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Does Greece has any chance?
Most of media and journalists are now concentrated on whether in Greece a new government will be created to implement the saving plan. But I think this is not the main question. The main question is if generally Greece has any chance of being saved. I don't think so. The entire Greek "reforms" are just an agony for both sides - Greece and its EU-partners pouring thousands of billions of Euros in the troubled country.
Read more...John Galt kidnapped a new US man of success
The co-founder of the Facebook Eduardo Saverin decided to cancel its American citizenship and to live for a long time in Singapore. The decision is just before the Facebook IPO that if successful will make him an official billionaire. And also - a big taxpayer to comrade Barack Obama - secretary general of the Socialist States of America... :)
Read more...Spanish Bankia - a new bank+government perpetuum mobile
Today Spain announced it will nationalize its 3rd largest bank - Bankia. The government is preparing an injection of public funds (4,5 billion Euros = $5,8 billion) into the banking group in an effort to revive the confidence in banking system. In exchange it will get a 45% stake in the bank that holds 38 billions of euros of home estate loans. Half of them are problematic after the real estate bubble burst. It is expected the all money that is to be injected to reach 10 billion euros.
If the Gold fall was real, why is the Swiss Franc stable?
As from Monday the Gold has lost $60 per troy ounce or about 3,7% of its value. Measured in Euro the loss is smaller as one of the main reasons of the decline at Gold is strengthening the dollar. Some analysts has already started to talk about the "gold bubble burst". But let us be honest. A gold bubble has never existed. There is just a bubble of newly printed paper-money. In fact the gold price rise even lags the increase in global money supply. Of course there will always be manipulations especially having in mind that the most of the trade is with "paper-gold", while the real gold market is something much different. Manipulations can not last long, as the market always wins. But it is normal to manipulate. In all inflation times the government tried to manipulate the gold. In 1933 in USA they even confiscated the gold.
Economic growth can not be bought with debt
Economic growth can not be bought with debt, but must be made with hard work, said today The President of Bulgaria Rosen Plevneliev in a speech to students at Sofia University. This is one of the first de facto pro-austerity stands in EU, after the crash of these ideas on French and Greece elections. Bulgaria is one of the poorest EU members, but has a stable economy and very low public debt. That's why the country has no serious financial problems, although it is a neighbor to the most troubled country - Greece.
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