What a big happy family they all are! This is going to be a short post as I have a massive hangover and a pounding headache.
It seems that there is agreement between the European nations on a common front to give support to the European banks. There is no mention of a US-style monetary bailout, but as mentioned in the previous post, the 'togetherness' is going strong. The signals are clear and in place: first the G7 meeting in Washington and now the meeting of European heads of state in Paris.
My thoughts on all of this is that the steps being taken by the overt powers are only the beginning of a series of measures which will be designed to give more financial control to the banking establishment.
Now the obvious question here is why would we give the people who are responsible for this whole mess more financial power?
There are many answers to this question. Mine is that the banks already have a level of control over the political establishment, and the current crisis is being used as a means to solidify their position as our owners. The political and economic system that we live in is a debt-based one with only one guaranteed winner at the end of the day. I'll leave it to you to figure out who that is.
My prediction is that the measures taken today will temporarily calm the markets. The markets will sink on Monday, as has been the case for the past few weeks, but will rebound and remain steady for a few days. By mid-week they should be sinking like rocks again and next weekend we will need more measures give them a 'boost.' You heard it here first...
More interesting articles for today:
Reuters - Finance Minsters Endorse G7 Plan
(But of course they do, imagine what would happen if they didn't. Tomorrow, The Dow would drop 1000 points at least. If you read this article, there is really very little concrete measures being taken, its more of a confidence booster which they think will play a positive psychological effect on the markets)
Bloomberg - European Leaders Vow Bank Guarantees
(Bloombergs take on the situation.)
BBC - European Banks Rescue Plan Agreed
(This article includes a video of Nicolas Sarcozy announcing the measures to be taken in the rescue plan)
It seems that there is agreement between the European nations on a common front to give support to the European banks. There is no mention of a US-style monetary bailout, but as mentioned in the previous post, the 'togetherness' is going strong. The signals are clear and in place: first the G7 meeting in Washington and now the meeting of European heads of state in Paris.
My thoughts on all of this is that the steps being taken by the overt powers are only the beginning of a series of measures which will be designed to give more financial control to the banking establishment.
Now the obvious question here is why would we give the people who are responsible for this whole mess more financial power?
There are many answers to this question. Mine is that the banks already have a level of control over the political establishment, and the current crisis is being used as a means to solidify their position as our owners. The political and economic system that we live in is a debt-based one with only one guaranteed winner at the end of the day. I'll leave it to you to figure out who that is.
My prediction is that the measures taken today will temporarily calm the markets. The markets will sink on Monday, as has been the case for the past few weeks, but will rebound and remain steady for a few days. By mid-week they should be sinking like rocks again and next weekend we will need more measures give them a 'boost.' You heard it here first...
More interesting articles for today:
Reuters - Finance Minsters Endorse G7 Plan
(But of course they do, imagine what would happen if they didn't. Tomorrow, The Dow would drop 1000 points at least. If you read this article, there is really very little concrete measures being taken, its more of a confidence booster which they think will play a positive psychological effect on the markets)
Bloomberg - European Leaders Vow Bank Guarantees
(Bloombergs take on the situation.)
BBC - European Banks Rescue Plan Agreed
(This article includes a video of Nicolas Sarcozy announcing the measures to be taken in the rescue plan)
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