in China’s economy also and artificial support to a zombie economy – as in the real estate field for instance (huge new empty cities being constructed, hello the financial bubble)… I think that China is has bankrupt as USA, at least for the moment, even if China is buying USA debt that does not mean anything in our highly connected world.

  • http://none bob

    interestingly, euro central bank, imf, world bank, and other similars say that all nations in debt have to get out of debt without the help of the major funny guys who call themselves central banks, international money fund, world bank, etc

    the sad part is that all these defunct nations do not have a clue how to get out of bankruptcy, which is simple but would require them to bite the bullet, which they will not do because they have no teeth

    the inhumane part is that the people of these nations will suffer because they are led by the same idiots who brought their nation into bankruptcy

  • edie lederer

    17 countries – in which the people of each country have very different upbringings and life experiences. They suddenly have all the same currency. Why? No wonder they are all collapsing, they don’t even LIKE each other.

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