• Greece wants another $173 billion handout; this comes a day after it agreed to faux austerity measures that allowed it to receive a separate $156 billion loan tranche from the IMF.
• Portugal's bond rating was just slashed to 'junk' status with negative outlook. Roughly translated, this means that Portugal has joined Greece in Delta Tau Chi, Europe's worst fraternity.
The "rescues, guarantees and bailouts" of Greece have thus far totaled $394 billion -- 120% of its entire gross domestic product!Knowledgeable insiders say that the only solution for Greece is to leave the Eurozone.
When Greece inevitably defaults, the impact will, in my opinion, be severe. Its credit default swaps (basically, bets that Greece will fail to pay its debts, abbreviated as "CDS") will suddenly explode in value. The issuers of said CDS contracts must find ways to pay those bets off. Think of AIG, only with pissed-off Arab Sheikhs, Russian mobsters, African ganglords and Mel Gibson in Road Warrior. And who is exposed to such a default? Fact is, no one really knows.
Mark my words: after Greece and Portugal, Spain, Ireland, and Italy will be next to fall. French banking exposure will be revealed along the way. And Germany -- the financial powerhouse of the Eurozone -- will be left gasping because its banks hold much of this toxic waste.
In the mean time, President Obama and the Democrat Party are busy pursuing the same failed, socialist welfare state policies that are about to topple Europe. Endless wealth redistribution, socialized medicine, powerful unions, massive deficit spending, and corrupt, power-hungry politicians -- these are the characteristics that define the modern Democrat Party and President Obama, specifically.
Tell me: what do you call the pursuit of policies that are today failing, have in fact never worked, can never work, and are always guaranteed to fail?
"Change".
Remember in 2012.
* "Drones" - a term coined by Mark Levin to denote zombie-like Obama supporters for whom facts, logic, reason, history and experience mean nothing.
ALL THE EUROWEENIE SOCIALISTS HAVE TO DO TO STAY IN POWER AND CONTINUE THEIR RECKLESS POLICIES IS TO TRANSLATE "I blame Bush!" INTO GREEK, THEN PORTUGESE, THEN SPANISH, THEN ITALIAN AND THEN FRENCH AND THEN GERMAN.
ReplyDeleteSIMPLE.
AND SO MUCH EASIER THAN ADMITTING YOU WERE WRONG AND SAYING SORRY AND LEAVING THE STAGE.
Another invasion and 4 to 5 year occupation should set things right over there.
ReplyDeletePeople are saying that Obama is either too stupid to know what he’s doing or too evil because he does. As time goes on its becoming apparent that it the later rather than the former.
ReplyDeleteBut the larger question is what is the plan go on from here? What do they have in store to stay in power?
The Dems aren’t stupid enough to think that just talking about them caring will do the trick, they have to have something up their sleeves to keep in office after royally screwing things up so much.
The big question now is what is it?