April 9, 2009

Report: "Europeans in denial about depth of recession". Avoir trois métros de retard!!

They were in denial during the bubble that there was a ginormous ponzi scheme going on all through the land (hello Ireland, hello Spain, hello UK, hello Bulgaria, and thank you Brit housing porn investors!)

And now they're in denial that an epic crash is underway (hello ECB, hello Euro, hello Pound, hello Germany, hello France, hello British banks...)

So many places in Europe based their economies on three things - housing, finance and debt. And then the house of cards collapsed. Big time.

So what will they do next? 35 hour workweeks, mid-day siestas, 40% tax rates, government cheese for everyone, and $1 million 1-bedroom apartments don't mix. Something's gotta give.

And give it will.




23 comments:

yoski said...

This crisis is only about money. No big deal, we can print more and drop it from helicopters if needed.
Things will get really interesting once the energy crisis hits. We can't print more energy or borrow it from China. It's lights out, game over.

Anonymous said...

Ferguson has been fascinating on the crisis: at first I think he was caught off guard like so many (the guy has mortgages up the who ha himself), but he has been on a journey of discovery, and what he is finding out is mind-blowing. Watch this guy!

Mike Hunt said...

So why is Schiff still pumping the Euro and telling us to rush out of the dollar right now?

Currencies are like an ugly contest, your just happy not th be the winner.

-Mike

yoski said...

Here's a headline that should scare some sense into all of US.
"A record 1 million cars were sold in China in March, beating U.S. sales for third month."
1. China will shift some exports to domestic consumption.
2. Fueling that consumption and running those cars will take a lot of energy. While currently cheap it won't remain that way for long.
3. There will be only a modest or no recovery in the US and Europe in an emergy starved world.

Energy is the name of the game. Financials are really only a consequence of how much energy this world has at its disposal.

upon the swanney river said...

So Wells comes out this morning and says they're going to make a "record" profit.

Are the banks really that healthy? Because if they are, you've been robbed.



from market ticker.

Anonymous said...

Friends in California are bummed to pay more taxes buy marvel at the new Whole Foods. Here in New York shops close left and right but no one notices because the surviving places are doing okay business. Laid off people go on vacation or start blogs. Apartments drop in value buy everyone talks about prices "coming back." Who is right them or us?

Peter said...

Hey, cheer up Keith

Didn't you hear that the second derivative is positive now? Crisis over, stocks are a buy buy buy LOL

stupid does as stupid thinks said...

Keith,

Correct!

Those who have bet on ‘emerging markets’ and European countries will lose the most.

As said here before:

Human economies are created by humans, hence the reason Europe is about to tumble.

Look at the morons behind the Eurotrash economy and its obvious the direction its going.

Anonymous said...

And then Wells Fargo released the greatest work of fiction ever written.

I call bullshit.

soft landing said...

Germany in denial? No Way!

Speaking of denial, how about the WFC news? Rally the market because a bank that is holding tens of billions in worthless toxic debt "made" 3 billion. WTF.

Seems that Obammy has the solution. Cheese for you and me. Golden parachutes for wall st.

Boom2Bust.com said...

"It's not denial. I'm just selective about the reality I accept."

-Bill Watterson, author of Calvin & Hobbes comic strip

Angry Leprechaun said...

Here is wonderful national news. See how communities can come together. The liberal agenda of feel good, change is here is sooooo infectious. If we can save this man we can unite to save the world on a feel good platform.

http://gmy.news.yahoo.com/v/12884988

Idiots! By the way that was all sarcasm. This video is the epitome of what is wrong. How can there be such passion for something like this but complete ignorance on real life issues affecting us. Here is you new Country. Hope you all enjoy it.

Miss Goldbug said...

20 years of debt asset assumption has now been exposed for what it really is.

Debt is not an asset - it's a liability...plain and simple. Always has been, always will be.

The US economic model based on credit and spending to drive GDP is now over.

Anonymous said...

Why are you complaining, Keith? Your hero Messiah is applying the same failure socialist formula in the US.

Your messianic hero even bends over (literally) to the Saudi Prince, but hey, you were looking to the other side or the TV was off, right? I understand, never happened!

k.w. - Southern Ca. said...

Denial only lasts for awhile ...

Alt-A, Option-ARM loans
(and all other bogus loans)
are just beginning to reset.

Let's not forget commercial realestate either:
http://snipurl.com/fkmh6

I couldn't believe it when I heard some neighbors talking about a couple who had just gotten into a house ... a "steal of a deal" as they mentioned. This couple will be singing a sad toon not too far down the road.

People are just not learning, but at least they can't say they weren't warned.

The information is out there as to what is really going on, and it's each of our responsibilities to start telling things like they really are - before it's too late for many of us to recover from this historic global crisis.

Anonymous said...

The MSM has answered the call of officialdom by promoting their fudged economic analysis and pathetic attempts to instill consumer confidence.

However, an increasingly skeptical public isn't buying the hype and distrust of their 'message' runs deep.

But their game of liars poker will continue until the false bottom falls out.

The whole economy is temporarily rigged and teetering on the edge of the abyss...while the emergency evacuation of the elite insiders is taking place at an alarming rate.

The timing of the collapse is their utmost concern.

Anonymous said...

Thank you Nial! During the housing "boom" I can't count how many times I had a real estate agent try to talk me into overpaying by citing the housing fundamentals in European cities. Their claim was that the buy-to-rent ratios had a long way to go -- "just look at how high they are in Europe!"

So I've been getting a little sick of hearing the US economy take all the blame. On the real-estate bubble it was the US market that was playing follow the leader to the Europeans.

JaneZ said...

k.w. - Southern Ca. said...

The information is out there as to what is really going on, and it's each of our responsibilities to start telling things like they really are
-------------------------------
If you can figure out a way to get your own TV show then maybe there is a chance.

JaneZ said...

Angry Leprechaun said...
This video is the epitome of what is wrong. How can there be such passion for something like this but complete ignorance on real life issues affecting us.
--------------------------

Hulu.

Angry Leprechaun said...

Janez

Hulu.....? Que es?

Mitesh Damania said...

Bullcrap. The Germans didn't leverage up to the hilt. Their real estate was not in a bubble. The Germans are quite smart and know the dangers of debt and NWO style financial tactics. They've gone through hyperinflation before. I dare anyone to try to hook a German into a subprime loan.

Mitesh Damania said...

Catherine Austin Fitts: How to pull the rug out from under Geithner:

http://www.askbutwhy.com/2009/04/catherine-austin-fitts-how-to-rug-out.html

JaneZ said...

Angry Leprechaun said...

Janez

Hulu.....? Que es?
----------------------------

An evil plot to destroy the world.

http://tinyurl.com/cml59v

Your brain is still solid and workin good AngryL so,

NO HULU FOR YOU!!!!!!