In a stunning series of moves engineered over the weekend and announced Sept. 29, six European governments are collectively committing nearly $150 billion to rescue four troubled financial institutions. Coming on the back of the U.S.'s $700 billion toxic mortgage bailout plan
With their high-profile moves to save Britain's Bradford & Bingley (BB.L), Belgium's Fortis (FOR.BR, Germany's Hypo Real Estate Group (HRXG.DE), and Iceland's Glitnir Bank government officials are changing the rules of the game in Europe. Until now their primary policy response has been to inject billions into the Continent's credit markets via central banks—but rarely to intervene on behalf of specific troubled institutions. Now policymakers in the EU and its member states are signaling a more aggressive stance that mirrors the speed of U.S. actions.
"The entire financial system was coming under pressure, so of course European governments had to get involved," says Richard Portes, president of the Centre for Economic Policy Research in London.
These aggressive government actions may not be the end of the line if the credit crisis claims other European institutions. According to analysis by Standard & Poor's, Deutsche Bank (DB) and Dresdner Bank—a unit of Allianz (AZ) that is being acquired by Commerzbank (CBKG.DE)—are the most vulnerable among German banks due to their continued heavy exposure to volatile capital markets.
Despite the difficulties inherent in any government-backed bailout of Europe's financial-services industry, politicians may have little choice but to inject taxpayer dollars into struggling banks. British, Benelux, German, and Icelandic authorities have blazed a path with their rapid interventions. It may represent just the start of European attempts to stave off a Continent-wide recession.
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re: "authorities have blazed a path"
""The entire financial system was coming under pressure, so of course European governments had to get involved," says Richard Portes, president of the Centre for Economic Policy Research in London."
Of course! We had to do it...we had to start the financial merging of all Europe if we're ever going to get the global kingdom up and running. So we engineered a stunning series of moves over the weekend with six Europen Governments to merge them also through a collective agreement. It was brilliant I tell you. And since the U.S. "rescue plan" has failed..ya ha ha, we can now completely collapse that economy and then merge globally. The plan is working perfectly...
There is no plan 'b'. The old order is being destroyed here today now globally as we watch. It must happen. If the old order is not destroyed the new order cannot rise from the ashes...the proverbial 'phoenix' bird, symbol of the NWO.
With the so-called failure of the "rescue plan" for the American economy...hold on to your hats. The door has just been blown wide open for 'chaos' to ensue. Ordo ab chao.
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Rev. 13:17 And that no man might buy or sell, save he that had the mark, or the name of the beast, or the number of his name.
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