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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: TobagoJack who wrote (65189)	8/12/2010 4:57:06 AM
From: elmatador	Read Replies (1) \| Respond to of 217580

There will be a sorpasso. A day when the numbers will be tallied up and the eonomy will be shown to leave OECD behind. "il sorpasso",Italy overtook the UK in the late 1980s in GDP per head as they included the black market into the fromal economy accounting we want to take int from the . We want nothing less than the 3rd place LOL! China, US, Brazil and then the rest.

To: TobagoJack who wrote (65189)	8/12/2010 6:55:49 PM
From: Cogito Ergo Sum	Read Replies (1) \| Respond to of 217580

This is interesting Message 26751100 From: russet 8/12/2010 4:36:26 PM of 721 In Stunning Decision, EU Orders Germany To Start Onboarding "Bad Debt" To Sovereign Balance Sheet: RBS, Fannie, Freddie Next? Submitted by Tyler Durden on 08/11/2010 11:57 -0500 zerohedge.com In what could be the most important news of the day, German Die Zeit reports that, in a stunning move, the EU has ordered Germany to count the holdings of WestLB and Hypo Real Estate (the latter of which failed the stress farce from last month which nobody cares about or remembers anymore) as government debt! As Bloomberg notes, "That could raise Germany’s debt to 90 percent of gross domestic product, Die Zeit said." Of course the implications of this decision are massive, as it takes out all the guess work of whether insolvent institutions are or are not on the government's balance sheet. The net result, for Germany alone, is that just the addition of Hypo's debt would push German debt/GDP from 79% to 90%, both of which are well above the Maastricht limit of 60% (not like anyone cares that is - everyone is now aware the EU is a failed experiment). The next question: what happens to nationalized RBS and it $168 billion in debt? Total UK debt is $1.2 trillion meaning a comparable action in the UK would rise UK debt by 15%! And then there is a whole slew of other banks in the pipeline in Europe that are full of trillions in toxic debt: will the sovereign hosts be able to onboard this debt? Most importantly, what happens to our administration's adamant claims that Fannie and Freddie's $6+ trillion in debt should not be counted as part of total Federal debt. America already has its hand full with $13.3 trillion in debt. What will happen when it moves to $20 trillion (140% of GDP) overnight. We are confident that unless this decision by the EU's statistics office is overturned, it will likely set off the next leg in the sovereign debt crisis as suddenly European Debt to GDP ratios will increase by about 15-20%. More from the WSJ: The bailout of Germany's banking sector may swell the country's public debt rate to 90% of gross domestic product, Die Zeit weekly newspaper reports Wednesday. The weekly based this estimate on a recent decision by Eurostat requiring Germany to include the balance sheets of public-owned bad banks--set up to help financial institutions offload toxic and non-strategic assets--into its overall debt ratio. State-owned WestLB AG bank has already offloaded EUR77 billion into such a rescue bank. Going by the Eurostat decision, EUR54 billion of WestLB's toxic assets transferred to the bad bank must be included in Germany's overall debt level. Finance ministry spokeswoman, Jeanette Schwamberger, said the "winding-down entity of WestLB has already been included in the government's recently published calculations of the debt level." In July, it forecast Germany's debt level will rise from 73.1% in 2009 to 79% of GDP in 2010, 80% in 2011, to 80.5% respectively in 2012 and 2013 before easing to 80% in 2014. Die Zeit said that if nationalized mortgage lender Hypo Real Estate is added to the equation, Germany's debt level could widen to 90%. However, the impact from Hypo Real Estate is yet unclear because a rescue bank hasn't been set up and it's unknown how big the volume will be, according to Schwamberger. Hypo Real Estate has said it plans to offload EUR210 billion into such a bad bank, but has already added that it might need less fresh capital than previously said. A consolidation of assets might reduce the widening of Germany's debt. A debt ratio of 90% of GDP would be much higher than the 60% threshold set under the European Union's Maastricht Treaty.

To: TobagoJack who wrote (65189)	8/12/2010 6:58:24 PM
From: Cogito Ergo Sum	Read Replies (3) \| Respond to of 217580

and bleaker.... This is a real housing crisis... To: The Black Swan who wrote (712) 8/12/2010 4:42:10 PM From: russet of 721 Thousands Crowd Housing Authority For Section 8 WAITING LIST, Fights Break Out (VIDEO) First Posted: 08-11-10 02:20 PM \| Updated: 08-12-10 03:41 AM huffingtonpost.com UPDATE (11:24 PM Eastern): Officials now estimate that a crowd of 30,000 turned out, three times what they had originally anticipated. Some in attendance may have been accompanying actual applicants even if they were not applying themselves. 13,000 applications were handed out. The large numbers indicate a huge demand, but there is literally no supply. The housing agency director "stressed that none of her agency's 455 housing aid vouchers is available at the moment." According to the Atlanta Journal-Constitution, "Concern is rising that a similar scene could occur Thursday when the housing authority of this small city begins accepting the completed applications. Wednesday's event was only to hand out the paperwork. The housing authority will begin accepting applications at 9 a.m." -- ORIGINAL STORY: More than a thousand people gathered Wednesday outside a metro-Atlanta shopping mall in hopes of being placed on a waiting list for federal housing assistance. Fights broke out, children were reportedly trampled, and police had to stop the crowd from storming a nightclub being used by the East Point Housing Authority in East Point, Ga, reports the Atlanta Journal-Constitution. Television station 11Alive reports that the line for Section 8 housing vouchers formed two days ago and grew into the hundreds Tuesday night. People even slept outside the nightclub despite repeated assertions from the housing officials that the line was unnecessary and everyone would receive an application. By Wednesday morning, the crowd had grown so large that East Point police began patrolling the area in riot gear and first responders were tending to people who were overheating in the sun. People became frustrated when officials, feeling overwhelmed, did not open the doors at 9 a.m. as they had planned, reports CBS Atlanta. Those waiting in line were told by officials to move from one location to another before riot gear-clad police and housing officials handed out applications. "I find this amazing," Ed Schultz said on "The Ed Show" Wednesday night. "One can only imagine watching this videotape ... how many other cities have it like this across America. And I think we have to ask ourselves the moral question, aren't we better than this?" East Point's approximately 200 public housing units are full, according to 11Alive, and more than 400 Section 8 vouchers are already in use. It is unlikely that many of those waiting for the applications would ever receive the housing funds. "A lot of these folks will never get off that waitlist, and the executive director of the housing authority acknowledged that today," NBC reporter Ron Mott told Schultz. "Dozens upon dozens of people passing out from the heat, standing in the heat just to apply for public housing. ... I've got to tell you, the first thought that I had when we pulled up on the scene here was whether we were in America." According to the most recent data, the unemployment rate in Fulton County where East Point is located is 10.8 percent. The national average is 9.5 percent. WATCH: The "Ed Show" report: