The EU goes full retard (Title compiled from Zerohedge.com)

It is looking bad for the EU right now and looks to get worse before this month is out.  I do hope you folks have been paying attention to what’s going on in respect to the EU as it’s getting mighty sporty.  If you can put a few paper dollars under your mattress and get some last minute items and have them in your possession, perhaps pay ahead on utilities, rent/mortgage and get your shopping done I would advise it!  Think of it as a test and Jamie is just being panicky/paranoid.  If you are like me you have a little cash on hand and plenty of stuff to get by for a month or three of basic goods.  Just be aware and if you hear about panic buying and stuff be ready to hunker down and ride out the panic and be ready to pay in cash!

I’m not fearful exactly but if a storm is coming I want to make sure everything is put away, tied down and I know where my candles, radio, lighter/matches and flashlight is at just in case.

I’m not sure if it is hubris in Brussels or a threat to scare the PIIGS into line or what they are trying to accomplish.  But it seems to me that they are making the wrong deals and statements across the board if they are trying to stop the Bank runs and panic because it’s now spreading to Vatican City and France. Check out both zerohedge.com and the UK Guardian seems to be following this story closely.  The EU banks don’t have enough money to bailout Spain unless the Germans and Northern EU countries pay for the plan.  France has gone Socialist hard and dropped to the retirement age to 60 from 62 and basically dared the EU to blink on Austerity and the French Banks are very exposed to Spanish bonds.

Don’t think because it’s the EU it won’t effect you. Most pension and mutual funds have a huge exposure to EU countries bonds and you/the fund at best may get pennies on the dollar if they crash. Think MF Global on steroids or that little JP Morgue hit of 2-6 Billion or more and rising all started in London and the markets they played was in the EU.  The ISDA (folks that control the CDS/insurance) have stated that Spain’s meltdown will not trigger a default.  So the “insurance ” is no good just like when Greece defaulted and the bond holders got 15 % of the investment funds back.

I’m not a broker,  just an amateur learning finance on my own time. But please if you are and are the “EU Markets” take a good hard look at your portfolio and protect yourself.  Things look to get messy!

4 Responses to The EU goes full retard (Title compiled from Zerohedge.com)

  1. riverrider says:

    j, and uncle sugar took all the money that I put in the TSP (army 401k) and left an iou. well, they tried, i already pulled mine out, haha..they also tried and barely failed (this time) to require mutual funds, iras and other retirement investments to invest a percentage of our money into gov debt, which will never pay dividends. so, i pay too much income tax, invest in my retirement because they are destroying ss from the inside, and then they steal 30% off the top in forced fraudulent “investment” and then tax me again when i draw what pitiful amount i have left? whats that about 70% tax all together? yeah buy me a ticket on that bus, i don’t think so! take care j., glad i got off the bus.

  2. Jamie says:

    River Good for you bad enough to get screwed but you aren’t even getting a kiss.
    Italy adds to the fun
    Bloomberg economist David Powell is spot on: “Italy would probably be forced into receiving a bailout if it were to face another two weeks like the last seven days.
    http://www.reuters.com/article/2012/06/12/us-eurozone-idUSBRE85B0FT20120612

  3. riverrider says:

    j, i haven’t had any love for the italians since bosnia. i hope the arrogant jackwagons crash.

  4. Jamie says:

    river, I can’t say about the Italians as I never visited the country. I do feel fond of of the germans, french (country folk, not Parisians) and some of the transplanted Turks I met in Germany are mostly good people. I figure about 80% of folks I meet of any kind of group will be good people on average. They simply want to be left alone and make the best of life. About 10% have an “Attitude” that is unpleasant and see themselves as the enlightened ones. The last 10% are Assholes, criminals and Psychopaths of one bent or the other.

    Now these are just averages and the can skew quite a bit your average black, white person or hispanic in the Military might be a ratio of 90/5/5. But in the New Black Panther party, Neo-Nazis or members of La Raza might skew the exact opposite in ratios.

    It does not make all folks of a group evil. Just that assholes that are loud and simply make trouble because it satisfies some need in them. Or they are the “Center of the universe” and other people are simply things to interact with and keep them entertained.

%d bloggers like this: