European Haircut? Paid for by Americans? More pass throughs?

[WhiskeyGirl]

"Euro zone economic climate worsens"

"The Greek debt issue has been treated very lightly," said Jacques Chahine, head of Luxembourg-based J. Chahine Capital, which manages 320 billion euros (285 billion pounds) assets. "And it is not just Greek debt. All of it needs to be written down, Spain, Italy."

Citing recent comment by International Monetary Fund chief Christine Lagarde that called for mandatory recapitalisation of European banks, Chahine said: "I agree with Christine Lagarde.

"European banks need to be recapitalised ... It is clear their balance sheets are extremely fragile."

For some reason, this reminds me of GM/Chrysler and the bond holders.  Who got the gold mine and who got the shaft?  Who paid for first place in line and who ended up at the back of the financial bus?

European banks taking a 3 billion euro hit on Greek bond holdings earlier this month employed different approaches to valuing the debt. Writedowns disclosed in results varied from 21-50 percent.

The low end corresponded to the so-called "haircut" on banking sector involvement in a planned second bailout of Greece now being finalised. A 50 percent loss represented the discount markets were expecting at the end of June.

http://www.iii.co.uk/news-opinion/news/reuters/17734

I have to wonder how many of those banks (and others) taking 'haircuts' got money from the Federal Reserve?

How many jobs for Americans did they create?   Why do Americans on Main Street get stuck with the debt, devalued dollar, and lousy economy?

Is the Fed another pass through of dollars for special interests?   

Why exactly does the Fed give away all that money to foreign interests?  How many jobs the Fed create for REAL Americas?  Main Street?  America's future?

[WhiskeyGirl]

"Finland's demands for collateral could leave Greek bailout in ruins"

"Row over collateral for emergency loans to Athens reveals cracks in the eurozone"

In July, Athens secured a second bailout package worth €109bn (£96bn), which involved "haircuts" for holders of Greek debt, and contributions from its eurozone neighbours.

Both parts of that deal now look distinctly shaky. Finland, where the anti-European True Finns party scored well in recent elections, has demanded that Athens put up collateral against the Finnish share of the latest loan.

When questions emerged about what collateral Athens has left, given the €50bn privatisation plans it has already signed up to as a condition of the bailout, one Finnish minister reportedly said they would accept assets already earmarked for privatisation. Great swathes of Greek infrastructure are up for sale, from airports to casinos.

What is Obama putting up for collateral?  Our national forests?  Drilling rights?  BLM lands?

http://www.guardian.co.uk/business/2011/aug/28/eurozone-demands-collateral-greek-bailout

Why does it seem like foreigners get the drilling rights?  Jobs?

When Obama defaults, what will the foreigners take?

[WhiskeyGirl]

Euro bail-out in doubt as 'hysteria' sweeps Germany
German Chancellor Angela Merkel no longer has enough coalition votes in the Bundestag to secure backing for Europe's revamped rescue machinery, threatening a consitutional crisis in Germany and a fresh eruption of the euro debt saga.

If the court rules that the €440bn rescue fund (EFSF) breaches Treaty law or undermines German fiscal sovereignty, it risks setting off an instant brushfire across monetary union.

Is the Federal Reserve destroying the US's fiscal sovereignty?

Christian Wulff, Germany's president, stunned the country last week by accusing the European Central Bank of going "far beyond its mandate" with mass purchases of Spanish and Italian debt, and warning that the Europe's headlong rush towards fiscal union stikes at the "very core" of democracy. "Decisions have to be made in parliament in a liberal democracy. That is where legitimacy lies," he said.

Is the Fed's (and Freddie/Fannie) buying of debt and bad debts destroy our independence?  Destroy our nation?  Devalue our dollar?

Destroy our state sovereignty?

read more here - http://www.telegraph.co.uk/finance/financialcrisis/8728628/Euro-bail-out-in-doubt-as-hysteria-sweeps-Germany.html

Why should ever state be looted and bankrupted due to out of control spending and welfare in other states?  Federal bailouts?  Fed bailouts?

Why should the Federal government loot every state to pay for failed welfare programs?  Bankrupt entitlements?

[WhiskeyGirl]

In Stralsund, a pretty Baltic port at the heart of her constituency, Ms Merkel told a crowd that eurozone members who received help had to commit to budget cuts and structural reform. She promised to transform the eurozone from a “debt union” into a “stability union” and won applause for rejecting joint eurozone debt through the issue of eurobonds.

The US is still on the debt road to destruction.  Obama default ahead...

“Do we have to do it?” asked Liselotte Ulrich, a CDU member holidaying in Stralsund. “I used to be a fan of Merkel,” said the pensioner. “But there are things not going right. Europe is one of them.”

Why are the costs of crumbling infrastructure projects being socialized?  Why aren't communities being held accountable?  Failing?  Allowing green shoots to take hold and build better?

...They also want some parliamentary say over each future aid agreement to guard against EU leaders freely funnelling off taxpayers’ money.

Why is American taxpayer money being funneled to foreign banks, business, and workers?  Via the Fed?  TARP?  Stimulus?  Obama?

http://www.ft.com/cms/s/0/88260546-cfe5-11e0-a1de-00144feabdc0.html

No jobs for Americans. 

I imagine the 'new' Obama jobs program will include the use of an enhance 'E-Verify'.  Thus, those here illegally and working in older infrastructure projects will have new work permits in hand, thanks to Obama, and be allowed to continue working.  All this while American citizens go to jail.

'Look, we retuned E-Verify and will require all stimulus contractors and receives of government money to use it...even subcontracts...'   

What does that really mean?  They'll give work permits to anyone failing...no jobs for Americans.  Just lots of work permits for illegals and those ripping off the taxpayers.

just my humble opinions