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News from Latvia... and it's not pretty

Discussion in 'Political Discussion' started by PressCoverage, Jun 5, 2009.

  1. PressCoverage

    PressCoverage Banned

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    Latvian debt crisis shakes Eastern Europe

    Latvian debt crisis shakes Eastern Europe - Telegraph

    Latvia has become the first EU country to face a sovereign debt crisis after failing to sell a single bill at a treasury auction worth $100m (ÂŁ61m), prompting fears of a fresh storm in Eastern Europe as capital flight tests currency pegs.


    ...
    The finance ministry expects GDP to contract 18pc this year. House prices have fallen 50pc , the world’s most spectacular crash. A third of the country’s teachers are being fired and public salaries will be slashed by up to 35pc to meet bail-out terms imposed by the IMF and the European Commission. The policy risks a deflation spiral that defeats its own purpose.

    The dominos continue to fall in Eastern Europe.... how long until something like this in Lithuania?
     
  2. Leave No Doubt

    Leave No Doubt PatsFans.com Supporter PatsFans.com Supporter

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    For anyone who doesn't see what's happening:

    Gerald Celente of the Trends Research Institute:

    YouTube - Gerald Celente on Alex Jones Tv 1/4:Everybody Knows

    YouTube - Gerald Celente on Alex Jones Tv 2/4:Everybody Knows

    YouTube - Gerald Celente on Alex Jones Tv 3/4:Everybody Knows

    YouTube - Gerald Celente on Alex Jones Tv 4/4:Everybody Knows

    There's also an excellent series(1 of 5) with John Perkins on how countries are brought down by economics:
    YouTube - John Perkins on Alex Jones Tv (HD) 1/5"Confessions of an Economic Hit Man"

    EDIT: Celente's excellent on the economy and how the world's running out of bubbles. He says there's only one left and it's not one any of us wants to see.
     
    Last edited: Jun 5, 2009
  3. Real World

    Real World Moderator Staff Member

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    Can you give me a summary of what he says, and predicts, cuz I am at work and I can't watch the vids.
     
  4. Leave No Doubt

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    A Wal-Mart like recovery ( low prices,low-paying jobs,low standard of living, the collapse of the commercial real estate market (not really covered in the media of course), and much more especially involving an inevitable global depression which is already happening.

    Watch Christmas sales in 09 and he predicts an absolute collapse by early in 2010. John Perkins (economic hitman) says the same things our country (and him) did to collapse a country's economy is now being done to us.

    Watch them latah-well worth it. Perkins and Celente also mention the signifigance of all the "little fires" happening around the globe and where that's likely leading. There's more but I'm on my way. Good stuff and it ties in with PC's post. Not pretty AT ALL, in fact it's pretty flippin' ugly.
     
  5. PressCoverage

    PressCoverage Banned

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    The Perkins video has been discussed in this forum many times over.

    I've seen all of Celente's YouTube offerings. He's is a little overdramatic, but at least he gets it, and acknowledges that this is all rooted in depleting energy production.
     
    Last edited: Jun 5, 2009
  6. Real World

    Real World Moderator Staff Member

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    Consumer borrowing plunges by $15.7B in April

    06/05/2009 12:04:31 PM
    By MARTIN CRUTSINGER AP Economics Writer

    Borrowing by consumers fell by $15.7 billion in April as U.S. households continued to trim spending and put away their credit cards amid a severe recession.

    The Federal Reserve says the April decline was the second largest ever in dollar terms following March's drop of $16.6 billion. March's decline originally was reported as $11.1 billion, which had been the most on records dating to 1943.

    The April decline is more than double the $6 billion drop that economists had expected.


    Verizon - News Channel
     
  7. Leave No Doubt

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    YouTube - AC/DC - Highway To Hell [High Quality] (with lyrics)
     
  8. Leave No Doubt

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    Celente's a well-known and well-respected trend forecaster; CNN among others would disagree with your assessment of him being "overdramatic". The Trends Research Institute® - Forecasting, Tracking and Analyzing Global Trends
     
  9. PressCoverage

    PressCoverage Banned

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    He's overdramatic concerning his time line, and his assertion of riots "within months," which he alleged last fall, all the way thru this spring. He's off on his time line by a bit, but it is coming.

    Anyhow, if we could get back to covering Eastern Europe, which is undoubtedly the first dominos to begin falling, and the home of one of this forum's most ardent "everything is fine" coincidence theorists.


    Latvia rings alarm bell for Europe

    Latvia has become the latest financial troublespot. Ian Campbell of breakingviews.com examines the possible outcomes.


    http://www.telegraph.co.uk/finance/breakingviewscom/5444692/Latvia-rings-alarm-bell-for-Europe.html
    By Ian Campbell, Breakingviews.com
    Published: 3:02PM BST 04 Jun 2009

    After some months of phoney peace, trouble is breaking out in the east. A six-month old restructuring programme from the International Monetary Fund looks unable to keep Latvia from having to devalue its currency.

    The other two Baltic Republics, Lithuania and Estonia, have better fiscal positions, but are likely to be forced to follow soon.

    Devaluations could bring big losses to western European banks, especially Swedish ones, with heavy commitments to the Baltic nations. More generally, investors are likely to become more cautious about a swathe of weak European economies.

    Once Latvia devalues, Lithuania and Estonia, which have similar fixed currency systems and are also suffering double digit contractions in GDP, will be expected to follow.
     
    Last edited: Jun 7, 2009
  10. Harry Boy

    Harry Boy Look Up, It's Amazing PatsFans.com Supporter

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    Lithuania?
    I'll have to send my pal Fog a check to help tide him over.
    GOD IS TRULY GREAT
     
  11. Fogbuster

    Fogbuster Pro Bowl Player

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    :)


    Thanks, HB.


    //
     
  12. PressCoverage

    PressCoverage Banned

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    Fog, your insight for once is being requested. What is the financial climate like in your region so far in 2009? Are you noticing much turmoil? Do you own your home? If so, have you checked its value?

    Please avoid blaming Russia for everything, and remain objective. :cool:
     
    Last edited: Jun 10, 2009
  13. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    No Jersey Selected

    If you look closely, you can see that history is beginning to repeat itself. Remember that the Great Depression triggered World War II. Now look at the world as it stands today and you can draw noticeable comparisons. It really is a shame. :(
     
  14. PressCoverage

    PressCoverage Banned

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    Yup. Agreed.

    And WWII was a resource war.

    Ironically, it's the Germans who are far ahead of the world in terms of the acknowledgment of the energy disaster we're experiencing.
     
    Last edited: Jun 10, 2009
  15. KontradictioN

    KontradictioN Do you even lift? PatsFans.com Supporter

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    The Germans agree with one another the most. The rest of the world (especially us) is too busy arguing over the "best" course to take.
     
  16. Fogbuster

    Fogbuster Pro Bowl Player

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    The financial climate here is as most of Europe: constrained, retrenching, reeling from the meltdown caused not by Russia but by Barney Frank, Jimmy Carter, Bill Clinton, and the rest of the Dem Congresses that rammed the failed ideology of "two separate but unequal economies" down our throats via the CRA. I know you duck your head into the sand at the very mention of this, but you cannot change the rules of lending -- having one rule to one part of society and a completely different rule to another part -- and expect things to keep on working normally. Doesn't happen that way.

    As Obama said: "America is the greatest nation in the history of the world, and I want to change it." Teddy Kennedy, Frank Church, Ronald Dellums, Barney Fwank, and Chris-Waitress-Sandwich-Dodd initiated that.

    So far, Obama's doing just that. Learn Chinese and get in on the ... well, it won't be the ground floor ... but you can still survive. Maybe. But only as a worker from now on, not as an owner anymore. America has sold one-third of her wealth to outside foreign interests, and that percentage keeps climbing. The Chinese want the Yuan to be the world currency. Etc.

    We do own our own home and property values have gone up 1000% since we bought in '97, but they're down 25% from a year ago. Foreign investment has slowed to a trickle, but some construction continues. Government feels a pinch as tax revenues have slipped 30%. Still, Lithuania is in better shape than Latvia because Latvia sold off too much to the Russians; Lithuania chose more than a decade ago to trade primarily with the West, a wiser move as it turns out (and as anyone with their head on straight forecasted).


    //
     
  17. PressCoverage

    PressCoverage Banned

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    I don't duck my head at anything... It's just that your partisan CRA assessment been debunked over and over again in this forum.

    The global financial meltdown goes a bit deeper than some shady banking, poor legislation, or bad loans. We've been over this.
     
  18. wistahpatsfan

    wistahpatsfan Pro Bowl Player

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    #75 Jersey

    What about Estonia??!!
     
  19. Fogbuster

    Fogbuster Pro Bowl Player

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    Just because other players picked up on and then ran with the stupendously insane disaster of creating two separate banking rules -- which doesn't take a Mensa intelligence to figure out what was going to eventually happen in the way of abuse of the CRA-enabled two-tier system of mortgage lending -- does not mean the CRA was not the epicenter of it all.

    "De-bunked"??? Smoke and mirrors won't work. This dog not only didn't hunt, he turned and bit the owner, giving him rabies.

    Did you ever discuss how, when the U.S. market on sub-prime junk loans was saturated the international bankers/brokers went global and sold those putrid rotten tomatoes to the rest of the world, in the form of rolled-up hedge and speculative "investments"?? This stink bomb became world class (less) and now we have what we have.

    //
     
    Last edited: Jun 12, 2009
  20. PressCoverage

    PressCoverage Banned

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    wow...

    so the collapse of eastern European governments is the somehow the doings of Barney Frank and Chris Dodd. That's excellent.
     

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