Europe Goes "Completely Mad" At Suggestion Of Irish Default Demanded By 57% Of Irish Population

 

Ex Domestically Sourced Pension Funds, Blended Irish Rescue Interest Rate Is 7.25%

 

Olli Rehn: No Haircuts For Senior Bondholders

 

Irish Government Statement On EU - IMF Programme for Ireland: Interest Rate To Be 5.8%

 

Is US Foreign Policy Crippled Following Latest Wikileaks Dump?

Of Fake "Bogeymen" And Artificial "Security"

 

It's Not Just the "Peripheral" European Countries ... Financial Contagion Could Spread to "Core" Eurozone Countries and the U.S.

Your Future...It's no longer a question of IF...Just a question of When...

One morning soon you will awake to find prices of almost everything you need to live (Food, clothing, fuel), have Doubled in Price...and this will happen many times...Read and study Currency Induced Cost Push Inflation and Weimar Hyperinflation...
In the early spring 2011 the current high prices of Commodities (Up 18-80%so far) will start to hit store shelves. As prices rise... many on fixed incomes will not be able to afford to buy food...


Weimar hyperinflation "When Money Dies" PDF file

In The News Today

Posted: Nov 28 2010     By: Jim Sinclair      Post Edited: November 28, 2010 at 3:15 pm
Filed under: In The News

Jim Sinclair’s Commentary
QE to infinity goes for the EU too.
Next will be Portugal, Spain and Italy getting bailed out. This will happen all at once or in series.
Currency wars will continue, resulting in currency induced cost push inflation.

EU backs Irish bailout By Jan Strupczewski and Julien Toyer
BRUSSELS — The European Union approved an 85 billion euro ($115 billion) rescue for Ireland Sunday and outlined a permanent system to resolve Europe’s debt crisis, in which investors could share the cost of any future default.
Finance ministers from the 16-nation euro zone, anxious to prevent market contagion engulfing Portugal and Spain, unanimously endorsed an emergency loan package to help Dublin cover bad bank debts and bridge a huge budget deficit.
"Ministers concur with the (European) Commission and the European Central Bank that providing a loan to Ireland is warranted to safeguard financial stability in the Euro area and in the European Union as a whole," Jean-Claude Juncker, chairman of the euro area ministers, announced at a news conference.
The Irish government said 35 billion euros was earmarked to help restructure its shattered banks, of which 10 billion would be an immediate capital injection and the rest a contingency fund. Ireland will contribute 17.5 billion euros of its own cash and pension reserves toward the bank rescue.
The rest of the emergency loans, which Dublin said were granted at an average interest rate of 5.8 percent, will help cover the giant hole the banks have blown in public finances. The IMF will contribute 22.5 billion euros.
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Jim Sinclair’s Commentary
Only 3 weeks ago these people were blasting Bernanke for his mad venture into QE. Now the trillion dollar Euroland bailout fund is too small.
That means one trillion in QE in Euroland is too small and must be expanded.
Spain and Portugal are next, either one after another or both together.
QE is going to infinity.

Ireland bailout: fears mount that eurozone fund is too small
European commission dismisses remarks by Axel Weber, head of German central bank, that €440bn Financial Stability Facility may need more money to secure euro against bond markets Ian Traynor in Brussels
The European Union is expected to announce a bailout of about €85bn (£72bn) for Ireland on Sunday, senior EU officials disclosed tonight amid worries that Europe’s €750bn safety net for the single currency might not be enough to cope with the spreading emergency.
Brian Lenihan, the beleaguered Irish finance minister, is to travel to Brussels or Luxembourg, sources said, to make the bailout statement with Jean-Claude Juncker, Luxembourg’s prime minister and head of the Eurogroup of 16 single currency countries, and Olli Rehn, EU commissioner for economic and financial affairs. The announcement is to be preceded by a meeting of eurozone finance ministers to rubber-stamp the bailout, probably by video conference.
With Ireland the first EU country to tap into the emergency fund – Greece’s €110bn rescue in the spring was done separately – there was intense speculation today that the fund was not big enough to secure the euro against the bond markets after Axel Weber, head of Germany’s central bank, said it may need to be increased.
German media reports today claimed that the commission was lobbying for the largest part of the fund – the €440bn European Financial Stability Facility (EFSF) – to be doubled. Berlin promptly said there was no chance of increasing the fund, to which it is the biggest contributor, and Brussels dismissed the reports.
Speaking in Paris , Weber, a contentious figure who has been critical of the Greek bailout, said €750bn "should be more than enough to counter attacks on the eurozone. If it’s not enough, then one will have to increase this commitment."
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Jim Sinclair’s Commentary

This all started as country building but all it built was a new mafia.
When Afghanistan’s vice president visited the UAE last year, he was carrying $52 million in cash.

Cables Obtained by WikiLeaks Shine Light Into Secret Diplomatic Channels By SCOTT SHANE and ANDREW W. LEHREN
Published: November 28, 2010
WASHINGTON — A cache of a quarter-million confidential American diplomatic cables, most of them from the past three years, provides an unprecedented look at backroom bargaining by embassies around the world, brutally candid views of foreign leaders and frank assessments of nuclear and terrorist threats.
Some of the cables, made available to The New York Times and several other news organizations, were written as recently as late February, revealing the Obama administration’s exchanges over crises and conflicts. The material was originally obtained by WikiLeaks, an organization devoted to revealing secret documents. WikiLeaks intends to make the archive public on its Web site in batches, beginning Sunday.
The anticipated disclosure of the cables is already sending shudders through the diplomatic establishment, and could conceivably strain relations with some countries, influencing international affairs in ways that are impossible to predict.
Secretary of State Hillary Rodham Clinton and American ambassadors around the world have been contacting foreign officials in recent days to alert them to the expected disclosures. A statement from the White House on Sunday said: “We condemn in the strongest terms the unauthorized disclosure of classified documents and sensitive national security information.”
“President Obama supports responsible, accountable, and open government at home and around the world, but this reckless and dangerous action runs counter to that goal,” the statement said. “By releasing stolen and classified documents, WikiLeaks has put at risk not only the cause of human rights but also the lives and work of these individuals.”
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