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Welcome to my blog http://www.skegley.blogspot.com/ . CAVEAT LECTOR- Let the reader beware. This is a Christian Conservative blog. It is not meant to offend anyone. Please feel free to ignore this blog, but also feel free to browse and comment on my posts! You may also scroll down to respond to any post.

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I wish to incite all Christians to rise up and take back the United States of America with all of God's manifold blessings. We want the free allowance of the Bible and prayers allowed again in schools, halls of justice, and all governing bodies. We don't seek a theocracy until Jesus returns to earth because all men are weak and power corrupts the very best of them.
We want to be a kinder and gentler people without slavery or condescension to any.

The world seems to be in a time of discontent among the populace. Christians should not fear. God is Love, shown best through Jesus Christ. God is still in control. All Glory to our Creator and to our God!


A favorite quote from my good friend, Jack Plymale, which I appreciate:

"Wars are planned by old men,in council rooms apart. They plan for greater armament, they map the battle chart, but: where sightless eyes stare out, beyond life's vanished joys, I've noticed,somehow, all the dead and mamed are hardly more than boys(Grantland Rice per our mutual friend, Sarah Rapp)."

Thanks Jack!

I must admit that I do not check authenticity of my posts. If anyone can tell me of a non-biased arbitrator, I will attempt to do so more regularly. I know of no such arbitrator for the internet.











Wednesday, June 27, 2012

Soros: Three days left to save the Euro



Wednesday June 27, 2012

Soros: Three Days Left to Save the Euro

Tuesday, 26 Jun 2012 02:24 PM
By Forrest Jones
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Only three days remain for European policymakers to decide on a way to save the euro and keep the monetary zone intact, says billionaire financier George Soros.

European Union leaders will meet Thursday and Friday to discuss ways to firewall and extinguish the European debt crisis raging within Greece and spreading fast to Spain and beyond.

Despite market-friendly results in recent Greek parliamentary elections and the creation of a $125 billion rescue fund for Spain to use to recapitalize its banks, borrowing costs remain sky-high in Spanish and other debt auctions, revealing that investors remain as nervous over the continent's fate as ever.
Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did
Failure to come up with a way to overhaul the economy this week could mean the continent missed out on its last opportunity.

"We are down to three days now," Soros tells Spiegel Online.

"Europe's leaders need to take bold steps at the EU summit on Thursday and Friday."

Bold steps include creating a central banking supervision and examination body as well as placing a single bond financed and underwritten by all member nations, policies European paymaster Germany has opposed.

German officials, including Chancellor Angela Merkel, have insisted that recovery will come from internal reform in troubled European nations and not through selling so-called euro bonds, which ask some nations to shoulder others' debts.

However, further German resistance to such moves could prove costly should Greece exit the eurozone, defaulting on its debts in the process and pressure Spain and others to follow suit.

"There is no question that a breakup of the euro would be very damaging, very costly, both financially and politically. And the biggest loss would be incurred by Germany," Soros says.

"Germans have to bear in mind that, effectively, they have suffered practically no losses so far. Transfers have all been in the form of loans, and it is only when the loans are not repaid that real losses will be incurred."

Demands that Greece and others stick with painful austerity measures such as spending cuts won't work either, as such fiscal belt-tightening tools exacerbate downturns and wipe out growth, which should take priority over narrowing deficits, at least for now.

"There is no doubt that the countries that now have a very large debt have not introduced the kind of structural reforms that Germany did and are therefore at a disadvantage. But the problem is that this disadvantage is becoming even more pronounced through the punitive policies in place now," Soros says.

"Italy currently has to spend 6 percent of its GDP every year just to stay even with Germany because it has to pay so much more to refinance its debt. There is no way, with that handicap, that Italy can close the competitiveness gap with Germany."

The upcoming meeting will group all members of the European Union, including those who do not use the euro as a currency.

Skepticism for a solution remains high due to Germany's unwillingness to back measures such as selling euro bonds.

"Last week we were very hopeful that they were moving forward and the meetings this week would have a positive ending. Today there is a lot of doubt the EU summit will generate anything substantial," says Gail Dudack, chief investment strategist for Dudack Research Group in New York, according to Reuters.
Editor's Note: Economist Unapologetically Calls Out Bernanke, Obama for Mishandling Economy. See What They Did


© 2012 Moneynews. All rights reserved.


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