First we had the "banking crisis" - where we loaned money to people to buy houses that they couldn't possibly afford - safe in the knowledge that when they defaulted (which they would / did) we could repossess the house and flog it at a profit !

The only problem was this this was so successful that the market was flooded with homes that couldn't be sold ... so there was no point in repossessing any more.

Now we have the Euro crisis ... where Countries borrow far more than they can possibly afford to repay, and when they default (which they will !) we have to cut their debt in half, and hope that they can afford that !

Can't they now borrow more (say 50%) with the 50% that we are about to "write-off" and then pay the 50% that they owe, with that ???? LOL.

Is there any wonder that the words wanker and banker are so similar ?

In The Know wrote:
First we had the "banking crisis" - where we loaned money to people to buy houses that they couldn't possibly afford - safe in the knowledge that when they defaulted (which they would / did) we could repossess the house and flog it at a profit !

The only problem was this this was so successful that the market was flooded with homes that couldn't be sold ... so there was no point in repossessing any more.

Now we have the Euro crisis ... where Countries borrow far more than they can possibly afford to repay, and when they default (which they will !) we have to cut their debt in half, and hope that they can afford that !

Can't they now borrow more (say 50%) with the 50% that we are about to "write-off" and then pay the 50% that they owe, with that ???? LOL.

Is there any wonder that the words wanker and banker are so similar ?

NO ITK it's much simpler than that.A bunch of clever idiots that reckon they know better than everybody else invented a currency to fit all the differing economies that joined it,even though it was patently obvious it was an accident waiting to happen.
The result was the markets lent to the weaker countries more than they could afford,happy in the knowledge that those in the richer countries would be liable to pay the debts in case of default.
Lucky we didn't listen to those loony la-la libs who wanted us to play those silly games

Innocent Accused wrote:
The markets lent to the weaker countries more than they could afford,happy in the knowledge that those in the richer countries would be liable to pay the debts in case of default.

...so Greece, Portugal, Spain, Italy and Ireland are all sub-prime, are they ?

In The Know wrote:
Innocent Accused wrote:
The markets lent to the weaker countries more than they could afford,happy in the knowledge that those in the richer countries would be liable to pay the debts in case of default.

...so Greece, Portugal, Spain, Italy and Ireland are all sub-prime, are they ?

en.wikipedia.org/wiki/Subprime_lending

'In finance, subprime lending (also referred to as near-prime, non-prime, and second-chance lending) means making loans to people who may have difficulty maintaining the repayment schedule.'

Five good examples of countries that should never have been in the euro in the first place.
Which loony la-las let them in?

In The Know wrote:
[quote]
Now we have the Euro crisis ... where Countries borrow far more than they can possibly afford to repay, and when they default (which they will !) we have to cut their debt in half, and hope that they can afford that !
quote]

The Euro crisis is a result of the wrong decision to bail out the criminal banks. As Paul Krugman put it, it's the result of

"the abject failure of an economic doctrine — a doctrine that has inflicted huge damage both in Europe and in the United States.

The doctrine in question amounts to the assertion that, in the aftermath of a financial crisis, banks must be bailed out but the general public must pay the price. So a crisis brought on by deregulation becomes a reason to move even further to the right; a time of mass unemployment, instead of spurring public efforts to create jobs, becomes an era of austerity, in which government spending and social programs are slashed."

www.nytimes.com/2011/10/28/opinion/krugm...-not-taken.html?_r=1

The country doing best at the moment, Belgium, hasn't got a government. Maybe the way forward!

The so called crisis is as contrived and the British Legal system..... How long before the government remove even more of our rights because they cannot "afford" to support them ?

Money is worth nothing...... it is no longer backed by Gold..... its simply paper ... where is the logic of it all...... so many trillions have been lost ??? OK so go find it ... if its lost it can be found surely ?

The truth of the matter is Governments borrow from Bankers using the population as collateral .... birth cert/ Nat ins number....... We are the money ....... Yeah yeah I thought it was a stupid idea too...... I have spent months looking into this and its a fact WE CREATE THE MONEY out of thin air.

We need to rid ourselves of this corrupt parliament.... Let me put this analagy to the learned readers here........ Picture the Tories and the Labour mob......... now replace the names with Mafia Crime families....... Both are playing a poker game.... sometimes the chips change hands and they shoot at each other from time to time but IF ANYONE tires to interfere with their game they UNITE TO DEFEAT US ........ Euro Referendum vote prime example...... They govern by consent.... withdraw your consent today...... its easy.. but only effective if enough people do it.... sadly the Brits are generally lazy and apathetic........ the Gov play and indeed rely on this.

Just my view ..... dont be too harsh I dont say much on here ¬

coppullcaveman wrote:
Just my view ..... dont be too harsh I dont say much on here ¬

Please post more coppullcaveman (but that is not neccessarily an endorsement of your views !)